Published: 9/16/2020

Good morning, it's Wednesday and and we're just a couple hours away from Snowflake's IPO. In other news today, Kanye West was tweeting about YCombinator and Tech Twitter had a melt down about it. Coming to the day's news- we've got a couple of new fundraising rounds:

  • https://tcrn.ch/3kkTph3: Virtual events platform raises a $12M Series A
  • ➡️ Virtual events platform, Airmeet, announced that it raised a $12M Series A round led by Sequoia India. Redpoint & existing investors Accel India, Venture Highway, GFC and Gokul Rajaram also participated in the round. This was also Redpoint's first investment in the country.

    ➡️The company is now valued at about $50M- more than double it's valuation from March when the company raised a $3M seed round. The company lets users & businesses host interactive virtual events and has seen impressive growth in the last quarter (2000%!!!) without any investments in advertising.

    ➡️ COVID has had a tremendous impact on the offline events space and events have forced to go digital in this day & age. There have been several companies to pop up in this space recently, most notably Run The World & Hopin.

    ➡️ Of the Indian companies in the space, Airmeet seems to have surpassed most of their competition but might face some from their American counterparts. India has largely been successful at being able to sell software to American customers and given Airmeet's impressive story so far, I'm sure they'll continue to being able to do so.

    2. https://bit.ly/2FrXdP4: CashKaro raises a $10M Series B

    ➡️ In some more fundraising news, cashback & coupon platform CashKaro has raised a $10M Series B from Korea Investment Partners and existing investor Kalaari Capital. This is the company's first fundraise in over 5 years.

    ➡️ The company plans to utilize the capital to scale up marketing, user acquisition, product development as well as in their new social deal cashback app EarnKaro. The platform already has 5M users with deals on over 1,500 websites disbursing over Rs 150 Cr to its users.

    ➡️ Personally it seems to me that India is moving on from coupon sites/deals sites to eCommerce platforms having integrated coupons & deals (which also I am not too huge a fan off). Indian consumer companies have, for a long time, subsidized their products & services with the money they've raised in somewhat unsustainable economics.

    ➡️ And while I don't see too much value in a cashback app, it seems like the company has pretty good financials when it comes to Indian startups posting Rs 37.74 Cr in revenue with only Rs 12.43 lakh in losses in FY19. Indian consumers have been conditioned to only act upon cashback and I really hope this isn't the case 10 years from now.

    Feedback & ❤️ always appreciated BONUS (Tweet of the day): https://twitter.com/kanyewest/status/1306020451286544384

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