Udaan, India's largest business-to-business (B2B) e-commerce company, has received approval from the National Company Law Tribunal (NCLT) for its internal corporate restructuring plan, according to sources. By consolidating into a single entity, the restructuring will enhance Udaan's agility and pave the way for various financing options, including the ability to pursue an initial public offering (IPO) in India by 2026, according to people familiar with the matter.
Finally, some good news for the Indian startup ecosystem. After four consecutive half-year periods of declining funding since 2022, the first half (H1) of 2024 has shown an upward trend compared to the second half (H2) of 2023. According to the India Tech Semi-Annual Funding Report H1 2024 by Tracxn, Indian technology (tech) startups raised $4.1 billion in H1 2024, marking a 4 per cent increase from $3.96 billion in H2 2023.
Food delivery major Swiggy has received approval from its shareholders for a $1.25 billion initial public offering (IPO), according to filings made with the Registrar of Companies sourced by Tofler. The Bengaluru-based firm plans to raise as much as Rs 3,750 crore (around $450 million) via a fresh issue and up to Rs 6,664 crore (around $800 million) through an offer-for-sale (OFS) component, the filings stated.
Byju Raveendran, CEO and founder of the eponymous edtech giant, has told shareholders that the company will set up a board advisory committee (BAC). This was part of a discussion on July 4 with shareholders at an emergency general meeting (EGM). Raveendran also said that in the next EGM in three weeks will give details about BAC's members and composition.
Who invested how much into Flipkart in its latest round of $1 billion funding? Vicky Nanjappa/Rediff.com finds out.
Ola has raised $400 million from investors led by Russian billionaire Yuri Milner's DST Global.
Flipkart, India's largest e-tailer, raised $210 million in a fresh round of funding from a group of four investors led by internet-focussed investment group DST Global, it said in a statement on Monday.
In India, he has already made investments in both his personal capacity and through DST Global, his venture firm.
Co-founders of India's latest unicorn expected Covid-19 to be a speed breaker; instead it accelerated sales. Cars24 now enjoys more than 90 per cent market share among all other similar online transaction platforms. Dhruv Munjal traces the birth of this used-cars platform.
With the 21 unicorns collectively valued at $73.2 billion, India is the fourth biggest in terms of unicorns, behind the US, China and the UK, as per the Hurun Global Unicorn List.
With this round of funding, Flipkart's valuation has reached USD 11.6 billion, and US IT major Microsoft joins the marketplace as a strategic investor.
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Ola competes with Uber Technologies in India.
Flipkart is in expansion mode, needs to infuse funds in the firm.
Swiggy had in June entered the elite Unicorn club after raising $210 million from a group of investors
Yuri Milner is focussing on on consumer-driven Internet start-ups.
IPO-bound mobility platform Ola, said it has successfully raised $500 million via a Term Loan B (TLB) from marquee international institutional investors. This term loan has no impact on the valuation of Bhavish Aggarwal-led Ola. The Bengaluru-based firm recently raised $139 million. This is part of a $1 billion funding round for which the company is in talks with investors, increasing its valuation to about $7.5 billion, according to the sources.
Shravin Mittal's venture capital firm, Unbound Advisors, has made investments worth over $500 million so far
The pandemic has confined students across all ages to home and digital education is the only way to continue learning.
Cab-hailing service Ola is on the fast track on the back of a $500 million funding.
An industry source said the funding was part of an overall $500 million the company is planning to raise, which will value Ola at around $5 billion.
Russian firms expand their footprint in India. And take bigger steps to do business with India's private sector.
$47.6 bn capital invested across 921 deals in India in 2020, despite pandemic.
So Swiggy offered 35,056 varieties of biryani to its users, says Peerzada Abrar.
The company did not disclose its new holding pattern.
How much do you know Russian billionaire Yuri Milner, who has invested $ 100 million in a project to find extra-terrestrial life?
Xioami, currently the world's third-largest smartphone maker, is now planning to raise about $1.5 billion in its fifth round of financing, media reports said.
Investors spent much of 2016 cleaning house. And a VC tells Ranju Sarkar, "There's still some bad news left in the portfolios (of VC firms). What happens to Ola and Flipkart will drive sentiment in future."
Swiggy is shoring up capital to defend its position as India's largest food-ordering app as rivals Zomato and FoodPanda focus on growth after receiving funds
With Nikesh Arora's exit from Softbank, India's start-ups have lost one of its biggest supporters.
With razor-sharp focus on deliveries and customer experience, powered by strong in-house technology built ground-up, Swiggy is emerging as the food ordering platform of choice.
App-based taxi aggregator Ola is in talks to raise fresh funding of up to $400 million.
Amazon has emerged a competition for posterboy of Indian e-commerce Flipkart.
At that time, co-founders Sachin Bansal and Binny Bansal had made a public announcement at a Bengaluru hotel, about a $1-billion fund raising, largest so far in the Indian e-commerce sector. A day later, Amazon issued a statement that it was investing $2 billion in India.
The development comes close on the heels of Uber planning to invest substantial part of $3.5 bn Saudi money in India.
Currently the average expected time of arrival for Ola vehicles is five minutes.
Snapdeal had appointed merchant bankers for listing on an American stock exchange
Uber started its business three years ago in India and is now operating in over 20 cities with thousands of cab drivers.
Enforcement Directorate sources tell Vicky Nanjappa/Rediff.com that the probe into FDI received by Flipkart continues and a show cause notice will be issued to the online retailer.
It quickly went from being a darling of investors to a liability
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