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Funding News: Byju’s, CoinSwitch, Rebel Foods among others raised $1.3 billion this week

by Balraj
October 11, 2021
in Business, India News, Startups, Trending
Reading Time: 3 mins read
0
A jar with rolled banknotes on the table

Courtesy: frimufilms via Freepik

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Following a sharp increase in funding in the Indian startup ecosystem, the first week of October witnessed a slight decline in overall capital secured by Indian startups. Between October 4 and October 10, the Indian startup ecosystem disclosed total funding of almost $1.3 billion across 42 transactions.

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A jar with rolled banknotes on the table
Courtesy: frimufilms via Freepik

This week’s capital infusion was 13 percent lower than last week’s investment of $1.5 billion. However, three Indian startups have joined the unicorn club this year, bringing the overall number of unicorns to 30.

Edtech startup Byju’s raised the maximum funds, roughly $296 million, followed by crypto exchange CoinSwitch Kuber, which raised $260 million. Moreover, seven of the total funded startups’ funding remained undisclosed.

Byju’s bags $296 million

India’s most valuable startup, Byju’s secured $296 million (~Rs 2,200 crore) in a funding round. The Series F funding round, according to regulatory filings, was backed by New York-based Oxshott Capital Partners, which invested around Rs 1,200 crores alongside Edelweiss Group (Rs 344.9 crore), IIFL (Rs 110 crore), Verition Multi-Strategy Master Fund (Rs 147 crore), and XN Exponent Holdings (Rs 150 crore). The latest infusion of funds illustrates investor confidence in the country’s most valuable startup despite its growing losses.

CoinSwitch Kuber raises $260 million

Coinswitch Kuber disclosed a $260 million (~Rs 1,943 crore) Series C funding round valuing the Bengaluru-based crypto exchange at $1.9 billion. The round saw participation from a16z (Andreesen Horowitz) and Coinbase Ventures alongside existing investors which include Tiger Global Management, Ribbit Capital, Paradigm, and Sequoia Capital India. Despite governments’ concerns regarding cryptocurrencies, the company becomes India’s second crypto exchange to join the prestigious unicorn club surpassing rival CoinDCX’s $1.1 billion valuation.

Rebel Foods secures $175 million

Rebel Foods, which runs as a platform for cloud kitchens under the brands Behrouz Biryani and Faasos, has secured $175 million in a round backed by Qatar Investment Authority (QIA), the country’s sovereign wealth fund. The round was also participated by the company’s existing partners Coatue and Evolvence. This latest investment elevates the company to unicorn status, with a $1.4 billion valuation, up from over $800 million last year.

Twin Health raised $140 million

Twin Health, a health-tech startup having operations in the United States and India, has secured $140 million in Series C funding backed by Sequoia Capital India, ICONIQ Capital, Perceptive Advisors, Corner Ventures, LTS Investments, Helena, and Sofina. The funds according to the company will be allocated to expand its operations in India as well as the United States. Twin Health integrates technologies like IoT sensors, ai algorithms, as well as medical science to enhance metabolic health such as type 2 diabetes.

Esper bags $60 million

Esper, a DevOps platform for devices based in India and the United States, has secured $60 million in Series C funding anchored by Insight Partners. The funding round also saw participation from existing investors which include Madrona Ventures, Scale Venture Partners, and Root Ventures. Esper’s total funding currently amounts to roughly $100 million, following the company’s $30 million Series B round closed in May 2021.

Veritas Finance secures $58.9 million

Veritas Finance, a non-banking lender focused on lending to Micro, Small, and Medium Enterprises (MSMEs), disclosed a $58.9 million (~Rs 440 crore) primary investment in its Series F round of funding. The round was led by Norwest Venture Partners (NVP) with participation from new investors Evolvence India Fund III (Evolvence India) and Growth Catalyst Partners (GCP) alongside the company’s existing investors Kedaara Capital and Caspian.

Read More:

Licious joins unicorn club after $52 million funding

Tags: Byju'sCoinDCXCoinSwitch KuberEsperfunding newsOxshott Capital PartnersRebel FoodsRibbit capitalTiger Global ManagementTwin HealthVeritas Finance Pvt.
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Balraj

Balraj writes about Startup, Business, Technology related news on Techstory... For Business Enquires related to TechStory; Get in touch on: [email protected]...

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