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<ul><li><keyword id="8032183" type="UNKNOWN" weightage="20" keywordseo="Infra-Market">Infra.Market</keyword>’s valuation has increased more than two-fold from $1 billion in the last six months.</li><li>It is a B2B e-commerce company that solely focuses on offering high-volume <keyword id="3857121" type="PERSON" weightage="20" keywordseo="construction-material">construction material</keyword>.</li><li>Infra.Market company will also look at acquisition opportunities, along with product expansion.</li></ul>Construction material e-commerce platform Infra.Market has raised $125 million in a Series D round led by Tiger Global, an investor since Feb this year, at a valuation of $2.5 billion. The company’s valuation has increased more than two-fold in the last six months. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Month </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amount </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Investor </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Valuation </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">February 2021 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$100 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><a href="https://www.businessinsider.in/business/startups/news/tiger-global-overtakes-sequoia-as-the-top-investor-in-indian-unicorns-in-2021-cracks-15-deals-this-year-so-far/articleshow/83912624.cms">Tiger Global,</a> Accel Partners, Nexus Venture Partners, others </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1 billion+ </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">July 2021 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$13.4 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Alteria Capital </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Debt Round </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">August 2021 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$125 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tiger Global </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$2.5 billion </td></tr></tbody></table> Infra.Market was founded by <keyword id="5333789" type="PERSON" weightage="20" keywordseo="Souvik-Sengupta">Souvik Sengupta</keyword> and Aaditya Sharda in 2016. It is a marketplace for other businesses and retailers to order construction material like concrete, fly ash, construction chemicals, sand and more. The five-year old company expects its annual revenue to cross a billion dollars this year. More than two-third of the sales are contributed by the company’s own private label, which gives them hire margins. Notably, Infra.Market has been profitable since inception and has a revenue run rate of $700 million. It now has customers in 10 states in India and exports to international markets like Dubai, Singapore, Jordan, Italy and more, the company said in a statement. Founder Sengupta added that they are seeing a spike in customer’s order value as they launch new products, verticals and expand market presence. A part of the funding would be utilised to accelerate this further. Infra.Market company will look at acquisition opportunities as well. It had recently acquired Equiphunt, a equipment solutions platform that provides services like equipment ownership, maintenance and utilization. The company expects to benefit significantly from the ongoing increase in allocation for infrastructure projects under the National Infrastructure Pipeline, which has planned projects worth $2 trillion to be executed over the next few years. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/nykaa-will-spend-its-ipo-money-on-setting-up-retail-stores-and-repaying-loans/articleshow/84996894.cms" data-type="tilCustomLink">Nykaa will spend its IPO money on setting up retail stores and repaying loans</a> <a href="https://www.businessinsider.in/retail/news/britannia-marico-hindustan-unilever-nestle-india-products-can-be-costlier-as-inflation-is-eating-into-their-profits/articleshow/84977161.cms">From cookies king Britannia to soaps titan HUL, inflation is eating profits away ⁠— so, you may have to pay even more for daily essentials</a> <a href="https://www.businessinsider.in/business/startups/news/skill-lync-raises-17-5-million-to-offer-more-upskilling-courses-for-engineers/articleshow/84995007.cms">Three-year-old Skill-Lync gets $17.5 million funding from Flipkart founder Binny Bansal and others</a>

E-commerce platform for construction material Infra.Market raises $125 million from Tiger Global investment

After the Income tax department recently raided a proptech startup based in Pune and Thane and found alleged tax evasion to the tune of Rs 224 crore, reports suggest it is <keyword id="8032183" type="General" weightage="20" keywordseo="infra-market" source="Orion">Infra.Market</keyword>, one of India's fastest growing unicorns. According to multiple reports, the details point to B2B e-commerce marketplace Infra.Market, backed by Tiger Global, Accel and Nexus and valued at $2.5 billion. According to CBDT, the startup allegedly obtained huge foreign funding via the Mauritius route, issuing shares at an "exorbitantly" high premium. The CBDT said a hawala network of some Mumbai and Thane-based shell companies has also been discovered that was involved with the case. The startup, founded by Souvik Sengupta and Aaditya Sharda, said it is cooperating with the authorities and is providing all necessary information. The Income-Tax department said on Sunday in a statement that it has found evidence that a startup based in Pune and Thane has not disclosed Rs 224 crore, without naming it. The CBDT said unaccounted cash worth Rs 1 crore and jewellery worth Rs 22 lakh have been seized during the raids. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/adani-group-ioc-bpcl-hpcl-reliance-hdfc-and-other-hot-stocks-on-march-21/slidelist/90344098.cms">Adani group, IOC, BPCL, HPCL, Reliance, HDFC and other hot stocks on March 21</a> <a href="https://www.businessinsider.in/investment/news/india-is-working-on-crypto-classification-under-gst-law/articleshow/90344895.cms" data-type="tilCustomLink">India is working on crypto classification under GST law</a> <a href="https://www.businessinsider.in/investment/news/crypto-tax-in-india-kicks-in-from-april-heres-all-you-need-to-know/articleshow/90344479.cms">India’s cryptocurrency tax kicks in from April – here’s what investors need to know</a>

