Exfinity Venture Partners Announces Partial Exit from CloudSEK, Delivering 13x Returns

Exfinity Venture Partners, an early-stage investor in Deep-Tech & B2B tech, has announced a partial exit from its investment in cybersecurity platform CloudSEK, delivering a 13x multiple on invested capital (MOIC) and an internal rate of return (IRR) of more than 40%. The transaction was executed as a secondary sale to existing investors, while Exfinity continues to retain a meaningful ownership stake in the company.

Exfinity was the first institutional investor in CloudSEK, backing the company during its pre-Series A round and supporting its vision of building a predictive, intelligence-led cybersecurity platform at a time when the market was still largely oriented around reactive threat detection. Since then, CloudSEK has evolved into a comprehensive AI-driven threat intelligence platform, helping enterprises proactively identify and disrupt cyber threats across digital risk, attack surface, and supply chain layers. At its core, the platform models cybersecurity not as isolated alerts but as connected attack paths across identity, exposure, and trust relationships-enabling organizations to predict and disrupt attacks before execution.

CloudSEK has demonstrated strong commercial momentum, having recently crossed USD 15 million in ARR and consistent year-on-year growth. The company has increasingly established itself as a global cybersecurity partner, with over 60% of its net new revenue driven from international markets and the United States emerging as its fastest-growing region. Its customer base includes leading enterprises across banking, telecom, aviation, and digital platforms, reflecting strong product-market fit in complex, large-scale environments.

In early 2025 the company had raised over $20 million across its Series B rounds, including participation from global investors such as Commvault (NASDAQ: CVLT) and Connecticut Innovations Fund (State of Connecticut Fund). Its strategic relationship with Commvault is expected to significantly strengthen CloudSEK’s global go-to-market motion, particularly in the US, enabling deeper enterprise penetration and accelerating its next phase of growth.

The rise of AI-native threats is fundamentally reshaping the cybersecurity landscape, with attackers increasingly leveraging autonomous systems to identify and exploit vulnerabilities across interconnected environments. CloudSEK’s platform is designed for this new paradigm, shifting enterprises from reactive detection to predictive resilience by using AI to simulate, validate, and disrupt attack paths before they materialize. This positioning places the company at the forefront of the next generation of cybersecurity infrastructure.

CloudSEK also represents a compelling example of reverse innovation, built and refined in India and now solving mission-critical cybersecurity challenges for enterprises globally. With

R&D anchored in India and a growing international footprint, the company exemplifies the emergence of India-origin deep-tech platforms scaling successfully across global markets.

“CloudSEK is one of the clearest examples of what Indian deep-tech can achieve on the global stage. Our early conviction in Rahul and his team has been validated by the company’s ARR trajectory, enterprise client quality, and now, by the confidence of a global strategic player like Commvault. This is a calibrated partial exit - we remain invested and excited about what comes next,” said Chinnu Senthilkumar, Managing Partner at Exfinity Venture Partners.

“Exfinity was our first institutional investor and backed us at a time when few were willing to take a bet on a cybersecurity platform emerging from India. Beyond capital, they have been a true partner, supporting us across early customer introductions, follow-on fundraising, and strategic direction as we scaled globally. This journey reflects what long-term, hands-on venture partnership should look like, and we are excited to continue building the next phase together” added Rahul Sasi, Founder & CEO at CloudSEK. 

This transaction marks the latest in a series of liquidity events for Exfinity’s 2016 vintage Fund II, including full exits from Kinara.ai and Locus, and a prior partial exit from Pixis. The fund has already crossed key DPI milestones through these exits, and this secondary adds further distributions to Limited Partners, while retaining meaningful upside across the remaining portfolio. These outcomes reinforce Exfinity’s belief in building globally competitive deep-tech companies from India.

About Exfinity Ventures

Exfinity Venture Partners is an early-stage venture capital firm focused on backing category-defining startups in deep-tech, enterprise technology, semiconductor, AI, and frontier technology sectors. The firm invests in companies building globally relevant technologies from India and has backed several high-impact startups across enterprise and industrial innovation.

To know more about Exfinity, visit https://www.exfinityventures.com/

Techpreneurs Nikhil and Nishant Rathi Exit Web Werks in Milestone Full Stake Sale to Iron Mountain

Web Werks India Pvt Ltd, a leading data center provider in India, founded by Nikhil & Nishant Rathi, has been fully acquired by Iron Mountain (NYSE: IRM) in one of the largest transactions in India’s data center industry. The founders of Web Werks secured an investment of $150 million during the joint venture’s formation in 2021, followed by an additional $170 million in 2023. With their successful exit, the Rathi brothers have demonstrated their expertise in building and delivering exceptional value to India’s digital and data center ecosystem.

L-R — Nishant & Nikhil

The acquisition marks a significant milestone for the company, solidifying its legacy as a key enabler of India's digital economy. As part of the transition, Web Werks will now operate under a new brand identity while continuing to serve its enterprise clients without disruption.

“Nishant and I have been working around the clock for 25+ years to build Web Werks data center. I am incredibly proud of what the entire team has achieved - making it one of the biggest acquisitions in Indian Data Center history. What started with just 40 people and three data centers at 1MW capacity has grown into a team of over 200 with 162 MW of capacity. Since then, we have blitzscaled to a capability of 162+ MW, a total of 6 live data centers in major cities and a family of 200+ people. I am grateful to everyone who has been part of this incredible journey as I look ahead to the next chapter,” said Nikhil Rathi, Co-Founder, Web Werks and NeoSOFT.

Speaking about the sale, Nishant Rathi, Co-Founder of Web Werks and NeoSOFT, added, “While this marks an exciting new chapter for Web Werks, our commitment to fostering growth in the technology sector remains strong. Nikhil and I will continue to lead NeoSOFT and build NeoSOFT & NeoNXT platforms - driving initiatives that will propel businesses to leverage the best of digital & AI. We also look forward to lending our expertise and partnering with investors, entrepreneurs & VCs, and committed to mentoring the next generation of entrepreneurs and growing the data center industry both in India and globally. The India story is alive and well and we are just one of the few examples of what dedication, customer centricity and a belief can do.”

