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<ul><li>The <keyword id="3351303" type="PERSON" weightage="20" keywordseo="Gaming-startup">gaming startup</keyword> has announced a secondary investment from <keyword id="6497288" type="ORGANIZATION" weightage="20" keywordseo="steadview-capital">Steadview Capital</keyword>. </li><li>The 11-year-old <keyword id="138263" type="PERSON" weightage="20" keywordseo="startup">startup</keyword> has over 50 million users and aims to have 100 million by the end of 2019. </li><li>Its existing investors include <keyword id="1397792" type="COMPANY" weightage="20" keywordseo="Kalaari-Capital">Kalaari Capital</keyword>, Think Investments &amp; Multiples Equity.</li></ul>Indian gaming startup <keyword id="6214644" type="UNKNOWN" weightage="20" keywordseo="Dream11">Dream11</keyword> has entered the prestigious <keyword id="152045" type="ORGANIZATION" weightage="20" keywordseo="Unicorn">unicorn</keyword> club. The startup announced a secondary investment from Steadview Capital, an Asia-focused alternative asset manager. Steadview Capital comes on board by buying secondary shares from Dream11’s existing investors Kalaari Capital, Think Investments &amp; Multiples Equity. The existing investors will continue to stay on board. Secondary investments are when the new investor purchases shares from sources other than the issuer (employees, former employees, or investors). India now has over 15 unicorns, which are startups with the valuation of over $1 billion. The new additions include Delhivery and BigBasket. The 11-year-old startup has made it big in the Indian gaming space with over 50 million users and is also the official partner of the Indian Premier League - the cricket league which brought them most of their users. According to the company’s official release, Dream11’s user base has grown at a compounded annual growth rate (CAGR) of about 230% over a period of three years. “Providing great returns to our shareholders, whether investors or Dreamsters (employees), is very important to us and further reinforces their belief in Dream11. We will keep working hard and are targeting to end the year with 100 million users,” said Harsh Jain, CEO and Co-Founder, Dream11. The startup has a busy time ahead with the ongoing IPL and the upcoming cricket World Cup. At Dream11, it was a dream come true after multiple years of hard work. In an earlier interview with Business Insider, Bhavit Sheth, COO and co-founder, Dream11 had spoken about their journey so far. “As 22-year-olds we started this business, engineers who didn't know anything about business. We didn't even in our wildest imagination think that we will have over 52 million users in such a short time, with only a team of over 200 managing them and be at this scale,” said Sheth. See Also: <a href="https://www.businessinsider.in/dream11-is-eyeing-the-unicorn-tag-riding-on-ipl-and-cricket-world-cup-in-2019/articleshow/68458528.cms">2019 may be the biggest year for this 11-year old Indian gaming startup</a> <a href="https://www.businessinsider.in/gaming-startup-dream11-strikes-gold-as-the-official-partner-of-ipl/articleshow/68426121.cms">Gaming startup Dream11 strikes gold as the official partner of IPL</a>

