$ 591 million raised on 26 offers [May 17-22]
Spacetech startups Skyroot Aerospace and Agnikul raised $ 11 million in Series A funding each
Moglix is the latest startup to join the unicorn club, after its $ 120 million Series E fundraiser
A total of $ 591 million was invested in Indian startups through 27 deals this week
We bring you the latest edition of Funding Galore: Indian Startup Funding Of The Week
Since the Indian government decided to open up the space sector to private actors, Indian space technology startups have been expecting a lot of innovation. With that, two of India’s space tech startups, Skyroot Aerospace and Agnikul, each secured $ 11 million in Series A funding, which is the highest amount ever to be funded in a single round closed by Indian private players. of space technology.
The two companies will deploy some of their recently raised funding on ongoing satellite projects that are expected to launch next year. Agnikul aims to complete its mission to launch a private satellite vehicle named Agnibaan by next year. Agnibaan is a rocket that allows plug-and-play configuration and is capable of carrying up to 100 kg of payload in low earth orbits. This on-demand rocket can be fully customized to meet customer needs at an affordable cost. The rocket was developed in-house by Agnikul’s diverse team of rocket scientists and engineers.
Skyroot, on the other hand, will use the funds to bring its flagship vehicle named Vikram-1 out of the country and invest more in its rocket program. Skyroot manufactures three types of launchers – Vikram I, II and III – named after Indian physicist and astronomer Vikram Sarabhai, founder of ISRO.
Moglix is the latest start-up to join the Unicorn club
The industrial B2B marketplace Moglix is the latest startup to join the unicorn club, with its $ 120 million funding round for a $ 1 billion valuation. The Series E funding round was led by Falcon Edge Capital and Harvard Management Company (HMC), with participation from Tiger Global, Sequoia Capital India and Venture Highway.
“We started six years ago with a firm belief in the untapped potential of India’s manufacturing sector. We had the confidence of pillars like Ratan Tata, and the mission to enable the creation of a $ 1 billion manufacturing economy in India. Today, as we enter the next stage of our evolution, we believe that this funding stage is a testament to our journey of innovation and disruption, ”said Rahul Garg, Founder and CEO of Moglix.
Best seed finance deals in India this week
A total of $ 591 million was invested in Indian startups through 27 deals this week.
Note: This funding report is based on startups that disclosed funding amounts
Acquisitions this week
Eruditus enters K12 with the acquisition of iDTech
Online executive training company Eruditus has acquired Silicon Valley-based edtech startup iD Tech in a cash transaction for $ 200 million. It is the costliest acquisition by an Indian electronics tech start-up outside of Byju’s trading frenzy.
iD Tech was founded in 2000 by Pete Ingram-Cauchi and offers short courses in coding, game development, robotics and design for children ages 13-19. The deal marks Eruditus’ entry into a market that targets a younger audience, also known as K12. The deal will help iD Tech expand beyond the United States, which so far accounts for 90% of its revenue.
Akna acquires Vardhman Health Specialties
Akna Medical Private Limited, a healthcare supply chain company that manages Aknamed, acquired Vardhman Health Specialties for $ 35 million. The acquisition will help the company boost its operations as well as its expansion.
- The University of Tokyo Edge Capital Partners (UTEC) announced the first closing of its new UTEC 5 fund, which is expected to exceed $ 275 million by June 2021. In total, UTEC has raised $ 780 million between the UTEC fund 1 and UTEC 5. The company’s portfolio includes 80 Japanese startups and 30 global startups from India, United States, Southeast Asia and Europe.