Founded in 1996 by Nikhil and Nishant Rathi in a bedroom, Web Werks has grown into a powerhouse in India’s digital infrastructure space. Over nearly three decades, the company has established itself as a highly trusted provider of high-density, hyperscale, and AI-powered data centers, with best-in-class reliability and efficiency. At the time of sale, Web Werks operated six Tier-3, carrier-neutral data centers in Mumbai, Pune, Delhi-NCR, Bengaluru, and Hyderabad, with construction on another in Chennai already underway.

The journey of Web Werks is a testament to the vision, resilience, and adaptability of its founders. What began as a small web hosting company evolved into a leader, keeping pace with India’s rapidly growing digital ecosystem. Founded by Nikhil and Nishant Rathi when they were only teenagers, the company navigated the early days of dial-up internet, working tirelessly to scale from serving small businesses to enterprise-level solutions. Through industry shifts—from the dot-com boom to the cloud and AI revolutions—Web Werks has consistently stayed ahead of the curve, cementing its role in shaping India’s digital future.

As they look ahead, the Rathi brothers are eager to reinvest their time and expertise into India’s tech landscape. Their unwavering belief in the country’s potential fuels their commitment to helping shape the next phase of India’s digital evolution. “No story is complete without India,” said Nikhil. “We’re proud of everything we’ve achieved, but the best is yet to come. We’re excited about what lies ahead, and we’ll continue to be part of India’s story for years to come.”

About Web Werks

Web Werks is a leading provider of Tier III and Tier IV data center solutions in India, offering robust and scalable infrastructure services to businesses across industries. The company specializes in colocation, cloud hosting, disaster recovery, and managed services, catering to enterprises, hyperscalers, and government organizations. With a strong reputation for reliability and innovation, Web Werks serves over 1,300 clients globally.

Khaitan & Co, led by Partners Deepak Jodhani and Gautam Suseel, advised Nikhil Rathi and Nishant Rathi throughout the entire deal lifecycle, including Iron Mountain’s initial investment in Web Werks. Deutsche Bank acted as the exclusive financial advisor to Web Werk

Maharashtra Defence and Aerospace Venture Fund (MDAVF) Successfully Exit from Two Portfolio Companies

The Maharashtra Defence and Aerospace Venture Fund (MDAVF), a SEBI-registered Category II Alternative Investment Fund (AIF) managed by IDBI Capital Markets & Securities Limited (ICMS) focused on supporting innovative companies in the defence and aerospace sectors, recently announced its successful exit from two of its portfolio companies, viz., Cyronics Innovation Labs Private Limited (CILPL) and JSR Dynamics Private Limited (JSR Dynamics) realizing ₹14.46 crores and ₹59.15 crores respectively.

 

Mr. Amey Belorkar, Fund Manager - Defence and Aerospace Venture Fund, IDBI Capital Markets & Securities Ltd

 
Mr. Amey Belorkar, Fund Manager - Maharashtra Defence and Aerospace Venture Fund (MDAVF), IDBI Capital Markets & Securities Ltd, speaking about the exits said, “Both, Cyronics Innovation Labs and JSR Dynamics, are instrumental in driving technological progress and self-reliance within India’s defence and aerospace industries with a focus on enhancing the operational effectiveness of defence forces. MDAVF remains focused on supporting India’s journey towards self-reliance by investing in high-potential ventures that foster technological breakthroughs and enhance indigenous capabilities. These milestones reflect the strength of our investment strategy and our ongoing commitment to driving innovation in India’s defence and aerospace sectors. By backing sustainable growth in these critical industries, we’re proud to contribute to India’s defence ecosystem and the vision of Atmanirbhar Bharat.”

MDAVF, to date, has invested approximately ₹406 crore in 22 MSMEs. The fund has successfully executed full and partial exits from 12 companies, realizing divestment proceeds of around ₹281 crore and achieving a strong Internal Rate of Return that highlights the fund's disciplined and strategic approach to value creation.

Cyronics Innovation Labs Private Limited (CILPL)

CILPL, founded in 2020, operates in the AI and Machine Learning sectors, specializing in software-defined radio technologies for the defence and aerospace sectors. CILPL has served leading defence and aerospace organizations, including Kirloskar Oil Engines Ltd., Navstar Integrated Systems Pvt. Ltd. (Navy) and Theta Controls (Army), among others.

JSR Dynamics Private Limited (JSR Dynamics)

JSR Dynamics was founded in 2018 with an intention to contribute in a big way towards achieving self-reliance in the defense sector through indigenous Design, Development and Manufacture. JSR Dynamics is engaged in the development and manufacturing of advanced munitions, including glide bombs and loitering munitions. The company’s products are poised to play a significant role in both Indian and international defence markets.

These exits showcase MDAVF’s commitment to supporting high-potential ventures in the defence and aerospace industry, driving technological advancements, and generating strong returns for its stakeholders. Both exits have been marked by impressive internal rates of return (IRR), underscoring the fund’s effective investment strategy and its ability to identify high-growth companies.

Managed by IDBI Capital Markets & Securities Limited, MDAVF continues to play a transformative role in driving indigenous innovation, fostering self-reliance, and enhancing India’s global competitiveness in the defence and aerospace sectors.

For more information, visit: https://idbicapital.com/aif/Maharashtra-Defence-and-Aerospace-Venture-Fund.html

About IDBI Capital Markets & Securities Ltd (ICMS):

IDBI Capital Markets & Securities Ltd (ICMS), a wholly owned subsidiary of IDBI Bank Ltd., is a registered Portfolio Manager with Securities and Exchange Board of India (SEBI) since 1998 and is authorised to undertake Funds Management activities (Debt & Equity). These activities would be governed by Securities and Exchange Board of India. Presently, ICMS Alternative Investment Fund (AIF) is acting as Investment Manager for two SEBI registered AIF’s and is also the Project Advisor to a Scheme of Government of Maharashtra.

