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Weekly Funding Wrap: Growth-stage deals in fintech and healthtech, late-stage deal in edtech

In the week starting November 14, a total of $291 million was raised in major investment deals. Here’s a roundup of the key deals made in the week gone by

November 18, 2022 / 06:40 PM IST
Representative image.

Representative image.

Bucking the funding slowdown in growth-stage startups owing to tough market conditions, the week came as a breather with fintech-SaaS startup Lentra raising $60 million and Digital Diabetes care platform BeatO raising $33 million in respective Series B rounds.

A startup in the struggling edtech sector, Simplilearn, which focuses on upskilling, too, raised a late Series E round of $45 million led by GSV Ventures at an undisclosed valuation.

In the week starting November 14, a total of $291 million was raised in investment deals.

The week also saw other funding rounds with food and beverage firm Impresario Entertainment and Hospitality Private Limited raising $68 million in a Series D round from India Resurgence Fund, an India-focused investment platform promoted by Piramal Enterprises Limited and Bain Capital.

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

Impresario

India Resurgence Fund, an India-focused investment platform promoted by Piramal Enterprises Limited and Bain Capital, announced an investment of $68 million (Rs 550 crores) in the Series D round of food and beverage firm and SOCIAL, Smoke House Deli operator Impresario Entertainment and Hospitality Private Limited.

Following the transaction, IndiaRF has become the majority shareholder of Impresario.

On June 10, 2022, Moneycontrol was the first to report that the Asian arm of L Catterton, the world's largest consumer-focused private equity firm, which is backed by Louis Vuitton owner LVMH was looking to cede control in Impresario Entertainment & Hospitality Pvt Ltd. The report had added that the Piramal -Bain Capital fund was in talks to pick up a majority stake.

"The fresh capital will help fuel the further expansion of Impresario’s business, which had received an investment from L Catterton in 2017 and has since demonstrated resilient growth over the years despite facing challenges posed by the COVID-19 pandemic," the official release said.

Impresario’s largest brand, SOCIAL, has 35 outlets and is a popular spot for guests to socialise and network.

Lentra

Fintech SaaS startup Lentra on November 14 announced that it has raised $60 million in Series B led by existing investors Bessemer Venture Partners and SIG Venture Capital with participation from Citi Ventures.

The fresh funding will be used for strengthening and developing products and platform and international expansion, including in the USA, the company said in a statement.

Founded in 2018 by D Venkatesh and Ankur Handa, Lentra Lending Cloud offers third-party API connectors to various data sources, which include several types of pre-configured loan journeys for originations, loan management systems, and customer intelligence for clients to use out of the box. Clients can choose to use all or some of these modules as per their requirements.

It currently processes over 3 million applications monthly. The company also said it has more than 50 clients in India and will be using the funding to expand overseas in Asia and the USA.

Simplilearn

Higher edtech platform Simplilearn, promoted by private equity firm Blackstone, raised $45 million in a new funding round led by GSV Ventures at an undisclosed valuation, as competition intensifies in the higher learning and upskilling space amid a downturn in online learning.

Clal Insurance and DisruptAD, ADQ’s venture platform, also participated in the round, Simplilearn said on November 16. Simplilearn said it would use the funds to boost its growth plans in India and international markets.

Founded in 2010, Simplilearn offers digital skilling programmes for professionals, enabling them to upskill and get certified in fast-growing digital domains.

Simplilearn claims to have added more than 120,000 paid business-to-consumer (B2C) learners, and more than 100,000 enterprise learners on its platform. It also claims to have more than 2 million free learners on its SkillUp platform.

In July 2021, Blackstone acquired a majority stake in Simplilearn. The company recorded a 35 percent growth in its revenue in FY21 (2020-21) on a consolidated basis to Rs 346 crore. However, it reported a loss of Rs 5.7 crore for the year, against a profit of Rs 1.4 crore in FY20 (2019-20).

Inox Green Energy Services

Inox Green Energy Services, a subsidiary of Inox Wind, has raised $41 million (Rs 333 crore) from 27 anchor investors ahead of its maiden public issue.

The wind power operation and maintenance service provider in its BSE filing said it has finalised the allocation of 5.12 crore equity shares to anchor investors at the upper price band of Rs 65 per share.

The offer will open for subscription on November 11 and the closing date will be November 15.

Marquee investors participated in the anchor book were Volrado Ventures, Morgan Stanley, Nomura, Authum Investment, Saint Capital Fund, Eriska Investment Fund, Cohesion MK Best Ideas, Coeus Global Opportunities Fund, Citigroup, Dovetail India Fund, AG Dynamic, ICICI Prudential, HDFC Trustee, Aditya Birla Sun Life, Edelweiss, and JM Financial.

BeatO

Digital Diabetes care platform BeatO on November 16 announced that it has raised $33 million (around Rs 269 crore) in a Series B funding led by Lightrock India, with participation from HealthQuad, Flipkart, and existing investors.

The start-up’s existing investors include Orios Venture Partners, Leo Capital, W Health Ventures, Blume Ventures, and others. The fresh capital will be used to scale the platform, product, and technology development.

Founded in 2015, BeatO was founded by Gautam Chopra, Yash Sehgal, and Kunal Kinalekar. More than 70 percent of its users are from Tier 2 cities and beyond.

The startup said it has over 15 lakh members at present. The company added that it has grown over three times over the past year. BeatO aims to serve over 10 million patients by 2025, to become India’s largest diabetes care company, it said.
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