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Razorpay, Cars24, Bizongo, and OfBusiness have Together Raised $1.1 Billion in Fresh Funding

Anshumaan Vishnu by Anshumaan Vishnu
December 20, 2021
in News
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Startup funding 2021

In the funding spree of 2021 last month these four startups raising 1.1 billion dollar funding together. Here are the details:-

Razorpay

Razorpay, a fintech unicorn, has secured $375 million in a Series F investment. Razorpay’s valuation has risen to $7.5 billion as a result of this fundraising round.

In October 2020, the fintech startup Razorpay was valued at $1 billion, and in April 2021, it was valued at $3 billion. Since its founding in 2014, the fintech giant has raised a total of $740 million in funding, including the Series F round.

Lone Pine Capital, Alkeon Capital, and TCV co-led the round, which also included existing investors Tiger Global, Sequoia Capital India, GIC, and Y Combinator.

RAZORPAY 1

The money raised will go toward Razorpay’s objective of making finance frictionless by establishing a full-stack financial solutions company that can handle all of a company’s payment and banking needs on one platform, according to the startup.

Harshil Mathur, CEO and Co-Founder of Razorpay said, “We believe we will radically change how payments and banking is done in nearly every sector of India. While these freshly infused funds will be used in multiple areas, the most important one will be towards investing in building intelligent technologies that will make the lives of small businesses easier by providing them a fundamentally different experience and reducing complexity.”

Bizongo

Bizongo, a B2B ecommerce and supply chain enablement platform, announced on Monday that it had raised $110 million (about Rs 836 crore) in fundraising led by Tiger Global Management of New York. Bizongo’s valuation has risen to $600 million as a result of the new financing.

According to a release, the series D round included new investments from CDC and IFC EAF, as well as current investors BCap, Chiratae Ventures, Schroder Adveq, IFC, and Add Ventures by SCG.

Manish Choksi, a member of Bizongo’s Advisory Board and the Vice Chairman of Asian Paints, also participated in the round in his own capacity, according to the statement.

Bizongo, founded in 2015 by Aniket Deb, Ankit Tomar, and Sachin Agrawal, is digitizing the enormously fragmented B2B made-to-order goods industry. Its topline has grown by 8X since pre-pandemic levels, with an ARR of $250 million in November of this year, and the company is EBITDA profitable.

Cars24

The used-car market has seen a surge in demand as supply lines in the automobile sector continue to be disrupted by Covid-19. Today, one of the startups that has benefited greatly as a result of this is announcing a large round of fundraising to capitalize on the opportunity even more.

Cars24, an Indian business that has developed an app and website for selling secondhand cars and motorcycles, has acquired $400 million in funding, including a $300 million Series G round and another $100 million in debt. Cars24’s valuation has nearly doubled in that time, from $1.84 billion to $3.3 billion, just three months after it last closed a round — $450 million, with $340 million as a Series F and a further $110 million in debt — and, as a sign of how hot the market is right now, Cars24’s valuation has nearly doubled in that time, from $1.84 billion to $3.3 billion.

Cars 24

“The primary use of the funding will be to continue to strengthen our presence in India, and in the countries where we have expanded,” said Gajendra Jangid, Cars24’s CMO, who co-founded the company with Vikram Chopra (the CEO), Mehul Agrawal and Ruchit Agarwal in Gurugram in 2015. Cars24 is active in some 200 cities in India, and it claims to have grown 50% in the last quarter, a record for the company.

OfBusiness

OfBusiness, a New Delhi-based startup that sells industrial goods and provides credit to small businesses, has raised its fourth round of funding this year, valuing the company at around $5 billion.

The startup’s $325 million Series G fundraising round was led by Alpha Wave Global, Tiger Global, and SoftBank Vision Fund 2. Alpha Wave Global, formerly Falcon Edge Capital, made an investment in OfBusiness as part of its new $10 billion+ fund, Alpha Wave Ventures II.

OfBusiness is a raw material aggregator and provider of procurement financing. The startup collaborates with banks to provide credit lines to small and medium businesses with annual sales of more than $3 million. The six-year-old company, which veteran venture capitalist Asish Mohapatra co-founded, claims to operate in nine business-to-business raw material supply chains.

“OfBusiness is well on its way to create a B2B ecosystem that marries large scale with profitability, health and engagement,” said Mohapatra in a statement.

“Our march in the last three years across all our three businesses (B2B Commerce marketplace, Financing and SAAS) has been rapid but there is still long way to go given the depth and unorganized fragmented market structure of B2B in India. We believe that we are in the nascency of the B2B revolution in the country and are privileged to drive it ahead.”

Tags: bizongoCars24fundingofbusinessrazorpay
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Anshumaan Vishnu

Anshumaan Vishnu

An entrepreneur and writer who prefers to create content around startups, entrepreneurship and digital marketing. To talk more like this idea, connect on LinkedIn.

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