Delhivery files for IPO🚚
Ola reports first operating profit, Coinbase acquires Agara, Funding Deals & more.
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Delhivery files for Rs 7,460-crore IPO🚚
Delhivery filed its draft IPO papers with the markets regulator earlier today, joining a growing list of top-tier startups that have filed for IPOs after Zomato’s stellar listing in July.
The new-age logistics company plans to raise Rs 7,460 from its IPO, including Rs 5,000 crore through fresh shares and the remaining through an offer for sale (OFS), in which Carylye, SoftBank and Times Internet others will dilute their holdings.
Delhivery reported consolidated revenue of Rs 4,644.38 crore and a loss of Rs 595.3 crore in FY21. These numbers include income from its subsidiary Spoton Logistics, which it acquired for $300 million in August.
According to its DRHP, Delhivery will spend around Rs 2,500 crore to fund organic growth initiatives and Rs 1,250 crore to fund inorganic growth through acquisitions and other strategic initiatives.
Ola reports first operating profit ahead of potential IPO🤑
Ola, which is backed by Japan's Softbank Group, has recorded its first-ever operating profit since it was founded a decade ago, company documents showed.
The company reported a standalone operating profit or earnings before interest, tax, depreciation and amortisation (Ebitda) of Rs 89.82 crore for FY21, versus a loss of Rs 610 crore in the previous fiscal.
Ola is exploring a public offering early next year, aiming to raise at least $1.5-2 billion at a valuation of $12-14 billion. It plans to raise half this sum by issuing fresh shares and half through an offer for sale (OFS), in which a few early backers will sell some or all their shares.
Ola, has a majority share of India's ride-hailing market, where it competes with Uber. It also has a growing presence in several global markets such as Australia and the UK.
Hot Shorts⚡
Live video shopping platform, Kiko Live has raised $1 million as part of its Pre-Series A round from GSF Accelerator and Venture Catalysts.
Ruptok Fintech Pvt. Ltd., a fintech platform for gold loans, has raised ₹16 crore as part of its Pre-Series A funding round from existing and new investors, including Manuvel Malabar Jewellers.
Edtech platform Unacademy on Tuesday said that it has acquired online tuition platform Swiflearn for an undisclosed amount.
Coinbase acquires Agara to further India push💪🏻
Coinbase Global, the largest cryptocurrency exchange in the US, has acquired Agara, an artificial intelligence-powered support platform, to further its India push.
The Nasdaq-listed firm plans to leverage the platform’s deep learning and conversational AI technology to automate and enhance its customer experience tools.
“The acquisition reinforces our commitment to delivering world-class support for customers, and brings Agara’s deep expertise in machine learning and natural language processing to Coinbase’s engineering team,” Manish Gupta, executive vice president (engineering) at Coinbase Global, said.
In July, Brian Armstrong, co-founder and CEO, announced that the company was building an office and setting up a team in India.
Tweet of the day🐥
NFTs🔥
Amitabh Bachchan’s NFT collection hit the highest-ever bidding in India on Day 1 of the auction.
Sunny Leone Announces First Collectable Artwork 'MISFITZ' as an NFT
"Happiness is the meaning and the purpose of life, the whole aim and end of human existence."
-Aristotle
It's Diwali time, and since the markets are closed for the next two days, we figured we'd do the same! We'll see you all again on Monday with the NewsLetter; in the meanwhile, you can browse the website for fascinating updates.
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