Qualgro leads $9m funding in Convosight and eight more India deal updates

Convosight, a platform that helps community creators monetise, said on Monday that it has raised $9 million in a Series A funding round led by Singapore-based VC firm Qualgro.

Unilever Ventures and Ajay Gupta (ex McKinsey), along with existing backers IvyCap Ventures and Sequoia Capital India’s Surge also participated in the financing, the startup said in a statement.

Convosight is building a monetisation ecosystem for community creators on platforms like Facebook Groups, Reddit, and Discord so that creators can partner with brands and sustainably monetise their communities. The startup claims to have recorded 10x user growth within the last 15 months.

Over the last 12 months, there has been a 25x jump in earnings for community creators via Convosight — with close to $1 million in total payouts, the company claimed.

“The top categories of communities and brands that are collaborating and engaging in community marketing via Convosight are parenting, cooking, beauty & makeup, health & nutrition as well as women-focused groups. Besides opportunities for brand collaborations, our product offers community creators tools to understand growth trends and conversational insights, control spam, and run their independent brand collaborations. Today we have more than 300 million members in managed communities who are eyeing a potential market opportunity of close to 1.8 billion users across Facebook, Reddit and Discord,” said Tarun Dhamija, co-founder, Convosight, in a statement.

INDIA DEAL MONITOR

Here are prominent venture capital transactions in India from June 10-14, 2021.

Expand Table

StartupHeadquarterInvestment Size (USD)Investment StageLead Investor(s)Other Investor(s)IndustryVerticals
Convosight Delhi9 millionSeries AQualgro Venture CapitalUnilever Ventures, Ajay Gupta, IvyCap Ventures, Sequoia Capital India’s SurgeSoftwareSaaS
SimpliContractBengaluru1.8 millionSeedKalaari CapitalPicus Capital, Arka Ventures, Digital Sparrow CapitalSoftwareSaaS
LiciousBengaluru65 millionSeries FMultiples Alternate Asset ManagementBrunei Investment Agency, Vertex Ventures, Bertelsmann Netherland, 3one4 Capital, Akshay Ghulati, Narshing Dass MakkarFoodE-commerce
JumbotailBengaluru4.6 millionDebtAlteria Capital-RetailE-commerce
Byju'sBengaluru340 million-UBS Group, Blackstone, Eric Yuan, ADQ, Phoenix Rising-Education/TrainingEdTech
Eightfold AINoida220 millionSeries ESoftBank Vision Fund 2General Catalyst, Capital One Ventures, Foundation Capital, IVP, Lightspeed Venture Partners SoftwareAI and Machine Learning
SlintelBengaluru20 millionSeries AGGV CapitalAccel, Sequoia Capital India, Stellaris Venture PartnersSoftwareSales & Marketing Software
DropshopBengaluru1.3 millionPre-Series AInflection Point VenturesAxilor Ventures, The Chennai Angels Logistics/Distribution-
BonAyu LifesciencesBengaluru1.3 million---PharmaceuticalsFitness & Wellness

 

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.