ETtech Deals Digest: Swiggy, Lenskart raise funds this week

Food delivery platforms made headlines this week. While became the
first new-age unicorn to list on the Indian stock exchanges, its rival Swiggy raised $1.25 billion from investors including SoftBank.

Meanwhile, omnichannel eyewear retailer Lenskart closed a $220-million funding round led by Singapore’s sovereign wealth fund Temasek Holdings and Falcon Edge Capital.

Swiggy raises $1.25 billion

Swiggy has
raised $1.25 billion from SoftBank Vision Fund II and existing investors Prosus (formerly Naspers), Accel and Wellington Management, in its biggest funding round since inception. The company is now valued at $5.5 billion after the fundraise, sources told us.

The investment was made in two tranches beginning earlier this year, with $800 million coming in first from new investors like Qatar Investment Authority, Falcon Edge Capital, Amansa Capital and Goldman Sachs. The second tranche of $450 million was ploughed in by SoftBank Vision Fund, as reported first by ET on April 15. The Competition Commission of India (CCI) had recently cleared SoftBank’s investment in Swiggy.

Lenskart funding

Lenskart has
closed a $220-million funding round led by Singapore’s sovereign wealth fund Temasek Holdings and Falcon Edge Capital, founder and chief executive officer Peyush Bansal told ET.

The omnichannel eyewear retailer has now raised a total of $315 million in this round with private equity major KKR
having invested $95 million through a secondary transaction recently.

deals digestETtech

Lenskart’s existing investors TPG Capital and World Bank’s International Finance Corp. (IFC) have sold parts of their holdings in the Ghaziabad-based startup in this latest capital infusion, which was split equally between primary infusion and secondary share sale.

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Spinny gets $108 million funding

Spinny, an online used car marketplace, has
secured $108 million in a Series D funding round led by Tiger Global along with participation of New York-based Avenir Growth, and existing investors General Catalyst and others.

The fundraise, a mix of primary capital ($105 million) and secondary share sale ($3 million), values the Gurugram-based startup at $750-800 million, a senior company official said. Tiger and Avenir Growth invested $75 million and $20 million, respectively, while the others brought in the rest. A few angels and early backers have exited the firm.

BlackBuck drives into unicorn club

Online trucking platform BlackBuck has
raised $67 million in a funding round led by Silicon Valley-based venture fund Tribe Capital, IFC Emerging Asia Fund and VEF. Existing investors Wellington Management, Sands Capital, and IFC—the World Bank’s investment arm—also participated in the round.

The Bengaluru-based startup has been valued at more than $1 billion post-money and has become the 16th Indian startup to enter the coveted unicorn club—privately held companies with a valuation of $1 billion or more—this year.

Other key deals

Captain Fresh, a tech-enabled business-to-business seafood marketplace, has
picked up $12 million in a Series A funding round led by venture capital firm Accel.

Prodigal, which makes intelligence software for loan servicing and collection operations, has
raised $12 million in a Series A funding round led by Menlo Ventures along with participation of existing investors Accel, Y Combinator and MGV.

Otipy, a social commerce platform for fresh produce, has
landed $10.2 million in a Series A funding round led by SIG.

GlobalBees, a Thrasio-style investment platform backed by Firstcry, has
raised $150 million in a mix of equity and debt in its Series A funding round.

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Education technology leader
Byju’s has
acquired US-based kids learning platform
Epic in a $500-million cash-and-stock deal.

Also Read:
Social commerce startups make hay, rake in $554 million this year



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