Financing news: Pocket FM, Volopay, Filo, among others, raised $ 223 million this week
Late-stage funding in the Indian startup ecosystem continues to decline. Evidence of a bearish market controlling the private market rounding down after public market correction with declining valuation is now readily observed. In other words, the first week of March brought in a total of $ 223 million across 32 transactions, with no megadeals of more than $ 100 million. Meanwhile, funding for five of all funded startups remained undisclosed.
Photo courtesy of OsakaWayne Studios
Also, no new unicorns were created during the week. Financing this week is 68 percent lower than last week, when the ecosystem pulled in $ 699 million in 48 deals and introduced one unicorn. The most active investors this week were Vaibhav Domkundwar Better Capital, who handed out three checks. Kunal Shah and Jitendra Gupta, two angelic investors, entered into two deals.
Here’s a quick rundown of all the best fundraising startups:
Pocket FM collects $ 65 million
Pocket FM, the OTT audio platform, raised $ 65 million in a series C funding round hosted by Goodwater Capital, a South Korean technology conglomerate based in Burlingame, along with existing investor, Tanglin Venture Partners. The newly raised funds will be used to strengthen the startup’s leadership, expand in other regional languages, invest in artificial intelligence capabilities, and build the world’s largest sound community, the company said in a statement. In addition to lengthy content, the platform includes audio series, novels, podcasts, stories and knowledge demonstrations in eight languages. Currently, there are over 50 million users on the platform and approximately 3 billion minutes of listening per month.
Volopay grossed $ 29 million
Volopay, a business-to-business (B2B) fintech company, has raised $ 29 million in funding led by JAM Fund, Accial Capital, Winklevoss Capital Management and others in anticipation of entering the Indian market. Also attending the round were Amrish Rau, CEO of Pine Labs, Sweta Rau, founder of White Ventures, Rapyd Ventures, fintech veterans Jeffrey Cruttenden, and Jitendra Gupta, founder and CEO of Jupiter; Antler Global and VentureSouq. The investment is a combination of equity and debt, according to a statement by the Singapore-based company. Volopay also focuses on the entire Asia-Pacific region as well as the markets of West Asia.
Filo bags 23 million
Filo, an instant live tutoring firm, raised $ 23 million in a series A funding round from Seattle-based venture capital firm Anthos Capital. The round also featured existing investor Better Capital along with GSV Ventures, Sapling Capital, among several business angels. According to the company, the revenues will mainly go to product development as the company will increasingly engage in large-scale modeling pedagogy, expand its team, penetrate new categories, and scale the tutor base nationwide. The startup claims to have received over 1.5 million downloads in one year and has approximately 350,000 monthly active users on its platform.
Kuhoo gets $ 20 million
Kuhoo, the fintech platform, announced that it has raised as much as $ 20 million from London-based private equity firm WestBridge Capital. This fund will be used by the company to revolutionize the fintech segment of student loans. Kuhoo, named after the melodic sound of the cuckoo, strives to make online loans to students interested in studying at universities in India and abroad. It is also the first student loan company to offer products in fields as diverse as MBAs, engineering, online courses, executive education, coaching programs, and even New Age courses.