This week in Indian startup news, Deepinder Goyal reveals the real reason why Zomato went public, Policybazaar’s IPO date set for November 1, Paytm to launch India’s biggest ever IPO on November 8, After Zostel, FHRAI wants SEBI to suspend OYO’s IPO, The ‘Pe’ Wars Continue: PhonePe vs BharatPe, and Chalo acquire Shuttl.
In funding news, Acko raises $255 million to become a unicorn, Groww raises $251 million, DeHaat raises $115 million, Porter raises $100 million, Teachmint raises $78 million and Clear raises $75 million.
Deepinder Goyal reveals the real reason why Zomato went public: In a recent interview, Deepinder Goyal revealed that the decision to go public was their only way to survive during the pandemic as their revenues were down 90% and they only had six months of cash left in the bank. They desperately needed to raise $50 million but could raise funds from their Chinese investors due to FDI rule changes and no one was willing to invest.
Policybazaar’s IPO date set for November 1: Policybazaar is set to open its IPO on November 1 as they plan to raise a total of $763 million from the market pricing their share at ₹940-₹980.
Paytm to launch India’s biggest ever IPO on November 8: India’s most valuable fintech startup Paytm is set to launch India’s biggest ever IPO on November 8. They will be raising a total of $2.4 billion at a valuation of up to $20 billion. The expected price band per share is ₹2,080 to ₹2,150.
After Zostel, FHRAI wants SEBI to suspend OYO’s IPO: The Federation of Hotel & Restaurant Association of India (FHRAI) has also filed a complaint with SEBI to stop OYO from going public. According to their complaint, OYO shouldn’t be allowed to go public since there is an anti-competitive case against OYO which is being investigated by the CCI and they have failed to put out all the facts regarding the ongoing investigation.
The ‘Pe’ Wars Continue - PhonePe vs BharatPe: PhonePe and BharatPe have been involved in a legal battle over who owns ‘Pe’. After BharatPe launched their ‘buy now, pay later’ platform ‘Postpe’, PhonePe went ahead and filed another injunction against BharatPe and now they are in the process of filing a lawsuit.
Chalo acquires Shuttl: Chalo, a platform that helps bus operators offer digital bus tickets and accept digital payments, has acquired a bus aggregator for office-goers Shuttl – in an all-cash deal. This acquisition will give Chalo access to thousands of their busses and help them expand their presence in the country and also expand globally.
Acko raises $255 million to become a unicorn: Online insurance startup Acko has raised $255 million in a fresh round at a $1.1 billion valuation – making them India’s 33rd unicorn this year. They will be using this investment to build more health insurance products for their 70 million customers.
Groww raises $251 million: Online investment platform Groww has raised $251 million in a round led by Iconiq Growth – raising their valuation from $1 billion to $3 billion in just six months.
DeHaat raises $115 million: Full-stack agritech startup DeHaat has raised $115 million from Sofina and Lightrock India to add more value-added services to their portfolio and replicate their success across major agricultural clusters in the next 12-15 months.
Porter raises $100 million: Intra-city logistics provider Porter has raised $100 million from Global Management and Vitruvian Partners to expand their presence from 13 to 35 cities by 2023.
Teachmint raises $78 million: Edtech startup Teachmint that helps teachers digitise their classrooms has raised $78 million in a round led by Rocketship.vc and Vulcan Capital.
Clear raises $75 million: Clear (previously known as ClearTax), an online platform that helps individuals and small businesses in filing their income tax returns, has raised $75 million led by Kora Capital to expand their international business.
