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Chinese investor may exit Delhivery🚚
FMCG brands join ecommerce, WeWork launches Growth Campus, Funding Deals & more.
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Chinese investor dilutes stake in Delhivery, may exit before IPO📦
China's Fosun International has sold a portion of its stake in logistic firm Delhivery to Addition, the company founded by former Tiger Global executive Lee Fixel, and late-stage equity fund Bay Capital. The transaction is part of a $125-million fundraise from Addition that the company announced last month and values IPO-bound Delhivery at around $4 billion.
Delhivery had raised Rs 200 crore ($30 million) from Fosun International as part of a larger funding round in 2017, which valued the company at $650 million at that time.
Delhivery is expected to file its draft IPO prospectus in the coming weeks and make its public market debut later this fiscal. It is looking to raise $1 billion and is targeting a valuation of $6-$7 billion.
FMCG brands join ecommerce bandwagon🛒
Large fast-moving consumer goods (FMCG) companies are launching micro ecommerce sites for individual brands.
Hindustan Unilever (HUL) has set up online shopping sites for Lakmé, Indulekha, Love Beauty & Planet, Dermalogica and Simple labels.
Marico has them for its edible oil brand, Saffola, and is working on 10 others.
Tata Consumer has set up a microsite for Sonnets coffee and Nutrikorner for other brands.
Emami has introduced a webstore for Zandu and other labels.
Dabur has microsites for Chyawanprash and Vatika.
While sales through these company-owned web stores remain relatively small, executives said such platforms facilitate consumer engagement, monitor shopping trends and are test grounds for launches and loyalty programs.
Portea Medical, an out-of-hospital consumer healthcare startup, has received a $7.7 million loan commitment from the United States International Development Finance Corporation (DFC).
Renee Cosmetics raised $1.5 million in a pre-series A funding round headed by Equanimity Ventures, 9Unicorns, and Titan Capital.
Rupifi, a financing platform, has raised $1 million in a mix of equity and venture debt from Alteria Capital and technologist Gokul Rajaram.
WeWork launches Growth Campus; to invest in Indian startups🏢
Coworking space major WeWork India on Thursday launched its Growth Campus product, in line with WeWork Labs, and will invest $3 million in the country’s startup ecosystem through this initiative.
Growth Campus will offer local startups — including members, accelerators, incubators, investors and enterprises — access to WeWork spaces at “highly subsidised rates”, the company said in a statement.
As part of the WeWork Labs community, companies will have access to $500,000 worth of perks and benefits through the WeWork Labs Global platform.
Tweet of the day🐥
⏩ NTPC to list 3 subsidiaries as part of Rs 15,000-crore asset monetisation. (Business Standard)
⏩ Facebook braces employees for whistle-blower accusations (Bloomberg)
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- Robert H. Schiuller
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