Dream11 becomes India’s first gaming unicorn

Merchant payment and lending service provider <keyword id="7349800" type="UNKNOWN" weightage="20" keywordseo="bharatpe">BharatPe</keyword> on Thursday said it has acquired <keyword id="1917213" type="COMPANY" weightage="20" keywordseo="PAYBACK-India">Payback India</keyword> from <keyword id="91294" type="COMPANY" weightage="20" keywordseo="American-Express">American Express</keyword> and ICICI Investments Strategic Fund. The company, however, did not disclose the financial details of the transaction. This is the first-ever acquisition by BharatPe and will make Payback <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> a wholly-owned subsidiary of BharatPe, a statement said. Payback India - launched in 2010 - is a multi-brand loyalty programme with over 100 million members in the country. It has a network of more than 100 offline and online partners and allows its customers to earn and redeem points on every transaction at its partner merchant outlets. The acquisition of Payback India is in line with BharatPe's strategy to build a robust and engaged network of over 20 million small merchants by 2023, the statement said. With Payback India, BharatPe will be able to enhance its value proposition for the merchant partners, it added. Additionally, it will enable BharatPe to build a lucrative set of offerings for end customers, that will enhance footfalls at merchants and accelerate the growth of their businesses. As a result of the acquisition, all Payback India employees will become part of the BharatPe group. Suhail Sameer and Gautam <keyword id="2220" type="PERSON" weightage="20" keywordseo="Kaushik">Kaushik</keyword> (Group Presidents at BharatPe) along with Sumeet Singh, General Counsel of BharatPe, have joined the Board of Payback India. The role of the senior leadership team at Payback India will be expanded to also work on the loyalty programme for the six-million plus merchants of BharatPe, it added. The team, led by Pramod Mahanta (MD Payback India) and Rijish Raghavan (Chief Executive Officer at Payback India), will be working closely with Gautam Kaushik to build a new version of Payback India. Notably, Kaushik was the CEO and MD of Payback India prior to joining BharatPe in February this year. The company (Payback India) will continue operating under its current name and there will be no impact on the existing customer and partner relationships with Payback India that will continue to roll out initiatives for customers across India, the statement noted. "With the acquisition of Payback India, we will be able to add a whole new dimension to our merchant value proposition. In addition to the range of payment and credit products which BharatPe offers to help merchants scale their business, we will also be able to drive more consumers to their stores," BharatPe co-founder and CEO Ashneer Grover said. He added that the company is committed to build India's largest and most engaged merchant network and this acquisition will be a "game-changer" in that regard. "...Users can collect points while shopping offline and online and benefit from exclusive offers in the usual way, now at even more merchants with BharatPe. We are convinced that the great Payback value for customers is guaranteed sustainably and in the long term with BharatPe as the new operator," Markus Knorr, CFO of Payback Global, said. BharatPe at present provides a single interface for all existing UPI apps and allows merchants to accept UPI payments for free, through the BharatPe QR. It also supports merchants to access credit and other value-added services. Founded in 2018 by Ashneer Grover and Shashvat Nakrani, the company currently serves over 60 lakh merchants across 100 cities. It processes over 10 crore UPI transactions per month (annualised Transaction Processed Value of more than USD 10 billion) and facilitated disbursement of loans totaling to over Rs 1,600 crores to its merchants since launch. BharatPe's investors include Coatue Management, Ribbit Capital, Insight Partners, <keyword id="6497288" type="COMPANY" weightage="20" keywordseo="steadview-capital">Steadview Capital</keyword>, Beenext, Amplo and <keyword id="122716" type="COMPANY" weightage="20" keywordseo="Sequoia-Capital">Sequoia Capital</keyword>. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/here-are-the-coolest-ios-15-features-coming-to-iphones/slidelist/83362145.cms">Here are the coolest iOS 15 features coming to iPhones</a> <a href="https://www.businessinsider.in/cryptocurrency/news/paraguay-could-become-the-second-country-to-adopt-bitcoin/articleshow/83363776.cms">After El Salvador, Paraguay considers Bitcoin adoption</a> <a href="https://www.businessinsider.in/careers/news/google-microsoft-apple-and-many-others-are-hiring-for-various-it-roles-in-india/articleshow/83365305.cms">Google, Microsoft, Apple and many others are hiring for various IT roles in India —data scientists and cloud architects in high demand</a>

BharatPe acquires Payback India from American Express and ICICI Investments Strategic Fund

<ul><li>Bengaluru-based <keyword id="6368309" type="UNKNOWN" weightage="20" keywordseo="urban-ladder">Urban Ladder</keyword> has sacked 90 employees in order to save the company from sinking. </li><li>Reports say that the company took the step as it was unable to raise funds. </li><li>Urban Ladder has marquee investors like <keyword id="6360722" type="UNKNOWN" weightage="20" keywordseo="ratan-tata">Ratan Tata</keyword>, Sequoia India, Steadview Capital, SAIF Partners, Kalaari Capital, among others on its board.</li></ul>Indian furniture retail <keyword id="138263" type="PERSON" weightage="20" keywordseo="startup">startup</keyword> Urban Ladder has <a href="https://www.businesstoday.in/current/corporate/urban-ladder-lays-off-nearly-100-employees/story/354828.html">reportedly</a> laid off about 100 employees. The startup is known to have taken this decision as it was unable to raise funds to scale. It is also struggling to attain profitability. In an interview to the <a href="https://www.thehindubusinessline.com/info-tech/short-of-funds-urban-ladder-axes-40-of-its-workforce/article27705500.ece">Hindu Business Line</a>, the startup’s founder and CEO Ashish Goel said that the move to fire employees was taken as they had no other option, for they would have had to shut down otherwise. However, Urban Ladder has clarified that the incident happened 3 months ago. "As an organization, February and March were not easy months for us, as we are a company that deeply appreciates its employees. Having said that, after taking those tough calls, we are happy to know that the employees we did part ways with have used Urban Ladder as a great stepping stone to pursue other, great opportunities within the industry and beyond. We look forward to the future as we have some exciting things in store in the upcoming few months,” said Goel. According to the official statement from the company, in February/March, 90 employees (from the head office in Bengaluru) had been let go from the organization. The previous total headcount number was 957 and now is 711 which amounts to about 25% and it also includes third party employees and resources. The startup had been looking to raise funds for the longest time but had been unable to do so. <a href="https://entrackr.com/2019/06/urbanladder-400-employee-layoff-profitability/">Reports</a> also say that Urban Ladder’s losses although reduced from last year, were still a significant amount. Its losses were ₹4.59 billion in 2016-17 and ₹1.17 billion in 2017-18. The news comes as a surprise one as Urban Ladder had successfully raised funding in the past. Some of its marquee investors include Ratan Tata, Sequoia India, Steadview Capital, SAIF Partners, Kalaari Capital, amongst others. In September 2018, reports said that, that the startup was looking to raise $30-40 million to expand its business. Urban Ladder was founded in 2012, had evolved to be a furniture brand and had even opened <a href="https://www.businesstoday.in/current/economy-politics/urban-ladder-to-raise-usd-40-million-in-new-round-of-funding/story/282010.html">offline</a> outlets in Bengaluru and Delhi NCR. See Also: <a href="https://www.businessinsider.in/ikeas-franchise-partner-ingka-group-has-invested-in-livspace/articleshow/69413088.cms">IKEA's India partner invests in a home design startup that may in turn serve the Swedish retailer</a> <a href="https://www.businessinsider.in/pepperfry-to-ipo-soon-this-investor-says-yes/articleshow/68740748.cms">An investor in Pepperfry, India’s largest online furniture retailer, is in no rush to exit</a>

