India Roundup: Pine Labs raises US$100 million, and other news (updated)

Update (Sept. 16, 8:30 p.m.): Added news about Livspace, Byju’s and Ayu Health

Pine Labs appoints Wall Street bankers as advisors for IPO

• Pine Labs, a digital payments and merchant commerce firm focused on India and Southeast Asia, announced that Wall Street investment banks Morgan Stanley and Goldman Sachs will be its advisors for its initial public offering in the US, according to a report by The Economic Times.
• The company has also raised US$100 million from Invesco Developing Markets Fund, said a TechCrunch report.
• Earlier this year, it raised US$600 million at a US$3.5 billion valuation. It offers payment terminals, invoicing tools, and working capital for merchants.

Livspace to invest US$50 million in retail expansion

• The home interior and renovation platform plans to invest US$50 million to rapidly expand its business and grow its team overseas.
• The company plans to expand its services to 80 new markets, including 60 cities in India and 20 cities across the Asia-Pacific region.
• To support its expansion plans, Livspace will also onboard over 1,000 new design entrepreneurs across India.

Byju’s goes shopping again, buys US-based coding platform 

• Continuing its acquisition spree, edtech behemoth Byju’s has acquired Tynker, a K-12 creative coding platform based in the US.
• Tynker’s platform is used by over 60 million kids and 100,000 schools in 150 countries, according to the company.
• This is the third major acquisition by Byju’s in the US after Epic and Osmo.

Drone industry gets shot in the arm with US$16 million fund allocation

• The Indian government has announced that it will support the country’s drone manufacturing industry by allocating US$16 million over the next three financial years for production-linked incentives focused on the sector, said an Entrackr report.
• According to government estimates, the country’s drone manufacturing industry is likely to grow from US$8 million in the financial year ended (FYE) March 2021 to over US$120 million in FYE 2024.
• For startups to be eligible for the scheme, they must have an annual sales turnover of nearly US$270,000.

Agritech startup BharatAgri secures US$6.5 million funding

• Lead investor: Omnivore
• Other investors: India Quotient, 021 Capital
• Stage: Series A
• Funds used for: Geographical expansion and product refinement
• About the startup: Founded in 2017, BharatAgri offers an AI-based agronomy service on a paid subscription basis, which increases farmer income through the systematic implementation of scientific farming techniques.

Ayu Health closes US$6.3 million round

• Lead investors: Vertex Ventures, Stellaris Venture Partners
• Stage: Series A
• Funds used for: Expansion of hospital network, creation of new technology solutions
• About the startup: Ayu Health enables its network of hospitals with technology to maintain high clinical standards and provide a better patient experience at an affordable cost.