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Deal Roundup: Tiger Global racks up three more new deals; Fractal acquires Samya.ai

Deal Roundup: Tiger Global racks up three more new deals; Fractal acquires Samya.ai
Photo Credit: 123RF.com
25 Jun, 2021

New York based alternative investments firm Tiger Global Management snapped up stakes in three more startups this week -- Classplus, Kutumb, and Progcap -- taking it tally of new deals here this year alone to 23. In addition, it pushed through a follow-on investment in GoMechanic, an automobile servicing platform. 

Tiger Global came in as new investor in Classplus, a SaaS based platform that digitises offline coaching institutes, to close the company’s Series C round at $65 million. The round valued Classplus parent Bunch Microtechnologies at $250 million. On Monday, Progcap, which focusses on retailer financing in India’s micro and small businesses, landed $25 million in a Series B funding round led by Tiger Global and returning investor Sequoia Capital India. And, community focused networking app Kutumb raised about $28 million in a round led by the alternative investments firm. Kutumb, is a social media app that focuses on onboarding users under different communities. 

Apart from new investments, Tiger Global led a $42 million Series C round in existing portfolio company GoMechanic. Earlier this month, TechCircle reported, citing regulatory filings, that the Gurugram based company had pulled in $34 million as part of the same Series C round. 

Read: Tiger Global, old wine, new bottle 

Since January this year, Tiger Global has led or participated in deals worth $2.77 billion since, $1.23 billion of which have led to the creation of unicorns. Its deals tally in 2020 stood at 20. 

In other notable deals, not involving Tiger Global, e-commerce platform CityMall on Tuesday pocketed $22.5 million as part of its Series B funding round led by venture capital firms General Catalyst and Singapore’s Jungle Ventures. Existing investors Accel, Elevation Capital and WaterBridge Ventures participated in the round. 

Overall, 27 startups raised capital this week of which 10 did not disclose deal values. The remaining 17 startups raised a total of $149.3 million.

On the M&A front, multinational company Fractal Analytics, which uses artificial intelligence for data analytics, acquired revenue growth management firm Samya.ai for an undisclosed amount to strengthen offerings and expand reach across industries.  

Mumbai-based healthtech unicorn CitiusTech bought SDLC Partners, a payer-focused technology solutions company in Pittsburgh, Pennsylvania. While the financial terms of the deal remain undisclosed, CitiusTech said the move will strengthen its portfolio of solutions designed to help healthcare payers (such as insurance companies) accelerate their digital transformation. 
 
Eka Software Solutions, a cloud-based enterprise solutions provider, snapped up Bengaluru based banking and finance startup Trxiea Platforms and Solutions, to accelerate its treasury solutions’ time-to-market. The company declined to disclose the financial terms of the deal. 

The week also saw MRCC Group, a technology conglomerate headquartered in Boston acquiring Noida based corporate learning company G-Cube.