Deal Talk: Unacademy, Waycool in talks for new funding rounds

Deal Talk: Unacademy, Waycool in talks for new funding rounds
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10 Dec, 2019

Online test preparation platform Unacademy is in talks to raise $100 million in a Series E round at a valuation of $400 million, Mint reported citing sources.

New investors General Atlantic and GGV Capital are expected to participate in the new round, the report said. While the funding round is expected to close within the next six weeks, more investors, such as Singapore’s sovereign wealth fund GIC, could participate, the newspaper said in its report.

In June, the company raised $50 million in a growth round from hedge fund Steadview Capital and venture capital firms Sequoia Capital India, Nexus Venture Partners and Blume Ventures.

Recent deals in the ed-tech sector include Sunstone Education University, Lido Learning, Adda247, Gradeup, and ENpower.

In other news, B2B food distribution startup WayCool is in talks to raise $10 million in a round led by venture capital firm Lightbox Ventures, Entrackr reported citing sources.

The Chennai-based startup sells farm produce across multiple categories of fruits and vegetables, staples, and dairy & packaged foods through its food logistics and distribution channels. It connects the farmers to retail businesses, hotels and restaurants, supermarkets, and also own stores.

In line with prevailing trends across the sector, WayCool had started as a B2C venture called SunnyBee where it had launched a chain of stores to sell fresh produce. In 2017, it pivoted to the B2B model creating a tech-enabled supply chain from farm to fork.

India’s eB2B market is expected to cross $60 billion in 2025, according to a report released by market research firm Redseer last month.