UDAAN VALUATION
HSBC cuts Elastic Run valuation; Hero MotoCorp doubles down on Ather
HSBC has cut its valuation estimate for B2B ecommerce firm Elastic Run by nearly half, bringing it under $1 billion. More on this in today’s ETtech Top 5.
Groww moves domicile to India from the US
Increasing number of large startups across sectors looking to shift from US, Singapore
ShareChat valuation drops 60% to under $2 billion post new funding
Twitter and Google-backed homegrown social media firm Sharechat has closed $49 million in debt financing through convertible debentures from existing investors – Lightspeed, Temasek, Alkeon Capital, Moore Strategic Ventures and HarbourVest.
Hunger games: Investors at the table with appetite for food startups
Pizza Wings, Boba Bhai in funding talks as HNIs, angels and other backers show interest
Udaan FMCG biz head Vinay Shrivastava quits; fourth senior exit since Sept’23
Udaan's FMCG business head, Vinay Shrivastava, has resigned amid a series of senior exits at the B2B e-commerce firm. Shrivastava, with nearly four years at Udaan, contributed to significant growth in market share and business. Udaan is restructuring its teams and business verticals, merging essentials with discretionary business. Shrivastava's departure follows the exits of the group CFO and other senior executives since September 2023. The company recently raised $340 million in Series E, but its valuation reportedly fell to around $1.8 billion in a down round.
Promoter tag for Prosus in Swiggy IPO; SaaS play for revenue-linked financiers
Swiggy's largest investor Prosus is likely to be tagged a promoter in the company as plans for trimming stake ahead of an IPO haven’t materialised. Details of this and more in today's ETtech Morning Dispatch.
Udaan CFO Aditya Pande resigns; firm announces senior-level changes
Kiran Thadimarri, group finance controller, will be elevated to the executive management team. Further, Vishnu Menon, head - corporate strategy & investor relations, has been given additional charge of business finance.
Apple iPhones lift electronics exports; Udaan CFO exits
Apple’s iPhone led the charge in India’s booming smartphone exports, contributing significantly to a record 22.24% growth in overall electronics exports, which surpassed $20 billion in the first nine months of FY24.
Udaan valuation dives to $1.8 billion in down round
Bengaluru-based Udaan was last valued at $3.2 billion following a funding round in January 2021. It closed a $340 million financing last December by largely converting debt notes into equity. The round also included a fresh equity infusion. It did not disclose the valuation.
Udaan’s valuation plummets; draft rules for fintech self-regulatory bodies
Business-to-business (B2B) ecommerce platform Udaan has taken a major hit with its valuation being chopped by nearly half to $1.8 billion in a down round. This and more in today’s ETtech Morning Dispatch.
UK’s Prudential may lead Udaan down round; below $2 billion value seen
The Lightspeed India-backed startup is likely to see a significant drop in its valuation, to under $2 billion during the new financing round compared with its last peak valuation of $3.2 billion, said people aware of the contours of the deal being discussed.
More startups India-bound, map ‘reverse flip’
Pine Labs and Udaan are the latest to plan shifting their holding companies to India with an eye on the long term. They join several other well-funded and highly valued startups that are moving their overseas holding companies to India — or ‘reverse flipping’ ahead of listings.
Udaan lays off over 100 employees shortly after $340 million fundraise
Most of the job cuts happened in the go-to-market (GTM) team, which handles relationships with sellers, among other responsibilities, people in the know said. The layoffs, the sources explained, were due to redundancies following a rejig of the business in September.
Footpath Ventures eyes stake in Rajasthan Royals; IT hiring picks up
US-based Footpath Ventures is in advanced talks to pick up a stake in Rajasthan Royals, a franchise in the Indian Premier League (IPL). This and more in today’s ETtech Morning Dispatch.
Udaan raises $340 million in funding from UK’s M&G Prudential, others
The funding round also saw participation from existing investors such as Lightspeed Venture Partners and DST Global, the firm said in a statement. ET had first reported on talks between the UK-based firm and Udaan on October 20.
Udaan's fundraise; VC-backed listed tech firms hit $50B market cap
Business-to-business (B2B) ecommerce firm Udaan has raised $340 million through conversion of its debt and fresh equity infusion. This and more in today’s ETtech Top 5.
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.
Ecommerce startup Udaan to trim costs ahead of 2025 IPO
Lightspeed Venture Partners-backed Udaan is among startups trying to tap the rapid growth of India’s economy and consumer market, while meeting investor demands for profitability. Udaan, which at its peak employed thousands, joined fellow Indian startups in slashing jobs last year and tightening internal controls and compliance. It now has about 1,800 staff, and Gupta didn’t specify if further job cuts are needed.
Byju’s plans a PE lesson for Aakash; inside Udaan’s funding
Byju’s is talking to a few private equity firms to offload a controlling stake in Aakash Institute, one of the beleaguered edtech’s prime assets, sources told us. This and more in today’s ETtech Morning Dispatch.
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