Unicorns and layoffs
1. SaaS platform LeadSquared becomes unicorn with $153 million fresh funding
LeadSquared, a SaaS startup that is helping sales teams become more efficient with its CRM platform, is the latest Indian startup to become a unicorn.
LeadSquared said on Tuesday it has raised $153 million in a Series C funding round that valued it at $1 billion (post-money). The round was led by WestBridge Capital, the 11-year-old startup said. Existing backers including Gaja Capital also participated in the new funding, which takes the startup’s all-time raise to $188 million.
The startup helps firms automate sales, bringing efficiency to all the touch points where sales executives are involved including call centers, feet-on-street force and other areas including digital where consumer purchases take place. The startup provides the firms with tools to easily on-board vendors, do verifications and collections.
2. Matrix Partners is raising $450 million for new India fund
Matrix Partners India is raising $450 million for its fourth India fund, doubling down on the South Asian market where scores of investors including Sequoia, Lightspeed, SoftBank, Elevation, Accel, Alpha Wave Global and Tiger Global have increased the pace of their investments in recent years.
The firm, which counts Ofbusiness and Razorpay among its portfolio firms, disclosed it is raising the new India fund and its size in an SEC filing last week. At $450 million, Matrix is considerably increasing the amount of capital it plans to invest in India. Its third fund, closed in 2019, was $300 million.
The firm’s new fund comes at a time when scores of other investors have raised new capital — and nearly all at a much faster pace.
Worth your attention:
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Food and agritech platform WayCool raises $40 million in funding led by 57 Stars Link
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FinBox raises $15 million in round led by A91 Partners Link
CoinDCX restricts crypto withdrawals citing higher compliance requirement Link
Citymall lays off 191 employees three months after raising $75 million in funding Link
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