[Weekly funding roundup] Venture capital investments are ahead of unicorns

Despite the second wave of the COVID-19 pandemic, the Indian startup ecosystem demonstrated resilience during April 2021 as total venture capital funding reached close to $ 4 billion – among the highest monthly records.

April also saw the emergence of eight new unicorns – companies valued at $ 1 billion or more – and there is always a likelihood that more startups will enter the coveted club.

In fact, the number of unicorns that have emerged for the current year stands at 12, which is already higher than what has been reported for all of 2020.

It also means that besides the emergence of unicorns, a large number of other startups are also receiving the capital, revealing the dynamism of the startup ecosystem.

The COVID-19 pandemic has put unimaginable stress on the Indian startup ecosystem, but it is expected to be able to weather this crisis, just as it did in the first wave.

Urban Company founders (from left to right): Varun Khaitan, Raghav Chandra and Abhiraj Bhal

The last week of April saw total venture capital funding of $ 583 million, which was largely funded by three startups – Urban Company, BYJU’S and Upgrad – up from $ 261 million the week before.

There were only eight trades during the week, with late stage trades accounting for half of the trades and start-up and growth stages receiving two each.

There was no debt deal during the week and the ecosystem has not seen any mergers or acquisitions.

Key offers

Urban Company, the start-up in the home services market, has raised $ 188 million in its latest funding round led by Prosus and transformed into a unicorn with a valuation of $ 2 billion.

BYJU’S raises around $ 150 million of UBS Group AG. this will value major edtech at around $ 16.5 billion.

Edtech start-up upGrad raised $ 120 millionn from Temasek, based in Singapore, making it the company’s first external fundraiser.

Other transactions

Bizongo, a B2B platform for made-to-order products, completed another $ 51 million fundraising year, with investments from CDC and Adventures.

Edtech start-up Main school raised $ 30 million in the Series D funding round led by GSV Ventures with WestBridge Capital.

Starting dental care CareStack raised $ 22.5 million in financing with the participation of SteadView Capital, Delta Dental of California and Accel Partners, among others.

Fintech startup FypMoney raised $ 2 million as part of a round of seed funding from angel investors including Liberatha Kallat, Mukesh Yadav and Dinesh Nagpal.

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