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Groww nears 13 Mn active users in November, INDmoney overtakes Paytm Money

EntrackrEntrackr · 8m ago
Groww nears 13 Mn active users in November, INDmoney overtakes Paytm Money
Medial

Bengaluru-based fintech unicorn Groww continues to dominate the Indian stockbroking space, expanding its lead over competitors by achieving a milestone of 12.88 million active clients in November 2024. This translates to a commanding 26.35% market share, according to the latest data from the National Stock Exchange (NSE). Groww added 2,82,577 new users in November alone. The Lalit Keshre-led company surpassed Zerodha in October last year and has maintained its leading position ever since. Zerodha retained its second position with 8.12 million active users, accounting for 16.62% of the market share. Angel One, ranked third, has 7.63 million active clients and a 15.61% market share, closely following Zerodha. Angel One's consistent growth suggests it could potentially challenge Zerodha’s position in the near future. Upstox, the fourth-largest broker, had 2.87 million active users in November with 5.88% of the market. ICICI Direct secured the fifth spot with 1.94 million users and a 3.97% market share. Key performers in the top 10 include Kotak Securities with 1.48 million active users (3.03% market share), HDFC Securities with 1.38 million active users (2.81% market share), Motilal Oswal with 1.02 million active users (2.08% market share), SBI Securities with 0.98 million active users (2.01% market share), and Dhan with 0.89 million active users (1.83% market share). Outpacing Paytm Money and Sharekhan, INDmoney captured the 11th spot, with 7,32,437 users (1.50% market share). Paytm Money and Sharekhan are next with 7,15,020 and 7,07,984 users, respectively. Mirae Asset, 5paisa, and IIFL Securities are also among the top 15. Notable players such as PhonePe’s Share.Market and FYERS, are contributing to the vibrant competition in the space. The combined market share of the top three brokers—Groww, Zerodha, and Angel One—stands at over 58.58%. Traditional players like ICICI Direct, Kotak Securities, and HDFC Securities continue to hold ground against discount brokers.

M2P Fintech raises over $100 Mn in primary and secondary funding

EntrackrEntrackr · 11m ago
M2P Fintech raises over $100 Mn in primary and secondary funding
Medial

Application programming interface (API) infrastructure platform M2P Fintech has raised Rs 850 crore (around $101.8 million) through a primary and secondary financing round led by Helios Investment Partners. The Series D round also saw participation from marquee banks across Asia, with existing investor Flourish Ventures doubling down on their investment in the company. Of the total amount, $70 million came from primary investment, while the remaining was raised through secondary transactions. According to the company, this round has brought its valuation to Rs 6,550 crore (approximately $790 million). Entrackr was first to report about the M2P Fintech’s new fundraise, providing a detailed break-up and crucial insights including valuation. The funds will be utilized to cement M2P’s market leadership in India, besides helping grow its international franchise, particularly in Africa, the company said in a press release. Africa now stands as M2P’s next major growth frontier, presenting vast potential due to the continent’s rapidly evolving financial ecosystem. M2P Fintech provides API infrastructure that enables businesses to offer their own branded financial services through partnerships with fintech companies, ensuring regulatory compliance. Operating in over 30 markets, including Asia Pacific, MENA, and Oceania regions, M2P Fintech powers more than 200 banks and 300 lenders. The firm aims to deliver “Bank in a Box” solutions alongside digital payments, credit card issuance, and other financial services customized to meet the unique demands of local markets, the release added. While M2P has yet to disclose FY24 results, its operating revenue surged 2.26X to Rs 440.7 crore up from Rs 194.74 crore in FY22. However, its losses also increased 3.35X, amounting to Rs 134.26 crore in FY23. Helios Investment Partners, the lead investor, is a private investment firm focused on Africa, managing over $3 billion in assets. The firm is led and managed by an African team with offices in London, Lagos, and other locations. The investment firm has invested in M2P through an investment vehicle called Taj Investment Holdings.

Funding and acquisitions in Indian startup this week [01 - 06 July]

EntrackrEntrackr · 1y ago
Funding and acquisitions in Indian startup this week [01 - 06 July]
Medial

