Crypto crash😧, First Real Estate🦄, Mobikwik postpones IPO📊
Crypto Prices Crash As Govt Plans Bill, NoBroker becomes India’s first real estate unicorn, Mobikwik postpones IPO, Funding Deals & more.
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Crypto Prices Crash As Centre Plans Bill To Bar Private Cryptocurrencies🚫
Crypto markets crashed following news of the government introducing a Bill in the Parliament to prohibit all private cryptocurrencies in India, barring a few exceptions to "promote the underlying technology of cryptocurrency and its uses".
As of 11:15 PM on November 23, all major cryptocurrencies saw a fall of around 15% or more, with Bitcoin down over 17 percent, Ethereum falling by close to 15%, and Tether down by almost 18%.
The official document on scheduled house proceedings today showed that the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, is set to be introduced in the Parliament in the upcoming winter session that starts on November 29.
The Bill will prohibit all private cryptocurrencies in India with certain exceptions and is expected to be taken up for final consideration and passing during the winter session.
The government says that the Reserve Bank of India will issue its own digital currency. The objective is, "To create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India."
NoBroker becomes India’s first real estate unicorn🦄
NoBroker, a Bengaluru-based real estate startup, has raised $210 million in its Series E funding round, led by General Atlantic, Tiger Global and Moore Strategic Ventures.
The funding took place at a post-money valuation of $1.01 billion, making NoBroker India’s first property tech—or proptech—unicorn and the 36th unicorn minted amid unprecedented funding this year. It was last valued at $400 million when it raised funds in April 2020.
The valuation jump comes on the back of increased buying and selling of real estate, the company’s additional offerings, and a drop in interest rates post-Covid.
NoBroker will use the proceeds from the current fundraise to expand its network across 50 more Indian cities over the next two years. It will also invest heavily in expanding its technology and product function.
NoBroker operates a brokerage-free real estate platform and captures the entire customer journey—everything from listing a house to hiring packers and movers, securing a home loan, painting and cleaning services, legal services and rent payments, among other things.
Haber, based in Pune, makes AI-powered industrial robots has raised $20 million in Series B funding, taking its total funds raised to $27 million.
Niantic Inc., the augmented reality (AR) platform behind Pokemon Go, raised $300 million from hedge fund Coatue at a valuation of $9 billion, the company said.
Park+, a parking solutions platform, has raised $25 million in a Series B funding round led by Sequoia Capital India, Matrix Partners India, and Epiq Capital.
True Credits - the NBFC and an affiliate of an RBI-authorised lending company True Balance – has announced a debt fundraise of $30 million (about Rs 223.2 crore) from investors, including Northern Arc, Arthmate, Shine Star and others.
Nothing, a consumer technology brand, raised $50 million in a funding round announced last month that included film producer Karan Johar, cricketer Yuvraj Singh, and others.
Mobikwik defers its Rs 1,900 cr IPO, says will list at 'the right time'⏲
Mobikwik’s cofounder and CEO Bipin Preet Singh said on Tuesday that his company which was earlier planning to go public in November may wait longer. Singh told news agency Reuters that Mobikwik, a digital payments firm, will wait till the time it feels the company can execute a ‘successful IPO’.
Mobikwik’s decision to stall its public offering comes on the back of Paytm's disappointing debut on the bourses in its first two days of trading. It has also led to further scrutiny of fintech business models and their ability to generate revenue and eventually show profits.
"We have a one-year window, from October to list and obviously we will do it when we feel that we are going to have a successful IPO,” Singh told Reuters.
The company had filed its draft IPO papers for a Rs 1,900 crore ($255 million) IPO in July, which was approved by market regulator Securities and Exchange Board of India (Sebi) in October.
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