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    FUNDING RUNDOWN: Grofers turns unicorn, Rapido raises $52 M, SleepyCat secures $3.8M, Chime valued at $25 bn

    FUNDING RUNDOWN: Grofers turns unicorn, Rapido raises $52 M, SleepyCat secures $3.8M, Chime valued at $25 bn

    FUNDING RUNDOWN: Grofers turns unicorn, Rapido raises $52 M, SleepyCat secures $3.8M, Chime valued at $25 bn
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    By Aishwarya Anand   IST (Published)


    Here are the top deals locked in the startup universe on August 16.

    Here are the top deals locked in the startup universe on August 16.
    Grofers turns unicorn after CCI allowed Zomato to buy 9.3% stake
    Grofers has entered the coveted unicorn club after the Competition Commission of India (CCI) approved Zomato’s proposal to acquire a 9.3 percent stake in the e-grocery platform.
    Zomato and Tiger Global have invested $120 million in e-grocery player Grofers and that has turned it into a unicorn with a valuation of over $1 billion.
    Moreover, the deal would bring back grocery ordering on Zomato after close to a year.
    Rapido raises $52 M to expand operations across India
    Rapido, a bike taxi platform, has secured $52 million in its latest round of funding.
    The round saw participation from new investors including Shell Ventures, Yamaha, Kunal Shah, founder of CRED, Amarjit Singh Batra, CEO, Spotify India and Positive Moves Consulting. The round also saw continued support from existing investors – Pawan Munjal, Hero Group; Westbridge; Nexus Venture; and Everblue Management.
    With the latest fund, Rapido will make strategic investments in innovation, technology, people, and supply. This would help it to further boost its growth in the country and make affordable transportation a reality for the masses, the company said.
    The rapid scaling of quick commerce and hyperlocal delivery has driven Rapido’s expansion into on-demand logistics with Rapido Local and Rapido Store. The company’s Auto service launched in 26 cities has also recorded a 4X growth. Overall, Rapido has witnessed a strong recovery of 85 percent as compared to pre-COVID period.
    SleepyCat raises $3.8M from Saama Capital and others
    D2C sleep solutions brand SleepyCat has raised $3.8 million in a funding round led by Saama Capital. The round also saw participation from existing investors DSG Consumer Partners and Sharrp Ventures.
    This marks the company’s second external fundraise since inception, following a $1.6 million round led by DSG Consumer Partners and Sharrp Ventures in September 2019.
    “We are excited to partner with Saama Capital along with the continued support of DSG Consumer Partners and Sharrp Ventures in our journey. SleepyCat is disrupting an existing category with purpose-driven products designed to increase the comfort and self-care quotient further up for Indian consumers," said Kabir Siddiq, Founder and CEO, SleepyCat.
    With the new round of funding, SleepyCat plans to increase its research and development efforts to manufacture better products and process innovation.
    Wishup secures $1 M funding from Orios Venture Partners
    Remote work platform Wishup has raised $1 million from Orios Venture Partners in a recent funding round.
    The funds will be utilised to strengthen the supply end of the platform in India. The firm aims to engage more entrepreneurs and companies across India and internationally, it said.
    The company claims to have grown 10 times over the past two years by supplying the right remote-working employees to employers.
    Fintech startup YPay raises $400k in bridge round
    YPay, a fintech startup, has raised $400,000 from early-stage investment platform We Founder Circle. The bridge round also saw participation from Amit Tyagi, Gaurav Juneja, Safexpay founder Ravi Gupta, and Pragatii Bhargava.
    The fresh funds will be used to hire staff to scale up and to develop technology.
    YPay targets youth and corporates to make online and offline payments with its prepaid cards. The startup also aims to help kids to learn money management.
    YPay founder and CEO Navneet Gupta said, “YPay card has already facilitated over 35,000 transactions in a short time. We are overwhelmed with the response received so far and aim to serve a larger customer base of 100,000 individuals by the end of this fiscal year.”
    Fintech firm Chime valued at $25 bn after $750 M funding
    Chime Financial has raised $750 million in its latest funding round led by Sequoia Capital Global Equities, valuing the financial services startup at $25 billion.
    According to a Reuters report, Chime's latest fundraise is likely to be a precursor to its stock market listing in the United States early next year.
    The company held preliminary talks with investment banks for a stock market floatation that could value it at more than $30 billion, Reuters had reported in March, citing people familiar with the matter.
    Other major investors in the Series G round include SoftBank Vision Fund 2, General Atlantic, Tiger Global and Dragoneer Investment Group.
    Launched by former Visa executive Chris Britt and Comcast Corp alumnus Ryan King in 2012, Chime makes money by earning a fee from payment processors such as Visa every time a customer uses a Chime debit or credit card.
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