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Weekly Funding Wrap: Late-stage deals in EarlySalary, Servify, Paper Boat buck trends amid funding slowdown

In the week starting August 19, a total of $367 million was raised in investment deals. Here’s a roundup of the key deals made in the week gone by

August 26, 2022 / 09:47 PM IST
Representative image.

Representative image.

Bucking the funding slowdown in late-stage startups owing to tough market conditions, the week came as a breather with fintech startup EarlySalary, after-sales experience provider Servify, and beverages and snacks brand Paper Boat raising funds over $50 million each in respective Series D rounds. In the week starting August 19, a total of $367 million was raised in investment deals.

The week also saw other funding rounds with Aditya Birla Health Insurance raising Rs 665 crores (approx $83 mn) for a 9.99 percent stake from a subsidiary of Abu Dhabi Investment Authority (ADIA).

A startup in the struggling edtech sector, Sunstone, which focuses on higher education, too, raised $35 million, that is, about Rs 280 crore, in a funding round led by WestBridge Capital with participation from Alteria Capital.

Here’s a roundup of the key deals made in the week gone by:



Pune-based fintech startup EarlySalary has raised close to $97 million (Rs 775.4 crores) in a funding round led by TPG Growth, Norwest Capital, and Piramal Capital with participation from Housing Finance Limited, balking a frosty global venture capital environment.

According to media reports, earlier this month, the startup passed a special resolution to allot 300 equity shares and Series D non-cumulative compulsory and fully convertible preference shares (CCPS) at an issue price of Rs 60,992.84 per share each to TPG Growth, Norwest Capital, and Piramal Capital and Housing Finance Limited, regulatory filings showed.

Aditya Birla Health Insurance 

The boards of Aditya Birla Capital and Aditya Birla Health Insurance have approved a proposed investment of Rs 665 crore (approx $83 million) for a 9.99 percent stake in the latter from a subsidiary of Abu Dhabi Investment Authority (ADIA), the company said in a statement.

Aditya Birla Health Insurance is a 51:49 joint venture between Aditya Birla Capital Limited and Momentum Metropolitan Strategic Investments, a wholly-owned subsidiary of South African-based Momentum Metropolitan Holdings.

The transaction values Aditya Birla Health Insurance at approximately Rs 6,650 crores. Upon the completion of the transaction, ADIA will own a 9.99 percent stake, ABCL will hold a 45.91 percent stake, and MMH a 44.10 percent stake, respectively, in the company.

The company plans to use this capital to drive its growth in the health insurance market in India.


In another late-stage deal, Servify, which powers the after-sales experience for a range of device manufacturers, raised $65 million in Series D financing led by Singularity Growth Opportunity Fund.

Strategic investors such as US insurance holdings firm AmTrust, family offices including that of Fevicol-maker Pidilite, along with existing investors such as Iron Pillar, Beenext, Blume Ventures, and DMI Sparkle Fund also participated in the round.

The company plans to use the funds to expand its products, scale its technology platform, and grow its business in the international markets apart from scouting for acquisition opportunities.

While Servify didn't disclose its valuation in this round, founder Sreevathsa Prabhakar told Moneycontrol that they were closing in on a $1 billion valuation.

Paper Boat

In a new funding round led by Singapore's GIC Special Investment Pvt Ltd's Lathe Investment Pte, Hector Beverages, the parent company of Paper Boat, raised $50 million.

Registrar of Companies (RoC) filings indicates that Hector Beverages issued 50,27,273 CCPS (Compulsorily Convertible Preference Shares) to Lathe Investment at Rs 795.66 each, which will now hold 25 percent equity in the parent company.

The Gurugram-registered company in its filing said it plans to use the capital to fund capital expenditures, business expansion, and general working capital requirements.

Last week, the company also issued bonus Class B equity shares to existing investors such as A91 Emerging Fund, Sofina Ventures, Godrej Industries, among others.

Atlantis Media

In another round, producer and distributor of film and television studios, Atlantis Media, raised around $37 million in a Series A funding round from investors whose names were undisclosed.

The company’s said Founder and Managing Director Dr Roshan Roddrigues told media companies that the fundraising will help Atlantis Media expand its operations across 100 cities in India, with headquarters in Mumbai. Roddrigues also said that the company will expand its media network into post-production, atmos sound studio, digital content, and mobile applications.


Edtech startup Sunstone, which focuses on higher education, said on Friday that it has raised $35 million, about Rs 280 crore, in a funding round led by WestBridge Capital. The funding round also saw participation from Alteria Capital.

Founded by Ashish Munjal and Piyush Nangru in 2019, Sunstone raised $28 million in Series B in October 2021. Munjal said that the fresh capital will be used to expand into new programmes with a key focus on undergraduate technology programmes.

The company has a presence across more than 35 cities in over 40 institutions and is building capacities to expand into 100 cities across the country in the next two years.
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