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Tekion has raised $250 million in a Series D funding round

 Tekion, a SaaS unicorn focused on the automotive sector, announced that it has raised $250 million in a Series D round with its valuation rising over three times to $3.5 billion.

The round was led by Alkeon Capital and Durable, along with participation from Hyundai Motor, as well as several automobile dealer groups in the US.

Established by Jay Vijayan in 2016, the Silicon Valley-headquartered has offices in Bengaluru and Chennai and attained unicorn status last October at a valuation of $1 billion.

Existing investors Advent International and Index Ventures also participated in the round.

The startup plans to use the freshly raised funds in multiple areas like product development and expansion, customer experience centers, and partnerships.

Commenting on the investment, Deepak Ravichandran, General Partner at Alkeon Capital said, “Tekion is experiencing strong tailwinds in a large, multi-billion-dollar market including cloud adoption for online retailing, connected vehicles, increased consumer expectations for seamless, digital car purchasing experiences, and digital vehicle connectivity. We believe Tekion is just getting revved up for its multi-year journey in redefining an industry.”

Tekion has more than 1,000 employees globally with about 900 of them based out of its India centers.

Speaking about the funding, Jay Vijayan, Founder and CEO of Tekion said, “We have experienced phenomenal market acceptance during the past year. This strong round of funding validates industry and investors’ belief in Tekion’s disruption.”

“Tekion is disrupting the industry with its cutting-edge cloud-based platform, and we believe in the company’s capacity for value creation and exponential long-term growth through scalability,” said Henry Ellenbogen, Chief Investment Officer, Durable Capital Partners.

Tekion seems to be an interesting SaaS startup with a strong market presence. I’m sure the company will continue to prosper in its journey ahead. My best wishes to the team of Tekion.

Shishir Gupta, Founder and CEO, StartupLanes

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