KreditBee Enters Unicorn Club with $280 Mn Series E Round

From Left: Vivek Veda, Co-founder and CFO; Madhusudan Ekambaram, Co-founder and CEO; Karthikeyan K, Co-founder and CTO.

KreditBee, India’s leading digital lending platform has raised USD 280 million in its Series E funding round at a post-money valuation of USD 1.5 billion, marking its entry into the unicorn club and making it the first unicorn of FY27. The round was led by Motilal Oswal Alternates, Hornbill Capital, and MUFG-backed Dragon Funds, with participation from WhiteOak Capital, A.P. Moller Holding, and existing investors including Premji Invest and Advent International. Co-founded by Madhusudan E., Karthikeyan Krishnaswamy and Vivek Veda in 2016, KreditBee delivers credit through its RBI-registered NBFC, KrazyBee Services Limited, along with co-lending partnership with over 10 financial institutions.

This fundraise comes as the company continues to strengthen its business and technology capabilities ahead of its next phase of growth and potential public market plans. The fresh capital will be deployed to expand KreditBee’s lending portfolio, deepen its presence across key markets, and further strengthen its technology platform. As part of its next phase of growth, the company plans to scale its artificial intelligence (AI) capabilities to drive sharper risk assessment, improve credit penetration, and enable more personalised financial offerings across customer segments.

Speaking on the development, Madhusudan E, Co-founder and CEO, KreditBee, said: “This fundraise marks an important milestone in our growth journey. The strong interest from new investors, along with continued participation from our existing investors reflects deep confidence in our business model and our mission to make credit accessible to millions of Indians. We are increasingly embedding AI into the core of our lending stack to enhance underwriting precision, strengthen risk controls, and deliver a faster, more intuitive customer experience.”

KreditBee has over 230 million app downloads and a strong base of more than 18 million unique loan customers. The platform has facilitated over 60 million loans across India and manages assets under management (AUM) of $1.5 billion as of March 2026. The platform offers a range of loan products, including personal loans, business loans, loans against property (LAP), and two-wheeler loans. In addition, KreditBee provides value-added services such as credit report solutions and UPI-based offerings. The company has built strong traction across metros as well as Tier-2 and Tier-3 cities, reflecting the growing adoption of digital credit solutions.

About KreditBee:

KreditBee, India’s leading online credit solution provider, caters to a vast and growing user base, predominantly young professionals, including both salaried employees and self-employed individuals. The platform has over 230 million total app downloads, and has registered a strong base of over 200 million users. With over 18 million unique loan customers and 60 million loans disbursed, KreditBee offers a wide range of financial products including personal loans, business loans, loans against property (LAP), and two-wheeler loans, tailored to meet diverse customer needs.

With a strong focus on digital, tech-led and data-centric KYC processes, KreditBee aims to bridge the financial inclusion gap across varied demographic segments in the country. The platform is a Series E funded entity, backed by Premji Invest, Motilal Oswal Alternates, Advent International, TPG NewQuest, Mitsubishi UFJ Financial Group (including MUFG-backed Dragon Funds), Hornbill Capital, Mirae Asset Venture Investments, A.P. Moller Holding, Unitary Funds, WhiteOak Capital, ICICI Bank, and others.

The company serves credit and personal finance requirements through its in-house RBI-registered NBFC, KrazyBee Services Limited (a Systemically Important NBFC), along with co-lending partnerships with over 10 reputed financial institutions.

Unicorn Startups Backed by Ratan Tata in Their Early Years

Ratan Tata, the former chairman of Tata Sons, has been a significant figure in the Indian startup ecosystem. His investments, particularly in unicorn startups, have illustrated his commitment to nurturing innovation and entrepreneurship in India.

Over the years, he had became a beacon for budding entrepreneurs, offering not just financial support but also mentorship and guidance. This article discusses the various aspects of Ratan Tata's investment ventures into unicorn startups and their broader impact on the Indian economy.

Origin of Ratan Tata's Investments

Ratan Tata's foray into venture capital began during his tenure as chairman of the Tata Group. Seeing the potential for tech and innovation in India, he started investing in promising startups. His investments were motivated by a desire to support young entrepreneurs and to drive technological advancement in the country. The establishment of the Tata Trusts facilitated his ability to make these investments, providing a structured approach to funding dynamic new ventures.

Tata has invested in over 50 startups through his personal firm, RNT Associates, and UC-RNT, a fund he established with the University of California. He has also provided mentorship and insights to the startups he has invested in.

Unicorn startups, defined as privately held companies valued at over $1 billion, play a crucial role in India's economic landscape. They drive innovation, create jobs, and attract foreign investment, significantly contributing to the GDP. The rapid growth of unicorns in India has also inspired a culture of entrepreneurship, encouraging more individuals to pursue their business ideas. Ratan Tata's involvement has not only validated these startups but has also highlighted their potential in the global marketplace.

List of Unicorn Startups Backed by Ratan Tata

1. Ola Cabs: One of India's leading ride-hailing services.

Ratan Tata invested in Ola Cabs in 2015. His relationship with Ola began earlier, in 2008, when he was the guest speaker at Bhavish Aggarwal's (Ola's co-founder) convocation at IIT Bombay. Inspired by Tata's words on serving the country, Aggarwal reached out to Tata in 2015 to seek investment for Ola.

Tata not only invested in Ola but also took a personal interest in the company's journey. He spent a full day with Ola's team in Bengaluru in 2016, showing immense curiosity and grace.

2. Ola Electric: A major player in the electric vehicle market.

Ratan Tata invested in Ola Electric in 2017. His investment and guidance were pivotal in the establishment of Ola Electric, which focuses on electric vehicles (EVs).

Ratan Tata's passion for EVs and his support played a significant role in inspiring Ola Electric's founder, Bhavish Aggarwal, to venture into the electric vehicle space.

It's a great example of how mentorship and belief in innovation can shape the success of a startup.

3. Paytm: A leading digital payments and financial services company.

Ratan Tata invested in Paytm in 2015. His investment came at a crucial time when Paytm was transitioning from a mobile recharge platform to a comprehensive digital payments and financial services company.

Ratan Tata's support not only provided much-needed capital but also added credibility and visibility to Paytm, helping it grow into one of India's leading fintech companies.

4. Lenskart: An online retailer of eyewear and accessories.

Ratan Tata invested in Lenskart in April 2016. His investment was part of his broader strategy to support innovative startups in India. Tata's backing not only provided crucial capital but also added significant credibility to Lenskart, helping it grow into one of the leading online eyewear retailers in the country.

5. Urban Company: A platform for home services.

Ratan Tata invested in Urban Company in 2015. His investment came at a crucial time when Urban Company was expanding its platform for local services, such as home cleaning, beauty treatments, and handyman services.

Ratan Tata's support not only provided much-needed capital but also added significant credibility to Urban Company, helping it grow into one of the leading service platforms in India.

6. Upstox: A financial services platform for trading and investments.

Ratan Tata invested in Upstox in 2016. He initially acquired a 1.33% stake in the company.

