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

This week, India's start-up ecosystem saw progress in a few sectors. During the week, a total of 24 Indian start-ups raised a total of $127.59 million, including 4 growth-stage and 18 early-stage deals, while 2 start-ups kept their funding undisclosed.

TransBnk raises $25 million Bessemer Venture Partners

Transbnk, a Mumbai-based firm has secured $25 million from Bessemer Venture Partners in its Series B funding round, which comprises $4 million in secondary. Brands like Fundamentum, Arkam Ventures, 8i Ventures, Accion, and Japan’s GMO Venture Partners also participated in the round.

Kiwi secures $24 million from Vertex Ventures 

Fin-tech start-up Kiwi has secured $24 million, which is Rs 208 crore, in its Series B round led by Vertex Ventures Southeast Asia & India, with participation from existing backers Nexus Venture Partners, Stellaris Venture Partners, and Omidyar Network. 

Altum Credo secures over $19 Mn from British International Investment

A non-deposit-taking affordable housing finance company, Altum Credo Home Finance, has raised Rs. 170 crore ($19.5 million) in equity from its existing investor British International Investment (BII), which is the UK’s development finance institution and impact investor. The fresh capital is likely to strengthen Altum Credo’s balance sheet and support its expansion. 

CredRight recently raised $10 million

CredRight recently raised $10 million, which is approximately INR 88 crore, led by Norway-based Abler Nordic, in a Series B funding round. The existing investors, Michael & Susan Dell Foundation and Unleash Capital, also participated in the round. The company (NBFC) is likely to use the fresh funds to expand its loan book. 

Vutto raises $7M Series A funding led by RTP Global

Vutto, a Delhi-based start-up, has secured $7 million in a Series A round led by RTP Global, while existing investor Blume Ventures also participated. Reportedly, the company will use the capital to strengthen vehicle sourcing, refurbishment, and customer services.

Mergers and acquisitions

• Uniphore, a conversational automation unicorn, has acquired Orby AI, which will, reportedly, add deeper capabilities in process discovery, neuro-symbolic reasoning, and Large Action Models.

• PhysicsWallah has acquired a minority stake in UPSC coaching institute Sarrthi IAS, wherein they have picked up 40% in the company at a valuation of about Rs. 250 crore.

• Amazon has completed the acquisition of Axio, which is a digital lending and checkout finance provider in India, after it received approval from the Reserve Bank of India (RBI).

Other news

• Euler Motors has expanded into the commercial passenger vehicle segment.
• WinZO has entered micro dramas, entered the US after the RMG ban.
• WoodenStreet has partnered with Unicommerce to strengthen e-commerce operations.
• PhonePe launched a new home insurance offering.
• Unity Bank and BharatPe to launch EMI-driven credit card.