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SUMMARY
The Indian startup ecosystem has raised around $208 Mn across 31 deals between September 12 and 17, 2022
The week saw Mensa Brands acquiring MYFITNESS to foray into the health food category
Sachin Bansal’s Navi Technologies receives SEBI’s nod for public listing
The third week of September witnessed a minor drop in funding compared to the previous week. Between September 12 and 17, the Indian startup ecosystem has raised $208 Mn across 31 deals. This is a 7.5% drop from $225 Mn that Indian startups raised in the previous week across 28 deals.
Unlike last week, no new unicorn was minted this week. Further, there were no mega deals reported as well.
Better Capital, Titan Capital, BEENEXT, and Supermorpheus were the most active investors this week with their participation in two deals each.
The Indian Startup Funding Deals Of The Week
Updates On Indian Startups IPO
Sachin Bansal’s Navi Receives Green Signal From SEBI For Its IPO
Flipkart cofounder – Sachin Bansal’s new venture– Navi Technologies has received a nod from Indian market regulator SEBI for its public listing. Navi Technologies earlier this year filed a draft red herring prospectus (DRHP) for raising INR 3,350 Cr through the public market. The IPO offer will consist of fresh issues and no offer-for-sale element to it.
IPO-Bound Pepperfry Appoints Two New Independent Directors
Mumbai-based online furniture marketplace Pepperfry has appointed Sanjay Baweja of OnMobile Global, and Malini Parmar of Stonesup.in as independent directors. Appointment of independent directors in a run up to a public listing is a standard business procedure. As per media reports, Pepperfry is anticipated to raise $300 Mn through public listing.
Listed Edtech Platform Veranda To Raise INR 300 Cr
Listed edtech platform Veranda has informed the stock exchanges that it wants to raise INR 300 Cr from its promoters and non-promoter entities through preferential issue of shares. To raise this capital, the startup’s board has approved issuance of 77.97 Lakh equity shares and 20 Lakh convertible warrants to non-promoter entities and promoters respectively.
From The Startup Acquisition Desk
- Mensa Brands acquired MYFITNESS to foray into the health food category
- Edtech unicorn upGrad further continuing its acquisition spree has now bought a 100% stake in Centum Learning
- Three years after acquiring a minority stake, Spain-based beauty and lifestyle brand Puig has now acquired a majority stake in Kama Ayurveda.
Other Developments From The Indian Startup Ecosystem
- North Eastern Development Finance Corporation Limited has set up an INR 30 Cr fund to help Manipur startups who are focusing into MSME Sector
- Fintech unicorn CRED is likely to invest $10 Mn for a minority stake in the P2P lending platform LiquiLoans
- Bengaluru-based Niyo has kickstarted its second employee stock ownership plan (ESOP) for employees
- Edtech giant BYJU’S will be clearing the remaining acquisition deal amount to Aakash Educational Services in the form of cash and shares by next week
- Japan’s SoftBank is mulling to launch SoftBank Vision Fund 3 fund to invest in startups across the world.
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