Upstox, founded in 2009 by Ravi Kumar, Raghu Kumar, Shrini Viswanath, and Kavitha Subramanian, is a discount brokerage platform. Tata's investment has been highly successful, with Upstox's recent valuation at $3.5 billion, delivering a return of around 23,000% on his initial investment.

Last week, Upstox bought back 5% of Tata's stake in a buyback deal, providing Tata with a 10x return on his investment while he still retains 95% of his original stake.

7. FirstCry: An e-commerce platform for baby products.

Ratan Tata invested in FirstCry in 2016. He acquired a 0.02% stake in Brainbees Solutions, the parent company of FirstCry, for Rs 66 lakh. His investment has been highly successful, and FirstCry has grown into one of India's leading online retailers for baby products.

8. CarDekho: A leading players in India's used car retail industry. 

Ratan Tata made a strategic investment in CarDekho in 2015. In that year, this marked his fourth venture into the Indian startup ecosystem, following his previous investments in Snapdeal, BlueStone, and UrbanLadder. While the exact financial details of the investment were kept confidential, it was a significant endorsement of CarDekho's potential and the burgeoning Indian automotive market.

In 2017, CarDekho achieved the unicorn status, following a significant funding round. The company's rapid growth and success in the Indian automotive market contributed to its high valuation.

Ratan Tata's investment not only provided a much-needed financial boost but also lent credibility and prestige to the company. His involvement attracted further attention from other investors and customers, contributing to CarDekho's rapid growth and expansion.

9. Moglix: India's leading online store for industrial tools & equipment.

Ratan Tata invested in Moglix in 2016, recognizing the potential to digitize and streamline the B2B supply chain in India. His investment was part of a Series E funding round that raised $120 million, valuing Moglix at $1 billion. This made Moglix one of the 13 Indian startups to achieve unicorn status in 2021.

The company was the first industrial B2B commerce platform in the manufacturing space in India to become a unicorn.

Tracxn: A data analytics and research platform for startups.

Ratan Tata invested in Tracxn in 2015. His investment was part of his broader strategy to support innovative startups in India. Tracxn, a data analytics and research platform for startups, has benefited greatly from Tata's support and guidance. It is to be noted that Tracxn is not yet a unicorn startup. 

Key Sectors of Investment

Ratan Tata has shown a keen interest in several key sectors through his startup investments. Predominantly, he has focused on technology, e-commerce, and consumer services. These sectors are integral to India's digital transformation and economic growth.

By investing in these areas, he supported startups that address contemporary challenges faced by consumers and businesses alike.

Impact of Ratan Tata’s Backing on Startup Success

The backing of Ratan Tata has proven to be a game changer for many startups. His reputation and industry connections provide a level of credibility that can significantly enhance a startup's visibility. Startups associated with Tata benefit from his extensive experience and networks, which facilitates partnerships and market access. This mentorship often translates into accelerated growth and broader operational strategies, setting them up for greater success.

Krutrim: How India's First 2024 Unicorn is Revolutionising AI

Artificial intelligence (AI) is a powerful technology that's changing many industries in the 21st century. It can transform healthcare, education, farming, finance, and more.

Krutrim is an Indian AI startup founded by Bhavish Aggarwal,  a seasoned entrepreneur who also founded Ola. It recently became India's first AI unicorn by getting $50 million in funding. This is a big deal for India's startup world. In this article, we'll look at how an AI startup Krutrim became the first Unicorn of 2024 and how it's changing the technology scene in India.

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Krutrim was started in 2023 by Bhavish Aggarwal. It wants to make a smart language system that can understand and talk in many Indian languages. It also wants to make special chips for AI. Krutrim is proud to be India's first AI unicorn because it's now valued at $1 billion. The AI startup got unicorn status quickly after it raised $50 million from investors like Matrix Partners India, in January 2024. Krutrim planned to released a beta version of its chatbot in February 2024. The AI chatbot understands 22 Indian languages and can respond in 10 Indian languages. The AI startup now plans to offer tools for developers and businesses later in this year.

The word "Krutrim" means "artificial" in Sanskrit. Krutrim isn't just another AI company. It wants to build a big system for AI that includes computers, servers, and other devices to help AI work better in India and other places. It's also making a huge language system that's trained on lots of Indian data so it can understand and talk in many Indian languages.

Krutrim doesn't just want to do language stuff. It also wants to help AI grow in India by supporting developers and researchers. Bhavish Aggarwal, the founder, thinks Krutrim can help AI grow in India. The $50 million funding round shows that investors believe in Krutrim. Matrix Partners India, one of the main investors, says Krutrim's work is important for making India more tech-savvy. Even though Krutrim hasn't said exactly how much money it makes, it claims its business has been growing really fast since 2023, with more than 500 customers in online shopping, education, healthcare, media, and government.

In the future, Krutrim wants to do more than just language stuff. It's planning to make a more advanced model called Krutrim Pro that can solve different kinds of problems in many areas.

Krutrim's value of $1 billion shows how big the AI market in India could be. Some experts think it could reach $70-100 billion by 2025 and $300-400 billion by 2030. But to make this happen, India needs to deal with some challenges like not having enough good data, not having the right infrastructure, and making sure AI is used in fair and safe ways.
Krutrim's Valuation: Anchored on Potential

Krutrim's worth is based on its future potential. When investors give money to a startup and get a share of the company, it helps decide how much the company is worth.

Krutrim's value depends on its ability to create new and amazing AI solutions made specifically for India. There's a big demand in India for AI programs that can chat with people and understand many languages. Krutrim says its language program, called Llama3, will be even better than what OpenAI and Google have made.
The company's value also comes from its founder, Bhavish Aggarwal. He's well-known for creating and growing Ola and Ola Electric, two big transportation startups in India. Bhavish Aggarwal's leadership, big ideas, and skills in getting top people and money from around the world make Krutrim look even more valuable.
Krutrim's Competitive Advantages

Krutrim has a few advantages that make it stand out in the AI market. One big advantage is its focus on India. India has lots of languages, more than 20 official ones and many dialects. Krutrim wants to make a language system that can understand and talk in lots of Indian languages, picking up on all the little differences and cultural stuff in each one.

Another advantage is Krutrim's work on both AI hardware and software. It's making its own special chips and data centres just for its language system and other AI stuff. Krutrim also plans to use Meta's super-advanced data centre in Jeffersonville. This place has cool gadgets like liquid-cooling systems to handle all the tough computing needed for AI. Krutrim is even teaming up with Meta to work on a new AI model called Llama4. This could help Krutrim get even better at what it does.

Startup Funding Trends in the AI Space

In 2022, Uniphore, a company that works on talking AI, got the most money ever for a round of funding: $400 million in what's called a Series E round.

A report from 2023 about AI Startups, showed that India-based AI Startups got $1.11 billion from 47 rounds of funding. This was just a tiny increase from the year before, but the number of times they got funding went down a lot, from 135 to 47. This shows that getting money for startups is getting harder, and investors are picking only the best ones.

Out of those 47 times, only four were really big deals at the end of a startup's growth. But even though there weren't many big deals, they made up most of the money raised. Krutrim got the most money of all in one of these big deals: $50 million in what's called a Series A round. This shows that Krutrim is doing well with its products, has lots of customers, and is doing better than its rivals.

