Groww valuation triples to $3B💚

groww founders

Nykaa reveals growth plans, FHRAI asks Sebi to halt Oyo’s IPO, Funding Deals & more.

Start your day, the smart way!

Top tech news of the day delivered straight to your inbox.

1 Mail | 2 Minutes | 3 Stories | Funding Deals

Let’s get started

Every day, keep an eye on the Promotions tab for new mail.

Groww raises $251 mn, triples valuation to $3 bn in 6 months

Wealth management and investment platform Groww has raised $251 million as part of its latest Series E funding led by Iconiq Growth, nearly tripling its valuation to $3 billion in a little over six months.

Groww recently received approval from the Competition Commission of India (CCI) to acquire Indiabulls’ Asset Management Company (AMC) business. This will allow it to create and sell its own mutual funds.

Groww founders (from left) Neeraj Singh, Harsh Jain, Lalit Keshre and Ishan Bansal.

VCs are increasingly backing India’s “discount broking” startups amid the stock market boom, which has caused the number of retail investors to surge. Data from the Securities and Exchange Board of India (Sebi) showed that in FY21, a record 14.2 million Indians opened new Demat accounts, nearly three times as many as in the previous fiscal.

Other players in the space are Zerodha, Upstox and Paytm Money.

Nykaa lays out recovery, reveals growth plans ahead of IPO this week

Three days before the launch of Nykaa’s initial public offering, its founder Falguni Nayar told journalists at a press conference that the company’s gross merchandise value (GMV) has gradually recovered since the initial days of the pandemic.

Nykaa is looking to list on the stock exchanges with a Rs 5,352 crore IPO that would value it at $7.1 billion (Rs 53,200 crore). The IPO will open on Thursday, October 28 and close on Monday, November 1.

Nykaa management (from left) Anchit Nayar, Falguni Nayar and Advaita Nayar

Nayar said Nykaa plans to enter more categories adjacent to the lifestyle sector and launch new channels. It will also look at building its own Thrasio-style house of brands.

She said the company also plans to open more physical stores across India and is eyeing international markets such as the UK, Europe and the Middle East.

Hot Shorts⚡

  • Teachmint, an education infrastructure startup, has raised $78 million in a Series B investment headed by and Vulcan Capital.
  • Porter, a tech-based on-demand intra-city logistics provider, has raised Rs 750 crore in a Series E fundraising round led by Tiger Global Management and Vitruvian Partners, with participation from existing investors Sequoia Capital India and Lightrock India.
  • Dairy-tech startup Stellapps has raised $18 million in its pre-Series C funding round from investors led by global animal nutrition and aquaculture company, Nutreco.
  • Thrasio, the company that pioneered the business of acquiring and scaling brands on Amazon, has raised more than $1 billion in a private funding round led by technology investor Silver Lake.

After Zostel, FHRAI asks Sebi to halt Oyo’s $1.2 billion IPO

Oyo’s plans to become a publicly-traded firm have hit another roadblock. In a letter to the markets regulator, the Federation of Hotel and Restaurant Association of India (FHRAI) has accused the company of anti-competitive business practices and making inadequate disclosures in its draft prospectus.

Hotel Body FHRAI Seeks NITI Aayog's Intervention Against OYO's Alleged  Antitrust Practices

Oyo and FHRAI have been battling for years. The company’s business practices have been under investigation by the Competition Commission of India since October 2019, after the hotel’s body filed a complaint against it.

Oyo filed the preliminary documents for its Rs 8,430-crore initial public offering (IPO) at the start of October. It plans to raise Rs 7,000 crore by issuing fresh stock and the rest via an offer for sale.

Tweet of the day🐥

🏏 New IPL TeamsRPSG bags Lucknow franchise for Rs 7,090 croreAhmedabad franchise goes to CVC Capital Partners for Rs 5,625 crore

⚖ Celebs endorsing crypto firms must check claims or face action: ASCI head

🏠 Livspace eyes expansion in the Middle East, starting with Saudi Arabia

“Either you run the day, or the day runs you.”

– Jim Rohn

Thanks for reading😊

We’ll be back with more interesting stories and updates tomorrow.

Check our WebsiteTwitterInstagram.

Hit 💜, if you enjoyed the article.

Liked reading? Share this post

Leave a Reply

Your email address will not be published.