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New Delhi: <keyword id="19904868" type="General" weightage="100" keywordseo="Ecom-Express" source="keywords">Ecom Express</keyword> Ltd has filed draft papers with capital markets regulator <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords">Sebi</keyword> to garner Rs 2,600 crore through an initial share-sale. The company's <keyword id="19913114" type="General" weightage="20" keywordseo="initial-public-offering" source="keywords">initial public offering</keyword> (<keyword id="19898327" type="General" weightage="20" keywordseo="IPO" source="keywords">IPO</keyword>) comprises a fresh issue of equity shares worth Rs 1,284.50 crore and an Offer for Sale (OFS) of shares valued Rs 1,315.50 crore by promoters and other shareholders, according to the draft red herring prospectus (DRHP). Proceeds from the fresh capital to the tune of Rs 387.44 crore will be used for setting up new processing centres with automation and new fulfilment centres, Rs 73.71 crore for computers and IT equipment, Rs 239.23 crore for enhancing technology, data science capabilities, and cloud infrastructure, and Rs 87.92 crore for payment of debt. Also, the remaining funds will be used for general corporate purposes and potential acquisitions, according to the draft papers filed on Wednesday. The company may consider raising Rs 257 crore through a pre-IPO placement. If such placement is undertaken, the amount raised will be deducted from the total fresh issue size. Ecom Express operates a pan-India express logistics network that handles first-mile pick-up, mid-mile transportation, last-mile delivery, returns, and warehousing services. By offering essential logistics infrastructure and using technology, the company connect digital retailers and <keyword id="19990771" type="General" weightage="20" keywordseo="e-commerce" source="keywords">e-commerce</keyword> platforms with consumers across the country. According to RedSeer report, the <keyword id="22803827" type="General" weightage="20" keywordseo="Indian-e-commerce-market" source="keywords">Indian e-commerce market</keyword> is projected to grow significantly, with a compound annual growth rate (CAGR) of 21 per cent over the next five years. It is expected to increase from Rs 5.1 lakh crore in 2024 to Rs 12.5-13.5 lakh crore by 2029. Growth is notably strong in Tier 2+ regions, which are expected to account for 70-80 per cent of B2C e-commerce shipments by 2029, up from 62 per cent in 2024, the report added. Axis Capital Ltd, IIFL Securities Ltd, Kotak Mahindra Capital Company Ltd and UBS Securities India Private Ltd are the book running lead managers to the company's public issue.

Ecom Express files papers with Sebi for Rs 2,600-crore IPO

<keyword id="19956758" type="General" weightage="20" keywordseo="finance-minister" source="keywords">Finance Minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> on Tuesday announced a <keyword id="20274081" type="General" weightage="20" keywordseo="credit-guarantee-scheme" source="keywords">credit guarantee scheme</keyword> for facilitating <keyword id="22087606" type="General" weightage="20" keywordseo="term-loans" source="keywords">term loans</keyword> for <keyword id="19910977" type="General" weightage="20" keywordseo="MSMEs" source="keywords">MSMEs</keyword> to purchase machinery and equipment without collateral or third-party guarantee. In her Budget speech in the Lok Sabha, she said the Budget provides special attention to micro, small &amp; medium enterprises (MSMEs) and manufacturing, particularly labour-intensive units. "We have formulated a package, covering financing, <keyword id="20961204" type="General" weightage="20" keywordseo="regulatory-changes" source="keywords">regulatory changes</keyword> and technology support for MSMEs to help them grow and also compete globally, as mentioned in the interim budget," she said. The credit guarantee scheme for MSMEs in manufacturing will operate on the pooling of credit risks of such entities. "A separately constituted self-financing guarantee fund will provide, to each applicant, guarantee cover up to Rs 100 crore, while the loan amount may be larger," the minister announced in the Budget. The borrower will have to provide an upfront guarantee fee and an annual guarantee fee on the reduced loan balance. She also announced a new mechanism for facilitating the continuation of bank credit to MSMEs during their stress period. Sitharaman said that while being in the 'special mention account' (SMA) stage for reasons beyond their control, MSMEs need credit to continue their business and avoid getting into the NPA stage. "Credit availability will be supported through a guarantee from a government-promoted fund," she added. In another move to help MSMEs, the minister announced a new assessment model for credit to the sector. She said