ETtech Deals Digest: Flipkart, Delhivery raise funds this week

Startups bagged bigger rounds this week compared to the previous one. E-commerce firm Flipkart and logistics startup Delhivery were among the companies that raised funds.

Flipkart

Homegrown online retailer Flipkart has raised $3.6 billion in a new funding round.

Canada Pension Plan Investment Board (CPP Investments), the Singapore government’s sovereign wealth fund GIC, Japan’s SoftBank Vision Fund 2 and Flipkart’s largest shareholder Walmart led the round, with participation from existing backers like Qatar Investment Authority.

Why is it significant? This is the first capital infusion from external investors since US retailing behemoth Walmart acquired it for $16 billion in 2018. The company will be valued at over $37.6 billion post-money, up from $24.9 billion last year when it raised $1.2 billion in an internal round led by Walmart. Three years ago, Flipkart was valued at $22 billion.

The fundraising is expected to give the Sachin and Binny Bansal-founded startup significant firepower to expand online shopping and take on well-capitalised rivals such as Amazon Inc, Reliance Industries and the Tata Group.

Netradyne

Netradyne Technology, an AI-based fleet safety solutions vendor, has raised $150 million in its Series C funding round led by SoftBank Vision Fund, at a valuation of nearly $1 billion. Existing investors Point72 Ventures and M12 also participated in the round.

Netradyne uses cameras and computer vision to detect road signs, driving etiquette, driver fatigue and distracted driving.


The San Diego- and Bengaluru-based company said it plans to utilise the capital to expand into markets such as Europe, Australia and New Zealand, apart from advancing core R&D and recruiting more people.

Delhivery

FedEx Express, a subsidiary of global logistics solutions provider FedEx Corp, has invested $100 million in homegrown logistics and supply chain startup Delhivery. This is the first such strategic capital to be ploughed into the Indian company which is expected to hit the public markets by early 2022, as ET reported earlier.

This comes weeks after the company raised around $277 million in a funding round co-led by US-based Fidelity and Singapore’s sovereign wealth fund GIC, valuing it at about $3 billion.

Delhivery is targeting a public market listing next year to raise around $650-$800 million.

Also Read: A decade of Delhivery

Inshorts

Online news aggregator InShorts has secured $60 million in funding from Vy Capital and existing investors. The startup is backed by Lee Fixel’s Addition, Tiger Global, SIG, A91 Partners and Tanglin Venture Partners.

The content startup operates a news app InShorts and location-based social media platform Public, which was launched two years ago. Earlier this year, Public raised Rs 300 crore from A91 Partners. Last year, it raised Rs 260 crore, led by Addition.

Trell

Influencer-led social commerce platform Trell has landed $45 million in a series B funding round from Mirae Asset, H&M Group and LB Investments at a post-money valuation of $120 million.

Existing backers, along with KTB Network, Samsung Ventures and Fosun RZ Capital, also participated in the funding round which saw some early-stage investors sell stock worth $5 million.