funding: ETtech Deals Digest: Cars24, Razorpay raise funds

Online used car platform Cars24, payment gateway Razorpay, business-to-business (B2B) startup OfBusiness were among the startups that raised funds this week.

Cars24 gets $ 400 million

Cars24, an online platform that sells used cars, closed a $ 400 million funding round led by Alpha Wave Global, formerly Falcon Edge Capital.

This includes a $ 100 million debt component from investors such as Commercial Bank of Dubai and IFM Investors in Australia.


After the funding, Cars24’s valuation jumped more than 80% from its previous funding in September to $ 3.3 billion. By this time, the company had closed a $ 450 million financing led by SoftBank Vision Fund, Alpha Wave Global and Yuri Milner’s DST Global. The company headquartered in Gurgaon was valued at $ 1.8 billion at the time.

ET first reported on the last fundraiser in its November 29th edition. The report said the company was in the final stages of talks to mop up new funds at a significantly higher valuation.

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Razorpay secures $ 375 million in funding

Razorpay raised $ 375 million (Rs 2,850 crore) in a new round of funding led by U.S. investors TCV, Lone Pine Capital and Alkeon Capital, after which its valuation rose to $ 7.5 billion, that’s a jump of two and a half times in eight months.

The Bengaluru-based payment gateway platform had raised $ 160 million in April this year to a post-money valuation of $ 3 billion. The company has seen its valuation seven times higher in just over a year since becoming a unicorn.

ET reported in its November 10 edition that TCV, an investor in Netflix and Airbnb, is in talks with Razorpay to participate in the new funding round.

OfBusiness valued at nearly $ 5 billion

OfBusiness, a business-to-business (B2B) start-up, has pocketed $ 325 million from Alpha Wave Global (formerly Falcon Edge Capital), Tiger Global and SoftBank Vision Fund 2.

After this new round, OfBusiness said its valuation jumped to nearly $ 5 billion. Alpha Wave Global invested around $ 175 million in this round, while Tiger Global and SoftBank invested $ 100 million and $ 50 million respectively.

summary of offersETtech

This round of funding also includes a secondary stock sale of around $ 140 million in which existing investors Matrix Partners India, Creation Investments and Zodius Technologies sold part of their shares.

Bizongo raises $ 110 million

Bizongo, a business-to-business e-commerce and supply chain activation platform, has landed $ 110 million in a new round of funding led by New York-based Tiger Global, bringing its valuation to $ 600 million.

The cycle also saw CDC and IFC EAF joining as new investors. It also involved existing investors B Capital, Chiratae Ventures, Schroder Adveq, IFC and Add Ventures by SCG. Manish Choksi, member of the advisory board of Bizongo and vice-president of Asian Paints, also invested in a personal capacity.

Zepto valuation reaches $ 570 million

Signaling the frantic trading in the super-fast delivery segment, Mumbai-based Zepto raised $ 100 million, led by its existing investor, Silicon Valley startup incubator Y Combinator’s Continuity Fund.

The Mumbai-based company, which is among the hottest startups this year, more than doubled its valuation to $ 570 million after funding in just two months when it was last raised $ 60 million for a valuation of $ 225 million.

Other key agreements

Jumbotail, a business-to-business e-commerce company that supplies groceries to family-owned stores, has raised a Series C of $ 85 million. The funding was led by Artal Asia Pte. Ltd., a subsidiary of Invus, a global equity investment firm with over $ 10 billion in permanent capital under management.

Captain Fresh, a business-to-business (B2B) online marketplace for seafood, has secured $ 40 million in a new round of funding co-led by Tiger Global and Prosus Ventures (formerly Naspers Ventures).

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