FalconX, Cashify, Chaayos, WayCool raise late-stage VC rounds; Pine Labs buys Setu

 FalconX, Cashify, Chaayos, WayCool raise late-stage VC rounds; Pine Labs buys Setu

FalconX, a digital assets platform for institutional investors, has raised $150 million in a Series D financing round, valuing the company at $8 billion.

The round was led by Singapore sovereign wealth fund GIC and B Capital, with participation from Thoma Bravo, Wellington Management, Adams Street Partners and Tiger Global Management.

This venture round more than doubles the value of FalconX after its Series C raise in August 2021 that valued the company at $3.75 billion.

“FalconX is one of the very few crypto prime brokerages who do not take on market risk, so we’re not in conflict with our clients and their trading strategies. In light of recent market conditions, this is extremely valuable to our clients who demand a reliable market infrastructure provider,” said Raghu Yarlagadda, CEO and Founder of FalconX.

FalconX has offices in Silicon Valley, New York, Chicago, Bengaluru and Malta. It also counts Accel, Altimeter Capital, American Express Ventures, Lightspeed Venture Partners, and Sapphire Ventures as its investors.

Cashify

Cashify, which offers a platform for selling used phones, has scooped up $90 million in its Series E round of funding led by NewQuest Capital Partners and Prosus. Paramark Ventures and existing backers Bessemer, Blume Ventures and Olympus Capital also took part in the round.

The deal includes a secondary component with some Chinese investors selling their stake. The firm did not share details but it had previously attracted capital from CDH Investments, Morningside Group and Shunwei Capital.

The company intends to use the fresh money for marketing besides boosting its phone refurbishing capacity.

Chaayos

Tea retail chain Chaayos said Thursday it has secured $53 million in a Series C funding round led by Alpha Wave Ventures. The company said it will use to the money to expand its offline store presence from around 190 currently in half a dozen cities by around 50% by December.

Existing investors Elevation Capital, Tiger Global and Think Investments chipped in, too.

WayCool

Chennai-based B2B food and agri-tech platform WayCool has raised $40 million led by 57 Stars Global Innovation Fund with participation of existing investors. This comes soon after it raised $117 million in its Series D round from LightRock, LightBox, FMO, Lightsmith, IFC, Redwood Equity and Gawa Capital.

The deal included debt. The company dd not say if it topped the previous funding round or raised bridge funding.

Pine Labs-Setu

Leading merchant commerce platform Pine Labs said Thursday it is acquiring Bengaluru-based Setu, a fast-growing API fintech startup, in its third acquisition this year.

Terms of the deal were not disclosed but separate media reports said it is worth $70 million.

B Amrish Rau, CEO, Pine Labs, said: “Embedded financial services and open banking are going to be the way forward and the embedded finance market value is expected to exceed $138 billion by 2026 as APIs are intensifying the competitive fintech landscape. Setu helps their customers, merchants, and brands build beautiful experiences, so consumers can engage with payments and financial services on their terms.”

Vivek Sinha

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