Mumbai: B2B startup Jumbotail raised a fresh $120 million in funding from investors led by SC Ventures, the investment arm of Standard Chartered, at a valuation of $1 billion, sources said. The company disclosed the investment details in a statement on Monday but did not comment on the valuation. Existing investor Artal Asia also backed the funding round. Jumbotail has become the fifth unicorn of the year.
The jump in Jumbotail's valuation was helped by its acquisition of Solv India, a B2B commerce and financial services platform incubated by SC Ventures. It is understood that the $1-billion valuation was reached after taking into account both the acquisition (the combined valuations of the entities added up) and the fresh capital infusion by investors.
The jump in Jumbotail's valuation was helped by its acquisition of Solv India, a B2B commerce and financial services platform incubated by SC Ventures. It is understood that the $1-billion valuation was reached after taking into account both the acquisition (the combined valuations of the entities added up) and the fresh capital infusion by investors.
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