Illustration: Rahul Awasthi
Illustration: Rahul Awasthi

Fantasy gaming startup Dream11 is on a roll. After it won the title sponsorship rights for the 2020 edition of the Indian Premier League (IPL), the company picked up fresh funding of $225 million on Monday from Tiger Global Management, TPG Tech Adjacencies (TTAD), ChrysCapital and Footpath Ventures. General insurance startup Acko and AI-based software startup Observe.ai also raised funds this week.

Dream11

Dream Sports, the parent company of India’s leading online fantasy sports company Dream11, secured fresh funding of $225 million from Tiger Global Management, TPG Tech Adjacencies (TTAD), ChrysCapital and Footpath Ventures. The secondary investment has valued Dream11 at about $2.5 billion, while the primary cash infusion is at a valuation of $2.2 billion.

Why is it significant? The funding, which is largely secondary in nature, with a smaller primary component, is also expected to result in further reduction of Chinese gaming and social media giant Tencent Holdings’ stake in the company to a single digit. Read more.

ETtech Deals Digest: Dream11, Acko, Observe.ai raise funds this week
Acko

General insurance startup Acko has raised $60 million from German reinsurer Munich Re in its Series D funding round that also saw participation from existing investors including Amazon, RPS Ventures and Intact Ventures Inc. ET had reported on June 1 that Munich Re, which is among the largest reinsurers in the world, was in talks to infuse capital in the Bengaluru-based insurtech firm, valuing it between $400 million and $500 million.

Why does it matter? The San Francisco-headquartered reinsurance giant specialises in investing in insurtech and new tech companies across the world. The latest round marks its foray into India’s insurance market. Read the story here.

Observe.ai

Observe.ai, a startup developing AI-based transcription and analytics software for call centres, bagged $54 million in its Series B funding round, led by Menlo Ventures, along with participation from Next 47 Ventures and NGP Capital.

What are its plans? The San Francisco-based company, which has an office in Bengaluru, will utilise the capital to bulk up its R&D in new areas such as real-time coaching, omnichannel support and interaction analytics, apart from investing in go-to-market programmes. Read more.

Other key deals

  • Online events hosting platform Airmeet has landed $12 million in Series A funding led by Sequoia Capital India, along with participation from US-based Redpoint Ventures, and existing investors Accel India, Venture Highway, and Global Founders Capital (GFC).
  • Cashkaro has secured $10 million in Series B funding, led by Korea Investment Partners (KIP) and existing investor Kalaari Capital, at a time when the online cashback and coupons platform looks to scale up marketing and customer acquisition in the run up to the festive season, a period in which ecommerce sales usually increase.
  • Bengaluru-based education technology startup Classplus has raised $10 million in fresh funding led by Alpha Wave Incubation, along with participation from existing investors RTP Global and Blume Ventures.
  • The Moms Co has picked up $8 million from Saama Capital and DSG Consumer Partners, along with angel investors. Shripad Nadkarni, an early investor in Paper Boat and Epigamia, and Ashutosh Valani and Priyank Shah, founders of Beardo, also participated in the capital raising.





Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here