Startups Entering the Unicorn Club
- BY Jaspreet Kaur
Feature Writer, BusinessEx
- Oct 08,2021
- 11 Mins Read
The beginning of October seems promising for the Indian business ecosystem. Over this week, many startups entered the unicorn club. In total, 31 companies have turned into unicorns until now which is a remarkable growth. It is a big deal for the country’s business sphere that was facing depression owing to the ongoing pandemic.
According to The Economic Times’ report, Rebel Foods, which operates a network of cloud kitchens and digital brands, has raised $175 million in a round led by Qatar Investment Authority (QIA), the country's sovereign wealth fund. Existing investors Coatue and Evolvence India also participated.
The Series F round turned the company into a unicorn of 2021 with a valuation of $1.4 billion. It is the 31st Indian startup to achieve the feat this year.
Online meat startup, Licious has become a unicorn this week. According to Mint’s report, the company has raised $52 million from investors, including IIFL AMC in a Series G fund raise. The latest funding round took the company's valuation beyond $1 billion, taking it to the unicorn list.
Bengaluru-based Licious in a statement said that it has become India's first direct-to-consumer (D2C) unicorn with the Series G fund raise of $52 million led by IIFL AMC.
Of late, there is a second crypto unicorn in less than two months. According to the Mint’s report, CoinSwitch Kuber announced a Series C funding round worth over $260 million led by US venture capital firm, a16z (Andreesen Horowitz) and Coinbase Ventures.
According to The Economic Times, Vedantu has raised $100 million in a new funding round led by Temasek-backed impact investing fund ABC World Asia, catapulting it into the unicorn club.
Existing investors such as Coatue Management, Tiger Global, GGV Capital and WestBridge Capital also participated in the fundraising.
Vedantu’s valuation jumped to $1 billion from around $600 million last year when it raised $100 million from Coatue. This makes Vedantu the 28th Indian unicorn—startups with a valuation of $1 billion or more—this year. It joins peers Byju's, Unacademy, Eruditus and upGrad in the coveted club. Temasek recently led funding rounds in both Unacademy as well as upGrad.
Of late, the edtech unicorn, Byju’s is garnering INR 2,200 crore in a financing round. Oxshott Venture Fund led the round in the firm, as per Tofler’s report. According to a media report, Crossover Opportunities Fund, XN Exponent Holdings, MarketX Ventures and Verition Multi-Strategy Master Fund will take part in the company’s Series F round.
As per Economic Times’ report, Nazara Technologies, which is backed by Rakesh Jhunjhunwala, has reportedly garnered INR 315 crore from leading investors. The company has issued fresh equity to investors. The allotment is subject to stakeholders' and regulatory sanctions.
Twin Health has also grabbed INR 1,000 crore from investors in Series C financing round. In addition, short-video sharing online platform, Chingari has collected $19 million in cryptocurrency token from more than 24 venture funds and individuals to release $GARI, a new token.
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