Infra.Market is reportedly under income tax lens for an alleged evasion of ₹224 crore

<ul><li>Tiger Global has invested in three B2B ecommerce platforms <keyword id="8032183" type="General" weightage="20" keywordseo="infra-market" source="Orion">Infra.Market</keyword>, <keyword id="3119222" type="General" weightage="20" keywordseo="moglix" source="Orion">Moglix</keyword> and <keyword id="3259676" type="General" weightage="20" keywordseo="Ofbusiness" source="Orion">OfBusiness</keyword> this year.</li><li>The three players compete with each other in this sub segment of B2B, but the intricacies of their businesses are quite different.</li><li>OfBusiness is a tech-enabled platform that enables small and medium enterprises (SMEs) with procurement of raw materials and credits.</li></ul>OfBusiness, which allows businesses to purchase bulk orders from sellers online, has doubled its valuation to $3 billion in a $207 million fresh funding round led by Tiger Global. The company was valued at $1.5 billion in July, when it raised $160 million from SoftBank, Falcon Edge and Matrix Partners. Softbank, along with Falcon Edge-managed Alpha Wave Incubation, also participated in the latest round with an infusion of $43 million. New York-based Tiger Global — which is also an investor in other business-to-business (B2B) marketplaces Infra.Market and Moglix — has infused $150 million in the New Delhi-based startup. It is likely to infuse another $15-20 million in the coming round. This is the third major funding round closed by OfBusiness this year. In April this year, the company <a href="https://www.businessinsider.in/business/startups/news/sme-financing-platform-ofbusiness-raises-110-million-from-falcon-edge-capital-valuation-hits-800-million/articleshow/81962626.cms">had raised $110 million</a> led by Falcon Edge Capital at a valuation of $800 million. Interestingly, this is also the third unicorn investment made by Tiger Global in the B2B ecommerce space. Infra.Market, Moglix and OfBusiness are competitors in this sub segment of B2B, but the intricacies of their businesses are quite different. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Focus area </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Valuation </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infra.Market </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Construction material </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$2.5 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">OfBusiness </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Manufacturing and infrastructure development material </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$3 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Moglix </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Industrial and home products </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1.33 billion </td></tr></tbody><tbody></tbody></table> The nearly $3 billion worth <keyword id="6357316" type="General" weightage="20" keywordseo="udaan" source="Orion">Udaan</keyword>, too, is a <a href="https://www.businessinsider.in/business/startups/news/udaan-fires-half-its-contract-employees/articleshow/75357229.cms">prominent player </a>in the B2B ecommerce space. It helps small businesses to procure products — across categories like electronics, home and kitchen, staples, fruit and vegetables, and more — at lower prices. <keyword id="7466761" type="General" weightage="20" keywordseo="zetwerk" source="Orion">Zetwerk</keyword> — valued at $1.33 billion — entered the unicorn club this year, when it raised $150 million in a round led by D1 Capital. It focuses on online sale of manufacturing material. What is OfBusiness up to? Founded by Asish Mohapatra, Bhuvan Gupta, Vasant Sridhar, Ruchi Kalra and Nitin Jain in 2015, the New Delhi-based startup is a tech-enabled platform that enables small and medium enterprises (SMEs) with procurement of raw materials and credits. It has a separate entity, NBFC Oxyzo Financial Services, to offer financing solutions to SMEs. This entity has a loan book of $240 million, with 5,000 borrowers to the list. The company claims to be at an annual revenue run-rate of $1.4 billion. It further plans to increase this with expansion of its operations and acquisition of other businesses, Mohapatra <a href="https://economictimes.indiatimes.com/tech/funding/ofbusiness-valuation-doubles-to-3-billion-after-tiger-global-led-funding/articleshow/86645251.cms">told</a> The Economic Times. It claims to be underway to close several such acquisitions. The company competes with platforms like Moglix, Infra.Market, Zetwerks and others on the B2B ecommerce business fronts. In SME lending, it is competing with other platforms like BharatPe, LendingKart, Aye Finance and many others. OfBusiness, along with its B2B ecommerce rivals mentioned above, are among the 28 startups that entered the unicorn club this year, with a valuation of over $1 billion. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/paras-defence-maruti-suzuki-airtel-vodafone-idea-and-other-top-stocks-to-watch-out-for-on-october-1/slidelist/86670108.cms" data-type="tilCustomLink">Paras Defence, Maruti Suzuki, Airtel, Vodafone Idea and other top stocks to watch out for on October 1</a> <a href="https://www.businessinsider.in/stock-market/news/paras-defence-space-tech-ipo-continues-to-demand-a-premium-of-200-in-grey-market/articleshow/86663834.cms" data-type="tilCustomLink">Paras Defence &amp; Space Tech IPO continues to demand a premium of ₹200 in grey market</a> <a href="https://www.businessinsider.in/business/startups/news/ola-electric-raises-200-million-from-softbank-falcon-edge-at-valuation-of-3-billion/articleshow/86649236.cms">4-year old Ola Electric is now worth over a half of its older sibling Ola</a>

Tiger Global is now an investor in three of the five B2B ecommerce unicorns in India

