2021 PEAK
Valuations take centre stage as Sensex touches new peak
Majority of the Sensex constituents now trade above their respective long-term average valuations. It means investors need to be selective while accumulating blue chip names.
Stable economy boosts India's housing market to new heights, scales 11-year peak
The housing property market across India is seeing substantial growth in sales volumes, driven by stable economic conditions and continued confidence, even amidst higher mortgage rates. This uptrend is led by the top eight cities, including Mumbai, Delhi-NCR, Bengaluru, Pune, and Hyderabad, propelling the country’s residential real estate market to an 11-year high in sales volumes during the first half of the year.
Cloudphysician raises $10.5 million in funding round led by Peak XV Partners
Online healthcare and technology solutions provider Cloudphysician has raised $10.5 million (about Rs 87.7 crore) in a funding round led by Peak XV Partners, along with Elevar Equity and venture debt firm Panthera Peak. The startup will use the capital to strengthen its presence in India, enter other countries and develop its AI platform.
Neobank Jupiter's NBFC business raises Rs 20 crore from Peak XV, Matrix, others
Jupiter's NBFC business, Amica Finance, raised Rs 20 crore in equity funding from Peak XV Partners, Matrix Partners, and others. The funding round included issuance of Series A CCPS at Rs 20.43 per share. Jupiter obtained an NBFC license from RBI and a prepaid payments instrument license.
Fintech firm Pine Labs weighs $1 billion IPO in India
Pine Labs is reportedly considering a US IPO that could value the company at over $6 billion. The offering is expected to include both new and secondary shares, and the company may pursue a pre-IPO funding round.
Ixigo IPO pops; AI jobs command premium pay
Ixigo lists at about 50% premium, ends day at 20% upper circuit. This and more in today’s ETtech Top 5.
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Rising to prominence as health minister during Covid peak, Mandaviya returns to Modi cabinet
Mansukh Mandaviya, a grassroots BJP worker, became the Union health minister after rising through the party ranks. He won the Lok Sabha elections from Porbandar, Gujarat, defeating Congress' Lalit Vasoya by a large margin.
IPO gold rush for investors; second-hand EV sales sputter
Happy Monday! Investors in new-age startups are set for huge gains as these firms list on the public markets. This and more in today’s ETtech Morning Dispatch.
How investors struck gold in the new-age IPO boom
In the last month, several new-age companies backed by venture capital, have or are set to hit the public markets. This has resulted in a gold rush for their investors. Travel tech platform Ixigo is set to go public next week, while insurtech firm Go Digit and coworking startup Awfis have already listed on the exchanges in the past one month. Their investors, including Peak XV Partners, Elevation Capital, ChrysCapital and TVS Capital and A91 Partners, are sitting on multiple returns from some of these investments.
Ixigo IPO opens tomorrow. What GMP signals ahead of subscription?
Before its initial public offering (IPO) set to open for subscription on Monday, Le Travenues Technology, the company behind the travel platform Ixigo, is seeing its shares trade at a premium of Rs 25 in the unlisted market.
Ixigo raises Rs 333 crore from anchor investors ahead of IPO
Nomura, Morgan Stanley, 3P India Equity Fund, HDFC MF, Motilal Oswal MF, Government of Singapore are some of the marquee investors who subscribed to Ixigo's anchor book. The company had already announced pre-IPO secondary placements of around Rs 176.2 crore at the top end of price band.
Ixigo to launch its IPO on June 10. Check key details
The IPO comprises fresh equity sale of Rs 120 crore and an offer for sale (OFS) of up to 6.66 crore shares. Under the OFS, SAIF Partners, Peak XV Partners, Aloke Bajpai, Rajnish Kumar, Micromax Informatics and Placid Holdings will offload part of their stakes.
How Unacademy board tweaked targets for founders’ voting rights
Edtech unicorn Unacademy has changed the target for its cofounders Gaurav Munjal and Hemesh Singh to access additional voting rights through bonus shares issued to them in 2022. Industry sources said this move throws light on Unacademy’s changing ambitions as well as the broader sluggishness in the startup funding ecosystem.
