Byju’s raises $300 Mn at $18 Bn valuation💰
Byju’s raises $300 Mn at $18 Bn valuation💰
Adani seals the largest deal, Paytm acquires CreditMate, Funding Deals & more.
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Edtech unicorn Byju’s raises ₹2,200 crores in fresh round👨🏻💻
Byju’s is raising about Rs 2,200 crore ($300 million) as part of a larger round of new investment as the world’s most valuable edtech company focuses on expanding its business in global markets and explores to do more acquisitions.
According to industry sources, the new funding may value Bengaluru-based Byju’s at $18 billion, up from a valuation of $16.5 billion in June this year. In June, Byju's became India's most valuable unicorn with a valuation of $16.5 billion, surpassing fintech company Paytm's $16 billion valuation.
Out of Rs 2,200 crore funding, majority of the capital which is about Rs 1,200 crore is going to come from Oxshott Venture Fund.
The startup has now acquired about 8 companies in India and the US this year and spent more than $2 billion in the past six months on these acquisitions.
Adani seals the largest deal in India's renewable sector, completes acquisition of SB Energy for $3.5 billion🤝🏻
Adani Green Energy Ltd (AGEL) on Monday said it has completed the acquisition of SB Energy India for USD 3.5 billion (Rs 26,000 crore).
With this deal, SB Energy India is now a 100% subsidiary of AGEL. Earlier, it was a 80:20 joint venture between Japan-based SoftBank Group Corp and Bharti Group.
The transaction pegs SB Energy India at an enterprise valuation of USD 3.5 billion (approximately Rs 26,000 crore) and marks the largest acquisition in the renewable energy sector in India, it stated.
Hot Shorts⚡
Progcap, a fintech startup, has raised $30 million in a Series C round headed by existing investor Tiger Global Management and new investor Creation Investments.
GramCover, a rural insurtech startup, has raised $7 million in a Series A round-headed by Siana Capital and Inflexor Ventures.
Smartstaff, a platform for blue-collar workforce management, has raised $4.3 million in funding from Blume Ventures, Nexus Venture Partners, and Arkam Ventures.
Paytm takes over complete ownership of CreditMate💯
Digital payments major, Paytm, has now acquired a 100% stake in Urja Money Pvt. Ltd., which provides a loan management system through its proprietary solution, CreditMate.
Back in 2017, Paytm had acquired an undisclosed stake in CreditMate parent, Urja Money Pvt. Ltd, to create a loan management system in collaboration with lending partners.
Founded by Jonathan Bill, Ashish Doshi, Swati Lad and Aditya Singh in 2016, the Mumbai-based startup helps lenders recover overdue payments from borrowers.
The investment was a part of Paytm’s efforts to create consumer credit products and move towards offering longer tenure loans of large ticket sizes.
Tweet of the day🐥
⏩ Amitabh Bachchan joins the crypto craze as CoinDCX brand ambassador.
⏩ Facebook again asks the judge to dismiss US lawsuit to force sale of Instagram, WhatsApp.
"In a gentle way, you can shake the world."
- Mahatma Gandhi
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