MEITY’s Electropreneur Park Announces 1st Successful Financial Exit for Its Incubated Health-Tech Startup UnivLabs Technologies

In a major boost to the Indian Electronics System Design and Manufacturing (ESDM) market, Electropreneur Park (EP) announced the exit of Univlabs, a leading Indian health-tech startup.

With its remarkable growth journey, Univlabs Technologies has established its presence in 6 countries, offering innovative solutions to 2000+ hospitals in India and overseas. So far, the startup has applied for 11 patents while having 2 to its name.

An initiative of the Ministry of Electronics and IT, Electropreneur Park has been set up to primarily to carry out incubation and build an ecosystem to help budding ESDM entrepreneurs. EP is managed by Software Technology Parks of India, implemented by India Electronics and Semiconductor Association (IESA) and supported by CyberMedia (India) Ltd (CMIL).

Since its inception, Electropreneur Park has incubated 59 companies which have developed 125 products, and applied for 66 patents, along with generating employment opportunities to 885 professionals. The startups of EP have received Rs 21.79 crore of follow-on funding.

UnivLabs Technologies began its growth journey with Electropreneur Park with a mission to revolutionize healthcare by providing affordable and cutting-edge medical devices that improve patient outcomes.

The startup received a valuation of ₹20 crore and initiated an investor buyback from stake holders of EP incubator worth Rs ₹94.64 lakhs, marking a 36X growth for EP’s investment thereby marking a milestone in EP’s history. With this, Univlabs' successful exit leaves an impressive footprint of Electropreneur Park’s role in fostering innovation and entrepreneurship over the past seven years of its operations.

The exit was formally announced with a cheque handover ceremony during the inauguration of the Apiary CoE incubation facility. The launch of Apiary CoE incubation facility has marked the beginning of yet another chapter of supporting budding entrepreneurs and startups by STPI. The launch event was graced by the presence Shri S. Krishnan, IAS, Secretary, Ministry of Electronics and IT and other dignitaries from the IT industry.

“It’s quite inspiring to meet and learn the journey of Sunil Singh, founder of Univlabs Technologies. The level of confidence, vision and ability to persevere over the last eight years have been crucial for his success. He should stand as an example of somebody who everyone can imitate,” said Shri S. Krishnan, IAS, Secretary, Ministry of Electronics and IT.

On the successful and profitable exit of UnivLabs, Shri Arvind Kumar, Director General, STPI expressed how Electropreneur Park has been successful in fostering innovation and entrepreneurship and said, “In the last few years since it was set up, Electropreneur Park has incubated ESDM startups aligning with India’s commitment and vision to reach US$ 300 billion worth of electronics manufacturing and exports of US$ 120 billion by 2025-26, this progress is a promising development. Looking forward to witnessing more such startups leading the way of nurturing India’s ESDM market.”

Reflecting upon how an initiative like Electropreneur Park has given a push to India’s Make in India strategy, Shri. Sanjay Gupta, Chairman, IESA emphasized the role played by IESA in nurturing the ESDM startups and wished EP was the first incubator of its kind to set up and create a state-of-the-art electronics lab and other support infrastructure in the country.

On the successful first exit of UnivLabs, Shri. Pradeep Gupta, CMD, CyberMedia Group and Chief mentor of EP, said, “Electronics manufacturing in India is the new sunrise industry and we need to ensure that we continue our efforts to make the Make in India campaign a success through the promotion of indigenous innovation and entrepreneurship in the ESDM sector.”

Delving into Univlabs’ journey with Electropreneur Park, Sunil Singh, Founder & CEO, Univlabs Technologies said, “We are a passionate enterprise committed to making healthcare more accessible and affordable for everyone. Electropreneur Park gave us the perfect platform in the form of world class infrastructure facilities equipped with cutting edge ESDM Labs and other support which helped channeling our efforts in fostering innovation and entrepreneurship. Our vision is to become a world No 1 company in the field of EndoVision in the next 10 years.”

This unprecedented success for Univlabs is a beacon of hope for the future of electronic innovation in India. Emphasizing the immense potential within the Indian ESDM sector, the growth journey for Univlabs Technologies, fostered by Electropreneur Park is a significant contribution to the Indian government’s "Make in India" vision.

Inflection Point Ventures announces full exit from Koovers with 47% IRR

• IPV has recorded 2.1X MoM in just 22 months of investing in Koovers
• Koovers is a B2B e-commerce platform providing genuine spare parts to independent auto-workshops and the aftermarket with doorstep delivery.
• IPV has successfully delivered 22 Partial Exits, 12 Full Exits to their investors with promising returns so far.
• Recently, IPV announced exits from 2022 registering 160% IRR

Inflection Point Ventures, one of the most active angel platforms with over Rs 600 crore invested across 175+ startups, has announced a full exit from Koovers with 47% IRR. IPV has achieved 2.1X MoM from this exit within 22 months of investing in the Company. This success underscores IPV's strategic expertise in nurturing and guiding its portfolio companies to thrive in the competitive startup landscape. The exit comes at the back of Koovers acquisition by German automotive giant Schaeffler India for over Rs 142 crore.

Koovers, a B2B e-commerce platform, streamlines genuine auto part supply to independent workshops and the aftermarket. With a focus on convenience and efficiency, it aims to expand its offerings and improve the automotive aftermarket supply chain. The company is known for its diverse range of authentic parts, user-friendly ordering, and prompt doorstep delivery thus reducing workshop downtime, and enhancing efficiency. Koovers is dedicated to innovation, ensuring its customers have timely access to the right parts.

Koovers owes its success to a strong founding team, whose dedication to innovation and industry expertise has been pivotal in reshaping the automotive supply landscape.