public sector banks will build their in-house capability to assess MSMEs for credit, instead of relying on external assessment. "They will also take a lead in developing or getting developed a new credit assessment model, based on the scoring of digital footprints of MSMEs in the economy," she added. The new assessment model, she said, is expected to be a significant improvement over the traditional assessment of credit eligibility based only on asset or turnover criteria. It will also cover MSMEs without a formal accounting system. Mohammad Athar (Saif), partner and leader capital projects and infrastructure development, PwC India, said the credit guarantee scheme and <keyword id="22514802" type="General" weightage="20" keywordseo="e-commerce-export-hubs" source="keywords">e-commerce export hubs</keyword> for MSMEs will enable demand creation and boost India's aspiration of achieving USD 1 trillion in exports by 2030, driven by MSMEs. Sitharaman also announced that to enable MSMEs and traditional artisans to sell their products in international markets, e-commerce export hubs will be set up in public-private-partnership (PPP) mode. These hubs, under a seamless regulatory and logistic framework, will facilitate trade and export-related services under one roof. Vivek Jalan, Partner, Tax Connect, a multi-disciplinary firm, said, as requested by the trade and industry bodies and laid down by the Economic Survey, for MSME businesses, the compliance burden is also sought to be relaxed. Litigations will be reduced in the new <keyword id="22517694" type="General" weightage="20" keywordseo="Vivaad-Se-Vishwas-Scheme" source="keywords">Vivaad Se Vishwas Scheme</keyword>, he added. Rumki Majumdar, Economist, Deloitte India, said the credit guarantee schemes for MSMEs in the <keyword id="19955573" type="General" weightage="20" keywordseo="manufacturing-sector" source="keywords">manufacturing sector</keyword>, facilitating term loans for the purchase of machinery, and formulating packages to finance technology support to them will go a long way to providing access to finance and increasing investments, which have been key challenges in the sector.

FM announces credit guarantee scheme, other measures for MSMEs

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Hello! Vice President Kamala Harris has secured the support of enough Democratic delegates to become the party's <a target="_blank" href="https://www.businessinsider.com/kamala-harris-secured-enough-delegates-to-win-democratic-presidential-nomination-2024-7">nominee for president</a>. Harris said she was looking forward to formally accepting the nomination at the Democratic Party Convention next month.But for now, we're examining how <a target="_blank" href="https://www.businessinsider.com/death-hedge-fund-superstars-wall-street-stock-market-titans-gone-2024-7">the hedge fund superstar has gone extinct</a>.What's on deck:<ul><li>Markets: What Wall Street is expecting <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tesla-q2-earnings-report-preview-expectations-tsla-stock-price-robotaxi-2024-7">ahead of Tesla's earnings</a>.</li><li>Tech: Google u-turns on its plans to <a target="_blank" href="https://www.businessinsider.com/google-ditches-plan-to-kill-third-party-cookies-after-pushback-2024-7">kill the third-party cookie</a>.</li><li>Business: Duolingo's trick for teaching you a language? <a target="_blank" href="https://www.businessinsider.com/duolingo-meanest-app-nagging-notifications-melting-icon-gen-z-marketing-2024-7">Being mean</a>.</li></ul>But first, the stars aren't shining as bright anymore.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7f7b11e5-16f3-49fc-92f8-20a90c248b07">The big story</h3><h2 id="a974392f-73c2-4c4e-b1ec-1a6bea702ebf">So long, superstar</h2><div type="image" title="The Wall Street Bull crying over a funeral casket surrounded by white carnations" height="900" width="1200" msid="111965401" hostid="261" sizebytes="100002"></div>Where have all the hedge fund superstars gone?An industry built on big names drawing even bigger money has faced a marked shift. The days of <a target="_blank" href="https://www.businessinsider.com/death-hedge-fund-superstars-wall-street-stock-market-titans-gone-2024-7">investors trusting a star hedge-fund manager with their cash</a> are in the rearview mirror, writes Business Insider's Linette Lopez.In years past, even rubbing shoulders with a legendary hedge fund manager was enough for aspiring fund managers to raise capital. The late Julian Robertson and <a target="_blank" href="https://www.businessinsider.com/billionaire-julian-robertsons-tiger-network-spans-hundreds-of-funds-2019-11">his empire of so-called "Tiger Cubs"</a> prove that.But, unlike years ago, hedge funds are no longer the only game in town for institutions or the ultra-wealthy looking to park their cash somewhere. Venture capital, private credit, and private equity have grown considerably over the past decade.Meanwhile, the hedge fund industry has also evolved. The number of quantitative funds, where the stars are the models rather than an individual's mind, has grown.And the big names that remain in the industry are starting to resemble Wall Street banks in their size and complexity. Ken Griffin's Citadel and Izzy Englander's Millennium Management have filled their ranks with Goldman Sachs alumni <a target="_blank" href="https://www.businessinsider.com/goldman-sachs-alumni-being-hired-by-top-hedge-funds-2023-3">to help oversee their ever-growing operations</a>.