Urban Ladder had to let go 90 employees to be back on track for growth

<ul><li><keyword id="6630114" type="UNKNOWN" weightage="20" keywordseo="unacademy">Unacademy</keyword> has raised $50 million in a series D round of funding. </li><li>The startup has investors like Steadview Capital, Sequoia India, Nexus Venture Partners and Blume Ventures.</li><li>The Indian <keyword id="6379645" type="UNKNOWN" weightage="20" keywordseo="Online-Education">online education</keyword> space has players like Byju’s which has also reported profitability.</li></ul>Indian online education startup Unacademy has raised $50 million in a series D round of funding from investors like Steadview Capital, Sequoia India, Nexus Venture Partners and Blume Ventures. The investment, which will go towards bringing on board more educators and better the product, also saw the founders Gaurav Munjal and Roman Saini participate in the round. “In the last few months, we have taken bigger strides toward achieving this mission. We have more than 400 top educators from across the country taking live classes every day on Unacademy Plus. This is available to every student, irrespective of their location,” said Munjal. Unacademy plus is the startup’s subscription plan which has more than 50,000 learners. The startup, which was founded in 2015, has over 13 million learners. “We are seeing unprecedented growth and engagement from learners in smaller towns and cities, and are also very humbled to see that top-quality educators are choosing Unacademy as their primary platform to reach out to students,” said Munjal. This also shows the growth trajectory of Indian online education space. Online education industry in India is expected to hit 9.6 million by 2021 user base, which was 1.6 million in 2016, as per a KPMG report. In fact, a survey by education startup GradeUp also shows that students are counting on online teaching for competitive exams — JEE, NEET, GATE, SSC and banking exams. Meanwhile, the big player in Indian <keyword id="1974983" type="ORGANIZATION" weightage="20" keywordseo="Edutech">edutech</keyword> space remains Byju’s – which had recently reported profitability with an increase in the number of paid users. Its revenue has tripled to reach ₹14.3 billion in the financial year ending March 2019, though it has not shared the net profit numbers. This volume of numbers has also brought in the renewed interest of investors, who are betting on the Indian education technology space. Interestingly, Sequoia is a common investor between Byju’s and Unacademy. See Also: <a href="https://www.businessinsider.in/indian-students-prefer-online-coaching-for-jee-neet-gate-ssc-and-banking-exams/articleshow/69956565.cms">Indian students prefer online coaching to offline classes</a> <a href="https://www.businessinsider.in/mukesh-ambani-reliance-jio-and-byju-feature-in-meeker-report/articleshow/69770325.cms">Mukesh Ambani’s Jio and a startup Byju's are in global spotlight as India’s internet users exceed that of US</a>

Unacademy raises $50 million as Byju’s success draws top dollars into online education in India

After getting its hands on a whopping $400 million deal in April this year, now online cab service provider, <a href="http://www.businessinsider.in/searchresult.cms?query=Ola">Ola</a>, is all set to get another huge sum of Rs 3,150 crore ($500 million). 
 
As reported by Economic Times, officials who were directly aware of the development informed that the deal might add to the <a href="http://www.businessinsider.in/On-Demand-Car-Service-Uber-May-Be-Raising-At-A-Massive-3-Billion-Valuation-Or-Higher/articleshow/21347585.cms">valuation </a>of the company. The current valuation of <keyword id="6354720" type="PERSON" weightage="20" keywordseo="Ola">Ola</keyword> is $2.5 billion which might go up to $4.5 billion. 
 
The official, on condition of anonymity, informed ET, "The deal could be finalized in about 2-3 weeks." "As <a href="http://www.businessinsider.in/searchresult.cms?query=Uber+">Uber </a>gets more aggressive in India, Ola will need to burn more cash to maintain its market leadership position," another source further added. 
 
