India Roundup: Byju’s targets $1.2b in debt funding, and more

Byju’s targets US$1.2 billion in debt funding

• Due to increased investor interest, the edtech giant has reportedly boosted its previous planned to raise US$500 million in debt funding.
• The company will raise funds through a term loan B (TLB), making it the second Indian firm after hospitality startup Oyo to do the same. The capital is likely to accelerate Byju’s acquisition spree.
• In the last six months, Byju’s has spent over US$2 billion in acquisitions. (Read: Byju’s aims to be profitable by FYE 2022 despite acquisition spree)

Zomato to pour US$75 million into logistics firm Shiprocket

• Zomato will reportedly inject US$75 million in Shiprocket via the logistics aggregator’s upcoming funding round.
• The investment is likely to help the online food delivery firm diversify its foray into the logistics space. It is also considered as Zomato’s first big investment after its listing on the Indian stock exchange. (Read: 8 takeaways from Zomato’s investor deck for its $1.3b IPO) 
• In July, Shiprocket raised a US$41.3 million round  that attracted investors including Zomato founder and CEO Deepinder Goyal.

Edtech firm BrightChamps hits nearly $500 million valuation 

• BrightChamps has raised US$63 million in funding from investors including Premji Invest, GSV Ventures, 021 Capital, Beenext, and Flipkart co-founder Binny Bansal.
• Established in July 2020, the startup offers online courses on topics such as AI, programming, and design thinking. BrightChamps is present in 10 countries, targeting students from 6 to 16 years old in Southeast Asia, the Middle East, and other markets.
• The company plans to use the funds to hire across tech, content, and business development, among other functions. It’s also looking into acquiring new businesses in neighboring markets. 

Motorcycle taxi firm Rapido returns to pre-pandemic levels

• The bike taxi platform said its business reached pre-Covid levels in the last few weeks, following the easing of movement restrictions. 
• Rapido seeks to increase the number of transacting users on its platform by 3x in the next 18 months as more offices, schools, and colleges reopen across India. 
• The company, which recently raised US$52 million, said it is hitting 10 million orders per month across its bike, taxi and auto-rickshaw services.