Navi Finserv to raise from bond sale💸, Mamaearth acquires Dr. Sheth's👨🏻⚕️, Jack Ma exits Paytm👋🏻
Navi Finserv to raise from bond sale💸, Mamaearth acquires Dr. Sheth's👨🏻⚕️, Jack Ma exits Paytm👋🏻
Navi Finserv set to raise Rs 600 crore, Mamaearth parent company acquires skincare brand, Jack Ma exits Paytm Mall, Funding Deals & more.
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Navi Finserv set to raise Rs 600 crore from public bond sale💸
Navi Finserv, controlled by Flipkart co-founder Sachin Bansal, is set to raise Rs 600 crore via a public issuance of bonds. This could be the first such retail bond sale by a fintech company in India.
Navi, which deals in personal and home loans, is looking to diversify its borrowing sources amid an evolving credit market and expand its credit portfolio via digital lending.
The bonds, rated A, will offer as much as 9.75% with 27-month maturity. Another series will offer 9.50% with 18-month maturity. The base size of the proposed issue is pegged at Rs 300 crore with an option to retain oversubscriptions up to another Rs 300 crore.
Navi Finserv is a subsidiary of Navi Technologies, which plans to raise about Rs 3,350 crore via an initial public offering in the coming months.
Mamaearth parent company acquires skincare brand Dr. Sheth’s👨🏻⚕️
Honasa Consumer (HCPL), the parent company of Mamaearth and The Derma Co., has acquired Dr. Sheth’s, a dermatologist-formulated premium skincare brand.
Through this acquisition, the company has received control of the majority stake in Dr. Sheth’s at a valuation of Rs 28 crore.
While Honasa Consumer has control of the majority stake in Dr. Sheth’s, founder Aneesh Sheth, will continue to lead the business and product innovation for the brand.
Founded in 2015, Dr. Sheth’s has over 30 skincare product offerings and caters to over two lakh consumers.
Hot Shorts⚡
Neso Brands, a roll-up subsidiary of unicorn eyewear retailer Lenskart, has raised $100 million from KKR, Softbank, Alpha Wave Global and Temasek in its seed funding round.
Smytten, a product sampling and engagement platform for direct-to-consumer brands, has raised Rs 100 crore (around $15 million) in its latest funding round led by its existing investors Fireside Ventures and Roots Ventures.
Adventum Student Living (ASL), an integrated destination for students pursuing overseas higher education, has raised $5 million (over Rs 38 crore) from investors.
Tech-powered construction aggregator, Hocomoco, has rebranded itself to Wehouse and raised $1 million from Anthill Ventures and a group of angel investors.
➡️ Check out our LinkedIn space for more on the funding deals.
Jack Ma exits Paytm Mall; sells 43% for ₹42 crores 👜
Five years after making its biggest bet in India’s e-commerce market, Jack Ma-led Alibaba and Ant Financials have exited Paytm E-commerce Pvt. Ltd, the parent entity of Paytm Mall.
Paytm E-commerce bought back the entire stake of Alibaba (28.34%) and Antfin (Netherlands) Holding (14.98%), a total of 43.32%, for ₹42 crores.
This values the company at a mere ₹100 crore, plunging from $3 billion, the valuation the Vijay Shekhar Sharma-led company fetched in its last fundraising that was in 2020.
Paytm E-commerce has proposed reducing the company’s equity share capital and securities premium account and said it would hold an extraordinary general meeting on 23 May.
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