IPO and unicorn rush continues

Esports platform Mobile Premier League became the latest Indian startup to enter the unicorn club after it raised its Series E funding round led by Legatum Capital at a pre-money valuation of $2.3 billion.
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‘Tis the year of IPOs and unicorns.

Caller identification service Truecaller announced that it is preparing to list on NASDAQ Stockholm in the fourth quarter of 2021. The Stockholm-headquartered company — which counts India as its largest market with over 200 million MAUs — is looking to raise $116 million through the IPO to ramp up operations in existing territories and expand to new ones.

Founded in 2009, Truecaller is backed by marquee investors, including Sequoia Capital India, Atomico, OpenOcean, and Kleiner Perkins. The company is seeking a $3 billion post-IPO valuation.

According to YourStory’s analysis, a total of Rs 60,588 crore was raised through IPOs until August end — which is 127.7 percent higher than 2020's Rs 26,613 crore across 15 issues.

Meanwhile, esports platform Mobile Premier League became the latest Indian startup to enter the unicorn club after it raised its Series E funding round led by Legatum Capital at a pre-money valuation of $2.3 billion. MPL will use the fresh capital to finance its global expansion, invest in its home-grown technology, and drive continued growth in the Indian market.

With MPL's entry into the coveted billion-dollar valuation club, the Indian startup ecosystem has already seen 25 startups turn unicorns, surpassing all projections.

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Before you go, stay inspired with… 

Shripati Acharya, Managing Partner at Prime Venture Partners | Image Source: Shripati's team

“Indian investors have now realised that companies that have a big tech component can actually be focused on getting that scale before they start making a profit.”

Shripati Acharya, Managing Partner, Prime Venture Partners


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