This week, 24 Indian startups raised around $270.3 million in funding. These deals count 4 growth-stage deals and 20 early-stage deals. In the previous week, over 25 early and growth-stage startups cumulatively raised more than $211 million in funds. [Growth-stage deals] Among the growth-stage deals, 4 startups raised $234.2 million in funding this week. E-commerce company Purplle topped with its $120 million Series F round. Hospitality firm OYO, EV startup Matter and agritech brand Arya.ag followed with $50 million, $35 million and $29.2 million funding respectively. [Early-stage deals] Moreover, 20 early-stage startups secured funding worth $36.13 million during the week. D2C brand Comet spearheaded the list followed by health startup Watch Your Health, fintech startup Dice, logistics tech firm Ripplr, and media & entertainment startup Pepul. Automotive tech Bike Bazaar, SaaS startup Wify, and logistics firm Lobb also raised funding among others. For more information, visit TheKredible. [City and segment-wise deals] In terms of the city-wise number of funding deals, Bengaluru-based startups led with seven deals followed by Delhi-NCR, Mumbai, Pune and Ahmedabad among others. Segment-wise, e-commerce startups grabbed the top spot with four deals. Healthtech, proptech, agritech and logistics startups followed this list. [Series-wise deals] During the week, Seed funding deals led the list with 5 deals followed by 4 Series A and pre-Series A deals. Pre-seed and debt funding also saw 3 deals and 2 deals respectively. [Week-on-week funding trend] On a weekly basis, startup funding slipped 76.73% to $211 million as compared to around $906 million raised during the previous week. The average funding in the last eight weeks stands at around $404 million with 28 deals per week. [Fund launches] Japanese automaker Suzuki is diving into Indian social impact investing with Next Bharat Ventures. This Rs 340 crore fund targets early-stage startups tackling challenges in rural areas and the informal economy. Focusing on sectors like agriculture tech and financial inclusion, Next Bharat Ventures will invest Rs 1 crore to Rs 8 crore per startup, aiming to support up to 20 ventures annually over the next few years. [Key hirings] Here’s a summary of the key hirings and departures: Among key hirings, Mandar Vaidya, formerly of OYO, took the helm as CEO at Cloudphysician. The investment world welcomed Ajay Mittal to ValuAble as a General Partner and Investment Manager, transitioning from Ascent Capital. Paytm saw a shift with Swati Rustagi taking on a Vice President role at Adobe. Pickrr bolstered their product team with Kunal Bariwal joining as Lead Product at CaptainBiz. Finally, Softbank appointed Lydia Jett as an Independent Director for Flipkart. [M&A] Indian crypto exchange CoinDCX has fully acquired BitOasis, a Middle Eastern virtual asset platform. Both teams will merge, with BitOasis retaining its brand. In the HR tech space, US-Indian platform Phenom gobbled up Tydy, a human resources tech firm, in its fifth acquisition. While Nodwin Gaming, the esports arm of Nazara Technologies, is acquiring German esports agency Freaks 4U Gaming in a two-part share swap deal worth Rs 271 crore, solidifying their position in the esports market. [Layoffs and shutdowns] Edtech giant Unacademy has laid off 250 employees in a restructuring effort aimed at streamlining operations and boosting efficiency. The company seeks to achieve sustainable growth and profitability. While the exact number of impacted employees is undisclosed, Unacademy assures support for those affected during this transition. Koo, the Indian microblogging platform that focused on local languages, is shutting down. Founder Apramyea Radhakrishna announced the closure on LinkedIn, stating they couldn’t find a buyer. Radhakrishna expressed his vision for a local language platform in India but acknowledged the high costs of running a social media app. [Potential deals] Bengaluru-based logistics and distribution platform Ripplr is close to securing Rs 40 crore (around $4.7 million) in debt financing from Northern Arc. Meanwhile, B2B sweets supplier Scandalous Foods, backed by investors like Anthill Angel Fund and EvolveX, is reportedly seeking fresh capital to fuel its growth. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [New launches] Zomato stops Xtreme delivery service; relaunches intercity food delivery [Financial results this week] Ixigo posts Rs 656 Cr revenue and Rs 73 Cr PAT in FY24 Mylab’s op revenue nosedives to under Rs 100 Cr in FY23, slips into losses NoBroker in FY23: Op revenue grows 87% to Rs 609 Cr; losses up by 64% Akumentis’ income crosses Rs 400 Cr in FY24; posts Rs 57 Cr profit [News flash this week] DPIIT recommends removal of angel tax; Finance Ministry to take final call Zerodha set to stop zero brokerage model after SEBI’s new circular SoftBank-backed FirstCry, Unicommerce get SEBI approval for IPO Zomato receives Rs 9.5 Cr demand notice from GST Swiggy’s two-punch for users: Eatlists and UPI Payments on the Menu Karnataka cracks down on illegal bike taxis after driver protests Delhivery’s drone dream takes flight with MCA nod [Conclusion] After a sudden spike in the weekly funding last week, the startups saw a nearly 77% drop in funding to $211 million this week. Only fund startup-focused fund launched this week namely BizDateUp. The Commerce Ministry has proposed removing the “angel tax” on startups in India. This tax, currently at 30%, is levied on investments exceeding the fair market value of the startup. Many argue the angel tax stifles startup growth and innovation. The government implemented it in 2012 to combat money laundering, but its effectiveness is debated. While DPIIT-registered startups were exempted last year, many still received tax notices. The Commerce Ministry’s recommendation is a positive step for startups, but the final decision lies with the Finance Ministry. SoftBank-backed startups FirstCry and Unicommerce received approval from SEBI to launch their initial public offerings (IPOs). FirstCry, a kids’ retailer, initially filed its IPO application in December 2023 but faced delays due to SEBI requesting more financial data (beyond Q1 FY24). Unicommerce, an e-commerce software company, filed its IPO application in January 2024 and will only offer existing shares for sale, with no new issuance of shares. Food delivery giant Zomato recently shut down its intra-city logistics service “Xtreme” due to a lack of customer demand. Meanwhile, Zomato’s woes deepened with another Goods and Services Tax (GST) demand notice of Rs 9.45 crore from Karnataka authorities. This adds to previous notices exceeding Rs 585 crore, all stemming from a dispute over GST on delivery charges. Zomato argues they only collect these charges on behalf of partner restaurants and shouldn’t be liable for GST. In a separate move, Zomato is relaunching its intercity food delivery service “Legends.” IPO-bound Swiggy is piloting new features. The first feature “Eatlists” allows users to create and share curated lists of their favorite dishes within the app, similar to creating music playlists. Secondly, Swiggy is testing a new in-app UPI payment system developed in collaboration with Yes Bank and Juspay.