An Ola executive said that the firm is targeting to raise $550 million at a post-money valuation of $5 billion. Reports of bringing new investors onboard have also been heard. 
 The Bengaluru based firm, however, denied making any comments on the matter. Ola, which is a <keyword id="163404" type="COMPANY" weightage="20" keywordseo="Softbank">SoftBank</keyword> backed company have investors including Russian billionaire <keyword id="303107" type="PERSON" weightage="20" keywordseo="Yuri-Milner">Yuri Milner</keyword>'s DST Global, Singapore's GIC and New York based hedge fund Falcon Edge and also Tiger Global, Steadview Capital and <keyword id="144381" type="COMPANY" weightage="20" keywordseo="Accel-Partners">Accel Partners</keyword> are major investors. 
 
Ola, so far, has raised around $676 million in six funding rounds from over a dozen investors. 
 
"The company needs cash to invest further in new businesses as well as continued discounting (for customers)," informed a source. 
With acquiring another taxi-service provider <a href="http://www.businessinsider.in/searchresult.cms?query=TaxiForSure+">TaxiForSure </a>earlier this year, Ola, currently, is present in around 10o Indian cities. 
 
One of Ola’s biggest rivals, San Francisco-based Uber, which is valued at an estimated $50 billion, has grown swiftly in India since its launch in Bengaluru in 2013. It is now present across 20 cities. 
 
The company is currently working on several new initiatives, including carpooling, on-demand food and grocery deliveries, on-demand bus aggregation and logistics. 
 Ola's spurt in revenues has been aided by the $200-million acquisition of rival <keyword id="1428790" type="COMPANY" weightage="20" keywordseo="TaxiforSure">TaxiForSure</keyword>, whose revenues have doubled since the deal closed in March this year. But Ola still accounts for over 80% of the revenue of the combined entity. Ola currently gets over 80% of its bookings through its mobile application. 
 
Image: indiatimes

Ola to raise 3,150 crore to double valuation, in talks with investors

<div class="KonaFilter image-container float_right click-to-enlarge"><div class="image"><a title_source="Getty Images" title_caption="Flipkart founders" class="zoomin" href="https://static-ssl.businessinsider.com/image/53d7dc79ecad04b61450a0ff-960/88869429.jpg"></a>Getty ImagesFlipkart founders</div></div>Indian e-commerce giant Flipkart is in talks to raise $600 million in a new round of financing, <a href="http://economictimes.indiatimes.com/industry/services/retail/flipkart-in-talks-to-raise-around-600-million/articleshow/46759669.cms">according to The Economic Times. </a>The report didn't mention any specific investors involved in the round, but it did say Flipkart is looking at a valuation that's higher than its last, which was about $12 billion.This comes just after Flipkart raised $700 million in December from Baillie Gifford, Greenoaks Capital, Steadview Capital, T. Rowe Price Associates and Qatar Investment. The company's existing investors, DST Global, GIC, ICONIQ Capital and Tiger Global, also contributed to that round.Flipkart also <a href="http://www.businessinsider.com/former-amazon-executives-flipkart-2014-7">raised $1 billion last July</a> in a round that included Singapore sovereign-wealth fund GIC and existing investors Tiger Global Management LLC, Accel Partners, and Morgan Stanley Investment Management. <a href="http://www.businessinsider.com/google-veteran-punit-soni-joins-indian-amazon-competitor-flipkart-2015-3">Flipkart</a> is India's largest online marketplace in terms of sheer sales numbers.Founded by two former Amazon employees in 2007, the company has 33,000 employees and 10 million daily visits with 3,000 merchants selling products. It had a head start in the Indian online marketplace over Amazon, which didn't open its official online store in India until June 2013. Still, Amazon has more merchants selling products on its platform (5,000 versus Flipkart's 3,000).It's unclear how Flipkart would use the new funding, but last July the company said it would use its $1 billion round to sell more mobile products. Disclosure: Jeff Bezos is an investor in Business Insider through his personal investment company Bezos Expeditions. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/charge-iphone-faster-apple-battery-life-2015-2">How to supercharge your iPhone in only 5 minutes</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="9hdGRuczob3nOr91AW6QS6gV7dw6BzKX" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

You Searched For "steadview capital" and got 6 results

Dream11 becomes India’s first gaming unicorn

Sanchita Dash

BharatPe acquires Payback India from American Express and ICICI Investments Strategic Fund

PTI

Urban Ladder had to let go 90 employees to be back on track for growth

Sanchita Dash

Unacademy raises $50 million as Byju’s success draws top dollars into online education in India

Sanchita Dash

Ola to raise 3,150 crore to double valuation, in talks with investors

BI India Bureau

Indian startup Flipkart may be raising another $600 million to crush Amazon

LISA EADICICCO

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