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Another autonomous vehicle startup shutters, Zoox expands driverless testing and investor fervor for AI escalates

TechCrunchTechCrunch · 1y ago
Another autonomous vehicle startup shutters, Zoox expands driverless testing and investor fervor for AI escalates
Medial

TechCrunch Mobility's weekly newsletter covered various topics in the transportation industry this week. Among the highlights were discussions on autonomous vehicles, including predictions from Uber's CEO that the company would become greener, more affordable, and a potential challenger to Amazon; Waymo's announcement of a robotaxi service in Los Angeles and Austin; and Fisker's struggles with dealership partnerships and potential bankruptcy filing. The newsletter also featured a notable funding round for autonomous vehicle software company Applied Intuition, along with other investments in battery technology, mobility apps, micromobility software, and electric vehicle startups. Furthermore, updates in autonomous vehicle testing from Apptronik, Aurora, Phantom Auto, and Zoox were shared, as well as developments in battery technology, EV manufacturing, ride-hailing, and self-driving prototypes by VW.

Funding and acquisitions in Indian startups this week [08-13 Apr]

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

This week as many as 21 Indian startups raised nearly $105 million in funding. These deals include six growth-stage deals and 12 early-stage deals. Meanwhile one growth-stage startup and two early-stage startups did not disclose the amount raised. Last week, about 30 early and growth-stage startups collectively raised around $172.71 million. [Growth-stage deals] Among the growth-stage deals, the six startups raised $54.5 million in funding this week. Compliance automation platform Sprinto led the list with $20 million in funding. The list was followed by B2B waste management and recycling marketplace Recykal, Housing finance company AVIOM HFC, digital lender Axio, and medical diagnostics platform 5C Network which raised $13 million, $10 million, $6 million, and $3 million, respectively. Further, made-to-order furniture manufacturer Arrivae while D2C coffee brand Blue Tokai Coffee also and secured undisclosed funds this week. [Early-stage deals] Subsequently, 12 early-stage startups scooped funding worth $50 million during the week. AI cloud and platform-as-a-service startup Neysa spearheaded the list followed by AI-powered revenue enablement platform GTM Buddy, underwater visual inspection services provider Planys Technologies, underwater visual inspection services provider Planys Technologies, paediatric behavioural and developmental health firm Butterfly Learnings, and electric mobility platform AutoNxt Automation. The list further includes the full stack eyewear platform, EyeMyEye, health insurance assistance provider CalimBuddy, elder care startup Age Care Labs, healthcare startup PlatinumRx, and defence-focused deeptech startup Zulu Defence Systems among others. The list of early-stage startups also includes 2 startups that kept the funding amount undisclosed: Paytring and BlackCarrot. [City and segment-wise deals] In terms of the city-wise number of funding deals, Bengaluru-based startups led with 8 deals followed by Mumbai, Delhi-NCR, Chennai, Hyderabad, and Kanpur. Segment-wise, healthtech startups are on top with four deals. The list further counts e-commerce, fintech, SaaS, Deeptech, and EV startups among others. The complete breakdown of deals across cities and segments can be seen below: [Series-wise deals] During the week, Seed funding deals are on the top spot with six deals while Series B deals are on the second position both forming around 52% of the total funding. Further, Series A, Pre-Series A, and Debt are next on the list among others. [Week-on-week funding trend] On a weekly basis, startup funding plummeted nearly 40% to $105 million as compared to around $170 million raised during the previous week. The average funding in the last eight weeks stands at around $243 million with 25 deals per week. The week-on-week funding trend can be seen below: [Departure] During the week, Surinder Chawla, the managing director and chief executive officer of Paytm Payments Bank, stepped down from his position, according to the disclosure filed by the associate