Byju’s raises US$200M from Tiger Global [DealStreetAsia]
Indian edtech company Byju’s, operated by Bengaluru-based Think and Learn, has raised US$200 million funding from New York-based investment firm Tiger Global at a striking US$8 billion valuation, said a media report citing sources.
Going forward, Byju’s is also likely to provide exits to some of the early backers via US$100-US$200 million worth secondary transactions.
According to a report in The Economic Times, Tiger Global and Byju’s have been in funding talks for the past few months. Byju’s has reportedly confirmed the transaction but has not divulged financial details.
Internet-first personal care brand Mamaearth raises US$18.3M round led by Sequoia India [press release]
Mamaearth, an internet-first FMCG brand, has raised US$18.3 million in a round of funding led by Sequoia India with participation from existing investors Fireside Ventures, Stellaris Venture Partners, and Sharp Ventures.
Founded in 2016 by husband-wife duo Varun and Ghazal Alagh, MamaEarth offers toxin-free and natural skincare, hair care and baby care products.
The company is building a new range of direct to consumer brands that use the internet-first approach to reach the target audience.
According to Varun Alagh, Founder and CEO of Mamaearth. “Our vision is to create the FMCG conglomerate of the future by building brands that connect strongly with millennials and Gen Z customers using the combined power of digital marketing and e-commerce at large scale.”
Indonesian wallet Ovo hits one billion transactions in 2019 [KrAsia]
Indonesian digital payment firm Ovo has recorded one billion total transactions in 2019, an increase of 70 per cent compared to 2018, the firm’s president director Karaniya Dharmasaputra announced on Wednesday.
Ovo’s online transaction growth is also higher than the one recorded from 2017 to 2018 when it reached a 55 per cent increase. Dharmasaputra also mentioned that his firm booked a 55 per cent growth in the average transaction value and an increase of 40 per cent of the number of monthly active users (MAUs) in 2018.
Dharmasaputra said that the Ovo app is used in more than 115 million devices in over 363 cities.
Standard Chartered makes strategic investment into Linklogis [press release]
Standard Chartered today announced its strategic investment into Linklogis, China’s leading supply chain financing platform, to enhance its joint supply chain ecosystem proposition and provide suppliers with access to affordable and convenient financing.
This marks the bank’s first investment in a supply chain platform in China, as well as the first global bank investor in Linklogis.
The purchase of the equity stake also builds on Standard Chartered’s ongoing partnership with Linklogis, which started in February 2019 with the signing of a memorandum of understanding to jointly develop and deliver a supply chain financing proposition, and the completion of several joint deep-tier supply chain financing transactions.
CIIE.CO, Chandigarh Angels Back Fintech Startup Paymart [press release]
CIIE.CO, IIM Ahmedabad’s incubator, has invested in Paymart India, a fintech startup based out of Chandigarh in north India.
Chandigarh Angels & Delhi based angels also participated in this round.
It is providing a platform as a solution that allows cardless cash withdrawals without an ATM/POS by leveraging the presence of small merchant shops and kirana stores. In the process, it makes cash withdrawals hassle-free and efficient while supporting digital financial transactions.
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