Startup news and updates: Daily roundup (November 15, 2021)
The initial public offering (IPO) of PB Fintech, the parent company of Policybazaar and Paisabazaar, listed on the stock exchanges on Monday with a gain of 17 percent. Policybazaar had set its IPO at Rs 980 per equity share, and it debuted at Rs 1,150 and continued to move around this range. The current market capitalisation of the company stood at Rs 52,647 crore.
Credlix, the digital supply chain financing platform from Moglix, has entered the EXIM financing space, with its acquisition of NuPhi. The acquisition comes shortly after Moglix’s entry into the Middle East region. As Moglix continues to expand globally, it is focusing on strengthening its supply chain financing solutions to enable manufacturers easy access to cash flow for their growth. Moglix has been working with suppliers and manufacturers across more than 120 countries.
Knocksense, a Lucknow-based local content production platform on Monday raised $ 150,000 in its bridge round from We founder circle, Appyhigh (Lead Investor), Mumbai Angels Network and angel investors from LetsVenture. Founded by Vibhore Mayank, an alumnus of Whistling Woods, and Varul Mayank, an alumnus of Amity University, the startup recently launched its flagship product KnockOFF, which helps to establish a connection between local brands/freelancers and consumers, thereby creating a content-driven community that enables transactions at the city level.
With the fast growing fashion industry in the country, India has the potential to become the fashion hub of the world, Union Minister Piyush Goyal has said. The minister said that the spirit of self-reliance can be channelised by helping weavers and artisans get their rightful dues. He was addressing the convocation ceremony at NIFT, Delhi on Friday.
Independent directors of Future Retail Ltd have shot off another letter to the Competition Commission of India (CCI), citing internal communications of Amazon to establish its contradictory statements before courts and the anti-monopoly body and sought revocation of nod to Amazon-Future Coupons deal. They accused Amazon of submitting "completely opposite information'' which was "contradictory" to Amazon's own internal communications regarding the US giant's 2019 investments into FRL's promoter company.