India Gets Its 32nd Unicorn This Week

Acko caught the limelight after securing $255 million in a fundraising round. General Atlantic and Multiples Private Equity led its funding round
  • BY Jaspreet Kaur

    Feature Writer, BusinessEx

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  • Oct 30,2021
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  • 11 Mins Read

Indian startups are moving toward excellence. Investors are betting on thriving companies with anticipations of good returns and a bright future ahead for the country. This week, general insurance startup Acko caught the limelight after securing $255 million in a fundraising round. General Atlantic and Multiples Private Equity led its funding round. 

On the other hand, Groww, which is an online investment platform, increased its valuation threefold soaring to $3 billion after snagging $251 million in the latest funding round. Besides this, here are some major deals that happened throughout the week in the startup realm. 

Acko Becomes 32nd Unicorn 

The four-year-old startup, Acko lately valued at $1.1 billion after raising $255 million in the financing round. Investors that participated in the funding round are Lightspeed Growth, Canada’s largest pension fund, and CPPIB while existing investors, Intact Ventures and Munich Re Ventures are also infused in the round.  

According to media reports, the financing round is anticipated to have a secondary component that will increase the round size to $300 million. The secondary transaction comprises an existing stakeholder selling their share to the new investor. 

Groww Secures Funds 

Groww raises $251 million in the new financing round increasing valuation threefold to nearly INR 22,500 crore. The company entered the unicorn club in April this year. Iconiq Growth left its round.

Existing investors that put money in the round are Tiger Global, Sequoia Capital, Ribbit Capital, YC Continuity Fund, and Propel Venture Partners. 

Paytm Bags Money from Swiss Re 

Paytm has lately informed that Zurich-headquartered company, Swiss Re will infuse $122 million in its insurance subsidiary, Paytm Insuretech Pvt Ltd. Under this deal, Swiss Re will be getting a 23 percent stake against the investment.

As per the report, Swiss Re will infuse nearly INR 397 crore in advance and the remaining money will come in tranches. The transaction is subject to regulatory approval.

DeHaat Secures Investment 

Agri-tech platform DeHaat has secured $115 million in a Series D funding round. Sofina and Lightrock India led its funding round. Temasek also invested in the round along with existing investors,  Sequoia Capital India, Prosus Ventures, FMO, and RTP Global. The company has garnered $157 million to date. 

Other Funding Deals 

Logistics firm Porter secured $100 million in Series E financing round. Vitruvian Partners and Tiger Global Management led its round along with existing investors, Lightrock India and Sequoia Capital India. 

Online beauty platform, Purplle secured $75 million in financing round. Sequoia Capital India, Blume Ventures and Kedaara led its round. After the funding, the company’s valuation soared to $630 million which is a 4X increase in the last few months. Meanwhile, Stellapps, which is a dairy-tech startup, has received $18 million in pre-Series C round. Nutreco led its round. 

These funding deals are accelerating the startup ecosystem. Expanding the unicorn club and an increasing number of capital infusions are giving momentum to early-stage companies to keep going. 

 

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