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Time of India
08-08-2025
- Business
- Time of India
ETtech Deals Digest: Startups raise $219 million this week, down 43% on-year
The number of deals during the week fell to 29 transactions, compared to 40 in the corresponding week of the previous year. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Startups raised around $219 million during the week of August 2 to 8, marking a 43.4% decline from the $386.6 million raised during the same period last year, according to data from the funding amount increased from the previous week, rising 74.2% from $125.7 activity, too, declined this week on a year-on-year (YoY) basis, with 29 transactions recorded during the period, compared to the 40 deals seen in the corresponding week last (D2C) startup The Sleep Company raised Rs 480 crore in a mix of primary and secondary funding, with private equity (PE) firm ChrysCapital and 360 One Asset investing in the round. As part of the transaction, early backer Fireside Ventures made a partial exit through secondary share management platform Alaan raised $48 million in a funding round led by VC firm Peak XV Partners . The round, which was a mix of primary and secondary capital, also saw participation from founders of 885 Capital, Sudeep Ramnani and Jai Mahtani, Y Combinator, 468 Capital, and Pioneer Fund.D2C beauty brand Renee Cosmetics raised $30 million in a funding round led by growth capital firm Playbook, with a secondary transaction from Midas. The investment valued the company at $200 gaming company SuperGaming raised $15 million in a funding round led by existing investor Skycatcher and Steadview Capital, valuing the company at $100 manufacturing startup Jeh Aerospace raised $11 million in a funding round led by Elevation Capital, with participation from existing investors like San Francisco-based General Catalyst.
Time of India
05-08-2025
- Business
- Time of India
Alaan raises $48 mn in round led by Peak XV
Representative Image BENGALURU: UAE-based spend management platform Alaan has raised $48 million in a Series A round led by Peak XV Partners, marking one of the largest early-stage funding deals in the Middle East's fintech sector. The round saw participation from 885 Capital founders Sudeep Ramnani and Jai Mahtani, Y Combinator, 468 Capital and Pioneer Fund. The funding, which was oversubscribed, included both primary and secondary components. It also drew backing from several prominent regional and global operators, including Tabby founder Hosam Arab, Careem founder Mudassir Sheikha, Pleo founder Jeppe Rindom, Astra Tech founder Abdallah Abu-Sheikh and Talabat CPO Yi Wei Ang. Alaan said it will use the capital to deepen its presence in Saudi Arabia and build out AI-driven finance automation tools. 'The category has demonstrated strong product-market fit in MENA, and Alaan stands out as the category leader, demonstrated by their impressive growth trajectory,' GV Ravishankar, managing director at Peak XV Partners, said. Founded in 2022 by former McKinsey consultants Parthi Duraisamy and Karun Kurien, Alaan provides corporate cards and automated expense management solutions for businesses. The company has processed over 2.5 million transactions and serves more than 1,500 finance teams, including those at G42, Careem, Tabby, Lulu Group and Rivoli. Alaan, which entered Saudi Arabia earlier this year, has doubled its transaction volumes month-on-month for six consecutive months, according to the company. 'This funding helps us go faster and deeper in KSA while helping us strengthen our roots in the UAE,' said Duraisamy, adding that Alaan plans to develop a full finance operations platform for businesses in the region. The company claims its platform has saved finance teams over 1.5 million hours of manual work. With the new funding, it plans to ramp up hiring in Saudi Arabia across sales, customer success, and compliance. Stay informed with the latest business news, updates on bank holidays and public holidays .
Fintech News ME
05-08-2025
- Business
- Fintech News ME
Alaan Raises $48M to Expand in Saudi and Advance AI Finance Tools
Alaan, a spend management platform for businesses in the Middle East, has secured US$48 million in a Series A funding round. The round was led by Peak XV Partners (formerly Sequoia Capital India & SEA), with notable participation from the founders of 885 Capital, Sudeep Ramnani and Jai Mahtani, as well as Y Combinator, 468 Capital, and Pioneer Fund. Support also came from regional and global operators, including Hosam Arab (Founder of Tabby), Mudassir Sheikha (Founder of Careem), Jeppe Rindom (Founder of Pleo), Khalid Al Ameri (Founder of KAM), Abdallah Abu-Sheikh (Founder of Astra Tech), Yi Wei Ang (Chief Product Officer of Talabat), and Parth Garg (Founder of Aspora), among others. The funding will support Alaan's expansion in Saudi Arabia and its development of AI-driven finance automation tools. 'This funding helps us go faster and deeper in KSA while helping us strengthen our roots in the UAE,' said Parthi Duraisamy, Co-founder and CEO of Alaan. 'We plan to build a full-fledged finance ops platform for businesses in the region. While our existing AI agents are taking on tasks like receipt matching, manual reconciliation, and VAT extraction to save real time and money, we can now focus on expanding our product offerings to take more manual work off the plate for finance teams and give them full control.' According to the company, its platform has saved finance teams over 1.5 million hours of manual work. With the latest investment, Alaan plans to expand its hiring across sales, customer success, and compliance roles in Saudi Arabia, as well as grow its local partnerships to support the Kingdom's business ecosystem.
