ETtech Deals Digest: HealthQuad, IndMoney, Games24x7 raise funds

HealthQuad, an India-focused healthcare enterprise capital agency, Wealth administration platform
IndMoney, Indian on-line gaming platform
Games24x7, Edtech startup Classplus, Non-banking monetary firm Finova Capital have been among the many startups that raised funds this week.

HealthQuad has raised $162 million within the remaining shut of its second fund


HealthQua, a healthcare enterprise capital agency, has raised $162 million (Rs 1,215 crore) within the remaining shut of its second fund. The agency, which counts Medikabazaar, Ekincare, Healthifyme and Qure.ai in its portfolio of invested firms, has bought international pharma maker MSD (Merck & Co, Inc.) as its anchor investor for the brand new fund, a prime firm official instructed ET.

The agency raised greater than double the preliminary goal of the fund, reflecting eager curiosity from the worldwide traders.

The agency will take a look at launching its third fund by the top of the subsequent calendar 12 months, by when it’s anticipated to have largely deployed the second fund. In 2016, it had raised Rs 75 crore underneath its first fund and invested Rs 250 crore together with traders in seven Indian firms, similar to Medikabazaar, THB, Regency Hospital, HealthifyMe and Impactguru.

Additionally Learn:
The boom in India’s healthcare firms isn’t showing signs of slowing

Beforehand,
HealthQuad had raised Rs 1,134.5 crore in direction of the pre-final shut of its second funding spherical.

IndMoney closes $86 million funding, valued at $650 million


IndMoney has raised an additional $11 million as a part of its ongoing funding spherical, led by Singapore-based Sixteenth Avenue Capital.

The corporate has closed its ongoing fundraise at $86 million, valuing it at $650 million post-money.

ET reported on January 17 that the corporate will get one other $10 million from new traders. The corporate had then
raised $75 million from existing investors together with Steadview Capital, Tiger Global and Dragoneer Funding Group.

IndMoney has to this point raised a complete of $144 million. The corporate has 4 million registered customers and says it has facilitated $1.1 billion in investments.

Based in 2019, the corporate permits customers to trace and organise their funds on a single platform and helps them make investments throughout varied monetary devices together with mutual funds, fastened deposits, bonds and US shares. It additionally helps customers with wealth planning.

Within the subsequent quarter, the corporate is seeking to launch a credit-card-based product for customers, linked with its neo-bank. It has additionally acquired the mandatory licences to roll out its inventory buying and selling platform, which can enable customers to spend money on Indian equities.

Illustration: Rahul Awasthi

Games24x7 raises $75 million at $2.5 billion valuation

Gaming platform
Games24x7 has raised $75 million in a funding spherical that was led by Malabar Funding. The newest funding values the multi-game platform at $2.5 billion, catapulting it into the unicorn membership. Dream11 and Cell Premier League are the opposite two unicorns within the on-line gaming sector.

The funding spherical additionally noticed participation from present backers Tiger World and Raine Group.

“We are going to use the funds to speed up person development,” Pandya, cofounder, and co-chief government offier, instructed ET. “ Whereas our present companies proceed to do effectively, we need to do significantly better. So, we’ll clearly concentrate on these. Concurrently, we’ll take a look at launching extra video games – each for the Indian markets and worldwide markets – as we need to diversify our ability gaming portfolio much more.

In August final 12 months,
Games24x7 had made a strategic investment in CricHeroes, a efficiency evaluation platform centered on grassroots cricket ecosystem.

The corporate has greater than 100 million customers and claims to be one of many quickest rising on-line gaming firms in India.

Edtech startup Classplus raises $70 million in funding as valuation jumps to $600 million

Edtech startup Classplus, which helps educators and content material creators launch on-line programs, has
raised $70 million in its latest round of funding co-led by Alpha Wave World and Tiger World. Classplus’ valuation is estimated to be roughly $600 million after the newest funding spherical.

In response to the corporate, it’ll deploy the contemporary funds to broaden its presence globally, whereas investing in new acquisitions and partnerships.

Based in 2018 by Mukul Rustagi and Bhaswat Agarwal, Classplus is a software program platform that enables educators and content material creators to construct their on-line presence, digitise their offline tuition facilities and promote their programs on-line.

The brand new spherical of development capital comes solely eight months after the corporate
mopped up $65 million in June final 12 months.

At current, Classplus mentioned that 75% of its educator base comes from Tier 2 Indian cities and past. It serves greater than 100,000 educators and content material creators from over 3,000 cities and Indian cities.

