PEAK VENTURES
PE, VC funding slows in first half of 2024; secondary deals become prominent
Secondary stake sales and buyouts are driving most of the larger deals being made by private equity (PE) and venture capital (VC) funds in new-age firms, data from investment banking firm DC Advisory showed. In the first six months of 2024, when 37 deals took place in the $50-500 million range, 62% were secondary transactions or buyouts, with external primary investment rounds making up only 13%.
Zomato stops ‘Xtreme’ service; Reliance to bring back Shein
Zomato has halted its hyperlocal goods delivery service due to a lack of demand.
Peak XV has Rs 16,000 crore for investment; AI to be in focus: Rajan Anandan
Peak XV Partners, managing director Rajan Anandan said the company isn't facing any shortage of capital, they just want more people starting up in AI. "We have over 25 AI investments that we’ve made over the last 1-1.5 years,” he said. Peak XV Partners recently led a $10.5 million funding round in AI health startup Cloudphysician.
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.
Peak XV Partners most active investor in India: Hurun report
Peak XV is the most active investor in Indian startups with investments in 47 entities, according to the ASK Private Wealth Hurun India Future Unicorn Index 2024. Accel follows Peak XV with investments in 25 companies poised to become unicorns.
AI startup OrbitShift raises $7 million in funding led by Peak XV's Surge, Stellaris Venture Partners
AI startup OrbitShift has raised $ 7 million in funding from Peak XV Partners' accelerator programme Surge and Stellaris Venture Partners. The AI-powered sales intelligence startup will use the capital to increase its customer base in the US, and invest further in technology and product team to hone its portfolio.
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Ixigo's stock rally continues; retro tax relief likely for egaming cos
Shares of Ixigo continued to surge a day after the travel platform’s IPO. This and more on today’s ETtech Top 5.
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.
Ixigo’s stellar stock market debut: Here’s what venture funds Elevation, Peak XV made on their investments
Le Travenues Technology, which operates the travel platform Ixigo, made a stellar debut on Dalal Street on Monday with a premium of 48.5%. The IPO included a fresh equity issue of Rs 120 crore and an offer for sale (OFS) of up to 66.6 million shares. Existing shareholders such as Elevation Capital, Peak XV Partners, Aloke Bajpai, Rajnish Kumar, Micromax Informatics, and Placid Holdings partially offloaded their stakes through the OFS.
Peak XV, Steadview, and Think Investments line up to fund jewellery retailer Bluestone in pre-IPO round
Jewellery retailer Bluestone is in talks with Peak XV Partners, Steadview Capital, and Think Investments for a $100 million pre-IPO round. The investment is expected to value Bluestone at around $900 million pre-money.
Bluestone’s new investors; states & semicon hubs
Happy Tuesday! New investors are finalising Bluestone’s pre-IPO funding round. This and more in today’s ETtech Morning Dispatch.
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.
Byju's processes employees' May salaries from business collections
BYJU'S processed employees' May salaries from business collections. Salaries paid from company's collections, highlighting financial health and debt-raising challenges. Company raised debts, implemented strategic initiatives. Investors, including Prosus, General Atlantic, Sofina, Peak XV, Tiger, Owl Ventures, approached NCLT Bengaluru.
New-age consumer brands trend on deal street
Uppercase–a luggage brand started by former VIP Industries MD Sudip Ghose–is in talks with Flipkart-backer Accel to raise new capital, sources told us. This would be the 3rd major deal in the space after Peak XV Partners’ Mokobara investment and Lighthouse’s bet on Safari.
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.
Investors taking a shine to Indian climate tech space
Over the last 12-15 months, investors such as Blume Ventures, Leo Capital and new entrants like Synapses have been betting on climate tech startups. Even global investors are looking to invest in climate tech companies.
Homebound startups restructure; offline push by D2C brands
Happy Wednesday! Homegrown startups are stepping on the pedal for their move back home. This and more in today's ETtech Morning Dispatch.
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.
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.
Venturi Partners invests $27 million in Peak XV-backed K12 Techno
Venturi Partners acquired a 5.12% stake in K12 Techno Services from Navneet Learning, operating Orchids international schools. The firm invests from its $180 million maiden fund in companies like Livspace, Country Delight, and Pristyn Care.
Data collaboration software firm Atlan raises $105 million; valuation nearly doubles to $750 million
Funding led by Singapore's GIC and US-based Meritech Capital values startup at $750 million, up from $450 million in March 2022 when it last raised funds
Log analytics firm Parseable raises $2.75 million from Peak XV's Surge
Nitish Tiwari launched Parseable in 2022. The company focuses on helping businesses handle the growing challenge of log data by storing, managing, and analyzing it using cloud-based solutions. Parseable makes use of open-source formats like Apache Parquet and Apache Arrow to ensure data can be processed and work seamlessly with other systems.
Peak XV MD Piyush Gupta to leave VC fund
Piyush Gupta is a managing director at Peak XV Partners, based out of Singapore. While he is not directly involved in making investments for the fund, he led the team which helped the firm's portfolio companies in several aspects including fundraising, mergers and acquisitions.
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.
Peak XV to launch permanent investment vehicle backed by fund partners, team members
The Peak XV Anchor Fund will be backed by an internal pool of capital, according to a letter sent to investors. Formerly known as Sequoia India & Southeast Asia, the venture-capital firm rebranded as Peak XV Partners last year and is now fully independent.
New-age consumer brands pulling in funds, tech no bar; and other top stories this week
At the peak of the funding winter last year, an investor told me that the pace of investment deals will continue to be slow, but the nature of companies grabbing new cash will be different. The next obvious question was: what kind of companies? Consumer brands, the person said.
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