Six retail technology funding rounds you need to know about

RTIH rounds up the retail systems ventures who have recently bagged significant investments, including Flipkart, Pine Labs, Snappy Group, and Popshop Live.

1. Flipkart

Indian e-commerce giant Flipkart has raised $3.6 billion at a post-money valuation of $37.6 billion.

The was co-led by main owner Walmart, GIC, Canada Pension Plan Investment Board (CPP Investments) and SoftBank Vision Fund 2, and comes ahead of an initial public offering (IPO), which is set for early next year.

2. Kurly

Kurly, a startup that provides next day grocery delivery services across South Korea, has closed $200 million in Series F funding, valuing the company at $2.2 billion.

Last April, it closed a Series E of $150 million at a $780 million valuation.

3. Pine Labs

Asian merchant commerce platform, Pine Labs, has closed a $600 million financing round.

This saw the entry of new investors Fidelity Management & Research Company, funds managed by BlackRock, Ishana, Tree Line, and a fund advised by Neuberger Berman Investment Advisers. IIFL AMC via its Late-Stage Tech Fund and Kotak also participated in the round.

“Over the last year, we have made significant progress in our offline to online strategy in India and the direct-to-consumer play in Southeast Asia,” says B. Amrish Rau, CEO, Pine Labs.

“Our full stack approach to payments and merchant commerce has allowed us to grow in-month merchant partnerships by nearly 100% over the last year.”

“We are excited to bring onboard a marquee set of new investors in this round and appreciate the confidence they have placed on our business model and our growth momentum.”

We have announced the entry of new #investors in @PineLabs. Read this Press Release for more details. https://t.co/SBTVjXKi6m
— PineLabs (@PineLabs) July 6, 2021

4. MaxAB

MaxAB, a startup that serves traditional food and grocery retailers across Egypt, has raised $40 million in Series A financing.

The company plans to expand its physical footprint across the Middle East and North Africa.

In addition, MaxAB is looking to hire more talent and scale its recently launched business verticals, including new supply chains and embedded finance solutions.

5. Snappy Group

PayPoint has announced a £6.6 million investment in the Snappy Group home delivery business.

The deal will see PayPoint acquire a stake in the Dundee-based firm with PayPoint Group’s CEO, Nick Wiles, taking a seat on the board of Snappy Group, which is formed of two businesses: Snappy Shopper and Hungrrr.

It comes on the heels of former Sainsbury’s CEO Justin King taking a “significant” stake in the company and also joining the board following the launch of a Series A funding round, which went on to raise £19.4 million.

6. Popshop Live

Livestream shopping startup, Popshop Live, has closed a Series A funding round at a valuation of $100 million.

The venture did not disclose the exact amount raised, but a source close to the deal said it was around $20 million.

The round was led by Benchmark, with participation from TQ Ventures, Mantis VC, Access Industries and SV Angel as well as return investors Floodgate, Abstract Ventures and Long Journey Ventures.

Individual investors included Sophia Amoruso, Baron Davis, Jim Lanzone, Kevin Mayer, Vivi Nevo, Michael Ovitz, Hailey Bieber and Kendall Jenner.

The funding will accelerate Popshop Live’s product and regional expansion efforts.