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.
Indian food tech startup Zomato has filed for an IPO to raise $1.1 bn. It has become the first Unicorn to file for an IPO in the country which is also the second-largest internet market across the globe. Zomato is a 12-year-old Gurgaon-based startup and has Info Edge and Ant Group among its investors. It clocked $183.6 mn in revenue between April 1 and Dec 31 2020 and made losses of $91.8 mn during the period. The startup employs 3,469 people across the globe.
SaaS startup Druva has raised $147 mn at over $2 bn valuations. The round was led by Canada’s Caisse de dépôt et placement du Québec and saw participation by Neuberger Berman. Existing investors Viking Global Investors and Atreides Management also participated in the round. Druva, to date, has raised $475 mn. Fresh funds will be used for product development and investment in new geographies — Nordics and Australia, said CEO Jaspreet Singh.
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.
Microsoft is in the final round of talks to acquire AI and speech tech start-up Nuance Communications for $16 bn, as per the Bloomberg News report. The deal could be announced within a week. The price, as the sources quoted by the news report, could value Nuance at about $56 a share. Discussions. however, could still fall apart. Microsoft or Nuance is yet to officially issue a statement or comment on the possible deal.
60% of Haryana-based start-ups may not invest in the state following the law which stipulates 75% job reservation for locals with a monthly salary of up to Rs 50,000 in the private sector. Nasscom, in a survey, said that the law which comes into effect from May 1, is going to hit hard to start-ups as 67.3% of their workforce earn below Rs 50,000 per month. Besides, startups involved in deeptech, edtech need high-end AI and ML skill resources, which is hard to find locally.
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.
upGrad claimed to have crossed the milestone of ₹100 cr monthly revenue and hit an Annual Revenue Run Rate of ₹1,200 cr. The startup now aims a 25% revenue growth during the quarter ending in June. The edtech startup registered a 100% revenue growth in 2020, while offerings jumped 3x along with garnering 1 mn “learners across 50+ countries.” It had registered 10 mn hrs of learning experiences and acquired three companies in 2020.
Clubhouse will let users send money to their favourite creators. The feature — Clubhouse Payments — can be used to send by going to the profile of the creator and hit “Send Money” and enter an amount. The creator has to enable the feature. “100% of the payment will go to the creator. The person sending the money will also be charged a small card processing fee, which will go to the processing partner, Stripe,” Clubhouse said in a blog post.