Darwinbox eyes OTPP purse; Middle East calling for Indian startups

Economic Times

3 days ago

Happy Thursday! Darwinbox is looking to tap Ontario Teachers' Pension Plan for fresh capital. This and more in today's ETtech Morning Dispatch.
Also in the letter:
■ Amber's Mysuru plant ■ Infosys' AI centre■ Kaynes Sanand OSAT
Canada's OTPP in talks to invest in Darwinbox; valuation may hit $1 billion: Sources
(L-R) Jayant Paleti, Chaitanya Peddi and Rohit Chennamaneni, cofounders, Darwinbox
Canadian pension giant Ontario Teachers' Pension Plan (OTPP) is on the verge of snapping up a stake in the human resources SaaS unicorn Darwinbox.
Deal details:
The $50-million transaction is mainly a secondary sale.
The company is likely to be valued at over $1 billion on a blended basis, taking in account the pricing from both primary and secondary share transactions.
Peak XV Partners, an early backer, will trim its stake, pocketing a tenfold return on its initial bet.
Funding history:
Darwinbox was last valued at $1 billion in 2022, following a $72 million funding round led by Netflix-backer TCV.
In March this year, it raised $140 million, almost entirely via secondary sales.
That round brought private equity majors KKR and Partners Group onto its cap table, while Lightspeed and a few early investors partially cashed out.
Zoom out: Darwinbox is one of OTPP's big HR-SaaS investments in the Asia-Pacific region. In July 2024, it co-led, alongside KKR, a $140-million funding round in Japan's SmartHR.Interest in Darwinbox has surged since the March round, a person familiar with the matter told us. The company is now closing in on $100 million in annualised recurring revenue, a key milestone.
SuperGaming raises $15 million in fresh funding at five times higher valuation
Roby John, cofounder, SuperGaming
Pune-based gaming company SuperGaming has bagged $15 million in a funding round led by existing investors Skycatcher and Steadview Capital, catapulting its valuation to $100 million.
Deal details:
The round combines fresh capital with bridge investments made since its last raise of $5.5 million in October 2021.
The company was then valued at around $21 million, founder Roby John told us.
Global gaming and Web3-focused funds, including a16z's Speedrun, Bandai Namco's 021 Fund, and Polygon Ventures, also participated.
Fashion brand Outzidr nets $3.1 million in fresh round
(L-R) Justin Mario, Nirmal Jain, Manikant Mani, cofounders, Outzidr
Gen Z women-focused fashion brand Outzidr has secured $3.1 million in funding led by early-stage venture capital firm RTP Global. Existing investor Stellaris Venture Partners also participated in the latest round. The funds will be used for expansion, opening offline stores, and initiating quick deliveries.
Also Read: Spacetech startup Xovian raises $2.5 million to build radio frequency satellites
Middle East new stomping ground for Indian venture funds, startups
Venture capital firms and startups from the country are setting their sights on the Middle East, as the region looks to shed its old image as a land of oil rigs and pipelines.
Tell me more:
Stellaris Venture Partners and Blume Ventures have tapped Middle Eastern money for fresh funds.
Other VC firms, including Ideaspring Capital and Java Capital, are scouting for deals.
Early-stage venture fund 100Unicorns picked Abu Dhabi for its first global foray in December 2024, while cricketer Shikhar Dhawan's VC arm, Yashaa Global Capital, already made the emirate its base.
Shoring up: Indian startups are also building a presence. Beauty retailer Nykaa runs UAE subsidiaries, and fintech player InCred snapped up Dubai-based Arrow Capital.
Number-wise: Indian startups raised about $200 million from Middle Eastern investors in 2024, according to Venture Intelligence.
They now make up nearly 30% of Dubai's tech startup community, ET reported earlier.
But why? The pull is clear. Dubai International Finance Centre provides credibility and access to regional capital. Golden visas and a low-tax regime sweeten the deal. Add to that substantial investments in AI infrastructure, and the Gulf is becoming a natural hub for Indian startups specialising in deeptech, financial services, AI, and even cryptocurrency. In other words, the desert, it seems, is no longer barren for India's venture playbook.
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Amber Enterprises earmarks Rs 900 crore chest for Mysuru plant
Electronics maker Amber Enterprises is planning to set up a new copper laminate plant in Mysuru.
Driving the news:
Amber intends to invest Rs 800–900 crore in the new plant.
The company has applied under MeitY's electronic component manufacturing scheme, with the deadline extended until September.
The company is evaluating the viability of the plant.
Tell me more: This initiative aims to boost domestic production of electronic components and sub-assemblies, thereby positioning India as a key player in the global electronics value chain.Amber is already building a Rs 3,200-crore electronics manufacturing plant near the upcoming international airport at Jewar, Uttar Pradesh.
Keeping Count
Other Top Stories By Our Reporters
Infosys opens AI, cybersecurity and spacetech centre in Hubballi: Part of 'Infosys Living Labs', the newly opened centre is a network of over a dozen established centres worldwide designed to help clients accelerate innovation and leverage emerging technologies.
Kaynes' Sanand semicon unit to be operational by December: The Rs 3,307-crore outsourced semiconductor assembly and testing (OSAT) plant will deliver the first sample by September 15 and start operations by December, said chief executive Raghu Panicker. The clean room has been established, and equipment and raw materials are arriving, he added.
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Updated On Aug 07, 2025, 07:55 AM IST