It was a heavy week from a value perspective with Swiggy turning decacorn. We had only 50 deals captured on our platform, the aggregate value of deals was well over 13000 cr.
Swiggy, Ola Electric deals, and new Unicorns
- Swiggy turns decacorn with a 5218 cr Series K round led by Invesco, in the process overtaking Zomato’s market cap. Meanwhile, Zomato successfully set up an NBFC arm and also picked up minority stakes in AdOnMo and UrbanPiper during the week.
- Ola Electric raised another 1491 cr at a valuation of 37275 cr. While its parent OLA raised a comparatively low amount of 150 cr from Hong Kong based investors.
- There were 2 unicorn births during the week. First was DealShare which raised a 1238 cr Series E from Tiger Global and others at a valuation of 12190 cr. Deal Share as an inventory platform manages the supply chain and logistics in large cities. In the same sector, we saw Ninjacart raising 1096 cr from Flipkart and Walmart and it is close to turning unicorn.
- The second unicorn for the week was the HR Tech platform Darwinbox, which raised a 538 cr Series D round from TCV and other existing investors at a valuation of 7470 cr. In the same HR Tech sector, we also saw iMocha raising 105 cr in a series A round to build its skill library selection from Eight Roads and Upekkha.
Financial services deals
On the side of the financial services, we saw several significant deals, including Avanse raising 360 cr from Northern Arc in a first securitization deal, Vyapar raising 224 cr from WestBridge in a series B round, and ShopKirana raising 200 cr from Oman India, Info Edge and Sixth Sense in a Series C round. Meanwhile, digital lending platform Kissht raised 100cr in Debt led by Trifecta Capital and Northern Arc. In a smaller deal in the sector, crypto startup Flint raised 38 cr from Sequoia and GFC, to build its passive income crypto platform.
Ed Tech deals
On the ed-tech sector we saw 2 large deals, first was Growth School, which picked up 37 cr funding from Sequoia and Owl ventures, to build its tech platform. Kunal Shah and Ritesh Agarwal also participated in the round. Another ed-tech startup Wise, that allows free online classrooms, raised 38 cr from a clutch of angels and VCs.
Other deals
Other large deals in assorted sectors included, Dental care startup Smiles.ai raising 171 cr in Series A, mobile app builder Vajro secured 64 cr in Series A, agritech startup Our Food raised another 45 cr, space tech Skyroot raised 34 cr from Google’s ex-board member Ram Shriram and others, and Social Swag raised a 26 cr pre-series A from IMEF and others.
The week was dominated by deals in early/seed stages in volume and startups in Bangalore. We will come back with more deals next Monday.