TATA's Super App 🦸♂️, Zomato 🤝🏻 Blinkit, New-age stocks lose 68% m-cap 😟
Tatas plan to launch ‘super app’, Zomato and Blinkit likely to merge, New-age companies lose up to 68% m-cap, What is Share Swap?, Funding Deals & more.
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Tatas plan to launch ‘super app’ in April with IPL marketing push🦸♂️
After piloting its ‘super app’ among employees over the past many months, the Tata group is gearing up for the much-delayed app, called Tata Neu, next month. The launch will be accompanied by an aggressive marketing push around the Indian Premier League (IPL).
The company is expected to officially announce Tata Neu's launch to consumers on April 7. Tata Neu has been struggling with delays, the last one being on Diwali.
Tata group’s top assets like online grocer BigBasket, epharmacy 1mg, electronics focused retailer Croma, flight booking services across Tata group airlines including Air Asia and Vistara and Tata Cliq (which sells products across Tata companies such as Titan and Tanishq) are now fully integrated on Tata Neu now, multiple sources said. Westside and Starbucks are on board.
Zomato and Blinkit likely to merge in a share-swap deal🤝🏻
Zomato Ltd is set to take control of Blinkit after the food aggregator extended a $150 million emergency loan facility to the quick commerce startup.
The contours of the deal are being finalised but it is likely to be a 10:1 ratio, which is expected to value Blinkit at around $700-800 million based on Zomato’s current market capitalisation. This is lower than Blinkit’s previous valuation of little over $1 billion.
The quick-commerce company, which pioneered the 10-minute delivery of groceries with the help of so-called dark stores, was one of the more than 40 unicorns, or startups valued at more than $1 billion, created in India last year.
The share swap deal would result in Blinkit's largest investor SoftBank Vision Fund getting a 4-5% stake in Zomato, alongside existing investors such as Tiger Global. SoftBank is a major investor in Zomato’s rival Swiggy, having invested $450 million in the Bengaluru firm last year.
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What is Share-Swap?
Share Swap is a mechanism by which one equity-based asset is exchanged with another equity-based asset based on an exchange ratio under the circumstances of mergers, acquisitions, or takeovers.
D2C fresh meat unicorn Licious has raised $150 million in a Series F round led by Singapore-based Amansa Capital, along with Kotak PE & Axis Growth Avenues AIF - I.
Jewellery retailer Bluestone has raised over $30 million in funding at a valuation of $410 million from Hero Enterprises.
E-commerce roll-up startup UpScalio has bagged $15 million in its pre-Series B round led by UAE-based Gulf Islamic Investments (GII).
Employee engagement platform inFeedo has secured $12 million in Series A funding led by Jungle Ventures and Tiger Global.
Neend, an app for sleep management has raised $700,000 in its latest pre-seed round led by Better Capital.
New-age companies lose up to 68% of market cap💅🏻
New-age companies that went public in 2021 have turned from being among the most-watched names to outcasts on Dalal Street.
The recent sell-off in shares of Paytm's parent One97 Communications, Zomato, FSN E-Commerce (Nykaa's owner), PB Holdings, which runs Policybazaar, and Cartrade Tech has eroded Rs 2.28 lakh crore of investors’ wealth.
On Monday, these five firms saw their total market cap fall by Rs 7,700 crore led by a 13% decline in shares of One 97 Communications.
While Paytm has seen its market cap drop Rs 72,000 crore from the peak, the market capitalisation of Zomato and Nykaa have declined Rs 64,000 crore and Rs 53,000 crore, respectively, from their peaks.
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