Krutrim's special thing is its focus on different languages. It's working on a language system that can handle lots of Indian languages. This is important because India has lots of languages and cultures, and Krutrim wants to help people talk to each other better.

Krutrim is also working on making special chips that are really good at doing AI stuff. This is a smart move because it helps AI work faster and better. Becoming a unicorn, which means being valued at $1 billion, isn't just about money for Krutrim. It shows that AI can do cool things, like helping people talk to each other better and changing how India uses technology. As Krutrim keeps going, it's going to leave a big mark on India's startup world.

Conclusion

Krutrim's journey to unicorn status is an outstanding achievement not only for the company but also for India's technology ambition. Their focus on developing AI systems with multilingual capabilities, customized technology, and attention to India's specific needs emphasizes them as a major participant in the nation's future. Krutrim's challenging goals and strong alliances position it to change how people engage with technology and realize AI's huge potential in India.

Web3 Startup ZYBER 365 Turns Unicorn As It Raises $100 Mn from UK-based SRAM & MRAM Group

Web3 startup ZYBER 365 has raised $100 million in Series A round of its funding spearheaded by UK-based SRAM & MRAM Group, Valuing the startup at $1.2 billion, and earning a tag of a unicorn company, said multiple media outlets report. 

Founded in May 2023 by Pearl Kapur and Sunny Vaghela, ZYBER 365 is headquartered in London with an operational base in India. With this freshly raised funds, the startup has become India's and Asia's fastest unicorn tagged startup in mere 3 months of duration, suggest media reports.

Zyber 365 offers a decentralized and cyber-secured operating system powered with blockchain technology that merges cybersecurity and AI capabilities, establishing a secure base for applications.

According to the ZYBER 365 website, the young startup is also introducing a diverse and innovative range of multiple Web3 products like Layer-0, Layer-1 and Layer-2 blockchains, decentralised identities, data analytics, software development kit, web browser, NFT marketplace and ICO (Initial Coin Offering) which can be collectively leveraged as a complete Web3 ecosystem or as a standalone application specified to user requirement.

According to the startup's whitepaper, it is introducing Stablecoin, which will leverage AI-powered stabilization techniques to closely track synthetic indices. This groundbreaking initiative combines AI technology with traditional algorithms within an opensource and permissionless protocol. Its Stablecoin is specifically designed to exhibit low volatility and relatively low correlation with both fiat currencies and crypto assets, including Bitcoin.

ZYBER 365 Series A funding round, led by SRAM & MRAM Group, garnered significant investments from other prominent investors as well, highlighting the confidence in ZYBER 365's potential and growth trajectory.

In April this year, SRAM & MRAM Group has announced a USD 3.64 billion ( ₹2 Lakh crore) investment in a semiconductor fab in Odisha.

50% Reduction in Time to Reach Unicorn Status - BCG & TIE Report States

Boston Consulting Group (BCG) in association with Times Bridge and the Delhi Chapter of The Indus Entrepreneurs (TiE Delhi-NCR) today, unveiled a report titled, ‘Road to Hyperscaling in India’.

Key Pointers from the Report

• The startup ecosystem in India has seen massive growth over the years, producing ~58,000 startups
• 8 key themes that have helped late-stage startups in their hyperscaling journey
• 110 unicorns in India by 2022: an indicator for India's growing startup maturity, though the overall impact is far wider and deeper
• 40,000 active startups in 2022, indicating rising aspirations among Indian entrepreneurs
• 130 Bn raised since 2014 by Indian start-ups; growing faster than China and USA (49% YoY growth)
• 65% share of this funding attracted the by top 3 sectors: Fintech, eCommerce, and Enterprise tech
• 50% reduction in time to reach unicorn status, indicating faster scaling and a stronger belief in future growth potential

The entrepreneurship and startup landscape in India has witnessed breakout growth over the last few years, transforming India into the third largest startup ecosystem in the world, just behind USA and China. Last few years witnessed the rise of 100+ unicorns – a valuation milestone, which has often been celebrated by founders, investors, and media. The impact, however, has been much deeper and broader, with 40K+ active start-ups till FY22.

In the last decade several late-stage companies managed to ride the coveted ‘hockey stick curve’, while many more failed, while trying to grow too fast too soon. The report shares learnings from hyperscaling journeys of successful late-stage startups in India. In the context of the evolving macroeconomic environment and the resulting funding winter, the report also provides a framework for emerging startups to align their priorities and hyperscaling aspirations to the new realities.

Key highlights from the successful late-stage start-up journeys

Leveraging conversations with leading startup founders and investors, the report shares stories of successful Indian and global late-stage startups along eight key themes, that helped them hyperscale in India. While there is no one-size-fits-all pathway, the leading founders and investors have uncovered strategies and tactics from setting up the right business model to expanding the target customer groups and harmonizing the unit economics objectives with hypergrowth. For instance, some stories and examples covered in the report include:

• How Meesho deployed a creative customer acquisition strategy via their reseller business model to target the less trusting and less tech-savvy tier 2/3 city consumers. While many Indian startups struggled to replicate big city success in small towns and had to scale back, Meesho successfully rose with 70% share from Tier 2/3 towns.
• For Policy Bazaar, finding and nurturing mini-founders within organization was key to unlocking scale and creating leverage for the founders. This allowed them to not just setup and grow new businesses (e.g. Paisa Bazaar), but also build a culture of entrepreneurship, with different business unit owners driving growth and constructive experimentation within their own business scope.
• For the SaaS startup - Icertis, strategic partnerships with top-tier software and professional services players unlock a rapid pace of growth, which they would have never been able to drive alone. Those relationships enabled the start-up to leverage well-established B2B sales ecosystems quickly and, at the same time, add immense value to their partners’ portfolios of offerings.
• Many Indian start-ups have attempted but struggled to scale up businesses successfully in other major international markets. Report also shares inspirations from global leading startups – such as Uber and Airbnb, who managed to successfully adapt their business models to suit the specific local needs of Indian customers. While driving localization, they focused on not just leveraging existing strong global tech platform, but also exported successful local innovations for India back into the global platforms and playbooks.
• …and many more similar stories that emerging startup founders could learn from!

The report not only highlights the success stories of these start-ups but also cautions against the potential pitfalls at the time of hyperscaling. In euphoria of scaling up, one may attempt to grow too fast too soon, loosen governance and controls, and miss scaling critical tenets that helped them succeed in the first place.

The path forward

Overall, while picking up learnings from the good-to-great journey of startups in the last decade, one must adapt them to the new market realities and own context as well. Venture funding for startups suffered a 40% drop in 2022. No new unicorn emerged in last 6 months, a first in India in the last xx years. To add to that, only 18 out of 100 start-ups are profitable in India, as per 2021-22 estimates. Silicon Valley Bank failure and associated events have further added to the volatility and uncertainty in the near term. The tendency to ‘scale fast’ by burning cash always backfires, if done without clear sight of long-term customer value and unit economics. Survival and extension of financial runway must the top priority for startups in these times.

