PhysicsWallah, an ed-tech platform, and Purplle, an online cosmetics merchant, have joined the unicorn club, and a fintech start-up has joined the unicorn club. This week, CRED’s market capitalization jumped to $6.4 billion. PhysicsWallah has become the country’s eighth edtech unicorn after raising $100 million in a Series A round. The lucrative company intends to invest the new funds, which were received from venture capital firms Westbridge and GSV Ventures, in business development, including the opening of more learning centers and the introduction of new services.
As part of its expansion plans, PhysicsWallah plans to launch content in nine vernacular languages: Bengali, Hindi, Gujarati, Kannada, Malayalam, Odia, Tamil, and Telugu. Currently, the company employs 1,900 people, including 500 teachers and 90-100 technologists. There are also 200 associate professors on staff to answer student inquiries, as well as another 200 experts who create test questions and term papers.
Purplle, a Nykaa competitor, has raised $33 million in a Series E fundraising round, bringing its total worth to $1 billion. Returning investors Premji Invest, Blume Ventures, and Kedaara joined new investor Paramark Ventures is leading the round. The latest round of funding brings the company’s overall capital to over $215 million. The startup, which is funded by Sequoia Capital and Goldman Sachs, claims to have 7 million monthly active users, 1,000 companies, 60,000 goods, and five private DTC brands.
CRED, FlexiLoans, and Kissht Fintech startups
Fintech start-up with a four-year history CRED announced that it will raise $140 million in a mix of main and secondary financing led by Singapore’s sovereign wealth fund GIC. Sofina, a Belgian investment business, Tiger Global Management, Falcon Edge, a New York-based alternative investment firm, and Dragoneer, a San Francisco-based investment firm, are all returning participants in this round. The Series F financing values the company at $6.4 billion, a considerable increase from the $4.01 billion it raised in October 2021, when Tiger Global and Falcon Edge co-led a $251 million deal.
Kissht, a payments and loans fintech, announced an $80 million fundraising round on Wednesday. Vertex Growth and Brunei Investment Agency led the round. Existing investors Endiya Partners and Vertex Ventures SEA & India also took part. Kissht also announced its entry into the credit card market with the introduction of “Ring,” a millennial-focused brand. The new money will be utilized to improve the product offering for millennials and to provide more financial solutions that are relevant to them.
Fintech loan start-up with a focus on SMEs FlexiLoans received $90 million in Series B capital from a number of investors, including MAJ Invest of Denmark, Fasanara Capital of the United Kingdom, and the family offices of Dr. Harry Banga and Yogesh Mahansaria, as well as numerous current owners, including Sanjay Nayar. This is Fasanara Capital’s first SME fintech investment in India, as well as MAJ Invest’s third this year. The funds will be used to advance technology and quadruple the MSME book through the company’s co-lending, BNPL, and supply chain financing platforms.