Web3 startup Zyber 365 said Tuesday it has raised $100 million in its Series A round of funding from the UK-based SRAM & MRAM Group at a valuation of $1.2 billion, becoming India’s first unicorn startup this year in a reminiscence of 2021 when mint-fresh startups were making a dash into the elite club.
The startup, launched in May 2023 by Indian-origin entrepreneurs Pearl Kapur and Sunny Vaghela, also claimed that it has also become India's and Asia's fastest unicorn.
With Zyber 365 becoming a unicorn, India’s startup ecosystem has added a new company valued at $1 billion or more in about a year. Molbio Diagnostics was the last company to join the elite list of unicorn startups in September 2022.
Zyber 365 says it is an amalgamation of Web3, AI, and cybersecurity. The company, headquartered in London and with an operational base in India, focuses on Web3-driven globalization. It aims to make India the hub of its operations.
With the funds, Zyber 365 plans to enhance its technological capabilities and strengthening its global presence, the company said in a release. “With this infusion of capital, we are poised to accelerate our expansion plans and deliver unparalleled value to our clients in near future," said chief executive Kapur.
Prior to this, the SRAM & MRAM Group has made significant investments in key sectors in India, including level-1 blockchain network 5ire’s $100 million round that helped the company achieve the unicorn status in August last year.
The group also recently said it planned to invest $3.64 billion in a semiconductor fabrication plant in India as well as $100 million in the air cargo business of SpiceXpress.
The group, however, is facing allegations of fraud as some recent reports suggest that it doesn’t have the funds to finance any of the deals it has announced.
On its part, the group has clarified that it is not investing $100 million in SpiceXpress, but running a syndicate that will invest in the company eventually. It also clarified that it didn’t make the second tranche of investment in 5ire as the company didn’t require the funds, reported digital media platform Tech in Asia.
