Startup news and updates: daily roundup (July 8, 2021)
Foodtech major Zomato eyes post-IPO valuation of Rs 64,365 crore; to launch online grocery soon on its app
Zomato is eyeing a post-issue valuation of Rs 64,365 crore, on a fully diluted basis, if its shares are priced at the higher-end of its Rs 72-76 range, the food delivery company said in a press briefing on Thursday.
It added it was actively experimenting in the online grocery space, especially after its investment in Grofers, and will launch online grocery services on its app soon.
Zomato has priced the initial public offering of its shares between Rs 72-76 apiece, up from the expected Rs 70-72, which will help it raise Rs 9,375 crore, the food delivery behemoth said on Thursday. The subscription will open on July 14 and close on July 16, it added.
DealShare — a Jaipur-based social commerce platform — on Thursday said US-based VC Tiger Global invested $144 million, along with WestBridge Capital, Alpha Wave Incubation, and Z3 Partners.
The round also saw participation from existing investors, including Matrix Partners India, partners of DST Global, and Alteria Capital, while Avendus was the exclusive financial advisor for this transaction.
Founding team of DealShare
Ola will soon commence the production of electric scooters at its factory in Tamil Nadu, Ola Group CEO Bhavish Aggarwal said on Wednesday.
"Almost there! Scooter production to begin soon! Get on the waitlist and #JoinTheRevolution," Bhavish tweeted.
In a bid to further its efforts to digitise small and medium businesses (SMBs) in India, Amazon India announced the launch of its first 'Digital Kendra' in Surat, Gujarat.
Amazon India's Digital Kendra will provide MSMEs with a range of benefits like training on the benefits of ecommerce, shipping and logistics support, cataloguing assistance, digital marketing services, GST, and taxation support.
Shiprocket raises $41.3M in Series D1 from PayPal Ventures, Bertelsmann India Investments, others (Funding)
Shiprocket, a Delhi-based ecommerce fulfilment platform that claims to enable fast and cost-effective shipping for D2C retailers, has raised $41.3 million (Rs 305 crore) in Series D1 funding.
The round was co-led by PayPal Ventures, the corporate VC arm of PayPal, Info Edge Ventures, an investment fund backed by publicly listed Info Edge and Temasek Holdings, along with existing investor Bertelsmann India Investments.
Saahil Goel, CEO and Co-founder, Shiprocket
CRMNEXT, a Noida-headquartered digital and customer experience transformation platform for enterprise banks and financial service providers globally, on Thursday, said it raised a Series B funding of $16 million co-led by Avataar Ventures and Ascent Capital. It will use the funding to accelerate its global expansion and invest in doubling its team.
Former global business head of WhatsApp Neeraj Arora is likely to rejoin the board of Paytm amid the company preparing to come out with an IPO worth Rs 16,600 crore. Arora, who is currently working as an advisor to an early-stage venture capital firm Venture Highway, was on the board of Paytm between June 2015 and February 2018.
Thane-based direct-to-consumer (D2C) startup Green Soul Ergonomics on Thursday said it raised Rs 1.5 crore from Velocity.in. This marks Green Soul Ergonomics' first round of external financing.
D2C startup Green Soul plans to accelerate its growth by using these funds to finance its inventory and marketing spends.
CanPe, a Bengaluru-based digital-first intelligent debt collections platform, has raised seed funding led by Axilor. The round also saw participation from Yatra Angel Network, Manipal Technologies, and BetaPlus Capital Partners. Prominent angel investor Natarajan Ranganathan also participated in this round.
The Reserve Bank of India (RBI) recently notified the inclusion of retail and wholesale trade under the micro, small and medium enterprises (MSME) category, which is expected to help 2.5 crore retail and wholesale traders benefit from priority sector lending under RBI guidelines.
The online commerce industry is projected to reach $ 188 billion in 2025 from $64 billion last year, with growing consumer preference to buy on digital marketplaces, according to a report by Ficci. The report 'A progressive shift from transactions to trust' was released on Wednesday.
Wadhwani Foundation announces second phase of $1M grant to help Indian families impacted by COVID-19
On Thursday, nonprofit Wadhwani Foundation (WF) announced the next phase of its $1 million in grants to charities and NGOs to help alleviate the devastating impact of the pandemic in India. These grants support the rapid delivery of medical resources and support to COVID-19 patients and their families.
Romesh Wadhwani, Founder and Chairman, Wadhwani Foundation
Vahak, a Bengaluru-based marketplace for road transport businesses and individual commercial vehicle owners, has raised $5 million in pre-Series A funding. The round was led by RTP Global with participation from Luxor Capital and Leo Capital.
The funding will be used to strengthen Vahak’s team and technological capabilities, and expand its customer and network base.
As India continues to fight against the second wave of COVID-19, Bajaj Healthcare Limited recently said it received a license from the Defence Research and Development Organisation (DRDO) to manufacture and market its 2-Deoxy-D-Glucose (2-DG) drug to treat COVID-19.
In a regulatory statement, the company said that the 2-DG drug helps in the faster recovery of hospitalised patients and also reduces their dependence on supplemental oxygen.
Backpacker hostel brand goSTOPS on Thursday said it raised $1 million in a pre-Series A round led by Indian Angel Network (IAN) and Yuj Ventures — the private investing arm of the family office of Xander Group founder Sid Yog. KRS Jamwal, Uday Chatterjee, and Mitesh Shah led this round at IAN.
Pallavi Agarwal, CEO and Co-founder of goSTOPS
Interactive coding platform Codedamn on Thursday said it raised an undisclosed pre-seed round from Antler India.
Founded in 2020 by 22-year-old entrepreneur and BITS Pilani graduate Mehul Mohan, Codedamn provides an interactive learn-to-code platform to first-time coders and experienced developers to learn, practice, build projects, and get instant feedback in real-time.
Ashwini Vaishnaw – who on Thursday assumed charge as the new Union Minister for IT and Railways – may be a first-time minister in the Modi government but the policymaker has donned many hats in his nearly two-decade-long career spanning public administration, entrepreneurship, and governance.
As an engineer and former IAS officer-turned-entrepreneur, Ashwini Vaishnaw, 50, brings with him a unique experience in and an in-depth understanding of the intricacies of civil service, entrepreneurship, engineering, corporate life, and policymaking.
JITO Angel Network (JAN) has invested an undisclosed amount in a pre-seed funding round in Biocraft Innovation Technology.
Promoted as IBANSS (Innovative Bamboo), Biocraft Innovation is developing bamboo resources for India to be used in industrial use by developing injection moulding granules and can be used to replace plastic and are 100 percent biodegradable and cost-effective.