<ul><li>The two new <keyword id="2023017" type="ORGANIZATION" weightage="20" keywordseo="unicorns">unicorns</keyword> are <keyword id="2848710" type="PERSON" weightage="20" keywordseo="Innovaccer">Innovaccer</keyword>, a healthtech firm, and <keyword id="8032183" type="UNKNOWN" weightage="20" keywordseo="Infra-Market">Infra.market</keyword>, a startup in the real estate space.</li><li>While Innovaccer’s valuation jumped three times in seven months to $1.3 billion, Infra.market’s valuation was last known to be just $200 million in December 2020.</li><li>While Innovaccer, founded in 2014, has raised a total of $225 million, the four-year old Infra.market has raised $150 million till date.</li></ul>India added two new unicorns this week to its rapidly growing club of <keyword id="6362513" type="UNKNOWN" weightage="20" keywordseo="startups">startups</keyword> with over a billion dollar valuations. Innovaccer, a healthcare technology company, and Infra.market, a startup that helps real estate companies to procure materials, have both raised funds this week and become the latest unicorns. Interestingly, both the companies have seen their valuations swell in just a matter of months, in a pandemic period. Innovaccer’s valuation jumped three times in seven months to $1.3 billion and Infra.market’s valuation was last known to be $200 million in <a href="https://techcrunch.com/2021/02/25/infra-market-becomes-newest-indian-unicorn-with-100-million-fundraise/">December 2020</a>, and within three months its valuation has crossed a billion dollars. The startups are not like many other Indian companies who have raised billions of dollars. Instead, both the startups have achieved the status with minimal funding. While Innovaccer, founded in 2014, has raised a total of $225 million, the four-year old Infra.market has raised $150 million till date. What does Innovaccer do? Through a Data Activation Platform, Innovaccer connects healthcare data across verticals, and provides unified patient records as well as insights for better patient outcomes. The San Francisco-headquartered startup claims that by the end of 2021, it would have grown with a Compound annual growth rate (CAGR) of 5%. Innovaccer was founded in 2014 by Indian Institute of Technology (IIT) graduates Sandeep Gupta, Abhinav Shashank and Kanav Hasija. With the latest fundraise from Tiger Global Management and existing investors Steadview Capital, Dragoneer, B Capital Group, Mubadala Capital and M12 (Microsoft's Venture Fund), the startup will now be launching the Innovaccer Health Cloud – “a platform as a service that combines the company’s Data Activation Platform and application suite with an extensive set of platform services and tools that allow customers and partners to easily develop interoperable applications that improve patient outcomes and lower costs”. “Over the last ten years, we have spent billions of dollars digitizing healthcare information with great success. That was step #1 of the journey. Now, we have troves of information on our health locked in electronic silos. We need to bring this information together using a cloud platform that not only unlocks the power of the data, but also provides a platform on which new digital services and solutions can be built with native interoperability,” said Shashank, co-founder and chief executive officer at Innovaccer in a statement. What does Infra.market do? Based out of Mumbai, Infra.market is targeting India’s booming real estate market. It helps construction companies procure materials as well as helps with the logistics of it. The startup was founded in 2016, by Indian Institute of Management (IIM) graduates Aaditya Sharda and Souvik Sengupta, counts the likes of Larsen &amp; Toubro, Tata Projects and Ashoka Buildcon as its clients. According to <a href="https://techcrunch.com/2021/02/25/infra-market-becomes-newest-indian-unicorn-with-100-million-fundraise/">reports</a>, Infra.market which was also hit by the pandemic and saw its businesses halt for two months during lockdown, has recovered quickly and is aiming for a $180 million annual run rate in FY21. Infra.market’s series C funding round was led by Tiger Global and also saw participation from its existing investors Nexus Venture Partners, Accel Partners, Sistema Asia Fund, Evolvence India Fund, and Fundamental Capital GmbH. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/whatsapp-signal-and-telegram-face-a-catch-22-situation-as-indias-new-social-media-rules-threaten-encryption/articleshow/81221070.cms">Whatsapp, Signal and Telegram face a catch-22 situation as India’s new social media rules threaten encryption</a> <a href="https://www.businessinsider.in/business/startups/news/a-candid-kavin-mittal-admits-his-mistakes-as-he-reinvents-hike-and-plans-fresh-fundraising-this-year/articleshow/81204449.cms">A candid Kavin Mittal admits his mistakes as he reinvents Hike and plans fresh fundraising this year</a>

India saw the birth of two new unicorns this week – both their valuations have swelled multiple times in just a few months

