Ronnie Screwvala-led edtech firm upGrad announced a new round of fundraising from marquee investors on Monday. The $210 million round, in which ETS Global, Bodhi Tree, Kaizen Management Advisors and others participated, breathes new life into the edtech sector, where thousands of layoffs have been announced recently. The company said its team strength will grow to 7600 from the current 4800 over the next 3 months and will also include around 170 full-time faculty, 1600 teachers and over 5000 on-contract coaches and mentors. The founding group also invested $12.5 million in this round to maintain their over 50 percent ownership in upGrad.
Global B2B SaaS platform for customer engagement and retention CleverTap said it signed definitive agreements to raise $105 million in a Series D funding round led by CDPQ, a global investment group that committed $75 million, with participation from IIFL AMC’s Tech Fund, along with existing investors Tiger Global and Sequoia India. Funds will be used to support CleverTap’s global expansion and enhance the development of its world-class solutions and technology. Mumbai and Silicon Valley-based CleverTap’s customer engagement and retention SaaS platform leverages machine learning and artificial intelligence aims to offer a user engagement suite for brands.
In other major VC deals, Mumbai-based wealth management platform deserve raised $21 million as part of a new funding round led by Accel. Returning investors in the round include Whiteboard Capital, Elevation Capital, Matrix Partners India and GTM Ventures. By April 2021, within six months of launching, the startup had secured $7 million.
Jodo, a fintech start-up in the education payments space, raised $15 million in a Series A funding round led by Tiger Global Management. The round also saw participation from existing investors Elevation Capital and Matrix Partners India, from whom Jodo had previously raised $4 million.
On the M&A front, travel and hospitality technology platform OYO announced the purchase of Danish holiday home operator Bornholmske Feriehuse for an undisclosed amount. Bornholmske Feriehuse is a full stack operator that provides end-to-end solutions for home owners, and operates 737 holiday homes spread across 30 holiday parks on its platform. The company wants more than 2.5 lakh guest nights by 2022, OYO said.
Orange Health, a health technology diagnostic laboratory service start-up, acquired Gurugram-based diagnostic laboratory Rapidx to expand into the NCR region for an undisclosed sum. Founded by Amit Arora, Kishore Gemini and Dipti Ekka, Rapidx claims to have 6,50,000 patient orders. Orange Health said it will leverage Rapidx’s infrastructure and knowledge of Gurugram and Delhi to strengthen its foothold in the region.
Crypto investment app CoinSwitch announced the Web3 Discovery Fund, a corporate venture capital initiative to invest in and incubate early-stage start-ups building blockchain solutions for the Web3 landscape. The fund will curate portfolio start-ups and provide single-window access to marquee investor partners Tiger Global, Ribbit Capital, Coinbase Ventures, Sequoia Capital India, Woodstock Fund and Elevation Capital and incubation partner Buidlers Tribe. The company said Web3 Discovery Fund will be an active investor and will provide strategic support to portfolio start-ups.