ElasticRun is 6th 🦄, Polygon raises💰, Revolut's 340 Cr India ops💳

Funding triples ElasticRun’s valuation, Polygon raises $450 million, Revolut invests Rs 340 crore in India ops, Funding Deals & more.

Rise & Shine ☀

Feb 08, 2022

Morning peeps🙋🏻‍♂️,

Start your day, the smart way!

Top tech news of the day, along with a daily dose of motivation, delivered to your inbox.

1 Mail | 2 Minutes | 3 Stories | Funding Deals

Let’s get started

SoftBank-led funding triples ElasticRun’s valuation to $1.5 billion🦄

ElasticRun, a kirana-focused business-to-business ecommerce firm, has raised $300 million in a new funding round led by SoftBank Vision Fund II.

Goldman Sachs has joined as a new investor in the fundraising that trebles the Pune-based company’s valuation to $1.5 billion, according to regulatory filings and people aware of the transaction. The company had last raised $75 million in April 2021 at a valuation of more than $400 million. With this, ElasticRun has become the sixth unicorn so far this year.

Saurabh Nigam, Sandeep Deshmukh, and Shitiz Bansal started ElasticRun

Started in 2016 by former Amazon executives Sandeep Deshmukh, Shitiz Bansal and Saurabh Nigam, the company enables small kiranas across the country to source goods, especially in the FMCG space, from leading brands.

According to its website, it helps FMCG brands reach 10 million kiranas. It is present in 28 states across over 500 locations.

Polygon raises $450 million from Sequoia India💰

Polygon, a secondary scaling solution founded by three Indians for the Ethereum blockchain, has raised $450 million in a round led by Sequoia Capital India. The fund was raised through a private sale of Polygon’s native Matic token.

Polygon’s market capitalisation was over $13 billion at the time of going to press, with 1 token selling for about $2 a piece, according to Coingecko.com.

Polygon, founders, Sandeep Nailwal, Jaynti Kanani and Anurag Arjun

The company, founded by Sandeep Nailwal, Jaynti Kanani and Anurag Arjun, had received a “sizable investment” from US-based billionaire Mark Cuban last year. It onboarded Mihailo Bjelic from Serbia as a cofounder last year. The team will use the latest funds to consolidate its lead in the race to scale Ethereum.

Polygon is building a suite of scaling solutions—including Polygon PoS, Polygon Edge and Polygon Avail—which is similar to what Amazon Web Services offers Web2 developers.

Share on Whatsapp

Hot Shorts⚡

Former Twitter India head Manish Maheshwari's ed-tech platform Invact Metaversity has raised the first round of funding at a valuation of $33 million.
Mobile-first micro SaaS platform for jewellery retailers Gold Setu has raised $1.2 million in a seed round of funding led by Village Global, Better Capital, Titan Capital, etc.
HRtech startup Meraqui has raised $1 million in a seed funding round from HNI investors.
Burger delivery platform Burgerama has raised Rs 5 crore in a funding round led by Anicut Angel Fund.

UK fintech giant Revolut invests Rs 340 crore in India ops💳

British fintech giant Revolut has pumped Rs 340 crore (roughly $45.5 million) into Revolut India as a part of its first tranche of investments in its Indian arm.

The investments are for Revolut’s first cross-border remittance product in India, which it plans to launch in the second half of 2022. The company is still in talks with the Reserve Bank of India (RBI) to procure the necessary licences for its products.

In July 2021, the company raised $800 million led by private equity giants SoftBank and Tiger Global at a valuation of $33 billion, making it one of the most valuable fintechs in the world after US-based Stripe and Sweden’s Klarna.

Back in India, Revolut is bullish on domestic remittances and will look to offer Unified Payments Interface (UPI) payments to Indian consumers along with its flagship international cards.

Share on Whatsapp