Tata Digital revenue 3x💸; Good Glamm to go international🌎; US tech IPO market📉

Tata Digital revenue up 3x to about Rs 16k cr, Good Glamm to take beauty brands to international offline retail, US tech IPO faces worst year since 2008 crisis, Funding Deals and more.

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Sep 30, 2022

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Market Watch 📊:

US:

S&P 500 - 3,640.47 down 2.11%
Nasdaq - 10,737.51 down 2.84%

India:

Nifty 50 - 16,952.90 up 0.80%
Sensex - 56,895.39 up 0.83%

Tata Digital revenue up three-fold to about Rs 16k crore after acquisitions💸

Tata Digital, which invests in and operates the Tata Group’s ecommerce vertical, reported a three-fold jump in consolidated revenue to Rs 15,979 crore in financial year 2021-22 (FY22) from Rs 5,315 crore in FY21, according to the latest regulatory filings sourced from Tofler.

The spike in revenue mainly came from the company’s acquisition of a majority stake in e-pharmacy startup 1mg, and Supermarket Grocery Supplies Pvt Ltd, the parent company of e-grocer BigBasket.

The major contributor to the increased revenue was BigBasket’s parent company, which added Rs 7,238 crore to the total revenue. Tata Digital acquired BigBasket in May 2021.

Tata Digital's consolidated revenue also includes businesses such as Croma, Tata Fintech, Tata Technologies and previous BigBasket acquisitions like DailyNinja and Savis Retail.

Good Glamm to take four beauty brands to international offline retail🌎

The Good Glamm Group will take four of its acquired beauty brands — Sirona, The Moms Co, St Botanica and Organic Harvest — to international markets, starting with retailing in large stores such as Carrefour, Lulu Mall and BabyShop in Dubai, Qatar and Saudi Arabia, Good Glamm founder Darpan Sanghvi said.

Feminine hygiene brand Sirona and The Moms Co, which makes natural beauty products, will start being retailed in Carrefour and Lulu Mall next month, followed by St Botanica and Organic Harvest.

The move is in line with Good Glamm’s ambition to compete with traditional fast-moving consumer goods companies, which themselves have been taking their D2C brands to physical retail in recent months.

Mental and emotional healthcare startup Lissun has raised $1 million in a pre seed round led by IvyCap Ventures.
Electric scooter maker Ather Energy has raised Rs 50 crore debt from InnoVen Capital.
Yogurt-brand Epigamia has raised a debt funding of Rs 35 crore from Grand Anicut.
3D reconstruction platform Preimage has raised Rs 14 crore in a seed round led by pi Ventures.
Direct-to-consumer kidswear brand Kidbea has raised Rs 1.5 crore in a seed round led by Agility Ventures along with participation from Nandi Mehta, Tapas Sahu, Divij Bajaj, Abhishek Kochhar and Vivekananda Nareddula.

Funding Deals

US tech IPO market faces worst year since 2008 financial crisis📉

IPOs by US tech companies have sunk to their lowest levels since the 2008 financial crisis as stock market volatility, soaring inflation, and interest rate hikes have soured investor sentiment towards new listings, Reuters reported.

According to Refinitiv data, only 14 tech companies have floated their shares on stock exchanges so far this year, compared to 12 in 2009. The IPOs this year have raised $507 million, the lowest amount that has been raised through flotations since 2000.

Total IPO volumes fell 90.4% in the first nine months of this year, compared with last year.

The Renaissance IPO index, which captures the largest and most liquid US IPOs, has slumped 50.4% this year, compared with the S&P 500 index’s drop of 23%.