Top 10 funding deals bagged by Chennai startups amidst lockdown

Top 10 funding deals bagged by Chennai startups amidst lockdown

The capital of Tamil Nadu has actually seen substantial development in the variety of start-ups and the start-up culture over the last number of years.

The existence of numerous coach organisations like &#xA 0; TiE &#xA 0;( The Indus Entrepreneurs), &#xA 0; CIIE &#xA 0; Startupreneurs, IIT Alumni Clubs, and &#xA 0; Nasscom &#x 2019; s Million Dollar Startup Programme, has actually provided a push to the start-up community in Chennai. The city &#x 2019; s incubation centres such as IIT Madras Research Park offer the required base for an excellent launch.

While start-ups based in Mumbai, Bengaluru, and Delhi-NCR have actually maintained their position in regards to financing offers, Chennai has likewise got the financiers &#x 2019; focus regardless of the continuous pandemic .

According to YourStory Research , the variety of financing handle Chennai-based start-ups leapt about 31 percent to 17 in the very first 6 months of 2020 &#x 2013; up from 13 handle H1 2019 and 10 in H1 2018.

It'’s worth keeping in mind that financing quantities in Chennai start-ups have actually taped a 206 percent dive in H1 2020 from its H1 2018 levels.

Here are the leading 10 financing offers bagged by Chennai-based start-ups throughout the lockdown (We have actually thought about offers that were closed because March 25).

BankBazaar  BankBazaar

Adhil Shetty, CEO, BankBazaar

Online monetary service market raised 2 rounds of financing throughout the lockdown, totaling up to $9.78 million. In April, the start-up raised Rs 29 crore as part of its continuous Series D round from existing financiers, consisting of Amazon, Sequoia, and Walden SKT Venture Fund, according to the RoC filings accessed by YourStory.

In June, the monetary service market, which sees around 100 million gos to per quarter, raised Rs 45 crore from brand-new financier WSV &#x 2013; a joint endeavor fund of Walden International and Korean business SKTA &#x 2013; and its existing financiers consisting of Amazon, Sequoia India, Experian, and Eight Roads.

The business specified that the most recent capital raise became part of BankBazaar &#x 2019; s Series D1 equity funding round, and the earnings are allocated to speed up the shipment of contactless individual financing items and its company growth in India. &#xA 0;

Founded in 2008, BankBazaar is an online market which provides clients immediate personalized deals on loans and charge card. It likewise offers complimentary customer credit rating on its website and has actually partnered with over 50 banks in the nation.

Including this current round, BankBazaar, which declares to have actually been picked by over 50 of India &#x 2019; s leading banks to incorporate with the platform, has actually up until now raised $116 million in financing from financiers.

.READ.Also Read.[Financing alert] BankBazaar raises Rs 29 Cr from Amazon, Sequoia Capital, others. Flinto  Flinto

From delegated right – Shreenidhi SP, Arunprasad Durairaj, Vijay Babu Gandhi

In July, edtech start-up Flinto Learning Solutions raised $7.2 million in pre-Series B financing led by Lightbox Ventures. &#xA 0;

The financing will be used by Flinto to support its fast development in the early knowing area and to broaden its newly-launched pre-school option Flintoclass@HOME.

Founded in September 2013 by Arunprasad Durairaj, Vijay Babu Gandhi, and Shreenidhi Srirangam, the start-up declares to provide structured early knowing at the doorstep and concentrates on making the kid school-ready from the security and convenience of house throughout the COVID-19 pandemic.

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Karthik Jayaraman, Co-Founder and CEO, WayCool Foods

Agritech start-up WayCool raised 2 rounds of financing throughout the lockdown, amounting to $5.6 million.

In June, the start-up raised $5.5 million from IndusInd Bank through financial obligation funding as part of its Series C round. The deal was ensured by Development Finance Corporation (DFC) &#x 2014; America &#x 2019; s advancement bank.

In August, it got a grant of $114,000 from the Dutch entrepreneurial development bank FMO. The grant will be utilized for procurement and circulation of dual-purpose PPE packages and enablement of on-site soil screening for farmers.

Earlier, in February 2020, the start-up had actually raised $32 million as part of its Series C round led by Lightbox, with involvement from FMO &#x 2014; the Dutch entrepreneurial advancement bank, in addition to its existing financier LGT Lightstone Aspada. &#xA 0;

Started in 2015 by Karthik and Sanjay Dasari, WayCool Foods obtains, procedures, and disperses a large range of foodstuff, consisting of fresh fruit and vegetables, staples, and dairy items. It declares to be carrying over 250 tonnes of food every day to 8,000 business customers throughout southern India.

