Here’s a lowdown of the top deals from the startup space.

Swiggy raises $700 million led by Invesco, turns Decacorn

On-demand convenience and food tech platform Swiggy has raised $700 million in new funding led by Invesco. The round saw participation from new investors such as Baron Capital Group, Sumeru Venture, IIFL AMC Late Stage Tech Fund, Kotak, Axis Growth Avenues AIF- I, Sixteenth Street Capital, Ghisallo, Smile Group, and Segantii Capital.

Existing investors Alpha Wave Global (formerly Falcon Edge Capital), Qatar Investment Authority, and ARK Impact, along with its long-term investor Prosus also participated in the round.

The funding comes six months after the unicorn raised $1.25 billion led by SoftBank's Vision Fund 2 and Prosus. The deal had valued Swiggy at $5.5 billion.

With this latest funding, Swiggy enters the Decacorn club, valued at over ten billion dollars. Sources tell CNBC-TV18 that Swiggy is now valued at $10.7 billion and will be the third most valued startup in India behind Flipkart and Byjus.

“The GMV our food delivery business achieved in 40 months, took Instamart just 17 months, demonstrating the platform benefits of Swiggy. We will double down on this to build more categories in line with our mission of offering unparalleled convenience to Indian consumers,” said Sriharsha Majety, CEO, Swiggy. “Our goal is to make Swiggy the platform that 100 million consumers can use 15 times a month. We will continue to invest in our people, products, and partners to create a positive impact on the ecosystem and accelerate the digital transformation in food and grocery delivery and other on-demand services,” Majety added.

Ola Electric gets $200 million in funding; valued at $5 billion

Ola Electric has raised over $200 million from Tekne Private Ventures, Alpine Opportunity Fund, Edelweiss, and others, valuing the electric vehicle maker at $5 billion.

In September last year, Ola Electric had announced raising a similar amount in funding from Falcon Edge, Softbank, and others that had valued the company at $3 billion.

“Ola Electric is creating India's EV revolution and is driving cutting edge manufacturing from India for the entire world. With Ola S1, the best scooter ever made, we have changed the entire scooter industry and are now looking forward to bringing our innovative products to more two-wheeler categories, including bikes as well as cars.

Over the last 12 months, Ola Electric has built its 'Futurefactory', which it claims is the world's largest two-wheeler manufacturing facility, and launched its electric scooter Ola S1. Ola's facility will employ over 10,000 women at full capacity and will be the largest women-only factory globally.

In the past, Ola Electric has raised funding from various investors, including Tiger Global and Matrix India. In July last year, Ola Electric had announced signing a $100 million 10 year-term debt financing agreement with the Bank of Baroda.

Smiles.ai raises $23 million Series A from Alpha Wave, others: Reports

Smiles.ai, an online platform for dental treatments has raised $23 million in a Series A round, led by Alpha Wave Incubation (Falcon Edge Capital), along with existing backers Sequoia India’s Surge and Chiratae Ventures.

Angel investors such as Lenskart founders Amit Chaudhary and Peyush Bansal, Mosaic Wellness’ Revant Bhate, CRED’s Miten Sampat and Haptik’s Aakrit Vaish also invested in the startup, according to reports.

The company said India’s dental care industry will be a $15 billion market by 2023, and is growing 20 percent year-on-year (YoY), although customers are largely acquired via offline channels and individual clinics account for most business in the sector.

StanPlus bags $20 million in Series A funding from HealthQuad, Kalaari Capital & HealthX

Emergency medical response company StanPlus has raised $20 million in a Series A led by Healthquad, Kalaari Capital, and HealthX Capital Singapore.

Pegasus (Hiranandani family office), Sandeep Singhal (Avaana) and Prashant Malik also participated alongside a clutch of angel investors. The round also includes debt funding from N+1 capital. Additionally, the company raised $2 million from Grip Invest to be utilized for leasing ambulances, it said in a statement.

The capital infusion will be leveraged to scale up StanPlus’s operations to 500 hospitals, launch its flagship Red Ambulance brand in 15 cities from the current 5. T

The firm said that it is aiming to bring the ambulance ETAs down to 8 minutes from the current 15 minutes by StanPlus and less than 40 minutes on average by other ambulance service providers.

As per the company, the Emergency response industry in India is huge and valued at $15 billion. Addressing the gaps in the highly fragmented market, StanPlus has created the Red Health platform to allow large hospitals, employers, health apps, wearables, cars, and any other ecosystem player to enable plug-and-play medical response.

