Zomato, Toppr, Rebel Foods & Other Startups Raised Funding Amid COVID-19 Pandemic; Here Are 5 Indian Startups Which Closed Funding Deals
Mumbai, October 6: The year 2020 has not been an easy year so far due to the pandemic, from the rising infections, increasing deaths to job losses, businesses being shut to the dwindling economy. However, there have been few players who performed well and managed to hold high in spite of the challenges laid out on their path.
The crisis has also seen some startup raising funds and closing deals. Here is a list of five startups who raised funding during the coronavirus lockdown.
Cloud Kitchen Hoi Foods: In May 2020, Cloud Kitchen raised $2 million in a Pre-Series A funding round led by 1Crowd. The cloud kitchen startup also saw participation from Sprout, Angelist, Samar Singla (Founder of Jugnu), Jaideep Mehta (CEO of VCCircle), Mukund Kulashekaran (SVP of Business at UrbanClap), and other
Zomato: Gurugram-based Zomato closed four rounds of funding, securing its latest round of $100 million in September from Internet Fund VI Pte Holdings.
Toppr: In July, ed-tech startup Toppr raised Rs 350 crore in Series D round, led by Foundation Holdings, with participation from existing investors, including Kaizen Private Equity.
Rebel Foods: In April 2020, cloud kitchen operator Rebel Foods raised $50 million from existing investor US-based hedge fund Coatue Management, according to its filings with the Registrar of Companies.
JetSynthesys: In July 2020, gaming and entertainment startup JetSynthesys crossed 100 million users across 180 countries. It raised an equity round of Rs 300 crore led by Adar Poonawalla and Kris Gopalkrishnan.
According to a report published earlier this year, the funding in Indian tech-led startups rose by 14 percent in the first quarter of 2020 as compared to the same period last year, yet only 16 percent startups and SMEs had the cash to survive for more than three months revealed a study in June.
The consumer confidence collapsed in May 2020, with the Current Situation Index (CSI) touching historic low and the one year ahead Future Expectations Index (FEI) also recording a sharp fall, entering the zone of pessimism, as per the Consumer Confidence Survey (CCS) released by the RBI during the COVID-19 lockdown.