New Delhi, Indian startups have raised $732.7 million across 107 deals in January this year amid layoffs, shutdowns and top-level exits. According to TheKredible's data, there were 70 early-stage deals with a total value of $314.4 million, and 21 growth-stage deals worth $418.3 million. There were 16 undisclosed rounds. In January, the total funding for startups experienced a significant decrease from $1.7 billion in the last month of 2023. It was also the lowest funding amount for January when compared to the last three years, reports Entrackr. Notably, no startup managed to secure funding above $100 million in January. <keyword id="20320433" type="General" weightage="20" keywordseo="vivifi" source="keywords">Vivifi</keyword>, a fintech startup, received the most funding in January, totalling $75 million. AiDash, wow! Momo, <keyword id="20450793" type="General" weightage="20" keywordseo="impact-analytics" source="keywords">Impact Analytics</keyword>, and BluSmart were among the five most funded companies last month. Three companies in the growth stage, OneCard, Infra.Market, and Yulu, have raised debt funding, as per the data. <keyword id="20450792" type="General" weightage="20" keywordseo="krutrim-si-designs" source="keywords">Krutrim SI Designs</keyword>, led by Bhavish Aggarwal, has announced $50 million in funding, making it the fastest unicorn in the Indian startup ecosystem. International Battery Finance and three fintech startups - StockGro, FinAGG, and Ecofy - made the top five list. StockGro raised the most debt last month, the report noted. Layoffs continued to stalk startups, with more than 600 layoffs across three companies. Online food delivery platform Swiggy led the way with 350 layoffs, followed by Cult.fit and InMobi. Flipkart, an e-commerce marketplace, was also in the news for firing over 1,000 employees. In addition to layoffs, several top-level employees left Indian startups. Udaan alone saw two departures, including CFO Aditya Pande and FMCG business head <keyword id="20400665" type="General" weightage="20" keywordseo="vinay-shrivastava" source="keywords">Vinay Shrivastava</keyword>. The CEOs of Indus Appstore and KnowledgeHut, both owned by PhonePe, and the co-founders of DealShare and Fashinza have left. Besides layoffs, cricket non-fungible token (NFT) platform Rario and ByteDance's <keyword id="20158260" type="General" weightage="20" keywordseo="resso" source="keywords">Resso</keyword> announced to shut down operations.

Indian startups raised $732 million across 107 deals in January

<ul><li><keyword id="12437554" type="General" weightage="100" keywordseo="zepto" source="Orion">Zepto</keyword> elevates <keyword id="184778" type="General" weightage="80" keywordseo="ankit-agarwal" source="Orion">Ankit Agarwal</keyword> as CPO to improve customer experience and drive innovation across categories.</li><li>Zepto’s new CPO has also been a founder in the past, with Orinko, trying to build India’s first ever fruits and vegetables consumer brand.</li><li>Zepto turned the first unicorn of 2023 with a valuation of $1.4 bn last month and is working towards a public listing over the next 12-18 months. </li></ul> Quick commerce player Zepto on Monday announced the elevation of Ankit Agarwal as the company’s Chief Product Officer. A major part of Zepto’s journey ahead will be driven by innovation in product and technology. Ankit Agarwal, CPO, Zepto, explains, “We're not following trends; we're setting them. I'm excited to be part of that team that is revolutionising commerce in India.” Kaivalya Vohra, Co-founder and CTO, Zepto, said, “Ankit joined us about a year ago and in that time he has built strong rigour within the fulfilment charter. We've been able to ship world class technology over the last year; everything from building our entire last mile stack in-house to building and rolling out a warehouse management system in &lt;6 months, and many other needle-moving initiatives.” With 13+ years of product experience in companies such as Flipkart, Delhivery and Infra.Market, Ankit joined Zepto in August 2022 as SVP of Product to lead the entire fulfilment charter, spanning the entirety of supply chain, last mile and finance tech. Ankit has also been a founder in the past, with Orinko, trying to build India’s first ever fruits and vegetables consumer brand. With Ankit’s elevation, he will now own product end-to-end, from consumer to supply chain and last mile. The quick commerce player has its job cut out after it became a unicorn last month. Zepto is India’s 84th unicorn with its latest fundraise. India had 83 unicorns at the start of the year but several startups have lost that tag with down rounds and cuts in valuation. The quick commerce player, started by two teenagers two years ago, has raised $200 million through a Series E round at a valuation of $1.4 billion. The latest round is entirely primary. The agenda is to build a good capital base ahead of a potential listing in 2025. With this round, the startup has brought on board a bunch of new investors. This round was led by StepStone Group and this investment into Zepto is their first direct investment in an Indian company). Additionally, Goodwater Capital, a consumer-focused venture capital firm based in California, joined the round as a new investor. Notably, existing investors, like Nexus Venture Partners, Glade Brook Capital, Lachy Groom and more, doubled down on their investments in Zepto with meaningful follow-on investments.

Zepto appoints Ankit Agarwal as chief product officer to drive innovation in fulfilment