<div type="image" title="Bobby Jain" height="1500" width="2000" msid="111965403" hostid="261" sizebytes="260932"></div>Megafunds like Citadel and Millennium <a target="_blank" href="https://www.businessinsider.com/hedge-fund-allocators-due-diligence-multi-strategy-firms-2024-2">sucking up all the oxygen</a> are also making it harder for new funds to raise money.Bobby Jain had two decades of experience at Credit Suisse and was the co-chief investment officer of Millennium when he decided to set up his own shop.His fund, Jain Global, <a target="_blank" href="https://www.businessinsider.com/who-bobby-jain-has-hired-jain-capital-hedge-fund-launch-2023-12">went live this month</a> with a reported $5.3 billion in assets. As eye-popping as that number is, it's well short of his initial target of $8 billion to $10 billion.Jain's high hopes were motivated by being the largest hedge fund launch in history, a title held by ExodusPoint, which launched with more than $8 billion in capital. But ExodusPoint, which also counts two Millennium alums as its cofounders, <a target="_blank" href="https://www.businessinsider.com/exoduspoint-2022-performance-vs-millennium-as-assets-headcount-decline-2023-1">has had its own struggles</a> in <a target="_blank" href="https://www.businessinsider.com/exoduspoint-closes-paris-office-following-expansion-effort-2024-2">recent years</a>.But as the old saying goes, it's always darkest before dawn. All Wall Street needs is a couple of breakout stars to flip the script, and the potential is out there.Aaron Weiner, a 31-year-old from Coatue, got a multibillion-dollar check from Millennium <a target="_blank" href="https://www.businessinsider.com/coatue-star-gets-multibillion-dollar-commitment-from-millennium-2024-6">for his to-be-launched hedge fund</a>. And Jonathan Xiong's Arrowpoint Investment Partners <a target="_blank" href="https://www.businessinsider.com/asia-based-arrowpoint-investment-partners-launches-with-1-billion-2024-6">launched with $1 billion</a> thanks to backing from Blackstone and Canada's largest pension fund.<h2 id="58db3aa0-c214-454b-a45c-e67393aaa840">3 things in markets</h2><div type="image" title="Collage featuring Elon Musk, Tesla Motors dealership facade with logo, and a downward trending arrow" height="600" width="1200" msid="111965407" hostid="261" sizebytes="100990"></div><ol><li>Tesla's time to shine. The EV maker reports earnings after the bell today. Wall Street is bullish on Elon Musk's company after a rough start to the year, and is excited for updates on <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tesla-q2-earnings-report-preview-expectations-tsla-stock-price-robotaxi-2024-7">Tesla's plans for Robotaxi and full self-driving</a>.</li><li>Are mega-cap tech stocks' best days behind them? Smaller stocks have been on an incredible run this month. But Big Tech has a chance to remind investors why it's been the market's top pick for years <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-mega-cap-tech-rally-hinges-q2-earnings-2024-7">with a slew of earnings reports</a>.</li><li>Small-cap stocks may not stay high forever, though. Wall Street is split on whether small-cap stocks will continue their recent winning streak. Bank of America identified <a target="_blank" href="https://markets.businessinsider.com/news/stocks/small-caps-tech-stock-rotation-russell-sp500-treasury-yields-pmi-2024-7">two key metrics to watch</a> to determine if the wins will continue.</li></ol><h2 id="146bcf05-3865-452c-9d9a-a30b4e904a14">3 things in tech</h2><div type="image" title="An hourglass timer connected to a rocket" height="1500" width="2000" msid="111965404" hostid="261" sizebytes="58762"></div><ol><li>Founders claim a startup incubator left a trail of broken promises. AI Forge promised participants in Miami and London cash up front and help with launching their startups. But several founders told BI they <a target="_blank" href="http://www.businessinsider.com/ai-forge-startup-incubator-founders-funding-2024-7">had trouble getting paid and were underwhelmed</a> with what they got. AI Forge's cofounder said participants expected too much.