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Deal Roundup: Edtech deals drive volume; Cars24, Open lead deal activity

Deal Roundup: Edtech deals drive volume; Cars24, Open lead deal activity
Photo Credit: 123RF.com
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The week saw a jump in the number of deals with 31 funding announcements and Indian startups raising a cumulative $589.35 million (Rs 4,327.4 crore approximately) during the period.

This is a massive jump from the previous week which saw $100.71 million being raised across 19 deals.

Cars24 was the largest contributor to the deal value after raising $259 million from DST Asia, Alpha Wave Incubation and Tencent.

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Temasek and Google’s $62 million Series C bet on neobanking startup Open and $50 million raised by interior design platform HomeLane IIFL AMC, Oman India Joint Investment Fund and Stride Ventures made the other top deals of the week.

IPO-bound logistics firm Delhivery also made the news, raising $75 million from former Tiger Global partner Lee Fixel’s new fund, Addition.

In terms of volume, edtech contributed to the major share of the capital raised this week, with deals including overseas education-focused guidance and financing platform Leap raising $55 million led by Owl Ventures.

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College admission and education services platform CollegeDekho also raised $26.5 million in a Series B round of funding led by Winter Capital Partners.

Ronny Screwvala led Unilazer Ventures also invested in the $10 million funding round in live learning platform Lido Learning.

The week saw 19 deals in early-stage capital, including edtech companies like OckyPocky, Clever Harvey, Stride Ahead, Vidyakul raising capital across seed and pre-Series A rounds.

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In the mergers and acquisition news, India’s most valued startup Byju’s announced the acquisition of Gradeup for an undisclosed amount, making it the eighth acquisition this year.

Other acquisitions include customer loyalty and engagement solutions provider Capillary’s acquisition of US based Persuade, and Notion Labs’ acquisition of connectivity and software tool integration provider, Automate.io.

Digital health platform BeatO also announced the acquisition of Novique Health to strengthen its offering in management and reversal of Type 2 diabetes.

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