About EvolutionX
EvolutionX, established in 2021, is a private debt fund primarily based in Singapore, Singapore. It specializes in financing Conventional Debt round of companies based in India. Its portfolio includes 11 firms, spanning the Enterprise Applications, Consumer sectors.
As of Oct 2026, EvolutionX has 6 unicorns under its belt and has witnessed 2 portfolio exits so far. Its most notable investments include companies like Atome, udaan and UpGrad.
Its latest investment was a $50M Series C round in Kitopi on Jan 30, 2026.
Key Metrics
EvolutionX's List of Top Investments
EvolutionX has a portfolio of 11 companies, including 6 unicorns. Their most notable investmentis in YubiTheir portfolio spans across India, Malaysia, Singapore and 1 more locations. They have invested in Enterprise Applications, Consumer, FinTech and 11 other sectors, across stages such as Venture Debt, Conventional Debt and 3 more. Here is the list of top investments by EvolutionX:
1. Atome
Online marketplace offering multi-category products on purchase finance. The platform offers solutions for buy now pay later and consumer financing. The product catalog includes beauty, fashion, home decor, babycare, electronics, and more. Its mobile application is available on Android and iOS platforms.
Key facts about Atome
- Founded Year: 2016
- Location: Singapore (Singapore)
- Annual Revenue: $10M - $50M as on Dec 31, 2024
- Last Known Valuation: $*****
- Stage: Acquired
- Total Funding till date: $31M
- Employee Count: 809 as on Aug 31, 2026
- Investors: Temasek, Innoven Capital and 7 Others
- Latest Funding Round: Conventional Debt, Jan 13, 2026, $*****
- Highlight: Acquired
2. udaan
Provider of an eB2B platform for small businesses to source products and manage supply chain operations. The platform enables retailers to access a wide range of products from brands and suppliers while facilitating efficient logistics and distribution. It supports business growth by providing tools for inventory management, order tracking, and financial services to address working capital requirements. The system optimizes supply chain processes through technology-driven solutions that connect manufacturers, distributors, and retailers.
Key facts about udaan
- Founded Year: 2016
- Location: Bengaluru (India)
- Annual Revenue: ₹1,000+ Cr as on Mar 31, 2025
- Valuation: $*****
- Stage: Series H
- Total Funding till date: $2.7B
- Employee Count: 1,590 as on May 31, 2026
- Investors: Samena Capital, Nomura and 68 Others
- Latest Funding Round: Series H, Sep 07, 2026, $*****
- Highlight: Editors' Pick
3. UpGrad
Higher education and upskilling platform. It provides online degree programs, professional certifications, and career transition courses in partnership with universities and industry experts. It partners with universities and industry organizations to provide structured learning pathways for students and working professionals, focusing on career advancement, job readiness, and lifelong learning through technology-enabled education.
Key facts about UpGrad
- Founded Year: 2015
- Location: Mumbai (India)
- Annual Revenue: ₹1,000+ Cr as on Mar 31, 2025
- Valuation: $*****
- Stage: Series F
- Total Funding till date: $372M
- Employee Count: 6,673 as on May 31, 2026
- Investors: Temasek, 360 One and 52 Others
- Latest Funding Round: Series F, Apr 23, 2026, $*****
- Highlight: Editors' Pick
4. Kitopi
Provider of a cloud-based network of food delivery businesses. It helps food brands with delivery-only locations to launch online storefronts. It also offers infrastructure, management services, phone support, and delivery management. It serves burgers, crispy chicken, and rice dishes.
Key facts about Kitopi
- Founded Year: 2018
- Location: Dubai (United Arab Emirates)
- Valuation: $*****
- Stage: Series C
- Total Funding till date: $852M
- Employee Count: 3,867 as on Aug 31, 2026
- Investors: GIC, B. Riley Financial and 29 Others
- Latest Funding Round: Series C, Jan 30, 2026, $*****
- Highlight: Editors' Pick
5. Yubi
Online marketplace for business loans. It offers a debt marketplace that enables businesses to raise capital with a proprietary matchmaking algorithm and a deal execution engine. The platform also provides a robust AI-enabled, SaaS-based debt recovery platform and a collections platform. It also features like AI-based analytics, automated custom reports, API integration, and monitoring tools.