Commenting on the exit, Mitesh Shah, Co-Founder, Inflection Point Ventures, says, “At IPV, we're dedicated to working closely with founders to create lasting value. With Koovers, we went beyond the business aspect to enhance their overall market perception in a rapidly evolving sector. We're not just advisers; we're connectors and active partners in every business decision. We work with the founders closely to actively influence outcomes by being fully engaged throughout the journey as opposed to signing a cheque and playing a passive role.”

IPV recognized Koovers' unique strengths and opportunities. The collaboration was designed to go beyond traditional investment relationships. IPV worked closely with Koovers to refine their strategies, shape their business model, and craft a strong fundraising and exit plan.

IPV's commitment extended to connecting Koovers with key industry professionals helping the company build a network of right professionals to guide them through a planned growth and exit map.

Sandeep Begur, CEO, Koovers, says, “IPV was a pillar for us during our fund raise and M&A stage - with Mitesh playing a pivotal role in the whole process.”

As of 2023, IPV has achieved remarkable milestones. The early stage focused angel platform has delivered 22 partial exits and 12 full exits to their investors with promising returns so far. In 2022, IPV continued its trend of success with 12 exits, delivering a commendable 160% IRR to investors. This followed an exceptional 2021, during which IPV achieved 13 exits with a remarkable 190% IRR, solidifying its commitment to generating substantial returns and fostering the growth of promising startups

About Koovers

Koovers is a prominent B2B e-commerce platform specializing in supplying genuine auto parts to independent workshops and the aftermarket sector. Focusing on convenience, Koovers offers doorstep delivery. The company's constant goal is to improve its product range and enhance the efficiency of the automotive aftermarket supply chain, ensuring customers have access to quality parts with ease.

About Inflection Point Ventures & Physis Capital

Inflection Point Ventures (IPV) is an angel investing platform with over 8600 CXOs, HNIs, and Professionals to together invest in startups. The firm supports new-age entrepreneurs by providing them with monetary & experiential capital and connecting them with a diverse group of investors. IPV has announced the launch of a $50 million CAT 2 AIF Physis Capital to invest in pre-Series A to Series B growth-stage start-ups.

Inflection Point Ventures (IPV) Logs 160% IRR for Its Investors on the Back of Multiple Exits in 2022

Announces 12 exits in the year 2022

Partial exit from Blusmart gives 94% returns to IPV investors and agri-tech company Otipy partial exit generates 70% IRR

IPV has exited to top investors and UHNIs for these transactions

IPV investors’ member base rises to 8600+

One of the most active and largest angel investment platforms Inflection Point Ventures (IPV), has announced 12 exits giving an IRR of 160% to its investors. The angel platform, which has emerged as one of the most trusted investment platforms for CXOs and first-time angels, has generated stellar returns even in tough market conditions.

Launched in 2018 by finance and PE veterans, Vinay Bansal, Ankur Mittal & Mitesh Shah, IPV has announced multiple exits from its 170+ start-up portfolio giving much needed liquidity infusion to its investors. IPV has invested Rs 550 crore across over 170 startups. At an overall level, the angel platform has provided 9 full exits, 21 partial exits to investors and 52 startups have gone on for a follow-on round of funding at a higher valuation post the platform’s initial investment. While last year it has partially and fully exited 12 startups.

Some of the key exits include high performing startups like BluSmart, Otipy, Stage and Buyofuel. Vinay Bansal, Founder & CEO, IPV, says, “The ongoing funding winter didn’t deter us from our investment and exit strategy. Last year, we exceeded our investment target and have put Rs 190 crore against Rs 155 crore target in Indian startups. Our belief in the robustness and strength of Indian startups continue to be on an upswing. Startup investments are fast emerging as a long term wealth creation asset class. The exits provided by us in 2021 and 2022 is further building confidence in the ecosystem to go long on angel investments.”

IPV has generated an IRR of 226% on a partial exit of Buyofuel and 186% IRR on partial exit of Kazam.

Ankur Mittal, Co-Founder, IPV, says, “We have always believed that startup investments should be democratised and more people should have access to fast growing new age companies. Exits help provide liquidity in to the asset class and as more wealth gets built from angel investments, it will further add to the credibility of this asset class, thus appealing to a wider investor base. In the last one year, our investor base has grown from 6000 to 8600+. We expect this to further grow to 10,000 as we continue to follow best in class due diligence to invest in top of the line companies which are building solutions for a better future.”

One of the major successes in the past year has been a stupendous exit in a Ad-tech startup with an IRR of 302% with a final money-over-money (MoM) for the exiting investors of >25x.

Apart from it, IPV has partially exited companies like peAR, Cercle X, EnsuredIT, LoanKuber, Raaho and Streak during the year, generating an average IRR of 162%.

Table below for a snapshot:
 

Mitesh Shah, Co-Founder, IPV, says, "We will continue to focus on exits in the current year and will work on bringing a filtered list of startups to our investor members. IPV plays an active role in connecting startups founders from our portfolio with large VCs for follow on rounds. We will leverage our network within the peers to ensure our founders get the right capital and mentoring to scale their businesses."

IPV invested in about 55 startup deals last year and plans to invest in more than 60 start-ups in 2023.

IPV has grown to more than 8600 members on the platform who can experience IPV’s unique & specialised approach to early-stage investing. The entry barriers for becoming an investor with IPV are extremely low, having been designed keeping in mind the ethos of the platform. One can start angel investment with IPV with a cheque size as low as Rs. 1,00,000 for a startup. It is the lowest cheque size in the angel investors community today.

About Inflection Point Ventures

Inflection Point Ventures (IPV) is an angel investing platform with over 8600 CXOs, HNIs, and Professionals to together invest in startups. The firm supports new-age entrepreneurs by providing them with monetary & experiential capital and connecting them with a diverse group of investors. IPV has announced the launch of a $50 million CAT 2 AIF Physis Capital to invest in pre-Series A to Series B growth-stage start-ups.

