Five start-ups raise over USD 1.3 billion in a day

Razorpay raised $375 million led by Lone Pine Capital, Alkeon Capital and TCV and its valuation soars to $7.5 billion.

Published: 21st December 2021 11:13 AM  |   Last Updated: 21st December 2021 11:13 AM   |  A+A-


USD (Photo | AP)

By Express News Service

BENGALURU:  It is raining money for start-ups, as total funding raised by five companies — Razorpay, OfBusiness, Zepto, Cars24 and Bizongo — has crossed over $1.3 billion on Monday.

Razorpay raised $375 million led by Lone Pine Capital, Alkeon Capital and TCV and its valuation soars to $7.5 billion.

The fintech major was valued at $1 billion in October 2020 and $3 billion in April 2021. The company plans to use the funds to further scale up its business banking suite RazorpayX and offer new banking solutions in 2022. The firm also plans to invest in new acquisitions in 2022 and expand its presence. It plans to hire over 600 employees.

Harshil Mathur, CEO and Co-Founder of Razorpay, said, “While these freshly infused funds will be used in multiple areas, the most important one will be towards investing in building intelligent technologies.”

Just five months after its launch, 10-minute grocery delivery app Zepto on Monday raised $100 million in Series C round. Y Combinator’s Continuity Fund led the round, with participation from new and existing investors, including Glade Brook, Nexus, Breyer Capital, Lachy Groom, Global Founders Capital, Contrary Capital, and more.

This Series C round comes 45 days after the firm announced a $60 million fund-raise in Nov. With this, the company’s valuation doubles to $570 million.

While B2B e-commerce and supply chain platform Bizongo raised $110 million in Series D round led by New York-based Tiger Global Management on Monday, industrial goods and services procurement firm OfBusiness announced that it has raised $325 million in its Series G round led by Alpha Wave Ventures II, Tiger Global Management and Softbank Vision Fund 2.

With this funding, OfBusiness joins the group of firms like Razorpay, Swiggy, Dream11 and Postman, whose valuations have grown multiple times within 2021 to take them beyond $5 billion during the year. 

Used-car marketplace Cars24 on Monday closed a $400 million round led by Alpha Wave Global. The company is now valued at $3.3 billion.


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