Private Equity

VC Fund Investments

Insurtech startup Nova Benefits to raise Rs.71-Cr led by SAI Global

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Bengaluru-based insurtech startup Nova Benefits is to raise INR 71 crore Series A round led by US-based Susquehanna International Group or SAI Global (which is to invest INR 44 crore). The round will also see participation from Bessemer Venture Partners which will infuse INR 17.96 crore, along with existing investors Multiply Ventures, AL Trust, Nilkhil Chopra and Vikram Jit Singh Chaatwal. Nova Benefits will allot a total of 85,509 Series A Compulsorily Convertible Cumulative Preference Shares (CCPS) each at a premium price for INR 8,293.

From the Venture Intelligence PE-VC Deal Database: In Dec-20, Nova Benefits raised INR 7.37 Cr from Multiply Ventures, Better Capital, AL Trust, Kunal Bahl, Rohit Kumar Bansal, Megha Maniyar, Shiv Ratan Chichani, Ashish Goyal and Ankita Goyal. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)