1. Urban Company’s valuation crosses $2.1 billion after latest round of funding

Home services marketplace Urban Company raised a whopping $255 million in its latest round of funding led by Prosus Ventures, Dragoneer and Wellington Management, crossing valuation of $2.1 billion. The series F round funding also saw participation from Vy Capital, Tiger Global and Steadview. The latest round includes a primary capital infusion of $188 million and a secondary sale of approximately $67 million by select angels and early investors.

Read more at: https://bit.ly/3qBO6yi

AAA Valuation comments: The startup founded in 2014 has over 35,000 service partners across India and international. It is being said that the startup will focus more on training its partners, which could go up to around 3 lakh. The company further aims to increase its geographic footprint by entering the top 100 cities in India and expanding to international markets as well. It is also considering a public listing between 18 to 24 months.

  • BrowserStack raises $200 million, touches $4 billion valuation

Leading software testing platform BrowserStack has closed a $200 million Series B funding round taking the company’s valuation to $4 billion. US-based tech investment firm BOND, which has backed tech giants such as Facebook, Airbnb, Uber and others, led the round. It also saw participation of Insight Partners and existing investor Accel. With this, BrowserStack becomes the 7th Indian software-as-a-service (SaaS) startup to enter the unicorn club and the 15th unicorn in India in 2021.

Read more at: https://bit.ly/3627hIf

AAA Valuation comments: BrowserStack claims it has seen a significant uptick in the business as the Covid accelerated digital transformation. The company has been profitable since day 1, and has more than tripled its employee base to over 750 employees across seven countries in the last three years. Prior to this BrowserSTack raised around $50 million in Series A in 2018 from Accel.

  • Infra.Market eyes $2.6 valuation, nearly 3 times in 3 months

B2B construction material marketplace Infra.Market is in advanced talks with its existing investor Tiger Global Management to raise $125 million taking the company’s post-money valuation to $2.6 billion. The round will more than double the company’s valuation from just three months back when it was valued at a billion dollar.

Read more at: https://bit.ly/3jDSb3k

AAA Valuation comments: Infra.Market currently has an annual revenue run rate of $700 million, monthly revenue of $58 million (Rs 408 crore), compared to Rs 200 crore monthly revenue in March, when it last raised $100 million in a funding led by Tiger Global and became a unicorn.

  • Microsoft rises to join Apple in the exclusive $2 trillion club

Microsoft has officially entered the most elite corporations with market value exceeding $2 trillion club. The tech giant is the only second publicly traded American company after Apple to reach this soaring valuation. Previously, the oil company Saudi Aramco, which went public in 2019, had also passed the mark, although its market cap currently is at $1.88 trillion.

Read more at: https://bit.ly/36bOkTb

AAA Valuation comments: It took Microsoft 33 years to reach its first $1 trillion in 2019 while the next trillion has taken Microsoft only two years. To put the company’s growth in perspective, its current valuation is 2/3rd the combined market cap of all Indian companies (currently at $3 trillion).

  • Facebook reaches $1 trillion in a record time

Facebook has become the fifth American company to exceed $1 trillion in market value. The social media company reached the milestone in just over 9 years after going public. It has broken the record in the United States set by a company that Google owns, Alphabet Inc., which took more than 15 years to reach the mark. 

Read more at: https://bit.ly/2UXfH1a

AAA Valuation comments: Facebook’s speed record in reaching the trillion value chart is being compared to Amazon’s 22-plus years, Microsoft’s 33 years and Apple’s 37 years, also the first company to hit the $1 trillion mark.

  • PharmEasy to acquire majority stake in listed firm Thyrocare

API Holdings, the parent company of healthcare unicorn startup PharmEasy, has reached an agreement to acquire 66.1 per cent stake in listed diagnostics chain Thyrocare for a little over Rs 4,500 crore. The combined entity plans to offer diagnostics and pharma services to 100 million people every day.

Read more at: https://bit.ly/3jtdHYI

AAA Valuation comments: PharmEasy has an online pharmacy and diagnostics brand. RetailIO is a B2B pharma marketplace and seller, and DocOn is a consultation and EMR platform with a network of 6,000+ digital consultation clinics, and 90,000+ partner retailers across the country with a customer base of 12 million. Thyrocare, a 26 year old firm, on the other hand is one of the leading diagnostics solution providers by volume, performing over 11 million tests annually. It also operates a network of over 3,330 collection centers in 2,000+ towns in India.

  • Grofers to enter unicorn club with $120 million infusion from Zomato

After months of speculations of possible merger, IPO-bound food delivery giant Zomato has finalized an investment of $120 million into grocery delivery startup Grofers. It is being said that post this funding, Grofers may hit $1 billion. The speculations emerged soon after lockdown was announced last year when home delivery demand for groceries skyrocketed.

            Read more at: https://bit.ly/3waAICj

AAA Valuation Comment: The Zomato investment round in Grofers follows the Tata Group acquiring a majority stake in BigBasket and investing another $200 million in primary capital in the company. For the year 2019-20, Grofers posted a net loss of Rs 637 crore compared to Rs 448 crore in the previous year. Its revenue for the same period grew to Rs 177 crore compared to Rs 84 crore in the previous year.

Knowledge sharing by AAA Valuation:

  1. ICMAI Registered Valuers Organisation organized a Master Class on ‘In-Depth Analysis and Interpretation of International Valuation Standards’, wherein our Partner, CA. Ankit Goel addressed Session on ‘Valuation Approaches and Methods’ on 30th June.
  2. Association of Finance & Tax Professionals (AFTP) organized a webinar on ‘Opportunities for professionals with regard to IBC’ and invited Founder Chairman, CA. Anil Goel as the Guest of Honor and Partner CA. Ankit Goel as the Speaker  on 19th June, 2021.
  3. IOV, Registered Valuers Foundation invited our Founder Partner CA. Ankit Goel to address a Session on Valuation of Compulsorily Convertible Preference Share etc. for SFA Valuers on 17th June, 2021.
  4. All India Institute of Valuers Foundation (AIIOVF) invited our Founder Partner CA. Ankit Goel for a CEP Webinar on the subject ‘Caveats, Limitations and Disclaimer in Valuation Report’ on 16th June, 2021.

Interesting Trivia

  • Byju’s is now the most valuable unicorn startup in India, with a valuation of $16.5 billion, surpassing fintech company Paytm’s $16 billion valuation. It is the 11th most valuable startup in the world.
  • The total number of unicorns worldwide is 708 with a total valuation of $ 2319 billion.
  • Indian coffee market is currently valued at $1.5 Bn and is poised to cross $2 Bn by 2025.
  • Do you know the Indian startup’s that entered the Unicorn Club in 2021 so far?
Source: Inc42 Plus Analysis, Inc42 Media