entity One97 on the National Stock Exchange. [Fund launches] Three startup-focused funds were launched this week. Cornerstone Ventures, a venture capital firm, announced the launch of its second fund targeting $200 million with a green-shoe option of $50 million. Filter Capital, a technology-focused investment firm, closed its first fund at Rs 800 crore (approximately $96 million). Synapses also launched a $125 million VC fund at IIT Delhi’s Research and Innovation Park to back startups. [Layoffs] Tech upskilling startup Scaler has laid off approximately 150 employees, attributing the decision to a focus on long-term growth and sustainability. Co-founder Abhimanyu Saxena stated that the company is reevaluating its operations to achieve sustainable growth while ensuring the best learning experience for its users. [ESOP Buyback] Comfort-tech brand The Sleep Company announced the second tranche of ESOP (employee stock ownership plan) buyback for its employees this week. The current buyback will benefit a total of 105 employees, including 50% of women employees. [Mergers & Acquisitions] This week, Ghost Kitchens India acquired Shy Tiger Brands, a cloud kitchen company from Ahmedabad. Meanwhile, the National Investment and Infrastructure Fund (NIIF) acquired majority stakes in iBUS, a digital infrastructure solutions company, in a $200 million deal. Additionally, Symphony Technology Group (STG) acquired Eka Software Solutions, a Bengaluru-based commodities trade and risk management (CTRM) software company, with plans to merge it into STG’s portfolio company Quor Group. Postman also acquired SaaS platform Orbit during the period. [New launches] ▪️ Reliance-owned Tira forays into beauty accessories, launches ‘Tira Tools’ ▪️ Flipkart rolls out bus booking services on its app ▪️ Agritech startup DeHaat launches agrifood consumer brand ‘Honest Farms’ [Financial results this week] ▪️ Ripplr posts Rs 740 Cr gross revenue in FY23; controls losses ▪️ Power2SME gross revenue crosses 1,000 Cr in FY23; cuts losses ▪️ Portea’s revenue stays flat in FY23; losses grow 32% ▪️ MoneyView posts Rs 577 Cr revenue in FY23; profit spikes 27X [News flash this week] ▪️ Swiggy offers 20% discount to HNIs in pre-IPO deal ▪️ Invesco marks up Swiggy’s valuation to $12.7 Bn ▪️ IPO-bound Swiggy converts itself into a public entity ▪️ PhonePe’s merchant app MAUs on rise as Paytm falls behind ▪️ Ola, Uber unveil subscription-undefined models for auto drivers ▪️ Ola ceases operations in UK, Australian, and New Zealand markets [Conclusion] The rally of ups and downs continues as after a significant rise in funding, the weekly funding again shrank close to 40% this week. The week saw three fund launches namely Filter Capital, Cornerstone Ventures, and Synapses. The week saw another layoff as tech upskilling startup Scaler reportedly fired a part of their workforce. Swiggy is gearing up for its IPO after the upcoming Lok Sabha elections, having recently converted into a public entity. The company has shortlisted bankers for its IPO syndicate and is offering shares to high net-worth individuals at a 20% discount on its current valuation of over $12 billion. This move follows a recent markup in Swiggy’s valuation by US-based investor Invesco. PhonePe has surpassed Paytm in terms of monthly active users (MAUs) of its merchant app, according to data from App Annie recorded between mid-January to mid-March. Paytm experienced a 20% decrease in MAUs in the last quarter, while PhonePe saw a 20% increase. In March, Paytm had approximately 9 million MAUs, whereas PhonePe had around 11 million. In another development, Indian ride-hailing giant Ola has exited from the UK, Australia, and New Zealand, marking the end of its six-year stint in these markets. The decision reflects a strategic shift, with Ola focusing on its rapidly growing and profitable ride-hailing business in India. Meanwhile, Ola and Uber are shifting gears by offering subscription-based plans for auto-rickshaw drivers, a strategy reminiscent of their competitors Namma Yatri and Rapido. Instead of the traditional booking fee or commission per transaction, these plans aim to provide more stability and incentives for drivers.

Funding and acquisitions in Indian startups this week [15-20 Apr]

EntrackrEntrackr · 1y ago
Funding and acquisitions in Indian startups this week [15-20 Apr]
Medial