</li><li>Apple aims to slim streaming service. AppleTV+ has a reputation for spending a lot on its movies and shows. The problem is that not a lot of people watch them. Now, Apple wants to cut back, but it's not clear how it plans to do that — or <a target="_blank" href="https://www.businessinsider.com/apple-tv-plus-streaming-cutbacks-eddy-cue-2024-7/">why it's running a streaming service in the first place</a>.</li><li>Google is scrapping its plan to kill off third-party cookies. After spending years preparing for their demise, Google announced <a target="_blank" href="https://www.businessinsider.com/google-ditches-plan-to-kill-third-party-cookies-after-pushback-2024-7">it won't be killing cookies in Chrome</a>. Instead, it will let users opt into having the trackers in their browser.</li></ol><h2 id="e2544a9f-17ed-428e-801f-0b3a167fa796">3 things in business</h2><div type="image" title="Store clerk handing over a luxury golden shopping bag to a shopper" height="1500" width="2000" msid="111965400" hostid="261" sizebytes="286294"></div><ol><li>E-commerce eats everything, except luxury goods. Though e-commerce has revolutionized retail, we still like to buy the nicest, most expensive items IRL. That's because part of buying luxury is the experience of being pampered, and <a target="_blank" href="https://www.businessinsider.com/luxury-retail-ecommerce-online-sales-stores-wealth-the-realreal-2024-7">we like to feel fancy when we buy fancy</a>.</li><li>Meanness and meme-ness are Duolingo's bread and butter. The bratty green Duolingo owl is something of a social media influencer, with a sassy personality that users can't get enough of. Its online presence and relentless nagging have <a target="_blank" href="https://www.businessinsider.com/duolingo-meanest-app-nagging-notifications-melting-icon-gen-z-marketing-2024-7">driven the company to record profits and growth</a>.</li><li>The results of Sam Altman's basic-income study are in. For three years, low-income participants received $1,000 a month, no strings attached. They put the bulk of their extra money towards basic needs like rent and food, but researchers found it didn't directly improve their mental or physical health. <a target="_blank" href="https://www.businessinsider.com/sam-altman-basic-income-study-results-2024-7">Here's everything the study found</a>.</li></ol><h2 id="acda8db7-985b-464a-9752-f9d16b6dd6e3">In other news</h2><ul><li><a target="_blank" href="https://www.businessinsider.com/joe-biden-boosts-elon-musk-x-digital-town-square-2024-7">Joe Biden's bombshell revives Elon Musk's ambitions to make X the world's digital town square</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/secret-service-director-admits-trump-shooting-worst-failure-decades-2024-7">Secret Service director admits Trump shooting was agency's 'most significant failure' in decades</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/quit-jobs-to-become-social-media-influencer-survey-income-brands-2024-7">The appeal of being an influencer is so strong that half of US adults would quit their jobs if they could make a living from social media</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/ai-chatbots-bad-customer-service-botshit-inaccurate-information-airlines-accountability-2024-7">'Botshit' is an example of how AI is making customer service worse</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/andy-beshear-kamala-harris-vice-president-jd-vance-audition-2024-7">The race is already on to be Kamala Harris' VP</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/mark-zuckerberg-glasses-photo-2024-7">Mark Zuckerberg posted this pic in February. Someone just spotted an interesting object in the background</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/moviepass-cofounder-hamet-watt-share-ventures-studio-longevity-2024-7">The cofounder of MoviePass is raising $20 million from Amazon and Alphabet for a longevity-focused venture studio</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/startup-job-listing-catches-ai-applications-with-prompt-injection-2024-7">I'm a tech startup founder. We weed out job applications written with ChatGPT by hiding a prompt just for AI in our listings</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/kamala-harris-coconut-pilled-brat-memes-charli-xcx-cringe-2024-7">The one thing Kamala Harris must not do is embrace the memes</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/joe-biden-twitter-ezra-klein-elon-musk-2024-7/">Twitter's not back. But it's not going anywhere, either. Ask Ezra Klein</a>.</li></ul><h2 id="b648cd67-11f4-4e57-9f3f-4ab9ae6dd53b">What's happening today</h2><ul><li>Tesla, Alphabet, Capital One, Visa, Coca-Cola, General Motors, and <a target="_blank" href="https://markets.businessinsider.com/earnings-calendar">other companies</a> are reporting.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Annie Smith, associate producer, in London. Amanda Yen, fellow, in New York.

