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Tuesday, August 16, 2022

Funding blitz: Four startups raise over $1.2 billion from new, existing investors

Notably, three of these companies — Razorpay, OfBusiness and Bizongo — saw New York-based Tiger Global Management participating in the funding round.

Written by Pranav Mukul | New Delhi |
December 21, 2021 4:40:27 am

Aggregating to over $1.2 billion, four startups Monday announced raising funds from private equity and venture capital (PE/VC) investors. These are used cars marketplace Cars24, fintech service provider Razorpay, B2B commerce and lending platform OfBusiness, and B2B e-commerce and supply chain enablement platform Bizongo.

Notably, three of these companies — Razorpay, OfBusiness and Bizongo — saw New York-based Tiger Global Management participating in the funding round.

Razorpay, which raised $375 million in the Series F round, is now valued at $7.5 billion. According to a statement, the round was co-led by Lone Pine Capital, Alkeon Capital and TCV in addition to participation from the fintech’s existing investors like Tiger Global, Sequoia Capital India, GIC and Y Combinator.

“The funds raised will also be deployed to further scale RazorpayX, our neo-banking Platform, and work towards completely revamping the banking experience for businesses … With this round, we will also leverage our learnings of having built products for scale in India and foray into building payment solutions for South-east Asian countries. Further, we will look at new acquisitions in the B2B SaaS space, with the aim of providing the highest levels of experience to our customers,” Razorpay co-founder and CEO Harshil Mathur wrote in a blog.

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Gurgaon-based Cars24 raised $400 million, including a $300-million Series G equity raise and a $100-million debt. The company, now valued at $3.3 billion, saw venture capital fund Alpha Wave Global leading the equity round, with other existing investors also participating. Cars24, which had raised $340 million in September at a valuation of $1.8 billion, counts DST Global, Tencent and Softbank Vision Fund among its investors.

The company said that it will use the proceeds from the latest funding round towards its international expansion plans, in addition to ramping up its mega refurbishment labs (where customers try out used cars), and accelerating its growth to gain market share.

OfBusiness, which is a B2B platform for procurement of industrial goods and services, raised $325 million in its Series G round led by Alpha Wave Global, Tiger Global Management and Softbank Vision Fund. In a statement, the Gurgaon-based firm said it will use the funds to penetrate deeper into supply chains on the commerce side, while also building out technology for its SaaS solutions and financing platform.


The round also saw exit by some of its early investors and partial liquidation of 80 ESOP holders. In addition to the aforementioned investors, the company has Matrix Partners India and Norwest Venture Partners among its backers.

Lastly, B2B e-commerce platform Bizongo announced a $110 million raise in a Series D funding round led by Tiger Global. The funds will be deployed for ramping up business and tech teams and expanding the startup’s digital supply chain financing (SCF) platform in partnership with banks and NBFCs.

The company, founded in 2015 by three IIT graduates, also launched an IoT powered ‘cloud factory’ for made-to-order goods. This SaaS-based solution will enable manufacturers to provide their customers with real-time visibility, control, and intelligence across the entire supply chain.

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First published on: 21-12-2021 at 04:40:27 am

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