There is however a silver lining. Many India focused funds are sitting on large amount of unallocated dry powder to be deployed at an opportune moment. The younger promising start-ups will continue to attract capital, and so would the well-run late-stage start-ups. Founder may have to be more flexible on valuation in the near term though, as well as be open to alternative sources of funds, such as venture debt. As a leading venture capitalist expressed “This is the best time to build your business if you have sorted out your basics. The worst thing you can do is to want to keep to your old valuation because of ego and lose your market share.”

Sidharth Madaan, a Partner at BCG, opined, “Time and again, we have seen the well-run start-ups emerge significantly stronger with reduced competition out of a crisis. In the current volatile environment as well, start-ups with stronger business models, unit economics, customer retention, and sharper growth focus will be not just be able to stay afloat, but also consolidate their lead and emerge as leaders on the other side of the crisis.”

“How ephemeral can time be. When we started our interviews and research for this report late last year, funds were aplenty, valuations were skyrocketing, and growth was the only objective in one’s mind. And within a few months, while growth is still the holy grail, other parameters like strong business models, customer retention and above all, unit economics, have assumed centre stage. Those start-ups that will be able to juggle all of these without dropping any balls through this period of crisis are the ones that will come out stronger and as leaders from the current volatile environment,” says Rajiv Gupta, MD, Senior Partner and Leads Technology, Media and Telecom for BCG India.

Rohan Joseph, VP, Head of Global Investments and Corporate at Times Bridge, said, "India’s entrepreneurship and technology landscape has seen enormous growth in recent years, making it the world’s third-largest startup ecosystem. This report showcases the innovative strategies deployed by leading startups and global companies as they scale up in India’s dynamic business climate. At Times Bridge, we enable purpose-driven companies to enter India, and this report reaffirms our conviction in the market’s potential for entrepreneurs across all sectors."

“The Indian Startups story has entered a new era with a focus on creating scalable yet sustainable startups with the clear path on profitability. Hyperscaling is integral to this journey.

For over 2 decades at TiE Delhi-NCR we have witnessed the rise and rise of the startup ecosystem in India and have played a key role in its development. The report shows our commitment to fostering the spirit of entrepreneurship for the new economy," said Alok Mittal, Co-Founder & CEO, Indifi Tech and Board Member TiE Delhi – NCR.

The founders and leaders need to ensure survival as well as keep one eye on the future. While managing burn will be critical on one end, one must capture opportunities smartly to invest and grow in the long term.

A copy of the report can be downloaded here.

About Boston Consulting Group

Boston Consulting Group partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities. BCG was the pioneer in business strategy when it was founded in 1963. Today, we work closely with clients to embrace a transformational approach aimed at benefiting all stakeholders—empowering organizations to grow, build sustainable competitive advantage, and drive positive societal impact.

Our diverse, global teams bring deep industry and functional expertise and a range of perspectives that question the status quo and spark change. BCG delivers solutions through leading-edge management consulting, technology and design, and corporate and digital ventures. We work in a uniquely collaborative model across the firm and throughout all levels of the client organization, fueled by the goal of helping our clients thrive and enabling them to make the world a better place.

About TiE Delhi-NCR:

The Indus Entrepreneurs (TiE) is a global organization fostering entrepreneurship through mentoring, networking and education. TiE was founded in 1992 in Silicon Valley by a group of successful entrepreneurs, corporate executives, & senior professionals. There are currently 15,000 members, including over 3,000 charter members, spread across a vast network of 58 Chapters in 14 countries.

TiE Delhi-NCR is among the most active & vibrant chapters across the vast TiE network. In the last two decades, it has continuously taken the lead in creating an increasingly positive ecosystem for entrepreneurs and investors. With a strong mentor support base, various events throughout the year covering various aspects of entrepreneurship and multiple opportunities to showcase and network, it has emerged as one of the biggest platforms supporting entrepreneurship. TiE Delhi-NCR conducts a wide range of programs to help entrepreneurs, these include TiEcon Delhi, India Internet Day , Startup Expo, TiE Institute, TiE Young Entrepreneurs along with Special Interest Groups (SIGs) across sectors.

For more details about TiEcon and registration: https://www.tiecon-delhi.org/. For more info about TiE Delhi-NCR: https://delhi.tie.org/

About Times Bridge:

Times bridge is the global investments and venture arm of The Times Group, India’s oldest and largest media and digital company, whose mission is to ally with the world’s most purposeful companies to enable their entry, scale, and impact across India. Its current portfolio includes Airbnb, Canva, Coursera, Girl Effect, Headspace, Houzz, Luminary, Malaria No More, MUBI, Smule, Stack Overflow, Uber, and Wattpad, among others. By providing unmatched market leadership to its select global partners, Times Bridge accelerates growth and immersion across the Indian subcontinent for leaders and companies who believe in winning in and learning from India. For more information, visit https://timesbridge.com

Indian Fintech Money View Close to Become Unicorn with Latest Funding

Bengaluru based Money View, an online credit lending platform, has raised $75 million in its ongoing Series E round of funding led by Apis Partners, a UK-based asset management firm that invests in growth-stage firms.

Other investors that participated in the round include Tiger Global, Winter Capital and Evolvence.

Post this fresh funding, the fintech startup is now valued at $900 million, up from its earlier valuation of $625 million in March 2022, when it raised money in a Series D funding round.

The startup will use the latest funds as growth capital to scale its core credit business, expand the team, and broaden its product portfolio with services such as digital bank accounts, insurance and wealth management solutions.

According to the report by DealStreet Asia, Money View was initially hoping to raise up to $150m in the Series E round.

As per the startup website, Money View currently has over 40 million app downloads with an annualised disbursal run rate of $1.2 billion. It also claims to currently manage an AUM of over $800 million.

Founded in 2014, by Puneet Agarwal and Sanjay Aggarwal, Money View is a leading online credit platform that offers a full suite of personalized credit products like instant personal loans, cards, BNPL, and personal financial management solutions.

Money View has proprietary data models that provide a 360-degree risk assessment, enabling credit for the underserved segments that offers loans and financial management tools.

According to the company's media statement, Money View has achieved unit economic positive since inception and has been profitable for the past two years.

Authorized by the RBI, the Money View has a mobile app that offers instant personal loans starting from 10,000 up to 25,00,000 in just a few minutes. Its Annual Interest rates (APR) vary from 16% to 39% & users can choose from a wide range of flexible EMI repayment plans starting from 3 months & going up to 5 years. 

Blockchain Network 5ire Turns Unicorn with Latest $100 Mn Series A Funding at Valuation of $1.5 Bn

L to R- Prateek Dwivedi - Co-founder & CMO, Pratik Gauri - Co-founder & CEO and Vilma Mattila - Co-founder & CBO

• 5ire, has received funding from UK-based conglomerate SRAM & MRAM to become the fastest growing blockchain unicorn in India and the only sustainable blockchain unicorn in the world.
• Brainchild of India-origin founders, Pratik Gauri and Prateek Dwivedi

5ire, a fifth generation level 1 blockchain network and the world’s first and only sustainable blockchain, today announced that it has raised $100 million in Series A funding from UK-based conglomerate SRAM & MRAM. This investment makes 5ire the fastest growing blockchain unicorn in India and the only sustainable blockchain unicorn in the world, valued at $1.5 billion. 5ire was founded by Indian-origin entrepreneurs, Pratik Gauri and Prateek Dwivedi, along with web3 financier Vilma Mattila, in August 2021.

