Friday, May 20

Zomato IPO, Paytm DRHP, Oyo, Ola, Debt Fund & More

While a solar storm wrapped up the earth, and cause massive power cuts in various parts of the world, Indian technology firms on the contrary settled for a watershed moment for the week closing now on July 18, 2021. From Zomato IPO launch to Paytm and Mobikwik filing their first draft to SEBI, followed by the new fund and co-founder for Swiggy, Ola Electric, Credit Fair, and Flipkart captured a great market share. 

Zomato IPO in Exceeding Bids

Zomato’s IPO launched between June 14-16 is India’s largest cheer at the moment. It raised ₹2,751 crores compared to the issue size of 71.9 crore shares. With investments from 186 investors, Zomato raised an additional ₹4,197 crores on Tuesday, July 13. Zomato’s public debut, as per media reports, got oversubscribed by 30-35 times than expected.

New Fund & a Co-founder for Swiggy

India’s food delivery startup, Swiggy, is now an adult; it has found a daddy in Softbank ready to invest about $540 million at a valuation of $5 billion. Also, Swiggy’s CEO, Harsha Majety, has named its long-time employee Phani Kishan Addepalli the new co-founder. Former Co-founder of Swiggy, Rahul Jaimini, had quit the company in May of 2020 to begin his venture, Pesto Tech.

The Big Fat Paytm IPO Draft

Paytm has filed DRHP with SEBI to raise ₹16,600 crores in a bid to rank as India’s biggest IPO in a decade. Additionally, the firm will raise ₹8,300 crores in a new issue and the remaining through secondary contribution through offering an exit to existing investors. There is a chance for Paytm to consider a pre-IPO placement to reduce issue size.

Mobikwik Files for ₹1,900 Crore IPO

Payment tech MobiKwik is aiming for an IPO for ₹1,900 crores. MobiKwik will raise ₹1,500 crores in primary issue ₹400 crores in secondary by offering partial exits to investors such as American Express, Bajaj Finance, Cisco System, Sequoia Capital and Treeline Asia. Founders of Mobikwik, Bipin Preet Singh and Upasana Taku also offer to sell a part of their shares.

An illustrated landscape depicting an invisible hand extending dollar notes.
Description: An illustrated landscape depicting an invisible hand extending dollar notes.

Credit Fair $15 Million Seed Fund

Credit Fair, a consumer lending fintech startup, raised $15 million in blended (debt+ equity) seed funding from Anand Ladsariya and Alok Agarwal. According to the Founder of Credit Fair, Aditya Damani, Credit Fair plans to expand its tech team, increase underwriting models, and grow laterally across tier 2 and tier 3 cities to scale. 

Ola Electric $100 Million in Debt Fund

Ola Electric and Bank of Baroda have signed a 10-year $100 million debt fund to mark a dent in the Indian EV industry. The fund will help Ola Electric complete Phase 1 of its global two-wheelers manufacturing Futurefactory at Krishnagiri in Tamil Nadu. Chairman & Group CEO of Ola, Bhavish Aggarwal, considers this investment an institutional signal to great future ahead.

OYO $660 Million Debt Fund

World’s youngest Billionaire, Ritesh Agarwal, is undoubtedly the underdog who, unsure of any funding to recover the waning state of OYO, appeared on Facebook ads pitching to young startup enthusiasts how to identify ideas and get started. But now that OYO has raised $660 million in debt from undisclosed institutional investors, he clears off the debts.

Flipkart’s New Valuation at $37.6 Billion

Indian e-commerce giant Flipkart has raised $3.6 billion from Singapore-based GIC, Canada Pension Plan Investment Board (CPP investments), Softbank Vision Fund 2, and Walmart also includes funding from DisruptAD, Qatar Investment Authority, Khazanah Nasional Berhad, Tencent, Willoughby Capital, Antara Capital, Franklin Templeton, and Tiger Global. Through this new fundraising, the company has been valued at $37.6 billion. It is believed that Flipkart is en route to IPO in 2022. Indeed it begins with Zomato IPO, we wait for Byju’s soon.

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