Uber's first day of trading failed to take off as expected, with shares trading down in a surprising turn of events. Shares of the ride-hailing company opened at $42, down 6.7 percent from its already conservative IPO price of $45. At 12:07 pm Eastern time, its shares were trading down 3.9 percent at $42.23.Since its inception, Uber has faced a bumpy ride with lack of visibility on profitability.
Indian startups raised close to $275 million across 24 deals, including well-established startups such as Curefit, Healthkart, Chumbak, and Dunzo. Chairman Emeritus of the TATA Group Ratan Tata was back in news earlier this week when he made a personal investment in Ola Electric's Series A round.
Flipkart has issued employee stock ownership plan (ESOPs) worth around $100 million for its senior and mid-level staff, including employees belonging to Myntra-Jabong in order to retain critical talent within the company, according to a report in The Economic Times. This is the second time that the ecommerce giant has allocated ESOPs to its employees.
B2B online marketplace Udaan raised fresh funding of Rs 139.5 crore from its Singapore-based parent Trustroot Internet Pte. The Bengaluru-based company is owned and operated by Hiveloop Technology. According to its RoC filings, Trustroot has been allotted 205,616 Series D compulsorily convertible participative preference shares (CCPPS), at a premium of Rs 6,774.49 per share.
Started by former Myntra employees, mfine is an on-demand healthcare service that lets users consult doctors from premium healthcare institutions through chat, call, or video. Through mfine, users will have access to over 500 doctors from more than 100 hospitals across 20 specialities.