<ul><li><keyword id="3259676" type="PERSON" weightage="20" keywordseo="OfBusiness">OfBusiness</keyword> has raised $110 million from <keyword id="4675626" type="COMPANY" weightage="20" keywordseo="Falcon-Edge-Capital">Falcon Edge Capital</keyword>. The round also saw participation from its existing investors Matrix Partners India, Creation Investments, and <keyword id="260133" type="COMPANY" weightage="20" keywordseo="Norwest-Venture-Partners">Norwest Venture Partners</keyword>.</li><li>OfBusiness drives raw material supply chain for manufacturing and infrastructure sectors and claims to have gross merchandise value (<keyword id="6399113" type="COMPANY" weightage="20" keywordseo="gmv">GMV</keyword>) run rate of $1.5 billion.</li><li>In a recent interview, the company’s co-founder Asish Mohapatra said that it is also aiming for an IPO in the next two years.</li></ul>Business-to-business platform OfBusiness has raised $110 million from Falcon Edge Capital. The round also saw participation from its existing investors Matrix Partners India, Creation Investments, and Norwest Venture Partners. With this round, the company has raised a total of $170 million. The latest round values the company at <a href="https://economictimes.indiatimes.com/tech/funding/ofbusiness-operator-ofb-tech-raises-110-mn-at-800-mn-valuation/articleshow/81960852.cms">$800 million</a>, making it a soonicorn (soon to be unicorn, a startup with a valuation of $1 billion). OfBusiness drives raw material supply chain for manufacturing and infrastructure sectors and claims to have gross merchandise value (GMV) run rate of $1.5 billion and a profit before tax (PBT) run rate of $20 million. It also runs a cash flow-based financing business for buying raw materials through its <keyword id="6355260" type="COMPANY" weightage="20" keywordseo="NBFC">NBFC</keyword> platform Oxyzo Financial Services. The sector had seen another startup Infra.Market turn unicorn in February, this year. OfBusiness, which was founded in 2015, was also ranked 17 in <keyword id="35662" type="COMPANY" weightage="20" keywordseo="financial-times">Financial Times</keyword>’ top 500 high growth companies in APAC in April 2020. Mohapatra told <a href="https://economictimes.indiatimes.com/tech/funding/ofbusiness-operator-ofb-tech-raises-110-mn-at-800-mn-valuation/articleshow/81960852.cms">ET</a> that the company has been profitable for three years now and is also aiming for an initial public offering (IPO) in the next two years. “Their relentless execution towards building India’s largest B2B platform has positioned them as the leader in the B2B space. With their profitable growth record, they are well on the way towards creating an IPO scale company,” said Vikram Vaidyanathan, managing director of Matrix India in a statement.

SME financing platform OfBusiness raises $110 million from Falcon Edge Capital – valuation hits $800 million

<ul><li>Indian <keyword id="6362513" type="General" weightage="20" keywordseo="startups" source="Orion">startups</keyword> have raised $6.5 billion across 160 deals in the second quarter of 2021.</li><li>Eleven startups also turned unicorns, companies valued at above $1 billion, in the same quarter.</li><li>Nearly 50% of the $6.5 billion fundraise was clocked in by top 10 deals of the April-June quarter of 2021.</li></ul>The April-June quarter of 2021 turned out to be a great one for the <keyword id="1948072" type="General" weightage="20" keywordseo="indian-startup" source="Orion">Indian startup</keyword> ecosstem despite the second wave of COVID-19 wreaking havoc across the country. As per the latest NASSCOM-PGA Labs report, India’s startups have raised $6.5 billion across 160 deals in the second quarter of 2021. Eleven startups also turned unicorns — companies valued at above $1 billion — in the same quarter, taking the total tally to 53. While many reports had previously suggested that India would have 100 unicorns by 2025, the number has been revised to 150 due to the massive uptick in funding as well as unicorn rounds.. Interestingly, 11 startups had entered the unicorn club in 2020. "Q2 2021 has been impeccable for the startup growth story. From being the most funded quarter, it has also added the most number of unicorns. Standing tall during the pandemic second wave headwinds, the Indian startup ecosystem has shown a strong resilience in this quarter," the report said. Nearly 50% of the $6.5 billion fundraise was clocked in by top 10 deals of the April-June quarter of 2021. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Funding </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Key investors </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Swiggy </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$800 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Falcon Edge Capital, Goldman Sachs, Think Capital, Amansa Capital and Carmignac </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ShareChat </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$502 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tiger Global Management </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Byju’s </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$340 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UBS, Blackstone, ADQ </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">PharmEasy </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$323 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Prosus Ventures, TPG Growth </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Meesho </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$300 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Softbank Vision Fund, Prosus Ventures, Shunwei Capital, Venture Highway </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Pine Labs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$285 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Baron Capital Group </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Delhivery </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$277 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fidelity Investments </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Zeta </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$250 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SoftBank Vision Fund </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cred </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$215 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Falcon Edge Capital, Coatue Management </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Urban Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$188 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Prosus Ventures, Tiger Global Management, DF International Partners </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total of top deals </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$3.4 billion </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td></tr></tbody></table> Innovaccer, Infra.market, Digit and Five Star Finance became unicorns in the first quarter of 2021. Urban Company, Cred, Meesho, Groww, PharmEasy, ShareChat, GupShup, Chargebee, Moglix, Zeta and BrowserStack turned unicorns in the April-June quarter. In the ongoing third quarter of July to September, another 10 startups have been added to the unicorn club. This includes, BlackBuck, Droom, OfBusiness, BharatPe, MindTickle, UpGrad, CoinDCX, Eruditus, Grofers and Zetwerk. Overall, 25 startups have entered the unicorn club in 2021 so far. SEE ALSO <a href="https://www.businessinsider.in/politics/world/news/this-is-the-time-to-save-your-life-an-afghan-refugee-recounts-fleeing-kabul-on-a-c-17-military-plane-and-arriving-in-the-us/articleshow/85579190.cms" data-type="tilCustomLink">An Afghan refugee who lifted his wife and toddler onto a C-17 military plane to flee Kabul tells the harrowing story of how they arrived safely in the US</a> <a href="https://www.businessinsider.in/cryptocurrency/news/visa-purchases-cryptopunk-nft-for-150000-as-it-gets-involved-in-the-booming-digital-collectibles-market/articleshow/85564627.cms">Visa purchases CryptoPunk NFT for $150,000 as it gets involved in the booming digital-collectibles market</a>

