India Roundup: Udaan names co-founder Vaibhav Gupta as CEO, and other news

Udaan appoints co-founder Vaibhav Gupta as CEO ahead of IPO

• The business-to-business ecommerce firm said it plans to become a publicly listed entity in the next 18 to 24 months.
• Co-founders Amod Malviya and Sujeet Kumar will actively work with Gupta to evolve Udaan into a CEO-led and board-driven organization.
• Earlier this year, Udaan raised US$280 million at a valuation of more than US$3 billion. The round was led by existing investors, including Tencent.

Neobank Open secures US$62 million in series C round

• Temasek and Google, along with returning investors Tiger Global and 3one4 Capital, participated in the round, Entrackr reported.
• Temasek’s investment into Open amounted to US$35 million, while Google put in US$15 million. Tiger Global and 3one4 Capital invested US$7.5 million and US$5 million, respectively.
• Open had previously raised US$30 million in a series B round led by Tiger Global in June 2019.

Edtech startup Lido Learning banks US$10 million

• Lead investor: Ronnie Screwvala’s Unilazer Ventures
• Stage: Unspecified
• Funds used for: Expansion in India and other international markets
• About the startup: Founded in 2019, Lido Learning provides online tutorial services for K-12 students. To date, the startup has raised US$20 million from several investors such as BAce Capital, Picus Capital, and 9Unicorns.

Agritech startup Farmers Fresh Zone bags US$817k in pre-series A round

• Lead investor: Indian Angel Network
• Other investors: Malabar Angel Network, Native Angel Network, and others
• Stage: Pre-series A
• Funds used for: Expansion to more cities in India, improvement of research and development, and hiring of new talent
• About the startup: Focused on the direct-to-customer space, Farmers Fresh Zone brings fresh fruits and vegetables from partner farms to customers’ homes in less than 15 hours after harvest. It aims to close a US$5 million series A round in the near future.

Foodtech startup Anveshan raises US$500k in seed funding

• Lead investors: DSG Consumer Partners, Titan Capital, Avaana Capital founder Anjali Bansal
• Other investors: BoAt founders Sameer Mehta and Aman Gupta, and Beardo founders Ashutosh Valani and Priyank Shah
• Stage: Seed
• Funds used for: Hiring new talent and improving manufacturing units
• About the startup: Anveshan offers natural and high-quality food products sourced from its partner farmers and microentrepreneurs. The startup says it has served over 100,000 customers, and has seen 25x revenue growth in the past 18 months.