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Lead School Funding: ETtech Deals Digest: WayCool Foods, Lead School, Refyne raise funds

Lead School Funding: ETtech Deals Digest: WayCool Foods, Lead School, Refyne raise funds
Written by Publishing Team

Agritech startup WayCool Foods, Edtech LeadSchool and pay-on-demand platform Refyne were among the startups that raised funding this week.

WayCool Foods closes $117 million funding round

Agritech startup WayCool Foods has raised $117 million in an ongoing Series D funding round that has seen new and existing investors participate, including LightRock, LightBox, FMO, Lightsmith and International Finance Corp. and Redwood Equity Partners and Gawa Capital.

In October, the company raised $13 million as part of its latest fundraising drive. The new capital will be used to accelerate and leverage deep technology and automation to enhance its multifaceted efficiency.

Lead School becomes the third rhinoceros horn of 2022

Edtech Lead School raised $100 million from investors led by GSV Ventures and WestBridge Capital, doubling its valuation in less than a year to $1.1 billion.

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The Mumbai-based company, which provides technology-assisted solutions to schools with a focus on digital learning through an online or hybrid (physical and digital) model for classrooms, raised $30 million in April last year.

The funding round makes Lead School the third startup to enter the unicorn club in India in 2022, after direct-to-consumer brand Mamaearth and Fractal, an artificial intelligence company. It is also the sixth Indian educational technology company to reach unicorn status. Unicorns are privately owned startups valued at $1 billion and above.

Refyne raises $82 million

Raven, a platform that helps employees get paid on demand, has raised $82 million in new funding led by the New York-based investment firm Tiger Global.

The funding saw participation from existing investors, including QED Investors, partners DST Global, Jigsaw VC, XYZ Capital and RTP Global. The company said Digital Horizon is a new investor joining it.

The startup is looking to use the new capital to expand, expand into different geographies, develop more products, spread product awareness, and hire more people to add to its existing 85 employees.

FPL Technologies raises funds at a valuation of $750 million

Credit-based FPL Technologies, which operates the OneScore credit score platform and issues OneCard credit cards, has raised $75 million as part of its new Series C fundraising campaign, with a post-money valuation of $750 million.

The round was led by existing investors – QED Investors, Janchor Partners, Sequoia Capital India, Matrix Partners and Hummingbird Ventures. The company now plans to use the new increase revenue to double its team strength, staffing across marketing and engineering functions, and expand its existing product range as well as consider geographic expansion.

Digest the dealsETtech

TheMathCompany received $50 million

TheMathCompany, a data analytics and engineering firm, has raised $50 million in a funding round led by Brighton Park Capital. Current investor Arihant Patni participated in the fundraising.

The investment will accelerate the startup’s expansion in the United States and the European Union, as well as boost Codx, a proprietary platform that helps companies across a multitude of industries solve key problems through custom, low-token business applications.

Jeff Machlin, partner at Brighton Park, will join TheMathCompany’s board of directors.

Recykal raises $22 million in funding

Waste trading solutions provider Recykal has raised $22 million in funding from investment funds managed by Morgan Stanley India.

The company works with many of the world’s largest consumer brands to help them implement sustainability solutions in India and has also launched India’s first B2B waste marketplace that connects participants across the waste value chain.

Flipkart Group Acquires Yaantra

Flipkart Group has acquired Yaantra, an electronics refurbishment platform, to boost its re-trade business and improve aftermarket offerings for its customers in the smartphone segment.

The acquisition is expected to be in the $40-50 million range, in a cash and stock transaction, according to people familiar with the matter. There are some additional rewards that will appear to the management based on the achievement of milestones over a period of time.

By acquiring Yaantra, Flipkart said it will give the company greater access to affordable refurbished smartphones.

Rupeek receives $34 million in a new round

Gold loan provider Rupeek has raised $34 million in a new funding round led by Lightbox. Existing investors including GGV and Bertelsmann were also co-financed. The company is now valued at $634 million, a person familiar with the talks said. Rubik said it would use the money to expand further and invest in new products.

The company touched an annual exchange run rate of $1 billion in December.

Other major deals

Electric commercial vehicle startup EVage has raised $28 million (more than Rs 205 crore) from US-based venture capital firm RedBlue Capital. The financing will allow EVage to complete its plant outside Delhi in the 2022-2023 fiscal year and expand production

Lahori, a direct-to-consumer beverage maker, has received a $15 million investment from Belgian consumer-focused investor Verlinvest in return for a minority stake. It did not reveal the size of Verlinvest’s chosen stake. The Punjab-based company will use Series A funds to double its brand growth by expanding both offline and online, and will also boost the brand’s national presence in its retail chains.

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