The funds raised will be used for business expansion and extending 5ire’s footprint across three continents including Asia, North America and Europe, with India as the hub of operations and core area of focus. 5ire will continue to invest in strengthening its blockchain further and work towards ensuring this decentralised technology benefits a larger base globally. Additionally, 5ire aims to hire the best talent in the industry across functions like product, engineering, marketing etc.

5ire had earlier raised a funding of $21 million in its seed round at a valuation of $110 million with participation from both private and institutional investors like Alphabit, Marshland Capital, Launchpool Labs, Moonrock Capital, and amongst many other investors.

Speaking on the occasion, Dr Sailesh Lachu Hiranandani, Chairman of the SRAM & MRAM group, said, “We have great confidence in moving forward with investments in sustainable technologies. As a scientist, I have always believed in finding better ways to do things, and 5ire is committed to finding solutions for the 17 UN Sustainability Development Goals. We are assured in the abilities of the leadership team at 5ire and wish them all the very best.”

Pratik Gauri, CEO and Founder of 5ire said, “We are on a mission to embed sustainability into blockchain and shift the current paradigm from ‘for-profit’ to ‘for-benefit’. The 5ire team has worked round-the-clock to develop a platform that combines both technology and processes for the benefit of humankind. Becoming the world’s first and only sustainable unicorn born out of India, in just 11 months, is testimony that we are on the right path. We are humbled by the trust shown in 5ire by the SRAM & MRAM group and thrilled to find a partner who also wants to promote the transition of the world from the 4th Industrial Revolution to the 5th Industrial Revolution.”

5ire is a blockchain ecosystem that brings forth Sustainability, Technology & Innovation to build the 5th industrial revolution (5IR). The mission of the 5ire ecosystem is to embed the for-benefit paradigm at the heart of blockchain, by highly incentivizing practices that align with the United Nations Sustainable Development Goals (SDGs), therefore facilitating the transition from the 4IR to 5IR. 5ire empowers decentralized autonomous organizations (DAOs) and working groups to help accelerate the implementation of the UN’s 17 SDG goals. It assures openness, unity of purpose, and inclusivity. Thus, shaping the ethics of business and collaborations toward sustainability while providing a cross-chain environment as well as advanced governance and rewarding mechanisms for participants.

5ire is a blockchain ecosystem that focuses on sustainability, technology and innovation to build the 5th industrial revolution (5IR). Founded by blockchain proponents Pratik Gauri, Prateek Dwivedi and Vilma Mattila in August 2021, the missions of the 5ire ecosystem are to embed a for-benefit paradigm at the heart of blockchain, highly incentivise practices that align with the United Nations Sustainable Development Goals (SDGs), facilitate the transition from the 4IR to 5IR, and accelerate the implementation of the UN 2030 Agenda for Sustainable Development. The company’s primary offering is 5ireChain, a first layer, sustainability-driven 5th generation blockchain that ensures adherence to the philosophy of 5IR, creating a net positive impact on the planet and service humanity. For further information, visit its website at https://www.5ire.org .

About SRAM & MRAM Group:

SRAM & MRAM Group is the brainchild of Dr. Sailesh Lachu Hiranandani, and founded in 1995. Chairman Dr. Sailesh Lachu Hiranandani, holds a Ph.D in Financial Management from UK, is a visionary with a steadfast background in Financial and Risk management in Hedge Funds and Forex Managements. His career started with commodity trading in India and Cambodia and gradually entered FX hedging and rollovers from Tokyo, Hongkong and Singapore. During this time, the world currency markets were rapidly fluctuating and he wanted a reliable system to manage the USD against GBP, EURO and JPY. This led to his acquiring considerable skills in both Financial and the Information Technology market.

Assisted by an able team of Information Technology and Forex associates, he set up what is today, after two decades, a global conglomerate with 8 international alliances, 10 companies,5 continents, 35+ locations, 300+ employees with a sales turnaround of USD 800 Million (FY 2017-2018). The corporation is headquartered in Edinburgh, United Kingdom with branch offices in Cambodia, South Africa, Indonesia, Malaysia, Bahrain, Georgia, India and Bangladesh. For further information, please visit https://srammram.com.

Nexus backed Hasura Becomes 1st Open-Source-based Unicorn from India; Raises $100 Mn Series C at $1 Bn Valuation

(L-R) Tanmai & Rajoshi

Hasura Announces $100M in Series C Funding at a $1B Valuation to Make GraphQL Available to Everyone

Greenoaks-led round will be used to expand R&D and go-to-market activities for GraphQL innovation leader

GraphQL innovation leader Hasura today announced that it has secured $100M in funding in a round led by Greenoaks with participation from existing investors Nexus Venture Partners, Lightspeed Venture Partners and Vertex Ventures. The Series C round brings the total capital raised by Hasura to $136.5 million and the company’s valuation to $1 billion. 

Hasura plans to use the funding to accelerate research and development and expand go-to-market activities globally for the company’s GraphQL Engine, which makes it fast and easy for even those with zero GraphQL expertise to compose a GraphQL API from existing APIs and databases. Hasura has been downloaded more than 400M times and has earned more than 25,000 GitHub stars since its introduction in 2018.

“There are few better signs of a powerful developer experience than enthusiastic adoption. And on this count, there aren’t many companies like Hasura,” said Neil Shah, partner at Greenoaks. “Since the launch of their GraphQL engine in 2018, Hasura has witnessed explosive uptake across countless organizations, from grassroots open source projects, to some of the largest companies in the world. The common thread is substantial improvements in developer productivity and decreased time to market for mission-critical applications. Now, Hasura Cloud has taken this a step further, truly democratizing GraphQL, and letting anyone access their data with speed and simplicity. We are thrilled to partner with Hasura as they become a core primitive for building cloud-native applications."

Hasura is designed to make web application development faster than ever before by eliminating bottlenecks to data access for frontend and fullstack developers. The platform cuts down the time and niche expertise required to build GraphQL APIs for data access by automating the repetitive work involved in mapping models to APIs with common access patterns like pagination, filtering, joining, setting up authorization rules, and optimizing performance.

With operational data increasingly distributed among multiple sources and developers consuming data in insecure and unauthorized compute environments, Hasura provides data APIs that are able to connect to multiple services and data sources, embed domain-specific authorization logic, and provide the necessary security and performance/concurrency.

“This funding enables Hasura to greatly increase our innovation velocity, which in turn allows our rapidly-expanding user base to deliver software even faster,” said Hasura CEO Tanmai Gopal. “Over the last few years, we’ve worked closely with our users and customers to address a massive gap in delivering and consuming data via an API standard that developers love – GraphQL. With this funding round, our investors and the Hasura team are doubling down on our vision to solve data access and unlock the next decade of developer productivity. We’re going to be addressing the needs of our users by adding support for their favorite data systems much faster. The Hasura GraphQL Engine lets developers of all types, regardless of their GraphQL experience, start building GraphQL APIs without delay. We look forward to seeing what amazing things they build next using Hasura!”

