Weekly rundown: Servify leads funding charts in slow start-up dealmaking week

Servify, a Mumbai-based device management and support platform, led the funding charts in a slow week of start-up activity. The company raised $65 million as part of an ongoing Series D funding round, led by Singularity Growth Opportunities Fund, a venture capital fund managed by Singularity AMC. US-based insurance firm AmTrust, Pidilite’s family office, and existing investors Iron Pillar, Beenext, Blume Ventures and DMI Sparkle Fund also participated in the round, according to several media reports. Servify manages the lifecycle of devices for several smartphone vendors including Apple, Airtel, Samsung, OnePlus, Xiaomi, Nokia and Motorola, among many others, across many markets. The company is now looking to expand its geographical presence to more international markets including Latin America and Japan.

Full-stack health and wellness clinic Mojocare secured $20.6 million in a Series A fundraising round led by B Capital and existing investors Chiratae Ventures, Sequoia India’s Surge, and Better Capital. The funding round also saw participation from angel investors including Vineet Jain (MD, Times Group), Kunal Shah (Founder, CRED), Ankit Nagori (Founder, Curefoods), Adrian Auon (Founder and CEO, Forward), Sajid Rahman (Founder and CEO, Telenor Health), Ravi Bhushan (Founder and CEO, Brightchamps), and Vivekananda HR (CEO and Founder, Bounce). The Bengaluru-based company said it will utilise the funds to expand its product, content, and care delivery teams, strengthen and diversify its product portfolio, and scale across omnichannel GTMs with a distribution-first approach. Mojocare offers personalised and full-stack care across sexual wellness, women's wellness, mental wellness, and hair loss.

Tech-led on-demand work fulfilment platform Awign bagged $15 million in a Series B funding round co-led by Bertelsmann India Investments and Amicus Capital Partners, along with Mynavi Corporation. Returning investors include Unitus Ventures and the Michael & Susan Dell Foundation (MSDF). The start-up plans to deploy the fresh funds to enhance its technological capabilities, expand digital services to global markets, and bolster supply and demand acquisitions. The enterprise-focused gig platform counts Infosys, Mahindra & Mahindra, Tata Group, Swiggy, Byju’s, Britannia and Upgrad among its clientele.

On the M&A front, Binny Bansal-backed ed-tech platform BrightCHAMPS, announced the acquisition of Singapore-headquartered Schola, a live-learning platform for kids to gain communication and English skills, in a $15 million cash and stock deal. The acquisition comes a little over two months after BrightCHAMPS announced it will invest $100 million to make ed-tech acquisitions across the US, UK, Middle East and North Africa (MENA), Southeast Asia (SEA), and India in FY2023. Founded in 2019, Schola offers a variety of courses in a live, 1-on-1 class model for kids from 4 to 15 years of age to build skills and capabilities in communications, public speaking, leadership presentation, confidence-building, and several others. The company currently offers classes to students from 12 countries, including Vietnam, Thailand, Korea, Japan, Malaysia, and others. Launched in 2020, BrightCHAMPS is currently valued at $650 million, after raising $63 million from investors including GSV Ventures, BEENEXT, and Premji Invest and Flipkart co-founder Binny Bansal-backed 021 Capital. It currently employs thousands of educators to deliver 300,000 classes every month across its coding, financial literacy, and robotics verticals for kids between 6 to 16 years of age.