How the hedge fund superstar went extinct

<ul class="summary-list"><li>Clay supports revenue operations and growth teams to automate outreach to potential customers.</li><li>The company last raised a $46 million Series B at a $500 million valuation led by Meritech in June.</li></ul>Clay, the AI-powered sales startup, is set to be valued at $1.3 billion in a new insider funding round, two sources told Business Insider.Founded in 2017, Clay <a target="_blank" href="https://www.clay.com/blog/clay-raises-62m-to-turn-any-growth-idea-into-reality">last raised</a> a $46 million Series B at a $500 million valuation, which was led by Meritech Capital in June. Sequoia Capital, First Round Capital, Box Group, and Boldstart Ventures participated in that round.Details of the latest funding round are not yet finalized, and the figures involved are subject to change.According to its website, Clay supports revenue operations and aids growth teams to automate outreach to potential customers. The company helps go-to-market teams build a sales lead list with enriched customer data. With over 75 data providers, Clay helps its customers tailor outreach with more detailed information on potential customers such as a company's headcount and its fundraising history.Clay's AI agent also supports research around prospects. The "Claygent" can answer questions about target companies based on company domains, such as details about its competitors. Clay's AI messaging tool can then help sales teams send tailored outbound messages to prospective customers.The company lists <a target="_blank" class="" href="https://www.businessinsider.com/here-are-the-executives-running-anthropic-right-now-2024-10">Anthropic</a>, Notion, Vanta, Ramp, and Intercom as customers on its website.In response to a request for comment from Business Insider, Clay CEO Kareem Amin said, "We cannot confirm these details as no term sheet has been issued or signed."Before founding Clay, Amin was the vice president of product at The Wall Street Journal. He also successfully sold his e-commerce optimization startup, Frame, to Sailthru, a marketing personalization startup, and became the latter company's director of engineering. Clay's cofounder, Varun Anand, is the head of operations and previously worked at startups Newfront and Candid.Clay is not the only company building in this category. Apollo, a sales intelligence startup, raised a $100 million Series D led by Bain Capital Ventures at a $1.6 billion valuation last year. Other startups include Thrive-backed Unify, and Lusha, valued at $1.5 billion.

AI sales startup Clay is raising a new funding round at a $1.3 billion valuation, sources say 

<ul class="summary-list"><li>Bolt founder Ryan Breslow proposes returning as CEO with a $2 million bonus and $1 million back pay.</li><li>Breslow left Bolt in 2022 due to investor conflicts and has since run wellness marketplace Love.</li></ul>Bolt's founder and ex-CEO wants to return to the driver's seat — and he's asking for a hefty payday to come back.<a target="_blank" class="" href="https://www.businessinsider.com/bolt-ceo-calls-stripe-ycombinator-mob-bosses-twitter-silicon-valley-2022-1">Ryan Breslow,</a> who founded <a target="_blank" class="" href="https://www.businessinsider.com/ryan-breslow-startup-bolt-raising-new-funding-14-billion-valuation-2022-1">e-commerce software startup Bolt</a> a decade ago, proposed a deal to investors this week, The Information and <a target="_blank" class="" href="https://www.newcomer.co/p/bolts-audacious-letter-to-investors">Eric Newcomer </a>reported Tuesday.The terms of the funding round were highly unusual, including a $2 million bonus for returning and $1 million in back pay for the two years he was away from the company, the outlets reported, citing a private equity partner who was involved in the deal. The partner has since said that his firm is no longer involved.Breslow left the company in early 2022 because of conflicts with investors. The 30-year-old entrepreneur's <a target="_blank" class="" href="https://www.forbes.com/sites/sarahemerson/2024/03/11/the-billion-dollar-unraveling-of-ryan-breslow/">career</a> has been marked by controversy, including lawsuits, a fight with an early investor, and a <a target="_blank" class="" href="https://www.businessinsider.com/bolt-ceo-calls-stripe-ycombinator-mob-bosses-twitter-silicon-valley-2022-1">public spat</a> with competitor Stripe and Y Combinator.Bolt's interim CEO Justin Grooms wrote in a letter to investors reviewed by The Information that the company was raising $450 million in