Startup weekly roundup: Lightspeed raises 7 bn; 5ire becomes unicorn

Lightspeed Venture Partners raised over $7 billion across different funds globally including a $500 million investment vehicle to back early-stage start-ups in India and Southeast Asia. The fundraising exercise saw the closure of four funds such as Lightspeed Venture Partners XIV-A/B, L.P. (Fund XIV) at $1.98 billion; Lightspeed Venture Partners Select V, L.P. (Select Fund V) at $2.26 billion; and Lightspeed Opportunity Fund II, L.P. (Opportunity Fund II) at $2.36 billion in addition to the $500 million India fund named Lightspeed India IV. With a $500 million hard-capped fund, the company will deepen its commitment to early-stage start-ups in India and South East Asia region while continuing to back growth-stage companies in the region from its Select and Opportunity fund vehicles. It has backed several category-leading start-ups in India including Oyo, Byju's, Grab, Acko, Razorpay, Udaan, Sharechat and Innovaccer.

Blockchain network 5ire became the 105th unicorn of India this week when it bagged $100 million in its Series A funding round from UK-based conglomerate SRAM & MRAM. The round valued the start-up at $1.5 billion. The company said it will use the fresh capital to expand its operations and reach across three continents -- Asia, North America, and Europe. It also intends to make India its operational hub and primary focus.

AI-based SaaS enterprise Detect Technologies pocketed $28 million in primary and secondary funding led by Prosus Ventures. Detect provides cloud-based applications to industries to automate and enhance the visibility of industrial risks and improve productivity. Existing investors Accel and Elevation Capital also participated in the round.

On the mergers and acquisition front, health-tech platform MFine merged with LifeCell International's diagnostics business to form a new entity called LifeWell. The new entity secured $80 million of investment from OrbiMed, a leading healthcare investment firm with approximately $18 billion in assets under management. LifeCell International is a stem cell bank and reproductive genetic testing services provider.

Edtech unicorn upGrad snapped up Wolves India, a recruitment and staffing firm for an undisclosed amount. Bengaluru-based Wolves India specialises in placing tech talent across start-ups, along with mid and large-sized organisations in India and overseas. With 70 professionals, the seven-year-old firm claims to have closed over 5000 placements in technology and product roles. The acquisition is done by upGrad Rekrut, a 100 per cent subsidiary of the Ronnie Screwvala-led upGrad.

Digital healthcare start-up MediBuddy acquired the online doctor consultation platform Clinix for an undisclosed amount. The acquisition is expected to help MediBuddy expand its reach into the rural part of the country as Clinix primarily caters to the rural population with a network across 20 tier 3 and tier 4 cities. In February, MediBuddy raised $125 million in a Series C funding round led by Quadria Capital and Lightrock India along with participation from existing investors Bessemer Venture Partners, India LifeSciences Fund III, Rebright Partners, JAFCO Asia, TEAMFund LP, FinSight Ventures, InnoVen Capital, Stride Ventures, and Alteria Capital.