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SUMMARY
The Indian startup ecosystem raised $171 Mn in funding across 14 deals
5 startups were acquired this week
Logistics unicorn Delhivery filed its DRHP for INR 7,460 Cr IPO
Funding Galore
Every week, more than a dozen startup secure funding and many get acquired. In this weekly series, we bring the latest deals from the Indian startup ecosystem consolidated at a single page.
The month of November started with a significant dip in the investment received by the Indian startup ecosystem. Between November 1 and November 6, 2021 the startup community managed to raise $171 Mn across 14 deals. This is a 87.7% drop from the previous week, when the startup community picked up $1.4 Bn in total funding, and a 76% drop from the week prior when startups raised $724 Mn between October 18 and October 23.
The significant drop in the funding can be attributed to Diwali, one of the major Hindu festivals celebrated countrywide.
In terms of the public markets, PB Fintech, the parent company of Policybazaar and Paisabazaar went public.
The week’s biggest funding was raised by 2021 founded startup – Zepto. The 10 minutes grocery delivery startup founded by two 19-year-old Stanford University dropouts – Aadit Palicha and Kaivalya Vohra managed to raise $60 Mn in their early-stage round from Glade Brook Capital, Nexus Venture Partners, Y-Combinator at a valuation of $225 Mn.
The week’s second biggest funding round was raised by Bengaluru-based neobank Fi. The startup raised $50 Mn in its Series B funding round led by B Capital Group, Falcon Edge and others, the round was concluded in addition to an earlier interim investment from Sequoia Capital and Ribbit Capital.
Here are all the funding round disclosed this week:
Startup IPOs This Week
Policybazaar Goes Public
The initial public offering of P.B. Fintech, the parent company of Paisabazaar and Policybazaar, ended on Wednesday with robust investor demand across categories.
The IPO attracted bids worth a total of nearly $$7.53 Bn (INR 56,093.64 Cr) as the offer of 3,45,12,186 shares was subscribed 16.59 times, thereby bids being placed for 57,23,84,100 shares.
The IPO opened during November 1st – November 3rd, at a price band of INR 940-980. Its shares are expected to be listed on the stock exchanges by November 12.
Logistics Unicorn Delhivery Files DRHP
Gurugram-based Delhivery has filed DRHP with the market regulator SEBI and intends to INR 7,460 Cr through IPO. It will include a fresh issue of shares worth up to INR 5,000 Cr and an offer-for-sale of up to INR 2,460 Cr. It is worth noting that these offers can change as the startup heads towards its listing.
Masayoshi Son’s SoftBank will be offloading shares worth INR 750 Cr, whereas Carlyle Group is likely to sell shares worth INR 920 Cr. Times Internet will be selling shares worth INR 330 Cr.
Three founders — Kapil Bharati, Mohit Tandon, and Suraj Saharan will be offloading shares worth INR 14 Cr, INR 40 Cr, and INR 6 Cr, respectively.
Logistics Startup Ecom Express Converts Into Public Company
On the day Delhivery filed its DRHP with the market regulator SEBI, its rival Ecom Express converted into a public limited company. The startup is gearing for its IPO and intends to raise money from the market at a valuation of $1.5 Bn – $1.8 Bn.
Paytm Raises India’s Largest Anchor Round
IPO-bound Indian fintech giant Paytm has raised INR 8,235 Cr ($1.1 Bn) from anchor investors in India’s largest anchor round. The anchor round has been oversubscribed 10 times by 74 investors, out of which 21 investors had bids greater than INR 100 Cr.
Some of the key investors participating in this round include Blackrock, CPPIB, Birla MF, and GIC among others.
From The Acquisition Desk
- Thrasio-style venture GlobalBees has acquired two more D2C brand – Yellow Chimes and Absorbia to strengthen its presence in the jewellery market
- Music and media major Create Music Group has acquired 100% stake in Mumbai-based Nirvana Digital.
- Edtech unicorn Unacamdemy has acquired Swiflearn, a platform for live online tuitions for CBSE and ICSE students of grades 1 to 10.
- NASDAQ-listed crypto exchange platform Coinbase has marked its first acquisition in India by buying Agara, an artificial intelligence-powered support platform. According to reports, Coinbase has spent $40 Mn on this acquisition.
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