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    Funding Rundown: Physics Wallah turns unicorn, FlexiLoans raises $90 million Series B funding, Anicut Capital raises Rs 110 crore to invest in startups

    Funding Rundown: Physics Wallah turns unicorn, FlexiLoans raises $90 million Series B funding, Anicut Capital raises Rs 110 crore to invest in startups

    Funding Rundown: Physics Wallah turns unicorn, FlexiLoans raises $90 million Series B funding, Anicut Capital raises Rs 110 crore to invest in startups
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    By Aishwarya Anand   IST (Updated)


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

    Physics Wallah enters unicorn club after raising $100 million maiden funding
    Bootstrapped education venture Physics Wallah has entered the unicorn club after raising $100 million in its maiden funding round which was led by WestBridge Capital and GSV Ventures. The company said that the Series A funding has pushed its valuation to $1.1 billion now.
    The edtech startup intends to use the funds for business expansion, branding, opening more offline learning centres, and introducing more course offerings, it said in a statement.
    "This latest development will help us further our vision and implement new initiatives to augment the learning journeys of students, thereby enabling them to reach new heights in their careers. Our commitment remains 'every dollar spent in PW is for the greater good of learners," said Alakh Pandey, founder, and CEO of PW.
    MSME lending platform FlexiLoans raises $90 million Series B funding
    MSME-focused fintech lending company has raised $90 million in its Series B funding round led by marquee investors like Denmark-based private equity firm MAJ Invest, UK-based intact investor Fasanara Capital, the family offices of Dr Harry Banga and Yogesh Mahansaria.
    The deal marks Fasanara Capital’s first SME fintech investment in India and MAJ Invest’s third investment this year. Existing shareholders including veteran banker Sanjay Nayar also participated in the round.
    FlexiLoans said the round will support its focus on technology development and more than double its MSME book via its co-lending, buy-now-pay-later, and supply chain finance platforms.
    The company provides loans to small businesses and has disbursed over Rs 1,700 crore to MSMEs across India through digital originations. It now plans to issue loans upto Rs 2,000 crore in the next 12 months.
    Anicut Capital raises Rs 110 crore to invest in startups
    Investment management firm Anicut Capital has raised Rs 110 crore to acquire equity stakes in startups across sectors. This is the first close for the Rs 500-crore Anicut Opportunities Fund I. The fund will be deployed to take stakes in up to 15 growth stage companies, as per a statement.
    There is a Rs 250-crore greenshoe option as well for the newly started fund, it said without disclosing details of Rs 110 crore commitments. The firm also announced the appointment of Dhruv Kapoor as a partner who will be in charge of driving growth through equity investments.
    The ten-year-old firm, which takes both venture debt and equity bets and has a portfolio of 72 startups, said the newly raised money will be deployed in both its existing investee companies and new ones. Its past investments include companies like Aptus, Fivestar, Box8, Bira, Lendingkart, Wow! Momo, and Loginext.
    Fintech startup ARTH gets $2.5 million from DEG and others
    ARTH, a micro MSME fintech platform, has raised $2.5 million in a funding round led by DEG, MIT alumni, and US and Canadian angel investors. The fresh capital will be used to expand the suite of financial services being offered to ultimately be a single-point platform for micro MSMEs.
    It will also be used for strengthening the technical capabilities and building robust risk management systems to meet the scale requirements, the company said.
    The company claims to have already facilitated 3,50,000 credit and insurance across India, out of whom are new to formal credit. It now plans to scale to 1 million nano and micro-business owners through its phydigital model.
    Kalaari Capital invests $800K in, an AI-powered SaaS video content dubbing and creation platform has raised $800,0000 in a seed funding round led by Kalaari Capital.
    "With over 100 million creators in India and 350 million+ consumers watching content, there is a strong need for content to be multilingual. Dubverse is building a technology platform that enables content to be created once and dubbed into different languages in a fast, easy and cost-efficient way,” said Vamshi Reddy, Partner, Kalaari Capital.
    The firm plans to use the funds to construct a creative tool and has chosen creator angels like Supriya Paul of Josh Talks, Jasminder Singh Gulati Ex-Founder of Now Floats and Sairee Chahal, Founder of Sheroes and others, who produce a lot of material, in India's vernacular market as well as internationally, a statement said.
    Food upcycling startup Wastelink raises Rs 10 crore in seed round
    Wastelink, a food upcycling startup has secured Rs 10 crore in a seed funding round led by Matterhorn Projects, Indigram Labs Foundation, Sanjiv Rangrass, and other angel investors.
    Wastelink is incubated at the Indigram Labs Foundation. The capital raised will be used to expand Wastelink’s footprint across India and scale up its nutrition science and food waste supplier platform capability, the firm said.
    "The capital will immensely benefit us as we chart our journey towards national expansion. We aspire to make a meaningful positive impact on society by upcycling 1 Million Metric Tons of food waste within 2-3 years,” said Saket Dave, CEO, Wastelink.
    EduGorilla secures Rs 16.5 crore investment from SucSEED Indovation Fund
    Edrech startup EduGorilla has raised Rs 16.5 Crores in a fresh funding round led by SucSEED Indovation Fund. It also saw participation from Lead Angels Fund, Mumbai Angels, TiE India, VG Angels, WeFounderCircle, and Ah Ventures.
    Angel investors including Ambrish Jain (ex-COO of Vodafone); Vivek Chachra (Director Sales of Harvard Business Publication), Vineet Singh (Director- Infant Nutrition at Nestle), Rohit Sathe (VP Philips) also participated in the funding round.
    The fresh capital will be used by the startup for the expansion of content in nine vernacular languages by April 2023, hone its AI and ML-based platform to increase the success rate of its students from 14x to 25x, increase coaching partners from 3,000 to 15,000 and launch 200 more video courses in various vernacular languages.
    "Over 70% of our students hail from rural India, and a majority of them are not well-versed in English, making it essential to focus on vernacular languages as we reach out to a 7.5 crore student base in tier 2 & 3 cities and villages.
    This funding will help us bring quality education in their preferred vernacular language to their doorstep," said Rohit Manglik, founder, and CEO, EduGorilla. The company claims to have turned EBITDA positive in Q4 FY 2021, with its average order value increasing by 8.5 times over the last 3 years.
    Mumbai Angels and others invest Rs 4.39 crore in Woolly Farms
    Woolly Farms, a consumer-first agricultural ecosystem, has received an investment of Rs 4.39 crore from Mumbai Angels Network. The round also saw the participation of Callapina Capital, Malabar Angels Network, and Mentorous Ventures.
    The company said it will use the fresh capital to build its technology platform with an NFT ecosystem for consumers to participate in farm constructions built on Blockchain technologies, and IoT-driven farms that enable centralized monitoring systems to manage farms at scale, and bolster sales and marketing efforts.
    "The funding will allow us to bolster our infrastructure and expand our customer reach and footprint," said Bushair, AP, co-founder, and CEO, Woolly Farms.
    We Founder Circle to invest $5 million in Gujarat-based startups over the next 12 months
    We Founder Circle (WFC), an early-stage startup investment platform has announced a commitment to invest $5 million in Gujarat-based startups over the next 12 months.
    Since the platform’s inception in 2020, it has attracted 2,000 founders and strategic investors from over 16 countries. The platform completed its first year with 33 investments worth a total $20 million.
    The angel network claims that with the right network of mentorship and guidance, the companies it has endorsed have experienced 25% month-on-month growth on average.
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