ETtech Deals Digest: PolicyBazaar rejigs cap table, Cashify bags $15 mn

While a lot of companies were in talks to raise fresh funding in the last five days, the week witnessed smaller rounds compared to the previous week.

PolicyBazaar rejigs cap table

Online insurance aggregator PolicyBazaar
executed yet another secondary share sale worth about $45 million, in which private equity firm True North and some angel and individual investors sold their stakes. The transaction values the company at about $2.4 billion.

Bay Capital, IIFL Wealth, White Oak Global Advisors and Cyrus Poonawalla Group are among the incoming investors in PolicyBazaar’s parent entity ETechAces Marketing and Consulting, which also operates online lending marketplace PaisaBazaar.

PocketPills gets $30 million funding

Online pharmacy PocketPills, which caters to consumers in the Canadian market,
received $30 million in a Series B funding round led by Telus Ventures, with participation from Water Bridge Ventures. The deal values the company at $150 million, a person with knowledge of the matter told ET. PocketPills is expected to use the funds to broaden its product offerings and accelerate its expansion plans in Canada.

Cashify bags $15 million

picked up $15 million in a Series D funding round from private equity Olympus Capital’s clean energy and sustainability arm, Asia Environmental Partners. Including this, the online reseller has raised a total of $40 million so far. The Gurugram-based startup last raised funds in 2018 from Chinese funds—CDH Investments, Morningside and Aihuishou.

The bulk of Cashify’s business is trading in old or used mobile phones, but it also makes instant cash payments for laptops and smartwatches. The company plans to utilise the funds for marketing and expanding its offline footprint by adding around 90 stores to its existing 60 by mid-2022. It plans to do so through a franchise model in metro as well as Tier II cities.

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landed $12.5 million led by Sequoia Capital India and Greenoaks Capital. Existing investors, Lightspeed India and, also participated in the round.

With the latest funding, the company has raised $20 million in the last six months. Currently present in seven cities, the startup plans to utilise the funds to expand into eight more cities this year and strengthen its presence in the existing ones.

Symbo Platform closes $9.4 million funding round

Insurtech startup Symbo Platform Holdings
closed a $9.4 million funding round led by CreditEase Fintech Investment Fund and San Francisco-based investment firm Think Investments. The Singapore-headquartered company also saw participation from existing investors, Integra Partners, Insignia Ventures and AJ Capital.

A large proportion of the funds has also been earmarked for investment into Symbo’s Indian affiliate. In India, Symbo is focused on context-based, customer need-oriented focused insurance.

Other key deals of the week

■ E-commerce startup
DealShare has
raised Rs 25 crore in debt funding from Innoven Capital.

Outplay, a sales engagement platform targeted at small and medium businesses,
bagged $2 million in funding from Sequoia Capital India’s early-stage accelerator fund Surge.

IdeaForge, a homegrown unmanned aerial vehicle (UAV) startup, has
landed Rs 15 crore in venture debt from BlackSoil.

Argoid, an AI-driven streaming media personalisation platform, has
raised $1.7 million in a seed funding round that was led by YourNest Capital.

■ Edtech platform
Questt has
picked up $1.35 million in a seed funding round led by Chiratae Ventures.

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■ The
ePlane Company, a startup that is trying to build flying electric taxis to alleviate congestion in cities, has
received around $1 million in a seed funding round led by Speciale Invest and Indian American entrepreneur-investor Naval Ravikant.



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