Weekly rundown: DealShare, DarwinBox turn unicorns; Swiggy's valuation soars to $10.7 bn with new round

India's unicorn rally has maintained its excellent pace with two more startups crossing the $1 billion valuation mark this week.  

Social commerce startup Dealshare's valuation shot up to over $1.6 billion with its latest fundraising. The startup raised $130 million in a new round led by Tiger Global and Alpha Wave Global.

Darwinbox, the second unicorn of the week, raised $72 million in a fresh funding round that valued the company at over $1 billion.

Also Read: India has third-highest number of start-ups; Sequoia top investor: Hurun report

The Series D round into the HR tech startup was led by Technology Crossover Ventures (TCV), which is known for backing Netflix, Spotify, Meta earlier. The round also saw the participation from the existing investors including Lightspeed Venture Partners, Sequoia Capital India, Salesforce Ventures, 3One4 Capital, Endiya Partners, and SCB 10X. 

Meanwhile, food delivery startup Swiggy has achieved a decacorn valuation this week. Swiggy secured $700 million in new funding round led by Atlanta-headquartered Invesco, which valued the Bengaluru-based company at $10.7 billion. 

The round also saw participation from a host of new investors such as Baron Capital Group, Sumeru Venture, IIFL AMC Late Stage Tech Fund, Kotak, Axis Growth Avenues AIF- I, and more. The fresh funding round comes six months after the firm raised $1.25 billion at a valuation of $5.5 billion.

Also Read: Swiggy raises $700 mn in fresh funding round, valuation zooms to $10.7 bn

B2B unicorn Moglix, which operates in the infrastructure and manufacturing sector, saw its valuation jump 2.5x in less than a year to $2.6 billion. The company bagged $250 million in a Series F round led by Alpha Wave Global and Tiger Global. In May 2021, Moglix became the first B2B Commerce unicorn in the manufacturing sector, raising $120 million. 

Ola Electric secured $200 million from a clutch of investors including Tekne Private Ventures, Alpine Opportunity Fund, and Edelweiss. 

The fresh funding round values the company at $5 billion. The company was last valued at $3 billion in September 2021 when it raised $ 200 million from Softbank and FalconEdge. This also marks the eighth funding round of Ola Electric with a cumulative capital raise of $800 million.

Also Read: DealShare turns unicorn; raises $165 mn from Tiger Global, Kora Capital, others