Within 53 days of this year, as many as 10 start-ups have turned into unicorns. The latest one to join the coveted club is software company Hasura, which has raised USD 100 million in Series C round led by Greenoaks Capital.
The round also saw participation from Lightspeed Venture Partners, Vertex Ventures and Nexus Venture Partners. The company is now valued at USD 1 billion. Hasura CEO Tanmai Gopal said, "While we still have a long way to go, we drove 4x growth, with 10x growth on our managed cloud service."
The company plans to invest in open-source projects and in educational resources. This funding will enable Hasura to increase its innovation velocity, which in turn allows its user to deliver software even faster.
With offices in San Francisco and Bengaluru, Hasura was open-sourced in July 2018. The start-up wants to use the funding to accelerate R&D and expand go-to-market activities globally. Hasura has been downloaded over 400 million times.
On Jan 1, Mamaearth became the first unicorn of 2022, and it was followed by Fractal, Lead School, Darwinbox and DealShare. This is the 5th unicorn in February. Elastic Run, Livspace, Xpressbees and Uniphore are the other start-ups that turned into unicorns.