India Roundup: Used-car firm Spinny to break into unicorn club, and other news

Spinny to join unicorn club with fresh fundraise

• Used-car platform Spinny is reportedly in talks with new and existing investors to raise up to US$300 million in a fresh funding round, which could value it at over US$1 billion.
• While Tiger Global may lead the funding round along with a new investor.  Avenir Growth, General Catalyst, Fundamentum, and Accel could also participate in the round.
• If the potential funding comes through, Spinny will join existing unicorns in the country’s used-car space like Droom and Cars24.

Classplus announces first-ever ESOP buyback

• All eligible employees with vested units in the tutoring platform’s employee stock ownership plan (ESOP) will be allowed to cash in up to 100% of their holdings by selling them back to the company.
• According to the company, more than 30 employees participated in the buyback, with the ESOP realization pool reaching US$1 million.
• Classplus said it is also offering what it describes as “ReSOPs,” or stock options as a referral bonus, to employees who refer candidates that are eventually hired. All full-time employees are eligible for ReSOPs, the firm said.

Dunzo successfully tests medicine deliveries via drones

• Dunzo’s Med-Air consortium said it has successfully conducted over 60 experimental beyond visual line of sight test flights in Vikarabad, Telangana.
• The test flights, conducted between September 20 and September 25, are part of the “Medicines from the Sky” initiative, conducted in partnership with the Government of Telangana, the World Economic Forum, Apollo Hospitals, and Niti Aayog.
• Dunzo said it used hexacopter rotorcraft drones which can take off and land vertically while carrying up to 5 kgs. The drones were operated autonomously and reached an altitude of 400 feet while flying.

Ummeed Housing Finance raises US$37 million in series E money

• Norwest Venture Partners, which also acquired a minority stake in the housing finance firm, led the latest funding round. Existing investor, Morgan Stanley Private Equity Asia, also took part in the round.
• The fresh financing round will help Ummeed expand its operations, develop its tech platform, and enter new markets. The company aims to double its assets under management (AUM) to US$175.40 million over the next 18 months.
• Founded in 2016, Ummeed has set up a digitized loan approval and disbursal platform, which provides business loans to micro, small, and medium-sized enterprises.

EV-based delivery firm Zypp Electric nets US$7 million in series A round

• 9Unicorns and Anthill Ventures led the new funding round, while Nanavati Family Office, We Founder Circle, Silicon Valley-based Riso Capital Fund, and Dholakia Ventures also took part along with existing investors.
• The fresh funds will be used to scale Zypp’s business, improve its tech, and expand into new cities in India.
• Founded in 2017, Zypp uses only electric vehicles (EV) for its last-mile delivery services. The company aims to disrupt the hyperlocal delivery space by leveraging EVs, battery-swapping infrastructure, the internet of things, AI, and machine learning. To date, the startup has raised US$12.5 million.

Agritech firm SuperZop bags US$4 million in series A money

• Incofin’s India Progress Fund led the latest financing round.
• Founded in 2016, SuperZop directly sources staples from farmers, multiple farmer producer organizations (FPOs), and processors from 13 states across India. It also works with over 20,000 retailers across Mumbai and Pune.
• Meanwhile, Incofin Investment Management is an international impact investment firm with an AUM of US$1.2 billion. It aims to drive financial inclusion for rural entrepreneurs, and add synergies across the agri-food value chain.

Elective surgeries startup Glamyo Health scores US$3 million in series A money

• The fresh round was led by Ananta Capital. Agility Ventures, Udtara Ventures, We Founder Circle, and Dexter Angels, among others.
• Glamyo said it has witnessed a 300% surge in its business over the past three quarters.
• Launched in 2019, Glamyo Health focuses on elective surgeries and cosmetic procedures. The company has set up a network of hospitals across 10 cities in India. It also plans to expand into over 20 cities in the next six months.

Digital bookkeeping firm CashBook lands US$2.3 million in seed round