Startup news and updates: Daily roundup (October 22, 2021)

Indian economy to see 10.5 pc or higher growth this fiscal: Niti Aayog VC

The Indian economy is expected to see a growth of 10.5 percent or more in the current fiscal, Niti Aayog Vice Chairman Rajiv Kumar said on Thursday.

The country's economy grew by a record 20.1 percent in the April-June quarter, helped by a very weak base of last year and a sharp rebound in the manufacturing and services sectors in spite of the devastating second COVID-19 wave.

Paytm may skip a pre-IPO round to fast-track listing

Fintech firm Paytm may skip the pre-IPO round to expedite the listing process, according to sources aware of the development.

The company aims to launch a Rs 16,600 crore IPO before Diwali and is looking for valuation in the range of Rs 1.47 - 1.78 lakh crore.

Google to halve Play Store commission on subscriptions to 15 pc from January 2022

Google on Thursday said it will reduce the commission on subscriptions on Google Play from 30 percent to 15 percent starting January 1, 2022.

In the past, Apple and Google have drawn severe criticism from developers over the steep 30 percent app store commissions.

Nykaa acquires skincare brand Dot & Key

Beauty and fashion ecommerce platform Nykaa on Friday announced the acquisition of the Indian skincare brand Dot & Key Wellness. This is the first D2C (direct to consumer) beauty brand acquired by Nykaa and following this investment by Nykaa, Dot & Key will join Nykaa’s stable of owned brands.

Performing arts academy Kafqa Academy raises $1.3M in seed round (Funding)

Bengaluru-based performing arts academy, Kafqa Academy, on Friday announced that it has secured $1.3 million in seed funding from institutional investors and tech entrepreneurs. 

Founded by Shariq Plasticwala, former Director at Amazon India, Kafqa Academy aims to serve artists from their first step in the performing arts to their success on the largest stages in the world. 

Curefoods acquires 7 food brands to expand its cloud kitchen footprint in India

Cloud kitchen startup, Curefoods , which operates brands like EatFit on Friday announced its acquisition of multiple D2C food brands across the country. Currently, Curefoods has 10 brands in its portfolio, of which 7 are new acquisitions featuring the likes of CakeZone, MasalaBox, Paratha Box, Ammi’s Biryani, two Hyderabad-based pizza brands — Olio and Crusto, and Chaat Street.

Nykaa IPO to open on October 28 at Rs 1,085-1,125 price band

The initial public offering (IPO) of FSN E-Commerce Ventures, the holding company of omnichannel personal care and fashion brand Nykaa has been priced in the range of Rs 1,085-1,125 per equity share.

The IPO of Nykaa will open on October 28 and close on November 1, while the trading on the stock exchanges will commence from November 11.

Paytm gets SEBI nod for mega Rs 16,600-Cr IPO

Digital financial services firm Paytm has received market regulator SEBI's approval for its Rs 16,600 crore initial public offer, a source involved in the process said on Friday.

The company expects to hit the bourses by the end of this month and is planning to skip the pre-IPO share sale rounds to fast-track listing.