Razorpay has raised $160 mn at a $3 bn valuation, up from $1 bn in Series D in October last year. The new round was led by existing investors Singapore’s sovereign wealth fund — GIC — and Sequoia Capital India and saw the participation of Ribbit Capital. The fintech startup, to date, has raised funds to the tune of $366.5 mn. Razorpay accepts, processes and disbursed funds online for businesses.
Purplle, an Indian e-comm platform for beauty products, has raised $45 mn in a new financing round led by Sequoia Capital India and existing investors Verlinvest, Blume Ventures, and JSW Ventures at a valuation of $ 300 mn. The eight-year-old startup has raised $95 mn to date. IvyCap Ventures, having an investment of $2 mn in the firm, partially exited at a 22X return. Purplle.com sells nearly 50,000 products from over 1,000 brands and have 7mn MOU.
One MobiKwik is planning an IPO before Sept to raise $200– $250 mn, at a valuation of around $ 1 bn. The digital payment startup is planning to process its first draft IPO prospectus by May in Mumbai. The Gurgaon-based firm also plans to have pre-IPO funding round at a valuation of about $700 mn. Founded in 2009, the company has received investment from Sequoia Capital and Bajaj Finance among others.
Bengaluru-based Plum, a group health insurance platform, has raised Rs 30.18 cr in a round led by Sequoia-backed Surge Ventures II. Tanglin Ventures, AL Trust, and few HNIs also participated in the round. The insurance-tech platform works with over 100 firms and nine insurance companies. To its clients — Twilio, INStawork, Posisit, StayAbode, etc — Plum offers doctor consultation, health checkups, provide access to fitness centres.
Mumbai-based education start-up Eruditus said that it has raised $113 M in the Series D financing round led by Leeds Illuminated and Prosus Ventures. Chan Zuckerberg Initiative and existing investors Sequoia India and Ved Capital also participated in the round which brings Eruditus’ to-date raise to more than $160M. Eruditus is the second start-up that Chan Zuckerberg has backed in India; First investment was BYJU’S, that also operates in edtech market.
Oracle has expressed interest in acquiring TikTok. The cloud-major has reportedly held preliminary talks with parent ByteDance and is “seriously considering” acquiring its business in the US, Canada, Australia and New Zealand. Other venture capital firms including General Atlantic and Sequoia Capital may also be a part of this deal. Microsoft has been the biggest possible suitor for TikTok, but Oracle’s interest brings in a strong competition.
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.