ETtech Deals Digest: UpGrad closes one of the biggest deals of the year

Amid the ongoing funding winter, edtech unicorn upGrad raised one of the largest pots this year, with SaaS startup Clevertap coming in second. Wealth Management startup Dezerv was among the other startups that raised funds this week.

UpGrad raised $210 million from marquee investors

Ronnie Screwvala-led UpGrad picked up $210 million in a funding round at a $2.5 billion valuation. Many prominent investors participated in the round, including existing backers Temasek, IFC and IIFL. The funding comes amidst a challenging period for edtech startups, with many like Byju’s and Unacademy cutting their headcount to navigate the gloomy economic environment.

SaaS startup Clevertap landed $105 million from CDPQ and others

Customer engagement and user retention software platform Clevertap raised $105 million in a Series D funding round led by global investment group CDPQ. IIFL AMC’s tech fund and existing investors Tiger Global and Sequoia India also participated in the round. ET had reported on August 9 that the company was looking to raise $75 million. Clevertap aims to use the fresh funds for expansion and strengthening its team.

Dezerv raised $21 million led by Accel

One-year-old wealth management startup Dezerv raised $21 million in a funding round led by Accel, with existing investors like Whiteboard Capital and Elevation Capital also participating. Founded by Sandeep Jethwani, Sahil Contractor and Vaibhav Porwal, Dezerv offers a tech-driven financial platform for working professionals to manage their money. So far, it has seen close to Rs 800 crore invested through its platform and plans to use the fresh capital to add new investment opportunities.

Jodo raised $15 million led by Tiger Global

Jodo, a fintech startup focused on education payments, raised $15 million in funding led by Tiger Global. Founded in 2020 by Atulya Bhat, Raghav Nagarajan and Koustav Dey, Jodo provides specialised payment and lending products to make fee payments convenient and affordable for parents of students. It also makes fee collection hassle-free for educational institutes. The startup has catered to over 100,000 students and processed over Rs 1,000 crore in fee payments.

Web3 startup Lysto raised $12 million

Lysto, a Web3 startup that provides tools to gamers, raised $12 million in funding from a clutch of investors such as Square Peg, Beenext, Tiger Global and Better Capital, among others. Lysto builds tools to enable verified on-chain digital credentials from issuer to gamer. It previously raised $3 million in seed funding.

Ecommerce firm Ohsogo bagged $8 million

Bangladesh-based beauty and skincare e-commerce startup Ohsogo raised $8 million in funding led by Singapore-based FMCG giant Believe Pte. Started by Bangladesh’s state minister for Information and Communication Technology Zunaid Ahmed Palak, Ohsogo is ranked number two among beauty and skincare ecommerce players in the country.

Other done deals

■ Cell Therapy startup Eyestem raised Rs 51 crores ($6.4 million) from pharma majors Biological E (BE), Alkem, Natco and Anurag and Karan Bagaria, promoters of Kemwell Biopharma. The round valued the company at $46.4 million.

■ Agriculture exports startup Produze raised $2.6 million, led by Accel Partners. All In Capital and other angel investors, including the founders of Ninjacart and Citymall, also participated in the round.