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Gainers & losers: Stocks and sectors that moved the most on October 7

Money ControlMoney Control · 9m ago
Gainers & losers: Stocks and sectors that moved the most on October 7
Medial

1. Nifty 50 and Sensex ended in the red for the sixth consecutive session. 2. Natco Pharma's stock rose 3.4% after settling a US patent case over generic Ozempic products. 3. AU Small Finance Bank reported healthy loan and deposit growth, resulting in a 1.7% increase in its stock. 4. NBCC's stock jumped 3% on the ex-bonus trading day, following the announcement of a 1:2 bonus issue. 5. JP Morgan upgraded LTIMindtree to 'overweight', with a 13% upside potential. 6. Mphasis also received an upgrade from JP Morgan, with a target price indicating a 19% upside. 7. Reliance Power's stock continued to decline, hitting the lower circuit for the third consecutive session. 8. Suzlon Energy extended its losses for the eighth straight session following an advisory letter from stock exchanges. 9. Vodafone Idea's shares dropped 6% after the DoT issued a notice for non-payment of bank guarantees. 10. Kalyan Jewellers' stock fell around 1% as investors booked profits after strong Q2 business updates.

Stock Radar: Dr Reddys, Mankind, Adani Total Gas, Aarti Drugs, BHEL, HFCL, Vodafone in focus on Monday

Money ControlMoney Control · 9m ago
Stock Radar: Dr Reddys, Mankind, Adani Total Gas, Aarti Drugs, BHEL, HFCL, Vodafone in focus on Monday
Medial

Here are some stocks to watch in today's trade: 1. HFCL has entered into a strategic partnership with General Atomics Aeronautical Systems, Inc. 2. Dreamfolks Services is addressing temporary disruptions in its services. 3. Sterling and Wilson Renewable Energy's CFO, Bahadur Dastoor, has resigned. 4. Ugro Capital has postponed its board meeting to September 24. 5. Vodafone Idea has concluded a $3.6 billion deal with Nokia, Ericsson, and Samsung. 6. ONGC Videsh has signed a non-associated gas deal in Azerbaijan. 7. Glenmark Pharmaceuticals' manufacturing facility passes USFDA inspection with no observations. 8. Ramco Cements has increased its cement grinding capacity. 9. Dr Reddy's Laboratories' R&D centre passes USFDA inspection with no observations. 10. HDFC Bank's subsidiary, HDB Financial Services, receives board approval for an IPO. 11. Bharat Forge and its subsidiaries enter share subscription agreements with Sunsure Energy. 12. Adani Total Gas secures financing from international lenders. 13. VA Tech Wabag received investment from Vanguard Total International Stock Index Fund. Please note that this is just a summary and does not constitute financial advice.

Gensol’s crisis: stock slump, ICRA downgrade, and BluSmart link

EntrackrEntrackr · 4m ago
Gensol’s crisis: stock slump, ICRA downgrade, and BluSmart link
Medial

A downgrade by ratings agency ICRA has sent the Gensol Engineering stock on a tailspin, with the stock falling over 40% in the past four days. Gensol Engineering, an Ahmedabad-based company engaged in solar EPC and EV leasing, had been a well-regarded firm in the sector, known for its solar EPC and O&M business. They have claimed that an electric car it developed and shared a prototype of at the recent Bharat Mobility Expo received over 30,000 pre-bookings. The promoters of Gensol also happen to be founders of BluSmart. Even in its Q3 results, the firm declared that total revenues increased 30% to Rs 345 crore from Rs 266 crore a year ago. However, a drop in profit after tax to Rs 6 crore versus Rs 17 crore a year back led to pressure on the stock price. The turmoil began when ICRA downgraded Gensol’s credit rating from BBB- (Stable) to D (Junk/Default), raising concerns over the company’s debt servicing and corporate governance practices. The rating agency claimed that documents shared by Gensol regarding its debt servicing were falsified, casting doubts on the company’s liquidity position. Additionally, ICRA highlighted a rise in the promoter’s pledge, which increased from 79.8% in September 2024 to 85.5% in February 2025. ICRA also noted BluSmart’s financial struggles, including delayed payments on its Non-Convertible Debentures (NCDs). Gensol’s promoters planned an equity infusion of Rs 244 crore in FY25 through preferential share warrants, of which Rs 140 crore has been invested. The remaining Rs 100 crore funding has been delayed by about a year. In response to the crisis, Gensol announced plans to reduce its debt by Rs 665 crore, comprising Rs 315 crore from the sale of approximately 3,000 EVs and Rs 350 crore from selling US operations of a wholly-owned subsidiary, Scorpius Trackers. The company’s current debt stands at Rs 1,146 crore after repaying approximately Rs 230 crore in the current financial year. Chairman and Managing Director Anmol Singh Jaggi appeared on business news channels after the credit downgrade, reassuring stakeholders of Gensol’s growth plans and expressing confidence in restoring its credit rating within three months. Meanwhile, the company faced leadership changes with CFO Ankit Jain resigning and Jabir Aga being reappointed. The turmoil places recent project wins, such as 520 MW in two separate projects at Khavda and a total of 500 MW of BESS projects from GUVNL, in the spotlight. Failure to resolve financial troubles could lead to project cancellations. With ratings at Default, Gensol currently cannot access financial institutions and must achieve an upgrade to start tapping funding lines.