During the week, equivalent to 37 Indian startups raised nearly $310 million in funding. These deals include 10 growth-stage deals and 17 early-stage deals. Meanwhile, one growth-stage startup and nine early-stage startups did not disclose the amount raised. Last week, about 21 early and growth-stage startups collectively raised around $105 million capital. [Growth-stage deals] Among the growth-stage deals, 10 startups raised $225.86 million in funding this week. Cleantech startup GPS Renewables led the list with $50 million in debt funding. The list was followed by vernacular social media platform ShareChat, housing finance company Altum Credo, B2B procurement marketplace ProcMart, and aerospace components manufacturer JJG Aero which raised $48.86 million, $40 million, $30 million, and $12 million, respectively. Further, consumer lending app RING, ESG and accounting and reporting consultation provider Uniqus Consultech, education-focussed NBFC Varthana, QSR chain Wow! Momo, and provider of decentralized solar-hybrid mini-grids Husk Power Systems. Electric cycle maker EMotorad also secured undisclosed funding this week. [Early-stage deals] Subsequently, 17 early-stage startups scooped funding worth $83.76 million during the week. Climate-focused deeptech startup Ecozen spearheaded the list followed by training, certification, and recruitment services provider for grey collar Emversity (Beyond Odds), gaming startup LightFury Games, NBFC FincFriends, and shipping intelligence platform ClickPost. The list further includes quick-service burger chain Good Flippin’ Burgers, emergency healthcare provider Medulance, elder care startup VitusCare, RevOps startup Clientell, and SaaS-based customer experience startup ZEPIC among others. The list of early-stage startups also includes nine startups that kept the funding amount undisclosed: IWill, TraqCheck, Svish, Advance Mobility, IndoSup, Almonds Ai, 100KMPH, Payinstacard, and BlackCarrot. For more information, visit TheKredible. [City and segment-wise deals] In terms of the city-wise number of funding deals, Delhi-NCR-based startups led with 13 deals followed by Bengaluru, Mumbai, Pune, Kolkata, Patna, and Hyderabad. Segment-wise, fintech and e-commerce startups shared the top spot with six deals each. The list further counts healthtech, SaaS, foodtech, Gaming, and Automotive tech startups among others. [Series-wise deals] During the week, Seed funding deals led the list with 16 deals while Series A deals are at the second position with 7 deals, both collectively forming around 30% of the total funding. Further, Debt, Series B, and Pre-Seed are next on the list among others. [Week-on-week funding trend] On a weekly basis, startup funding grew 195% to $109.6 million as compared to around $105 million raised during the previous week. The average funding in the last eight weeks stands at around $267 million with 27 deals per week. [Departure] During the week, Arjun Mohan, the chief executive officer of Byju’s, stepped down from his position seven months after joining the edtech firm. His departure is part of the company’s efforts to restructure and streamline its businesses. [Fund launches] Four startup-focused funds were launched this week. The list includes a non-dilutive, grant-based fund (WTFund) for young entrepreneurs by Zerodha co-founder Nikhil Kamath. Venture capital firms Caret Capital and Ev2 Ventures teamed up to launch a new $50 million fund focused on India. Angel investing platform BizDateUp Technologies introduced a $24 million Category I Alternative Investment Fund (AIF) for technology startups. Additionally, Inviga Healthcare Fund (IHF), a new healthcare-focused private equity fund, raised $20 million in its first close. [Layoffs] Content-to-commerce platform The Good Glamm Group has reduced its workforce by 15% or 150 employees in the last 12-15 months, according to the company. The reduction in the workforce appears to be part of efforts to cut costs and extend the runway amidst a tight funding environment. [Mergers & Acquisitions] This week witnessed four merger & acquisition deals. Agilitas Sports acquired the brand license for the Italian sports brand Lotto from WHP Global. VerSe Innovation, the parent company of Dailyhunt, acquired Magzter, a digital newsstand with a vast library of premium magazines and newspapers. Aurionpro Solutions Limited announced the strategic acquisition of banking and insurance-focused PaaS startup Arya.ai. Moreover, OneVerse Gaming, a Metaverse and gaming tech startup, acquired the online poker platform PokerSaint, marking its fourth acquisition in the gaming sector. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [New launches] ▪️ Zomato unveils all-electric ‘Large Order Fleet’ ▪️ CASHe launches CASHe Green to forays into EV financing ▪️ Namma Yatri launches ride-hailing services in Bengaluru [Financial results this week] ▪️ LoadShare’s scale remains flat in FY23, losses shrink 19% ▪️ Heads Up For Tails posts flat scale in FY23; losses mount 5X ▪️ InMobi’s Glance records 77% growth in FY23; losses cross Rs 1,000 Cr ▪️ Otipy posts 50% GMV growth in FY24; losses down by 21% [News flash this week] ▪️ KreditBee plans ‘Ghar Wapsi’ from Singapore to India ▪️ Baron and Invesco mark up Pine Labs’ valuation ▪️ Jio-BlackRock JV to enter wealth management, stock broking biz ▪️ Swiggy merges Mall offering with Instamart ▪️ RBI’s draft KYC guidelines add burden and cost for payment aggregators ▪️ Bhavish Aggarwal plans $500 Mn IPO for Ola Cabs [Conclusion] After a significant drop in funding, the weekly funding again rose nearly 3X this week. The week saw three fund launches namely WTFund, Caret Capital, BizDateUp, and Inviga Healthcare Fund. The week also witnessed a layoff as The Good Glamm Group fired a part of its workforce. Fintech company KreditBee is relocating its domicile from Singapore to India, following a trend among new-age firms like Pine Labs, Groww, Razorpay, Meesho, and Zepto. US-based investment firms Baron Funds and Invesco have marked up the valuation of fintech unicorn Pine Labs, with Baron valuing it at $5.8 billion and Invesco at $4.8 billion as of December 2023. In another development, Swiggy is integrating Swiggy Mall with its quick commerce offering, Instamart, to expand its product range. Additionally, after postponing its IPO plans in 2021, Ola Cabs is preparing for a $500 million IPO at a valuation of around $5 billion, and reportedly planning to file draft papers with SEBI within three months.

