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Funding Rundown: Simplilearn raises $45 mn in funding, BeatO gets $33 mn in Series B round, Eruditus CEO Ashwin Damera backs KheloMore

Funding Rundown: Simplilearn raises $45 mn in funding, BeatO gets $33 mn in Series B round, Eruditus CEO Ashwin Damera backs KheloMore

Funding Rundown: Simplilearn raises $45 mn in funding, BeatO gets $33 mn in Series B round, Eruditus CEO Ashwin Damera backs KheloMore
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By CNBCTV18.COMNov 16, 2022 10:59:49 PM IST (Published)

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

South Korean KB Investment commits $100 million in Elev8 Venture Partners

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KB Group, South Korea's financial services provider, will invest $100 million in Elev8 Venture Partners through its subsidiary, KB Investment. KB Group has also joined hands with Elev8 as an anchor investor and Co-GP. It will be working closely with the Venture Catalysts-backed Elev8 Venture Partners in identifying investment opportunities and assisting in portfolio management.
"We have spent over a year with diligence and concluded that Elev8's management team is by far the best team to invest at the growth stage. Their exceptional track record, prospective portfolio pipeline, and proprietary data algorithms have presented a strong proposition for us to join hands," said Eric Yoo, executive managing director of KB investment.
Simplilearn raises $45 million in funding from GSV Ventures and others
Blackstone-backed upskilling platform Simplilearn has raised $45 million in a funding round led by GSV Ventures, Clal Insurance, and ADQ. In a statement, Simplilearn said the fresh round of fundraising will further boost its growth prospects across the world.
The company has seen significant growth in the past year and has added more than 1,20,000 paid business-to-consumer (B2C) learners, and 1,00,000 enterprise learners on its platform. This is in addition to the 2 million free learners that it has, it claimed.
The founder and chief executive Krishna Kumar said this funding comes at a time when the industry is going through turmoil and stands as a testimony to the company's steady, profitable growth.
Diabetes care platform BeatO gets $33 million in Series B round led by Lightrock India
Digital diabetes care platform BeatO has raised $33 million in Series B funding led by Lightrock India with participation from HealthQuad, Flipkart, and existing investors.
The fresh funding will be used to scale BeatO's platform, continue to invest in its product and technology, and strengthen the reach of its evidence-based care programmes, it said in a statement.
"With our digital-first solution, BeatO is well positioned to lay the new standards of how care will be delivered in the future to millions of Indians," said Gautam Chopra, co-founder, and CEO of BeatO.
BeatO is expanding the diabetes care market with over 70 percent of their users coming from Tier 2 cities and beyond, and 55 percent of their users never having used a blood glucose monitoring device previously. Currently serving more than 15 lakh members, the company has grown 3 times in the last year.
Eruditus CEO Ashwin Damera backs KheloMore
Edtech unicorn Eruditus’s CEO Ashwin Damera has invested an undisclosed amount in digital sports platform, KheloMore, through his family office, Damera Ventures.
Founded by former international cricketer and CEO Jatin Paranjape, KheloMore works as an aggregator of coaches and academies across Indian cities for sports such as cricket, football, badminton, and basketball, among others.
Bhagyashree Damera, co-founder of Damera Ventures and Ashwin Damera's wife said they are both avid sports enthusiasts and share Paranjape's "vision of making sports more accessible" to more Indians.
"We are excited to partner with KheloMore to build a broad-based sporting culture across India. Sports and wellness are essential for the holistic development of the nation,” she added.
Goodera nets $10 million from Elevation Capital and others in Series A round
Corporate volunteering platform Goodera has bagged $10 million in a Series A funding round led by Elevation Capital, with participation from Zoom Ventures, Xto10X, Nexus Venture Partners, and Omidyar Network. Former Xerox CEO Ursula Burns and Flipkart founder Binny Bansal also participated in the funding round.
The company intends to use the fresh funds to scale its team and technology, and enrich the catalogue of experiences it can provide to employees. The startup claimed that it also built a platform for India Inc to manage CSR investments and assess social impact.