Funding and acquisitions in Indian startups this week [20-25 May]

EntrackrEntrackr · 1y ago
Funding and acquisitions in Indian startups this week [20-25 May]
Medial

During the week, 24 Indian startups raised around $444 million in funding. These deals include 5 growth-stage deals and 14 early-stage deals. Meanwhile, two early-stage startups did not disclose the amount raised. Last week, about 26 early and growth-stage startups collectively raised around $240 million capital. [Growth-stage deals] Among the growth-stage deals, 5 startups raised $394.21 million in funding this week. Horizontal e-commerce major Flipkart led the list with $350 million infusion by Google. The list followed by financial services platform Navi which scooped $18 million in debt. Managed accommodation provider Stanza Living, rural financial services company Save Solution, and NBFC operating in remote rural parts, Dvara KGFS, also raised funding during the week. [Early-stage deals] Subsequently, 14 early-stage startups scooped funding worth $49.6 million during the week. SaaS startup UnifyApps spearheaded the list followed by solar energy platform Soleos Solar Energy, NBFC Varthana, and producer of high-quality Single-Walled Carbon Nanotubes (SWCNTs) NoPo Nanotechnologies. The list of early-stage startups also includes five startups that kept the funding amount undisclosed: Collective Artists Network, 8chili, Agrilectric, Fix My Curls, and Infinx. 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 14 deals followed by Delhi-NCR, Mumbai, Hyderabad, Ahmedabad, Ludhiana, and Chennai. Segment-wise, e-commerce and fintech startups grabbed the top spot with five deals each followed by healthtech startups. The list further counts Agritech, AI, Biotech and Décor startups among others. [Series-wise deals] During the week, Seed funding deals led the list with 7 deals followed by 6 Series A deals while Debt, Pre-Series A, and Pre-Seed are next on the list among others. [Week-on-week funding trend] On a weekly basis, startup funding surged 85% to $444 million as compared to around $239.7 million raised during the previous week. The average funding in the last eight weeks stands at around $262 million with 27 deals per week. [Key hirings and departure] Among key hirings, Mathew George has been appointed as CFO by Captain Fresh, CarDekho appointed Neelesh Talathi as CFO, while Anuj Rathi and Pratyusha Aggarwal have been appointed as the CEOs by ClearTrip and Flipkart’s Shopsy, respectively. Meanwhile, Rahul Chaudhary, Investor of Matrix Partners, has resigned from his position to start his own venture. Additionally, Rajnish Kumar and T V Mohan Das Pai are set to leave the advisory council of BYJU’s. [Fund launches] IVY Growth Associates has launched Arigato Capital, a SEBI-registered Category I AIF VC fund, targeting a corpus of Rs 250 crore. Finvolve has closed two maiden angel funds with a total corpus of Rs 100 crore, aiming to back 25-35 startups with an average investment of Rs25 lakh per startup. ThinKuvate has launched ThinKuvate India Fund – I with a total corpus of Rs 100 crore, focusing on tech startups with an initial investment of up to Rs 3 crore per startup. Databricks Ventures has launched Databricks AI Fund, focusing on AI startups. Caret Capital has launched Caret360 Accelerator Programme, offering selected startups up to Rs 3 crore in investment and mentoring. [M&A] CashFlo, a finance automation and payments platform, is set to acquire LogiTax, a tax compliance management solution provider. Meanwhile, Noise, backed by Bose, has acquired SocialBoat to develop AI for wearables. [ESOPs] Urban Company has announced its largest employee stock secondary sale worth Rs 203 crore, with 446 employees participating. The beneficiaries are between 23 and 56 years old, with 28% being women. Dharana Capital, Vy Capital, and Prosus will purchase these shares from former and current staff. This sale allows employees to liquidate their vested stocks, with around 784 employees having participated in five buybacks, liquidating ESOPs worth Rs 306 crore. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [New launches] Upstox forays into insurance distribution [Financial results this week] MamEarth-parent Honasa posts Rs 1,920 Cr revenue, Rs 110 Cr PAT in FY24 Nykaa posts Rs 6,386 Cr revenue and Rs 40 Cr PAT in FY24 Paytm revenue grows 25% and nears Rs 10,000 Cr in FY24 Tracxn posts flat scale in FY24; profit declines 80% [News flash this week] Ixigo gets SEBI nod for IPO; Oyo withdraws listing plans Pine Labs receives Singapore Court nod to shift base to India Go Digit makes entry into public market at 5% premium MamaEarth’s parent Honasa is the top ad violator of FY24 Dunzo’s key investor, Lightbox steps down from the board Paytm to halt postpaid loans, pauses small personal loans biz [Conclusion] The weekly funding surged 85% to $444 million majorly driven by Flipkart’s $350 million funding in its ongoing $1 billion fundraise. The week saw five new fund launches namely IVY Growth, Finvolve, ThinKuvate, Databricks Ventures, and Caret Capital. Paytm has announced a pause on its small personal loans business, including its Postpaid portfolio, due to a decline in asset quality across the industry. Paytm Postpaid, initially a buy-now-pay-later product, was transitioned to personal loans in December 2023. Dunzo’s key investor, Lightbox, has stepped down from its board seat amid ongoing financial struggles. Lightbox was the third-largest shareholder in the company with 11% stake. The move leaves Dunzo without representation from any primary investors. Previous board exits in 2023 included representatives from Reliance Retail, Lightrock, and co-founders Dalvir Suri and Mukund Jha. The current board consists of cofounder and CEO Kabeer Biswas and STIC Investments’ Hongjim Kim. According to the Advertising Standards Council of India’s annual report for FY24, MamaEarth parent Honasa has emerged as the biggest advertising violator with 187 instances. Honasa’s other brands, including Dr. Sheth’s Skin and Hair Clinic, Aqualogica, The Derma Co., and Ayuga, also made the list. Other notable violators include unicorns like 1 MG’s HealthKart, FirstCry, Lenskart, Flipkart, and Myntra, as well as listed companies such as Nykaa, Zomato, Zoomcar, Netflix India, and Apple India. Le Travenues Technology Limited, operator of ixigo, has received SEBI approval for its IPO, aiming to raise Rs 120 crore through fresh issues and offering up to 66.7 million shares for sale. Go Digit received a modest market debut. The insurance tech company’s shares were listed at Rs 286 per share on NSE, a 5.1% premium over the issue price of INR 272. Meanwhile, Oyo withdrew its IPO plans and is now seeking $80-90 million funding at an 80% haircut in valuation. Additionally, Pine Labs has received approval from a Singapore court to move its domicile to India.

