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Funding News: Byju’s, CoinSwitch, Rebel Foods raised $ 1.3 billion this week, among others

After a sharp increase in funding in the Indian startup ecosystem, there was a slight decrease in the total capital secured by Indian startups in the first week of October. Between October 4th and October 10th, the Indian startup ecosystem announced total funding of nearly $ 1.3 billion for 42 transactions.

Courtesy: frimufilms via Freepik

This week’s capital injection was 13 percent lower than last week’s investment of $ 1.5 billion. However, this year three Indian startups have joined the unicorn club, bringing the total number of unicorns to 30.

Edtech startup Byju’s raised the maximum funds, around $ 296 million, followed by the CoinSwitch Kuber crypto exchange, which raised $ 260 million. In addition, seven of the total startups funded remained unknown.

Byjus Bags $ 296 million

India’s most valuable startup, Byju, has secured $ 296 million (approximately Rs.2,200 billion) in a financing round. The Series F funding round was supported, according to regulatory records, by Oxshott Capital Partners, based in New York, which together with Edelweiss Group (Rs.344.9 billion), IIFL (Rs.110 billion) and the Verition Multi-Strategy Master Fund around Rs.1,200 billion invested (Rs 147 crore) and XN Exponent Holdings (Rs 150 crore). The most recent injection of funds shows investors’ confidence in the country’s most valuable startup despite rising losses.

CoinSwitch Kuber raises $ 260 million

Coinswitch Kuber announced a $ 260 million (~ Rs.1943 billion) Series C funding round that valued the Bengaluru-based crypto exchange at $ 1.9 billion. A16z (Andreesen Horowitz) and Coinbase Ventures took part in the round alongside existing investors, including Tiger Global Management, Ribbit Capital, Paradigm and Sequoia Capital India. Despite government concerns about cryptocurrencies, the company becomes India’s second crypto exchange to join the prestigious Unicorn Club, surpassing rival CoinDCX’s valuation of $ 1.1 billion.

Rebel Foods raises $ 175 million

Rebel Foods, which operates under the brands Behrouz Biryani and Faasos as a platform for cloud kitchens, has secured 175 million US dollars in a round with the support of the Qatar Investment Authority (QIA), the country’s sovereign wealth fund. The company’s existing partners Coatue and Evolvence also took part in the round. This latest investment lifts the company to unicorn status with a valuation of $ 1.4 billion from over $ 800 million last year.

Twin Health raised $ 140 million

Twin Health, a health tech startup with offices in the United States and India, has secured $ 140 million in Series C funding from Sequoia Capital India, ICONIQ Capital, Perceptive Advisors, Corner Ventures, LTS Investments, Helena and Sofina are supported. According to the company, the funds will be used to expand its activities in India and the United States. Twin Health integrates technologies like IoT sensors, AI algorithms as well as medical sciences to improve metabolic health like type 2 diabetes.

Esper bagged $ 60 million

Esper, a DevOps device platform based in India and the United States, has secured $ 60 million in Series C funding anchored by Insight Partners. Existing investors, including Madrona Ventures, Scale Venture Partners and Root Ventures, also took part in the financing round. Esper’s total funding currently stands at around $ 100 million, after the company’s $ 30 million Series B round completed in May 2021.

Veritas Finance raises $ 58.9 million

Veritas Finance, a non-bank lender focused on micro, small and medium-sized enterprises (MSMEs) lending, made a primary investment of $ 58.9 million (approximately Rs 440 billion) in its funding round known from the F series. The round was led by Norwest Venture Partners (NVP) with the participation of the new investors Evolvence India Fund III (Evolvence India) and Growth Catalyst Partners (GCP) as well as the company’s existing investors Kedaara Capital and Caspian.

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