Funding News

Monday Manic: Pine labs, Lens Kart & Moglix raise Massive funds

Pine labs, Lens Kart and Moglix, the three high profile startups, announced on Monday that they have raised fresh funding rounds, turning the typical Monday blues into Monday Manic. Monday manic is actually fancy way of saying that there is no stopping the Indian startup’s recent funding juggernaut, which has even managed to remain immune to ongoing Covid Surge.

Among the three above mentioned startups, Pine Labs raised the highest funding, raising nearly $285 Mn at a $3 Bn valuation. The latest funding has a significant secondary component, with report in Economic Times claiming that Pine Labs founders, early investors and clutch of employees have sought partial exit. However, the merchant payment platform refused to shed light on the size and value of the secondary deal.

Pine labs was recently in news for acquiring Singapore based loyalty cashback startup for $45 Mn. The unicorn B2B payment platform is aggressively trying to infiltrate into Southeast Asian Market.

Global investment giant KKR invests in eyewear brand LensKart

Global investment giant KKR has invested $95 Mn in Delhi-based eye wear brand Lenskart via secondary sale. The deal will help existing investors TPG Capital and TR Capital partial exit from the company. According to reports, Tata Group’s emeritus Chairman Ratan Tata has also made an exit from the company.

Moglix becomes the latest unicorn with $120 Mn Fundraise

B2b ecommerce platform  Moglix has become the latest Indian startup to join the rapidly growing unicorn list. Moglix raised total $120 Mn in latest fundraising round that was co-lead by Falcon Edge Capital and Harvard Management Company, pushing company’s valuation beyond $1Bn. This fundraise also had a footprint of Tiger Global, which has played a critical role in propelling startups to unicorn valuation this year.

Moglix saw its valuation grew by more than 3X as compared to $300Mn valuation it commanded 2019 funding round, when it raised $60 Mn.

 

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