Funding and acquisitions in Indian startup this week [08 - 13 July]

EntrackrEntrackr · 1y ago
Funding and acquisitions in Indian startup this week [08 - 13 July]
Medial

This week, as many as 22 Indian startups raised around $116.26 million in funding. These deals count 4 growth-stage deals and 16 early-stage deals while 2 early-stage startups kept the transaction details undisclosed. During the previous week, 24 early and growth-stage startups cumulatively raised more than $270 million in funding. [Growth-stage deals] Among the growth-stage deals, 4 startups raised $80 million in funding this week. Wealthtech platform Dezerv spearheaded with its $32 million Series B round. E-commerce roll-up brand Goat Brand Labs, B2B e-commerce firm Infra.Market, and higher education services platform CollegeDekho followed with $21 million, $18 million, and $9 million in funding, respectively. [Early-stage deals] Moreover, 16 early-stage startups secured funding worth $36.26 million during the week. Biotech brand Immuneel Therapeutics led the list followed by semiconductor startup iVP Semi, Marathi OTT platform Planet Marathi OTT, consumer electronics manufacturer Circuit House Technologies, and healthcare-focused fintech startup Care.fi. QSR chain House of Briyan, online real-estate broker Jugyah, and electronics renewal and refurbishment startup QarmaTek 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 Mumbai, Delhi-NCR, Ahmedabad, Thane, Chennai, and Ankleshwar among others. Segment-wise, e-commerce startups grabbed the top spot with three deals. Fintech, SaaS, AI, and Automotive tech startups followed this list among others. [Series-wise deals] During the week, Seed funding deals led the list with 10 deals followed by 3 debt and 3 Series A deals. Pre-Seed, pre-Series A, and Series B are next on the list. [Week-on-week funding trend] On a weekly basis, startup funding declined 57% to $116.26 million as compared to around $270.3 million raised during the previous week. The average funding in the last eight weeks stands at around $381.54 million with 28 deals per week. [Fund launches] Anicut Capital announced the close of its maiden late-stage Equity Continuum fund at Rs 300 crore, aimed at supporting high-potential companies preparing for IPOs within the next 2-4 years. Former Premji Invest partner Atul Gupta, along with Rajesh Ramaiah and Pravan Malhotra, launched Trident Growth Partners (India) to invest in startups across various sectors such as consumer, financial services, enterprise software, technology, industrial, manufacturing, and healthcare. Additionally, former defense secretary Ajay Kumar introduced the MountTech Growth Fund, a Rs 250 crore fund targeting early-stage startups in the defense, aerospace, and deeptech sectors, which has secured SEBI approval and Rs 280 crore in subscriptions. Lastly, NABARD (NABVENTURES) launched the ‘Agri-SURE’ fund with an initial corpus of Rs 750 crore to support agritech startups, with contributions from NABARD, the Ministry of Agriculture, and other institutions. [Key hirings and departures] Zepto elevated Devendra Meel to Chief Business Officer, effective July 2024, to lead category management and brand partnerships. Petzzco appointed former cricketer Ravi Shastri as principal advisor and brand ambassador. Grip announced its expansion into fund management and portfolio management distribution services, with Founder Nikhil Agarwal transitioning to Group CEO to co-lead the EV management platform, Electrifi Mobility. Adrenalin eSystems appointed Sanjay Kamath as Senior Vice President and Business Head. In terms of departures, Medikabazaar’s cofounder Vivek Tiwari stepped down as CEO and took a board role, with the company undergoing a management restructuring and audit by PwC. Zoomcar’s global president Adarsh Menon resigned, following the termination of cofounder Greg Moran from the CEO position. [M&A] Google-backed edtech company Adda247 acquired the CA test preparation platform Ekagrata Eduserv. Fintech startup CASHe entered the insurance broking sector by acquiring Centcart Insurance Broking