The Indian startup scene is gaining global prominence and is on a winning streak this year. As more and more people in India are increasingly coming online, it is fueling India’s startup scene like nothing else. Let’s dive into some of the latest news of upcoming Startups in India.
Paytm-
Former Paytm Money MD and CEO Pravin Jadhav has announced the launch of a new fintech startup Raise Financial. The venture is yet-to-be-launched but plans to set up consumer financial services. The venture has raised its seed funding in a round led by Mirae Asset. Pravin Jadhav has also confirmed that he has also invested personally in the investment round.
Lenskart-
Lenskart has set up an ESOP trust for its employees which will constitute 3,173,037 equity shares worth in the range of Rs 550-612 crore. The regulatory filings also state that the maximum quantum of option per optionee shall not exceed 10% of the total paid-up equity capital during the plan tenure. The company also clarified that ESOP granted under this new plan shall be endowed only between two to four years from the date of grant of such options.
Sequoia Capital-
Sequoia Capital India has exited from the Bengaluru-based company Quick Ride according to a few sources who are aware of the development. Previously, Quick Ride had raised Rs. 25.2 crore in a Series B round from Sequoia. Venture Highway and Prosus also invested previously in the company. Sequoia took a significant hit on its investment as it exited with 40-50% of what it had invested in Quick Ride across two rounds.
BharatPe-
BharatPe’s valuation rises to $922 million after it received an investment of $108 million in a Series D round led by Coatue Management. The investment was followed by Ribbit Capital and Grace Software which pumped in Rs 75 crore and Rs. 72.4 crore respectively. The company has also previously received Rs 249 crore in debt from Alteria Capital, InnoVen Capital, Trifecta Capital & ICICI Bank.
Zomato-
Zomato has added yet another investment in its fundraising spree. The company has raised $250 million in a round led by Kora Management. The investment was also followed by existing investors Fidelity Management & Tiger Global who have put in $50 & $55 million respectively. There were new investors who also participated in the round namely Bow Wave Capital & Dragoneer who both invested $20 & $10 million respectively.
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