Funding in FinTech startups is gaining pace, with recently-turned unicorn BharatPe raising the most at $370 million last month for its payments business, data provided by PGA labs showed.
According to KPMG’s FinTech report, the sector received $2 billion in investment in the first half of 2021.
These startups have outshined this year, and are leading in achieving the unicorn status so far this year. Of the 51 startups that achieved a valuation of $1 billion, 18 were FinTechs, according to a Hurun Research Institute report.
Here are the top 10 FinTechs that had the most deals and fundings last month
BharatPe: $370 million
BharatPe has raised $ 370 million in Series E equity round, at a post-money valuation of $ 2.85 billion on August 4, 2021. All employees holding vested employee stock ownership plans have been given full liquidity.
The payments company is now among the top five most valued FinTech startups in India, and has one of the strongest cap tables.
Khatabook: $ 100 million
Kirana-tech startup Khatabook on August 24, 2021, said it raised $100 million as part of its Series C funding round, led by US-based venture capital firms. The capital was raised at a valuation of $600 million.
From the funds raised, Khatabook plans to strengthen its talent base by accelerating hiring across engineering, product, design, analytics and data science functions, and launch financial services offerings.
CoinDCX: $90 million
CoinDCX, an exchange platform of private cryptocurrencies, on August 10, 2021, announced a $90 million fundraise, which values the company at over $1.1 billion, even as concerns over functionalities of private cryptocurrencies remain.
The funding round raised CoinDCX’s valuation to around Rs 8,150 crore, making it the first Indian cryptocurrency exchange to reach unicorn status.
Jupiter: $45 million
The Indian neobank, founded by Jitendra Gupta, on August 5, 2021, announced that it has raised $45 million in a new financing round. With the latest round, the company’s valuation has risen above $300-million mark.
The funding round was led by Brazil-based Nubank Global Founders Capital, and Sequoia Capital, Matrix Partners and Mirae Assets Venture were among the participants.
UpScalio: $42.5 million
E-commerce brand investor and operator on August 17, 2021, said that it has raised $42.5 million via Series A round. The startup has partnered with brands on e-commerce marketplaces including Amazon, Flipkart, Myntra etc.
The startup has raised $1.7 billion across debt and equity, and is worth $3-$4 billion, according to reports.
Zeni: $34 million
AI-powered finance concierge Zeni announced on August 5, 2021, that it has raised $34 million in a Series B funding round, led by Elevation Capital with participation from new investors like Think Investments and Neeraj Arora.
The company has raised $47.5 million in total since it was co-founded in 2019 by twin brothers Swapnil Shinde and Snehal Shinde.
Credgenics : $25 million
Debt recovery and legal automation platform Credgenics on August 10, 2021, said it has raised $25 million as a part of its Series A funding round, led by Westbridge Capital, Tanglin Venture Partners, and Accel Partners.
The funding comes after the startup raised $3.5 million in its pre-Series A funding in November last year. As of now, the company’s valuation stands at $100 million.
Skeps: $9.5 million
Skeps, a global point of sale fintech startup, on August 31, 2021, said it has raised $9.5 million in Series A funding, led by Bertelsmann India Investments.
It claimed to have sourced and enabled its lenders to evaluate over a billion dollars worth of loan applications over the last 18 months. It is a cloud-based modular platform, used by merchants and lenders to help identify the potential credit solutions.
OTO Capital: $6 million
OTO Capital, a startup that helps customers buy or lease two-wheelers, announced on August 31, 2021, that it has raised $6 million in a Series A investment round, led by Matrix Partners India.
The company has raised a total of $9.6 million in funding over six rounds since its inception.
StockGro: $5 million
StockGro, a Bengaluru-based social investment startup, announced that it raised $5 million on August 3, 2021, in a pre-Series A round of funding, led by Roots Ventures and Velo Partners.
The company has raised a total of $6 million in funding over two rounds since its inception. The company plans to use the capital to grow its user base, hire tech talent and build new features.
Source: Economic Times