India Digest: Sequoia, DST eye Khatabook; Droom to raise $200m; Airtel Payments gets $47m

Photo: Reuters

In the startup funding space, digital ledger Khatabook is in talks to raise $20 million in a Series A round while Droom is looking to raise $200 million. Separately, Airtel Payments Bank has secured Rs 325 crore (about $47 million) in fresh infusion from its parent firms.

Sequoia, DST may invest in Khatabook

Khatabook, a digital ledger that allows SMBs to record transactions and track their finances, is in talks to raise $20 million in a Series A round of funding from DST Partners fund, Ribbit Capital and Sequoia Capital, The Economic Times reported.

The round could see participation from as many as 20 angel investors including Gokul Rajaram, Jitendra Gupta, the founder of Citrus Pay, and Kunal Shah, CEO of Cred, the report added. Aside from this, Chinese investors may pump an additional $5 million in Khatabook.

Khatabook, which was part of Sequoia’s accelerator programme Surge, had earlier secured $4 million from Y Combinator and InfoEdge. The app recently crossed 120,000+ weekly active merchants and is growing at 40 per cent month-on-month.

Droom eyes $200m funding round

Automobile marketplace Droom is in talks with a number of financial and strategic players to raise $200 million in fresh funding, which could spike its valuation to more than $1 billion, The Economic Times reported.

Last month, the startup had reportedly received $10 million in Series F funding from its Singapore-based holding entity, Droom Pte. Ltd.

According to Crunchbase, Droom has raised a total of $133 million in funding to date. It had raised $30 million in Series E funding round led by the family office of Japanese investor Joe Hirao in October last year.

Airtel gets infusion from parent

Airtel Payments Bank has secured Rs 325 crore (about $47 million) in fresh infusion from its parent firms, Bharti Airtel and Bharti Enterprises, The Times of India reported quoting regulatory filings.

While telecom major Bharti Airtel has invested Rs 260 crore, Bharti Enterprises has pumped in Rs 65 crore in the payments bank.

Across payments banks, largely dominated by Paytm and Airtel, total deposits were to the tune of about Rs 540 crore in May 2018., per the figures shared by the RBI in the RTI as of December 2018.