PINE LABS VALUATION MARK DOWN
Bulls in Action: Sensex jumps over 200 points, Nifty crosses 23,600; mid and smallcaps outperform
Within the Nifty pack, UltraTech Cement, HDFC Bank, Divi's Lab, Coal India, and SBI were the top gainers while HCL Tech, Asian Paints, and Titan faced selling pressure. Shares of new-age companies like Paytm, Zomato, and Policybazaar traded higher by around 2% each after Morgan Stanley's bullish note.
Shareholder nod for Swiggy’s $1.25 billion IPO; Koo halts salaries
Online food delivery major Swiggy has received shareholder approval to go public. This and more in today’s ETtech Top 5.
Baron hikes Pine Labs valuation to $5.8 billion, Invesco marks it up to $4.8 billion
Baron Funds and Invesco revised Pine Labs' valuation to $5.8 billion and $4.8 billion respectively. Fidelity later marked it down to $3 billion. Pine Labs, founded in 1998, offers various digital payment solutions and competes with industry players like Paytm and Mswipe.
Rupeek’s steep down round; Paytm to become third-party UPI app
Gold loan startup Rupeek may soon be tying up a new funding round, albeit at a lower valuation. This and more in today’s ETtech Morning Dispatch.
Gold loan startup Rupeek is staring at a down round
Rupeek could be staring at a cut of as much as 40-50% in its valuation. It was last valued at $600 million. A down round is where a company raises new funds at a lower valuation compared with the previous round.
Paytm crisis deepens; taming of the alpha founder
Paytm’s peers and users have gone back to re-strategise as the fintech firm untangles the regulatory knots. The latest on this and more in today’s ETtech Top 5.
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Vanguard slashes Ola valuation by 29% to below $2 billion
US investment major Vanguard has marked down the fair value of Ola's parent ANI Technologies to $1.88 billion. This is 29% lower than its previous fair value of $2.65 billion. Funds managed by Fidelity reduced the valuation of Meesho and Pine Labs. Invesco increased Swiggy's valuation by 9% to $8.5 billion.
Fidelity cuts fair value of Meesho, Pine Labs
As per the filings, Fidelity's funds have set Meesho’s fair value at around $4.1 billion as of October 31, 2023, down from around $5 billion as of end-August. Meesho was last valued at $4.9 billion after raising $570 million in 2021.
Ranjan Pai’s big Aakash stake; Meesho, Pine Labs fair value cut
Manipal group head Ranjan Pai will soon become the largest shareholder in Aakash—one of the few remaining valuable assets of troubled edtech Byju’s. This and more in today’s ETtech Morning Dispatch.
Swiggy investor Invesco raises food delivery firm’s valuation by 9% to $8.5 billion
Invesco has also revised the valuation of fintech startup Pine Labs to $3.9 billion, from $4.1 billion earlier.
RBI ban makes online payment aggregators seek alternative business lines
Razorpay, Cashfree, Paytm and PayU cannot add merchants for their online payments business, this has allowed their rivals to grab market share
Razorpay acquires BillMe to build on its omnichannel capabilities
Founded in 2018, Mumbai-based BillMe helps merchants send digital bills to customers. It also provides customer relationship management software to online and offline merchants to help decipher customer behaviour and boost engagement.
Baron Capital marks up Swiggy, Pine Labs valuation; almost halves Byju’s value
In its April-June quarterly report, Baron Capital cut the valuation of Byju’s to $11.7 billion as of June 30, down 44.6% from $21.2 billion as of March 31.
Baron Capital raises Swiggy, Pine Labs valuation; Jio to bring AI to everyone, everywhere: Mukesh Ambani
US-based asset management firm Baron Capital has marked up the valuation of Swiggy and Pine Labs while slashing the valuation of edtech major Byju’s by almost half. This comes at a time when several Indian startups have faced valuation markdowns in the past few months.
Fidelity halves Gupshup’s valuation to roughly $697 million
Fidelity Blue Chip Growth Fund’s stake in the San Francisco-headquartered startup was valued at nearly $11.09 million as of April 30, 2023, which it successively marked down.
Fidelity cuts Gupshup’s valuation by 37% to $876 million
SaaS firm was valued $1.4 billion in 2021
Rishi Navani’s Epiq Capital closes second fund at $225 million
The venture capital firm has already backed startups such as eyewear retailer Lenskart, news aggregator Dailyhunt, fitness platform Cultfit, app development company Builder.ai, and healthtech startup Pristyn Care.
Global asset manager Janus Henderson cuts PharmEasy valuation further to $2.7 billion
As of March 31, 2023, funds managed by Janus Henderson valued their stake in the startup at $2.7 billion – less than half of the $5.6 billion valuation that was ascribed to PharmEasy at the time of its last fundraise in September 2021. Janus Henderson had participated in the funding round.
BlackRock marks down Byju’s valuation again to $8.2 billion
Earlier in February, the fund manager had cut the value of its investment in Byju’s to about $11 billion. The edtech firm’s other marquee investors include Tiger Global, Sequoia Capital, General Atlantic, Prosus and Tencent.
Baron Capital slashes Swiggy’s valuation yet again to $6.38 billion
Baron Capital had marked down Swiggy’s valuation by 34% to $7.1 billion as of December 2022, which ET reported on May 16.
US investor Baron Capital marks down Swiggy’s valuation by 34% to $7.1 billion in latest filing
According to regulatory filings, Baron Capital had marked down Swiggy’s valuation to $6.7 billion as of June 2022, just six months after buying a stake in the company, and has since raised it to $7.1 billion.
US investor Janus Henderson cuts PharmEasy valuation by half to $2.8 billion
The global investor, which picked a stake in PharmEasy in September 2021, has reduced the valuation of its holding in the firm by half, which would translate to an approximate valuation of around $2.8 billion as of December 31, 2022.
ETtech’s top stories this week: Razorpay, Byju’s, ONDC vs Zomato and Swiggy
From exclusives and scoops to in-depth analysis, read ETtech’s most important stories from the week gone by.
Why cash will become a commoner; and other top tech & startup stories this week
To be sure, cash will continue to play a big part in the Indian economy. But over the next five years, cash will no longer be king. It will have to take its place among commoners.
Exclusive: Pine Labs, PharmEasy face markdowns by Neuberger Berman as tech valuations tumble
The chill in the consumer Internet investment ecosystem and the subsequent cooling down in startups’ growth in India are now being felt through a series of markdowns by US institutional investors of their investment in late-stage companies.
Valuation markdowns hit Pine Labs, PharmEasy; Paytm’s boost to ONDC; and Netflix India under tax net
Continuing with the trend of valuation markdowns at large tech companies, fintech firm Pine Labs and online pharmacy PharmEasy became the latest to join the growing list. This and more in today’s ETtech Morning Dispatch.
No window for IPO in current market situation: Pine Labs CEO Amrish Rau
Amrish Rau says investors want market storm to clear up before going for an IPO; eyes sales outpost in US, EU.
Temasek open to investing beyond $1 billion in India: Ravi Lambah
"India's fundamentals are strong, and we remain positive about India's sustained and consistent policy framework, solid foreign exchange reserves, ongoing good corporate earnings, and strong banks. The private sector's capex is slowly coming back, which is a good sign," Lambah said.
Court comes down hard on Twitter
In today’s ETtech Top 5 Newsletter: Delhi High Court gives government a free hand on Twitter; Pine Labs gets funding at $3.5 billion valuation ahead of IPO; and InMobi’s Glance plans to take on TikTok and Instagram.
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