a Series F round that would value Bolt at over $14 billion. According to Newcomer, Bolt's annualized run-rate revenue was $28 million, and its gross profit was $7 million.The deal comes with several other eyebrow-raising clauses that would further benefit Breslow, reported Newcomer and The Information:<ul><li>Breslow would get an option to sell 10% of his shares and the right to purchase Bolt subsidiaries conscious.org and <a target="_blank" class="" href="https://www.businessinsider.com/four-day-workweek-company-bolt-productivity-jobs-fridays-weekends-2022-3">fourdayweek.com </a>from the company for $1 at any time. Breslow had <a target="_blank" class="" href="https://www.businessinsider.com/how-bolt-made-change-4-day-work-week-top-exec-2022-1">championed a four-day workweek</a>.</li><li>He would also get a new equity grant that would be "no less than the 90th percentile of CEO equity compensation packages of similar companies in Bolt's industry."</li><li>If Bolt hits a $50 billion valuation in a $100 million or greater fundraise, Breslow would receive an additional stock grant of 5% of the issued and outstanding Bolt shares.</li><li>The company would partner with Love, a wellness marketplace run by Breslow since he was ousted from Bolt.</li><li>Bolt would invest $10 million into The London Fund, a venture capital firm that appears to be one of the main investors in its current funding round. The Information reported Breslow is a director at the fund, which also invested in Love.</li></ul>Bolt's investors were also told that they would need to chip in more money for this funding round. If they fail to do so, Bolt would buy most of them out for one cent a share, a particularly aggressive "pay-to-play" move in the startup world, reported Newcomer.The proposal requires approval from an investor majority, and shareholders have from late Monday to Wednesday to decide, reported The Information.Bolt's prior investors include BlackRock, Sequoia Capital, Founders Fund, and Intuit, per PitchBook. Neither Bolt nor Breslow immediately responded to Business Insider's requests for comment, sent outside standard business hours.

E-commerce startup Bolt wants to raise new money under aggressive terms that could make its once-ousted founder rich, reports say

<ul><li>Tiger Global has invested in three B2B ecommerce platforms <keyword id="8032183" type="General" weightage="20" keywordseo="infra-market" source="Orion">Infra.Market</keyword>, <keyword id="3119222" type="General" weightage="20" keywordseo="moglix" source="Orion">Moglix</keyword> and <keyword id="3259676" type="General" weightage="20" keywordseo="Ofbusiness" source="Orion">OfBusiness</keyword> this year.</li><li>The three players compete with each other in this sub segment of B2B, but the intricacies of their businesses are quite different.</li><li>OfBusiness is a tech-enabled platform that enables small and medium enterprises (SMEs) with procurement of raw materials and credits.</li></ul>OfBusiness, which allows businesses to purchase bulk orders from sellers online, has doubled its valuation to $3 billion in a $207 million fresh funding round led by Tiger Global. The company was valued at $1.5 billion in July, when it raised $160 million from SoftBank, Falcon Edge and Matrix Partners. Softbank, along with Falcon Edge-managed Alpha Wave Incubation, also participated in the latest round with an infusion of $43 million. New York-based Tiger Global — which is also an investor in other business-to-business (B2B) marketplaces Infra.Market and Moglix — has infused $150 million in the New Delhi-based startup. It is likely to infuse another $15-20 million in the coming round. This is the third major funding round closed by OfBusiness this year. In April this year, the company <a href="https://www.businessinsider.in/business/startups/news/sme-financing-platform-ofbusiness-raises-110-million-from-falcon-edge-capital-valuation-hits-800-million/articleshow/81962626.cms">had raised $110 million</a> led by Falcon Edge Capital at a valuation of $800 million. Interestingly, this is also the third unicorn investment made by Tiger Global in the B2B ecommerce space. Infra.Market, Moglix and OfBusiness are competitors in this sub segment of B2B, but the intricacies of their businesses are quite different. