During the past few weeks, several ventures based in Bangalore raised a total of 92 million dollars in venture funding. Some of these investments are a new round of funding for CRED, UpGrad, FreshToHome, and Pixxel. The valuations of these companies are a whopping $1.2 billion, $185 million, and $7 million, respectively. The latest funding round comes after a previous round of funding that saw FreshToHome and Pixxel raise $121 million and $7.3 million, respectively.
UpGrad raises $185 million at a $1.2 billion valuation
Founded in 2015 by Phalgun Kompalli and Ronnie Screwvala, upGrad is an online higher education platform. It provides online courses for various levels, including graduate and undergraduate degrees. The courses are available in over 100 countries and are backed by leading universities around the world. UpGrad also offers study abroad programs and short courses.
UpGrad also provides digital learning tools to colleges. It has a team of over 2,500 employees, including over 1,600 teachers, and plans to hire over 7,600 in three months. It has over 62,000 paid students. It plans to expand its business to more countries, and plans to offer courses in native languages. It has links to 300 universities worldwide.
UpGrad has a wide variety of courses, including business, IT, and data science. It offers courses ranging from six months to two years, and also offers short courses for 18 to 60-year-olds. Its alumni include Flipkart, Gartner, and Gojek. It also offers courses in machine learning and software.
UpGrad’s co-founders own about 70 percent of the company. It was launched in 2015 and is valued at $1.2 billion. The company has raised $185 million in funding so far. Its latest round is led by Temasek Holdings Pte. and includes participation from the World Bank’s International Finance Corporation. It has also acquired the global ed-tech company KnowledgeHut, and staffing solutions platform Rekrut India.
The company has also set a target for $500 million in gross revenue in the year ending March 2023. The company has more than 2 million registered users and has a network of over 100 countries. UpGrad has plans to expand its business, and has earmarked $250 million for mergers and acquisitions.
UpGrad has acquired seven companies so far, including Pyoopil, a video-based learning platform. In addition, it has acquired staffing solutions platform Rekrut India, and a coaching institute in Bengaluru. The company plans to acquire more companies in the upskilling domain. It also plans to expand its business and has set a target of $2 billion in revenue by 2026.
It is expected that upGrad will close its funding round at $4 billion. It expects existing investors to participate in the round.
Pixxel closes a $7.3 million seed round
Founded by Kshitij Khandelwal and Awais Ahmed in 2019, Pixxel is a space technology startup with a focus on hyperspectral imaging. Its goal is to build a constellation of hyperspectral Earth imaging small satellites that can be deployed to capture data on Earth at a global scale.
Pixxel aims to provide hyperspectral imaging to help the world identify issues related to agriculture, climate change, water management and urban planning. Hyperspectral imaging is an advanced spectroscopy-based technique that captures data at hundreds of spectral bands. These data can be used to provide unparalleled insights into issues, such as pest infestations and crop diseases.
Pixxel aims to develop an entire constellation of hyperspectral Earth-imaging satellites that can capture data at a global scale and offer unprecedented resolution. The company plans to launch 30 satellites with imaging sensors by 2023. They are currently planning to build the first set of hyperspectral imaging sensors in space by June, and will then continue to launch additional satellites in the future.
Pixxel has partnered with the Indian Space Research Organisation to develop its hyperspectral imaging technology. It has also partnered with the NASA Jet Propulsion Laboratory to provide guidance on shortwave infrared and other hyperspectral imaging techniques. The company plans to use its funding to grow its business and meet growing demand for hyperspectral imaging.
Pixxel will use its funding to launch the first satellite and advance the development of its second satellite. It has also built partnerships with companies including the Indian Space Research Organisation and Maxar.
The company’s long-term vision is to empower the future commercial space sector and to help solve many global problems. It hopes to provide hyperspectral Earth-imaging satellites with 50X resolution and the capability to detect exact chemical signatures. These satellites can also be used to monitor air pollution, gas leaks, and other ecological threats. Pixxel will also seek to extract resources from asteroids.
