Funding blitz: Four startups increase over $1.2 billion from new, present buyers

Aggregating to over $1.2 billion, 4 startups Monday introduced elevating funds from personal fairness and enterprise capital (PE/VC) buyers. These are used vehicles market Cars24, fintech service supplier Razorpay, B2B commerce and lending platform OfBusiness, and B2B e-commerce and provide chain enablement platform Bizongo.
Notably, three of those corporations — Razorpay, OfBusiness and Bizongo — noticed New York-based Tiger Global Management collaborating within the funding spherical.
Razorpay, which raised $375 million within the Series F spherical, is now valued at $7.5 billion. According to a press release, the spherical was co-led by Lone Pine Capital, Alkeon Capital and TCV along with participation from the fintech’s present buyers like Tiger Global, Sequoia Capital India, GIC and Y Combinator.
“The funds raised will also be deployed to further scale RazorpayX, our neo-banking Platform, and work towards completely revamping the banking experience for businesses … With this round, we will also leverage our learnings of having built products for scale in India and foray into building payment solutions for South-east Asian countries. Further, we will look at new acquisitions in the B2B SaaS space, with the aim of providing the highest levels of experience to our customers,” Razorpay co-founder and CEO Harshil Mathur wrote in a weblog.
Gurgaon-based Cars24 raised $400 million, together with a $300-million Series G fairness increase and a $100-million debt. The firm, now valued at $3.3 billion, noticed enterprise capital fund Alpha Wave Global main the fairness spherical, with different present buyers additionally collaborating. Cars24, which had raised $340 million in September at a valuation of $1.8 billion, counts DST Global, Tencent and Softbank Vision Fund amongst its buyers.

The firm mentioned that it’s going to use the proceeds from the newest funding spherical in the direction of its worldwide growth plans, along with ramping up its mega refurbishment labs (the place clients check out used vehicles), and accelerating its development to realize market share.
OfBusiness, which is a B2B platform for procurement of commercial items and providers, raised $325 million in its Series G spherical led by Alpha Wave Global, Tiger Global Management and Softbank Vision Fund. In a press release, the Gurgaon-based agency mentioned it should use the funds to penetrate deeper into provide chains on the commerce facet, whereas additionally constructing out expertise for its SaaS options and financing platform.
The spherical additionally noticed exit by a few of its early buyers and partial liquidation of 80 ESOP holders. In addition to the aforementioned buyers, the corporate has Matrix Partners India and Norwest Venture Partners amongst its backers.

Lastly, B2B e-commerce platform Bizongo introduced a $110 million increase in a Series D funding spherical led by Tiger Global. The funds shall be deployed for ramping up enterprise and tech groups and increasing the startup’s digital provide chain financing (SCF) platform in partnership with banks and NBFCs.
The firm, based in 2015 by three IIT graduates, additionally launched an IoT powered ‘cloud factory’ for made-to-order items. This SaaS-based answer will allow producers to supply their clients with real-time visibility, management, and intelligence throughout all the provide chain.