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    FUNDING RUNDOWN: Unacademy raises $440 M, BharatPe enters unicorn club, Chiratae Ventures closes fourth fund at $337 M

    FUNDING RUNDOWN: Unacademy raises $440 M, BharatPe enters unicorn club, Chiratae Ventures closes fourth fund at $337 M

    FUNDING RUNDOWN: Unacademy raises $440 M, BharatPe enters unicorn club, Chiratae Ventures closes fourth fund at $337 M
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    By Aishwarya Anand   IST (Published)


    Here’s an overview of the deals closed in the startup universe this week.

    Here’s an overview of the deals closed in the startup universe this week.
    Chiratae Ventures closes fourth fund at $337 M
    Chiratae Ventures closed its fourth fund at $337 million, which was oversubscribed by 25 percent. The venture capital fund was aiming to raise $275 million.
    Over half of Fund IV is from Indian investors including family offices and industrial families. Global investors include those from the US, UK, Europe, Japan, and Singapore. Chiratae Venture Funds are ESG compliant.
    With a cumulative AUM (Assets Under Management) of approximately $950 million, Chiratae Ventures has invested in more than 100 deals since its inception in 2006, delivered two IPOs, four unicorns while completing 38 exits with a record eight consecutive years of capital distributions to investors.
    Unacademy raises $440 M; valued at $3.44 bn
    Edtech unicorn Unacademy has raised $440 million in Series H funding round led by Temasek, General Atlantic, Tiger Global, and Softbank Vision Fund.
    Aroa Ventures, the family office of OYO Founder Ritesh Agarwal, and Zomato’s CEO and co-founder Deepinder Goyal participated in the funding round as well.
    The latest fundraise takes the valuation of Unacademy Group to $3.44 billion.
    BharatPe enters the unicorn club after Tiger Global-led $370 M funding
    Fintech company BharatPe became the latest entrant to India's unicorn club after it raised $370 million in a fresh funding round led by Tiger Global Management, taking its total valuation to $2.85 billion. The funding round consisted of a $350 million primary and a $20 million secondary component.
    Dragoneer Investment Group and Steadfast Capital also participated in this funding round, the company said in a statement. Tiger Global will invest $100 million in the firm whereas Dragoneer and Steadfast will pump in $25 million each.
    A combined investment of $200 million was made by the company’s existing investors including Sequoia Capital, Insight Partners, Coatue Management,
    Amplo and Ribbit Capital, taking the total to $350 million.
    So far, BharatPe has raised close to $ 600 million in equity and debt.
    Ashneer Grover has been elevated as the Co-Founder and Managing Director. Suhail Sameer, who was previously the Group President, has succeeded Grover as the new CEO.
    The funds will be utilised by BharatPe to make investments into distressed
    Punjab and Maharashtra Co-operative (PMC) Bank, in collaboration with Centrum Financial Services. As per a Mint report, BharatPe and Centrum will collectively invest $250-300 million into the PMC Bank over the next two years.
    OfBusiness turns Unicorn post $160 M funding
    B2B startup Ofbusiness has entered the unicorn club after raising a $160 million round led by SoftBank's Vision Fund 2. Existing investors Falcon Edge Capital and Matrix Partners also participated in the round.
    The funding was raised at a valuation of close to $1.5 billion. This makes it the 19th Indian startup to become a unicorn this year.
    Through the funding, OfBusiness is reportedly expecting to make strategic investments, acquisitions and create joint ventures to increase its control over supply chains.
    E-comm platform for construction material Infra.Market raises $125 M
    Construction material e-commerce platform Infra.Market has raised $125 million in a Series D round led by Tiger Global, at a valuation of $2.5 billion.
    The unicorn’s valuation has increased nearly three times in just over three months.
    The new fund-raise will enable the startup to enhance its technological offerings, seed newer markets and advance its initiatives such as private label brands, direct to retail channel and exports.
    Stride Ventures announces 1st close of 2nd fund at Rs550 cr
    Venture debt firm Stride Ventures has marked the first close of its second fund by raising more than half of the targeted corpus of Rs 1,000 crore ($137 million).
    Stride Ventures India Fund II has secured commitments of Rs 550 crore to mark the first close, said the venture debt firm in a statement. The second fund, which was launched just around two months ago, also has a greenshoe option to raise an additional Rs 875 crore.
    The venture debt firm said the second fund will ramp up deployment in late-stage startups across sectors like business to business (B2B) commerce, healthcare, agritech, fintech and direct to consumer (D2C) brands. It will have an average ticket size of up to Rs 75 crore. raises $78.15 M in Series C round
    Customer experience automation platform has raised $78.15 million in a Series C round led by WestBridge Capital, along with Sapphire Ventures and Salesforce Ventures.
    Lightspeed Venture Partners again participated in this round, which brings total funding raised so far to $102.15 million.
    With the fresh infusion of capital, will deepen investments in global expansion, hiring top talent across regions, and applied R&D in hyper-automation, the company said.
