ETtech Deals Digest: Shiprocket turns unicorn amid funding winter

Logistics aggregator Shiprocket becoming the 20th unicorn of the year was the only bright spot in a largely forgettable week for startups, with only a few managing to raise moderate amounts.
Shiprocket raised $32 million from Temasek and Lightrock

Logistics aggregator Shiprocket became a unicorn after closing a $32 million round from existing investors Temasek and Lightrock India. The round valued the company at $1.3 billion, up from its last known valuation of $900-950 million. The fresh funding comes at a time when the company has been on an acquisition spree. ET reported on June 15 that Shiprocket had acquired a majority stake in rival Pickrr for about $200 million and was closing a deal with Shiplyte.

Edtech Sunstone bagged $35 million from Westbridge Capital

Sunstone, an edtech startup offering higher education programmes,raised $35 million in funding led by WestBridge Capital. Alteria Capital also participated in the round. Founded by Ashish Munjal and Piyush Nangru, Sunstone has tie-ups with colleges and private universities through higher education programmes. It works with corporates to develop industry-ready programmes for both postgraduate and undergraduate students. It will use the raised in this round for adding new programmes.

Tiger Global pumped $22.6 million into Jar

Jar, a fintech app for savings, raised $22.6 million in its Series B round, led by existing investor Tiger Global at a $300 million valuation. It had previously raised $32 million from Tiger in February. The company will use the funds raised for launching more investment products across mutual funds, insurance and lending.

EV startup Exponent Energy closed a $13 million round

EV fast-charging startup Exponent Energy raised $13 million in a funding round led by Lightspeed Venture Partners. YourNestVC, 3one4 Capital and AdvantEdge VC also participated in the round. Exponent has developed a technology it claims can fully charge a vehicle in 15 minutes, much less than the regular time. The amount raised will be used to scale up the charging network to 100 points per city, starting with Bengaluru, streamline battery pack production, and deliver more exponent-enabled EVs.

Rusk Media raised $9.5 million

Digital entertainment company Rusk Media raised $9.5 million in an extended Series A round led by DAOL Investment and Audacity VC. The round also saw participation from existing investors such as InfoEdge Ventures, Mistry Ventures, Nazara Games and Nodwin Gaming. The New Delhi-based company is known for its content and IPs on social channels Alright and Playground, with over 500 million monthly views.


Prolance raised $2 million from Foudamental & Axilor

Design-to-manufacturing SaaS startup Prolance raised $2 million in funding led by Foundamental and Axilor. Arali Ventures and Force Ventures also participated in the round. The company will use the capital to add 30,000 new partners over the next year and new categories such as false ceilings, wallpapers, painting, and loose furniture.

Ratan Tata invests in companionship service Goodfellows

Ratan Tata invested an undisclosed amount in companionship as a service platform Goodfellows. Founded in by Shantanu Naidu, Goodfellows has been working with 20 elders in Delhi for the last six months and plans to offer services in Pune, Chennai and Bengaluru next.