Startup news and updates: daily roundup (July 16, 2021)
Paytm, formally known as One97 Communications, will raise Rs 8,300 crore ($1.11 billion) from a primary fundraise, and the remaining Rs 8,300 crore from a secondary sale of shares by its existing investors, the company said in its draft red herring prospectus (DRHP) filed with the Securities and Exchange Board of India (SEBI) on Friday. In total, Paytm hopes its initial public offering to help it raise Rs 16,600 crore ($2.2 billion) in net proceeds.
Facebook on Thursday said it received 646 reports in India through its grievance mechanism channel between May 15 and June 15 under categories like bullying, account hacking, nudity and fake profiles, and it provided tools for users to resolve their issues in 363 of these cases. The data is part of Facebook's monthly compliance report as mandated under the Indian IT rules.
WhatsApp banned two million Indian accounts while it received 345 grievance reports between May 15 and June 15, the company said in its maiden monthly compliance report as mandated by the IT rules. The new IT rules require large digital platforms -- with over five million users -- to publish compliance reports every month, mentioning the details of complaints received and action taken.
DedEx Express, a subsidiary of NYSE-listed FedEx Corp, and Gurugram-based Delhivery have entered into equity and commercial agreements that will utilise their combined strengths to unlock India’s international trade potential. Completion of this transaction is subject to closing conditions. As part of the collaboration, FedEx will make a $100 million equity investment in Delhivery, and the companies will enter into a long-term commercial agreement.
Oyo has announced that it has raised a Term Loan B (TLB) funding of $660 million from global institutional investors. The hospitality unicorn in its statement said that the offer was oversubscribed by 1.7 times and the company received commitments of close to $1 billion from leading institutional investors.
Gurugram-based integrated real estate startup Square Yards has raised $25 million (Rs 185 crore) in growth financing from ADM Capital, a global investment manager with $2.4 billion assets under management across Asia Pacific and Europe. This is the first tranche of the company's ongoing plan of larger growth capital raise of over $100 million in the near term.
Specialty chemical manufacturing company Tatva Chintan Pharma Chem on Thursday said it has garnered Rs 150 crore from anchor investors ahead of its initial share sale, which will open for public subscription on Friday. The company has decided to allocate 13,85,040 equity shares at Rs 1,083 apiece to anchor investors, aggregating the transaction size to Rs 150 crore.