Founded by Ashish Munjal and Piyush Nangru in 2019, Sunstone had raised USD 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.
Westbridge Capital joins a growing list of PE and venture capital (VC) firms to raise large funds for India-focused companies
PropShare, a startup in the real estate technology sector, has raised USD 47 million (about Rs 367 crore) from investors, including WestBridge Capital, to expand recruiting, improve technology, and add other asset classes to its platform for investments.
Bengaluru-based PropShare, which was founded in 2016, is a technology-driven real estate investment platform that enables investors to purchase commercial real estate assets.
The company becomes India's 103rd unicorn, follows PhysicsWallah and Purplle to become the third startup to be valued at a billion dollars or more in June
Hyderabad-headquartered Way2News, touted as the top news app in the Telugu states of Andhra Pradesh and Telangana, proposes to deploy the proceeds of the Series A round to expand into other South Indian languages of Tamil, Kannada and Malayalam.
PhysicsWallah raised the money at $1.1 billion valuation, becoming India's 101st unicorn, the company said. PhysicsWallah said it plans to use the funds for business expansion, branding, opening more offline learning centres, and introducing more course offerings, the company added.
The $100 million round, which was a combination of equity and debt funding, also saw participation from existing investors Accel, Elevation, and ADQ, along with angel investors Naval Ravikant, Jeff Fagnan, Jake Zeller, Nivi, and Nitesh Banta.
The Series B funding round also saw participation from existing investors, including Info Edge, Asha Impact and JM Financials, the company said in a statement.
The funding was led by WestBridge Capital, with participation from existing investors Saama Capital and Alteria Capital.
This would mark the debut fund raising exercise for the firm post its IPO in June 2019.
COVID-19 has triggered a surge in sales of health insurance policies. Kotak Mahindra Capital, Citi, Axis Capital, ICICI Securities and BofA Securities are the investment banks engaged by the firm for the IPO.
IndiQube co-founder and Chairman Rishi Das said the company will use the funds to strengthen its execution capabilities and expand in cities like Pune and Hyderabad.
WestBridge Capital has made an open offer for acquiring 26,10,836 fully paid up equity shares (representing 26 percent of total paid equity) of company through its entities Aravali Investment Holdings, Jwalamukhi Investment Holdings and WestBridge Crossover Fund, LLC.
In CNBC-TV18‘s special show Apex 2013 experts share views on where the Indian private equity (PE) sector currently is and future prospects.