Cred's value nearly doubled💵

Ola CFO and COO resigned, ConveGenius raises $5 million in fresh funding, Funding Deals & more.

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Oct 20, 2021

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1 Mail | 2 Minutes | 3 Stories | Funding Deals

After receiving $250 million in investment, the value of Cred roughly doubled💵

Cred has raised $251 million in a Series E investment round headed by Tiger Global and Falcon Edge for a $4.01 billion valuation, demonstrating the growing interest in Indian fintech from investors.

The funding roughly doubles the Bengaluru-based startup's valuation, which was $2.2 billion when it secured $215 million in April. When it raised $80 million in November 2020, it was valued at $800 million less than a year ago.

Marshall Wace and Steadfast Venture Capital were two new investors who joined the financial startup's cap table in the most recent round. DST Global, Insight Partners, Coatue, and Sofina were among the existing investors who took part in the round.

Ola top executives leave as the company prepares to go public

Mobility major Ola’s Chief Financial Officer Swayam Saurabh and Chief Operating Officer Gaurav Porwal have quit the company, as the firm undergoes internal restructuring.

Porwal used to head Ola delivery before becoming the COO of Ola in November 2020 and Saurabh was the CFO of Ola’s entire consumer internet businesses – mobility, food and financial services.

According to an internal email sent out by Ola CEO Bhavish Aggarwal, the executive running Ola's delivery company, Vinay, will take on more duty for Ola's mobility platform's driver and supply ecosystem, while marketing lead Anshul will take on additional responsibility. Arun Kumar GR, the Ola Group's CFO, will continue to head the group's finance operation, and other finance leaders will report to him.

Instacart acquires Caper AI, a smart cart and instant checkout startup, for $350M, as it moves deeper into physical retail tech.
The Indian startup ecosystem raised approximately $23 billion in the nine-month period between January and September this year, with more than 55 percent of the funding raised in Q3 2021 alone.

ConveGenius raises $5 million from BAce Capital, Heritas Capital and 3Line💰

The Indian startup ecosystem raised approximately $23 billion in the nine-month period between January and September this year, with more than 55 percent of the funding raised in Q3 2021 alone.

The capital will be used to launch ConveGenius.AI in India and global markets. The platform aims to expand its products on the WhatsApp ecosystem and other conversational AI-based channels horizontally, to service more customers across verticals and allow developers to launch their solutions on the platform.

ConveGenius’ EdTech use case has scaled to 14 million monthly active users in India with 35 million daily conversations catering to 10 different languages and continues to grow at a rapid pace

Shane Parrish @ShaneAParrish

Reading for curiosity is better than reading for self improvement.

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