Weekly rundown: Ashneer eyes another unicorn; start-ups continue early-stage funding rounds

Weekly rundown: Ashneer eyes another unicorn; start-ups continue early-stage funding rounds

FanClash, Rooba Finance, Ecozen, DPDzero among start-ups that saw funding rounds during the week; investors included Inflection Point Ventures, LetsVenture, Alpha Wave Global, Sequoia Capital India, Info Edge, Dare Ventures, Caspian and Cred’s Kunal Shah among others.

Weekly rundown: Ashneer eyes another unicorn; start-ups continue early-stage funding rounds Weekly rundown: Ashneer eyes another unicorn; start-ups continue early-stage funding rounds

Ashneer eyes another Unicorn 

Former BharatPe chief executive Ashneer Grover is planning a new venture and, if his tweet is anything to go by, then he is already eyeing a unicorn. 

“Today I turn 40. Some will say I’ve lived a full life and experienced more things than most. Created value for generations. For me it’s still unfinished business. Time to disrupt another sector. It’s time for the Third Unicorn !!,” he tweeted on June 14. 

Reports further suggest that he is already in talks with investors, including family offices and private equity players, to raise an amount in the range of $200 million to $300 million.  

Incidentally, he still owns around 8.5 per cent stake in BharatPe, his earlier venture with which he was involved in a bitter and public spat that saw founders alleging wrongdoings and governance lapses. 

Inflection Point Ventures, LetsVenture, others fund Rooba Finance  

Institutional crypto & digital asset management platform Rooba Finance raised $1.3 million in a seed round led by Inflection Point Ventures. The round also saw participation from LetsVenture, Endurance Capital, KubeVC and other prominent angel investors.  

Rooba Finance plans to use the funds for platform development, setting up a licensed platform overseas and to enable a global GTM. 

The platform allows institutions to tokenise physical assets to enable efficient and transparent markets, extending into what would be the first digital commodities & derivatives exchange coming out of India, said a release by the venture. 

The company is in advanced stages of discussions with a large entity to set up their precious metal token and derivative offering globally, it added. 

FanClash raises $40 million in Series B round led by Alpha Wave Global 

Two-year-old esports fantasy start-up FanClash has raised $40 million in Series B round of funding from a clutch of investors including Alpha Wave Global – erstwhile Falcon Edge Capital -- Sequoia Capital India, Info Edge and Polygon. The start-up has previously raised $10 million in its Series A funding round. 

The platform claims it has 60,000 active users with winning totalling over Rs 52 crore distributed among its users. 

Ecozen raises ₹54 crore from Dare Ventures, Caspian, others 

Climate-smart deeptech start-up Ecozen raised Rs 54 crore of additional funding as the first tranche of a planned Rs 200 crore Series C round.  

The new funding round was led by Dare Ventures, the venture capital arm of Coromandel International, with participation from existing investors Caspian and Hivos-Triodos Fonds (managed by Triodos Investment Management) through equity. 

Further, Northern Arc, UC Inclusive Credit, Maanaveeya, and Samunnati also participated with debt funding. 

Ecozen, whose early investors include IFA and Omnivore, develops climate-smart deeptech solutions and core technology stacks to deliver a sustainable future, including motor controls, IoT, and energy storage. 

Better Capital, Kunal Shah, others back fintech start-up DPDzero 

Fintech start-up DPDzero has raised Rs 3.9 crore in a funding round led by Better capital. The funding round also saw participation from Cred’s Kunal Shah; FlexiLoans co-founder Abhishek Kothari; Hyperface cofounder Ramanathan RV; Jar CEO & Co-founder Nishchay AG and Amazon Pay’s sales and business development head Vijay Rajagopalan among others. 

The start-up is working with lenders for enhancing the availability of formal credit for people who are typically dependent on money lenders.

Also Read: Crisis-hit Sri Lanka awaits Indian nod for new credit line

Also Read: T-Series acquires rights to CCD founder VG Siddhartha's biography