Funding News: Classplus, Byjus, RenewBuy, GoMechanic, Kutumb and Progcap raised millions this week

PharmEasy acquired 66 percent of Thyrocare stakes this week, making it India’s first unicorn to acquire a publicly-traded company. Furthermore, talking about Indian edtech startups, both Classplus and Byjus managed to secure huge fundings from their investors to expand their empire. Other startups like RenewBuy, GoMechanic, Kutumb, and Progcap also have raised millions this week.

Classplus raised $65M

In its Series C round headed by Tiger Global edtech startup, Classplus collected $65 million total in funding. The round was also participated by GSV Ventures, Falcon Edge’s AWI, Blume Ventures, and RTP Global.

Classplus raised $65M

According to the company, this is its fourth fundraising round in the past 15 months, and these funds will be used to expand into overseas markets. Since its inception in 2018, Classplus has raised about $90 million in funding.

Byju’s secures another $50M

Byju’s most valuable start-up in India has continuing to raise a further $50M (Rs 371 crores) from IIFL and Maitri Edtech. This year alone, Byju received more than $850 million (Rs 6,300 crore) in funding.

Byju's secures another $50M

Since 2020, BYJU has been in the center of a financing space that has raised over $1 billion over the previous year from prominent hedge funds, PE companies, and venture capital funds.

RenewBuy raised $45M

RenewBuy yet another Inda-based is attempting to make insurance more accessible to the general public. In their C-Round Series headed by Apis Partners, D2C insurtech startup RenewBuy raised $45M (Rs 335 Crore).

RenewBuy raised $45M

Over 2.7 million people have been insured thanks to their 50,000 point-of-sale partners in 650 cities and towns across the country. This figure becomes even more remarkable when you consider that only 10% of India’s 1.4 billion people are insured, and more than 60% of those insured by RenewBuy are from the country’s rural and semi-urban areas, which are the least likely to be insured.

GoMechanic gets $42 million for its car service company

Tiger Global Management, along with Sequoia Capital, Orios Venture Partners, and Chiratae Ventures has raised $42 million (Rs 311 crore) for car service startup GoMechanic. More than 600 car repair facilities in 35 locations have been connected — delivering a complete service experience with only the click of a button.

GoMechanic gets $42 million for its car service company

The startup handles everything, even picking up and dropping off your vehicle at your door. GoMechanic plans to expand to 100 cities after servicing 2 million vehicles, with the objective of servicing 10 million cars per year by the end of 2021.

Kutumb raised $26M

Kutumb, a community-building platform for Indian users, has managed to raise $26 million from Tiger Global Management.

Kutumb raised $26M

The startup, which was launched last year, enables Indian language users to build their own apps to connect with their communities, serving as a platform for sharing news, member updates, and community discussion.

Progcap raises $25M

A platform for Retail Finance, Progcap has raised $25 million (Rs 185 crore), from Tiger Global, which appears to be doubling down on its investments in India.

Progcap assists merchants to acquire guaranteed loans and has paid out loans totaling $202 million (Rs 1,500 crore) since 2017. The startup estimates 300,000 users on its platform, with a goal of reaching 5 million by the end of 2023.