This week in start-up funding: It is raining unicorns
Ten Indian startups have become billion-dollar valued companies or unicorns in the first four months of 2021. Of this, six turned unicorns this week on consecutive days.
April 09, 2021 / 08:38 PM IST
It was an action-packed week for the startups with multiple companies becoming unicorns with multi-million dollar funding rounds while the existing unicorns attracted further capital to boost their balance sheets, as per data shared with Moneycontrol by deal tracker Tracxn.
Unicorns are privately held firms valued at over a billion dollars.
In the week ending April 9, online food delivery platform Swiggy raised $800 million in a new round of funding that will value it at $5 billion.
The round saw participation from global alternative asset manager Falcon Edge Capital, Singapore-based fund management firm Amansa Capital, US-based private investment firm, Think Capital, French asset management firm Carmignac and Goldman Sachs. Many existing investors such as Prosus and Accel also joined the round.
Regional social network ShareChat also raised a $502 million funding round which valued the company at $2.1 billion making the company a unicorn.
The round was led by Tiger Global Management, Snapchat parent Snap Inc and existing backer Twitter and Lightspeed.
Next in line was a $300 million round raised by social commerce startup Meesho led by SoftBank Vision Fund 2. The round values Meesho at $2.1 billion, making it also an entrant to India's much-coveted unicorn club.
Existing investors Prosus Ventures, Facebook, Shunwei Capital, Venture Highway and Knollwood Investment also participated in the round.
Fintech platform Cred also turned into a unicorn by raising $215 million in its Series D round of funding for a post-money valuation of $2.2 billion. The round was led by new investor Falcon Edge Capital and existing investor Coatue, with other existing and new investors also participating in the round.
Gupshup, a Silicon Valley-based conversational messaging firm raised $100 million as well in a round of funding from Tiger Global Management. With this, the company’s valuation stands at $1.4 billion thus entering the unicorn club.