Welcome back to India Tech Weekly Deals Roundup, a weekly podcast by Tracxn for key startup deals in India from last week.
In this edition, we will cover funding rounds of VerSe, Instoried, CRED, and more. In exits, we will cover the acquisition of MyHQ by ANAROCK among others.
Starting with our deep dive into funding rounds, tech companies in India raised over $1.3 billion of funding across 21 funding rounds during this week.
In a major funding round event, Media & Entertainment startup, VerSe, raised $805 million in a Series J funding round led by CPP Investments with participation from Luxor Capital Group, Ontario Teachers' Pension Plan, Sumeru Ventures, and others. VerSe achieved unicorn status in December 2021 when it raised $100 million of funding from Google, Microsoft and Falcon Edge’s Alpha Wave Incubation. VerSe is a provider of an app for sharing short videos and news. VerSe enables users to share funny, entertainment-based videos on its platform in English and vernacular languages like Hindi, Malayalam, Tamil, Telugu, and Kannada. VerSe also allows users to read news aggregated from multiple sources, and uses AI to offer engaging content to users. Founded in 2007 by an ex-Facebook employee, Bangalore-based VerSe has raised around $1.8 billion till date.
Enterprise Applications startup, Instoried, raised $200 million in a funding round from Global Emerging Markets. Instoried is a provider of AI-based content optimisation tools. Instoried offers software that analyses the given content to provide a scorecard and feedback on how one can improve their written communication. Instoried includes subscription-based pricing plans, and allows users to boost customer engagement and enhance creativity. Founded in 2017, Bangalore-based Instoried has raised $210 million till date.
In another major funding round event, FinTech startup, CRED, raised $200 million in a Series E funding round led by GIC. CRED achieved unicorn status on 6th April 2021 when it raised $215 million from Coatue Management LLP and others. CRED is a reward-enabled, app-based platform for credit card bill payments. CRED enables credit and debit card users to pay their bills and get rewarded in the form of Cred Coins, which can be used to claim rewards from partner brands. CRED offers an app to manage multiple credit cards and keep real-time checks on credit scores, as well as calculators for home loans, EMIs and PPFs. Founded in 2018, Bangalore-based CRED has raised $894 million till date.
IndiQube, a Bangalore-based Real Estate and Construction Tech startup, raised $30 million in a Series B funding round led by WestBridge Capital with participation from Konark group, HirePro, Ashish Gupta, and others. IndiQube is a chain of co-working spaces. IndiQube includes plug and play infrastructure, customisable workspaces, operational support, and an intranet portal called MiCube which allows users to schedule and manage employee transport service, order food, book gym slots, and access concierge services. Founded in 2015 by IIT Roorkee alumni, IndiQube has raised $45 million till date.
Enterprise Applications startup, Rattle, raised $26 million in a Series A funding round led by Insight Partners with participation from GV, Sequoia Capital and Lightspeed Venture Partners. Rattle is a platform offering Salesforce integration solutions. Rattle provides a layer built on Salesforce, and enables AEs and SDRs to update CRM, get real-time visibility, and review pipeline reports through Slack. Rattle also enables users to send automated messages on Slack after every qualified meeting. Founded in 2020, Punjab-based Rattle has raised close to $29 million till date.
Mumbai-based FinTech startup, EnKash, raised $20 million in a Series B funding round led by White Venture Capital, Baring Private Equity Partners India and Ascent Capital, with participation from Mayfield and Axilor Ventures. EnKash is a provider of corporate spend management solutions. EnKash offers a cards unification and spending management platform that features financial automation tools for businesses to manage payables, receivables and expenses. EnKash includes financial and non-financial products and services, as well as a plug-and-play card issuance stack. Founded in 2016, EnKash has raised over $23 million till date.
This was all from the funding updates, moving on to the exits. India Tech observed 3 exits during the week of 10 Apr 2022.
MyHQ, a Real Estate and Construction Tech startup, was acquired by ANAROCK for over $16 million. MyHQ is an online marketplace to book shared passes for office membership. MyHQ includes amenities like WiFi, on-demand passes, permanent spaces for teams, a professional business address, virtual office, discounted food and beverages, as part of its plans. Founded in 2016 by IIT Delhi alumni and Harvard Business School alumni, MyHQ has raised over $2 million till date.
Gurgaon-based FinTech startup, BookMyForex, was acquired by Tripmoney. BookMyForex offers online money exchange and foreign remittance services in India. BookMyForex provides a suite of forex services, currency notes, prepaid travel cards, traveller’s cheques, foreign currency demand drafts and foreign currency wire transfers. BookMyForex also operates as a marketplace for foreign exchange, and has partnered with select banks and reputed exchange companies to fulfill the forex requirements of customers. Founded in 2011 by ex-Cisco employee, BookMyForex has raised close to $6 million till date from Faering Capital, Aditya Pratap Singh and Sudarshan Motwani.
This was all for today, we will be back next Monday with more updates. You can subscribe to our podcast on Google Podcasts, Spotify, and Apple Podcast to stay updated. If you have any feedback, please reachout to us at podcast@tracxn.com.
Thank you for tuning in today, see you next week.
