DELHIVERY IPO
BigBasket, 1mg’s plans for capex; win for epharmacies in Madras HC
Tata’s online grocery BigBasket and epharmacy 1mg will largely depend on debt capital to fuel expansion this fiscal. More on this in today’s ETtech Morning Dispatch.
Ecom Express sets the ball rolling for Rs 3,000-crore IPO
Third-party logistics firm Ecom Express is looking to list on the public markets to raise Rs 3,000 crore, two people aware of the development told ET. The Warburg Pincus-backed company has appointed bankers Kotak Capital, IIFL, Axis Capital, and UBS to take forward the process.
Ecom Express sets the ball rolling for Rs 3,000-cr IPO
"Ecom Express has initiated the process for the public issue, which includes both a fresh issue and an offer for sale from the existing investors. The company is likely to file its draft red herring prospectus soon," said one of the people cited above.
Ecom Express’ rights issue; Google Cloud chief interview
Ecom Express is planning a $170 million rights issue led by existing investors. This and more in today’s ETtech Top 5.
Zepto raises $665 million funding at $3.6 billion valuation to take on Blinkit, Swiggy Instamart
Company to double dark-store count to 700, taking on rivals Blinkit, Swiggy Instamart and Big Basket’s BB Now; DST Global, Lightspeed Venture Partners, Avenir Growth Capital and Avra joined as new investors in the round led by Glade Brook Capital, StepStone Group and Nexus Venture Partners.
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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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.
New-age stocks recover post poll results; Ixigo IPO launch
A day after election results, shares of new-age companies like Zomato and Delhivery made a sharp recovery on the bourses. A look at the numbers and more in today’s ETtech Top 5.
Unlisted shares offer terrific returns, but also carry very high risks; should you invest?
In the past decade, many Indians have embraced the equity culture and started investing in stocks and equity mutual funds. Some analysts feel that retail investors should put money in unlisted shares if they want outsized returns. Other financial advisers say retail investors should not dabble in unlisted shares for the simple reason that the risk they entail is not worth the rewards they offer.
A quarter of hits & a few misses; and other top tech, startup stories
Welcome to another edition of ETtech Unwrapped – our weekend newsletter. This is Pranav Mukul in New Delhi. This week we’ve wrapped up another compelling quarterly earnings season for listed new-age companies from Zomato and Delhivery to Paytm and PB Fintech.
Quick commerce 2.0, and other top tech & startup stories this week
Quick commerce, the buzziest sector in the consumer internet industry, is undergoing a significant transformation. We, at ETtech, have been tracking the sector super closely and bringing the biggest and most impactful stories to you, first.
Delhivery slides back to losses; Prosus names new CEO
Logistics startup Delhivery fell back into the red for the March quarter but managed to narrow its losses on a year-on-year basis. This and more in today’s ETtech Top 5.
SoftBank India elevates Sarthak Misra to partner role
Sarthak Misra, who joined the fund in 2019 from Matrix Partners India, sits on the board of ecommerce firm Meesho and business-to-business etailer OfBusiness while also working closely with companies like Swiggy and Lenskart.
Mubadala leads Rs 1100 crore funding round in Avanse
Avanse is the second largest domestic private sector NBFC in the education loan segment with assets under management (AUM) of Rs 8,646 crore in FY23. The firm's total disbursement in FY23 stood at Rs 6,143 crore, a 2.1x increase over the previous financial year. The company has disbursed loans to over 3.5 lakh students and provided working capital to 1200 institutions.
Mallika Srinivasan steps down as Swiggy's independent director
Swiggy said Srinivasan was stepping down due to “increasing business commitments”, without explaining further. The firm did not name a replacement for the position.
SoftBank took home $1.8-1.9 billion from four listed portfolio companies
Japanese investor SoftBank has sold stakes worth $1.8-1.9 billion during the public offerings and through post-listing sales in four Indian startups — Paytm, Zomato, PB Fintech and Delhivery — that went public in 2021 and 2022. It had invested a total of $2.3-2.4 billion in these four new-age companies.
Series A to IPO, to series of returns
The sharper focus on the post-listing financials of startups has tempered the exuberance while forcing companies to shift focus from gross merchandise value to unit economics and profitability.
IPO-bound Swiggy appoints former Diageo India CEO Anand Kripalu as chairman of the board
Kripalu, a graduate from IIM Calcutta and the CEO of packaging manufacturing company EPL, is a FMCG veteran. He was also the president for India and Southeast Asia at chocolate maker Mondelez. The board appointment comes at a time when Swiggy is said to be preparing for an initial public offering in 2024.
Ecommerce SaaS company Unicommerce eyes IPO in second half of 2024
The firm has started the book-building process and capital markets and investment firm CLSA has been roped in as one of the managers for the initial public offering (IPO), they added.
Mutual funds take a shine to Zomato, Nykaa, Paytm, other new-age stocks
An analysis of shareholding patterns of new-age firms such as Zomato, Paytm, Delhivery, Nykaa and PB Fintech, showed mutual funds have increased their holdings in several of these companies slowly but significantly over the last four quarters.
Mamaearth founders selling shares in IPO is part of a new-age company trend
Prior to the public offering, the promoters held a 37.41% stake in the omnichannel retailer—and this is expected to fall to 35.34% following the issue.
Mamaearth parent Honasa Consumer sees IPO going in the right direction
Honasa Consumer’s Rs 1,700 crore IPO opened for public subscription on Tuesday. It is offering the shares at a price band of Rs 308-324 each.
ETSA panel discussion: Focus needed on building new ventures sustainably for public markets
Prashanth Prakash, partner at Accel India, said India’s public markets are one of the best things that the country has to offer to the new economy space, but the ecosystem “lost sight of what it is to practically build a company for the public market”.
TVS Supply Chain solutions offers exposure to global logistics opportunities
The company follows an asset light model by using leased warehouses. It works with 72 Fortune 500 companies. Some of the clients include Daimler, Sony, Panasonic, Hero Moto, TVS and Hyundai Motor. The top 10 customers contributed 38.8% to the revenue in FY23. The company derives nearly 70% of revenue from overseas. Investors with high risk appetite may bet on TVS Supply Chain.
World’s biggest market for sub-$100 million IPOs booms in India
From finance startup Paytm to the nation’s largest insurer, investors have lost money from those IPOs in the past two years. They’ve turned to companies offering up to just $100 million in stock sales, as India hosted 92 such listings this year, the most in the world, according to data compiled by Bloomberg.
Zomato and PB Fintech stocks hit 52-week highs
With the broader stock market indices setting record highs, shares of two Gurgaon-based newage companies, Zomato and PB Fintech, touched 52-week highs on July 13.
Rajeev Misra’s $7 billion fund scouting for India opportunities after debut investment in Shapoorji Pallonji
Rajeev Misra told ET in an interview that One IM, which currently has a corpus of $7 billion, participated in a debt issue floated by the Shapoorji Pallonji group, making it the fund’s debut in India.
Delhivery’s chief customer experience officer Abhik Kumar Mitra resigns
Mitra was the chief executive of Spoton — a logistics firm Delhivery acquired in 2021 before its initial public offering (IPO) for about $300 million. He played a crucial role in the acquisition as well.
Delhivery’s ecommerce shipments market share slips to 21% in FY23
Delhivery's market share is expected to further fall to 19% by FY30, according to a report by brokerage firm Bernstein.
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