Monetary providers agency Finova Capital luggage $65 million in funding from Norwest, others

Non-banking monetary firm
Finova Capital has raised $65 million from Norwest Enterprise Companions, Maj Make investments and Faering Capital, a senior firm official mentioned.

Of the entire capital, Norwest Enterprise (NVP) introduced in $45 million, with the remainder coming from different new and existi ..

The micro, small and medium enterprises or MSME-focused lender will use the funds to develop its mortgage e book, spend money on expertise, broaden geographically and additional its imaginative and prescient of enabling monetary inclusion at scale.

In 2020, the corporate had
raised $35 million from investors led by Sequoia Capital.

Based in 2016 by Mohit Sahney and Sunita Sahney, Finova Capital has 180 branches unfold throughout 8 states in west, north and central India. It has 20,000 plus prospects and greater than Rs 1,000 crore mortgage e book. “ Finova continues to broaden to its neighbouring areas, using and constructing on its inside area information and processes,” an organization assertion mentioned.

Finova is backed by 34 banks, NBFCs and AIFs.

Vivriti Capital luggage $55 million in funding from present traders


Vivriti Capital, a mid-market lender,
has raised $55 million (around Rs 400 crore) from a few of its present traders, Lightrock India and Creation Investments in a brand new funding spherical.

With this newest spherical of funding, Vivriti Capital has cumulatively raised $165 million since its inception.

The funds shall be used for enterprise growth in addition to expertise for acquisitions, product supply and portfolio administration. A part of the funds will go to its subsidiary, Vivriti Asset Administration, which can use it to reinforce the asset administration platform centered on performing credit.

Based by Gaurav Kumar and Vineet Sukumar in 2017, Vivriti is a non-deposit taking NBFC and it lends out of its stability sheet. The NBFC in addition to AMC have already established management positions with $700 million in AuM and commitments and debt traces from prime ten banks in India in addition to main worldwide debt traders.

Pine Labs raises $50 million from PE main Vitruvian Companions at a valuation of $5 billion


Digital funds and monetary service supplier
Pine Labs has closed another $50 million in funding from London’s non-public fairness main Vitruvian Companions at a valuation of simply over $5 billion, in response to regulatory paperwork in Singapore and other people briefed on the matter.

Final month, it had closed
a $150 million financing from Alpha Wave Global (beforehand Falcon Edge) which additionally included a secondary share sale. The corporate led by fintech veteran Amrish Rau was valued at over $5 billion after this funding.

Additionally Learn:
Pine Labs files for a ‘confidential’ US IPO to raise up to $500 million

The contemporary funding features a $15 million Esop (worker inventory possession programme) buyback on the Noida and Singapore-based agency forward of its deliberate IPO (preliminary public providing) within the US.

Pine Labs is seeking to elevate round $500 million from the general public markets, at a valuation of $6-7 billion.

Different key offers

■ Pep Applied sciences, which owns on-line private care model
mCaffeine, has
raised $31 million (Rs 240 crore), led by Paragon Partners. Singularity Development Alternatives Fund, Sharrp Ventures and present traders Amicus Capital Companions and RPSG Capital Ventures additionally participated within the spherical. The startup is now valued at Rs 1,000 crore.

Mcaffeine will utilise the funds to develop its offline presence to 25,000 retailers from its present 5,000, broaden its gross sales group, and purchase at the least two magnificence manufacturers, co-founder Sharma instructed ET.

■ Chennai-based digital provide chain startup
Wiz Freight has
raised $36 million (Rs 275 crore) in a funding round led by Tiger World with participation from Axilor, Foundamental, Arali Ventures, Stride Ventures and Alteria Capital. The corporate plans to broaden into 15 nations in Southeast Asia, West Asia and Africa. The corporate additionally plans to double headcount and arrange two analysis centres in AI, blockchain and related units in Singapore and Bengaluru.

■
OneCode, a platform that gives on-ground resellers to monetary companies, has
raised $13 million (or Rs 100 crore) as part of its newest spherical of funding led by Common Catalyst. The corporate plans to make use of the capital to spend money on hiring throughout features and speed up its product and expertise growth. With the funding, OneCode shall be increasing its presence to 100 further cities and can enhance the scale of its agent community.

■
Paperplane, an AI-first digital clinic, mentioned on Tuesday it has
raised Rs 3 crore in a funding round led by Cornerstone Enterprise Companions Fund. The spherical additionally noticed participation from present traders LetsVenture and 100X.VC, and varied angel traders. The Bengaluru-based agency plans to make use of the contemporary funds to reinforce its gross sales capabilities and for product growth.