Happy Monday, folks! Vedica here with the updates today. We start off the week with more funding news: Ed-tech company Vedantu’s co-founder Saurabh Saxena has raised a round for his new company, Uable, and Zomato is raising money from Temasek.
➡️ Ed-tech start-up Uable raised an announced an undisclosed amount of investment in July led by 3one4 Capital. Other investors include the AL Trust, Global Founders Capital, Angelist and about 56 angel investors. This is the company's first raise and it valued at ~Rs 32Cr.
➡️ Uable was founded by Saurabh Saxena. Saxena previously co-founded Vedantu another ed-tech firm backed by Tiger Global.
➡️ Uable is an interesting concept. The company provides online life-skills development platform for 6 to 14-year-olds that helps them to discover and develop their creative potential. The company claims to provide a personalised and peer-to-peer learning experience for every child.
➡️ Uable's website stresses the importance of imagination in helping children discover their career. path. In particular, takes a unique role-play based approach to help children discover their passion, build real world skills, and create a portfolio pf projects. The modules it offers aren't just STEM focused but also expand to arts and the humanities.
➡️ I personally think the company's approach is really interesting, and a change from the usual STEM / coaching focused ed-tech companies that we are used to seeing. Definitely one to keep an eye out on to see if this takes off and finds product-market fit.
2. https://bit.ly/2YuYMlz: Zomato is raising money from Temasek
➡️ Online food ordering platform Zomato is reportedly in the final stages of raising funds from MacRitchie Investments, a unit of Singapore’s state investment arm Temasek Holdings.
➡️ The potential deal may lead to an infusion of at least $60M into the company, as per its $3B valuation in the last fundraising in January. The money will be important for the company as it tries to manage the fall-out of Covid and maintain growth.
➡️ As we've written about before, Zomato had raised $150M from Ant Financial, a unit of Chinese internet giant Alibaba, in January. However soon after, India imposed stricter rules around foreign investments from China. Though Zomao had already received the first tranche of about $50 million from Ant Financial, the remainder has been delayed.
➡️ The company has been looking for new investors since then as it continues to make losses, even though revenue has improved. Zomato has said that it expects the food delivery industry to hit pre-covid levels of business in the next 2-3 months. Apparently, the number of restaurants offering food delivery on its platform is at 70% of pre-covid levels. Overall the food delivery industry is nearing pre-covid levels with the sector now registering 75-80% of pre-covid GMV.
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