mCaffeine has acquired $31.5 million in its Series C funding round led by Paragon Partners. Singularity Growth Opportunities Fund, Sharp Ventures, and existing investors Amicus Capital Partners and RPSG Capital Ventures also participated in the round.
The company has picked up the new round at a valuation of Rs 1,000 crore or more than $130 million. The Mumbai-based startup had previously scooped up $6 million in Series B in September 2020 and has raised $40 million across three financing rounds to date.
mCaffeine, which has a presence in India, the United Arab Emirates, Nepal, and the Maldives, plans to launch its products in 12 countries in 2022. The brand will first launch its products in the Middle East and North African countries, before expanding to Europe and the US.