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1947 Tech 🇮🇳: 158
SaaS, Tata, Tiger & more!
1. BrowserStack becomes India’s highest-valued SaaS firm after fresh funding
Founded in 2011 by Ritesh Arora and Nakul Aggarwal, BrowserStack was a bootstrapped venture for its first seven years.
BrowserStack, a web and mobile app testing platform, has raised $200 million, led by storied Silicon Valley investor Mary Meeker’s Bond Capital, valuing the San Francisco and Mumbai-based company at $4 billion.
The latest financing has made BrowserStack the most valued software as a service or SaaS company from India overtaking Freshworks which is preparing to go public in the US.
The SaaS story of India is going to be massive.
For Indian SaaS firms, salaries for entry-level developers and sales resources are cheaper by 85% and 74%, respectively, compared to the US.
2. Tatas plan to raise $2–2.5 billion for e-commerce
Tata now has Mukesh Bansal, arguably one of the best tech entrepreneurs in India. They now own a majority stake in Mukesh’s company Curefit.
Tata is making smart investments (Bigbasket, Curefit, and 1mg) and is gearing up to build out a super-app.
Tata’s digital strategy is widely different from how Mukesh Ambani has gone about making acquisitions and investments in new-age startups. After Reliance Jio Platforms raised $15.2 billion last year, it didn’t really go on to plough that money into big digital assets that would help it snag top-notch founders. Instead, it only acquired companies that were in dire straits and thus inexpensive — think Urban Ladder, Milkbasket.
Worth your attention
Apna raises $70 million to help workers in India secure jobs Link
Vedantu seeks $1 Bn valuation in a new round Link
PharmEasy valued at $1.8 billion as B Capital buys stake for $20 million Link
FamPay, a fintech aimed at teens in India, raises $38 million Link
Progcap raises $25 Mn round led by Tiger Global and Sequoia Link
Tiger Global in talks to back BharatPe at $2.5 billion valuation Link
India Quotient raises $64 mn for its fourth fund Link
Tiger Global leads $26 Mn Series A round in Kutumb Link
CityMall raises $22.5 Mn in Series B led by General Catalyst and Jungle Ventures Link
FrontRow set to raise $10 Mn in Series A at $60 Mn valuation Link