Key facts about Yubi
- Founded Year: 2020
- Location: Chennai (India)
- Annual Revenue: ₹500 - ₹1,000 Cr as on Mar 31, 2025
- Valuation: $*****
- Stage: Series B
- Total Funding till date: $241M
- Employee Count: 299 as on May 31, 2026
- Investors: Dragoneer Investment Group, TVS Capital Funds and 25 Others
- Latest Funding Round: Conventional Debt, Nov 18, 2025, $*****
- Highlight: Editors' Pick
EvolutionX's Year-on-Year Investment Trends
EvolutionX has invested in 11 companies over the last 4 years, with an average of 2 new investments annually in the last 3 years. In 2025, it made 4 investments, while as of Jan 2026, it has made 1 investment in this year. Its most recent first time investment was in Kitopi and most recent follow-on round was in Yubi.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 1 | 0 | 1 |
2025 | 2 | 2 | 4 |
2024 | 3 | 1 | 4 |
2023 | 3 | 0 | 3 |
2022 | 2 | 0 | 2 |
EvolutionX's Investments by Stage
EvolutionX has made 5 investments in Venture Debt stage with an average round size of $37.9M, 3 investments in Conventional Debt stage with an average round size of $34.7M, 1 investment in Series B stage with an average round size of $4.06M, 1 investment in Series C stage with an average round size of $50M and 1 investment in Series F stage with an average round size of $60M.Stage of entry | No. of Investments |
|---|---|
Venture Debt | 5 |
Conventional Debt | 3 |
Series B | 1 |
Series C | 1 |
Series F | 1 |
Note: We have considered here, only first round of investments
EvolutionX's Investments by Sector
EvolutionX has a diverse portfolio, with companies operating in the Consumer, Retail, Enterprise Applications, FinTech and Auto Tech. Notably, it has invested in 11 Tech companies, 8 Enterprise (B2B) companies, 6 Software companies and at least 5 companies focusing on Marketplace.Sector | No. of Investments |
|---|---|
Consumer | 5 |
Retail | 4 |
Enterprise Applications | 3 |
FinTech | 3 |
Auto Tech | 2 |
Others | 12 |
Note: We have considered here, only first round of investments
EvolutionX's Investments by Geography
EvolutionX has made most investments in India (8), followed by Malaysia where it has made 1 investment.Country | No. of Investments |
|---|---|
India | 8 |
Malaysia | 1 |
Singapore | 1 |
United Arab Emirates | 1 |
Note: We have considered here, only first round of investments
EvolutionX's recent investments
EvolutionX has made 1 investments in 2026 so far - Kitopi.Here are the most recent investments by EvolutionX:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Jan 30, 2026 | United Arab Emirates | Series C | 6832 | - | |
Nov 18, 2025 | India | Conventional Debt | 2762 | - | |
Nov 04, 2025 | India | Series B | 3918 | - | |
Jul 22, 2025 | India | Series F | 2218 | ||
Jul 22, 2025 | India | Conventional Debt | 9655 |
Unicorns in EvolutionX's Portfolio
EvolutionX has 6 unicorns in its portfolio - Yubi, CARSOME, UpGrad and others. The most recent unicorn in their portfolio is Yubi. It became a unicorn in 2022, 3 years before EvolutionX first invested in it.Here is a list of unicorns in EvolutionX's portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
71 | Online marketplace for business loans | 2020 | Chennai | Series B | imftcps | ||
57 | App based marketplace for used cars | 2015 | Petaling Jaya | Series F | chkuwpl | ||
73 | Higher education and upskilling platform | 2015 | Mumbai | Series F | krwazjj | ||
71 | Provider of a cloud-based network of food delivery businesses | 2018 | Dubai | Series C | hmmgiqu | ||
67 | Operator of an integrated digital healthcare platform providing end-to-end technology and fulfillment solutions for the healthcare ecosystem | 2012 | Navi Mumbai | Series F | ehjtb{u |
IPOs and Publicly Listed companies in EvolutionX's Portfolio
1 of EvolutionX's portfolio company became public - Ola Electric. It got listed on the Bombay Stock Exchange (BSE), National Stock Exchange (NSE), in Aug 2024 at marketcap of $3.99BHere are EvolutionX's portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Aug 09, 2024 | Apr 01, 2024 | Venture Debt | 2709 |
Acquired companies in EvolutionX's Portfolio
1 company from EvolutionX's portfolio has been acquired. The most recent acquisition was Atome in Sep 2026 by Grab for $*****.Here are EvolutionX's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Sep 15, 2026 | Jun 25, 2024 | Venture Debt | 9153 |
Co-investors of EvolutionX
Over the past 4 years, 321 investors have co-invested in EvolutionX's portfolio companies. This includes funds and angels.
- Invested before EvolutionX: Innoven Capital, Temasek and 268 others have invested in rounds before EvolutionX. There are 3 companies where Innoven Capital has invested before EvolutionX and 3 companies where Temasek has invested before EvolutionX.
- Top Co-investors of EvolutionX: 2 investors entered a company along with EvolutionX. These include investors like Temasek (1 company).
- Invested after EvolutionX: A total of 49 investors have invested in EvolutionX's portfolio after their investments. Top Investors include Stride Ventures (2 companies) and Goldman Sachs (2 companies).
Recent News related to EvolutionX
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EvolutionX Leads $50M Growth Capital Raise for Kitopi in GCC ExpansionZawya•Jan 30, 2026•EvolutionX, Kitopi, Temasek, DBS Bank and 2 others
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Fintech Unicorn Yubi Raises INR 411 Cr To Expand OverseasInc42•Nov 18, 2025•Yubi, Yubico, DBS, Lvec and 3 others
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Gupshup Secures $60M+ to Expand Conversational AI and Messaging PlatformSiliconAngle•Jul 24, 2025•Gupshup, Globespan Capital Partners, EvolutionX
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Conversational AI startup Gupshup raises $60 mn in fresh capitalVCCircle•Jul 23, 2025•Gupshup, Globespan Capital Partners, Tiger Global Management, Think Mutual Bank and 1 other
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Edtech unicorn upGrad gets Rs 287.5 crore debt funding from EvolutionXYourStory•Jun 28, 2024•UpGrad, EvolutionX, Temasek
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Atome Financial receives nearly USD 100 million growth debt facilityThe Paypers•Jun 25, 2024•Atome, EvolutionX, Temasek, DBS Bank
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Lendingkart Raises $10 Mn Funding From BlueOrchardStartupNews•May 07, 2024•Lendingkart, BlueOrchard, EvolutionX, Fullerton Financial Holdings and 6 others
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API Holdings raised $216 M led by MEMG at $710 M valuationIncubees•May 02, 2024•API Holdings, Prosus, Temasek, 360 One and 3 others
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PharmEasy raises $216m in round led by Ranjan Pai's MEMGDeal Street Asia•Apr 30, 2024•PharmEasy, Manipal University Jaipur, Manipal Group, Whale Wisdom and 8 others
