ETtech Deals Digest: Postman, Zetwerk are collecting money this week


SaaS startup Postman became India’s most valued software-as-a-service company this week. The country also shaped another.

post man

The SaaS startup Postman has raised 225 million US dollars in a new financing round led by the existing investor Insight Partners together with new donors such as Coatue, the traditional Silicon Valley investor Mary Meeker Bond Capital and Battery Ventures. The company is now valued at $ 5.6 billion.

This makes the seven-year-old startup India’s most valued software-as-a-service company, overtaking BrowserStack, which was valued at $ 4 billion in June. SaaS figurehead Freshworks, which is preparing to go public in the US, is currently valued at $ 3.5 billion.

Postman was founded in 2014 in Bengaluru and was valued at $ 2 billion a year ago after raising $ 150 million in funding from Insight Partners and others. Prior to the last funding, Postman had raised a total of $ 208 million. Interestingly, Bond Capital led the $ 200 million funding round in BrowserStack in June. The new investment in Postman comes at a time when SaaS startups from India are seeing increased investor interest from global investors.


Zetwerk Manufacturing, a contract manufacturer of consumer and capital goods, has received $ 150 million in Series E financing led by D1 Capital Partners, sources with knowledge of the development said. The company will use the funds to strengthen its team size, invest in technology and expand its product portfolio.


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With this fundraising, the company is valued at $ 1.5 billion and joins the coveted Unicorn Club, sources said. Existing investors also took part in the round and an early investor paid off in part, ”said a person with direct knowledge of the deal. “Almost half of the new funding comes from D1 Capital,” added the person.

The funding round comes six months after the company received $ 120 million in Series D funding in February this year, led by US-based Greenoaks Capital and Lightspeed Venture Partners. The round valued the company at around 600 million US dollars at the time.


PhonePe’s Singapore unit has raised $ 66.5 million in a financing round led by Chinese technology giant Tencent Holdings, along with the participation of New York-based investor Tiger Global. Tencent brought in $ 50 million while Tiger Global brought in the rest.



The bike taxi platform Rapido has secured $ 52 million in new funds at a time when the mobility sector is experiencing a steady recovery after the second wave of the Covid-19 pandemic. The new round values ​​the Bengaluru-based startup at around $ 235 million after the investment, said a person familiar with the matter. This marks the company’s first fundraiser since 2019, when it received consecutive funding from Nexus and Westbridge Capital.

Existing funder Westbridge led the new round, bringing in about $ 30-35 million, said another person who knows, while new investors were Shell Ventures, Yamaha, Cred’s founder Kunal Shah, Spotify India CEO Amarjit Singh Batra and Positive Moves Consulting joined Planke.


Thrasio-style investment firm UpScalio has landed $ 42.5 million in its Series A round led by Presight Capital and an undisclosed global hedge fund.

Heliad Equity Partners, MPGI, 468 Capital and Whiteboard Capital also took part in the financing round, the company announced.

A consortium of lenders including the newly minted Unicorn OfBusiness, Innoven Capital, and Alteria Capital have also raised capital for the platform.

Other important offers

  • Skill-based online gaming platform Zupee raised $ 30 million in its Series B round led by Silicon Valley-based WestCap Group and Tomales Bay Capital. Existing investors Orios Venture Partners and Matrix Partners India also took part in the round.
  • AgNext technologies bagged $ 21 million in its Series A round led by Alpha Wave Incubation (AWI), the largest Series A funding ever received by an Indian agrotechnology startup. AWI is powered by DisruptAD and managed by Falcon Edge Capital. This is the Fund’s first investment in India’s fledgling agro-technology sector.
  • Health technology startup Ultrahuman raised $ 17.5 million from Alpha Wave Incubation (AWI), Steadview Capital, and existing backers Nexus Venture Partners, Blume Ventures, and Utsav Somani’s iSeed fund.
  • Financial services group Have capital has reached the first close of its Future Leaders Fund II at Rs 584 crore.


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