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Funding News: Dream Sports, Spinny, NoBroker among others raised $1.8 billion in funding this week

The Indian startup ecosystem has managed to conclude November on a positive note, despite a massive drop in funding last week. This week, the startup ecosystem witnessed a $1.8 billion funding surge across 38 transactions.

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Courtesy: Freepik

This week’s investment is 325 percent greater than the previous week when the ecosystem collected $400 million across 26 transactions, and 6.4 percent higher than the week before, when Indian startups raised $1.7 billion in total.

The week also witnessed the rise of three new unicorns NoBroker, Spinny, and Upstox. While in the stock market, Nykaa has outpaced food tech giant Zomato and digital payments provider Paytm in market capitalization as the online beauty aggregator’s share prices defy the prevailing downturn in the stock markets.

Dream Sports raises $840 million

Dream Sports, the parent company of leading fantasy gaming platform Dream11, announced that it has bagged $840 million in a funding round backed by Falcon Edge, Tiger Global, among many others valuing the startup at $8 billion. Even though the larger online gaming space is subject to regulatory concerns, Falcon Edge, Tiger Global, DST Global, D1 Capital, and Redbird Capital facilitated the push. The latest funding round also featured participation from existing investors which include Footpath Ventures and TPG, making it one of the most sizable investments in India’s sports technology and gaming industry.

Spinny bags $248 million

Spinny, a pre-owned car marketplace, has secured Rs 1849.45 crore (~$248.6 million) in a Series E round of funding marking it India’s 39th unicorn startup. According to regulatory filings, the latest funding round was co-led by new investor Abu Dhabi Growth Fund and existing investor Tiger Global Management. As part of this round, Tiger Global and Abu Dhabi Growth Fund each invested in almost Rs 740 crore. The round also saw participation from New York-based venture capital investment firm Arena Holdings and Avenir Growth.

NoBroker raised $210 million, an online real estate marketplace, has secured $210 million in a Series E funding round making it a unicorn with a $1 billion valuation. The round was led by Tiger Global Management, General Atlantic, and Moore Strategic Ventures. It is India’s first prop-tech unicorn and has raised $361 million in funding to date. NoBroker offers its services such as home loan assistance, packing and moving assistance, legal documentation assistance, along with online rent payment in India’s six major cities, which include Bangalore, Delhi, Mumbai, among others.

Zenwork secures $159 million

Zenwork, a Hyderabad-based SaaS firm that offers tax compliance and regulatory filing platform to businesses, announced that it has secured Rs 1,200 crore from Spectrum Equity, a US-based growth equity firm. Zenwork, which operates the brands Tax1099 and Compliancely, will be able to strengthen product innovation as well as meet growing business requirements for modern, automated technology solutions that resolve regulatory compliance and power electronic paperwork and information management as a result of the investment.