SoftBank To Sell Its Stakes in Paytm and Zomato – Report

Japan's SoftBank is reportedly set to sell its, stakes in Indian digital payments giant Paytm and food aggregator Zomato, as it looks to compensate the losses it incurred in last 2 years or so. SoftBank is reportedly looking for partial exits from high-performing companies like these two.

SoftBank Group is facing losses from the SoftBank Vision Fund, which had widened 70% to a record $32 billion from a year ago. Now the Japanese investment firm is aiming to turn a profit on its bets following a recent rally in their share prices. Softbank reported a record annual loss of $7.2 billion (₹58,962.60 crore) for the fiscal year ending March 2023.

According to media reports, SoftBank may sell its shares, in Paytm and Zomato, in small tranches on the open market rather than in block deals. Softbank holds 11.17% stake in Paytm and 3.4% in Zomato.

Notably, Paytm and Zomato's shares have been rising substantially since the beginning of this month, owing to better market sentiment about them as a result of both startups exceeding their EBITDA profitability targets ahead of expectations.

In November last year, SoftBank sold a 4.5% stake in Paytm through block deals for $200 million, which led to a sharp fall in the shares of the Indian payment company.

Paytm went public in 2021, in India's biggest-ever IPO, but the shares skidded as low as 70% below listing price in the months after the listing. SoftBank has invested $1.6 billion in Paytm over the years, among its biggest investments in India

SoftBank had also recently sold a part of its stake in eyewear company Lenskart to private equity firm ChrysCapital, and made cash of over $70 million (₹573.16 crore) from the stake sale.

SoftBank’s active investments in Indian startups have slowed this year after a series of losses incurred by its Vision Fund. Even though, in last month it was reported that Softbank is in talks with four to five Indian Startups, to invest about $4-$5 million in each, with valuations of around $400 to $500 million.

Crypto Friendly Neo Banking Startup Cashaa Exits From Unicas in India

Cashaa, a prominent fiat, and crypto neo bank announced its exit from Unicas, Cashaa’s maiden attempt to enter the personal crypto-banking market after becoming a market leader in B2B crypto banking. In 2020, Unicas offered crypto-friendly INR Savings accounts to its customers in partnership with the United Multistate Co-op.

In recent events, Cashaa holding company Crypto Innovations UAB was granted a European virtual assets license from Lithuania. “The proposal was in the best interest of Cashaa, and it was decided that it would be even beneficial for both companies if Cashaa accepts a proposed buyout offer and exits from Unicas,” said Ms. Anamaria Redianu, Cashaa’s Board representative.

Cashaa will soon release its expansion plan for India. “The Indian market offers tremendous potential, especially after the recent clarity regarding cryptocurrency taxation and legal infrastructure. We at Cashaa welcome this decision”, said Mr. Kumar Gaurav, Cashaa CEO.

The compensation from the buyout will contribute to a $20 million investment fund to develop the fast-growing Web3 market. The complete details will be out soon.

“We have decided to acquire our stake from Cashaa representative in India to give a new direction to Unicas. After the recent reforms, the Indian market has a huge upside potential”, said Sonal Kukreja, Co-founder and CEO of Unicas.

Presently, Unicas has four branches fully operating in India, and the company aims to further its expansion. Unicas provides saving accounts and offers collateralized loans against crypto assets.

Cashaa started as a peer-to-peer (P2P) money transfer platform that transformed into a neo-bank in the UK. Cashaa has been helping businesses to access crucial banking infrastructure and deliver robust products to their users. 

Cashaa has onboarded more than 400 crypto businesses that have transacted billions of dollars using its solution. Cashaa is currently the largest community of crypto businesses, including heavyweights such as Binance, Chainlink, Kucoin, Nexo, Polygon, Paxful, CoinDCX, CoinSwitch Kuber, Bitbns, Unocoin, and many more.

Early Investors of Smytten Exit With Upto 15X Return, As the D2C Product Discovery Platform Raises Rs.100 Cr in Funding Led by Fireside Ventures and Roots Ventures

(L-R) Swagat Sarangi and Siddhartha Nangia, Founders, Smytten

Smytten raises INR 100cr in Pre-Series B led by Fireside Ventures and Roots Ventures; Some early investors exit with up to 15x return

• The round also saw participation from Sharrp Ventures, Waao Partners, Survam Partners and Sattva Group Family Office.
• A significant part of the investment will be used for building best-in-class engineering talent and tech infrastructure with advanced application of AI & ML that will transform the pre-purchase engagement between consumers and brands.
• The fund will also be deployed to double down the resource strength across key functions including Supply Chain, Marketing, Research & Insights and accelerate growth to INR 500cr ARR by end of FY23.

Smytten-India’s largest tech-enabled product discovery & trial platform which is revolutionizing the pre-purchase experience for millions of online consumers, has raised INR 100cr in Pre-Series B led by Fireside Ventures and Roots Ventures. The round also saw participation from Sharrp Ventures (Harsh Mariwala family office), Waao Partners (Pratul Shroff Family Office), Survam Partners (Munjal Family Office) and Sattva Group Family Office.

Over a half a decade now, Smytten has been transforming the pre-purchase product trial experience for consumers by helping them to try many new products and brands at the comfort of their homes with just a click of a button. Smytten is rapidly gaining popularity amongst millennial consumers and has witnessed an explosive growth in its user base in the last 9-12 months. With more than 10 million users, Smytten is one of the leading innovators in consumer tech, fuelling the growth of a potentially large D2C market in India that's expected to be a $100 Billion market by 2025.

The new investment will primarily be used for building many industry-first tech and data solutions with advanced applications of AI & ML to optimize the marketing funnel for D2C brands starting from new product development to consumer acquisition and retention. Also, the platform is going to invest heavily in creating a best-in-class servicing infrastructure across the country, to widen the product trial touch points and strengthen the online service delivery to better the pre-purchase buying experience for consumers at scale.

