We know you’re busy, so let’s get straight to the point.
Here’s all that went down in the Indian startup ecosystem in the last two weeks — massive funding rounds, five new unicorns, and the rise of ed-tech domination.
Food Wars 🍴
Zomato published their first quarterly report after their highly successful IPO, but investors are annoyed because they said they’re only gonna consult analysts once a year (instead of every quarter). We also hate zoom calls, but once a year is too little, no?
- $48 million in losses (3x from the same period last year)
- 100 million food orders processed in the last quarter alone.
- $113.4 million in revenue
The startup has also smartly entered the booming digital payments market by registering Zomato Payments, their digital payment subsidiary. Biryani or bills, you can pay for them all.
Meanwhile, Swiggy's numbers for the past year were also revealed at their major investor Softbank's quarterly earnings presentation:
- 20 million monthly active users (MAUs)
- ~1.5 million orders processed daily
- 2.5x order volumes and 2.8x revenue growth in the last 12 months
All hail the newest unicorns! 🦄
23 startups have entered unicorn territory this year, 5 of them making it in August so far!
1. BharatPe, a payments processor for retailers and merchants, raised $370 million in its Series E round led by Tiger Global. Prominent participants included Sequoia Capital, Insight Partners, and Dragoneer Investor Group, among others.
- Previous valuation: $922 million
- Current valuation: $2.85 billion (3x jump)
2. MindTickle, a SaaS startup, raised $100 million in a Series E funding round led by existing investor Softbank. Other investors included Qualcomm Ventures, Canaan, Norwest Venture Partners, and NewView Capital.
- Previous valuation: $500 million
- Current valuation: $1.2 billion
3. UpGrad, an ed-tech platform for working professionals, raised $185 million from Temasek Holdings, International Finance Corporation (IFC), a member of the World Bank Group, and IIFL.
- Current valuation: $1.2 billion
- Acquisitions in 2021: Upskilling platform, Knowledge Hut ($35 million)and video learning services provider, Impartus ($20 million)
4. CoinDCX, became India’s first crypto unicorn after raising $90 million in a Series C led by B Capital Group. Coinbase Ventures, Polychain Capital, Block.one, and Jump Capital also participated in the round.
- Current valuation: $1.1 billion
- Number of users: 3.5 million
5. Eruditus, an ed-tech firm that offers executive-level courses from global universities raised $650 million in a funding round led by Accel and Softbank. The startup posted $185 million in revenues last year.
- Previous valuation: $700 million
- Current valuation: $3.2 billion
Get that coin 💸
Meanwhile, a bunch of other startups raised big rounds. Here's a quick rundown.
- Infra.market, a construction marketplace, raised $125 million in a Series D funding round led by Tiger Global. With this, the firm is now valued at $2.5 billion — double its previous valuation. Infra.market entered the unicorn club earlier this year in February, and is now on its way to $750 million in revenue!
- Jupiter, India’s neobank for consumers, raised $45 million to hit a $300 million valuation. Co-led by neo banking giant Nubank and Global Founders Capital, Sequoia Capital and Matrix Partners India and included new (Mirae Assets Venture) and returning (Addition Ventures, Greyhound, and others) alike. Money aside, they’ve also onboarded 100k users and have a very long waiting list — move over Mars, Jupiter’s where the party’s at. 🚀
- Skill-Lync, an ed-tech platform with a niche (mechanical, electrical, civil, and computer science engineering), raised $17.5 million in its Series A funding round led by Iron Pillar. Existing investors Y Combinator and Better Capital also participated in this round along with Binny Bansal (Flipkart co-founder) and other new investors.
- Everstage, a SaaS startup raised $1.7 million from 3one4 Capital. It has big hopes and dreams to simplify sales commissions — no more spreadsheets!
It’s raining IPOs!
Omnichannel lifestyle and beauty products giant, Nykaa, led by Falguni Nayyar, is looking to offer $500 million worth of shares to hit $4.5 billion in valuation. It’s one of the few startups that currently makes a profit, unlike those currently going public in red.
Meanwhile, hospitality startup OYO also wants a share of the public offering pie. The hospitality startup is in talks with JP Morgan, Kotak Mahindra, and Citi in hopes of filing for an IPO in the near future.
And that’s a wrap! ✅
You’re all caught up and ready to make small talk about these tidbits on those zoom calls during work!
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See you next week!