Services. Melooha acquired Bengaluru-based Munitalks to enhance its AI astrological offerings. Edtech platform Schoolnet acquired K-12 focused quiz-based learning app Genius Teacher in an all-stock deal. IT major Accenture acquired Bengaluru-based chip design startup Excelmax Technologies. Construction giant L&T is also acquiring a semiconductor design startup SiliConch Systems in exchange for Rs 183 crore. [Potential deals] Farm-to-fork firm Otipy is set to raise fresh capital in an extended series B round from new and existing investors. Generative AI startup Simplismart is preparing to raise a new round led by Accel. Despite the ‘funding winter’ in edtech, PhysicsWallah (PW) is close to securing a new large round. Goldman Sachs is reportedly looking to invest $30-50 Mn in Bengaluru-based SaaS provider MoEngage via a secondary deal. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [New launches] Vidyut launches offline platform for pre-owned commercial EV sales and financing Wow Skin Science forays into the cosmetic category with the launch of ‘Color Cupid’ [Financial results this week] Exotel crosses 400 Cr revenue in FY23; losses jump 2.5X Tata 1mg’s revenue nears Rs 2,000 Cr in FY24; losses down by 75% OfBusiness revenue nears Rs 20,000 Cr in FY24; profits crosses Rs 600 Cr [News flash this week] Blackbuck files DRHP; Accel to divest 24.2% of OFS Paytm received a nod from Govt. to invest Rs 50 Cr in Payment Services Menhood to raise Rs 19.5 Cr via IPO on NSE Emerge Invesco marks down valuations of IPO-bound Swiggy and Pine Labs [Conclusion] The weekly funding shrank nearly 57% to $116.26 million. This week saw four startup-focused fund launches by VC firms: Anicut Capital, Trident Growth Partners, MountTech Growth Fund, and NABVENTURES (Agri-SURE). Jaipur-based D2C men’s grooming brand Menhood is set to go public with an IPO on NSE Emerge, opening on July 16 and closing on July 19. The company, under its parent entity Macobs Technologies Limited, will issue 25,95,200 equity shares with a face value of Rs 10 each, priced between Rs 71-75 per share. At the upper end, Menhood aims to raise Rs 19.5 Cr. The IPO proceeds will fund the expansion of product offerings and enhance operational capabilities. In another significant development, Paytm has received approval from a government panel for its Rs 50 Cr investment in Paytm Payment Services. This clearance brings Paytm closer to obtaining the final approval from Finance Minister Nirmala Sitharaman. Once approved, Paytm will apply for an online payment aggregator license from the Reserve Bank of India. The panel, which includes representatives from the ministries of home, finance, and industries, as well as inputs from the foreign ministry, is responsible for reviewing investment proposals from neighboring countries. Meanwhile, US-based fund manager Invesco marked down the valuations of its portfolio startups, Swiggy and Pine Labs, at the end of April 2024. According to its half-yearly shareholder report filed with the SEC, Invesco valued its 1.77% stake in Swiggy at $219.2 million, translating to a $12.3 billion valuation for the foodtech company. This is a 3% decline from the previous $12.7 billion valuation but still 15% higher than the $10.7 billion valuation during Swiggy’s $700 million funding round in 2022. Meanwhile, Pine Labs was valued at $3.5 billion, down 8.5% from January 2024 and over 27% from December 2023. Online trucking platform Blackbuck has also filed its draft red herring prospectus (DRHP) with SEBI for an initial public offering (IPO). The firm aims to raise Rs 550 crore through a fresh issue of equity shares and an offer for sale (OFS) of up to 2,16,09,022 equity shares. Accel plans to divest 24.2% of the total OFS, equating to 52,32,632 shares, while Quickroutes International, International Finance Corporation, and Tiger Global will offload 3,973,898, 3,973,898, and 1,711,962 shares, respectively. The fresh issue and OFS will have a face value of Re 1, with the price band and minimum lot size to be determined in consultation with the book-running lead managers.

