India Roundup: Pine Labs CEO backs tech infra platform, and more (Updated)

Update (Oct 27, 7.30 pm): Added news about Huddle, Hypto, and Koovers

Pine Labs CEO joins US$3 million round in tech infrastructure startup

• Hypto, a tech infrastructure platform for developers, has raised US$3 million in a seed funding round led by Stellaris Venture Partners. 3one4 Capital, Core 91, Pine Labs CEO Amrish Rau, and Jupiter CEO Jitendra Gupta also took part.
• The latest investment will be used to expand its tech team and build web services for fresh financial use cases for tech businesses.
• The startup has been working with over 10 banks and more than 2,000 businesses to automate payments and reconciliation processes.

PolicyBazaar’s 3-day IPO to open next week

• PB Fintech, the parent company of PolicyBazaar, will open its initial public offering (IPO) on November 1 and close it on November 3, according to a notification to the Bombay Stock Exchange.
• The online insurance player is seeking to raise over US$800 million via the IPO. (Read: 7 insights into PolicyBazaar’s prospects for profitability from its IPO filings)
• The firm is one of several startups set to go public in India. Other players looking to tap public markets include Paytm, Mobikwik, Ixigo and Nykaa. (Read: The leading Asian tech players eyeing an IPO in 2021 (Updated)

Temasek, Sequoia join agritech platform’s US$115 million round 

• Agritech platform DeHaat has raised US$115 million as a part of its Series D round, which is led by Belgium-based Sofina and Lightrock India. Temasek, RTP Global, Sequoia Capital India, and FMO also took part.
• The startup will use the fresh funds to improve its tech infrastructure and fund its offerings in financial services.
• DeHaat provides end-to-end solutions and services to the farming community in India. It currently has 350,000 farmers in its service network and aims to serve 5 million farmers by 2024.

Swiggy allots shares worth US$44 million to staff, top executives

• Foodtech major Swiggy has reportedly allotted stock options worth US$43.9 million under its employee stock ownership plan (ESOP) and management stock ownership plans to its employees and top executives.
• The development comes after Swiggy in early October committed to a two-year ESOP liquidity program for 2022 and 2023.
• The liquidity program will be valued between US$35 million and US$40 million and is expected to increase in line with the company’s valuation.

Pre-publication startup Instoried raises US$8 million

• Instoried, an AI-powered pre-publication tool that enhances content performance in real time, has raised US$8 million in funding from Pritt Investment Partners and 9Unicorns. Mumbai Angels, Venture Catalysts Angel Fund, and SOSV also took part in the round.
• The Bengaluru-based firm will use the funds to develop its tech stack, enter newer geographies, and expand its team and operations.
• Instoried uses a data-driven approach that uses AI to make suggestions and conduct real-time analysis to develop content to shore up engagement and interest for readers.

Huddle to pour US$6.6 million into early-stage startups by 2022

• Huddle, an accelerator for early-stage, disruptive firms, said it will invest 500 million rupees (US$6.6 million) into Indian startups by 2022.
• The funds will be invested into companies across sectors such as direct to consumer, electric vehicles, alternative nutrition, creators’ economy, and gaming, among others.
• The accelerator has invested in 19 startups this year so far.

Automobile spare parts startup Koovers secures US$1.5 million

• Koovers, a business-to-business automobile spares parts startup, has secured US$1.5 million in a financing round led by Inflection Point Ventures. Other investors like JPIN-VCats and Venture Catalysts also took part.
• Koovers will use the fresh funds to expand across India, grow its product portfolio, and upgrade its tech platform.
• The app currently has nearly 1.8 million listed on the platform for ordering.