News

ETtech Deals Digest: Cars24, Cashfree, Pravasi Rojgar raise funds this week


Startups raised bigger rounds in the last five days compared to the previous week. Cars24, Cashfree, Pravasi Rojgar, CountryDelight, and DailyHunt were among the companies that bagged funding.

Cars24

Online used car marketplace Cars24
secured $200 million in Series E financing led by existing investor DST Global at a post-money valuation of just over $1 billion, catapulting the company into the unicorn club, becoming the first startup in the auto sector to achieve this milestone. Its valuation has jumped from $500 million in October last year, when it
had raised $100 million.

Founded in 2015 by Vikram Chopra and Mehul Agrawal, Cars24 allows car owners to sell their vehicles, and get paid almost instantly after the customary vehicle inspection. It then sells the cars through its proprietary auction platform to businesses dealing in pre-owned vehicles.

Cashfree

Bengaluru-based payment gateway Cashfree
raised $35 million in a Series B round led by private equity fund Apis Growth Fund II, and existing investor Y Combinator, valuing the five-year-old startup at around $200 million. With this, the company’s total funding since inception has exceeded $42 million.

dealsETtech

Akash Sinha, cofounder and CEO of the company, told ET that the capital would be used predominantly for enhancing the product and technology as the company looks to scale its business, amid a growing propensity towards digital payments among consumers and businesses in India.

Pravasi Rojgar

Bollywood actor Sonu Sood’s initiative for blue-collar job workers, Pravasirojgar, has received a
Rs 250 crore funding from GoodWorker, a job matching platform that helps workers in the areas of employment and empowerment.

GoodWorker is backed by Singapore-headquartered investment company Temasek Holdings.

READ  It’s Dangerous to Test Only the Sick

Sood, who helped close to 7.5 lakh migrant workers and families reach their hometowns during the lockdown, had joined hands with education and vocational skills provider firm Schoolnet India to launch Pravasirojgar.com in July.

An online employment portal for blue-collar job-workers, the platform aims to address challenges faced by the blue-collar worker community.

Country Delight

Direct-to-consumer dairy brand Country Delight
picked up $25 million in a Series C round led by Elevation Capital (previously SAIF Partners). Existing backers Matrix Partners, Orios Venture Partners and IIFL PE Fund also participated in the funding round.

Founded in 2011 by Chakradhar Gade and Nitin Kaushal, Bengaluru-based Country Delight delivers food essentials like milk, bread, ghee, and paneer to customer doorsteps.

DailyHunt

A month after the Indian government clarified on October 16, on the FDI norms for digital media entities, Dailyhunt, a platform which aggregates news and local language content has raised an
additional Rs 73 crore in primary capital from B Capital Group in November, regulatory filings show.

The investment comes even as the company appears to be restructuring its operations in the wake of the Indian government’s requirement that digital media entities
need to cap foreign investment at 26% by October 2021.


Other key deals

  • Boston-based asset management firm Fidelity Management & Research Company invested an undisclosed amount in Indian fashion and beauty marketplace Nykaa through a secondary transaction, providing a partial exit to early investors and employees.
  • Education technology startup Unacademy raised an undisclosed sum from Tiger Global Management and Dragoneer Investment Group, valuing the Bengaluru-based company at $2 billion.
READ  Is it worth it?





READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.