Pixxel has raised $25 million in a Series A funding round led by Toronto-based Radical Ventures. The company will now use the funds to advance its hyperspectral imaging technology, and to boost agricultural efficiency. Pixxel is also working to build an AI-powered platform that will allow it to deliver valuable insights to help solve climate issues.
CRED has raised $81 million in a new financing
Among the many Indian startups raising funding is CRED, a credit card repayment company based in Bangalore. In January, the startup secured 81 million dollars in capital and is now valued at more than $806 million.
CRED offers rewards and benefits to users who pay their credit card bills on time. In addition, it also offers short-term loans to users. The company claims to have 20 percent market share of credit card payments in India. Its customer base has grown to more than 5 million users. CRED plans to launch more products and services this year. Its new funding round was led by DST Global and Sequoia Capital. Other investors included General Catalyst, Ribbit Capital, Falcon Edge Capital, Sofina, Greenoaks Capital, and Times Internet.
CRED also plans to make it easier for members to pay their bills. The company will provide a platform that offers easy payment solutions, including recurring bill payments, such as electricity, water, and telecom. The app will also provide deals and offers from online brands.
The company has recently acquired expense management software for businesses. It has also partnered with IDFC First Bank to offer personal loans with tenors of 48 months or more. It also plans to launch a newsletter to showcase brands to investors. It is also considering licensing its data to venture firms so that they can make investment decisions based on this information.
The company also offers its users access to curated products and exclusive rewards. It also has a credit score system that measures the customer’s creditworthiness. The median credit score for CRED users is 830. The company also offers a coin system that can be used to get access to curated products. It has also launched a lending platform for ecommerce payments.
CRED is also in talks with various banks to cross-sell its products. It is also looking at launching its own credit card. The company has already partnered with NPCI Bharat BillPay, a wholly-owned subsidiary of National Payments Corporation of India, to be a key agent institution.
FreshToHome raises $121 million
Using AI-powered supply chain technology, FreshToHome is an online brand in fresh fish and meat e-commerce. It enables marketplace sellers to source meat from fishermen directly. It serves customers across Delhi/NCR, Mumbai, Bengaluru and Hyderabad. It generates annual recurring revenue of about $85 million. FreshToHome aims to achieve $200 million in sales in 2021.
FreshToHome has a state-of-the-art cold chain and a contract farming model. It is committed to producing and selling fresh products free of chemicals and antibiotic residue. It has factories in five cities in India, as well as in Umm Al Quwain in the UAE. The company is also planning to expand to other GCC markets.
FreshToHome is backed by large Middle East-based investors including Allana Group, Ascent Capital and DFC. The company has already raised a total of $154 million.
The company processes more than 1.5 million business-to-consumer orders every month. It has also established an offline footprint with 17 express stores in Bengaluru. FreshToHome delivers fresh produce to customers in seven local cities. It also plans to expand to 22 cities in Kerala. It currently has 1500 fishermen on the platform. It also promises to deliver fresh poultry free of antibiotic residue.
FreshToHome has been growing at a rapid rate in recent quarters. It has processed more than four hundred thousand monthly orders last year. The company said that this investment would support its fast-paced expansion in India and the Middle East.
FreshToHome was founded by Shan Kadavil and Mark Pincus, former co-founders of Zynga. It has a team of more than 17,000 employees. The company currently serves customers in Delhi/NCR, Mumbai, Bengaluru, Hyderabad, Chennai and Pune. It also has a retail presence in eight cities in the UAE.
FreshToHome competes with Zappfresh and Licious. It also aims to become a unicorn company like Byjus app. The company has also received funding from Sequoia’s Rajan Anandan and Google Ventures’ David Krane.
FreshToHome has been able to grow its business in the UAE in a short period of time. The company processes four hundred thousand monthly orders, with a revenue run rate of about $85 million. It is planning to expand to other GCC markets, as well as other cities in India.
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