ETtech Deals Digest: Freshworks, Toppr bag funding this week
Startups bagged large rounds in the last five days compared to the previous week. The key deals include Freshworks, Toppr, Bulbul and Hevo.

Steadview Capital invested $85 million, through a secondary transaction, in SaaS major Freshworks, as it bulks up its India portfolio with yet another unicorn, Ravi Mehta, managing director of the London-based firm, told ET. The transaction, which closed in January this year, saw Steadview Capital make its ninth investment in an Indian privately-held technology company, which is valued at more than $1 billion.

Why is it important?

This comes at a time when investors, across stages and sectors, have largely slowed their activity, as they wait for the economy to recover from the Covid-19 pandemic and the nationwide-enforced lockdown. Read more.

Education technology startup Toppr has raised Rs 350 crore ($46.8M) in a fresh round of financing led by Gulf-based investment firm Foundation Holdings. This is the latest funding in a space that has seen investors pour in hundreds of millions of dollars over the last seven months. Read more.

Why is it important?

Over the last few months, various edtech platforms have raised funds while media reports suggest that others are in talks. The sector has garnered a lot of eyeballs as the pandemic led to an increased demand for online education.

Graphic: Rahul Awasthi
Graphic: Rahul Awasthi

Other deals

Bulbul, a video-led commerce platform, has raised $8.7 million financing led by Naukri parent Info Edge. In a stock market filing, Info Edge said it has invested about $6.33 million (about Rs 47.3 crore) in Bulbul to pick up 17.82% stake on a fully converted and diluted basis. This investment has been made through the company’s recently launched $100 million venture capital fund. Read more.

SaaS platform Hevo has raised $8 million in its Series A funding round led by Qualgro, a Singapore-based venture capital firm, along with former Stripe top executive Lachy Groom, as it looks to expand into new markets. Existing investors Chiratae Ventures and Sequoia Capital India’s Surge also participated in the round. Hevo helps businesses in integrating multiple sources of data from functions such as sales, marketing, operations, and finance, enabling companies to monitor their performance metrics and make decisions in real-time. Read more.

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