Latest news with #PeakXV
The Hindu
21-07-2025
- Business
- The Hindu
India's listed startups raised over ₹44,000 crore from public markets in FY25: report
Venture-backed Indian startups raised over ₹44,000 crore ($5.3 billion) in FY25 from public markets via IPOs, FPOs, and QIPs, marking a structural shift in startup fundraising lifecycle in India. According to investment bank Rainmaker Group's RainGauge Index FY25 Annual Update, public markets outpaced private capital for late-stage fundraising, solidifying their role as the dominant source of growth capital. The money raised from public markets was two times more than private late-stage capital. The year also saw a record ₹20,000+ Crore in secondary exits as PE/VC firms like Peak XV and TPG harvested early bets through block and bulk deals. 'FY25 didn't just test India's startup listings, it matured them,' said Kashyap Chanchani, Managing Partner, The Rainmaker Group. 'The public market has become the preferred playground for India's breakout companies. We've now seen the full arc - the IPO frenzy, the valuation winter, and now a clear re-rating driven by fundamentals. This is the age of seasoning. The market is no longer listening to stories, it's pricing in substance. India's innovation economy has hit a new gear, one where companies with predictable earnings, durable moats, and institutional-grade governance will dominate,' he added. The report also noted that despite the early-year correction and record FII outflows [around ₹78,000 Crore in Q1], foreign investors returned strongly by Q4, driven by rate-cut expectations and India's steady macro indicators. The year witnessed Zomato joining the NIFTY50 and SENSEX, Swiggy entering the NIFTY Next 50, and Nykaa, PB Fintech, Ola Electric inducted into the NIFTY MidCap150. 'With IPOs no longer delivering inflated valuations or easy exits, startups will have to align with public market expectations much earlier in their lifecycle,' said a statement from the company. 'Sector-specific valuation guardrails are firmly in place with two-year forward EV/EBITDA multiples now providing structured lenses across internet, SaaS, BFSI, and consumer brands. Analyst-grade metrics, unit economics, transparency, and sustainable growth stories will need to be baked in from day one. Startups must now build with capital efficiency, narrative credibility, and governance readiness and not just valuation hype,' it further read.
Mint
21-07-2025
- Business
- Mint
CleverTap's Leanplum buyout triggers layoffs, top deck exits three years on
Nearly three years after acquiring US-based Leanplum to power its global expansion, Peak XV Partners-backed software company CleverTap is grappling with integration challenges that have triggered top-level exits, layoffs, and liquidation of the acquired entity, multiple people told Mint. CleverTap confirmed the layoffs, executive exits, and Leanplum's liquidation, but maintained that the restructuring had largely impacted the acquired entity. 'As part of our long-term growth strategy and consolidation efforts, we are liquidating our Bulgaria-based Leanplum entity. This means parting ways with all Sofia (Bulgaria) employees through a fair, legal, and respectful process," a CleverTap spokesperson said in response to Mint's queries. 'These consolidation efforts have no impact on our customers, and they do not affect our employees in any other region." Nearly Leanplum's entire Sofia-based engineering team, a key offshore cost center, was let go. 'There were about 100 Leanplum employees when they joined; 60-70 are gone now," said a person familiar with the matter. 'And another 40-50 people from CleverTap India were laid off too." 'Employees were told everything was stable just days before," said a second person. 'Then the entire team was shut out, citing a 'bad marriage'." Big bet gone sideways CleverTap, a customer engagement software provider, has raised over $182 million so far and was last valued at around $800 million in 2022, when it raised $105 million in Series D funding from CDPQ, IIFL Finance, Peak XV, and others. The company was founded in San Francisco, California by Sunil Thomas, Suresh Kondamudi, and Anand Jain in 2013. In 2022, CleverTap acquired San Francisco-based Leanplum in May 2022 aiming to scale globally with a presence across North America, Europe, Latin America, India, Southeast Asia, and West Asia. But the integration of Leanplum with CleverTap was rocky from the start, said the people mentioned earlier. Product overlaps weren't resolved, sales funnel performance lagged, and Leanplum's existing client base turned out to be a disappointment, they said. 'The so-called existing clients were gone. I don't think anything came out of it," said the first person quoted above. CleverTap said many of Leanplum's customers have migratedto its systems. 