SWIGGY SOFTBANK
Swiggy announces $65 million ESOP programme for employees ahead of IPO
As part of the scheme, Swiggy employees across all levels and functions will have the opportunity to receive up to $65 million in liquidity for their ESOPs. This marks Swiggy's fifth liquidity event since 2018 and the third consecutive event following those in July 2022 and 2023. This positions Swiggy as one of the few start-ups consistently providing wealth-creation opportunities for its employees.
Invesco reduces fair value of Pine Labs, Swiggy
Invesco has reduced the fair value of fintech company Pine Labs and food delivery firm Swiggy in its latest shareholder report. Pine Labs' value decreased from $4.8 billion to $3.5 billion, while Swiggy's valuation was also adjusted. Both companies are exploring potential IPOs amid market fluctuations.
HSBC estimates Prosus stake in ecommerce unicorn Elastic Run at $200 million
HSBC, in a research note dated May 21, nearly halved the valuation estimate for B2B company Elastic Run, pushing its valuation below the $1-billion 'unicorn' mark. The startup, backed by SoftBank and Prosus, was last valued at $1.5 billion in 2022.
A pivotal event for online commerce; and other top tech, startup stories
Stay tuned to know how the latest capital infusion into Zepto impacts the workings of this fledgling sector.
SoftBank gets promoter tag in Unicommerce’s IPO filing
SoftBank, Kunal Bahl, and Rohit Bansal tagged as promoters by Unicommerce board with signed indemnity agreement.
SoftBank gets promoter tag in Unicommerce’s IPO filing
Unicommerce Esolutions has tagged SoftBank, Snapdeal cofounders Kunal Bahl and Rohit Bansal as promoters in an addendum to its draft IPO prospectus, expanding the list of promoters from the original filing with only AceVector Ltd named. SoftBank, Bahl, and Bansal signed an indemnity agreement to protect themselves from liabilities as promoters of Unicommerce.
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Lenskart $200M secondary deal; Baron bumps up Swiggy’s valuation
Singapore's Temasek and US-based Fidelity have invested $200 million in Lenskart through a secondary share sale. This and more in today’s ETtech Top 5.
Google invests $350 million in Flipkart as part of nearly $1 billion funding round
Flipkart secures $1 billion funding with investments from Google and Walmart. Walmart, which holds an 85% stake, invested $600 million in the round. Valued at $35-36 billion, Flipkart plans to expand with Google's cloud collaboration.
Oyo withdraws IPO application, opts for private funding at 70% valuation cut
Hospitality company Oyo has withdrawn its draft IPO papers for the second time, which it had filed in March 2023.
Swiggy confidentially files draft IPO papers for $1.25 billion public listing
Swiggy, which secured a nod from its shareholders for a $1.25 billion public listing earlier this week, has made the filings through Sebi’s confidential route.
Startup twists & turns on IPO street; and other top tech and startup stories this week
Food and grocery delivery company Swiggy on Friday confidentially filed its draft documents for an initial public offering (IPO) with stock market regulator Securities and Exchange Board of India (Sebi), sources told us.
Swiggy IPO: Food-delivery major secures shareholder nod for potential $1.25 billion public offering
Swiggy IPO: Swiggy plans to raise up to Rs 3,750 crore ($450 million) in fresh capital, in addition to an offer-for-sale (OFS) component of up to Rs 6,664 crore ($800 million). The food-delivery major is also looking to raise about Rs 750 crore from anchor investors in the pre-IPO round.
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.
Swiggy appoints Suparna Mitra as new independent director
Suparna Mitra joins three other independent directors on Swiggy’s board. Mitra is also the CEO of the watches and wearables division of Titan Company, partly owned by Tata Sons.
B Capital closes $750 million fund; Startup Mahakumbh Day 2
Multi-stage global investment fund B Capital has closed its second Opportunities fund at $750 million. Details on 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.
Tata chip unit gets Cabinet nod; Sridhar Ramaswamy named Snowflake CEO
The Rs 91,000-crore project will be set up in Gujarat’s Dholera district in partnership with Taiwanese Powerchip Semiconductor Manufacturing Corp (PSMC), Union communications and IT minister Ashwini Vaishnaw told a press briefing on Thursday.
SoftBank’s India portfolio value rises 9% to $14 billion
SoftBank swung into profits for the first time in five quarters with a net profit of over $6 billion for the three months ended December, aided by a stock rally in listed firms from Vision Fund I. The investor made a full exit from Zomato and Policybazaar during the year along with PhonePe -- which was part of the dividend payout from the Flipkart investment.
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 sheds Paytm stake; NFT investors decry Rario shutdown
SVF Holdings (Cayman) Ltd, a SoftBank entity, sold 12.7 million equity shares of Paytm between December 19, 2023 and January 24, according to a stock exchange filing by SoftBank.
SoftBank offloads another 2% stake in Paytm
Earlier in February last year, SoftBank held a 13.24% stake in fintech major Paytm and has continued to dilute its stake through the course of last year. After the latest sale, SoftBank now holds a 5.06% stake in One 97 Communications, the parent entity that operates the Paytm brand.
Prosus may have promoter tag in Swiggy’s $1 billion IPO
While Swiggy prepares to file its IPO papers, New Delhi-based wearables and audio accessory brand Boat is likely to reconsider its plan to make an IPO in 2024, people in the know of its plans said. In 2022, it had withdrawn its draft red herring prospectus (DRHP) filed with the Securities and Exchange Board of India citing market conditions.
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.
Invesco raises Swiggy’s valuation to $7.8 billion
Earlier in May, Invesco slashed Swiggy's valuation in its holding to about $5.5 billion.
Koo seeks fresh funding, strategics; Dunzo further delays paying salaries, will move out of Bengaluru HQ
Homegrown microblogging platform Koo is looking for fresh funding or a strategic partnership to further its “next phase of growth,” cofounder Mayank Bidawatka said on Friday.
SoftBank plans AI tour for founders to boost technology adoption
SoftBank Group Corp. will take a group of its Indian startup founders to Silicon Valley next month for an artificial intelligence tour as the Japanese investor steps up efforts to infuse its portfolio companies with the technology.
Swiggy restarts IPO plans, aims for 2024 listing
Swiggy, which delivers food from restaurants and also groceries, was valued at $10.7 billion in its last fundraising in 2022 but like many Indian startups put its IPO plans on hold amid a funding crunch and investor concerns about stretched valuations.
Indian portfolio firms Swiggy, Lenskart, FirstCry, OfBusiness preparing to go public soon: SoftBank’s Navneet Govil
SoftBank's Vision Fund swung to a profit after six straight quarters of losses and said it will begin investing after a prolonged period of inactivity even as the Japanese group logged $3 billion in net loss.
Lack of late-stage opportunities led to SoftBank going slow on India investments: BofA Securities
Several domestic companies haven’t met its “sweet spot” of investing in startups valued at $500 million to $2 billion, the report added.
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