India: Apna enters unicorn club after raising $100m from Tiger Global, others

Photo: Reuters

Jobs platform Apna has become the latest to join the growing list of Indian unicorns as it raised $100 million as part of its Series C round led by existing investor Tiger Global Management.

The round, which values Apna at $1.1 billion, comes three months after the startup raised $70 million in its Series B fundraise, co-led by Insight Partners and Tiger Global.

The current round almost doubles Apna’s valuation, which was last valued at $570 million in the June fundraise.

The new round also saw investments from Owl Ventures, Insight Partners, Sequoia Capital India, Maverick Ventures and GSV Ventures.

According to Apna’s founder and CEO Nirmit Parikh, the startup will use the funds to expand its platform across India. Proceeds will also be used for international expansion and to enter the upskilling segment for the blue and grey-collared workforce. It also plans to ramp up hiring across engineering and product functions.

The two-year-old venture, founded in June 2019, has also become one of the fastest Indian startups to achieve unicorn status, joining the likes of Ola Electric, InMobi’s Glance, business-to-business marketplace Udaan and Paytm Mall, all startups that touched the $1 billion valuation in about two years of starting operations.

“We have registered a 125-fold growth in our business and facilitated over 100 million interviews over the past 15 months. Over the last month alone, Apna facilitated over 18 million interviews, and we have been consistently showcasing strong performance…employment for the rising workforce is a large opportunity with almost 2.3 billion individuals falling under the category,” said Parikh.

This article was first published on livemint.com

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.