Swiggy, ShareChat, Byju’s lead the funding race as Indian startups raised $6.5 billion between April and June

<ul><li>Online investment platform <keyword id="6189412" type="UNKNOWN" weightage="20" keywordseo="Groww">Groww</keyword> has raised $83 million at a billion dollar valuation from Tiger Global.</li><li>The investment also saw participation from existing investors Sequoia India, Ribbit Capital, YC Continuity and Propel Venture Partners.</li><li>Groww becomes the fourth unicorn in this week alone and the eighth unicorn of 2021 so far.</li></ul>Online investment platform Groww has <a href="https://economictimes.indiatimes.com/tech/funding/online-investment-app-groww-raises-fresh-funds-led-by-tiger-valuation-jumps-to-1-billion/articleshow/81951257.cms">raised</a> $83 million at a billion dollar valuation from US-based investor Tiger Global. The investment also saw participation from existing investors Sequoia India, Ribbit Capital, YC Continuity and Propel Venture Partners. The <keyword id="138263" type="PERSON" weightage="20" keywordseo="startup">startup</keyword> had last raised $30 million in Series C led by YC Continuity in September 2020. With this, Groww becomes the fourth startup to be catapulted to unicorn status this week alone and the eighth unicorn of 2021, so far. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Digit Insurance </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">January 15 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Innovaccer </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">February 24 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infra.Market </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">February 26 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Five Star Business Finance </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">March 27 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Meesho </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">April 5 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CRED </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">April 6 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Pharmeasy </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">April 7 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Groww </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">April 7 </td></tr></tbody></table> Groww is a stockbroking startup founded by former Flipkart employees – Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal. Based in <keyword id="6354321" type="COMPANY" weightage="20" keywordseo="Bengaluru">Bengaluru</keyword>, the company claims to have over 10 million registered users across 900 cities. The four-year old startup was also a part of CB Insights’ list of 250 world’s most promising fintech companies. The stock broking market has been heating up as India has seen a huge uptick in the number of people investing in Indian stock markets. Groww faces competition from the likes of Zerodha, Paytm Money, INDMoney, Stockal among others. With the latest investment, the startup plans to expand its product suite, hire top-quality talent, and invest heavily in financial education and awareness. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/oyo-says-an-angry-hotel-owner-has-dragged-the-9-billion-startup-to-court-over-a-16-lakh-dispute/articleshow/81947498.cms">OYO says an angry creditor has dragged the $9 billion startup to court over a ₹16 lakh dispute</a> <a href="https://www.businessinsider.in/business/startups/news/for-the-third-consecutive-day-a-new-unicorn-is-born-from-india-as-pharmeasy-joins-the-billion-dollar-club/articleshow/81943929.cms">For the third consecutive day, a new unicorn is born from India as PharmEasy joins the billion dollar club</a>

Boom! Another unicorn pops up from India as Groww raises $83 million at a billion dollar valuation