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Focus area </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Valuation </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infra.Market </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Construction material </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$2.5 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">OfBusiness </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Manufacturing and infrastructure development material </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$3 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Moglix </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Industrial and home products </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1.33 billion </td></tr></tbody><tbody></tbody></table> The nearly $3 billion worth <keyword id="6357316" type="General" weightage="20" keywordseo="udaan" source="Orion">Udaan</keyword>, too, is a <a href="https://www.businessinsider.in/business/startups/news/udaan-fires-half-its-contract-employees/articleshow/75357229.cms">prominent player </a>in the B2B ecommerce space. It helps small businesses to procure products — across categories like electronics, home and kitchen, staples, fruit and vegetables, and more — at lower prices. <keyword id="7466761" type="General" weightage="20" keywordseo="zetwerk" source="Orion">Zetwerk</keyword> — valued at $1.33 billion — entered the unicorn club this year, when it raised $150 million in a round led by D1 Capital. It focuses on online sale of manufacturing material. What is OfBusiness up to? Founded by Asish Mohapatra, Bhuvan Gupta, Vasant Sridhar, Ruchi Kalra and Nitin Jain in 2015, the New Delhi-based startup is a tech-enabled platform that enables small and medium enterprises (SMEs) with procurement of raw materials and credits. It has a separate entity, NBFC Oxyzo Financial Services, to offer financing solutions to SMEs. This entity has a loan book of $240 million, with 5,000 borrowers to the list. The company claims to be at an annual revenue run-rate of $1.4 billion. It further plans to increase this with expansion of its operations and acquisition of other businesses, Mohapatra <a href="https://economictimes.indiatimes.com/tech/funding/ofbusiness-valuation-doubles-to-3-billion-after-tiger-global-led-funding/articleshow/86645251.cms">told</a> The Economic Times. It claims to be underway to close several such acquisitions. The company competes with platforms like Moglix, Infra.Market, Zetwerks and others on the B2B ecommerce business fronts. In SME lending, it is competing with other platforms like BharatPe, LendingKart, Aye Finance and many others. OfBusiness, along with its B2B ecommerce rivals mentioned above, are among the 28 startups that entered the unicorn club this year, with a valuation of over $1 billion. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/paras-defence-maruti-suzuki-airtel-vodafone-idea-and-other-top-stocks-to-watch-out-for-on-october-1/slidelist/86670108.cms" data-type="tilCustomLink">Paras Defence, Maruti Suzuki, Airtel, Vodafone Idea and other top stocks to watch out for on October 1</a> <a href="https://www.businessinsider.in/stock-market/news/paras-defence-space-tech-ipo-continues-to-demand-a-premium-of-200-in-grey-market/articleshow/86663834.cms" data-type="tilCustomLink">Paras Defence &amp; Space Tech IPO continues to demand a premium of ₹200 in grey market</a> <a href="https://www.businessinsider.in/business/startups/news/ola-electric-raises-200-million-from-softbank-falcon-edge-at-valuation-of-3-billion/articleshow/86649236.cms">4-year old Ola Electric is now worth over a half of its older sibling Ola</a>

Tiger Global is now an investor in three of the five B2B ecommerce unicorns in India

<ul class="summary-list"><li>The pandemic directed investor attention to supply chains after massive disruptions. </li><li><keyword id="6362513" type="UNKNOWN" weightage="60" keywordseo="startups" source="Orion">Startups</keyword> with new ways of moving and tracking goods scored <keyword id="6357455" type="UNKNOWN" weightage="60" keywordseo="funding" source="Orion">funding</keyword> years earlier than planned.