    Tiger Global to invest in Mensa at $400 M valuation?
    Investment giant Tiger Global Management is in talks to invest in former Myntra CEO Ananth Narayanan’s e-commerce startup Mensa Brands, sources told Moneycontrol.
    Mensa could raise about $20 million in the round led by Tiger, valuing it between $400-500 million.
    With the funding, Mensa plans to acquire fast-growing e-commerce sellers in the apparel, home appliance, personal care and beauty space, with annual revenues of Rs 7-70 crore. The startup has signed a Letter of Intents to acquire 15 companies so far
    Mindtickle turns unicorn with $100 M funding
    Mindtickle entered the unicorn club after raising $100 million in its Series E round of funding led by SoftBank. The funding reportedly values the startup at $1.2 billion.
    This funding round also saw participation from existing investors — Norwest Venture Partners, Canaan, NewView Capital, and Qualcomm Ventures.
    Mindtickle has now raised $281 million in total.
    Jupiter raises $44 M led by Brazil's Nubank, valuation jumps to $300 M
    Neobanking start-up Jupiter has raised $44 million from investors on its Series B round, and is now valued north of $300 million. This round comes a month after the invite-only launch of Jupiter’s beta app.
    The round was led by Brazil-based Nubank Global Founders Capital. Sequoia Capital and Matrix Partners. Mirae Assets Venture also joined the round. All existing investors, including Addition Ventures, Tanglin VC, Greyhound, 314
    Capital and Beenext, participated pro-rata in the round.
    Founded by fintech veteran Jitendra Gupta in 2019, Jupiter raised a total of $25 million in seed funding and Series A rounds while still in stealth mode. One of Jupiter’s first offerings is a savings account bundled with features that aim to simplify money management.
    Leap raises $34 M
    Pallet pooling firm Leap has raised $34 million in a secondary round from investors led by Schroder Adveq and IIFL fund, giving early backers Mayfield Fund, IndiaNivesh.
    The existing investors have sold partial stake and will take home 7x returns on their investments,” founder Sunu Mathew told Economic Times.
    The company had raised $25 million from Morgan Stanley in a primary round in February.
    MoEngage secures $32.5 M in Series C1 funding
    Customer analytics startup MoEngage has raised $32.5 million in a funding round, led by Multiples Alternate Asset Management.
    Existing investors, Eight Roads Ventures, F-Prime Capital and Matrix Partners, also participated, while Exfinity Venture Partners made a healthy exit in this round. This series C1 round of funding is a mix of primary and secondary investments, MoEngage co-founder and CEO Raviteja Dodda said.
    The funding will support and accelerate MoEngage's global growth strategy and further strengthen the product's AI and predictive capabilities, the company said in a statement.
    As part of this funding round, MoEngage also completed an Employee Stock Option Plan (ESOP) buyback of $ 1.5 million for its current and former employees.
    Titan raises $30 M from WordPress parent
    Email technology startup Titan has raised $30 million from WordPress parent company Automattic.
    Post the funding round, the startup was valued at $300 million. This is Automattic’s single largest investment round, the company said in a statement.
    The firm aims to disrupt the email market by delivering the first email suite built for businesses, providing them access to tools that traditionally come at a premium price. Titan offers features like scheduled send, email templates and follow-up reminders.
    toothsi raises $20 M in Series B funding round
    Dental startup toothsi has raised $20 million in a Series B funding round led by Eight Roads Ventures, Think Investments and the Mankekar Family Office.
    The round also saw participation from Vishal Agrawal (VP, Blackrock Asia), Siddharth Shah and Dharmil Sheth (co-founders, PharmEasy), Ramakant Sharma (co-founder, Livspace) and Karan Singh (India MD for Bain & Company).
    The company had earlier raised $5 million as part of its Series A funding in January this year. It will use the capital infusion to expand across the country, invest in technology, strengthen its team, and build the brand.
    B2B startup Fashinza raises $20M
    Fashinza, a B2B manufacturing marketplace that solves apparel/fashion supply chain challenges by connecting fashion brands to experienced manufacturers, has raised $20 million in a mix of equity and debt as part of Series A round.
    The round was co-led by marquee existing investors Accel Partners and Elevation Capital, along with Abu Dhabi’s DisruptAD, Stride Ventures, Alteria Capital, and Tradecred. The round also saw the participation of Anand S Ahuja (MD, Shahi Exports & Founder, Bhaane) and actor Sonam Kapoor Ahuja.
    The funds raised will be used by the startup to invest in supply chain technology and expand the company’s presence and manufacturers' base globally, especially in the US and the Middle East.
    Edtech startup Skill-Lync raises $17.5 M in Series A
    Engineering-focused edtech startup Skill-Lync has raised $17.5 million in Series A funding led by Iron Pillar. The round also saw participation from Y Combinator and Better Capital.
