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Enterprise browser Island receives capital at $3 billion value

Economic Times

Economic Times · 1y ago

Enterprise browser Island receives capital at $3 billion value

Secure internet browser startup Island has raised $175 million in funding, led by existing investor Sequoia Capital and new investor Coatue. This new funding round values the company at $3 billion, doubling its previous valuation of $1.5 billion. Island aims to address security challenges faced by businesses as they shift to the cloud and have more employees working remotely. The funds will be used for international expansion and potential acquisitions, and Sequoia's partner expects the company to eventually go public. Island has already raised a total of $487 million to date.

Related News

Norwest Closes 17th Fund At $3 Bn

Inc42 · 1y ago

Norwest Closes 17th Fund At $3 Bn

Norwest Venture Partners has closed its 17th fund at $3 billion, which will be used to invest in startups across sectors such as enterprise tech, consumer, and healthcare in India, Israel, and the US. The firm has backed 43 Indian companies since 2009, including Amagi, Mensa Brands, Swiggy, and Xpressbees. Nikhil Kookada and Ankit Prasad have been promoted to principals at Norwest's India arm. The fund follows the $3 billion Norwest Venture Partners XVI fund raised in 2021. Norwest has invested in over 700 companies and manages more than $15.5 billion in capital.

Grapevine: Three firms make cut for O2 Power; co-working platforms eye IPOs

VCCircle

VCCircle · 11m ago

Grapevine: Three firms make cut for O2 Power; co-working platforms eye IPOs

Three firms, I Squared Capital, JSW Neo Energy, and Macquarie Group, have made the shortlist to submit binding bids for the acquisition of renewable energy platform O2 Power. The deal, which could value the equity at $1 billion and enterprise at $2.3 billion, is expected to attract significant interest. In other news, co-working platforms are eyeing initial public offerings (IPOs) as demand for flexible working spaces continues to grow.

How the returns stack up for NIIF, BII and Eversource in exit from energy firm

VCCircle

VCCircle · 5m ago

How the returns stack up for NIIF, BII and Eversource in exit from energy firm

A joint venture between Oil & Natural Gas Corp and NTPC Green Energy Ltd acquired Ayana Renewable Power Pvt. Ltd at an enterprise value of Rs 19,500 crore ($2.3 billion). The acquisition involved taking on the company's debt, highlighting a strategic move to expand in the renewable energy sector. The exit of Ayana's three shareholders, including NIIF, BII, and Eversource, reflects a significant financial decision, although specifics beyond enterprise value weren't disclosed.

IPO-bound AI company Fractal bags $170 million at $2.44 billion valuation - The Economic Times

Economic Times

Economic Times · 1m ago

IPO-bound AI company Fractal bags $170 million at $2.44 billion valuation - The Economic Times

Fractal Analytics, an AI analytics firm, raised $170 million, valuing it at $2.44 billion. This includes a 6% equity secondary sale by Apax Partners, with new investors like Trust Investment Advisors and White Oak Capital participating. The company plans a $400-$500 million IPO to potentially value it at $3 billion. Founded in 2000, Fractal operates in AI and machine learning, primarily serving the U.S. market, and intends to expand its generative AI services.

Meesho picks MS, Kotak & Citi for $1 billion IPO; aims at $10 billion valuation

Business Today

Business Today · 5m ago

Meesho picks MS, Kotak & Citi for $1 billion IPO; aims at $10 billion valuation

Meesho is gearing up for a $1 billion IPO, aspiring for a $10 billion valuation, with Morgan Stanley, Kotak Mahindra Capital, and Citi leading the process. The listing is anticipated by Diwali. Competing with Walmart’s Flipkart and Amazon, Meesho targets value-conscious users in Tier 3 regions. Previously valued at $3.9 billion, it’s supported by SoftBank. Comparatively, PhysicsWallah, Ather Energy, and Lenskart aim for higher valuations, unlike MobiKwik, Ola Electric, and Brainbees Solutions.

Fidelity cuts fair value of Meesho, Pine Labs

Economic Times

Economic Times · 1y ago

Fidelity cuts fair value of Meesho, Pine Labs

Fidelity's funds have lowered the valuations of Indian e-commerce marketplace Meesho and fintech company Pine Labs, according to filings with the US Securities and Exchange Commission. Meesho's fair value was reduced to around $4.1 billion from $5 billion in August, while Pine Labs' fair value was decreased to $3 billion from $4.7 billion. Investors often revise valuations based on changes in public market counterparts. Meesho's early investors and angel investors are reportedly looking to sell their stake at a valuation of $3-3.5 billion. Both companies saw narrowed losses and increased revenues for FY2023.

I Squared, JSW Neo and Macquarie shortlisted to buy O2 Power in $1-billion deal

Livemint

Livemint · 11m ago

I Squared, JSW Neo and Macquarie shortlisted to buy O2 Power in $1-billion deal

Private equity firm I Squared Capital, JSW Neo Energy (a subsidiary of JSW Group), and Macquarie Group have been shortlisted to submit bids for the acquisition of renewable energy platform O2 Power. The deal, which could value O2 Power at $1 billion in equity and $2.3 billion in enterprise, is one of the largest green energy transactions in India. Stonepeak is also in talks to participate in the bidding process. The selected bidders will have full access to the data room before submitting their final offers by October 19th.

Former Alpha Wave exec aims to take on Google Chrome with new venture

VCCircle

VCCircle · 1y ago

Former Alpha Wave exec aims to take on Google Chrome with new venture

Arjun Ghose, a former executive at venture capital firm Alpha Wave Global, has started his own startup called Veera to challenge Google Chrome. Veera is a mobile browser that aims to bring desktop browser features to smartphones. Ghose's venture is in direct competition with the popular web browser, Google Chrome.

Hyundai Motor India expected to file draft IPO papers with Sebi today

Livemint

Livemint · 1y ago

Hyundai Motor India expected to file draft IPO papers with Sebi today

Hyundai Motor India Ltd. is expected to file draft papers for its initial public offering (IPO) by Friday, which could potentially be the biggest share sale in the country. The IPO, initially estimated at $3-3.5 billion, is now expected to be closer to $2.5-3 billion. Hyundai aims to provide potential investors with its growth strategy and plans for product development and market expansion. This IPO is crucial for Hyundai as it aims to compete against established automotive giants and enhance its market value. Additionally, the IPO will generate capital for shareholder returns and set a precedent for other Korean companies seeking international listings.

Torrent Gas to consider $450 million IPO in Mumbai: Reports

Economic Times

Economic Times · 28d ago

Torrent Gas to consider $450 million IPO in Mumbai: Reports

India’s Torrent Gas Ltd. is planning an initial public offering (IPO) in Mumbai, potentially raising about $450 million. The city gas distribution unit of Torrent Group has invited investment banks to pitch for roles in the share sale. The possible IPO could value Torrent Gas at around $3 billion, with proceeds likely used for capital expenditure and debt reduction. Details are still being discussed, and the plan may evolve depending on market conditions.

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