India has become one of the top countries with the most rapidly growing unicorn startups. As per the predictions of research firms and industry experts, India will see a significant increase in the number of unicorns in 2021.
With many startups joining the billion-dollar valuation club, 2 new startups are also catching up to the list quickly.
Innovaccer raised an undisclosed sum in Series D round led by Tiger Global, with participation from OMERS Growth Equity and existing investors like Steadview Capital, Dragoneer, B Capital Group, Mubadala Capital, and M12 (Microsoft’s venture fund). With this, the Noida- and San Francisco-based company has become the first health tech unicorn of India.
Innovaccer’s valuation jumped three times in seven months to $1.3 billion.
Innovaccer is a Silicon Valley-based healthcare company, founded in 2014 by Abhinav Shashank, Kanav Hasija, and Sandeep Gupta that provides physician practices, hospitals, health systems, and other healthcare providers with population health management and Pay-for-performance solutions.
Infra.Market is the first company in its field to join the club. It has raised $100 million in Series C round led by Tiger Global, with participation from Accel Partners, Nexus Venture Partners, Evolvence India Fund, Sistema Asia Fund, and Foundamental Gmbh.
While Infra.market’s valuation was last known to be $200 million in December 2020, within three months its valuation has crossed a billion dollars.
The company is a B2B online procurement marketplace for real estate and construction material that leverages technology to offer fair pricing and a smoother procurement experience for its customers. Infra. The market helps small businesses such as manufacturers of paints and cement improve the quality of their products and meet various compliances.
The startup adds its load cells to the manufacturing facilities of these small businesses to ensure there is no lapse in quality and also helps them work with other businesses that can provide them with better raw material and provide guidance on pricing.