Fintech start-up CredAvenue become the newest unicorn after raising $137 million in a Series B round led by Insight Partners, B Capital Group and Dragoneer.
The round valued the Chennai-based start-up at $1.3 billion, which marks a near 3X jump from the $410 million valuation it achieved in September last year. The company claimed it is the fastest fintech unicorn in India. The cumulative capital raised by the company is now over $200 million.
Mumbai-headquartered ed-tech major Eruditus's subsidiary Emeritus secured $350 million in a debt financing round from Canada Pension Plan Investment Board (CPP Investments).
Also Read: CredAvenue turns unicorn with a fresh $137 mn fund raise
The company said the funding will be used by Emeritus to fuel mergers and acquisitions as part of its global growth strategy. The pipeline of potential acquisitions is expected to contribute up to 30 per cent of Emeritus' top-line and EBITDA in the next five years.
In other major start-up fundraises, credit platform Money View, DataOps start-up Atlan, and business-to-business (B2B) animal protein marketplace Captain Fresh secured large rounds.
Online credit platform Money View landed $75 million in a Series D funding round from Tiger Global, Winter Capital, Evolvence India and Accel. South Park Commons, Trusted Insight and Dream Incubator also participated in the round. The deal valued the Bengaluru-headquartered start-up at $625 million.
Data collaboration software provider Atlan secured $50 million in a round led by Insight Partners, Salesforce Ventures, and Sequoia Capital India.
Also Read: Edtech start-up Eruditus' subsidairy secures $350 mn in debt financing
Fivetran founder Taylor Brown and ThoughtSpot founder Ajeet Singh and existing investors Waterbridge Ventures also participated in the round. The round saw the start-up's valuation reach $450 million.
B2B seafood and meat marketplace Captain Fresh bagged $50 million in a round led by its existing investors Prosus Ventures and Tiger Global. Accel India, Matrix Partners India, Ankur Capital, and Incubate Fund also participated in the round. The second round in three months helped the company double its valuation to over $500 million.
US-based venture capital firm Bessemer Venture Partners announced $250 million of dedicated capital to invest in Web 3 projects. It will focus on consumer, decentralised finance (DeFi), infrastructure, and other enabling technologies. Since 2017, the company said it has partnered with a list of crypto firms including NYDIG, MakersPlace, Sorare, and TRM Labs.
Also Read: Sebi tightens IPO valuation scrutiny for startups eyeing listings
MUFG Bank, the banking subsidiary of Japanese financial group Mitsubishi UFJ Financial Group, Inc (MUFG), said it will invest $300 million in Indian start-ups through a new fund.
Titled MUFG Ganesha Fund, MUFG Bank will invest in the middle- to late-stage Indian start-ups. MUFG's initiatives in the region include building a business platform through investments in partner banks and supporting start-ups via Mars Growth Capital.