In a transaction at the time of this funding round, the company said it sold the India CSR platform business to Give, an Indian donation platform. The company said the move will allow Goodera to focus on growth in the global market.
SphitiCap leads $9 million Series A round in Corrit Electric
Electric mobility platform Corrit Electric has secured $9 million in a Series A funding round led by early-stage venture capital fund SphitiCap. This marks the third bet from the VC firm’s maiden fund.
SphitiCap launched its maiden venture fund last month, with an aim to raise a corpus of around $500 million, targeting enterprises focused on sustainability, growth and impact.
The startup will use the capital to further its vision of onboarding 1.50 lakh e-bikes over the next three years and to scale up production units, a statement said.
"The funds raised will be deployed towards the production of two different models of high-speed vehicles which we plan to launch in the coming year. We also will be investing more in our marketing initiatives to ensure that we are able to tap the right audience for our products across India.
We further aim to revolutionize the last-mile delivery segment in the country through our upcoming launch – Transit, which we are very excited to launch,” said Mayur Misra, CEO of Corrit Electric.
Aye Finance raises Rs 87 crore from Swiss impact investor BlueOrchard
Fintech lender Aye Finance has raised Rs 87 crore in debt funding from Swiss impact investor BlueOrchard and it will use the proceeds to expand finance to micro-enterprises in the country. The company has targeted to raise Rs 1,500 crore via debt this year, of which Rs 700 crore has been raised so far.
Aye said it will use the fresh capital to extend affordable and customised credit solutions to the base of the business pyramid of India and power its growth into new-age India. The fintech lender, since its inception in 2014, has provided Rs 5,500 crore worth of credit to over 4,50,000 grassroots businesses. It has an extensive branch network in 311 locations.
AI-based startup VuNet bags $5 million in Series A round
Analytics and full-stack AI firm VuNet Systems has raised $5 million in a Series A funding round led by Mela Ventures and Athera Venture Partners, with participation from Dallas Venture Capital and TVS Capital Funds.
The funding will be used to accelerate the research and development of new AI/ML-led product offerings and the expansion of global operations across India, Asia and the US, the company said in a statement.
"We will continue to focus on expanding our customer growth and our product base to create more intelligent, actionable insights for operations, business and CXOs to accelerate their digital transformation," Ashwin Ramachandran, Co-founder and CEO, VuNet Systems.
Vijya Fintech raises $1 million in its Angel funding round
Surat-based Vijya Fintech, which owns Mercury, a cloud-based full-stack fully integrated multi-asset execution and reporting wealth management platform, has raised $1 million in its angel round.
This round was led by multiple large strategic investors and also saw participation from BP Wealth, Narola Infotech Solutions, Sagar Investments, GK Globas and other large strategic investors.
As per the company, the fresh capital will be used towards making state-of-art "open architecture-based technology driving the multi-asset wealth management platform" affordable for all financial intermediaries.
Yellow raises an undisclosed capital in Pre-Seed funding
Digital will and estate planning app Yellow has raised an undisclosed capital in a pre-seed round from institutional and angel investors including Aprameya Radhakrishna, co-founder of Koo, Mukund Rao, co-founder of Muvin, TT Jagannathan, chairman of TTK Prestige, Pranav Pai, Founding Partner of 3one4 Capital, and IIFL Wealth, among others.
The company also announced the launch of the Yellow app, which is now available for download on the Google Play Store and will soon be available on the App store, it said.
"A person's most basic instinct is to protect and look out for the ones they love. This is truly admirable, yet, many people fall short by not securing their family's future. This is not because of a lack of intention but due to a lack of information and resources.
To bridge this gap, we have developed a first-of-its-kind digital Will-making solution not just for those with access to expensive lawyers and wealth management firms but for everyone," said Niranjan Vemulkar, co-founder and CEO of Yellow.
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