1947 Tech 🇮🇳: 167
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1. India’s Zetwerk valued at $1.33 billion in new funding
An Indian startup that operates a business-to-business marketplace for manufacturing items is the latest to attain the coveted unicorn status in the South Asian market.
Bangalore-based Zetwerk said on Monday it has raised $150 million in a Series E financing round led by New York-based D1 Capital Partners. New investors Avenir and IIFL also participated in the round, along with existing investors Greenoaks Capital, Lightspeed Venture Partners, Sequoia Capital and Accel Partners. The round also included several high-profile angel investors, including Kunal Shah of CRED and Ritesh Agarwal of OYO.
2. More fuel for Indian startups as global capital shifts from China
Indian startups, which are clocking record inflows of venture capital this year, will gain further as global capital moves away from China amid a tech crackdown in that country, founders and investors say.
“China gets more venture capital than India. Now, if the Chinese funnel is getting choked, it will go somewhere and with so much liquidity, emerging markets like India will get that allocation,” said Ashwin Damera, cofounder and chief executive officer of online executive education platform Eruditus. The startup saw its valuation jump four-fold to $3.2 billion after raising $650 million from SoftBank, Accel US and others, earlier this month.
More fuel for Indian startups as global capital shifts from China
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