For more information about, and to connect more closely with Hasura, join the Hasura monthly community call here or register to attend HasuraCon’22, being held June 28-30, 2022.

About Hasura

Hasura is helping to build the modern world of globally relevant, data-driven applications and APIs. Hasura’s range of data access solutions helps organizations accelerate product delivery by instantly connecting data and services to applications with GraphQL APIs. For more information, go to: https://hasura.io or follow @HasuraHQ on Twitter.

Multi-Cloud Storage Startup MinIO Becomes Unicorn with $103 Mn Funding Led by Intel Capital

MinIO Founders - (L-R) Jishnu Bhattachargee, Garima Kapoor and AB Periasamy MinIO

MinIO Inc., creators of the MinIO multi-cloud object storage suite, announced today that it has raised $103 million in Series B funding at a $1 billion valuation. The investment was led by Intel Capital with participation from new investor SoftBank Vision Fund 2, and existing investors Dell Capital, General Catalyst and Nexus Venture Partners. Today’s financing brings MinIO’s total funding raised to $126 million.

“MinIO’s ability to solve the multi-cloud storage challenges faced by developers is impressive and we are delighted to continue supporting their mission through investment from Intel Capital,” said Greg Lavender, Chief Technology Officer; Senior Vice President, General Manager, Software and Advanced Technology Group for Intel Corporation. “Developers represent the engine of value creation in the enterprise and MinIO’s object storage suite is uniquely suited for their evolving requirements. MinIO’s power, simplicity and capacity to run anywhere — from the edge to the cloud — make it one of the most compelling companies in the storage space."

MinIO has established itself as the leader in AWS S3 compatible, multi-cloud object storage. Available on every cloud, MinIO has more than 1.2M active deployments on the public cloud, private cloud and edge. This includes public cloud deployments on Google Kubernetes Engine, Amazon’s Elastic Kubernetes Service, Azure Kubernetes Service, private cloud deployments on Red Hat OpenShift, VMware Tanzu, HPE Ezmeral, SUSE Rancher as well as millions of colocation and edge deployments.

MinIO continues to extend its feature leadership with the addition of click to deploy capabilities on AWS, Google Cloud and Microsoft Azure. This complements MinIO’s market-leading capabilities in information lifecycle management, ransomware protection and active-active, strictly consistent multi-site replication.

"High performance, multi-cloud object storage represents a foundational component in the modern software stack," said Vikas Parekh, Managing Partner at SoftBank Investment Advisers. "We believe that MinIO has established itself as the leader for a diverse set of workloads from AI/ML, advanced analytics, databases and modern applications. We are delighted to partner with Anand Babu Periasamy, Garima Kapoor and the team as they ramp up commercialization of the technology.”

MinIO has seen massive adoption from organizations around the globe. Growth metrics include:

• In the last year, ARR grew by over 201%
• MinIO’s customer count grew by over 208% in 2021 alone
• Total number of Docker pulls of 762,000,000, now averaging over 1,000,000 per day
• More than 31,000 GitHub stars and 16,000+ MinIO Slack community members

Open source under GNU AGPL v3, MinIO has received more than 9,000 pull requests from 855 contributors since 2015.

“Object storage has been the primary storage of the public cloud and with the adoption of Kubernetes, has become the primary storage for the private cloud and edge as well,” said Jishnu Bhattacharjee, Managing Director of Nexus Venture Partners. “MinIO has established itself as the leader in the space and Nexus is proud to have partnered with AB, Garima, and team MinIO from Day 1, in their journey of building this category-defining company.”

MinIO is an increasingly key component of its customer’s software stack as reflected in these quotes:

“MinIO is a foundational component of our Epiphany Data Foundation™ and Panoptic™ Compliance Audit Platform that provides the data ingestion, auditing and machine learning capabilities at PRGX,” said Amir Karuppaiah, CTO of PRGX USA Inc. “Together, we are on the journey of cloud-native solutions with data lakes and advanced, throughput-oriented machine learning approaches that deliver secure, accurate insights to our customers”.

"Rakuten Symphony was created with a vision that modern telco infrastructure should be cloud-native, open and interoperable, giving mobile network operators the ability to build, deploy and scale at speeds and low costs never before seen," commented Tareq Amin, CEO at Rakuten Symphony. "To achieve this we need like-minded partners like MinIO to enable operational efficiencies from the edge to the cloud."

MinIO is a high performance, Kubernetes-native, S3 compatible object store for a broad range of data storage use cases. Its performance dramatically exceeds comparable object stores, delivering tens of gigabytes of data per node in throughput. The performance characteristics have made MinIO the object store of choice for leading machine learning frameworks, analytics applications, databases, web applications and other performance-oriented workloads. MinIO’s architecture is renowned for its simplicity and scales from TBs to EBs easily.

MinIO has a subsidiary in Bangalore, India and is rapidly expanding their engineering footprint in that geography. MinIO has dozens of customers across India, Asia and the Middle East.

MinIO COO and Co-founder Garima Kapoor noted, “With Indian organizations becoming cloud first, it represents an important market for MinIO to focus on and invest in as we enter into the company’s next phase of growth and expansion.”

Read Garima and CEO, AB Periasamy’s blog post to learn more about the latest funding round and how it will support MinIO’s vision for an object storage centric world.

About MinIO

MinIO is pioneering high performance, Kubernetes-native object storage for the multi-cloud. The software-defined, Amazon S3-compatible object storage system is used by more than half of the Fortune 500. With 760M+ Docker pulls, MinIO is the fastest-growing cloud object storage company and is consistently ranked by industry analysts as a leader in object storage. Founded in 2014, the company is backed by Intel Capital, Softbank Vision Fund 2, Dell Technologies Capital, Nexus Venture Partners, General Catalyst and key angel investors.

Honasa Becomes the 1st Unicorn of 2022 As It Raises $52 Mn Led by Sequoia at 1.2 Bn Valuation

Honasa Consumer Pvt. Ltd. (HCPL), parent company of Mamaearth, The Derma Co. and the fastest growing personal care House of Brands, closes the latest USD 52 Million round led by Sequoia, accelerating the company’s leadership in D2C personal care segment.

The round witnessed participation by Sofina Ventures SA, the Belgium-based investment company, and Evolvence, a UAE based India focused fund. The round also gave employees an opportunity to monetize their vested ESOP.

The company plans to deploy the funds towards expanding their portfolio of personal care D2C brands venturing into new avenues with unique propositions. With the recent launch of Aqualogica, a hydration-based skin care brand, the company has forayed into a new segment catering to unique requirements of Indian skin and tropical weather. The newly acquired funds will be directed towards product innovation, distribution, and marketing of brands in Honasa’s stable. Along with launching new brands, Honasa will continue aggressively expanding distribution for existing brands -Mamaearth and The Derma Co. and explore strategic inorganic growth opportunities in beauty and personal care segment.

