ETtech Deals Digest: Dream Sports fundraising; Khatabook buys Biz Analyst

In this week’s ETtech Deals Digest: Dream11 owner Dream Sports closed a $400 million secondary investment round, while Sequoia Capital-backed digital bookkeeping app Khatabook acquired business management startup Biz Analyst.

Dream Sports raises $400 million

Dream Sports, which owns the leading fantasy sports platform Dream11, has completed a $400 million secondary investment round led by TCV, D1 Capital Partners and Falcon Edge. This is TCV’s first investment in India. It has invested in global tech giants such as Netflix, Airbnb, Sportradar and Peloton.

Existing investors such as Tiger Global, ChrysCapital, TPG Growth, Steadview Capital and Footpath Ventures also participated in the round. Falcon Edge Capital, co-founded by Navroz Udwadia, invested via Alpha Wave. Dream Sports said this was the largest investment in the Indian sports tech ecosystem to date.

KreditBee gets $70 million more in funding

Fintech lending startup KreditBee, through holding entity Finnov, has landed $70 million in the second tranche of its Series C funding round co-led by TPG-backed NewQuest Capital Partners and Motilal Oswal Private Equity. The transaction is a follow-on round from the one in February, in which Finnov raised $75 million from Azim Premji’s PremjiInvest, Mirae Asset Ventures, Alpine Capital and Arkam Ventures.

With the conclusion of the second tranche, KreditBee’s total funding from the round stood at $145 million, making it one of the largest funding rounds for an Indian lending startup since the start of the pandemic.

Purplle bags $45 million

Online beauty store Purplle has picked up $45 million from Sequoia Capital India and existing investors Verlinvest, Blume Ventures, and JSW Ventures. The round saw the company’s value rise to $300 million. It also saw Ivy Cap Ventures, an early backer of Purplle, partially exit with 22X gains.


Other Key Deals

Location-based social network Public App has bagged about $41.3 million in a round led by A91 Partners that also included existing investors such as former Tiger Global top executive Lee Fixel’s Addition, SIG Global and Tanglin Venture Partners. The latest funding, which comes around six months after it picked up $35 million last year, values Public at $250 million.

Offline-to-online commerce platform DotPe has secured $27.5 million in Series A funding, making it the first such company in India to receive a substantial amount within a year of launch. The round was led by its early investor PayU, the payments and fintech business of Prosus, which increased its stake in the company. Info Edge Ventures doubled down on the seed investment it made in the company last year and more than doubled its shareholding. Google joined as a new investor.

New Fund Closes

Sequoia Capital India has closed a $195-million second seed fund as part of its Surge programme, which backs seed and early-stage startups through funding and mentorship. Launched in 2019, Surge invests in pre-Series A startups in India and Southeast Asia and had kicked off with a corpus of $200 million.

Acquisition

Sequoia Capital-backed digital bookkeeping app Khatabook has acquired business management startup Biz Analyst for $10 million in a mix of equity and cash. Khatabook will absorb the entire team of Mumbai-based Biz Analyst and will see its employee count increase to 200.