Indian startups raised $1.3 Bn in May, highest funding in 2024 so far

EntrackrEntrackr · 1y ago
Indian startups raised $1.3 Bn in May, highest funding in 2024 so far
Medial

Investments in Indian startups reached a new height in May as the total funding influx crossed the $1.3 billion threshold. The surge can be attributed to Google-Flipkart’s $350 million deal, a couple of $100 million plus rounds, and several growth stage fundings. Indian startups mopped up $1.34 billion across 128 deals in May, according to data compiled by startup data intelligence platform TheKredible. This included 39 growth-stage deals worth $1.19 billion and 66 early-stage deals amounting to $154 million. There were 23 undisclosed rounds, primarily early-stage deals. The Indian startup ecosystem produced its last unicorn in March with Perfios entering the coveted club. Moreover, the total number of new unicorns in the ongoing calendar year stood at two with Bhavish Aggawal-led AI startup Krutrim being the first one. [Month-on-Month and Year-on-Year trend] The funding in May saw a nearly 29% month-on-month jump from a little over $1 billion in April. On a year-on-year basis, May 2024 also saw a 32% jump from $1.01 billion in May 2023. Since January, homegrown startups have raised over $5.1 billion which is likely to reach $12 billion by the year end. In 2023, the total funding in startups stood at $11.3 billion. [Top growth stage deals] E-commerce marketplace Flipkart raised $350 million in equity funding from Google and stood at the top followed by SaaS firm Atlan’s $105 million Series C round and healthtech startup NephroPlus’s $102 million Series F round. D2C performance wear brand TechnoSport and fast fashion brand Libas raised their maiden fundraise (Series A) worth $21 million and $18 million, respectively. However, both brands are more than a decade old and they are included in growth/late-stage deals. The top 10 list also includes NBFC startup Annapurna Finance, B2B e-commerce unicorn Infra.Market, EV startups Battery Smart, GreenCell Mobility, and Ather Energy, edtech firm K12 Techno, and fintech company Propelld. [Top early-stage deals] Agritech startup Superplum which raised $15 million in Series A was on top among early-stage deals followed by UnifyApps which scooped up $11 million in seed funding. Soleos Solar Energy, Vegapay, Turno, DiFacto, Celcius Logistics, Flam, CoverSure, and Fyllo made it to the top 10 list of early-stage deals. [City and segment-wise deals] City-wise, Bengaluru-based startups remained on the top with 52 deals, contributing around 60% of the overall funding in May. Delhi-NCR and Mumbai followed with 33 and 14 deals, respectively. The list further counts Hyderabad, Chennai, Ahmedabad, and Kolkata, among others. Segment-wise, e-commerce startups (including D2C brands) led the show followed by fintech with 25 and 20 deals, respectively. SaaS, agritech, and healthtech were next on the list. Visit TheKredible for more details. [Stage-wise deals] Series-wise, 47 startups raised funding in the Seed and pre-seed round followed by 19 Series A deals, 19 Pre-Series A, and 11 Series B deals. Debt-only funding contributed $155 million or 11.6% of the overall venture funding across deals. [Mergers and acquisitions] Indian startups saw eight mergers and acquisitions in May, a slight slump from nearly a dozen deals in April. While most of the deals were undisclosed, the acquisition of Device42 by Freshworks in a $230 million deal stayed on top of the list. UGRO Capital took over MyShubhLife in a $5.3 million deal. The notable list of M&A also includes the acquisition of LogiTax by Cashflo, SocialBoat by Noise, CosmoGenesis Labs by MamaEarth, and Zenifi by BharatX. [Layoffs and top-level exits] Unlike the past couple of months, there was a sharp fall in layoffs in May. Edtech company PrepLadder and fintech startup Simpl fired 145 and 100 employees, respectively. In April, nearly 1,500 employees were laid off. However, the recent trend of AI implementation is likely to drive mass firings in the upcoming months. As per media reports, Paytm and Ola Electric may join the list with mass firings. The top-level departures continued in May as a couple of CEOs including Freshworks’ Girish Mathrubootham and Caasha’s Kumar Gaurav left their post in the last month. The list also includes CFO, and CBO, among others. [ESOP buyback] April saw two employees’ stock (ESOP) buybacks against three in April and four in March. Home service marketplace Urban Company announced its fifth and highest ESOP buyback of 2024 worth $24.4 million. In March, Meesho announced a stock buyback program worth $24 million. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [Conclusion] The strong revival in May might be attributed to a few large deals, but even these no doubt signal confidence in the market for many other investors, and serve as a good indicator of future direction in the market. Add to that possible delays from investors waiting for the election circus to be over, and it is safe to say, despite headwinds, the Indian startup ecosystem will look forward to a much better funds flow in the coming months.