Commenting on this, Varun Alagh, Co-Founder and CEO, Honasa Consumer Pvt. Ltd. said, “We have been on a constant quest to becoming a company that is the first choice of evolving Indian millennials in the beauty and personal care segment. Our flagship brand, Mamaearth has established itself as a leader in D2C personal care with a strong purpose of Goodness Inside. Looking at the scale of Mamaearth and success of The Derma Co., we are confident that we have the expertise to build brands with a millennial connect. We will be deploying the funds towards brand launches, expanding distribution, inorganic growth and expanding the current portfolio across borders. Sequoia, Sofina and Evolvence have unique strengths in US, Europe & GCC respectively which will help us grow internationally & learn from others in these markets."

Commenting on investment, Ghazal Alagh, Co-Founder and CIO, Honasa Consumer Pvt. Ltd. said, “Our company is built on the proposition of Honest, Natural and Safe and that has contributed to the exponential growth of Mamaearth as consumers buy into the philosophy of the brand while purchasing the product. Millennials personal care concerns are dynamic and with our Direct-to-Consumer approach we are updated on the changing consumer demands. With this thought, we have been able to build an extensive portfolio of products across baby care, skincare, haircare and color cosmetics under Mamaearth and a portfolio of 40+ products under The Derma Co. The launch of Aqualogica is an extension of our philosophy of millennial problem-solving products. With the launch of Aqualogica, we are the first ones to launch a brand on the Noble prize winning Aquaporins based approach to hydration and the brand is already showing great receptivity by the consumers. The recent round will empower us to fuel our innovation funnel and provide a wider assortment of problem-solving personal care products for millennials we closed will further provide impetus to our innovation funnel and help us serve our consumers with a wider assortment of products.”

Ishaan Mittal, MD, Sequoia India said, “As discovery and consumption of FMCG brands is getting more influenced by digital channels, it is providing a unique opportunity to founders to build brands of the future. Mamaearth has established itself as a clear market leader in this digital-first consumer goods space and team Sequoia is delighted to double-down on the partnership with Ghazal and Varun in this journey.”

Rohit Batra, Managing Partner, Evolvence Capital, said, "We have been very impressed with the remarkable growth that Honasa has witnessed and the deep connect and trust it has established with its customers. We believe the GCC market will be very receptive to the Honasa brands, especially Mamaearth and initial signs have been very encouraging as we scale in the region."

Yana Kachurina, Investment Manager, Sofina Ventures SA, said, “We have been privileged to witness the spectacular growth of the company over the last few months, which only reinforces our initial view that Honasa is led by exceptional entrepreneurs and boasts best-in-class brand building and innovation capabilities"

Honasa Consumer Pvt Limited (HCPL), is a digital-first consumer brands company creating the FMCG conglomerate of the future. A company built on the values of Honesty, Natural ingredients and Safe care, HCPL caters to the needs of millennial consumers through innovative products, evolved propositions, direct to consumer marketing, and e-commerce fulfillment. Currently catering to over 1000 cities in India with brands like Mamaearth, The Derma Co. & Aqualogica, HCPL is building an ecosystem that helps benefit the consumers and community at large. Backed by Sequoia, Sofina Ventures SA, Evolvence, Fireside Ventures, and Stellaris Venture Partners, HCPL has become a billion-dollar personal care House of Brands in just 5 years.

World's 20 Most Valuable Startups with Valuation > $10 Billion

As of December 2021, there are more than 936 unicorns around the world and 35 decacorn startups with a valuation above $10 billion, spread out across different countries and industries -- according to business research firm CB Insights. China's ByteDance tops the list at valuation of $140 billion followed by Elon Musk's SpaceX at #2.

Tech VC firm Sequoia Capital, an early investor in Apple, Google, and Oracle, invested in at least nine of 2021's biggest unicorns -- Bytedance, Klarna, Canva, Nubank, BYJU'S, FTX, DJI Innovations, SHEIN, Bitmain.

U.S. and China together accounted for over 70% of the 35 biggest startups. The UK (3) was the next most-frequently listed headquarters, while Australia, Brazil, Germany, India and Sweden each had one of these unicorns on the list.

India has 48 unicorns as of  December 2021 and among top-25 Decacorns in the World edtech startup Byju's is the only Indian startup in the list with #13 position, at valuation of $21 billion.

Fintech and Artificial Intelligence are most invested sectors.

Rank #	Company	Valuation	Country	Category
1	Bytedance	$140 Bn	China	Artificial intelligence
2	SpaceX	$100.3 Bn	U.S.	Other
3	Stripe	$95 Bn	U.S.	Fintech
4	Klarna	$45.6 Bn	Sweden	Fintech
5	Canva	$40 Bn	Australia	Internet software & services
6	Instacart	$39 Bn	U.S.	Supply chain, logistics, & delivery
7	Databricks	$38 Bn	U.S.	Data management & analytics
8	Revolut	$33 Bn	UK	Fintech
9	Nubank	$30 Bn	Brazil	Fintech
10	Epic Games	$28.7 Bn	U.S.	Other
11	Chime	$25 Bn	U.S.	Fintech
12	FTX	$25 Bn	China (Hong Kong)	Fintech
13	BYJU's	$21 Bn	India	Edtech
14	Xiaohongshu	$20 Bn	China	E-commerce & direct-to-consumer
15	J&T Express	$20 Bn	Indonesia	Supply chain, logistics, & delivery
16	Fanatics	$18 Bn	U.S.	E-commerce & direct-to-consumer
17	Yuanfudao	$15.5 Bn	China	Edtech
18	DJI Innovations	$15 Bn	China	Hardware
19	SHEIN	$15 Bn	China	E-commerce & direct-to-consumer
20	Checkout.com	$15 Bn	UK	Fintech

Upgrad - the New Unicorn; Raises a Total of $185 Mn at the Valuation of $1.2 Bn

Doubles in valuation in 60 days from first fundraise; Reports claim in advanced talks for a USD 400 Million fundraise at a valuation of USD 4 Billion

upGrad, Asia’s higher edtech major, has turned a unicorn as it closes a series of raises from Temasek, IFC (International Finance Corporation, a sister organization of the World Bank and member of the World Bank Group), and IIFL. It has raised a total of USD 185 Million at a value of USD 1.2 Billion.

“We are very focussed on our path to being in the top 3-5 companies globally in EdTech and serving the 1 Billion workforce across the age group of 18 to 60 years. We are pleased with the investor interest ever since we opened up for a fundraise, and had our maiden raise from Temasek, followed by IFC and IIFL in the last 60 days. We will announce further updates on M&As, and unlocking value as they unfold. Yes, the last value was at USD 1.2 Billion, but as I keep saying, we are not a fan of the tag name unicorn - for us, it is only a means to a much larger goal,” said Ronnie Screwvala, Chairperson and Co-founder, upGrad confirming the news.

The edtech leader has always been promoter-funded with the founder group still owning 70% plus in the company. Recent reports suggest, the company is in advanced talks for a USD 400 Million fundraise at a valuation of USD 4 Billion, and so this milestone of unicorn is just a path to the larger mission of the global edtech major - upGrad.

