ETtech Deals Digest: Swiggy, ShareChat raise funds this week


Some hefty funding deals this week propelled a number of startups into the unicorn club. But we start with food ordering platform Swiggy, which is building a war chest to take on IPO-bound Zomato.

Swiggy gets $800 million in funding

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Swiggy has
raised $800 million from investors led by Falcon Edge, Amansa Capital, Think Investments, Carmignac and Goldman Sachs. The deal pegs Swiggy’s valuation at $5 billion. ETtech was the
first to report on the fundraising on February 12.

Sovereign wealth funds Qatar Investment Authority and GIC of Singapore—new investors to Swiggy’s cap table—are also part of the financing round.

Swiggy’s fundraise comes just months before its chief rival Zomato is
expected to go public.

ShareChat valuation jumps to $2.1 billion

ShareChat has
secured fresh capital of $502 million in a funding round led by US investment firm Tiger Global. The deal puts the valuation of the homegrown social network at $2.1 billion, making it the sixth startup to enter the burgeoning club of Indian unicorns this week.

Other Indian startups to have broken into the group of companies valued at over one billion this week are Meesho, Cred, PharmEasy, Groww and Gupshup. Since January, India has minted 10 new unicorns.

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Photo-messaging app Snap and existing investors Lightspeed Venture Partners and Twitter also participated in the funding that will be used to acquire new users, build the creator economy and also strengthen ShareChat’s artificial intelligence-based tools, cofounder Ankush Sachdeva told ET.

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Pharmeasy propels parent firm to unicorn status

Prosus Ventures and US-based private equity firm TPG Growth are leading an investment of $350 million (about Rs 2,570 crore) in API Holdings, the parent company of Mumbai-based online pharmacy Pharmeasy.

The deal is estimated to have valued Pharmeasy at $1.5 billion post-investment. ET was the first to report about Pharmeasy’s funding round being led by Naspers
on October 15 last year.

Meesho raises $300 million

Facebook-backed Meesho has
picked up $300 million in a new round of funding led by SoftBank Vision Fund 2, catapulting the social commerce startup’s valuation to $2.1 billion. ET
first reported the details of the deal on February 12.

The company’s latest capital raising exercise has almost trebled its valuation compared to when it last
raised $125 million in 2019. At the time Meesho was valued at around $700 million.

Cred’s valuation soars to $2.2 billion

Credit card repayment platform Cred has
concluded its Series D funding, raising $215 million in a round co-led by new investor Falcon Edge and existing investor Coatue Management, founder and chief executive Kunal Shah said in a note to employees.

The new round gives the Bengaluru-based fintech firm a post-money valuation of $2.2 billion. It was valued at $800 million just three months ago, when it raised its Series C round. It also underscores the demand among investors for a piece of India’s growth-stage fintech startups.

Other key deals

OFB Tech, which operates business-to-business (B2B) platform OfBusiness, has concluded its Series D2
funding round of $110 million led by Falcon Edge Capital, at a post-money valuation of $800 million.

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Conversational messaging platform
Gupshup has
raised $100 million from Tiger Global, pushing the company’s valuation to $1.4 billion.

Groww has
landed $83 million in a Series D funding round led by Tiger Global, catapulting the online investment platform into India’s startup unicorn club.

Used cars platform
Spinny has concluded its Series C funding round by
raising $65 million from Silicon Valley-based venture capital firm General Catalyst and others at a post-money valuation of $350 million.

Homegrown private equity fund
ChrysCapital has
bought about 35% stake in new-age personal care brand WOW Skin Science India for $50 million.

Early-learning toy company
PlayShifu
announced a Series B fundraise of $17 million. Inventus Capital India led the round, with Inflexor Ventures joining as a new investor.



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