Indian startups raise $1 Bn in July: Report

EntrackrEntrackr · 11m ago
Indian startups raise $1 Bn in July: Report
Medial

After closing the first half year on a promising note, Indian startups managed to cross the $1 billion monthly funding run rate in July too. Startups are also anticipating favorable market conditions with many set for their stock market debut in early August, be it Ola Electric or Infra.Market later in the year. Meanwhile, the Indian government has abolished angel tax which is seen as a positive for the entire ecosystem. As per data compiled by TheKredible, Indian startups raised over $1.03 billion across 126 deals in July. This consisted of 28 growth stage deals amounting to $725 million and 72 early stage deals worth $311.83 million. Meanwhile, there were 26 undisclosed transactions mainly in early-stage deals. [Y-o-Y and M-o-M trend] While the last month saw a sharp decline in funding from $1.93 billion in June, this is the highest funding for July in the past three years. The sudden jump in June was steered by Zepto’s $665 million megaround followed by Flipkart, PharmEasy and Lenskart. Indian startups have raked in $8 billion in the first seven months of 2024. If the trend continues, the overall funding is comfortably expected to cross the $11 billion milestone of 2023. To recall, Indian startups saw $38 billion and $25 billion funding in 2021 and 2022, respectively. [Top 10 growth stage deals] There were two $100 million plus deals in July with Purplle and Rapido raising $120 million each. Bike taxi firm Rapido also turned unicorn and became the third company to enter the billion dollar valuation club in 2024 so far. Hospitality firm Oyo’s $50 million came in third position followed by home service marketplace Urban Company, fintech company Navi, electric vehicle firm Matter, and wealthtech startup Dezerv, among others. It’s worth highlighting that Oyo saw a major haircut in its valuation while Urban Company raised the amount in secondary and Navi raised the sum in debt. [Top 10 early stage deals] As many as 72 early-stage startups raised $311.83 million funding last month. Manufacturer of high precision tooling for aero-engines and airframes, Unimech Aerospace led the list with a $30 million fundraise followed by renewable energy services company BluPine, electric vehicle and clean energy startup Simple Energy, gen-Z focused fast fashion D2C brand Newme, and wealthtech startup Stable Money which pocketed $28.8 million, $20 million, $18 million, and $15 million, respectively. Further, artificial intelligence startup UptimeAI, biotech firm Immuneel Therapeutics, community-led mobility app Namma Yatri, wedding service provider Meragi, and NBFC Seeds Fincap also raised funding among others. The list of early-stage startups also includes 26 startups that did not disclose their funding amount. For more information, visit here. [Mergers and Acquisitions] The month witnessed 17 acquisition deals. Gaming company Nazara Technologies acquired an additional 48.42% stake in Paper Boat Apps (PBA) from its promoters Anupam and Anshu Dhanuka for a sum of Rs 300 crore while its gaming arm Next Wave Multimedia acquired the intellectual property rights of Ultimate Teen Patti from Games24X7 for Rs 10 crore. The list further counts acquisition of Excelmax Technologies by IT giant Accenture, OneCare by Acko, Ekagrata by Adda247, Koral by Captain Fresh, Centcart by CASHe, BitOasis by CoinDCX, Galleri5 by Collective Artists Network, SiliConch Systems by L&T, and Munitalks by Melooha, among others. [City and segment-wise deals] City-wise, Bengaluru-based startups maintained the top position with 42 deals, contributing around 37% of the overall funding in July. Delhi-NCR and Mumbai followed with 33 and 24 deals, respectively. The list further counts Ahmedabad, Hyderabad, Jaipur, Chennai, Pune, and Kolkata, among others. Segment-wise, fintech startups led the show followed by e-commerce (including D2C brands) and SaaS with 15 and 10 deals, respectively. Healthtech, AI, and Agritech were next on the list. Visit TheKredible for more details. [Stage-wise deals] Series-wise, equivalent to 36 startups raised funding in the seed round followed by 27 Series A, 15 pre-Series A, 13 pre-Seed, and 4 Angel funding deals. Debt-only funding contributed $160.76 million or 15.5% of the overall venture funding