'They are seeing strong results. We'll work closely with the remaining customers to complete their upgrade to CleverTap by year-end," CleverTap's spokesperson added. To be sure, recent rapid growth in artificial intelligence and reduced spending by clients has posed challenges for software-as-a-service (SaaS) companies. According to data from Venture Intelligence, while funding for Indian SaaS startups slightly improved to $1.8 billion in 2024 from $1.3 billion in the year prior, it was much lower than the $4.4 billion raised in 2022. Leadership churn and internal strain The Leanplum integration troubles apart, at least four senior executives have exited CleverTap in the past 3-4 months, multiple people said. Leanplum co-founder Momchil Kyurkchiev, who was named CleverTap's chief strategy officer following the acquisition; chief revenue officer Sidharth Pisharoti; chief operating officer and chief customer officer Abhishek Gupta; and vice president of finance and legal Sourabh Arora, among others, have called it quits, according to these people. 'They had hired expensive resources, and business growth couldn't keep up with the kind of salaries and seniority they brought in. The top deck is almost empty. People have either left or are mulling exits," said a third person aware of the development. CleverTap said it has since filled all key leadership roles. 'Leadership transitions, across levels and functions, are a natural part of any high-growth business. All other senior leadership roles have been filled, ensuring seamless continuity in leadership and execution," said the spokesperson. Ranjeet Walunj, who joined CleverTap in 2019 and previously served as senior vice president, was elevated to chief customer officer in April, according to the company's website. Earlier in November, CleverTap's global chief executive Sidharth Malik stepped down citing personal reasons, with cofounder Sunil Thomas returning as CEO. CleverTap's revenue growth has slowed sharply since the Leanplum acquisition—in 2023-24, its revenue rose 6.3% to ₹430.55 crore after growing at 46.3% in FY23. Profit slumped to ₹30.41 crore in FY24 and ₹30.45 crore in FY23 from ₹52.22 crore in FY22. CleverTap is yet to report its financials for FY25.
Web Release
11-07-2025
- Business
- Web Release
Airalo Becomes the First eSIM Unicorn With an Investment Round of $220m
Airalo, the world's first and largest eSIM provider, today announced a $220m investment led by new investor, CVC. The investment includes new growth capital valuing Airalo at over $1 billion, marking its status as the industry's first unicorn. Driven by surging global demand, Airalo has continued its rapid expansion and now serves over 20 million travelers across 200+ destinations. With a new app experience and unlimited data plans launching this summer, Airalo is setting a new standard for global connectivity. Airalo's mobile app empowers travellers to instantly get the highest quality roaming experience when abroad, at prices that are a fraction of what they would normally pay. As millions of users rely on Airalo to stay connected abroad, the company is scaling faster than ever, and this latest funding will further accelerate its growth. The investment includes $185m from lead investor CVC (through its CVC Asia Fund VI), with participation from existing investors Peak XV and Antler Elevate. This new capital will fuel the continual improvement of the customer experience, including enhanced user support, new products and better value for money. Airalo will also use its industry-leading platform to provide connectivity to companies, both for the needs of their employees and their customers. 'This funding is a major milestone, not just for Airalo, but for the future of global connectivity,' said Ahmet Bahadir Ozdemir, CEO and co-founder of Airalo. 'This raise allows us to drive innovation across every part of the user journey by delivering more flexible plans and a faster, more seamless experience. We're not just enabling better eSIM solutions for travel – we're building the infrastructure for the next generation of international mobile connectivity.' 'We are thrilled to partner with Airalo — the clear category leader in travel eSIMs and a pioneer in redefining how travelers connect worldwide,' said Siddharth Patel, Managing Partner at CVC. 'The digital travel eSIM market, whilst already worth US$1 billion, is at the very early stages of becoming the main method by which consumers can receive the highest quality experience abroad, at a much lower price than they pay for roaming today. Airalo, with a highly scalable digital model grown primarily through organic channels, is best positioned to deliver superior value and customer experience for global travelers. We look forward to supporting Bahadir and the Airalo team.' Airalo continues to expand its connectivity offerings to provide a full suite of options for every traveler. Starting in July, the company will offer the market's most extensive range of eSIM data bundles, whether it's for business or pleasure—ranging from 1 GB plans ideal for quick trips and layovers to 30-day unlimited data bundles for travelers with heavier data