Startup fund-raising last week- a round up

20 Jun 2022 , 11:56 AM

Even though the ecosystem is experiencing a financing winter, startups continue to obtain considerable but lower-than-last-year investment flows. A total of $421 million was raised in investment deals during the week of June 10 to 17.

Many investment rounds were announced this week, with upGrad nearly doubling its valuation after obtaining $225 million in new funding, despite a chilly global venture capital market. Infra. Market, an online marketplace for purchasing building materials, raised $50 million in its most recent equity round in August 2021, valued at $2.5 billion.

Here are the key details from fundraisers last week:

1. upGrad:

Ronnie Screwvala’s UpGrad Education Pvt boosted its valuation to $2.25 billion after receiving $225 million in new capital. According to a source familiar with the matter, this round of funding includes billionaire James Murdoch’s Lupa Systems LLC and US testing and assessment firm Educational Testing Service. UpGrad’s fundraising is an exception to the rule. Following a transitory boost from pandemic-induced school cancellations, Indian edtech businesses, notably those in the K-12 market, have halted operations, sacked personnel, or scaled back expansion plans.

1. Infra.Market:

Infra.Market has raised $50 million from Liquidity Group’s MARS Unicorn Fund, among other things, to grow to fresh markets internationally and double focus on the chemicals area. TigerGlobal, Accel Partners, Evolvence India, Sistema Asia Fund, Foundamental Gmbh, and Nexus Venture Partners are among the company’s investors. It was last valued at $2.5 billion in its equity round in August 2021.

1. Deepak Fastners:

Capri Xponentia Managers’ Capri Stressed Assets Fund made its first investment in Deepak Fasteners Ltd, a manufacturer of industrial fastener products, for $48 million. Deepak Fasteners, situated in Ludhiana, raised the money as part of its Series C fundraising round. Capri Fund has acquired a significant minority share in the business.

1. Chaayos:

Chaayos, a tea-café chain, has secured $45 million in a Series C financing led by Alpha Wave Ventures. Existing investors such as Tiger Global Management, Elevation Capital, and Think Investments also participated in the round. The startup’s valuation has risen to roughly $250 million as a result of this investment. Chaayos was founded in 2012 by Nitin Saluja and Raghav Verma and offers a wide range of tea and packaged food products. In February 2020, Chaayos raised $21.5 million in stock and debt as part of their Series B round.

1. Lenskart:

Avendus Future Leaders Fund II has invested $28 million in Lenskart, an eyewear store. This is part of a $200 million to $250 million funding round led by Alpha Wave Global, which was expected to close at a $4.5 billion to $5 billion value. Lenskart, one of the first unicorns in the direct-to-consumer industry, is now valued at $4.3 billion after raising $100 million from Alpha Wave Ventures last month in a new round. Neso Brands, Lenskart’s direct-to-commerce (D2C) roll-up commerce company, will get a piece of the capital round.

1. Battery Smart:

Tiger Global led a $25 million Series A investment for Battery Smart. In the last seven months, the Gurugram-based firm has raised funds twice. The electric car market in India is gaining traction, with various companies, including battery swap companies, entering the race. Battery Smart has raised $32 million in investment since its inception in 2019. It had previously secured $7 million in November 2021 in a pre-series A round headed by Orios Ventures, including Blume and a slew of angel investors, and an unnamed seed round in February 2022.