Funding News: Pocket FM, Volopay, Filo and others raised $223 million in funding this week

Late-stage funding in the Indian startup ecosystem has steadily declined. Evidence of a bearish market dominating the private market with a round down after the public market corrected with declining valuation is now easy to observe. In other words, in the first week of March, a total of $223 million in funding was committed across 32 deals, with no mega deal exceeding $100 million. Meanwhile, the funding for five of the total funded startups remained secret.

Image courtesy: OsakaWayne Studios

The week also produced no new unicorns. This week’s funding is 68 percent lower than the previous week, when the ecosystem attracted $699 million across 48 transactions and launched a unicorn. The most active investors this week were Vaibhav Domkundwar’s Better Capital, who presented three checks. Kunal Shah and Jitendra Gupta, two angel investors, have been involved in two deals each.

Here’s a quick rundown of all the top startup fundraising:

Pocket FM raises $65 million

Pocket FM, an audio OTT platform, has raised $65 million in a Series C funding round led by Burlingame-based Goodwater Capital, South Korean tech conglomerate Naver, and an existing investor, Tanglin Venture Partners. The newly raised funds will be used to strengthen the startup’s leadership position, expand into other regional languages, invest in AI capabilities and build the world’s largest audio creation community, the company said in a statement. In addition to long-form content, the platform includes audio series, novels, podcasts, stories and knowledge shows in eight languages. There are currently more than 50 million users and around 3 billion monthly listening minutes on the platform.

Volopay raises $29 million

Volopay, the business-to-business (B2B) fintech company, has raised $29 million in funding led by JAM Fund, Accial Capital, Winklevoss Capital Management and others in anticipation of its foray into the Indian market. Also participating in the round were Amrish Rau, CEO of Pine Labs, Sweta Rau, founder of White Ventures, Rapyd Ventures, fintech veterans Jeffrey Cruttenden and Jitendra Gupta, founder and CEO of Jupiter; Antler Global and VentureSouq. The investment is a combination of equity and debt, according to a statement from the Singapore-based company. Volopay also focuses on the entire Asia Pacific region as well as the markets in West Asia.

Filo bags 23 million

Filo, an instant live tutoring startup, has raised $23 million in a Series A funding round from Seattle-based venture capital firm Anthos Capital. The round also included participation from existing investor Better Capital along with GSV Ventures, Sapling Capital and several angel investors. Proceeds will primarily be used for product development as the company digs deeper into modeling pedagogy, expands its team, expands into new categories and scales its tutor base across the country, according to the company. The startup claims to have received more than 1.5 million downloads in a single year and has around 350,000 monthly active users on its platform.

Kuhoo rakes in $20 million

Kuhoo, a fintech platform, announced that it has raised a whopping $20 million seed round from London-based private equity firm WestBridge Capital. This fund will be used by the company to revolutionize the fintech student loan segment. Kuhoo, named after the melodious sound of the cuckoo bird, is trying to offer online loans to students interested in studying at universities in India and abroad. It is also the first student loan company to offer products in fields as diverse as MBA, engineering, online courses, executive education, coaching programs and even New Age courses.

Comments are closed.