Smytten is planning to double down on its hiring across supply chain, marketing and other key functions. Smytten today employs more than 300 people with a very vibrant culture and strong focus on talent retention. It is scaling up its leadership team to fuel the next phase of growth across its offices in Bengaluru and Ahmedabad.

On the fundraise Siddhartha Nangia, Co-founder, of Smytten said, “We believe sampling-led tried-and-tested method of customer engagement will change the way D2C brands and consumers interact, making it more immersive and experience-based. Smytten has re-crafted the standard playbook of brand creation with the deep tech solutions built based on trial intent and feedback from millions of consumers. It is empowering the next generation of D2C & multi-national brands with actionable insights and a captive audience to scale their business fast. We are launching a new brand a day on our platform and bringing more than 15-20 new products every day to consumers to try. We are thankful to all our brand partners who have placed trust and confidence as we create a robust D2C ecosystem.”

Swagat Sarangi, Co-Founder at Smytten added, "Our mission is to democratize access and experience of premium & D2C brands for the Indian consumers by offering direct-to-home product trials. We are building a robust tech platform to make the pre-purchase journey and decision-making process of consumers very seamless by bringing in the power of trial experiences, data, content and community all together."

Kannan Sitaram, Partner at Fireside Ventures said, "We continue to believe in the development of an enabling ecosystem for the consumer brand revolution that's shaping up in India and Smytten is right at the forefront of it. Their integrated approach to consumer funnel and technological innovations to solve the key challenges faced by many D2C brands, makes them the unequivocal leader in a potentially $10B sampling and advertising market. The data-driven experiential solutions are already making waves and Smytten is becoming the first port of call for every consumer brand."

Japan Vyas Managing Partner at Roots Ventures quoted, “Smytten has grown more than 12X by revenue since the time we invested. We have participated in every round of fund raise they had and will continue to back them in future with even stronger conviction. We are very confident that Smytten is going to be a very large, profitable and fundamentally strong business in the consumer-tech space globally.”

Smytten hosts 900+ brand partners on its platform across lifestyle categories, ranging from fragrances, beauty & makeup, male grooming, food & beverages, baby & mother care, health & wellness and offers product samples to consumers across these categories to help them make the right purchase decisions. It also offers its brand partners a suite of services, data & insights needed for scaling up customer acquisition, product development & channel expansion. Many leading D2C & multi-national brands like Mamaearth, Plum, mCaffeine, WOW Skin, Maybelline, Man Matters, Bodywise, The Man Company, & more are already leveraging Smytten’s platform extensively to reach relevant users at scale and deliver first-hand product experience through sampling.

To date, Smytten has raised more than $20 million in institutional funding. Smytten also counts some marquee angel investors such as Rajan Anandan, ex-MD of Google India & South East Asia, and many other industry veterans as its early backers.

About Smytten

Smytten is India's largest D2C product discovery & trial platform. Launched by ex Unilever and Google executives, Siddhartha Nangia and Swagata Sarangi, respectively, Smytten is enhancing the way India's online consumers discover, interact with, and try consumer products and services. It hosts 900+ brand partners on its platform across lifestyle categories, ranging from fragrances, beauty & makeup, male grooming, food & beverages, baby & mother care, health & wellness and offers product samples to consumers across these categories to help them make the right purchase decisions. It also offers its brand partners a suite of services, data & insights needed for scaling up customer acquisition, product development & channel expansion.

IAN makes it 3rd Exit in 2019 as Spinny Raises $13.2 Mn from SAIF and Accel Partners

Indian Angel Network, the single largest horizontal seed stage platform in India, has successfully received full exit from Spinny, a used car buying and selling platform. Valuedrive Technologies, which owns and operates used car retailing platform Spinny, has raised $13.2 million (about Rs 92 crore), from marquee investment firms SAIF Partners and Accel Partners.

The early investors from IAN, had invested only INR 1.67 crore – and have now a multiple of well over 3 times in just three years.

Commenting on the exit Digvijay Singh, COO IAN said, “IAN’s investment in Spinny was driven by the belief in the founding team’s vision and expertise, as well as its business model. With this exit, IAN investors are reaping the dividends of their faith in this high-potential venture, led by a team focused on execution in the auto space. IAN is delighted to have been a part of the growth that My Spinny has seen in the last three years and wish it all the very best in the future."

[caption id="attachment_131278" align="alignright" width="300"] Digvijay Singh[/caption]

IAN lead investor in Spinny, Hari Balasubramanian commented, “Startups are all about discovering the right business model. Since inception Spinny had gone through several tough and near death situations . But the team led by founder Niraj Singh were relentless and went on trying to discover new approaches to satisfy customers with a compelling value proposition . This ultimately led to product market fit for Spinny. Happy to see their growth and I am confident that this startup is the dark horse in this domain due to the efficient way they have deployed capital for customer development . We as angels did our job of getting them to this stage and it gives me a sense of sadness and joy since we are exiting 100 % from this investment with a reasonable multiple.”

[caption id="attachment_131279" align="alignright" width="300"] Hari Balasubramaniam[/caption]The Spinny IAN exit was facilitated by the Rs 13.12 crores investment from SAIF Partners and Accel, at a pre-money valuation of INR 125 crore. The development also marks the third successful exit for IAN investors in 2019, retaining its position as the top seed investment platform in India. IAN had previously secured multi-fold exits from Noida-based online women’s fashion brand FabAlley.com and a Bengaluru-based start-up TagBox.

Indian Angel Network is India’s first and world’s largest business angel network with close to 500 members across the world, comprising the who’s who of successful entrepreneurs and dynamic CEOs. With investors from 12 countries, IAN’s operates from 7 locations, including cities in India and UK. The network is sector agnostic and has funded start-ups across 17 sectors in India and 7 other countries, helping breed global footprint companies. IAN has been giving excellent cash exits year-on-year to its investor-members. Some of its marquee investee companies include, Druva, Box8, Sapience Analytics, WOW Momos, Faballey, Consure amongst many others.

