ACKO VALUATION
Bluestone's unicorn round; Sorin’s Rs 1,350-crore fund
Happy Wednesday! Omnichannel jewellery startup Bluestone is nearing unicorn status with a potential $100-million pre-IPO investment. More on this in today’s ETtech Morning Dispatch.
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’s fintech bet; Byju’s valuation crashes 99%
Ecommerce firm Meesho is diversifying revenue streams via two new business lines. Details of this and more in today’s ETtech Morning Dispatch. Multiple people aware of the developments told ET that Meesho wants to restart grocery delivery in a couple of cities, beginning from the next financial year.
Eruditus plans India flip; Ayodhya boost for spiritual apps
Indian IT majors are eyeing upcoming US federal contracts as several large deals are set for renewal in the next two quarters. While it is still challenging for Indian companies to win these contracts, there is a more positive attitude towards Indian-heritage suppliers.
The rise & rise of new-age stock brokers; and other top tech, startup stories this week
A crop of tech-first stockbrokers is not only leading from the front in adding new customers, they’re also generating strong revenues and profits. These stock-broking platforms, which have diversified beyond stock trading to position themselves as full-fledged financial services firms, have left behind the traditional players in terms of user sign-ups.
How fintechs got their fingers in every pie; and other top tech, startup stories this week
On Wednesday, ET wrote about how fintechs were adding more than 42% of the new investors in mutual funds every month. And this is not unique. Be it wealth management, payments or credit, fintechs are playing an important role in expanding the market and driving adoption everywhere.
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Catamaran president Deepak Padaki sees startup valuations falling further
In an interview with ET’s Beena Parmar, Deepak Padaki, who joined Catamaran Ventures last August, also talks about its investment exits, deal sizes and corporate governance at startups. Edited excerpts:
PhonePe is set to launch consumer lending by January 2024
To begin with, the Walmart backed company will work as a distributor for personal loans, as it slowly builds up credit underwriting heft. The fintech is in the final stages of integration with five lenders.
Narayana Murthy's Catamaran plans to invest in precision manufacturing companies
Catamaran has invested in companies like SpaceX, deep-tech energy startup Log 9, B2B e-commerce firm udaan, edtech firm udemy, and fintech firm Acko, among others.
Decoding InsuranceDekho’s back-to-back funding rounds amidst a funding winter
Amidst a funding winter, when startups are having to go the extra mile to justify every dollar of their valuation, InsuranceDekho stood out.
Wary investors walk away from large-funding deals at unicorns citing tech turbulence
Good Glamm, Acko see funding talks fall through; companies raising $100 million plus rounds struggle due to macroeconomic headwinds
SaaS startup LeadSquared in talks to raise $100 million at $1 billion valuation
The round is expected to value it at $1 billion, the people said, propelling it into the list of unicorns, or privately held companies with a valuation of $1 billion or more.
Indian unicorns set to continue their hiring spree in 2022
Meesho, Acko, Razorpay, Zeta, Spinny, Apna, Vedantu and Cred are among those looking to scale up their teams by up to 100 per cent in the coming months, with a focus on technology, product, design, sales and marketing roles.
Binny Bansal’s Flipkart stock sale; Uber’s Rs 2 crore job offer at IITs
Binny Bansal, who cofounded Flipkart along with Sachin Bansal, has scooped up a good sum by selling a part of his stake in the company. The remaining stock can result in further wealth creation at the time of Flipkart IPO.
Binny Bansal sold part stake in Flipkart in July funding round
Binny Bansal executed a secondary shale sale worth more than $200 million to Tencent Holdings in Flipkart’s latest funding round that pegged the etailer’s valuation at $37.6 billion.
Adani buys minority stake in Cleartrip; the Meta transformation of Facebook
As the travel and hospitality industry is witnessing a post-pandemic revival, the Adani Group today announced that it is acquiring a significant minority stake in Flipkart-owned online travel aggregator Cleartrip.
ETtech Deals Digest: Acko, Groww raise funds this week
General insurance startup Acko became the 32nd startup unicorn of 2021 after it picked up $255 million in funding led by General Atlantic and Multiples Private Equity.
Meesho undertakes third ESOP buyback worth $5.5 million
Meesho, a social commerce platform that’s looking to take on Amazon and Flipkart in India’s ecommerce space, has repurchased ESOPs worth $6 million so far with across-the-board participation.
Acko raises new funds led by General Atlantic, Multiples as valuation jumps to $1.1 billion
Acko, which is the newest Indian unicorn, was last valued at around $400 million last year.
Exclusive interview with Snap CEO; Paytm IPO opens Nov 8
In an exclusive interview, Snap Inc CEO Evan Spiegel told us the reasons for Snap’s resurrection, the secrets of its success in India, and what he really thinks of Facebook.
Tech’s the future for insurers
Unforeseen calamities in the past few years have acted as a tailwind for insurance companies, as they seek to up their technology game either alone or in partnership with new-age insurance tech startups.
Smallcase raises $40 million from Amazon, others
The round marked the first investment by Amazon in a wealth management fintech in India.
Insurers vs Aggregators
In today’s ETtech Morning Dispatch: Unacademy raises $440 million at $3.4 billion valuation to fuel its diversification plans, IndiaTech asks Sebi to tweak rules on SR shares, and Zomato rolls out an incentive scheme for delivery partners.
Digit Insurance raises new funds from Sequoia, others at $3.5 billion valuation
The Digit Insurance funding comes at a time when rival insurtech startup Acko is said to be in advanced talks to raise $200 million to become a unicorn, thus underscoring the heightened investor interest in India’s insurtech space.
Govt may tax overseas crypto exchanges
In today’s ETtech Morning Dispatch: Overseas cryptocurrency exchanges may face 18% GST in India, Prem Watsa-backed Digit in talks to raise funds at twice its previous valuation, and UPI breaks all records in June.
What’s behind the insurtech boom?
In today's ETtech Morning Dispatch: Acko raises $200 million to become India's latest startup unicorn, Govt-Twitter spat set up escalate over distorted India map, Shuttl likely to shut down, and Quadria plans to invest $400-500 million in India.
ETtech Exclusive: Acko in talks to raise $200 million, may become India’s next unicorn
Heightened interest among risk investors in the overall fintech sector, due to greater digital adoption triggered by the Covid-19 pandemic, is likely to help boost Acko’s valuation.
State Bank of India invests in fintech startup Cashfree
The State Bank of India (SBI) investment fits perfectly with Cashfree’s growth strategy as it continues to focus on customer experience and product innovation, CEO Akash Sinha says.
Amazon-backed Acko seeks new funds at $1 billion value
The startup is looking to raise about $200 million in the round
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