“In India, grocery is delivered in 10 minutes but ambulances take 45. At StanPlus, we are focusing on the 8-minute ambulance paradigm – I like to call it the ‘First Minute, Last Mile’ Healthcare. The capital will allow us to scale across India, bring amazing talent to work on this mission, and build world-first technologies,” said Prabhdeep Singh, Founder & CEO, StanPlus.

Bhuvan Bam & Tanmay Bhat invests in HYPD which aims to build ‘Shopify For Creators’

Creator-owned marketplace startup HYPD has secured $1.5 million in seed funding from Better Capital, Sauce VC, and others.

Influencers Bhuvan Bam and Tanmay Bhat also invested in the round as angel investors along with CXOs of unicorn companies.

The startup will use the freshly-infused capital towards marketing and development efforts. It claims to have powered a GMV of Rs 50 lakh for creators already. Further, HYPD is also planning to further strengthen brand partnership in the D2C market.

Founded in 2021, HYPD allows influencers and creators to make their own multi-brand store on the platform. The company claims to have at least 1000 more brands is in the pipeline and said it is already in talks for its Series-A funding.

“The creators are often treated as virtual billboards, but with the commoditization of business infrastructure, any creator can transform their audience into a scalable empire. We are putting more power in the hands of the creators. Suddenly, what looked like a multi-billion-dollar opportunity, is becoming a multi-trillion-dollar one. If we have to draw an analogy, we are the Shopify-for-creators,” said co-founders Aishwarya Garg and Akshay Bhatnagar.

Sustainable products e-commerce marketplace SustainKart bags $500K

SustainKart, an e-commerce marketplace exclusively for sustainable products, has raised $500,000 in its pre-seed round led by India Accelerator.

The round also saw the participation of several HNIs, industry experts as part of India Accelerator’s network.

The company aims to grow into a house of brands with celebrity co-founders.

“We plan to launch a series of private labels with A-lister celebrity co-founders to have a stronger foothold in the sustainable D2C space. Multiple strategic seed-stage D2C brand acquisitions are planned for this year”, says SustainKart founder Kanthi Dutt.

The platform was launched in January 2021 and has witnessed massive growth in the last year with over 950 brands and 68000 SKUs. Brands like mCaffeine, Tribe Concepts, Neemas, Let’s Shave, SuperBottoms, among others have already been listed on the platform in its first year.

Mumbai Angels invest Rs 4 crore in LegalKart

Legaltech startup LegalKart has raised Rs 4 crore in a Pre-Series A round led by Mumbai Angels along with IIM Udaipur Incubation Center.

The company plans to utilize the funds to develop new tech products for customers with AI, ML capabilities, to create instant access to legal support while also creating awareness about the platform, it said in a statement.

Founded in 2018, LegalKart 2019 had raised seed funding of around Rs 3.5 crore from a group of angel investors.

ixamBee raises undisclosed funds from Caspian Debt Fund

Online learning platform ixamBee has secured an undisclosed amount in debt round from Caspian Debt, the lending arm of impact investment firm Caspian Impact Investment Adviser.

The startup will use the fresh funds to roll out additional learning courses as well as invest in marketing and technology to drive growth, it said in a statement.

ixamBee is an online learning platform that offers aspirants to prepare for jobs-related competitive exams. The company claims to have reached out to over 10 million students, most of whom hail from tier-2 and tier-3 cities.

Last year, ixamBee had raised an undisclosed amount in funding led by Mumbai Angels.

Baby Amore receives revenue finance from GetVantage; to open 50 concept stores by 2025

Baby-care startup Baby Amore has raised an undisclosed sum in an external funding round led by revenue-based financing fintech platform and marketplace GetVantage.

The firm said it will use the fresh capital to expand its business by providing customers with an omnichannel shopping experience and go aggressive with its brand-building strategy. The company also aims to expand its concept stores to more metro cities and rope in international brands with similar ideals on its e-commerce platform.

In the first year of operations, the startup claimed to be selling 30,000 products. In 2021, the company clocked a revenue of Rs 3.5 crore, a 70 % growth from the previous year. With the baby care industry poised to grow exponentially for the next five years, Baby Amore expects to achieve a revenue of Rs 40 crore by 2025 and have a chain of 50 concept stores, it said in a statement.

According to a report by ResearchAndMarkets.com last year, the baby care products market in India will touch $26.35 billion by 2025, growing at an 11% CAGR on the back of an increase in internet penetration and online availability of baby care products and the growing number of nuclear and single-parent families.