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Weekly rundown: Amagi turns unicorn with Accel funding; Licious bags $150 mn round

Weekly rundown: Amagi turns unicorn with Accel funding; Licious bags $150 mn round

Meat brand Licious, the first Indian D2C startup to enter the unicorn club, secured another significant venture capital round this week.

Omnichannel jewellery retailer BlueStone and e-commerce roll-up platform UpScalio too raised double-digit rounds this week. Omnichannel jewellery retailer BlueStone and e-commerce roll-up platform UpScalio too raised double-digit rounds this week.

Amagi, a cloud-based SaaS technology for broadcast and connected TV turned unicorn after raising $95 million in its latest funding round.

The funding round followed a 108 per cent year-on-year (YoY) growth in the company's revenue. The round was led by Accel with participation from existing investors Norwest Venture Partners and Avataar Ventures.

The round makes it one of the highest-valued media tech companies worldwide. Meat brand Licious, the first Indian D2C startup to enter the unicorn club, secured another significant venture capital round this week.

Also Read: Media SaaS start-up Amagi raises $95 mn; turns unicorn

As part of its Series F round, the company bagged $150 million led by Singapore based Amansa Capital, along with Kotak PE & Axis Growth Avenues AIF - I. Existing investors have also participated in the round along with prominent angel investors including Nithin & Nikhil Kamath of Zerodha, BoAt's Aman Gupta and Haresh Chawla, Partner, True North.

This round of fundraise comes just six months after the company became the first D2C unicorn in the country. Omnichannel jewellery retailer BlueStone and e-commerce roll-up platform UpScalio too raised double-digit rounds this week.

BlueStone secured over $30 million in a round that valued the company at $410 million. The round was led by Sunil Kant Munjal, Chairman, Hero Enterprise.

Also Read: Start-ups Evenflow, Eunimart join hands for taking domestic brands global 

With this round of funding, Bluestone is planning to step up its manufacturing capabilities and nationwide store rollout. It currently operates 70 retail stores across India besides the digital channel.

BlueStone plans to launch 100 more stores in the next fiscal year, with a cumulative footprint of 300 stores projected by 2024.

Its other investors include Ratan Tata, Accel, Kalaari, Iron Pillar, IvyCap and Saama Capital. Roll-up e-commerce start-up UpScalio landed a $15 million pre-Series B round, led by Gulf Islamic Investments, with participation from a consortium of lenders including Northern Arc and Unity bank.

This fundraise announcement comes seven months after it secured a $42.5 million Series A cheque in August last year.

UpScalio acquires stakes in high growth e-commerce brands that sell on Amazon, Flipkart, other marketplaces, and their own websites, and then works closely with founders to scale these brands.

Over the last nine months, the company has built a portfolio of 13 brands across utility categories such as home & kitchen, furniture, auto accessories and lawn & gardening.

Also Read: E-commerce roll-up start-up Upscalio acquires 4 D2C brands

Published on: Mar 18, 2022, 10:23 AM IST
Posted by: Manali, Mar 18, 2022, 10:11 AM IST