Friday Fundings: Flipkart, Revolut, and Cybereason

Indian Ecommerce Company Secures $3.6 Billion

Flipkart, an India-based ecommerce conglomerate, recently raised $3.6 billion in funding and is now valued at $37.6 billion. Analysts believe this is the company’s last funding round before the company goes public. The funding round was the largest-ever round for an Indian startup. Investors included SoftBank Vision Fund 2, GIC (GICRE), Canada Pension Plan Investment Board, and Walmart (WMT).

The vast majority of commerce in India still happens at physical stores, but ecommerce in the country is expected to boom in the coming years. India’s ecommerce market is expected to reach over 300 million consumers by 2025. As a result, companies are racing to gain users. Flipkart is currently going head-to-head with Amazon, which has invested more than $6.5 billion in the South Asian market.

UK Fintech App Rakes in $800 Million

Revolut, an app which provides financial services including banking, investing, and currency transferring, has secured $800 million in funding after a Series E round. The London-based company is now valued at $33 billion, making it one of the most valuable UK fintech firms. Softbank Vision Fund 2 and Tiger Global co-led the round.

About a year ago, Revolut closed a $580 million Series D funding round. Since then, its valuation has soared and is currently six times what it was last year. The company’s revenue increased 57% between 2019 and 2020 as the world embraced digital payments during the pandemic. Revolut has more than 16 million customers currently. With its new funding, the startup wants to grow its user base and find ways to encourage users to spend more time on and put more money into the app.

P.S. SoftBank is also a SoFi investor.

AI-Powered Cybersecurity Company Raises $275 Million

Cybereason, a cybersecurity startup, has raised $275 million in a Series F funding round led by Liberty Strategic Capital, a VC firm founded by Steven Mnuchin, the former US Treasury Secretary. The company did not disclose its post-funding valuation, but it is estimated to be about $3 billion. This funding round is likely the company’s last before it makes its public debut.

Cybereason ended 2020 with more than $120 million in annual recurring revenue. Consumers have been drawn to Cybereason for its AI-powered cybersecurity technology. Its platform is operation-centric, rather than alert-centric. The company says this speeds up the process of investigating and recovering from cyberattacks.

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