Startup news and updates: daily roundup (Aug 31, 2021)
Ride-hailing major Ola is looking at raising $1-1.5 billion (Rs 7,324-10,985 crore) via an initial public offering (IPO) and is expected to file the DRHP (Draft Red Herring Prospectus) in the December quarter, according to sources.
Ola is working with select banks, including Citigroup Inc and Kotak Mahindra Bank Ltd, to manage the public offering, two people close to the development said.
Dutch tech investor Prosus NV on Tuesday said it has acquired Indian payments platformfor $4.7 billion to bolster its own PayU business, as well as sharpen its focus on India.
The combination is expected to create a financial ecosystem that could handle four billion transactions, annually, which is nearly four times what PayU does in India currently, as well as meet the changing payments needs for multiple stakeholders in the country, the company said in a press release.
Studio Sirah, a Bengaluru-based studio that makes mid-core India-first games, has raised seed investment of $830,000 led by Lumikai.
The round also saw participation from a group of strategic angels, including Akshat Rathee (Founder, Nodwin Games), Alexis Bonte (COO, Stillfront Games), Piyush Shah (Co-founder, Inmobi), Roshni Rathi (Partner, BCG), and Sameer Pitalwalla (Director, Epic Games).
US ecommerce giant Amazon has written to Sebi requesting the market regulator to direct stock exchanges to withdraw the 'Observation Letters' that were issued related to the proposed Rs 24,713-crore Future-Reliance deal.
The company has also urged Sebi to take necessary action to comply with the recent Supreme Court judgment related to the deal.
Amazon India on Monday announced the launch of Karigar Mela in partnership with Tribes India, wherein the ecommerce platform will feature a dedicated storefront for traditional tribal and local Indian handicrafts.
As part of the initiative, customers will be able to access and shop from a selection of over 1.2 lakh unique traditional tribal and local Indian handicrafts and handloom selections, a statement said.
Dutch tech investor Prosus NV on Tuesday said it has agreed to acquire Indian digital payments provider BillDesk for $4.7 billion in a bid to bolster its PayU business in India.
The acquisition will help Prosus' PayU become one of the leading online payment providers, globally, and meet the changing payment needs of digital consumers, merchants, and government enterprises in India, it said in a press release.
Automotive leasing startup OTO Capital raises $6M in Series A round led by Matrix Partners India (Funding)
, a two-wheeler buying and financing startup, has raised Series A funding of $6 million in a round led by Matrix Partners India.
The round also included participation from existing and new investors such as Prime Venture Partners, 9Unicorns, Better Capital, and marquee angel investors like Asish Mohapatra of OfBusiness, Ramakant Sharma of Livspace, Kunal Shah, K Ganesh, and Ashneer & Suhail of BharatPe.
OTO said it will use the funding to scale its user base and to become the default app for two-wheeler buying and financing for 20 million Indians who purchase two-wheelers every year.
Bengaluru-based RubanBridge (1Bridge) — a last-mile supply chain and distribution network focused on the villages in rural India — Tuesday said it raised $2.5 million in fresh funding led by The Netherlands-based impact investor C4D Partners.
The round also included participation from new investors, including KAAJ Ventures, angel investors like Prashanth Prakash (Founding Partner, Accel Partners); Puneet Jetli (Co-founder of Happiest Minds); and Aradhana D Chatterjee — a seasoned PE/VC executive.