New-age brands buzz on deal street; Unacademy founders’ voting rights
Happy Friday! New-age brands are attracting capital from VC funds, founders and other types of investors. This and more in today’s ETtech Morning Dispatch.
SuprDaily founder Puneet Kumar joins Nexus as venture partner
Kumar joining Nexus Venture Partners adds to a long list of top personnel changes at venture firms in India over the last 8-10 months. He was previously at startup accelerator Y Combinator and had also founded Supr Daily along with Shreyas Nagdawane and Rohit Jain.
Airfares peaking as travellers in Europe, Asia seek savings
Airfares in Europe and Asia are plateauing or declining, signaling a slowdown in post-COVID travel demand. Airlines are facing challenges with higher costs and limited aircraft availability.
Trade strains boost cargo rates at pace recalling Covid ‘chaos’
Global goods trade is rebounding, boosting shipping rates and triggering memories of past disruptions for supply-chain managers.
Markets peak on optimism, not on relative pessimism: Deepak Shenoy
It seems to be, but people seem to still be very scared. Everybody I am talking about is little worried that the markets will fall or that they have reached a peak and there is so much high. So, I think the problem is markets peak on optimism, not on relative pessimism, like we see today.
Flipback Tax: Razorpay restructures to cut levy; Groww pegs tax outgo at $70 million
US-registered Razorpay is quickening plans to shift its domicile to India. For the same, it has initiated a restructuring exercise through which half a dozen India units are being brought under one holding company.
Digit IPO: tempering tech valuations & other top startup stories this week
This is Pratik Bhakta in Bengaluru. Insurance startup Digit, by valuing itself at a discount of 25% to its last known private market valuation, seems to have stuck its neck out. And it’s a move that’s certainly got everyone talking.
Meesho closes $275 million funding in first tranche, in talks for more
Meesho secures $275M funding in a $600M round. Share transfers hinted in SEC filing. In total, Meesho has raised $1.36 billion – including secondaries – since 2015.
SoftBank back at deal counter with Icertis deal talks
Tech VC in funding talks with portfolio co Icertis, which is stitching up a $150m secondary round
Mohit Gupta, Mukesh Bansal’s omnichannel fashion startup Lyskraft raises $26 million in seed funding
Former Zomato executive Gupta will steer the venture as CEO, Bansal to stay away from operations. The fashion startup will focus on offline play in the premium women's wear fashion category and expand into other lifestyle segments later.
Spacetech startup Digantara unveils 25,000-sq ft facility in Bengaluru
The new facility, spanning 25,000 square feet in Hebbal, Bengaluru, serves as a satellite assembly, integration and testing (AIT) facility. The Bengaluru-based startup is currently planning to launch a constellation of space-based space surveillance satellites.
VCs looking for partial exits, investors eyeing IPO-bound firms push up secondary deals
Founders of mid-scale startups, who spoke to ET, said existing investors in their cos are demanding exits even at reduced valuations.
Residential real estate could see another peak in 2024
Residential real estate in India is expected to reach a peak in 2024, despite the General Elections, due to existing regulatory reforms and strong GDP growth predictions. Previous election years in 2014 and 2019 saw growth in housing sales. Developers are venturing into new territories, with positive market trends indicating a potential peak in 2024.
Indian startups seen raising $10-12 billion this year: Peak XV’s Rajan Anandan
Rajan Anandan, who is the managing director at Peak XV Partners, said that in the next seven to eight years, there will be at least 100 Indian startups that will go for initial public offerings (IPOs).
Tata Motors wants EV sops extended; Peak XV's new fund
Tata Motors, which dominates the local EV market with a share of more than 70%, wants New Delhi to help replicate an enabling environment similar to the one in China that has pledged to support adoption of electric vehicles until unit sales touched at least a fifth of all new cars sold.
D2C skincare brand Foxtale raises $14 million funding led by Panthera Growth Partners
Foxtale Consumer last raised $4 million in 2022 from Matrix Partners and Kae Capital.
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