India saw the birth of two new unicorns this week – both their valuations have swelled multiple times in just a few months

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India saw the birth of two new unicorns this week – both their valuations have swelled multiple times in just a few months
Representative imagePixabay
  • The two new unicorns are Innovaccer, a healthtech firm, and Infra.market, a startup in the real estate space.
  • While Innovaccer’s valuation jumped three times in seven months to $1.3 billion, Infra.market’s valuation was last known to be just $200 million in December 2020.
  • While Innovaccer, founded in 2014, has raised a total of $225 million, the four-year old Infra.market has raised $150 million till date.
India added two new unicorns this week to its rapidly growing club of startups with over a billion dollar valuations. Innovaccer, a healthcare technology company, and Infra.market, a startup that helps real estate companies to procure materials, have both raised funds this week and become the latest unicorns.

Interestingly, both the companies have seen their valuations swell in just a matter of months, in a pandemic period.

Innovaccer’s valuation jumped three times in seven months to $1.3 billion and Infra.market’s valuation was last known to be $200 million in December 2020, and within three months its valuation has crossed a billion dollars.

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The startups are not like many other Indian companies who have raised billions of dollars. Instead, both the startups have achieved the status with minimal funding. While Innovaccer, founded in 2014, has raised a total of $225 million, the four-year old Infra.market has raised $150 million till date.

What does Innovaccer do?

Through a Data Activation Platform, Innovaccer connects healthcare data across verticals, and provides unified patient records as well as insights for better patient outcomes. The San Francisco-headquartered startup claims that by the end of 2021, it would have grown with a Compound annual growth rate (CAGR) of 5%.

Innovaccer was founded in 2014 by Indian Institute of Technology (IIT) graduates Sandeep Gupta, Abhinav Shashank and Kanav Hasija.
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With the latest fundraise from Tiger Global Management and existing investors Steadview Capital, Dragoneer, B Capital Group, Mubadala Capital and M12 (Microsoft's Venture Fund), the startup will now be launching the Innovaccer Health Cloud – “a platform as a service that combines the company’s Data Activation Platform and application suite with an extensive set of platform services and tools that allow customers and partners to easily develop interoperable applications that improve patient outcomes and lower costs”.

“Over the last ten years, we have spent billions of dollars digitizing healthcare information with great success. That was step #1 of the journey. Now, we have troves of information on our health locked in electronic silos. We need to bring this information together using a cloud platform that not only unlocks the power of the data, but also provides a platform on which new digital services and solutions can be built with native interoperability,” said Shashank, co-founder and chief executive officer at Innovaccer in a statement.

What does Infra.market do?

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Based out of Mumbai, Infra.market is targeting India’s booming real estate market. It helps construction companies procure materials as well as helps with the logistics of it. The startup was founded in 2016, by Indian Institute of Management (IIM) graduates Aaditya Sharda and Souvik Sengupta, counts the likes of Larsen & Toubro, Tata Projects and Ashoka Buildcon as its clients.

According to reports, Infra.market which was also hit by the pandemic and saw its businesses halt for two months during lockdown, has recovered quickly and is aiming for a $180 million annual run rate in FY21.

Infra.market’s series C funding round was led by Tiger Global and also saw participation from its existing investors Nexus Venture Partners, Accel Partners, Sistema Asia Fund, Evolvence India Fund, and Fundamental Capital GmbH.

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