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Tiger Global backs Unacademy; Ensuredit, Power Gummies raise fresh funds

Tiger Global backs Unacademy; Ensuredit, Power Gummies raise fresh funds
L to R:- Roman Saini, Hemesh Singh and Gaurav Munjal, Co-founders, Unacademy  |  Photo Credit: Company Image
25 Nov, 2020

Bengaluru-based Sorting Hat Technologies, which owns and operates online learning platform Unacademy, said on Wednesday it has raised an undisclosed amount in a growth funding round.

The investment comes from Tiger Global Management and Dragoneer Investment Group and values the startup at $2 billion. Prior to this, the company raised $150 million in September in a round led by SoftBank Vision Fund 2.

“We have consistently built the most iconic products that deliver high quality education to everyone. Today, I’m delighted to welcome Tiger Global and Dragoneer as our partners in the journey. They are both marquee global investors with a history of partnering with innovative companies that are making an impact on people’s lives,” Gaurav Munjal, co-founder and CEO of Unacademy, said in a statement.

Munjal founded the startup in 2015 with Hemesh Kumar Saini and Roman Saini. The platform helps students looking to prepare for competitive and college entrance exams such as SSC, Bank, CAT, and GATE. Unacademy offers learners both live classes and recorded sessions.

Ensuredit Technologie secures capital 

Gurugram-based Ensuredit Technologies, the startup behind the Ice Insurance platform for insurance brokers, has raised nearly $338,000 (about Rs. 2.5 crore at current exchange rates) in a Series A round of funding led by Venture Catalysts.

Gurugram-based Ensuredit Technologies, the startup behind the Ice Insurance platform for insurance brokers, has raised nearly $338,000 (about Rs. 2.5 crore at current exchange rates) in a Series A round of funding led by Venture Catalysts.

The investment, the startup said in a statement, will be used to strengthen technology infrastructure, team and outreach, and establish its position as a leader in the market.

Founded in 2019 by Amit Boni, Rohit Sadhu and Vikas Ranga, Ensuredit’s platform helps brokers, corporate agents, IMFs, and insurers boost their earnings through enhanced sales. 

It offers a wide range of services, including agent on-boarding, quote generation, processing payments, identifying cross-sell and upsell opportunities, and creation of a proposal.

“Ensuredit’s vision is simple: To digitally transform the Indian insurance industry using our AI-based, API-integrated platform and deliver a more enhanced customer experience to all the stakeholders across the sector. Venture Catalysts’ support and confidence in our idea gives us the much-needed motivation for making greater strides in our journey,” Boni said in the statement.

Power Gummies raises $1 million in third funding this year

Delhi-based Aesthetic Nutrition, which manufactures chewable dietary supplements under the Power Gummies brand, said on Tuesday it has raised approximately $1 million (Rs. 7.38 crore at current exchange rates) in a bridge round of funding.

The investment, third this year for the startup, was led by Agility Venture Partners, with participation from DSG Consumer Partners and Venture Catalysts.

In a statement, the startup said it will use the funding to build out teams and strengthen product research and marketing. 

Founded in 2018 by Divij Bajaj, Power Gummies became popular as chewable tablets that come with zero sugar, gelatin, and gluten and solve hair, nail, weight management problems using Biotin, Zinc, Folic acid, and ten other essential vitamins and minerals. The company claims to have seen 6x growth in its valuation since mid-2019.

“With the current funding raised, we aim to grow our operations by 6X more this year and further launch products in various variants, focusing on different health and wellness categories and segments.” Bajaj said, adding that “achieving an annual revenue run rate of over Rs. 8 crore in the first year of operations motivated us to give the best to our customers.”

Unicorn India Ventures invests in Inntot Technologies

Kochi based Inntot Technologies, which provides digital radio receiver solutions, said it has raised an undisclosed sum from Unicorn India Ventures in a bridge round of funding.

The startup said it plans to use the funding to procure highly sophisticated and precision digital radio test equipment that is required for radio frequency and timing performance testing for all the digital radio broadcast receiver standards.

Founded in 2014 by Prasanth Thankappan and Rajith Nair, Inntot has software-defined radio (SDR) solutions for Digital Radio Mondiale (DRM in AM and FM bands) receivers, DAB/DAB+ receivers, ISDB-T digital television receivers, HD-radio receivers, and CDR receivers.

The company claims that its SDR implementation, along with patented improvisations, run on ARM processors, making the receivers high-quality and cost-effective for original equipment manufacturers (OEMs).

“Our objective is to enable Inntot to provide high quality and cost-effective Digital Radio Broadcast Receiver solutions across all geographies. Be it inside cars, houses or smartphones. The continued support from Unicorn India is a testament to the success we have achieved so far and the growth plans that are chalked out for the next 2 years,” Nair said in a statement.

Magenta Bi raises seed funding

Ahmedabad-based Magenta Connect, which offers business intelligence platform Magenta Bi, said on Tuesday that it has raised a little over $80,000 (Rs 60 lakh) in a seed funding round.

The investment comes from a clutch of investors, including angel investor Santhosh G, HN Safal Group CFO Manoj Agrawal, and Prarambh Group promoter Sachin Chaturvedi. The names of other investors who took part in the round haven’t been disclosed.

The company said it plans to use the fresh capital to strengthen its sales, marketing, and engineering divisions, and expand the overall product offering.

Founded in 2018 by Vikas Mundhra and Vikalp Somani, Magenta Connect’s Bi platform helps SMEs make data-driven decisions across sales, purchases, inventory, and payments through actionable analytics. 

“With the vision of enabling 10K SMEs to scale growth through Actionable Analytics, we started Magenta Bi,” Mundhra said following the fund-raise. “Our platform addresses this pain-point - Data-structuring, integrations and set-up happens in a matter of clicks.”

AppsFlyer raises funding from Salesforce Ventures

San Francisco-based AppsFlyer, a mobile measurement and marketing analytics company, said on Tuesday that it has raised an undisclosed amount from Salesforce Ventures in a late-stage extension of its growth round.

As part of this funding, announced earlier this year, the company had originally raised $210 million, with General Atlantic as the lead investor. Overall, it claims to have secured over $300 million since being founded in 2011.

AppsFlyer said it plans to use the fresh capital to strengthen its work on product innovation while keeping user privacy at the forefront.

Founded by Oren Kaniel and Reshef Mann, the company offers a range of measurement solutions to empower marketers to grow their business, including holistic attribution, marketing analytics, incrementality measurement.

The company said it has crossed $200 million in annual recurring revenue and is looking to increase its global workforce to meet its growing customer demands. Currently, it employees around 1,000 employees worldwide.

“AppsFlyer has been the driving force in mobile marketing attribution and has demonstrated true, long-term commitment to represent the app developers within the ecosystem,” Nowi Kallen, Principal at Salesforce Ventures, said. “Through a customer centric approach, 8,000-partner strong marketplace and privacy by design, AppsFlyer’s innovative technology enables marketers to delight their end-users with a great user experience, while protecting their privacy.”