needs. Additionally, Airalo is introducing dedicated data, text, and voice packages in select destinations to allow users to truly 'connect like a local.' Beyond these new packages, Airalo will soon roll out a new in-app experience across web, iOS, and Android to further improve the user journey. The company is also scaling its enterprise platform to meet rising demand from businesses and partners. Airalo for Business provides companies with a streamlined platform to manage global connectivity for their teams—helping them assign eSIMs, control budgets, and reduce roaming costs by up to 90%. For partners, Airalo's White Label solution makes it easy to launch a fully branded eSIM store in minutes, unlocking new revenue opportunities with minimal effort. Airalo also offers API integrations, reseller tools, and voucher programs to enable any partner to offer travel connectivity to its users. These offerings, along with a new eSIM capability launching soon, reflect Airalo's commitment to building the infrastructure that powers modern, mobile-first businesses everywhere. To learn more about Airalo and how it is helping travelers stay connected, visit For more information on Airalo's business solutions, visit
Business Times
10-07-2025
- Business
- Business Times
eSIM platform Airalo raises US$220 million in new funding round, lifts valuation past US$1 billion
[SINGAPORE] eSIM platform Airalo has raised US$220 million in a financing round, valuing the company at more than US$1 billion. This makes the Singapore-headquartered company the first unicorn in the industry, Airalo said in a statement on Thursday (Jul 10). The latest funding round is led by a new investor, Luxembourg-based CVC with about 202 billion euros (S$302.9 billion) of assets under management. CVC is injecting US$185 million through its Asia Fund VI. Airalo has also received investments from existing stakeholders Peak XV and Antler Elevate. The eSIM provider will use the funds to accelerate its growth and improve customer experience – which includes enhancing user support and developing new products. Airalo also wants to use its platform to provide connectivity to companies, for the needs of their staff and clients. 'The digital travel eSIM market, whilst already worth US$1 billion, is at the very early stages of becoming the main method by which consumers can receive the highest quality experience abroad, at a much lower price than they pay for roaming today,' Siddharth Patel, managing partner at CVC, said in the statement. Founded in 2019, Airalo provides eSim services in more than 200 countries and regions to over 20 million users globally. Airalo added that it would soon introduce new data packages and in-app features, including dedicated data, text, and voice packages in selected markets.
Fintech News ME
09-07-2025
- Business
- Fintech News ME
UAE Proptech Huspy Secures $59M Series B to Expand Across Europe and Middle East
Dubai-based proptech company Huspy has raised US$59 million in a Series B funding round, led by existing investor Balderton Capital. Other returning investors include Peak XV (formerly Sequoia Capital India and Southeast Asia), ExBorder Partners, Turmeric Capital, BY Ventures, Dara Management, COTU Ventures, and KE Partners. Headquartered in the UAE with operations in Spain, Huspy supports real estate agents and mortgage brokers through technology and infrastructure that aim to streamline home buying and selling. The company claims to facilitate over US$7 billion in annual real estate transactions across Europe and the Middle East. The new funding will be used to support Huspy's expansion plans in both regions, invest in product development, and hire for strategic roles. In Spain, where it currently operates in Madrid, Valencia, Alicante, and Malaga, the company plans to expand into six more cities by the end of 2025. Huspy reported that its real estate business in Spain grew more than 20-fold year-on-year in 2024. The company also plans to enter Saudi Arabia later this year, bringing its presence to ten cities globally. Over the next four years, Huspy intends to expand into most major urban markets in Europe and the Middle East. 'We are building a global business with the goal of being present in the majority of European and Middle Eastern cities. We aim to provide the best infrastructure for real estate agents and mortgage brokers, enabling them to grow their businesses and serve home buyers and sellers in the best way possible,' said Jad Antoun, Huspy's Co-Founder and CEO. 'After four years of investing in our systems, we are now able to operate with a lot of agility, allowing us to expand the business at a high growth rate for years to come.' In the UAE, Huspy is active in Dubai and Abu Dhabi, where its mortgage division accounts for more than 25% of all residential home financing in Dubai. To support its expansion, Huspy is recruiting across several functions, with a focus on technology and regional growth. The company operates tech hubs in both the UAE and Spain.