across deals. [ESOP buyback] Adda247 and Swiggy announced ESOP buyback programs this month. Edtech platform Adda247 has initiated its first-ever ESOP buyback benefiting over 130 employees, following its acquisition of Ekagrata Eduserv. Meanwhile, food delivery giant Swiggy has rolled out its fifth ESOP liquidity program worth $65 million, providing an opportunity for employees to monetize their equity. These moves highlight the growing trend of startups rewarding employees through ESOP buybacks. [Layoffs, shutdowns and departures] Edtech major Unacademy laid off 250 employees as part of its cost-cutting measures. Similarly, agriculture supply chain firm Waycool underwent its third round of layoffs, affecting over 200 employees. In the content creation space, Pocket FM laid off nearly 200 contract writers based in the US. The startup ecosystem also saw three shutdowns. Vernacular microblogging platform Koo has ceased operations after failing to secure a buyer or sufficient funding. Apollo Tyres has also reportedly discontinued its doorstep car service, Trumigo, due to a lack of traction. In the edtech space, Bluelearn has shut down and will return a significant portion of its raised capital to investors. Edtech major Unacademy has seen the departure of its COO for offline centers, Jagnoor Singh. Similarly, Simplilearn’s Chief Product Officer, Anand Narayanan, stepped down after an eight-year tenure. Zoomcar’s global president has resigned amidst company restructuring while Medikabazaar’s co-founder Vivek Tiwari stepped down as CEO. Eight Roads Ventures’ Asia managing partner Raj Dugar also stepped down after 17 years with the investor, as per media reports. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [Trends] It’s raining startup IPOs: This year quite a few internet companies such as TBO tech, Digit Insurance, Awfis and Ixigo have got listed on the Indian stock exchange, with all delivering spectacular returns post listing as well. Three more companies including Ola Electric, FirstCry and Unicommerce are all set to make their stock market debut. Moreover, Mobikwik, Swiggy and Avanse have been waiting for approval from the market regulator. Wealthtech on the rise: A clutch of wealthtech startups have managed to score decent funding in the ongoing calendar year. In July, Deserv and Stable Money raked in $32 million and $15 million respectively. As per reports, more wealthtech startups are on the verge of raising new rounds. Geographic expansion: Traditionally dominated by metros like Bengaluru, Delhi-NCR, and Mumbai, the landscape is now witnessing a surge in entrepreneurial activity from smaller cities. Startups hailing from Ankleshwar, Bareilly, Bicholim, Nashik, Rupnagar, and Udaipur have recently secured funding, underscoring the growing potential of these regions. Family offices spreading out: Wealthy families are diversifying their portfolios. Traditionally focused on real estate and fixed deposits, they’re now actively seeking new investment avenues. This shift has led to the creation of separate investment pools and a growing interest in equity markets. In the past month, seven family offices participated in funding rounds. These include the family offices of Sunil Singhania, Jyothi Pradhan (CEO of Kurlon), MS Dhoni, Dr. A Velumani, Vasavi Family Office, Desai Family Office, and a Tamil Nadu-based family office. [Conclusion] As we had predicted in 2023, and earlier this year, the markets are expected to pick up by H2 this year, and here we are. Perhaps the last piece in the puzzle would be an interest rate cut by the Fed, to catalyse a whole chain of events that could lead to a mini-boom yet again. While expecting the highs of 2021 might be too much to hope for ($38 billion), it is not unreasonable to expect the Indian market to attract at least $15 billion in funding in 2025. The strong record of IPOs that is building up will not hurt investor confidence at all. The only thing to watch out for might be a rotation from Fintech and E-commerce to newer and important segments like Healthcare and Climate tech. Both are areas where India has large domestic markets, multiple use cases, and the crying need for solutions that can make a difference. With the kind of huge targets the country has in front, and massive schemes to get close, expect some large deals in the renewables space soon.

