Entertainment · June 24, 2022

Leadsquared: ETtech Deals Digest: India is getting its sixth SaaS unicorn in 2022

This week, LeadSquared became the 16th SaaS startup to join the unicorn club, continuing the winning streak of SaaS startups. The other startups raising money this week were neobank StashFin and Cashify.

LeadSquared raised $153 million from WestBridge Capital

Sales and automation platform LeadSquared joined the unicorn club after raising a $153 million funding round led by WestBridge Capital at a $1 billion valuation. Founded 11 years ago by Prashant Singh and Sudhakar Gorti, LeadSquared sells sales and automation software to companies to help them manage lead management and analytics. Over 1,000 companies such as Byju’s, Vedantu, Dunzo and Practo use their services.

Singapore’s StashFin raised $270 million

Neobanking startup StashFin raised a whopping $270 million in a mix of equity and debt funding from Uncorrelated Ventures, Fasanara Capital and others with a valuation of $800 million. The company claims to have seen its monthly business grow 10-fold since last year, with annualized revenue rate (ARR) reaching $100 million. The fresh funds raised in this round will go towards expanding the business in Southeast Asia and improving the technology stack.

Cashify lands $90 million from NewQuest

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Used smartphone seller Cashify closed a $90 million funding round led by NewQuest Capital Partners and Prosus. Existing investors such as Bessemer Venture Partners and Blume Ventures also participated in the round. Cashify, which has experienced a boom in its business during the pandemic, plans to use the funds to open more renovation stores, marketing and increasing its offline presence.

Leap raised $75 million from Owl Ventures

Foreign edtech startup Leap raised $75 million from Owl Ventures, Steadview Capital and Paramark Ventures. Founded in 2019, Leap provides international exam preparation, admissions and counseling, and loans for students looking to study abroad. The company serves over 175,000 students and will use the funds raised in the round to expand its business in Bangladesh and other Southeast Asian markets.

StashFin ETtech

Vahak raised $14 million

Bengaluru-based road transportation logistics startup Vahak raised $14 million from Nexus Venture Partners, Fundamental and iSeed Ventures, among others. Vahak is a free-to-use, open marketplace for hauliers and transport SMEs to discover and connect with truckers. It claims to help truck drivers earn more than double what they normally earn on main routes

across India, primarily by increasing truck usage. The new capital will be used to attract new customers and create an ecosystem for truck drivers.

PayGlocal received $12 million from Tiger Global and Sequoia

Cross-border payments startup PayGlocal raised $12 million in a funding round co-led by Tiger Global and Sequoia Capital India. Beenext and angel investors such as Pine Labs CEO Amrish Rau and Cred’s Kunal Shah also participated in the round. Prachi, a payments industry veteran, was founded in 2021

Rohit Sukhija, Yogesh Lokhande and Ruby Jain, PayGlocal enables merchants to accept cross-border payments in the currency of their choice using their cards or cardless payment options.

Neuron7.ai raised $10 million

AI-powered customer and field service software company Neuron7.ai raised $10 million in a funding round led by existing investors Battery Ventures and Nexus Venture Partners. Neuron7 uses AI and Natural Language Processing (NLP) to help service organizations overcome challenges and improve service metrics. It will use the funds raised to expand its product and customer success teams in the US and India.

Other Closed Deals

■ Healthtech startup Spry raised $7 million in funding from Eight Roads Ventures, with participation from F-Prime Capital and existing investor Together Fund. Spry aims to democratize the accessibility and affordability of exercise health through its comprehensive digital health platform by providing an end-to-end patient and practice management SaaS platform for physical therapists.

■ Global escrow banking solutions provider Castler closed a $1 million funding round from Zerodha’s venture capital arm Rainmatter, Venture Catalysts and others. Founded in January 2021 by Vineet Singh, Dinesh Kumar and Ritesh Tiwari, the Delhi-based startup provides domestic and cross-border escrow solutions and escrow management solutions for corporates and banks.

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