Funding and acquisitions in Indian startup this week [12 - 17 Aug]

EntrackrEntrackr · 11m ago
Funding and acquisitions in Indian startup this week [12 - 17 Aug]
Medial

During the week, 25 Indian startups raised around $432 million in funding. These deals count 6 growth-stage deals and 16 early-stage deals while 3 early-stage startups kept their transaction details undisclosed. During the previous week, 28 early and growth-stage startups cumulatively raised $151.18 million in funding. [Growth-stage deals] Among the growth-stage deals, 6 startups raised $350 million in funding this week. Hospitality platform Oyo spearheaded its $175 million worth Series G round. Electric scooter manufacturer Ather Energy raised $71 million to join the unicorn club followed by wealth and asset management firm Neo, wealthtech startup Syfe, trade credit infrastructure platform Vayana, and payment gateway and point of sales (PoS) provider Innoviti with $48 million, $27 million, $20.5 million, and $8.5 million in funding, respectively. [Early-stage deals] Further, 16 early-stage startups secured funding worth $82.09 million during the week. Electric vehicle maker Kinetic Green led the list followed by Electric scooter manufacturer Fresh Bus, D2C home, kitchen, and personal care brand Beco, e-mobility startup Kazam, and Healthcare startup 4baseCare among others. As many as 3 startups that did not disclose the funding amount raised are; Adukale, CricHeroes, and Flam. 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 9 deals followed by Delhi-NCR, Mumbai, Pune, Chennai, Kochi, and Ahmedabad. Segment-wise, Fintech startups are in the top spot with 7 deals. E-commerce, EV, AutomotiveTech, Healthech, Proptech, and Food & beverages startups followed this list among others. [Series-wise deals] During the week, Seed funding deals are on top with 8 deals followed by 6 Series A, 2 pre-Series A, 2 Series B, and 2 Series G deals. Pre-seed, pre-Series B, Series C, Series D, and Series E deals are next on the list. [Week-on-week funding trend] On a weekly basis, startup funding jumped 186% to $432.09 million as compared to around $151.18 million raised during the previous week. The average funding in the last eight weeks stands at around $232.42 million with 26 deals per week. [Fund launches] Two startup-focused funds launched this week. 35North Ventures has successfully raised Rs 100 crore for its second AIF, focusing on early-stage investments. Simultaneously, Prudent Equity has launched a new PMS fund targeting stable returns through a value investing approach. [Key hirings and departures] Equivalent to 5 key hirings took place this week including Amrit Singh, Henrik Aslaksen, Balaji Prasanna by Lighthouse Canton, Akanksha Srivastava Byrnes by Vahdam India, and Vinod Dasari by Zetworks. While, Freshworks’ chief product officer, Srinivasagopalan Ramamurthy left the firm. [Mergers and Acquisitions] As many as 4 merger and acquisition deals were witnessed this week. Agritech firm Jai Kisan acquired Kushal Finnovation Capital, Veefin took over Nityo Tech, OYO acquired Checkmyguest, and Radio Mirchi’s parent ENIL purchased Gaana.com. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [In Talks] Zepto to raise $340 Mn a $5 Bn valuation [Financial results this week] Unpacking Oyo’s profitability and its financial position in FY24 True Balance’s profit zooms over 2X to Rs 138 Cr in FY24 Nykaa profits spike over 50% in Q1 FY25; invests Rs 265 Cr in Dot & Key Awfis posts Rs 257 Cr revenue in Q1 FY25, improves profits Ola Electric reports Rs 1,644 Cr revenue in Q1 FY25; losses fall 17% TBO reports Rs 418 Cr revenue and Rs 61 Cr profits in Q1 FY25 Yatra profits plunges 27% in Q1 FY25; revenue continues to fall EaseMyTrip posts Rs 152 Cr revenue and Rs 34 Cr profit in Q1 FY25 MapMyIndia posts Rs 35.8 Cr profits in Q1 FY25 [News flash this week] PhonePe and G-Pay dominate UPI volume in July; Navi sees 2X spike Ecom Express, ArisInfra, and Smartworks next to launch IPO, files DRHP To cut costs, Byju’s shuts half of tuition centers: Report Unicommerce and FirstCry’s IPOs list at 118% and 40% premium Shadowfax and OfBusiness are planning to launch an IPO soon RBI clamps down on P2P lending irregularities Paytm fined Rs 47.12 lakh for stamp duty non-payment [Conclusion] The weekly funding spiked 186% to $432.09 million this week. Meanwhile, two startup-focused funds launched this week namely Prudent Equity and 35 North. Edtech giant BYJU’S is undergoing significant cost-cutting measures as it faces financial challenges. The company is reportedly shutting down nearly half of its 250 tuition centers across India. This decision comes amidst delayed salary payments for employees and a broader financial crunch. After a muted listing of Ola Electric last week, Unicommerce and FirstCry listed with 118% and 40% premium this week. Meanwhile, Ecom Express, ArisInfra, and Smartworks have filed the DRHP with SEBI and are next to launch an IPO. Following the trend, Shadowfax and OfBusiness are also planning for public listing soon. Additionally, the Reserve Bank of India (RBI) has tightened regulations for Non-Banking Financial company peer-to-peer (NBFC-P2P) lending platforms to curb violations and enhance transparency. The new guidelines prohibit practices such as promoting P2P lending as an investment product, cross-selling insurance, and certain fund transfer mechanisms. Paytm has been issued a fine of Rs 47.12 lakh by the Office of Collector of Stamps, New Delhi, for non-payment of stamp duty on the allotment of equity shares in previous years. The fintech giant has stated that while there were delays in submitting some applications, all relevant documents were filed on time.