</li><li>Supply chain disruption is expected to stick around, creating more runway for startups. </li></ul>Depending on whom you ask, the pandemic accelerated e-commerce adoption by somewhere between three and 10 years. Naturally, venture capitalists followed the consumer demand. But, rather than just pouring cash into direct-to-consumer brands and online marketplaces, they went for <keyword id="11898399" type="UNKNOWN" weightage="60" keywordseo="logistics" source="Orion">logistics</keyword> funding, flooding the startups building the infrastructure e-commerce needs to run. The logistics funding wave comes alongside an increase in awareness of the workings of supply chains, which has only bolstered the investor community, said Victoria Sun, principal at logistics-focused VC Playground Global."People are talking more about supply chain now," Sun told Insider. "Suddenly they're realizing this is important to our day-to-day and how we get our toilet paper and food and groceries." Up and down the supply chain, logistics startups landed millions in funding to advance their work: helping online retailers manage multiple package shipping companies, bolstering same-day delivery networks, streamlining how trucks are hired and ocean freight is tracked, and more.The world woke up to supply chains in 2020 and that led investors to get busy in 2021. Here are some of those rounds and the technologies benefitting from the wave of recognition. <h2>The pandemic bolstered a segment of startups already picking up steam </h2><a href="https://www.businessinsider.com/logistics-startup-power-players-highest-raising-ceos-2021-6">Power players: Meet the CEOs of 10 logistics startups raising huge rounds to remake the supply chain from port to porch</a><h2>Fast order fulfillment became crucial, especially for small online sellers </h2><a href="https://www.businessinsider.com/venture-capital-warehouse-startups-e-commerce-boom-2021-3">After pumping $11 billion into e-commerce in 5 years, VCs are finally funding the risky warehousing startups they've been avoiding</a><a href="https://www.businessinsider.com/bain-invest-shipbob-amazon-speed-2021-6">Bain Capital Ventures leads a $200M investment round in ShipBob to bring same-day shipping to e-commerce businesses anxious to compete with Amazon</a><a href="https://www.businessinsider.com/shiphero-raises-50-million-to-grow-e-commerce-logistics-2021-6">Logistics startup ShipHero just raised $50 million to take on much-better funded competitors. Here's how its CEO plans to pull ahead.</a><h2>As UPS and FedEx added surcharges and cutoffs, new players emerged with fresh ideas and funding </h2><a href="https://www.businessinsider.com/amazon-air-founder-scott-ruffin-startup-pandion-ups-fedex-2021-2">The founder of Amazon Air is launching a startup to liberate retailers from UPS and FedEx</a><a href="https://www.businessinsider.com/meal-kit-delivery-startup-axlehire-takes-on-ups-and-fedex-2021-4">A startup that cracked the code on ultrafast delivery just raised $20 million. Here's how its CEO plans to snatch market share from UPS and FedEx.</a><a href="https://www.businessinsider.com/gig-economy-fedex-xpo-fight-deliver-furniture-big-bulky-2021-4">As online furniture sales boom, gig delivery companies are minting money in the 'big and bulky' market many legacy players have avoided</a><h2>As e-commerce logistics gets more complex, retailers need new tools to keep it all moving </h2><a href="https://www.businessinsider.com/pitch-deck-delivery-logistics-unicorn-bringg-2021-7">Here's the pitch deck that Salesforce-backed logistics unicorn Bringg used to raise its $100 million Series E round</a><a href="https://www.businessinsider.com/amazon-logistics-exec-raises-8-million-startup-help-the-competition-2021-6">An exec who spent 19 years building Amazon's supply chain just raised $8 million for a startup helping retailers match Prime's delivery speed</a><a href="https://www.businessinsider.com/startup-logixboard-raises-13-milli">Freight forwarders of all sizes made bank last year wrangling shipments of vaccines and e-commerce. Startup Logixboard just raised $13 million to help them make even more.</a><h2>Desperate shippers want to see their freight move with visibility tools </h2><a href="https://www.businessinsider.com/logistics-startup-project44-raises-202m-at-12b-valuation-2021-5">Goldman Sachs just crowned the logistics industry's newest unicorn. Here's how project44 is helping customers like Amazon and Dollar General wrangle supply chain chaos.</a><h2>Startups say they can make <keyword id="11939549" type="UNKNOWN" weightage="60" keywordseo="trucking" source="Orion">trucking</keyword> more agile amid an extended period of tight capacity and skyrocketing rates</h2><a href="https://www.businessinsider.com/how-2-crossborder-truck-startups-conquered-pandemic-chaos-2021-6">These 2 startups have raised $27 million to ease a major shipping headache: moving truck cargo over the US-Mexico border</a><a href="https://www.businessinsider.com/trucking-tech-startups-uber-freight-convoy-pandemic-gains-2021-6">6 trucking-tech startup CEOs reveal how they plan to hang onto the huge gains they made amid pandemic turmoil</a>

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