Akasa Air Expects To Fly From Next Year🛫
Zostel asks SEBI to suspend Oyo's IPO, CRED seeks funds at $5.5bn valuation, Funding Deals & more.
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Rakesh Jhunjhunjwala-backed Akasa Air gets govt approval, to start operations by 2022🛫
Rakesh Jhunjhunwala-backed new airline Akasa has got no objection certificate (NOC) from the government to take it to the skies, SNV Aviation Pvt Ltd announced on Monday. It will fly under the brand name 'Akasa Air'.
The airline, which is also backed by former Jet Airways CEO Vinay Dube will now seek license from the Directorate General of Civil Aviation (DGCA) for operating from the summer of 2022. It will have Vinay Dube as the CEO.
It aims to start operations by the summer of 2022 plans to operate approximately 70 planes in the next four years.
Zostel asks Sebi to reject and suspend Oyo’s $1.2-billion IPO⚖
Budget accommodation platform Zostel has now approached the Securities and Exchange Board of India with a letter claiming that Oyo's IPO is "non-maintainable".
Zostel claims that Oyo's DRHP is "illegal" since it is in contravention of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.
Reg 5(2) of SEBI ICDR regulations prohibits an IPO if any entity/person has rights that entitle them to receive shares of the issuer. Zostel claims it is due 7 percent shares in Oyo based on a term sheet between the two parties that was held as 'binding' by an arbitral tribunal in March this year.
Oyo on October 1 filed its draft red herring prospectus (DRHP) with SEBI for raising Rs 8430 crore through an IPO.
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Health tech startup Docprime, a subsidiary of PolicyBazaar parent firm PB Fintech, has invested $7.5 million in AI-driven telehealth and wellness platform Visit Health as part of its Series A funding round.
Unacademy Group-owned Graphy has acquired edtech platform Spayee for $25 million, as it looks to increase its reach and optimize its product offerings.
leap.club, a community-led professional network for women, has raised $810,000 in a pre-series A round, led by Enzia Ventures and Kunal Shah.
Edtech startup ForeignAdmits, which offers a personalized study abroad guidance to aspirants, has raised ₹3.5 crore in a seed round led by Unicorn India Ventures.
CRED looking to raise funds at approx $5.5 billion valuation🤑
CRED has begun engaging with investors to raise money at a valuation of $ 5.5 billion as the Indian fintech startup envisions international expansion and inorganic growth.
CRED, which helps people improve their credit scores by paying bills on time and has amassed more than 7.5 million members, this year has also explored the aggressive expansion of its e-commerce platform.
CRED, backed by Tiger Global, Ribbit Capital and Sequoia Capital India and valued at $ 2.2 billion in an April round and $806 million in a round it revealed in January, has aggressively expanded into new categories in recent quarters. The startup lends to its members, giving them the option to pay the rent and the tutoring fee from the app itself. In August, it launched Mint, a service through which it allows its members to lend to each other at an interest rate of up to 9% per year.
Tweet of the day🐥
⏩ OneWeb partners with ISRO to launch satellites using GSLV-MKIII, PSLV
⏩ Short video platform Sharechat is in talks to acquire Times Internet-owned MX TakaTak
“A bend in the road is not the end of the road… unless you fail to make the turn.”
– Helen Keller
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