Startup Digest: Emeritus gets $350 million in debt, Acefour Accessories raises $1.5 million, Info Edge acquire – CNBCTV18

FUNDING NEWS

Edtech unicorn Emeritus gets $350 million in debt from Canadian Pension Board

Edtech unicorn Emeritus, a part of the Eruditus Group has secured $350 million in debt financing from Canada Pension Plan Investment Board through its subsidiary CPPIB Credit Investments.

Founded in 2015, Emeritus has raised around $1 billion in funding to date including the current round. Some of its top investors include Softbank, Accel, The Chan Zuckerberg Initiative, Sequoia India, Prosus, and others.

The fresh funds will be used by the firm to fuel mergers and acquisitions as part of a robust global growth strategy.

Emeritus said that its year-on-year growth rate has touched 120%. It is targeting gross bookings of $500 million for the financial year. The pipeline of potential acquisitions is expected to contribute up to 30% of Emeritus’ top-line and EBITDA in the next five years, the startup said in a statement.

“Emeritus will expand our mission of making education accessible around the world by deepening our investment in the education space to reach different segments and audiences,” said Ashwin Damera, co-founder and CEO, Emeritus, and Eruditus.”Our acquisition pipeline will enable us to accelerate growth, impact more learners, and improve our profitability.”

In FY2, Emeritus claimed to have onboarded learners in more than 80 countries and offered programs through partnerships with more than 50 of the world’s top universities. In 2021, it acquired Silicon Valley-based iD Tech, which marked Emeritus’ expansion into the K12 space.

Travel accessories startup Acefour Accessories raises $1.5 million in seed funding

Acefour Accessories, a travel accessories company has raised $1.5 million in a seed funding round led by Enam Holdings through funds sponsored by investor Akash Bhansali.

The D2C company said it will soon launch a premium range of travel accessories. The firm is currently in the process of building the team, ramping the manufacturing and supply chain, and investing in technology for order management and logistics. The startup is also creating marketing assets, product innovation labs and communication collaterals.

Oorjaa raises Rs 9 crore in Pre-Series A round

B2B logistics startup Oorjaa has raised around Rs 9 crore in a Pre-Series A round led by Inflection Point Ventures. The round also saw participation from a clutch of HNIs who have invested in a personal capacity and through Vinners angel investing platform.

The funds will be used to focus on the product and tech development, expanding into new geographies and on working capital requirements, it said in a statement.

Propdial bags Rs 1 crore via compulsory convertible debentures

Propdial, a proptech startup has raised a top-up of Rs 1 crore by way of compulsory convertible debentures (CCDs). This top-up is a part of the funding round to which Propdial raised Rs 1 crore last year in November. Prior to this, the company had also raised seed funding last year.

The funding will be used to scale the firm’s domestic business and augment its geographical reach further across India. “With this top-up, we are closing CCD round and focusing more on the next milestone of scaling our business while preparing for Series-A fundraise in mid-2022”, said Vinay Prajapati, co-founder and CEO of Propdial.

Actor Samantha Prabhu invests in SustainKart

Actor Samantha Ruth Prabhu has invested an undisclosed capital in e-commerce aggregator SustainKart’s seed funding round. With this investment, the company also announced the launch of its first retail franchise model.

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Source: https://www.cnbctv18.com/startup/startup-digest-emeritus-gets-350-million-in-debt-acefour-accessories-raises-15-million-info-edge-acquires-76-stake-in-aisle-meeshos-new-initiatives-for-sellers-12753622.htm

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