ETtech Deals Digest: big-ticket funding is alive

Despite an overall slowdown in large funding rounds, some startups are still attracting interest from investors. ShareChat and AlphaSense were two startups that raise big rounds this week, while Infra.Market, Chaayos and others raked in smaller sums.

ShareChat bagged $255 million from Google and Times Group

Indian-language social media platform ShareChat
closed a $255 million funding round from Google and The Times Group at a $5 billion valuation — 35% higher than in its last funding round, when it raised $266 from Temasek and others. The company’s short video platforms, Moj and MX TakaTak, cater to 400 million users. It will use the funding to double its annualised revenue run-rate, which currently stands at $50 million.

AlphaSense picked up $225 million from global investors

Market intelligence and search platform AlphaSense
raised $225 million from Goldman Sachs and Viking Global Investors, doubling its valuation to $1.7 billion. The round also included a debt component from BlackRock. AlphaSense deploys AI and natural language processing tech to extract insights from company filings, earnings transcripts, news and trade journals to help professionals make informed decisions. Funds raised in the round will be used for growth.

Goat Brand Labs raised $50 million from new and existing investors

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Ecommerce rollup firm
Goat Brand Labs raised $50 million from Winter Capital, 9Unicorns and Oxyzo, among others. The round also included existing investors Flipkart Ventures and Tiger Global. Goat has made 15 acquisitions since it launched last year, with a focus on upcoming direct-to-consumer (D2C) brands.

Deals this weekETtech

Infra.Market closed a $50 million funding round

B2B construction materials marketplace, Infra.Market,
raised $50 million in a funding round from Liquidty Group’s Mars Unicorn Fund. The startup, which was
last valued at $2.5 billion, will use the capital raised for venturing into new markets and expanding its product catalog.

Chaayos raised a $45 million round

closed a $45 million Series C round from Alpha Wave Ventures II at a $250 million valuation. Existing backers Tiger Global, Elevation Capital and Think Investments also participated in the round. Founded in 2012 by Nitin Saluja and Raghav Verma, Chaayos runs a chain of tea cafes across New Delhi, NCR, Mumbai and Bengaluru. It currently has over 150 outlets.

Groyyo got $40 million from Tiger Global

B2B manufacturing and supply chain enablement startup Groyyo
raised $40 million in a mix of equity and debt funding led by Tiger Global. The round also saw participation from its early backer Alpha Wave Global. Groyyo offers services to SME manufacturers in the fashion & lifestyle category across Southeast Asia. The startup will deploy the funds to scale its team in India, Bangladesh, the United States and the European Union.

FanClash raised $40 million from Matic Networks and Sequoia

Esports fantasy platform
FanClash raised $40 million from Matic Networks (Polygon), Sequoia Capital and a bunch of other investors. Started two years ago, FanClash is Asia’s largest esports fantasy platform with operations in India and the Philippines. It plans to use the new funds to expand further, and build a data and fan engagement platform.

Other done deals

■ Bengaluru-based savings and investment app Gullak
raised Rs 10 crore in a funding round led by Better Capital and Stellaris Venture Partners. The startup also saw participation from several angel investors. It plans to use the funds to expand its reach, and for marketing and product development.

■ Insurtech platform Pazcare
raised $8.2 million from Jafco Asia, Beenext and others at a $48 million valuation. The company offers solutions for employee benefits and group health insurance requirements. It will use the funds to improve its product stack and for growth.

■ DAOlens, a business-to-business (B2B) decentralised autonomous organisation (DAO) service provider,
raised $5 million (about Rs 39 crore) led by Nexus Venture Partners. The startup is looking to simplify how DAOs function by creating a suite of tools aimed at facilitating the discovery, onboarding and contribution processes between DAOs and their community members.

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