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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.
Worth your attention:
API platform Postman valued at $5.6 billion in $225 million fundraise Link
India’s KhataBook raises $100 million for its bookkeeping platform for merchants Link
Cars24 in talks to close $350-million funding round at $2-billion valuation Link
Amazon backs Indian wealth management service Smallcase in $40 million funding Link
Hike raises undisclosed round from Tinder co-founders, Binny Bansal, Kunal Shah, others Link
$17.2 billion infused in Indian startup ecosystem by venture capital firms during Jan-July: Report
India’s overseas listing rules delayed due to tax concerns-sources Link
Dunzo-Tata talks stuck on deal terms Link
Investors from non-metro cities flock to online brokerages, crypto platforms Link
India ranks second in crypto adoption globally: Report