Get All Access for $5/mo

What Did You Miss in the Start-up Ecosystem Last Week? From India getting another unicorn to seeing all the action, here is all that you could have missed in the Indian start-up ecosystem last week

By Bhavya Kaushal

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Shutterstock

From India getting another unicorn to seeing all the action, here is all that you could have missed in the Indian start-up ecosystem last week.

India's Unicorn Kitty is Getting Better and Bigger

The newest unicorn on the block in the Indian start-up ecosystem has the back of none other than Azim Premji. Icertis, an Indian B2B start-up, raised $115 million in Series E round of funding from Premji Invest and Greycroft Partners. According to media reports, the funding has pushed the start-up onto the billion-dollar valuation mark and these funds will be used to strengthen its global presence, product along with investment in technology. Icertis was founded by Samir Bodas and Monish Darda. It has an important name in the tech world as it competes with global giants such as SAP SE and Oracle Corp.

Tough Days Await Cars24

Online used cars marketplace start-up Cars24 has apparently shut down a dozen stores in the national capital citing issues and also announcing that they are in the middle of "addressing anomalies." According to media reports, the move comes in response to the fact that the platform had received legal notices from half a dozen landlords of their stores on account of violating lease agreements. The company was founded in 2015 by Vikram Chopra and Mehul Agrawal and is one of the fastest-growing start-ups in the Indian auto industry.

Mergers and Acquisitions

A serious case of M&A has happened as Dentsu Aegis Network acquired a majority stake in Mumbai-based data analytics firm Ugam. Ugam is all set to be merged with Merkle, a US-based data-driven marketing agency owned by Dentsu.

US-based software supplier Ebix has travel-based booking platform acquired $337.8 million in an all-stock deal. The merger entails Yatra retaining its status and brand. It will function independently. This is a big move and will make EbixCash as India's largest and most profitable travel services company, according to Ebix Chairman, President and CEO, Robin Raina.

Recently, emerged SaaS unicorn Druva hit headlines when it acquired hybrid cloud data protection and migration company, CloudLanes, which will help the former leverage on its cloud capabilities.

Funding Report

Here is the funding report for the week.

Gurugram-based online grocery delivery startup Grofers raised $14.2 Mn as part of its Series C round of funding from Grofers International, its Singapore-based entity.

E-commerce platform Paytm Mall raised an undisclosed round of funding from U.S.-based online shopping platform e-Bay.

Consumer electronics startup boat announced that it has secured $2.9 Mn in venture debt from Flipkart founder, Sachin Bansal's BAC acquisitions.

Delhi-based organic and health products startup raised Akiva superfoods $2 million in Series A round of funding.

Fitness start-up Sarva, which has been making waves for attracting investments from celebrities raised another round of funding from superstar Rajnikanth's daughter, Aishwarya R. Dhanush.

The smaller rounds of funding saw video platform Toch raising an undisclosed amount from Hyderabad Angels and other investors, teabrand, Teabox, raised an undisclosed amount of funding.

Bhavya Kaushal

Former Features Writer

I am a work-in-progress writer and human being. An English graduate from Delhi University, writing is my passion and currently, I was Entrepreneur India's start-up reporter. I love covering start-ups and weaving their stories into unforgettable tales with the power of ink! 
News and Trends

Recur Club Announces Credit Offerings for Startups Beyond Series A and SMEs

In FY 24–25, the platform also plans to deploy an additional INR 2000 crores through its Recur Swift program for startups.

News and Trends

Supply-Chain Financing Platform Mintifi Raises USD 180 Mn in Series E, Valuation Soars to USD 850 Mn

The raised funding will enable Mintifi to diversify its product offerings, such as dealer management systems, loans against property, and factoring services, powered by artificial intelligence.

News and Trends

Stride Ventures Launches Fourth Fund with USD 300 Mn Target Corpus

Industry leaders like BlueStone, Upstox, Moneyview, Ather, Pharmeasy, Infra.Market, and Ola Electric have benefited from Stride's support.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Business News

I Tried Buying a Car on Amazon. Here Are the Pros and Cons.

Amazon Autos just launched, and users can buy a new car online. Here's how it works and what needs to improve.

News and Trends

AWE Funds to Scale Women-Led ClimateTech Initiatives with CGEF Grant

The grant will empower AWE Funds to expand initiatives, invest in women-led climate companies, enhance accelerator programs, and launch a fellowship nurturing young women professionals in climate and sustainability.