1947 Tech 🇮🇳: 127
Once a week newsletter: Insights on Tech, markets, startups, venture capital, and foreign investments in India
1. India’s Razorpay becomes unicorn after new $100 million funding round
YC has produced its first unicorn in India.
Bangalore-headquartered Razorpay, one of a handful of Indian fintech startups that has demonstrated accelerated growth in recent years, has joined the coveted unicorn club after raising $100 million in a new financing round, the payments processing startup said on Monday.
The new financing round, a Series D, was co-led by Singapore’s sovereign wealth fund GIC and Sequoia India, the six-year-old Indian startup said. The new round valued the startup at “a little more than $1 billion,” co-founder and chief executive Harshil Mathur told TechCrunch in an interview.
Existing investors Ribbit Capital, Tiger Global, Y Combinator and Matrix Partners also participated in the round, which brings Razorpay’s total to-date raise to $206.5 million.
2. Startup founders take row with Google to CCI doors
Founders call on India’s antitrust regulator to highlight monopoly risk to the app ecosystem.
India’s antitrust regulator on Friday met with a group of startup founders including the chief executive of Paytm, Vijay Shekhar Sharma, to understand the concerns raised by them over Google’s alleged misuse of market dominance in the country, two people directly aware of the matter told ET.
Founders of BharatMatrimony, MapMyIndia, TrulyMadly and nCore Games were also among the 13–15 entrepreneurs who attended the meeting with a senior Competition Commission of India (CCI) official, one of the people said.
They appraised the CCI official of instances where the US-based tech giant could be posing a monopoly risk to the country’s burgeoning app ecosystem, the people said.
3. India constitutes 75% of Truecaller’s global MAU and DAU base
This is mind-boggling.
The Stockholm-based company Truecaller has been claiming India as its biggest market, has recorded 185 million MAU and 150 million DAU from the country.
In today’s world, one can build a company from anywhere and find its biggest market on the other side of the world.
Also, if you are building a consumer app, you can’t ignore India.
London Stock Exchange in talks with Indian tech firms to list overseas Link
Amazon drags Future Group to Singapore Arbitration forum Link
SAIF Partners: SAIF raising new $400 million India fund Link
Paytm Launches Android Mini App Store, Onboards Over 300 App-Based Service Providers Link
Investors steer clear of young startups with Chinese capital Link
Vedantu in talks with KKR and existing investors to raise $100 Mn Link
PharmEasy in investment talks with Naspers, TPG Link
FreshToHome in talks for a fresh $130 million funding Link
Myntra parent infuses $103 million into ecommerce firm ahead of festive sale Link
Walmart and Flipkart pumps $30 Mn more in Ninjacart Link
Ecom Express in talks to raise $40 Mn round led by Investcorp Link