<ul><li>Indian stock market hit new highs today led by a rise in <keyword id="11782097" type="UNKNOWN" weightage="20" keywordseo="shares-of-banks">shares of banks</keyword>, FMCG and IT stocks.</li><li><keyword id="6354813" type="UNKNOWN" weightage="20" keywordseo="Nifty">Nifty</keyword> 50 closed above historic high 16,000 points and Sensex closed above 53,500 points.</li><li>Analysts believe strong performance by stocks like HDFC, IT stocks, SBI, which are heavyweights on Nifty 50 led the rally.</li></ul>What is common between Titan, HDFC IndusInd Bank, Nestle India and Ultratech Cement? These are the top five gainers on the Nifty50, the benchmark index, that closed at a record level, above at 16,000, which had seemed to be a barrier even for the bulls in the market in recent months. That a varied set of stocks, from a watch maker to a mortgage lender, a bank to a company that is known for its noodles and sauces, as well a cement maker fill up the top five positions on the bourses on a given day ⁠— it only tells us that the euphoria is widespread and not tied to a specific theme. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty 50 - Top gainers </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gains on Aug 3 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Titan </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.99% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.78% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Indusind Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.49% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nestle India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.29% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UltraTech Cement </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.71% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">State Banks of India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.55% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hindustan Unilever </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.39% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">AxisBank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.34% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bharti Airtel </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.34% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Motors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.29% </td></tr></tbody></table> The Indian stock markets seem to be taking comfort over the improved economic conditions, better corporate earnings and rising consumer demand in certain sections of the society. Nifty 50 closed above historic high 16,000 points and Sensex closed above 53,500 points. These are some of the facts that led to this spectacular rally in the Indian stock market: <ul><li>Shares of Nifty 50 heavyweight HDFC surged nearly 4%, a day after its earnings, because the amount of defaults was <a href="https://www.businessinsider.in/finance/banks/news/bad-loans-increasing-in-pnb-hdfc-rbl-kotak-mahindra-bandhan-and-federal-banks-bank-other/slidelist/84996023.cms">much less </a>than what the market had feared. </li><li>Gross GST (goods and services tax) collection jumped 33% in July at ₹1,16,393 crore.</li><li>31 Nifty 50 companies, that have posted results so far, have shown 70% on year earnings growth against expected 64%, according to Motilal Oswal Financial Services <a href="https://www.moneycontrol.com/news/business/fastag-toll-collections-rise-to-nearly-pre-covid-19-second-wave-levels-in-july-comes-in-at-rs-2976-crore-7269031.html">report</a>. </li><li>India’s fiscal deficit narrowed to an 8-year low of ₹2.7 lakh crore in June quarter, helped by a rebound in revenues and lower spending.</li><li>The country recorded its highest ever monthly exports worth $35.2 billion in July 2021, an increase of 47.91% from July 2020.</li><li>Meanwhile, several states have been easing covid-19 restrictions as the numbers of covid cases on the national level has slowed down.</li></ul>SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/infra-market-raises-another-125-million-to-expand-its-construction-material-portfolio/articleshow/85002478.cms">E-commerce platform for construction material Infra.Market raises $125 million from Tiger Global investment </a><a href="https://www.businessinsider.in/business/startups/news/infra-market-raises-another-125-million-to-expand-its-construction-material-portfolio/articleshow/85002478.cms"></a> <a href="https://www.businessinsider.in/business/telecom/news/as-vodafone-idea-shares-dive-10-and-more-heres-a-look-at-what-analysts-had-to-say-about-it-prospect-in-recent-weeks/articleshow/84999673.cms">As Vodafone Idea shares dive 10% and more, here's a look at what analysts had to say about it prospect in recent week</a><a href="https://www.businessinsider.in/business/telecom/news/as-vodafone-idea-shares-dive-10-and-more-heres-a-look-at-what-analysts-had-to-say-about-it-prospect-in-recent-weeks/articleshow/84999673.cms"></a><a href="https://www.businessinsider.in/business/telecom/news/as-vodafone-idea-shares-dive-10-and-more-heres-a-look-at-what-analysts-had-to-say-about-it-prospect-in-recent-weeks/articleshow/84999673.cms"></a><a href="https://www.businessinsider.in/business/telecom/news/as-vodafone-idea-shares-dive-10-and-more-heres-a-look-at-what-analysts-had-to-say-about-it-prospect-in-recent-weeks/articleshow/84999673.cms"></a><a href="https://www.businessinsider.in/business/telecom/news/as-vodafone-idea-shares-dive-10-and-more-heres-a-look-at-what-analysts-had-to-say-about-it-prospect-in-recent-weeks/articleshow/84999673.cms"></a><a href="https://www.businessinsider.in/business/telecom/news/as-vodafone-idea-shares-dive-10-and-more-heres-a-look-at-what-analysts-had-to-say-about-it-prospect-in-recent-weeks/articleshow/84999673.cms"></a><a href="https://www.businessinsider.in/business/telecom/news/as-vodafone-idea-shares-dive-10-and-more-heres-a-look-at-what-analysts-had-to-say-about-it-prospect-in-recent-weeks/articleshow/84999673.cms"></a><a href="https://www.businessinsider.in/business/telecom/news/as-vodafone-idea-shares-dive-10-and-more-heres-a-look-at-what-analysts-had-to-say-about-it-prospect-in-recent-weeks/articleshow/84999673.cms"></a><a href="https://www.businessinsider.in/business/telecom/news/as-vodafone-idea-shares-dive-10-and-more-heres-a-look-at-what-analysts-had-to-say-about-it-prospect-in-recent-weeks/articleshow/84999673.cms"></a><a href="https://www.businessinsider.in/business/telecom/news/as-vodafone-idea-shares-dive-10-and-more-heres-a-look-at-what-analysts-had-to-say-about-it-prospect-in-recent-weeks/articleshow/84999673.cms"> </a><a href="https://www.businessinsider.in/business/telecom/news/as-vodafone-idea-shares-dive-10-and-more-heres-a-look-at-what-analysts-had-to-say-about-it-prospect-in-recent-weeks/articleshow/84999673.cms"></a><a href="https://www.businessinsider.in/business/telecom/news/as-vodafone-idea-shares-dive-10-and-more-heres-a-look-at-what-analysts-had-to-say-about-it-prospect-in-recent-weeks/articleshow/84999673.cms"></a><a href="https://www.businessinsider.in/business/telecom/news/as-vodafone-idea-shares-dive-10-and-more-heres-a-look-at-what-analysts-had-to-say-about-it-prospect-in-recent-weeks/articleshow/84999673.cms"></a><a href="https://www.businessinsider.in/business/telecom/news/as-vodafone-idea-shares-dive-10-and-more-heres-a-look-at-what-analysts-had-to-say-about-it-prospect-in-recent-weeks/articleshow/84999673.cms"></a><a href="https://www.businessinsider.in/business/telecom/news/as-vodafone-idea-shares-dive-10-and-more-heres-a-look-at-what-analysts-had-to-say-about-it-prospect-in-recent-weeks/articleshow/84999673.cms"></a>

