WESTBRIDGE
Hindustan Foods shares zoom 15% after stake sale via block deal
Shares of the FMCG major Hindustan Foods (HFL) surged 15% today on BSE to Rs 582.50 after a likely equity stake sale of 11.1% via a block deal on Wednesday. The deal size is said to be approximately worth Rs 720 crore.
WestBridge Capital sells 1.7% stake in AU Small Fin Bank for Rs 845 crore
WestBridge Capital divested a 1.7% stake in AU Small Finance Bank for Rs 845 crore through an open market transaction, impacting its shareholding in the bank significantly. Goldman Sachs Investments Mauritius I acquired a substantial number of shares in the same bank.
Adda247 logs 88% jump in revenue to Rs 243 crore
Google-backed edtech startup Adda247 saw strong growth in FY24, with revenue nearly doubling to Rs 243.39 crore from Rs 129.65 crore in the previous year. They also made significant progress on profitability, slashing their net loss by two-thirds to Rs 101 crore, down from Rs 296 crore in FY23.
Promoters of Aptus Value sell shares worth Rs 1,028 crore
Shares of Aptus Value Housing Finance fell 5.56% to close at ₹298.6 on Tuesday. In the past one month the housing finance company's shares have fallen 6.7%.
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.
Google-backed Adda247 hires Bimaljeet Singh Bhasin as CEO of Skilling and Higher Education Business
Adda247 appointed Bimaljeet Singh Bhasin as CEO to lead skilling and higher education business growth, with support from Google, Westbridge, and Info Edge. Bimal's vast experience will help expand offerings for over 40 million users preparing for various exams.
Third Wave Coffee ropes in ex-KFC India head as CEO; founder Sushant Goel to move to board role
The company last raised $35 million from PE fund Creagis in September. Goel will transition out of his day-to-day operating role over the next nine months.
No more e-bike taxis in Bengaluru as Karnataka withdraws policy citing its misuse
Karnataka, officials said, was the first state to have put out an exclusive policy to promote electric bike taxis, but the government did not find the response from platforms encouraging enough.
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.
SaaS accelerator Upekkha announces first close of $40 million VC fund
The fund was created with a leading investment from WestBridge Capital, among other limited partners including Godard Abel, founder and CEO of G2, a business-to-business marketplace that ranks SaaS companies.
Meesho’s early backers eye new secondaries at $3-3.5 billion valuation
Norwest Venture Partners, WestBridge Capital are among entities said to be in talks to pick up stake in ecommerce firm Meesho. The development underscores the growing trend of secondary share sales in late-stage firms.
Venture Highway sells off its stake in Meesho to WestBridge
Venture Highway first invested in Meesho in 2015. The exit comes just days after Venture Highway co-founder Samir Sood stepped down as a partner of the firm. At the same time, it had appointed Priya Mohan as the managing partner.
PE-backed Third Wave Coffee opens 46th outlet in Bengaluru
Telecom operator Vodafone Idea (VIL) is set to make substantial investments in the near future to facilitate the rollout of a robust 5G network and to further enhance the coverage of its 4G services. This commitment was underscored by the billionaire industrialist Kumar Mangalam Birla on Friday.
Meesho CXO Utkrishta Kumar exits to set up own venture
Utkrishta Kumar, the chief experience officer for business at ecommerce firm Meesho, has resigned after five years with the company. Kumar will be leaving to pursue entrepreneurship, according to an internal email from co-founder and CEO Vidit Aatrey. Megha Agarwal, currently the CXO for growth, will take over Kumar's role, with responsibilities split into three categories.
WestBridge Capital to pick up secondary stake in Meesho at around $3 billion
The Indian fund which has backed companies like Freshworks, Dealshare and PhysicsWallah is in talks to pick up about 2% stake in Meesho.
Third Wave Coffee raises $35 million in funding round led by Creaegis
Third Wave Coffee cofounder and chief executive Sushant Goel confirmed the new funding without providing any details. Creaegis closed a $426 million fund on September 20 through which it has made the investment in the coffee chain.
Dealshare lays off 130 employees, closes down B2B vertical
The layoffs come roughly one-and-a-half months after Vineet Rao stepped down as Dealshare’s chief executive. The company had earlier decided to shift its headquarters North, which is where most of its business comes from.
Ola applies for licence to operate e-bike taxis in Karnataka
Karnataka allows operation of EV two-wheelers as bike taxis under its Electric Bike Taxi Scheme, 2021. The regulations, however, require the EV to be registered as a motorcycle in the transport category and used as a public service vehicle. On Saturday, Ola co-founder Bhavish Aggarwal had announced that the EV maker was re-starting Ola Bike, the company’s two-wheeler taxi service, in Bengaluru.
WestBridge Capital invests in TSS Trackwizz at Rs 900 crore valuation
The funds raised will be used for research and development with a focus on artificial intelligence (AI). It also intends to significantly scale up its SaaS offerings, including TrackWizz Screenzaa, and bring in new products in niche areas of financial crime.
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