.READ.Also Read.[Financing alert] Lightbox leads $32M financial investment in agritech start-up WayCool Foods. YAP

In April, API platform YAP raised $4.5 million in its Series A round of financing led by Singapore-based equity capital company BEENEXT.  &#xA 0; &#xA 0;

The start-up stated the funds will be utilized to enhance the group, develop its innovation, and deal improved API items to fintech platforms, with a particular concentrate on making it possible for access to credit, business banking options, cross-border payments, and the newly minted neo banking stack. &#xA 0;

The five-year-old business &#xA 0; offers access to API-based monetary services to over 200 fintech business. It declares that it closed the last fiscal year with a 400 percent income development and processed over $2 billion in yearly payments, with countless users through 200+ critical fintech engagements.

Specsmakers  Specsmakers

Pratik Shah

In July, Specsmakers, an optical chain with 260 shops in south India, raised Rs 23 crore from Eight Roads Ventures .

The funds will be utilized to develop an omni-channel existence and develop the technological and digital abilities of the ecommerce company. The business prepares to focus thoroughly on the online-to-offline design, while including shops in brand-new locations. &#xA 0;

Rebranded in 2008 from Venkateshwara Opticals to Specsmakers by Pratik Shah, the business just recently introduced a brand-new line of protective glasses called &#x 2018; Blue Zero &#x 2019; glasses which safeguards the eye by lowering the threat of macular degeneration.  &#xA 0;

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In August, Grinntech closed a round of $2 million from a set of high net-worth people (HNIs) and senior individuals from the vehicle market. The start-up specialises in producing lithium-ion batteries for electrical cars (EVs) and energy storage systems.

Founded in 2013 by Nikhilesh Mishra and Puneet Jain, the IIT-Madras bred start-up is presently dealing with innovations that can allow quick adoption of EVs.

The start-up likewise revealed a series of state-of-the-art batteries personalized to Indian conditions, together with its exclusive IoT-enabled BMS to power two-wheelers, three-wheelers, and tractors/light lorries.

Big Bang Boom Solutions

In July, defence tech start-up Big Bang Boom Solutions raised $1 million through Mumbai Angels Network in their total $1.5 million Series A financing round-size.

Founded in 2018 by Praveen Dwarkanath and Dr Shivaraman Ramaswamy, Big Bang Boom Solutions (BBBS) is establishing incorporated copyrights for defence functions. A few of the ingenious defence options being developed by BBBS are T-Series Unmanned Tank Development, Next Generation Hybrid Personal Combat Armour, 360 Advance Battle Interface, and Anti-drone Defense System, to name a few.

.READ.Also Read.CRPF shortlists 16 start-ups to display defence sector services..CreditMantri

In May, online credit management start-up, CreditMantri raised a little over Rs 6 crore ($ 803,146) from a clutch of existing financiers consisting of IDG Ventures, Elevar Equity, and effect financier Accion.

Founded in 2012 by 3 previous Citibank executives &#x 2013; &#xA 0; Ranjit Punja, R Sudarshan, and Gowri Mukherjee, the business &#xA 0; utilizes standard information (such as credit reports) and alternative information (such as social networks, information from cellphones, and so on) to allow customers to produce their credit profile, comprehend credit capacity and make financial investment choices.

GUVI

In April, Guvi Geek Network Private Limited, which owns and runs vernacular-language based education tech start-up Guvi, raised Rs 6 crore in its pre-Series A round of financing from Education Catalyst Fund, an education-focused equity capital fund handled by CBA Capital. &#xA 0;

Founded by SP Balamurugan, Arun Prakash and Sri Devi in 2014, Guvi is an IIT Madras and CIIE (IIM Ahmedabad) bred business that uses technical courses developed by market specialists in vernacular languages.

During the lockdown, Guvi declares it is experiencing a substantial rise in the variety of individuals signing and going to up for their online courses.

Chai Waale  Chai Waale

In July, tea brand name Chai Waale raised Rs 1.75 crore in financing from a group of angel financiers. These consist of Tharun Dhariwal, ED of Dhariwal Group; Sunil Kumar Singhvi, Managing Partner of South Handlooms; Chennai-based HNIs, Arun and Vishal Ostwal, hailing the leading management of the DK Group of Companies; Gunavanth Vaid of 4G Capital Ventures, and Bharat Kumar Sohanraj from the household of heritage jewellers, Mahalaxmi Jewellers. &#xA 0;

The funds raised will be utilized by the tea start-up for geographical growth along with to improve the supply chain systems.

Founded in 2018 by Vidur Maheswari, Chai Waale has actually broadened to 14 outlets, consisting of 3 cloud cooking areas, in less than 2 years given that its creation.

Edited by Kanishk Singh

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Read more: yourstory.com