    Binny Bansal, co-founder of Flipkart, Sai Krishnamurthy, ex-Flipkart; co-founder of Xto10X and Rashmi Kwatra, founder of Sixteenth Street Capital joined as new investors.
    Skill-Lync will use the fresh capital to increase the number of courses it offers, build out the next level of a strong management team, and expand the business to international markets.
    Employee health benefits startup Onsurity raises $16 M
    Employees health benefit services firm Onsurity has raised $16 million in a funding round led by leading fintech investor Quona Capital.
    The Series A funding round also saw participation from Clover Healthcare founder and CEO Vivek Garipalli and existing investor Nexus Venture Partners, the company said in a statement.
    Onsurity will use the investment to continue building its healthcare platform and offerings.
    The Souled Store raises Rs 75 Cr from Elevation Capital
    Casual wear brand The Souled Store has raised Rs 75 crore as a part of its Series B funding led by Elevation Capital.
    The investment round also saw participation from angel investors and startup founders including - Sahil Barua (co-founder Delhivery), Gunjan Soni, (chief executive officer, Zalora), Revant Bhate (co-founder, Mosaic Wellness) Ramakant Sharma (founder, Livspace) among others.
    The company is looking to expand its offline presence pan India to fulfill its aim of crossing Rs 1,000 crore GMV by 2025. The company will use the capital to expand its product portfolio on licensed merchandise and casual wear, build better brand, expand its manufacturing capabilities, and focus on recruiting activities.
    Eduvanz raises $13.5 M from Sequoia: Report
    Eduvanz, which provides loans for skill development to students, has raised around $13.5 million in its Series B round. As per Entrackr, this is the second equity round for the Mumbai-based company within a year that raised $5 million in Series A financing led by Sequoia Capital India in August 2020.
    Sequoia Capital India and Juvo Ventures have collectively invested a little over Rs 50 crore or $7 million while 15 other investors have put in the remaining amount.
    According to the report, following the allotment of fresh shares, Sequoia has acquired a 34.83 percent stake in Eduvanz followed by Unitus Seed Fund, which now controls a 16.29 percent stake in the company
    StockGro raises $5 M in pre-Series A round
    StockGro, a social investment startup, has raised $5 million in a pre-Series A round of funding. The round was led by Roots Ventures and Velo Partners.
    The company will use the funding to grow its user base, hire tech talent, and build new features.
    With a gamified virtual interface, the startup enables users to discover trading strategies, compete and interact with some of the country’s best minds. With a user base of more than one million, StockGro has over 80 percent month-on-month retention, the company said in a statement.
    CollPoll raises Rs 16 Cr from Prime Venture Partners
    CollPoll, a campus automation platform, has raised Rs 16 crore in funding from Prime Venture Partners. The startup will use the fresh capital to further enhance the platform and hire across functions, and add 300 more institutions with over half a million users by the end of 2022, it said.
    CollPoll helps educational institutions streamline all academic and administrative operations. The company claims to have partnered with over 40 educational institutions and has more than one lakh users. Its customers are spread across India, West Asia, Africa, and Southeast Asia.
    Rocket Skills raises Rs 2.2 Cr in pre-seed round
    MSME edtech startup Rocket Skills has secured Rs 2.2 crore in a pre-seed round led by Better Capital, First Cheque and Titan Capital.
    Angel investors Harpreet Singh Grover (Founder, Co-cubes), Aprameya (Founder, Taxi for Sure and Koo), Abhinav Jain (Founder, Shop101) and, Pravin Jadhav (ex-CEO Paytm Money; Founder, Raise) also participated in this round.
    The startup claims to be a first-of-its-kind platform building the next generation of entrepreneurs through a variety of courses and mentorship programmes. According to the company, these fresh funds will be used to improve their product offerings and expand the programme to other sectors.
    Dataiku gets $400 M at a $4.6 bn valuation: Report
    Data science platform Dataiku has raised a $400 million Series E, bringing its valuation to $4.6 billion, TechCrunch reported.
    The round was led by Tiger Global, with participation from returning investors like ICONIQ Growth, CapitalG, FirstMark Capital, Battery Ventures, Snowflake Ventures and Dawn Capital. New investors included Insight Partners, Eurazeo,
    Lightrock and Olivier Pomel, the chief executive of Datadog.
    Dataiku’s last round of funding was a $100 million Series D in 2020.
    Dataiku lets companies design and deploy AI and analytics apps, turn raw data into advanced analytics and design machine learning models.
    Bolt valued at $4.75 bn as Uber rival aims to push into on-demand grocery delivery
    European ride-hailing firm Bolt has raised 600 million euros ($713 million) in fresh funding, as it looks to push into the rapidly growing online grocery delivery industry.
    The new investment round values Bolt at about $4.75 billion, more than double its last private valuation of $2 billion, CNBC reported.
    Venture capital firm Sequoia and fund managers Tekne and Ghisallo backed the financing while existing investors G Squared, D1 Capital and Naya increased their holdings.
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