IPO Prep: Swiggy paints a healthy financial picture in first 9 months of FY24

EntrackrEntrackr · 1y ago
IPO Prep: Swiggy paints a healthy financial picture in first 9 months of FY24
Medial

A decade after launching, foodtech and quick commerce decacorn Swiggy is eyeing a public listing this year and is leaving no stone unturned to present a healthy financial picture. The company seems to be achieving a steady 25-30% year-on-year growth in the ongoing fiscal year (FY24). During the first nine months of FY24, IPO-bound Swiggy’s revenue from operations was Rs 5,476 crore, according to a document drafted by an investment banker on behalf of Swiggy. While the company reported Rs 8,265 crore in revenue in FY23, the document revealed it did a collection of Rs 6,623 crore in the last fiscal year, it appears Swiggy changed its revenue recognition method. Within this, the food delivery business constituted 82.65% of the total operating revenue, amounting to Rs 4,526 crore. The remaining income came from Swiggy Instamart, the firm’s quick commerce vertical. Sources indicate that the company is exploring a secondary market deal as it wants to offer exits to its early as well as late-stage backers. “Swiggy is likely to go for an IPO in the second half of this year and the secondary transaction appears to be an attempt to spruce up its cap table,” said one of the sources requesting anonymity. Sources outline that Swiggy will be seeking its last primary valuation in the potential secondary transaction. “The company closed Rs 384 crore from Ramco Group in August at a valuation of Rs 73,520 crore [$8.85 billion],” mentioned the document, cited above. Just months after this funding, US-based assets manager Baron Capital Group marked up the valuation of Swiggy to $12.1 billion. It’s worth noting that Swiggy acquired Lynk Logistics around the same time (August 2023) and the above transaction might be linked to it. Queries sent to Swiggy didn’t elicit any response. The document further stated that during the first nine months of FY24, Swiggy’s gross order value (GOV) stood at Rs 24,230 crore, with food delivery comprising a substantial 76.2%, equivalent to Rs 18,472 crore. The remaining GOV is attributed to Instamart. With a sharp focus on profitability, the Bengaluru-based company has significantly improved its EBITDA margins which registered at -1.9% and -109.5% for the food delivery biz and Instamart, respectively during the nine-month period. These figures stood at -17.5% and -259% in FY23. Swiggy’s cost-cutting measures and IPO preparations have been evident. In January, Entrackr reported that Swiggy was planning to lay off 6% of their workforce to trim expenses. In February month, the company changed its registered name from Bundl to Swiggy and recently shortlisted seven bankers including Kotak Mahindra and JP Morgan. “Swiggy will file papers for IPO by May and ultimately go IPO around the festive season. The company will seek valuation in the range of $12-15 billion,” said another source who also requested anonymity. This person also said that the firm may give a discount in valuation as far as secondary transaction is concerned. The timing seems good, with closest peer Zomato doing well since its listing to approach a $20 billion valuation this week. Even after factoring in the lead for Zomato in topline, a $12 billion valuation or even higher should not be out of reach for Swiggy after it files its FY24 financials. However, it is clear that factors like market dynamics at the time of the IPO, the share of offer for sale versus funds for the firm, or the plans of Big Basket or even Zepto will likely impact perceptions on future profitability. Even as Zomato has achieved operational profitability, Swiggy was some way off when it last announced numbers, and that red ink is bound to weigh heavily on its price unless a turnaround is visible and sustained.

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