1947 Tech 🇮🇳: 136
Once a week newsletter: Insights on Tech, markets, startups, venture capital, and foreign investments in India
1. Zenoti enters unicorn club with $160 million fundraise
The US market makes up for 60% of Zenoti’s revenue, followed by the UK, which contributes 20%. India and West Asia make up almost 5%.
As long as you have a laptop, good internet, and the availability of strong tech talent, you can build a massive global company from anywhere.
The pandemic will only enable this trend further.
India is uniquely positioned to build massive global SaaS companies in the years to come.
Bellevue- and Hyderabad-based software-as-a-service (SaaS) firm Zenoti has raised $160 million as part of its Series D round led by private equity firm Advent International, through Advent Tech and affiliate Sunley House Capital, at a valuation of more than $1 billion.
2. Indian engineers lead global integration of Uber Eats app in Japan, Belgium
Global companies are looking at India not only to capture the market but also to learn and innovate as well.
India has become a learning hub for global companies.
Innovation is coming from India. New products and features are built in India and the successful ones are exported globally.
Uber Eats’ engineering team in Hyderabad is leading innovations in the key global markets of Japan and Belgium to ensure the integration of payment wallets into the application.
The first wallet to be added as a payment option in Japan was digital wallet platform LINE Pay, which was soon followed by the integration of PayPay. PayPay is now largest wallet in Japan by volume of payments.
The Hyderabad-based Indian tech teams, comprising the engineering and product divisions, have also led a global-first for Uber Eats by integrating it into the PayPay app.
Jio’s impact on India and where is India headed:
Worth your attention:
New global investors make a beeline to Indian tech firms Link
The best time to build and invest in India is now Link (written by me)
Stellar DoorDash listing sets stage for Zomato IPO Link
Ola to invest $327M to set up ‘the world’s largest scooter factory’ in Tamil Nadu Link
India cabinet approves setting up a ‘massive network’ of public Wi-Fi hotspots Link
Meesho in talks to raise $150 Mn at $1.5 Bn valuation Link
TPG looks to acquire 7% stake in Pharmeasy parent API Holdings Link
DealShare raises $21 million in its largest funding round Link
Agritech startup Arya raises $21 Mn in Series B round Link