Logistics service provider Xpressbees, kirana commerce platform ElasticRun and interiors and home improvement startup Livspace have raised new funding rounds at a valuation of over $1 billion to enter in the elite unicorn club of start-ups in India.
Xpressbees won a $300 million Series F round. The Pune-based company has more than doubled its valuation to $1 billion from its last seed round in November 2020, when it raised $110 million for a valuation of nearly $400 million. The current round has been led by private equity funds Blackstone Growth, TPG Growth and ChrysCapital. Existing investors Investcorp and Norwest Venture Partners also participated in the round. The current round is mostly a side deal, with Beijing-headquartered CDH Investments, one of China’s largest investment firms, exiting the business altogether, while Elevation Capital (formerly SAIF Partners) and Chinese e-commerce giant Alibaba made partial exits.
Another Pune-based start-up, ElasticRun, secured $300 million in funding led by SoftBank Group, Prosus Ventures and Goldman Sachs. The round valued the company at over $1.5 billion. The company has so far raised over $400 million. Its other investors are Kalaari Capital, Norwest Venture Partners, Avataar Ventures and Prosus.
Livspace raised $180 million in a funding round led by private equity firm KKR. The Series F round also saw participation from existing investors such as Ingka Group Investments (IKEA’s holding company), Jungle Ventures, Venturi Partners and Peugeot Investments, among others. The company said its valuation more than doubled in the current fundraising to more than $1 billion and the startup’s cumulative fundraising now stands at $450 million.
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Polygon, the Ethereum layer 2 scaling solutions startup, won the biggest venture capital round this week at $450 million. The round was led by Sequoia Capital India with participation from over 40 leading venture capital firms, including SoftBank Vision Fund 2, Galaxy Digital, Galaxy Interactive, Tiger Global, Republic Capital and leading investors like Alan Howard ( co-founder of Brevan Howard) and Kevin O’Leary (Mr. Wonderful of ABC’s Shark Tank). The company said this is the first major funding round since funding the project in 2017. The funds will be raised through a private sale of Polygon’s native MATIC token. Made in India MATIC crypto tokens are listed on global crypto exchanges and are among the top 15 digital assets in the world.
Meanwhile, fintech unicorn Razorpay has made its first international acquisition by taking a majority stake in leading Malaysian firm Curlec. The deal valued the company between $19 million and $20 million. Curlec, based in Kuala Lumpur, develops recurring payment solutions for modern businesses of all sizes.
On the venture capital funds front, venture capital debt provider Trifecta Capital has announced the final closing of its first investment fund Trifecta Leaders Fund – I at Rs 1,500 crore. The company added a greenshoe of Rs 375 crores to the fund, which it expects to close within a quarter from now. Launched in May 2021, the fund marked its first close in July and has already deployed around Rs 730 crore across eight companies including Dailyhunt, Livspace, Cars24, Pristyn Care, ixigo, Good Glamm Group, API Holdings (Pharmeasy) and Meesho .
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