Here’s why Nifty broke the 16,000 barrier ⁠— Titan, HDFC, Nestle and Ultratech tell the story of the euphoria in the Indian stock market

<ul><li>Banking technology startup <keyword id="702953" type="COMPANY" weightage="20" keywordseo="Zeta">Zeta</keyword> is the latest to join the Indian <keyword id="152045" type="ORGANIZATION" weightage="20" keywordseo="Unicorn">unicorn</keyword> club.</li><li>The company has been valued at $1.45 billion after raising $250 million in its Series C round of funding.</li><li>Zeta plans to use the fresh infusion of capital to expand its presence in the US and European markets where banks are moving away from branches to offering their services online.</li></ul>Zeta, a banking technology startup based in Bengaluru, is the newest Indian startup to attain the ‘unicorn’ status. In its Series C round of funding the company raised $250 million from Softbank Vision Fund II at a valuation of $1.45 billion. A ‘unicorn’ is a private company that is valued at $1 billion or more. The deal more than quadruples Zeta’s valuation since 2019, when Sodexo SA valued the startup at $300 million. With new money in its pocket and a brand new unicorn tag, Zeta plans to use the new funding to expand in the US and European markets. “They [banks] have been slow to innovate and provide poor user experiences,” said Bhavin Turakhia, co-founder of Zeta. According to him, Zeta is poised to capture the markets where banks are moving online and away from the conventional branches. It provides backbone technology for credit and credit-card processing, core banking, loans, mobile banking and personal finance management. <div type="ExtQuote" text="“Banking software is a $300 billion industry globally. Most banks still employ technology, which is significantly older than their customers, impacting user experience and engagement." auname="Munish Varma, managing partner at SoftBank Investment Advisers"></div> The company is banking on its simplified approach being different enough to attract customers. Rather than work with numerous supplies, as banks and financial institutions typically do, Zeta wants to combine all of those services and provide one cloud-based offering. So far, Zeta has 10 banks and 25 <keyword id="2461546" type="COMPANY" weightage="20" keywordseo="FinTech">fintech</keyword> companies across eight countries among its customers. This includes bigwig Indian banks like HDFC Bank, Kotak Mahindra, Axis, and others. Sodexo, an existing investor, is also a customer. It participated as a minority investor in the Series C round of funding. <cmsannotation type="cmsannotation" annotationid="List of startups that have entered the unicorn club in 2021:" comment="subhead" text="List of startups that have entered the unicorn club in 2021:">List of startups that have entered the unicorn club in 2021:</cmsannotation> <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Startup </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Valuation </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Digit Insurance </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1.9 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Innovaccer </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1.3 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Meesho </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$2.1 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infra.Market </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">PharmEasy </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1.5 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cred </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$2.2 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Groww </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ShareChat </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$2.1 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gupshup </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1.4 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Chargebee </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1.4 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Urban Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$2 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Five Star Finance </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1.4 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Moglix </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Zeta </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1.4 billion </td></tr></tbody></table> Turakhia doesn’t normally rely on external funding. In fact, most of the startups he’s been involved in, in the past, have been without institutional funding. Zeta’s move to raise capital marks a departure from his preference for bootstrapping his businesses. Zeta founder, 41-year old Turakhia, launched the startup in 2015 after already having dipped his toe — more like submerged his toe — in multiple startups with his brother, Divyank. He was already coding at the age of 10 and had attained millionaire status by the time he hit 20. By the time he was 26, he shared a billion-dollar fortune with his brother. SEE ALSO: <a href="https://www.businessinsider.in/science/environment/news/indias-silicon-valley-bengaluru-is-awed-by-the-rainbow-coloured-halo-in-its-skies/articleshow/82909806.cms">India's Silicon Valley is awed by the rainbow-coloured halo in its skies — but take pictures at your own risk</a> <a href="https://www.businessinsider.in/india/news/indias-prime-minister-narendra-modi-gets-a-unique-proposal-via-a-newspaper-advertisement/articleshow/82908689.cms">India's Prime Minister Narendra Modi gets a unique proposal via a newspaper advertisement</a>

You Searched For "inframarket" and got 11 results

E-commerce platform for construction material Infra.Market raises $125 million from Tiger Global investment

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Infra.Market is reportedly under income tax lens for an alleged evasion of ₹224 crore

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Tiger Global is now an investor in three of the five B2B ecommerce unicorns in India

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India saw the birth of two new unicorns this week – both their valuations have swelled multiple times in just a few months

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Indian startups raised $732 million across 107 deals in January

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Zepto appoints Ankit Agarwal as chief product officer to drive innovation in fulfilment

BI India Bureau

SME financing platform OfBusiness raises $110 million from Falcon Edge Capital – valuation hits $800 million

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Swiggy, ShareChat, Byju’s lead the funding race as Indian startups raised $6.5 billion between April and June

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Boom! Another unicorn pops up from India as Groww raises $83 million at a billion dollar valuation

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Here’s why Nifty broke the 16,000 barrier ⁠— Titan, HDFC, Nestle and Ultratech tell the story of the euphoria in the Indian stock market

Bhakti

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This banking tech startup is the newest Indian unicorn with a $1.45 billion valuation

BI India Bureau

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