Indian Angel Network has been a pioneer in the seed and early stage investing. It has now launched a ₹450 Crores VC fund making it now, the single largest platform for seed & early stage, where entrepreneurs can raise from Rs. 25 lakhs to Rs. 50 crores (with co investors), thus making IAN the platform of choice – for both entrepreneurs & investors!

In 2017, A Total of 101 Indian Startups Exited and 10 Filed for IPOs Till Date

A recent CB Insights report has put forth some startling facts about the Indian startup industry. The report revealed that a high number of technology startups in the ecosystem made a decision to exit this year. In fact, the number of initial public offerings (IPOs) filed by startups in 2017 till date has reached the most the country has witnessed in 5 years since 2012.

Till a couple of years ago, there was a looming concern in the Indian subcontinent that the tech ecosystem wasn't witnessing too many exits of startups through mergers & acquisitions or IPOs. But, CB Insights' current report is testimonial of the fact that the situation is changing for better.

According to the report by the US based research firm, the number of first exits witnessed in Indian tech companies has tripled from 52 in the year 2012 to 184 last year in 2016. The report also noted that even though between 2015 and 2016, the exit activity seen in the ecosystem remained the same, the IPOs saw a whopping 400 per cent increase– from 1 to 4.



India is home to the third largest number of technology driven startups in the world, after the US and the UK, according to a study done by Assocham in association with Thought Arbitrage Research Institute last year.

The third largest tech ecosystem in the world has registered a decent increase in deal activity and active investors in the recent times. Despite this, more and more tech startups in the country are choosing to not ride the cash boat provided by private equity firms, VC's and any other investment institution.

When a startup goes the Exit way, it provides capital to the startup investors. This capital received can then be utilised to return the money owed to the startup's limited partners or to the investors themselves.

For the uninitiated, startups can make an exit by either taking the mergers and acquisitions route or going for IPOs. According to CB insights report for the year 2016, 180 Indian startups exited through M&A, while four chose the IPO route.

The latest CB Insights report highlights that a total of 101 startups exited in 2017 Year-To-Date (August 1, 2017), with 10 IPOs, six of which took place in the month of June and July itself.

The report also revealed that when it comes to 6 industries that witnessed the most exits since 2012, the advertising, sales, & marketing industry occupied the numero uno position, by registering 37 exits during that time period. With 23 exits, the IT solutions & software development industry occupied the second position.

The CB Insights report also showed that exits among marketplace startups have grown from a dismissal 1 in 2012 to 18 last year. For 2017, the industry (marketplace) is currently leading the way with 9 exits.

According to the report, the Food and grocery industry has also seen an increase in exits- from 1 in 2012 to 10 in 2016. It also noted that ten of the most well-funded tech companies in the country ended up raising huge capital in ‘pre-exit’ funding. Videocon d2h earned a special mention in the report as it raised the most money before it merged with Dish TV Videocon in 2016, at $300 million.

In 2017, A Total of 101 Indian Startups Exited and 10 Filed for IPOs Till Date

A recent CB Insights report has put forth some startling facts about the Indian startup industry. The report revealed that a high number of technology startups in the ecosystem made a decision to exit this year. In fact, the number of initial public offerings (IPOs) filed by startups in 2017 till date has reached the most the country has witnessed in 5 years since 2012.

Till a couple of years ago, there was a looming concern in the Indian subcontinent that the tech ecosystem wasn't witnessing too many exits of startups through mergers & acquisitions or IPOs. But, CB Insights' current report is testimonial of the fact that the situation is changing for better.

According to the report by the US based research firm, the number of first exits witnessed in Indian tech companies has tripled from 52 in the year 2012 to 184 last year in 2016. The report also noted that even though between 2015 and 2016, the exit activity seen in the ecosystem remained the same, the IPOs saw a whopping 400 per cent increase– from 1 to 4.



India is home to the third largest number of technology driven startups in the world, after the US and the UK, according to a study done by Assocham in association with Thought Arbitrage Research Institute last year.

The third largest tech ecosystem in the world has registered a decent increase in deal activity and active investors in the recent times. Despite this, more and more tech startups in the country are choosing to not ride the cash boat provided by private equity firms, VC's and any other investment institution.

When a startup goes the Exit way, it provides capital to the startup investors. This capital received can then be utilised to return the money owed to the startup's limited partners or to the investors themselves.

For the uninitiated, startups can make an exit by either taking the mergers and acquisitions route or going for IPOs. According to CB insights report for the year 2016, 180 Indian startups exited through M&A, while four chose the IPO route.

The latest CB Insights report highlights that a total of 101 startups exited in 2017 Year-To-Date (August 1, 2017), with 10 IPOs, six of which took place in the month of June and July itself.

The report also revealed that when it comes to 6 industries that witnessed the most exits since 2012, the advertising, sales, & marketing industry occupied the numero uno position, by registering 37 exits during that time period. With 23 exits, the IT solutions & software development industry occupied the second position.

The CB Insights report also showed that exits among marketplace startups have grown from a dismissal 1 in 2012 to 18 last year. For 2017, the industry (marketplace) is currently leading the way with 9 exits.

According to the report, the Food and grocery industry has also seen an increase in exits- from 1 in 2012 to 10 in 2016. It also noted that ten of the most well-funded tech companies in the country ended up raising huge capital in ‘pre-exit’ funding. Videocon d2h earned a special mention in the report as it raised the most money before it merged with Dish TV Videocon in 2016, at $300 million.

Soon Startups in India Can Exit (or Bankrupt) Faster

In what could be seen as a good news for the Indian startup industry after a period of dull and slow growth, the Insolvency and Bankruptcy Board of India (IBBI) is finally contemplating expediting the resolution process of cases involving startups within a short time frame of 90 days, which would be half the time from the currently prevalent 180 days window. In the recent times, the Indian startup ecosystem has been witnessing some of the most shocking shutdowns and bankruptcy cases. Among them, the most shocking one that took everyone by surprise was when Stayzilla, India's largest platform (website and app) for verified homestays and alternate stays, decided to shut down its shop abruptly in February this year. (Read Here).

