India Roundup: Tiger Global-backed Spinny drives into unicorn club, and more

Used-car firm Spinny drives into unicorn club

• Spinny has raised US$248 million in its series E round led by Tiger Global and Abu Dhabi Growth Fund. Somerville SPV and Aveni Spinny also took part in the round.
• The latest investment comes months after the company bagged over US$100 million in its series D round led by Tiger Global.
• Spinny uses an online-to-offline model, enabling customers to search for cars on its platform and make a purchase offline. It is also the fourth startup in the country’s used-car space to hit unicorn status, following Cars24, CarDekho, and Droom.

Online lending platform raises US$45.7 million in fresh funds

• Indifi Technologies has raised 140 crore rupees (US$18.8 million) from investors including Accel, CX Partners, OP Finnfund Global Impact Fund I, CDC Group, and Elevar Equity, among others.
• The company has also secured 165 crore rupees (US$22.2 million) in debt financing from Vivriti, Northern Arc, and Small Industries Development Bank of India, along with other lenders. Additionally, the United States International Development Finance Corporation has guaranteed 35 crore rupees (US$4.7 million) in funding to Indifi.
• Established in 2015, Indifi operates an online lending platform that offers business loans to micro, small, and medium-sized enterprises that have limited access to credit from financial institutions.

SaaS-based cloud service provider nets US$30 million in series B money

• Avatar Growth Capital led the funding round of CoreStack, with participation from Dallas Venture Capital, Iron Pillar, and other angel investors. The new round brings the total funds raised by the cloud service provider to US$45 million.
• The investment will help CoreStack expand into new markets and develop its AI-powered autonomous cloud governance product at scale.
• As part of the transaction, the managing director of Avatar Growth Capital, Abhay Havaldar, will join CoreStack’s board of directors.

Sequoia co-leads US$25 million round in parking solutions platform 

• Park+ raised the fresh funds in a round co-led by Sequoia Capital India, Matrix Partners India, and Epiq Capital. Investors including AdvantEdge, Motherson Lease Solution, and the Fund II-A Series of Somani Investments also participated in the round.
• The latest investment will be used to onboard 15% of Indian car users onto the Park+ platform within the next three years. The company said it will also invest in the overall ecosystem for car owners.
• Founded in 2019, Park+ aims to solve the daily challenges faced by car owners. Its services include parking, FASTag management, and car insurance, as well as automated vehicle access control systems in malls, corporate parks, and residential apartments.

Ecommerce roll-up firm GlobalBees buys three new startups

• GlobalBees said it has invested an undisclosed sum into HealthyHey, Rey Naturals, and Intellilens.
• The acquisitions bring the number of brands in the ecommerce roll-up firm’s portfolio to eight, which also includes The Better Home, andMe, Prolixr, Absorbia, and Yellow Chimes.
• GlobalBees is looking to invest in 100 brands across verticals such as fast-moving consumer goods, sports, home organization, and lifestyle within the next three years.

Pharma retail chain Medkart lands US$5.5 million in series A money

• Alkemi Growth Capital and Insitor Partners co-led the round, which was also joined by angel investors.
• The funding will help Medkart develop the infrastructure necessary to provide an improved omni-channel service to its customers.
• Founded in 2014, Medkart makes certified generic medicines available across its network of over 75 stores. The company said it reduces medical costs by up to 85% and has saved more than US$27 million for its customers to date.

Micro VC Eximius launches student venture partner program

• Eximius Ventures has launched the first cohort of its student venture partner program, which helps undergraduate Indian students participate in deal sourcing and support upcoming startups from their campuses.
• The one-year program will allocate up to US$500,000 to student venture partners for their investments. Students will also be able to present deals to Eximius’ internal committee and gain hands-on experience of working at a venture capital firm.
• Founded in 2020, Eximius invests in pre-seed stage startups across the gaming, healthtech, and fintech industries.

Co-living startup Settl raises US$500,000 in seed money