Funding and acquisitions in Indian startup this week [30 Sep - 05 Oct]

EntrackrEntrackr · 9m ago
Funding and acquisitions in Indian startup this week [30 Sep - 05 Oct]
Medial

During the week, 21 Indian startups raised around $92.63 million in funding. These deals count 4 growth-stage deals and 12 early-stage deals while 5 startups kept their transaction details undisclosed. Last week, 29 early and growth-stage startups cumulatively raised over $461 million in funding. [Growth-stage deals] Among the growth-stage deals, 4 startups raised $33.58 million in funding this week. Agriculture supply chain firm Waycool spearheaded a $12 million debt funding round. Fintech startup Basic Home Loan raised $10.6 million followed by D2C millet-based snack brand Troo Good and lending startup True Balance with $8.6 million and $2.38 million in funding, respectively. [Early-stage deals] Further, 12 early-stage startups secured funding worth $59.05 million during the week. Chemical manufacturing platform Mstack led the list followed by sports tech platform Str8bat, furniture retailer Furnishka, mental health startup LISSUN, and tech-enabled EV mobility platform ZEVO among others. Meanwhile, Digilogic Systems India (DSPL), Aikenist, SanchiConnect, Garuda Aerospace, and Sugar.fit also raked in funding but did not disclose the transaction details. For more information, visit TheKredible. [City and segment-wise deals] In terms of the city-wise number of funding deals, Bengaluru and Delhi-NCR-based startups co-led with 7 deals each followed by Mumbai, Hyderabad, and Chennai. Segment-wise, Healthtech startups are on the top spot with 5 deals. E-commerce, Fintech, Aerospace, Agritech, Chemicals, and Dronetech startups followed the list among others. [Series-wise deals] During the week, seed funding deals are on top, with 7 deals followed by 5 pre-Series A, 5 Series A, 2 Debt, and 2 Series B deals. [Week-on-week funding trend] On a weekly basis, startup funding dwindled 80% to $92.63 million as compared to around $461 million raised during the previous week. The average funding in the last eight weeks stands at around $395.36 million with 27 deals per week. [Fund launches] Singapore-based angel investment network, ThinKuvate has announced the first close of its India fund at Rs 25 crore. While Venture capital firm Trillion Dollar Ventures (TDV) launched its second fund with a total corpus of Rs 50 crore, doubling its corpus size from the first fund. The new fund aims to support early-stage tech startups in India. [Key hirings and departures] The startup ecosystem witnessed eight notable key hirings this week. Vishal Mehta joined Rediff.com as a Chairman and MD, MediBuddy hired Nijil George, Ferns N Petals onboarded Gaurav Sharma, and Secret Alchemist welcomed Samantha Prabhu, among others. Meanwhile, Indifi’s Co-founder Siddharth Mahanot and OLA Electric’s Secretary and compliance officer resigned. [Mergers and Acquisitions] This week, four notable acquisitions took place in the Indian startup ecosystem. Adda247 acquired PrepInsta, Pluckk purchased Upnourish, Capital IQ took over Karman Drones, and UST acquired Information Services Group’s automation unit. [Shutdown] Agritech startup Greenikk is shutting down operations due to funding challenges and adverse market conditions. