The COVID-19 pandemic and the subsequent nationwide lockdown induced unprecedented changes in consumer behaviour. Apart from disrupting economic activity across sectors, the coronavirus has taught people to adapt to the new normal – a world with minimal physical contact.
The startup ecosystem has faced several challenges over the past few months, including cash liquidity and fundraising.
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However, a few startups have managed to raise funds in such unprecedented times. City-wise, India’s Silicon Valley Bengaluru closed the maximum deals, followed by Delhi-NCR.
YourStory lists top 10 deals closed during the pandemic by Bengaluru-based startups.
Bengaluru-based edtech startup Embibe received a funding of $65.97 million (Rs 500 crore) from its existing investor and shareholder Reliance Industries in April 2020.
Founded in 2012 by Aditi Avasthi, Embibe is an education platform that leverages data analytics to deliver personalised learning outcomes for students. While several learning platforms have emerged over the years, especially during the pandemic, Embibe’s focus has been on deep technology and product innovation.
Bengaluru-based utility solutions provider, KhataBook, which helps micro, small, and medium-sized businesses track their transactions, closed a $60 million Series B round of funding in May, led by B Capital Group.
The round also saw participation from new and existing investors, including Sequoia India, Partners of DST Global, Tencent, GGV, RTP Global, Hummingbird Ventures, Falcon Edge Capital, Rocketship.vc, and Unilever Ventures. Angel investors Kevin Weil, Alexander Will, Kunal Shah, Kunal Bahl, and Rohit Bansal also participated in the round.
In March this year, international cricketer and former India captain Mahendra Singh Dhoni also raised an undisclosed amount of funding for the company.
Today, merchants across 5,000+ Indian cities use the KhataBook app. From kirana stores to mobile recharge shops, garment dealers, and jewellers, KhataBook serves over 500 types of businesses in India at present.
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Bengaluru-based co-living startup Zolostays (Zolo) in July raised Series C funding of $56 million led by Investcorp, Nexus Venture Partners, Mirae Assets, and Trifecta Capital, among others.
Started in 2015 by Nikhil Sikri, Akhil Sikri, and Sneha Choudhry, the company will use the fresh funds to strengthen its technology, lock in more inventory, and enhance its AI-driven operating platforms.
Zolo is also launching an uber-premium brand extension called Zolo Red Carpet. These micro-living spaces will provide an elite experience, which will include wellness studios, all-day in-house cafes, workspaces, decor, and concierge services.
How this woman entrepreneur started an affordable co-living brand and achieved Rs 300 Cr revenue
Bengaluru-based e-grocery unicorn BigBasket raised two rounds of funding during the lockdown.
As of April 13, the startup raised a debt funding of Rs 379.87 crore ($50 million) from its existing investor and shareholder Alibaba Group.
In the same month, it raised an undisclosed amount of funding in a bridge round led by Alibaba, along with other existing investors.
Founded by Abhinay Choudhari, Hari Menon, Vipul Parekh, and VS Sudhakar, the startup said it had witnessed two-fold growth in traffic and revenue since the start of the coronavirus outbreak.