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ETtech Deals Digest: Zenoti, LeadSquared, Wakefit.co​​ raise funds

SaaS

The Bengaluru-based software-as-a-service (SaaS) firm plans to utilise the fresh capital to expand globally and for potential mergers and acquisitions to strengthen its product

SaaS startups bagged the largest funding rounds on. Zenoti, LeadSquared, Wakefit.co, Delhivery, Arya Collateral, PhonePe and Pagarbook were among the startups that raised funds within the last five days.

Zenoti

Zenoti, a cloud software provider to the wonder and wellness industry, landed $160 million nonparallel D funding at a valuation of over $1 billion led by US-based private equity firm Advent International, together with participation from existing investor Tiger Global and Steadview Partners.

The round catapults Bellevue, Washington and Hyderabad-based Zenoti into the coveted Unicorn club, making it only the fifth wares company of Indian origin, after Freshworks, Druva, Icertis and Postman, to do so. It also brings up the whole amount of capital raised by the corporate to $250 million thus far.

LeadSquared

Sales automation platform LeadSquared picked up $32 million asynchronous B funding led by Mumbai-based private equity firm Gaja Capital, together with participation from existing investors Stakeboat Capital and Silicon Valley-based entrepreneur Jyoti Bansal.

The Bengaluru-based software-as-a-service (SaaS) firm plans to utilise the fresh capital to expand globally and for potential mergers and acquisitions to strengthen its product.

Wakefit.co

Sleep and residential solutions company Wakefit.co secured Rs 185 crore asynchronous B funding, led by European fund Verlinvest and Sequoia Capital India, which first invested in 2018 in its Series A round.

Its valuation has jumped to Rs 1,900 crore from Rs 210 crore in December 2018, when the startup raised Rs 65 crore from Sequoia Capital. As a part of the funding round, the corporate has also instituted an Employee Stock Ownership Plan (Esop) buyback worth Rs 15 crore for the good thing about early employees.

Delhivery

Hong Kong-based hedge fund Steadview Capital said it’s bought $25 million (Rs 183 crore) worth of secondary shares in Delhivery from an early investor, before the logistics and provide chain provider’s plans to launch an initial public offering within the next year around.

It is the most recent overseas fund to speculatewithin the Gurgaon-based company. In 2019, following a $395 million investment from Softbank, Delhivery had entered the unicorn club with a valuation of $1.6 billion.

Arya Collateral

Noida-based agri-tech startup Arya Collateral Warehousing Services has raised $21 million through a combination of equity and debt as a part of its Series B round, with Washington-based Quona Capital leading the equity investment, together with participation from existing investors LGT Lightstone Aspada and Omnivore.

PhonePe

PhonePe bagged Rs 150 crore (about $21 million) from majority shareholder Flipkart, days after it had been hived off as an independent entity from the homegrown ecommerce marketplace, which had acquired the digital payments company in 2016. The equity allotment comes just days after PhonePe raised primary capital worth $700 million in a very round led by Flipkart owner, US-based retailing behemoth Walmart, valuing the corporate at $5.5 billion.

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