India has added over 1,600 tech startups in the year 2020 to become the third-largest tech startup hub in the world, Nasscom said. The number is the highest addition during the last three years and takes the total tally to 12,500, including 12 new unicorns. The overall tech sector grew 2.3% YoY following acceleration in digital transformation and tech adoption, due to the pandemic. The sector contributed around 8% to the national GDP.
Razorpay to increase its existing 1300 members team by nearly 50% in the next 10 months. Of the 650 new positions, 350 will be hired in engineering and product teams and remaining will be added to customer experience, sales and marketing departments. The fintech unicorn, last year, has 550 people. Razor has also created cross-functional growth opportunities for people, who will be WFH for the next few months, as well.
Maya, Bangladesh based health-tech startup for women healthcare raised $2.2 mn in seed funding, largest by country’s any health tech firm so far. The round was led by Anchorless Bangladesh and The Osiris Group. Fresh funds will be used to add new products to its telehealth platform and expand into Sri Lanka, India, Pakistan, Indonesia. Maya was founded by Ivy Huq Russell and uses NLP and ML tech for its digital assistant.
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.
Artificial intelligence startup Databricks has raised fresh capital at a $28 bn valuation from Microsoft, Google and Amazon. Databricks develops tech that delivers improved analytics to cloud computing platforms and has over 5,000 customers, of which 40% are Fortune 500 companies. The latest funding round of $1 bn was led by Franklin Templeton, AWS, Google investment arm Capital G and Microsoft, a previous investor.
Hyundai Motor, South Korean automaker, has invested in Tel Aviv-based Israeli startup UVeye, an automated vehicle inspection systems’ developer. Hyundai aims is to use the platform in global production lines. UVeye has raised more than $40 mn from Hyundai and other investors in four years of its launch. Its system combines AI, cloud architecture, ML and sensor fusion tech. Hyundai Motor investments in Israeli companies include Autotalks and Opsys Technology.
Dangal Games, an Indian online skill-based gaming platform has raised $1 mn in Series A round. The company would use funds to expand the business and become the leading player in the skill-based gaming sector. ” The fund would be used to diversify the product portfolio and tech capabilities of the business”, said Varun Mahna, founder and CEO of Dangal Games. It currently offers Poker Dangal and Rummy Danga and plans to add fantasy games ahead of IPL 2021.