MapmyIndia's IPO📊, Bizongo raises💰, Starlink India💫
Qualcomm to book 20X returns, Bizongo raises $110 mn, Starlink to apply for License, Funding Deals & more.
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Chip major Qualcomm to book 20X returns in MapmyIndia's IPO📊
With early investor Qualcomm exiting its entire 5% stake in digital mapping company MapmyIndia as part of its IPO, the semiconductor major is expected to book a return of almost 20X over the weighted average cost of Rs 52 per share of its current holdings. Qualcomm had first invested in MapmyIndia about 13 years ago.
MapmyIndia aims to mop up Rs 1,040 crore through an initial public offering that will sell 18.9% of the equity shares of the firm. This means that the 25-year-old tech company is valued at Rs 5,500 crore in the IPO.
The provider of digital maps, geospatial software and location-based IoT technologies will open its IPO on December 9 and close on December 13. The price band for the offer has been fixed at Rs 1,000 – Rs 1,033 per equity share.
MapmyIndia will still be majority-owned by its founders Rakesh Verma and Rashmi Verma after the IPO -- as they will have around 53% shareholding in the company.
MapmyIndia has around 500 enterprise customers at present for its mapping services and internet-of-things-based platform.
Bizongo raises $110 mn at $600 mn valuation💰
SmartPaddle Technology Pvt. Ltd, which owns and operates a business-to-business platform for packaging materials Bizongo, has raised ₹825 crores ($110 million) in its series D round of funding, led by New York-based Tiger Global Management.
The funds are being raised at a post-money valuation of ₹4,500 crores ($600 million), according to an analysis of the filings by VCCircle.
The company has raised around $187 million to date.
Bizongo was founded in 2015 by Sachin Agarwal, Aniket Deb, and Ankit Tomar. The company offers boxes, containers, pouches, and bags for industries such as food and hospitality, consumer goods, and retail.
It has warehouses in Mumbai, Bengaluru, and Delhi. Its clients include BigBasket, Nykaa, Swiggy, Delhivery, Teabox, and Tata Cliq.
Hot Shorts⚡
AI-driven talent engagement and communication platform Sense has raised $50 million in Series D funding led by SoftBank Vision Fund 2.
Audio-based over-the-top (OTT) platform, Pocket FM, has raised $22.4 million as part of its Series B funding round led by Lightspeed.
Electric vehicle-charging infra start-up CHARGE+ZONE has raised $10 million as a bridge round, led by Venture Catalysts and others.
Simplified, an AI-powered content creation and marketing platform, said it has raised $8.5 million in a seed funding round led by Craft Ventures.
Starlink To Apply For Commercial License By January 2022💫
Starlink country director Sanjay Bhargava has announced that SpaceX’s Starlink Service would apply for a commercial license before the end of the first month of 2022. Along with the announcement, he also released two Starlink service guides—one aimed at the private sector and individuals and another aimed at Indian states and union territories in a LinkedIn post.
Earlier this week, Starlink stopped accepting preorders from Indian addresses for its satellite-based internet services after the Department of Telecommunications (DoT) issued a notice pointing out that Elon Musk’s SpaceX’s Starlink is not authorised to offer satellite-based internet services in the country.
Starlink uses special low-earth-orbit (LEO) satellites that orbit between 500 and 2000km above the earth’s surface, which is much lesser than the usual orbit of conventional satellites operating at about 36,000km. This proximity means that Starlink can deliver much faster, lower-latency internet than conventional satellite-internet services.
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