According to industry experts, expediting the resolution process will lead to an encouraging investment environment in the Indian Startup ecosystem as most of the startups in the country find it hard to make it till two years. A recently published report by Xeler8 revealed that in India nearly one in two startups end up saying bye-bye sooner than later. This was one of the key reasons that the Indian government wanted to give startups an easy option to exit within 90 days as a part of its startup India initiative. As of today, India has at least 35 active corporate insolvency resolution processes going on under its Insolvency and Bankruptcy Code.

The IBBI, which came into existence on December 1, 2016, is considering putting out a draft on the cutting down of resolution days from 180 to 90 in a day or two. A final decision on the same is expected to be taken soon. The IBBI was set up under the Insolvency and Bankruptcy Code, which provides for conclusion of an insolvency resolution process within 180 days from the date of the admission of an application for initiating the resolution process by the adjudicating authority.

According to the recent rankings unveiled by the World Bank in its ease of doing business index 2017, India’s rank in resolving insolvency is as low as 136, which is worse than its overall rank of 130th among the 190 nations ranked.

The Insolvency and Bankruptcy Code was established by the Indian government to consolidate and amend laws relating to insolvency resolution and reorganisation of partnership firms, corporate persons, and individuals in a timely manner.

IBBI's recent move is expected to improve India's ranking on the global index in the coming few years.

Soon Startups in India Can Exit (or Bankrupt) Faster

In what could be seen as a good news for the Indian startup industry after a period of dull and slow growth, the Insolvency and Bankruptcy Board of India (IBBI) is finally contemplating expediting the resolution process of cases involving startups within a short time frame of 90 days, which would be half the time from the currently prevalent 180 days window. In the recent times, the Indian startup ecosystem has been witnessing some of the most shocking shutdowns and bankruptcy cases. Among them, the most shocking one that took everyone by surprise was when Stayzilla, India's largest platform (website and app) for verified homestays and alternate stays, decided to shut down its shop abruptly in February this year. (Read Here).

According to industry experts, expediting the resolution process will lead to an encouraging investment environment in the Indian Startup ecosystem as most of the startups in the country find it hard to make it till two years. A recently published report by Xeler8 revealed that in India nearly one in two startups end up saying bye-bye sooner than later. This was one of the key reasons that the Indian government wanted to give startups an easy option to exit within 90 days as a part of its startup India initiative. As of today, India has at least 35 active corporate insolvency resolution processes going on under its Insolvency and Bankruptcy Code.

The IBBI, which came into existence on December 1, 2016, is considering putting out a draft on the cutting down of resolution days from 180 to 90 in a day or two. A final decision on the same is expected to be taken soon. The IBBI was set up under the Insolvency and Bankruptcy Code, which provides for conclusion of an insolvency resolution process within 180 days from the date of the admission of an application for initiating the resolution process by the adjudicating authority.

According to the recent rankings unveiled by the World Bank in its ease of doing business index 2017, India’s rank in resolving insolvency is as low as 136, which is worse than its overall rank of 130th among the 190 nations ranked.

The Insolvency and Bankruptcy Code was established by the Indian government to consolidate and amend laws relating to insolvency resolution and reorganisation of partnership firms, corporate persons, and individuals in a timely manner.

IBBI's recent move is expected to improve India's ranking on the global index in the coming few years.

India Ranks 3rd in Global Tech Startup Exits; Tops in Asia

The success of the startup ecosystem is defined by the number of successful startup exits. It acts as one of the best validation of the funding decisions made by investors. And, when it comes to Indian startup ecosystem there were concerns that India wasn't seeing too many exits of startups through mergers & acquisitions (M&As) or IPOs.

In the first six months of 2016, India ranked 3rd in global tech startup exit activity, according to US startup database CB Insights.

Unsurprisingly, the US led the exit activity with 857 M&A and 4 IPOs in the first six months of 2016, followed by the UK with 135. Indian startups witnessed 86 M&As and 2 IPOs. China, with just 15 M&As and 4 IPOs, fell to 11th position from 7th in the second half of 2015.



Every country in the top 5 had exits dominated by the internet sector. Both India and Canada saw mobile exit activity account for 20%+ in the first half of 2016.

Interestingly, 72% of the companies who made exits didn't raise VC or PE money prior to exit. Given the large number of consumer internet companies, every country in the top 5 had exits in the space. In India, 28% of the overall exits were of mobile ventures, the highest among the top 5 countries.



The report said there were over 1,590 exits globally in the first half of 2016, a 17% decline from the same period last year. However, the number of exits in the June quarter, at 820, was a 6% increase over the March quarter. After a lull, the second quarter saw some traction with 16 tech IPOs, including that of US-based personalized healthcare provider Nanthealth and cloud communications company Twilio.

Except for India (28%) and Canada (23%), Mobile exits have slowed down, reaching a 5-quarter low to account for 15% of global tech exits in Q2’16.

Notably, VC-backed exit activity saw a slight increase in Q2’16, globally, with 161 M&A deals and 8 IPOs. The last 3 quarters have trended upwards. However, when looking at the historical trend, we see that Q2’16 still falls below exit activity in Q2’15 (179) and Q2’14 (174).

Over half (53%) of the exits were at valuations less than $50 million, and 26% of the exits was between $50 million and $200 million, according to CB Insights. Only 4% of exits was at over a $1 billion — US-based personalized healthcare company Nanthealth topped the tech exit charts with a valuation of $1.7 billion.

While some of those companies saw successful exits (Twilio, Lytx, Ping Identity etc), there were a number of companies that sold for less than their total funding raised. For example, One Kings Lane raised $229M and sold for $30M while Gilt Groupe raised $284M and sold for $250M.

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