The demand for cloud-based software as a Service and digital apps witnessed a north swing, as the pandemic push has all-time increased the demand for digitisation. SaaS companies and digital apps, according to data by Tracxn, raised around $2.10 bn in funding between Jan- Oct, compared to $1.70 bn in 2019. Top funds were raised by Postman ($150 mn), Freshworks ($250 mn), High Radius ($125 mn), Pine Labs ($85 mn), Khatabook ($60 mn).
Sequoia Capital India has secured $1.35 bn from LPs for — a $525 mn venture fund and an $825 mn growth fund — to ramp up investments in India and Southeast Asia. The new funds have come at a time when many investors have lost appetite due to the slowdown caused by the pandemic. The firm, so far, has helped 11 unicorns in the region. Start-ups like Byju’s, GoJek, Tokopedia, Zilingo, PineLabs, Unacademy, RazorPay, Khatabook are backed by Sequoia.