Delhivery acquisition and IPO update🚚
Govt to create 100 unicorns, Indian renewable energy firm joins Nasdaq, and more.
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Delhivery acquires Spoton, to file IPO papers🚚
Spoton Logistics has been acquired by Delhivery, an IPO-ready logistics firm. The corporation did not disclose the amount, but it was around $300 million according to Bloomberg. This is Delhivery's second acquisition of the year, and the company hopes to go public in October.
Why the acquisition? To strengthen the business-to-business vertical. Delhivery has over the past 10 years established itself as a leader in business-to-consumer logistics, thanks to its tie-ups with leading e-commerce companies for deliveries.
IPO Details: Delhivery, backed by SoftBank Vision Fund and Carlyle Group, is targeting a Mumbai listing before March next year. Details of Delhivery’s IPO, including size and timeline, could still change.
Govt will support 300 start-ups to create 100 unicorns🦄
The government on Wednesday launched a program to support 300 IT start-ups under which it will provide seed funding, mentorship, and market access to create 100 unicorns out of the selected start-ups.
The concept of the Startup Accelerator of MeitY for Product Innovation, Development & Growth (SAMRIDH) has been developed on the lines of silicon valley based accelerator YCombinator. Under the Samridh program, the Meity will provide seed funds of up to Rs 40 lakh for the selected start-ups and mentorship for six months.
IT and Telecom Minister Ashwini Vaishnaw said that he has mentored over 20 start-ups earlier and understands the need of mentoring them during the most important part of their journey when their idea is getting converted into products.
Hot Shorts⚡
Bewakoof, a youth-focused direct-to-consumer (D2C) brand, has raised Rs 60 crore with a target revenue of Rs 2,000 crore by 2025.
TartanSense, an agritech startup that makes "small robots for small farms", has raised $5 million in a Series A funding round.
Curefoods, which operates the cloud kitchen brand EatFit, has raised $13 million in a funding round to acquire and incubate growing cloud kitchen platforms.
NOTO, the low-calorie and high-protein ice cream business, has raised Rs 4 crore from John Abraham along with a few venture capital (VC) funds.
India's largest renewable energy producer listed on Nasdaq🌞
ReNew Power, an Indian renewable energy firm, joined Nasdaq on Tuesday via a special purpose acquisition company (SPAC) merger with Nasdaq-listed RMG Acquisition Corp II.
ReNew Power is among the country’s leading solar and wind energy producers.
ReNew, which was founded in 2011, has around 5.4 gigawatts of operational wind and solar plants, with another 4.5 gigawatts of projects in development.
The company reportedly said that it is fully funded at this point to get to 18.5 gigawatts of fully-owned capacity by 2025.
Tweet of the day🐥
Infosys has joined the elite club of Indian companies with $100 billion or more in market capitalization.
In other news
✅ Google has partnered with Setu, a fintech that specializes in delivering APIs, to enable its users to open FDs using Google Pay.
✅ TCS's market capitalization has surpassed Rs 13.5 trillion, with shares rising 15% in a month.
You do not find the happy life. You make it.
-Camilla Eyring Kimball
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