Funding and acquisitions in Indian startup this week [27 May-01 Jun]

EntrackrEntrackr · 1y ago
Funding and acquisitions in Indian startup this week [27 May-01 Jun]
Medial

As many as 39 Indian startups raised around $387.23 million in funding this week. These deals count 13 growth-stage deals and 20 early-stage deals. Moreover, six early-stage startups kept their transaction details undisclosed. In the previous week, about 24 early and growth-stage startups cumulatively raised close to $444 million capital. [Growth-stage deals] Among the growth-stage deals, 13 startups raised $309.7 million in funding this week. Auto parts and powertrain controls manufacturing firm SEDEMAC led the list with its $100 million secondary and primary funding followed by B2B and retail outlets (D2R) firm in the construction material Infra.Market with $50 million, EV company Ather Energy with $34.5 million in debt and equity funding. Commercial electric vehicle manufacturer Euler Motors, building materials firm RDC Concrete, pharmaceutical product development company Orbicular Pharmaceutical, and B2B delivery and shared mobility startup Zypp Electric are next on the list among others. [Early-stage deals] Subsequently, 20 early-stage startups secured funding worth $77.53 million during the week. D2C sports apparel maker Technosport spearheaded the list followed by fast fashion omnichannel ethnic wear brand Libas, digital lending and card management platform Vegapay, Commercial EV distribution and financing platform Turno, and robot automation solutions provider DiFACTO among others. The list of early-stage startups also includes six startups that kept the funding amount undisclosed: Yali Aerospace, Solinas, TechEagle, Aprecomm, Devigere, and Kidbea. 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 15 deals followed by Delhi-NCR, Mumbai, Hyderabad, Pune, Chennai, Jaipur, and Thanjavur. Segment-wise, e-commerce, fintech, and EV startups grabbed the top 3 spots with nine, six, and five deals respectively. This list was followed by foodtech, SaaS, agritech, cleantech, and, dronetech startups. [Series-wise deals] During the week, Seed funding deals led the list with 8 deals followed by 7 Series A and 6 Pre-Seed deals. Pre-Series A and Series B startups saw 5 and 3 deals, respectively while Debt, Series C, and Series B are next on the list among others. [Week-on-week funding trend] On a weekly basis, startup funding shrank nearly 13% to $387 million as compared to around $444 million raised during the previous week. The average funding in the last eight weeks stands at around $289 million with 28 deals per week. [Key hirings and departure] Among key hirings, Vikaram Agarwal has been appointed as COO by InCred, Paytm Insider appointed Varun Khare as COO, while Anil Mehta has been appointed as the Independent Director by Yubi (CredAvenue). Puneet Kumar also joined Nexus Venture Partners as a venture partner. Meanwhile, Cashaa Founder Kumar Gaurav stepped down as CEO and Paytm’s CHRO Swati Rustagi reportedly quit the company and is likely to join Adobe. [Fund launches] The week also witnessed seven fund launches. 360 ONE Asset introduced a Rs 4,000 crore Secondaries Fund to invest in late-stage startups, while Avendus launched a Rs 3,000 crore fund for similar investments in financial services, technology, and healthcare. Sorin Investments closed its maiden fund at Rs 1,350 crore, focusing on tech. RPSG Capital Ventures and Sauce VC raised Rs 550 crore and Rs 250 crore, respectively, for early-stage consumer ventures. Holani Consultants marked the first close of its maiden venture capital fund at Rs 184 crore. Additionally, the Massive Earth Foundation, in collaboration with UNEP, launched the fourth edition of the Low Carbon Earth Accelerator program. [M&A] Y Combinator-backed BNPL fintech startup BharatX has acquired Zenifi, a healthcare finance startup offering zero-cost and low-cost EMI solutions. Honasa Consumer Ltd, the parent company of brands like Mamaearth, the Derma Co, and BBLUNT, has acquired the assets of Thane-based skincare company CosmoGenesis Labs to enhance its R&D and manufacturing capabilities. Additionally, Times Network has acquired Digit.in from 9.9 Group to expand its digital publishing portfolio and footprint in the technology and gaming sectors. [ESOP buyback] Enterprise SaaS firm AiDash has launched its first Employee Stock Ownership Plan (ESOP) buyback program following its $58.5 million Series C funding round, bringing its total fundraising to $91.5 million. This buyback scheme targets full-time employees with over three years of tenure, allowing them to capitalize on the value of their vested shares. [Potential market moves] Atlys, an online visa application platform, is in early discussions to raise $15-18 million in a Series B round, a year after its Series A fundraise. Backers include Peak XV and others. Meanwhile, Bengaluru-based healthtech startup Medibuddy is raising $8.4 million in debt funding from investors like Innoven Capital and Alteria Capital. Additionally, Amazon is reportedly close to acquiring MX Player from Times Internet. This marks Amazon’s second attempt at acquiring the video streaming platform, with a term sheet already offered. Previous talks in 2023 fell through, but the current negotiations are in the late stages. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [New launches] Flipkart-owned Shopsy forays into kids’ space Razorpay launches ‘Q-Zap’ to reduce billing time at offline stores BluSmart rolls out an app to help users locate nearby EV charging stations [Financial results this week] Vedantu posts Rs 153 Cr revenue in FY23; cuts losses by 46% Oxyzo posts Rs 903 Cr revenue and Rs 291 Cr PAT in FY24 Travel Boutique Online’s PAT crosses Rs 200 Cr in FY24 Oziva records flat growth under Hindustan Unilever in FY24 [News flash this week] Karnataka HC maintains a 5% service charge cap on app-based autos BharatPe and PhonePe settle all trademark disputes over the ‘Pe’ suffix Zomato revives lending biz, in talks with NBFCs for merchant lending Proptech firm Awfis’ stock list at a 14% premium PhonePe ventures into secured lending space, partners with banks, NBFCs [Conclusion] The weekly funding surged 85% to $444 million, driven mainly by Flipkart’s $350 million funding in its ongoing $1 billion fundraise. Additionally, the week saw the launch of five new funds: IVY Growth, Finvolve, ThinKuvate, Databricks Ventures, and Caret Capital. Awfis Space Solutions debuted on the exchanges on Thursday, listing at Rs 435 per share on NSE, a 13.6% premium over its issue price of Rs 383. Before the listing, the company’s shares had a grey market premium (GMP) of Rs 125. The issue received a strong response from investors, with an overall subscription of over 100 times. Zomato is in talks with several non-banking financial companies to offer working capital loans to its partner restaurants, marking a return to lending services. As an LSP (loan service provider), Zomato will facilitate loans from its partners to potential borrowers and manage the collection of repayments. Meanwhile, PhonePe has introduced secured lending products on its platform in collaboration with banks, NBFCs, and other fintech firms. Customers can access lending solutions in six major categories through the PhonePe app. The company has partnered with 15 NBFCs and fintechs for this initiative. Additionally, Classplus, an edtech SaaS startup based in Delhi NCR, has launched its first engineering college, Polaris School of Technology (PST), in Bengaluru. PST will offer a four-year BTech program focused on classroom learning and industry experience, providing students with access to top global tech companies for internships and exposure.

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