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [New launches and partnerships] Uber partners with Shadowfax to integrate two-wheeler fleet Swiggy launches 10-min food delivery service ‘Bolt’ PhonePe partners with Jar to offer daily savings in digital gold [Potential Deals] InCred Capital to raise $50 Mn led by family offices Semiconductor startup FermionIC Design to raise $6 Mn [Financial results this week] CRED nears Rs 2,500 Cr revenue in FY24; cuts operating losses by 41% D2C brand Minimalist posts Rs 350 Cr revenue in FY24, doubles profit Classplus revenue spikes 2X to Rs 260 Cr in FY24; cuts losses by 57% 10-year-old Josh Talks posts Rs 19 Cr revenue in FY24, cuts losses by 25% Navi’s FY24 operating profit falls 50% as loan write-offs surpass Rs 400 Cr Groww’s stock broking unit posts Rs 2,900 Cr revenue and Rs 298 Cr profit in FY24 [News flash this week] Upstox delivers 10x return to Ratan Tata following buyback Ola Electric’s two-wheeler market share falls to 27% in September UPI sets new record with more than 15 Bn transactions in Sept Titan Capital launches Indicorns index showcasing profitable startups BharatPe announces settlement with Ashneer Grover Invesco marks up Swiggy’s valuation to $13.3 Bn Mamaearth parent Honasa to appeal Dubai court ruling Peak XV Partners reduces fund size and fees Co-working space provider DevX to go public; files DRHP Swiggy gets the nod to increase IPO fresh issue size to Rs 5,000 Cr CarDekho planning a $500 Mn IPO next year Blackstone targets $10 Bn for India-focused New Asia Fund Good Capital Co-founder Rohan Malhotra passes away [Conclusion] After a healthy funding inflow in the past few weeks, the weekly funding slipped around 80% to $92.63 million this week, the lowest in the last 35 weeks. During 29 January to 3 February, the weekly funding shrank to $84.5 million. The week also saw two startup-focused fund launches namely ThinKuvate and Trillion Dollar Ventures. Honasa Consumer, the parent company of Mamaearth, is facing ongoing legal challenges in Dubai. A Dubai court has upheld a previous order to attach the company’s assets. Honasa has filed an appeal against this decision and continues to dispute claims made by its former distributor, RSM General Trading. Swiggy has received approval from its shareholders to increase the size of its IPO fresh issue from Rs 3,750 crore to Rs 5,000 crore. This will allow the foodtech company to raise a total of $1.4 billion through the IPO, at a likely valuation of $15 billion. Swiggy has also introduced a new 10-minute food delivery service called Bolt. The service focuses on delivering quick-to-prepare meals from selected restaurants within a 2-kilometer radius. Bolt is currently available in major cities in India and plans to expand further. Swiggy’s rival, Zomato, previously discontinued its 10-minute food delivery service. Venture capital firm Peak XV Partners has reduced the size of its $2.85 billion fund by 16%. The firm has also lowered management fees and carry on growth investments. Despite these changes, Peak XV remains optimistic about the Indian and Southeast Asian markets and expects strong performance from its portfolio. Blackstone, a leading private equity firm, is raising a new Asia-focused fund with a target of at least $10 billion. India will be the primary focus of the fund, with significant allocations also planned for Japan and Australia. The firm is currently marketing the fund and aims to close the first round of fundraising in January 2025.

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