Mergers and Funding Round-up this week: March 8 to April 14

Many Indian startups in various sectors like health tech, fintech, EV, and e-commerce received funding this week in growth-stage and early-stage deals. In total, 21 startups received funding in rounds led by various investors. As for states, Bengaluru topped the chart with 8 deals followed by Mumbai, Delhi-NCR, Chennai, Hyderabad, and Kanpur with 5, 5, 1, 1 and 1 deals respectively. Here are major mergers and funding deals that took place. 

Garden of Joy raised INR 84 lakhs in a seed round led by Inflection Point Ventures. 

Landscaping startup, Garden of Joy has raised INR 84 Lakhs in a seed round led by Inflection Point Ventures. They plan to utilize funds to expand operations in Bangalore, expanding to 5 additional cities, developing a design tool with a pricing calculator, and vertically integrating through owning workshops for fabrication and civil work.

Neysa secured $20 million in funding from Matrix Partners India and Nexus Venture: Accelerating AI Innovation

AI start-up Neysa secured a substantial $20 million in a seed funding round, with major contributions from matrix partners India, Nexus Venture Partners and NTTVC based in Menlo Park, California. The funds are earmarked to bolster Neysa’s infrastructure, expedite research and development endeavours, and pave the way for the launch of its services by the third quarter of 2024.

Climate Tech Startup Recykal raised $13 million

Hyderabad-based tech startup Recykal secured funds from a Category II program run by 360 ONE Asset Management for Rs. 110 crore, or roughly US$13 million. The company will be able to further improve its technology, products, and solutions with the help of this financing.

Sprinto raised $20 million in funding from Accel, Elevation Capital and Blume Ventures

Risk and compliance platform, Sprinto raises $20 million from Elevation Capital and Blume Ventures in Series B funding led By Accel. The company will use the fresh funds for Research and Development, with a sharp focus on intelligent automation and AI, and expanding into new markets, it said in a statement. 

AVIOM HFC secured $10 million in debt funding from BlueOrchard Microfinance Fund

Delhi NCR-based housing loans provider AVIOM Housing Finance Corporation (AVIOM HFC) recently announced its successful raise of $10 million in debt funding from BlueOrchard Microfinance Fund. According to regulatory filings, the startup is issuing 1,000 bonds to BlueOrchard with a tenure of 72 months. 

Planys Technologies raised $4 million Pre-series A funding

Chennai-based deep-tech startup, Planys Technologies raised $4 million in its current pre-Series A round. As per an Entrackr report, the startup has issued 8,471 Compulsorily Convertible Preference Shares (CCPS) at an issue price of Rs 41,600 each, totaling Rs 35.23 crore.

Full-stack eyewear platform EyeMyEye raised Rs 20.8 crore

EyeMyEye, a full-stack eyewear platform, successfully secured Rs. 20.8 crore (approximately $2.5 million) in a new tranche as part of its pre-Series A round. EyeMyEye intends to utilize these funds for operational purposes, achieving pre-defined milestones, as outlined in the shareholder’s agreement. 

Age Care Labs raised INR 10.16 crore

SIS Limited a leading name in Security, Facility Management, and Cash Logistics, has announced an investment of Rs. 10.16 crore in Age Care Labs - an elder care platform operating under brands Emoha Elder Care and Epoch Elder Care, acquiring approximately 4% shareholding in the platform. This investment would support SIS's plans to penetrate the B2C segment and also add to SIS’s portfolio with Hospitals and Resident Welfare Associations (RWAs). 

Butterfly Learnings raises Rs 32 crore from investors

Healthtech startup for pediatric behavioural and developmental health Butterfly Learnings on Thursday announced Rs. 32 crore (around $3.8 million) funding in its Series A round led by Insitor Impact Asia Fund II and Enzia Ventures. They have raised this fund to expand therapy for children, aiming for 200 centres across India. 

PlatinumRx raised $800K in seed funding round

Online pharmacy startup PlatinumRx raised $800k in seed round from India Quotient and angel investors. The funds will be deployed by the company for capital to augment its warehousing and distribution network, enhancing its presence across the country and increasing its product offerings.  

axio raised $6 million in debt from venture debt fund Alteria Capital. 

Bengaluru-based digital lender axio (formerly known as Capital Float) raised $6 million (about INR 50 crore) in debt from venture debt fund Alteria Capital. The funding will be used to provide loans to axio's customers. 

5C Network raised Rs. 25.5 crore in a funding round led by Redwood India Healthcare Fund

Bengaluru-based medical diagnostics platform, 5C Network, successfully raised Rs. 25.5 crore (approximately $3 million) in a fresh funding round led by Redwood India Healthcare Fund. The latest funding injection is expected to fuel 5C Network’s expansion plans and bolster its position in the rapidly evolving medical diagnostics sector.

Other Updates

Maharashtra based-e-mobility technology startup AutoNxt Automation and Blue Tokai Coffee raised undisclosed amounts of funds from various investors last week. 

The financial services arm of Reliance Industries Ltd (RIL), Jio Financial Services (JFS), on Monday announced to form a 50:50 joint venture with the US-based investment company BlackRock for setting up a wealth management company and broking business.

Zerodha co-founder Nikhil Kamath launched a non-dilutive, grant-based fund for entrepreneurs aged 25 and under. The sector-agnostic fund called the ‘WTFund’ will offer a grant of Rs. 20 lakh, enabling founders to retain full equity in their ventures. Alongside financial support, the fund will provide access to mentorship, assistance with go-to-market strategies, beta testing, internship programs for talent acquisition, and various other opportunities.