General insurance startup Digit has managed to raise $ 200 mn from its new investors. In less than six months, the valuation of Digit is expected to hit $3.5 bn. These funds will be used to shore up the solvency requirement of insurers’ liability mandated by the regulators. April 2021 saw 80% growth in premium for Digit, compared to 2020. Digit is the first startup to reach unicorn status this year. It was valued at $1.9 bn in January.
Tag: funding (page 1 of 3)
Bengaluru-based fintech startup announced raising $38mn in Series A round. Overall funds raised to date amount to $ 42.7mn. The app enables teenagers to make offline and online payments. The app takes consent from parents before allowing teenagers to make online payments as well as provide numberless cards. FamPay aims to become a neo-bank for youngsters. The startup currently has over 2 mn users. It plans to expand its user base and hire engineers.
ElasticRun has raised $75 mn, in a round jointly led by existing investors Avataar Ventures and Prosus Ventures. Kalaari Capital, another existing investor, also participated. The four-year-old startup, to-date, has raised $130.5 mn. ElasticRun operates in 300 cities with over 125,000 neighborhood stores. The Pune, India-based start-up plans to reach 1 mn stores in the next two years, Shitiz Bansal, co-founder and CTO of ElasticRun, told to TechCrunch.
Clubhouse, as per media reports, is in talks with investors to raise funds at a valuation of about $4 bn. The deal, if and when happen, would quadruple the start-up’s value from Jan and would reflect the high expectations of investors from the audio app. The reports, however, did not reveal how much Clubhouse is seeking to raise or named the investors who may participate. Clubhouse didn’t respond to the media queries.
Stripe, a digital payments firm, has raised $600 mn funding at $95 bn valuations to become the most valuable private company Silicon Valley has ever produced. Investors in the decade-old company include Allianz SE, AXA SA, Baillie Gifford, Fidelity Management & Research, Sequoia Capital and Ireland’s NTMA. The fresh capital will be invested in European operations, expand Global Payments and Treasury Network. Stripe plans to expand in Japan, China and India.
Apna, a startup by an Apple alum, has become a new online destination to 6 mn skilled workers in India. The start-up has raised $12.5 mn in just five months after it received funding of $8 mn. Sequoia Capital India and Greenoaks Capital led the latest round, along with existing investors Lightspeed India and Rocketship VC. Nirmit Parikh, the founder and CEO said that the network gap was the most crucial challenge, and solving it will enable people to get better opportunities.
Microblogging app Koo has raised $ 4.1 mn in Series A funding led by existing investors Accel, Kalaari Capital, Blume Ventures, Dream Incubator. The app founded in 2020 has seen 3 mn downloads within 10 months of its launch and 1mn active users, allowing them to connect, comment and engage in 13 local languages. It has 45 employees and would add 15 more in 2021. Koo has won the Aatmanirbhar App Challenge and was Play Store’s best Daily Essential App 2020.
Zetwerk, a Bengaluru based B2B marketplace for manufacturing items, has raised $120 mn in Series D funding round led by Greenoaks Capital and Lightspeed Venture Partners. The new round valued the three-year-old start-up at somewhere between $600 -700 mn. It grew 3x and generated revenue of $43.9 mn in the last FY. It has 250 customers, operates across two dozen industries.
Zomato has acquired Jogo Technologies that operated Fitso, sports facilities provider for a sum between Rs 80-100 cr. Fitso, founded by IIT Delhi graduates in 2015, manages facilities at stadiums, fields or courts, using tech. It sustains over 25,000 subscribed swimmers and more than 25 all-weather swimming academies across NCR and Hyderabad. It has raised $400,000 in two rounds and $1.5 mn in pre-Series A funding from SRI Capital, Sprout Capital, IPV Capital.