Startups, Mergers, Acquisitions and Funding Round-up this week

This week saw significant developments in the startup landscape, with several companies securing funding to boost their operations. While mergers and acquisitions were few, investors have continued to show strong confidence in collaborations and acquisitions. Here’s a roundup of the latest funding and acquisition news.

Simply Nam secures strategic investment led by the Bhaane Group

Simply Nam, a celebrity makeup artist-owned beauty brand founded by celebrity makeup artist Namrata Soni and serial entrepreneur Hanna Stromgren Khan, announced a strategic fundraise led by the Bhaane Group. With new funding, the brand plans to expand its product line, boost educational content, and strengthen its omnichannel presence.

Kosmc AI Raises $200,000 in pre-seed round to expand AI-led social commerce infrastructure

Social commerce infrastructure startup, Kosmc AI, has raised $200,000 in pre-seed funding from a group of undisclosed angel investors across India and the Middle East. The capital will be used to strengthen its no-code product suite, grow its affiliate integrations, and expand operations across India and Southeast Asia.

udaan raises $114 million in a Series G round 

udaan, a B2B e-commerce platform, has announced the successful closure of its Series G funding round, raising $114 million in fresh equity. The latest round was led by M&G Investments and Lightspeed, with participation from both new and existing investors. The fresh capital will be used to grow Udaan’s presence in FMCG and HoReCa (Hotel, Restaurant, and Catering) segments, with plans to ramp up its private label initiatives in the staples category.

Stable Money raises Rs. 173 in a Series B round

Bengaluru-based wealthtech platform Stable Money has raised Rs. 173 crore in a Series B round led by Nandan Nilekani’s Fundamentum Partnership, with investment from Aditya Birla Ventures. In order to improve financial flexibility prior to its anticipated IPO, the cash will also assist the company in strengthening its balance sheet and venturing deeper into underserved regions.

LoanTap secured $8.6 million in debt and equity financing

LoanTap, a Pune-based fintech firm, has raised Rs. 74 crore, or roughly $8.6 million, in pre-series C fundraising using a combination of debt and equity. Led by July Ventures, the company raised Rs. 54 crore (about $6.3 million) in equity capital. Other investors like 3one4 Capital, Avaana Capital, Kae Capital, and Swapurna Family Office also provided support. In addition, LoanTap secured Rs. 20 crore in venture debt to scale up its supply chain financing solutions aimed at supporting small retailers.

Plush gets Rs. 40 crore funding in a round led by Rahul Garg 

Personal care brand Plush secured Rs. 40 crore in funding led by Rahul Garg. The round also saw participation from Blume Founders Fund, OTP Ventures, Careernet, the Patni Family Office, Sumit Jalan, Ajay Kumar Aggarwal, and other investors. This capital will help the brand deepen its market presence, expand its offline footprint and invest in brand building to make it a go-to personal care brand. 

Hot sauce brand Naagin secures $2.1 million

In its most recent round of fundraising, hot sauce startup Naagin raised $2.1 million under the direction of 360ONE Asset. A number of unknown angel investors and current backer 8i Ventures also participated. The business intends to use the new revenue to fund team growth, improve supply chain operations, and increase manufacturing and production capacity.

Khari Foods raised Rs. 3 crore for enhanced R&D

Delhi-based clean-label snacking brand Khari Foods raised Rs. 3 crore led by Meri Punji IMF Private Limited, and marks the first institutional capital for the bootstrapped and profitable brand. The brand will use these funds to enhance R&D. 

Biglilpeople raised Rs. 4 crore in a seed round

Biglilpeople, a smart clothing brand developed at IIM Bangalore's NSRCEL, raised Rs. 4 crore in a seed round. The startup aims to use the new funding to expand its e-commerce and retail businesses, combine its R&D and design teams, and make investments in inventory and customer experience technologies.

Merger and Acquisitions 

• Agritech startup DeHaat has acquired Ahmedabad-based NEERX, a smart farming solutions company, for an undisclosed amount. This strategic move integrates NEERX's advanced real-time soil and weather monitoring technology into the DeHaat platform, significantly enhancing its precision agriculture offerings.
• The gaming conglomerate Nazara Technologies acquired Smaaash Entertainment after it went bankrupt. Nazara paid a total of Rs. 126 crore to acquire Smaaash Entertainment, turning the bankrupt sports entertainment company into a fully owned subsidiary of Nazara Technologies. 
• The board of directors of IFB Agro Industries Ltd. acquires Cargill India’s commercial compound shrimp feed and freshwater fish feed business. The acquisition includes Cargill India’s manufacturing facilities in Vijayawada and Rajahmundry in Andhra Pradesh. It will include feed formulations, assets, business contracts, liabilities, licenses, employees and other associated resources.
• PhonePe announced on Friday that it has purchased the intellectual property (IP) of GSPay, a unique technological stack, from Gupshup, a conversational engagement platform, in order to facilitate UPI-based payments on new feature phones. The new app will offer essential UPI features such as peer-to-peer transfers, offline QR payments, and receiving money via mobile numbers or self-QR codes.

Appointments 

• Skylane, a B2G platform reimagining government visa systems, announces the appointment of Vishal Jairath as Chief Operating Officer and Head of the Government Vertical, effective July 2024.
• Probo, one of India’s leading opinion trading platforms, has announced the appointment of Spardha Pandey as its Head of PR & Communications.
• Actor-Entrepreneur Arbaaz Khan Joins AVPL International as Strategic Investor and Brand Ambassador. 

Other News 

• Financial consultant, BimaPay Finsure, launches premium financing for corporate insurance
  With the introduction of India's first corporate insurance premium financing solution, BimaPay Finsure allows companies to pay premiums in convenient instalments rather than in one large sum.
• Growfitter, the nation's top health engagement platform, and Inka, an insurtech platform, have partnered strategically to co-develop the Inka Growfitter Insurance Wellness Score, a first-of-its-kind solution that connects real-time wellness behaviour with customised insurance insights.