Startups raised smaller rounds in the last five days compared to the previous week. News and information aggregator Inshorts bagged $35 million led by Lee Fixel’s Addition. Investment tech startup Smallcase, sales acceleration company SquadStack, edtech firm Sunstone Eduversity and electric vehicle retro fitment kit maker Etrio also landed funds this week.
After a hiatus of almost two years, Lee Fixel, the media shy former Tiger Global fund manager, known widely as the big bull of India’s consumer Internet story, is back to investing in local startups. Fixel, who launched his own $1.2 billion fund Addition in the US earlier this year, led a $35 million round in Inshorts. He had first backed Inshorts while at Tiger Global in 2015, having cut a $4 million cheque for the startup.
Why is it significant? Inshorts was clocking $13 million in revenue with $5 million of earnings before interest, taxes, depreciation and amortisation. The company’s valuation is expected to have hit $120 million, post the investment. Read the full story here.
Bengaluru-based investment tech startup Smallcase picked up $14 million in a series B round led by DSP Group along with existing investors Sequoia Capital India, Blume Ventures, Beenext and WEH Ventures. The capital infusion round also saw participation from technology fund Arkam Ventures and angel investors such as Utpal Sheth, CEO at Rare Enterprises, owned by Rakesh Jhunjhunwala, and Kunal Shah, founder of CRED.
The company, which specialises in providing investment and wealth management products to capital market participants through platforms such as Zerodha, HDFC Securities, Kotak Securities, 5Paisa and AxisDirect, will use the funds to enhance product suite, technology infrastructure and team expansion. Read More.
San Francisco and Delhi-based sales acceleration startup SquadStack landed $5 million in its Series A funding round led by Chiratae Ventures, with participation from existing investor Blume Ventures. The company has forecast a tenfold jump in its customer base over the next two years.
The startup targets edtech, fintech, ecommerce and medtech firms that have seen huge growth since lockdown. It has also helped companies like Zomato, Walmart Group, Delhivery, Nestaway, Upstox, ZestMoney and Tata Group drive a 5-10x improvement in their funnel efficiency metrics using a combination of data science, cloud infrastructure and a distributed workforce. Read More.
Education technology startup Sunstone Eduversity bagged Rs 24 crore in Series A funding, led by Saama Capital, with participation from existing investors Prime Venture Partners, Purvi Capital and Leo Capital founder and MD Rajul Garg. The company plans to utilise the capital to invest in technology, hiring and building its curriculum. Read More.
Electric vehicle retro fitment kit maker Etrio raised $3 million in its Series A funding round from a group of high networth individuals, as it looks to diversify its business into making electric three-wheelers and e-bicycles. Read More.