ETtech Deals Digest: MoEngage, Slice and Cuemath, Curefood rack up funds this week

Despite the ongoing 'funding winter', four startups — MoEngage, Slice, Cuemath and Curefoods landed sizable sums from investors. Video streaming platform Eloelo and health tech Orange Health were the other startups that raise funds this week.
MoEngage raised $77 million from Goldman Sachs

SaaS startup MoEngage closed a $77 million Series E round led by Goldman Sachs Asset Management and B Capital. This marked Goldman’s first investment in an Indian SaaS startup. MoEngage helps companies retain customers by providing insights on user data. Since last year, the company has managed to grow its annualised recurring revenue (ARR) by more than 105%, servicing over 1,200 customers across 35 countries. Funds raised in this round will be deployed for scaling research and exploring acquisitions, it said.

Math tutoring startup Cuemath bagged $57 million

Cuemath raised $57 million from Alpha Wave Global, doubling its valuation to $407 million. Started in 2013, Cuemath provides online math tutoring services to students from kindergarten to 12th. The company claims it has over 10,000 tutors on its platform, catering to more than 200,000 students across over 70 countries. Fresh funds raised in this round will go towards expansion and forging partnerships.

Slice picked up $50 million from Tiger Global

Card-based lending and payment solution provider Slice raised $50 million from Tiger Global and GMO Venture Partners. Slice, which turned unicorn last year, will look to raise $50 million more in the current round. The company serves over 12 million customers on its platform currently and will look to use the funds to improve its balance sheet and expand its business beyond card offerings.


Curefoods got $43 million from Winter Capital

Ankit Nagori’s cloud kitchen venture Curefoods raised $43 million from Winter Capital, Three State Capital and other existing investors. Curefoods is building a Thrasio-style business — acquiring and scaling brands — albeit in the food sector. The company runs about 125 cloud kitchens across 25 cities, including Delhi, Mumbai and Bengaluru.

Orange Health raised $25 million

At-home diagnostic services startup Orange Health closed a $25 million Series B round from General Catalyst and Bertelsmann India Investments. Existing investors Y Combinator, Accel and Uncorrelated Ventures also participated in the round. Founded in 2020, Orange Health offers over 2,000 health test services across Bengaluru and the national capital region (NCR).

Eloelo raised $13 million from Kalaari Capital and KB Investments

Video streaming platform Eloelo raised $13 million in a new funding round co-led by Kalaari Capital and KB Investments. The round also included Waterbridge Ventures and Lumikai Fund. Started in 2020 by former Flipkart executives Saurabh Pandey and Akshay Dubey, Eloelo is a live streaming platform that allows creators to host their games and connect with fans. The new funds will be used to expand the firm's tech, product and content teams.

Other done deals

■ Bengaluru-based in-space propulsion startup Bellatrix Aerospace raised $8 million in a funding round led by BASF Venture Capital GmbH, VC Inflexor Ventures and other prominent family offices and angel investors.

■ Electric two-wheeler manufacturer Revamp Moto raised over $1 million in a pre-seed funding round from Veda VC and Venture Catalysts. Other participants included IDBI Capital, and Shark Tank India's Aman Gupta, Anupam Mittal, Ashneer Grover, and Peeyush Bansal.