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Razorpay at $7.5Bn👑, Adda247 acquires StudyIQ📚, Cred users paid Rs 52K Cr🤑
Fintech giant Razorpay valued at $7.5 bn, Adda247 acquires UPSC prep platform StudyIQ, Cred users paid Rs 52k Crs with credit cards, Funding Deals & more.
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Indian fintech giant Razorpay valued at $7.5 billion in $375 million funding👑
Razorpay has more than doubled its valuation to $7.5 billion from $3 billion in April as one of India’s largest fintech giants demonstrates fast growth and aggressively broadens its product offerings.
The Bangalore-headquartered startup, which is a market leader in payments processing in India, said Sunday evening it has raised $375 million in its Series F financing round. The new round, which brings more capital to the startup than all its other previous financings put together, was co-led by Lone Pine Capital, Alkeon Capital and TCV.
Razorpay accepts, processes for – and disburses money to – small businesses and enterprises. It also operates a neobanking platform, through which it offers credit cards and working capital to businesses. It also offers an international payments gateway that supports over 90 currencies.
Razorpay, which processes $60 billion in transactions annually (up from $5 billion in 2019), says it has amassed over 8 million businesses including Facebook, Swiggy, Cred, National Pension System, Indian Oil among its customers. Of the 42 startups that have become unicorns in India this year, 34 of them use Razorpay.
Adda247 acquires UPSC prep platform StudyIQ Education📚
Edtech firm Adda247 has acquired UPSC-focused edtech platform StudyIQ Education for about $20 million (around Rs 150 crore) in a cash and stock deal.
"By acquiring it, Adda247's will be able to strengthen its position in the UPSC segment, which has one of the highest ARPUs (average revenue per user) in the test preparation segment," the statement said.
StudyIQ education claims to have an organic subscriber base of over 11 million and gets close to 100 million views a month. StudyIQ's gross revenue for the financial year 2020-21 stood at Rs 33 crore with a growth of three times over the previous financial year.
The firm targets learners outside the metros and provides courses in vernacular languages like Tamil, Telugu, Malayalam, Bengali and Odia. The company has recently entered the K12 segment targeting state board students in Tier-II and Tier-III audiences.
Software as a Service (SaaS) startup Hevo Data has raised $30 million in its Series B round led by Sequoia Capital India.
BGMI creator Krafton leads $6.5 million funding round in FRND app. FRND—an audio-focused dating app—will use the funding to expand its services beyond 10 Indian languages. For Krafton, FRND is its fourth Indian investment after Nodwin Gaming, Loco and Pratilipi.
Check out our post on the Dawn of Esports in India to learn more about the esports industry's growth.
Cred users paid Rs 52,000 crore with credit cards for shopping in 2021🤑
Cred users spent a total of Rs 52,000 crore through credit cards on shopping in 2021, with the festive season clocking the highest expenditure, according to a report put out by the credit cards-focused fintech platform.
October recorded the highest expenditure on shopping, with Rs 7,535 crore being spent, the report titled Cred Insights stated.
"Another interesting trend on shopping emerged after the restrictions were eased. The spending increased gradually—July (Rs 4,758 crore), August (Rs 6,833 crore) and September (Rs 5,926 crore) compared to a combined Rs 7,624 crore in June and May."
Credit card expenditure on travel stood at Rs 1,103.11 crore in September—higher than any month in 2021. In October, that figure was Rs 1,091 crore.
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