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BCCI nets ₹4,670 Cr from Women's IPL🏏, PhonePe's ₹8000 Cr transfer⚖️, Flipkart🛒
BCCI nets ₹4,670 Cr from Women's IPL, PhonePe investors paid ₹8,000 crores in taxes, Accel, Tiger Global in talks to exit Flipkart, Funding Deals and more.
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BCCI nets ₹4,670 cr from auction of five Women’s IPL teams🏏
The Board of Control for Cricket in India (BCCI) on Wednesday secured a record ₹4,669.99 crore by auctioning five franchises of the Women’s Premier League (WPL) to Adani Group, Reliance, Diageo India, JSW-GMR joint venture and Indian NBFC company Capri Global.
The franchises are auctioned for perpetuity; BCCI will receive the amount over 10 years. The five bidders snapped up the rights for Ahmedabad, Mumbai, Bengaluru, Delhi and Lucknow, respectively. In total, 16 companies bid for the five franchises out of a pool of 10 cities.
PhonePe investors paid ₹8,000 crores in taxes to make India its home⚖️
PhonePe cofounder and CEO Sameer Nigam said on Wednesday that the company paid nearly Rs 8,000 crore in taxes to the Indian government to shift its domicile from Singapore to India.
Nigam said that about 20 unicorn startups and their investors have asked the company how it went about the process, saying they too are interested in moving their headquarters to India. PhonePe completed its shift from Singapore to India in October 2022.
In a YouTube Live session with PhonePe cofounder and chief technology officer Rahul Chari, Nigam said Indian law poses many challenges for startups that want to shift to India.
DNA-based self-discovery and career life cycle management platform GENLEAP has secured Rs 27 crores ($3.3 million) Pre Series A round co-led by Mike Holland, Sanjay Dutt, Neeraj Bansal, Karthikeyan Balasubramaniam, Deepak Kaul, and Manish Dhawan.
Studio Sirah, a Bengaluru-based studio that makes mid-core India-first games, has raised $2.6 million in its pre-series A round led by Kalaari Capital and its seed investor Lumikai.
Privacy engineering deep tech startup PrivaSapien has secured Rs 8 crore in a seed round of funding led by Omidyar Network India.
Direct-to-consumer (D2C) fashion brand D’chica has received Rs 1.62 crore from revenue-based financing firm Velocity.
Accel, Tiger Global in talks to exit Flipkart🛒
Accel Partners and Tiger Global, two of Flipkart’s early backers, are in talks to sell their remaining stakes in the ecommerce company – which amount to about 5% of the firm -- to its parent Walmart.
The American retail giant could pay around $1.5 billion for this share purchase.
While Accel owns a little over 1% of Flipkart, Tiger Global holds about 4% of the company. Once a deal is finalised, Walmart’s stake will increase from the current 72%.
Both investment firms are exiting Flipkart largely because they need to return money to their limited partners or sponsors from funds that are nearing the end of their maturity cycle.
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