Ronnie Screwvala - Co-founder & Chairman, upGrad

upGrad is a pioneer in the online education revolution, changing the lives of millions for the better by “Powering career success for every member of the global workforce as their trusted lifelong learning partner”. Co-Founded by one of the world’s most impactful entrepreneurs, Ronnie Screwvala along with Mayank Kumar and Phalgun Kompalli, upGrad has impacted over 1 million total registered learners in over 50+ countries.

upGrad, Asia’s higher EdTech leader, uniquely drives deep learning for the real world, by creating original content harnessing industry experts across the globe and offers learners a hyper-personalized, comprehensive one-stop solution, combining the power of its’ proprietary AI-driven technology platform with its army of counsellors who handhold learners for the entire duration of their course.

To provide the best university quality education, upGrad brings together the world’s leading universities, faculty & industry experts on an integrated digital platform, delivering an immersive experience with full flexibility to study at one’s own pace. upGrad’s ever-expanding roster of leading global universities includes Duke Corporate Education (US), Michigan State University (US), Liverpool John Moores University (UK), Deakin Business School (Australia), Swiss School of Business Management, (Geneva), IIT Madras (India), IIM Kozhikode (India).

upGrad’s alumni base is employed by blue-chip organizations like Gojek, PayTM, Gartner, Flipkart (Walmart-acquired), Accenture, and E&Y. upGrad is #1, LinkedIn Top Startups India 2020 and is in Top 50 of the FT Asia-Pacific High-Growth Companies 2021 and the GSV Global EdTech 50

Life Sciences' Cloud Software Startup Axtria, Having 75% Workforce in India, Becomes Unicorn After Latest Funding

Image - Facebook.com/AxtriaInc

Axtria Inc, a global provider of cloud software and data analytics to the Life Sciences industry, has reportedly been valued at close to $1 billion after picking up $150 million in a funding round led by Bain Capital Tech Opportunities, the growth investing business of venture capital firm Bain Capital.

Axtria confirmed the funding, but the $1 billion valuation comes from people with knowledge of the matter who asked not to be identified because the information is private, reported Bloomberg.

Founded in 2010, by Jassi Chadha and Navi Chadha, Axtria provides cloud based data management and artificial intelligence software for companies in the life sciences industry, with the goal of helping them to bring therapeutics to market faster.

The U.S.-based startup has 75% of its workforce located in India and selected thrice in Great Place to Work® in India 2018-2020 and in 2020 in the USA. Axtria has customers in over 75+ countries, Axtria is one of the biggest global commercial solutions providers in the Life Sciences industry.

Axtria's latest funding is the first institutional funding the company has received,  Axtria Chief Executive Jassi Chadha told Bloomberg. He said that Astria is already operating at a profit, and that it could be ready to go public within the next three to five years.

Bain Capital Managing Director Darren Abrahamson said in a statement that he likes Axtria because it’s solving a unique pain point in the life sciences industry. He explained that pharmaceutical companies have struggled to work out how to leverage the vast amounts of data they have and use it intelligently to drive thoughtful decision-making. Axtria gives them to the tools they need to do that, he said.

India Has 100 Unicorns; One Each in Kanpur, Kochi, Nagpur, Thrissur and Trivandrum - Claims Credit Suisse Report

India has a 100 unicorns -- a privately held startup company valued at over $1 billion -- a new report with unique methodology claims, more than double the 35-40 that most other reports and venture capitalists claim. The new report includes one unicorn firm each in cities-- Kanpur, Kochi, Nagpur, Thrissur and Trivandrum.

The new method by Credit Suisse has used one of the three criteria: 

1. Either the company has raised funding at a $1-billion-plus valuation 
2. It has reported an operating profit in FY20 which, at average valuation multiples of listed peers, would give them a $1-billion-plus valuation. 
3. Or where a firm raised funding at less than unicorn value but the business momentum has improved, implying higher current valuation.

The report from Credit Suisse includes companies which are close to the unicorn mark but are not quite there yet, as well as sectors far away from technology including pharmaceuticals, gems and jewellery and manufacturing.

Unicorns are generally defined as technology startups which have attained the billion dollar valuation while still being privately held- generally within 10-12 years. In India, these typically include companies in sectors such as e-commerce, payments, ride-hailing, tech-enabled logistics, education and software-as-a-service (SaaS).

Source - BloombergQuint.com

The Credit Suisse report includes all these, and broadens its scope to companies including but not restricted to Parle Products, Vishal Mega Mart, Wonder Cement, ReNew Power Ventures, Serum Institute of India and National Stock Exchange.

The report says that it includes not only companies valued at over a billion dollar, but also companies whose FY20 earnings, at the average valuation of listed peers, would give them a valuation of over a billion dollar, and where its last funding round was at less than unicorn valuation, but business momentum has been strong since, implying higher valuations.

“We have spread our net wider, looking beyond the normal technology or ‘technology enabled’ sectors, which are expected to have unicorns but also in conventional sectors like non-banking finance, bio-tech and pharmaceuticals, modern trade, consumer goods as well as infrastructure,” the report said.

“We screened for unlisted firms for large profit pools and strong growth, tabulating the list of investments by major private equity (PE) firms, digging into deals news flow, and then meeting several PE firms to make sure the list was comprehensive,” it added.

Two investors Moneycontrol spoke to disagreed with the methodology, but acknowledged that India having 100 private companies valued at over a billion dollars is still a very positive sign. They requested not to be named.

The growing number of unicorns, and the increasing pace of reaching that valuation can be attributed to a buoyant funding environment over the years. According to the report, private market fundraising has exceeded public fundraising for each of the last ten years. “This may not be a permanent phenomenon, given generally the much larger liquidity and size of public markets, but is definitely not a fluke either,” it said.

Digit Insurance Joins the Unicorn club with $1.9 Bn Valuation

• Valued at $ 1.9 billion, doubling since last year.
• Achieved this in a span of 3 years of operations.
• Existing PE investors are participating. 

Bengaluru, 15 January 2021: Digit Insurance, a General Insurance company, started in 2017 with a mission to make insurance simple in India, becomes this year's 1st Indian Unicorn at a valuation of $ 1.9 billion.

In an almost-recession like year for most businesses and when the insurance industry itself grew by 0.1%*, Digit grew by 31.9%, earning a premium of $186 million (April'20-Dec'20) and claims to have 1.5 crore customers since inception. Within a short span of 3 years, Digit has also garnered profits in all 3 quarters of FY 20-21 **. They also hold a customer rating of 4.9 stars on facebook based on 14,000+ customer reviews***.

The young Unicorn uses technology to simplify processes for their customers, like smartphone-enabled self-inspection and audio claims. They are 100% on cloud and have launched several innovative offerings relevant to the ever-emerging needs of customers.

Under the unique and commendable sandbox initiative of IRDAI, they launched a novel COVID-19 product, a Fixed benefit cover for COVID-19. They have also been able to reach out to more than 20 lakh Indian lives through their Digit Group Illness Insurance product.

The Fairfax backed insurance company, headquartered in Bengaluru, is founded by insurance veteran Kamesh Goyal, who with over 30+ years has worked in both General Insurance and Life Insurance spaces. Before founding Digit, he was the Head of H8- Asset Management & US life insurance Company for Allianz Asset Management.