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India Briefings 2021: Online grocery startup Jumbotail raises USD 14.2 million for wholesale marketplace

Last updated on January 9th, 2021 at 09:43 am

08 Jan 2021

Homegrown wholesale marketplace startup Jumbotail has raised an additional USD 14.2 million in a new tranche of its Series B funding round which was led by VII Ventures. Nutresa, Veronorte, Jumbofund, Klinkert Investment Trust, Peter Crosby Trust, Nexus Venture Partners, and Discovery Ventures participated in the round. Founded in 2015, Jumbotail’s wholesale marketplace platform connects India’s thousands of mom-and-pop ‘kirana’ stores, supermarkets and retailers with brands and producers of daily essentials. The startup’s clients include Mars Wrigley and Reckitt Benckiser.

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Pharmacy retail chain startup Generico raises INR 100 million debt funding

08 Jan 2021

Indian specialized pharmacy retail startup Generico has raised INR 100 million in debt funding from Indian venture debt funding firm Alteria Capital. The startup raised an additional INR 10 million from Alteria through Series A2 compulsorily convertible preference shares (CCPS).

Founded in 2017, Generico is a specialized pharmacy chain focused on generic medicines. 

Edtech unicorn operating revenue jumps 5.6 times in FY 2020

07 Jan 2021

Indian edtech unicorn Unacademy reported total income of INR 860 million for financial year ended March 2020 31, a four-fold jump from FY 2019 when total income amounted to INR 220 million according to a report from Entrackr. Operating revenue jumped 5.6 times from INR 117 million in FY 2019 to INR 650 million in FY 2020. Around 95% of this revenue was generated from educational services while advertising and other non-operating income accounted for the rest. The startup’s bottom line however continued to worsen, with losses tripling to INR 3 billion in FY 2020 from INR 903 million the previous year. However, EBITDA margins improved considerably from -766% in FY 2019 to -457% in FY 2020.

Snapchat and Google in talks to invest in Sharechat

05 Jan 2021

According to a Techcrunch report, Google (NASDAQ:GOOG) and messaging platform Snapchat (NYSE:SNAP) are in advanced talks with Twitter-backed (NYSE:TWTR) Indian vernacular social content startup Sharechat to participate in the startup’s Series E funding round which is expected to raise more than USD 200 million with Google along pumping in more than USD 100 million. The round will give Sharechat a post-money valuation of more than USD 1 billion.

Fintech startup CRED raises USD 81 million Series C, completes ESOP buyback 

04 Jan 2021 

Bengaluru-based fintech startup CRED has raised USD 81 million in its Series C funding round let by existing investors DST Global, Sequoia Capital, Ribbit Capital, Tiger Global and General Catalyst. Sofina Capital, Coatue and Times Internet’s Satyan Gajwani  participated in the round. The latest funding round gives CRED a post-money valuation of USD 806 million. Along with the funding round, CRED also completed its first ESOP buyback program worht INR 90 million from existing and former employees.

South Korea’s Mirae Asset launches India fund for early-stage startups

04 Jan 2021 

South Korean investment firm Mirae Asset Venture Investment has launched an India-focused fund for early stage startups. The fund, called Mirae Asset Venture Opportunities Fund 1, will have a corpus of USD 35 million (INR 2.56 billion), and an option to take it up to USD 75 million according to the Ashish Dave, the fund’s Chief Executive. The fund plans to make investments in Seed and Series A rounds.