Mobikwik IPO fully subscribed📊
Zepto to launch app for 10-min food delivery, Swiggy shares fall over 4%, Health insurance claim size climbs 30%, Funding Deals and more.
Good morning and welcome to Thursday’s edition of Rise & Shine!
"You can waste your lives drawing lines. Or you can live your life crossing them."
— Shonda Rhimes
Today, Shonda Rhimes’ powerful words challenge us to rethink our boundaries, encouraging us to step beyond limitations and embrace the possibilities waiting on the other side.
True fulfillment comes from daring to cross those lines, exploring new opportunities, and breaking free from self-imposed constraints.
Tech Updates
Mobikwik IPO sails through in the first hour of launch
The public issue of digital payments firm Mobikwik was fully subscribed within the first hour of opening on Wednesday, led by strong interest from retail investors. As of Wednesday end, retail investors booked nearly 26 times their allocation, while the total issue was subscribed 7.31 times.
Zepto to launch standalone app for 10-minute food delivery service
Quick commerce platform Zepto is set to launch a standalone app for its 10-minute food delivery service Cafe next week, CEO Aadit Palicha. “We're launching a separate app for Zepto Cafe next week! The team is shipping an MVP and iterating quickly, so it may not be perfect on Day 1, but it's worth it to launch fast,” said Palicha. He added that Zepto Cafe is scaling rapidly launching more than 100 cafes a month and already clocking more than 30,000 orders per day.
Swiggy shares fall over 4% as IPO lock-in expiry ends for 6.5 crore shares
Shares of newly-listed food and grocery delivery platform Swiggy on Wednesday fell up to 4.4% to a low of Rs 519.5 on the BSE in the morning session as 6.5 crore shares of the company were freed up for trade. The stock closed at Rs 522.7.
Health insurance claim size climbs 30% in three years, Policybazaar data shows
The cost of treatment at hospitals has gone up, which in turn has shot up the average size of health insurance claims, data collated by insurance marketplace Policybazaar shows. Average size of claims at Rs 80,025 in FY25 compared to Rs 62,014 in FY23. Claim frequency up at 6.4% in FY25 compared to 4.9% in FY23. Young Indians have the highest share of claims paid at 38.2%.
Funding Deals
Solar startup SolarSquare has secured $40 million in its Series B funding, the largest venture capital raise in India’s solar sector. The round was led by Lightspeed and included investments from Lightrock, Elevation Capital, Chris Sacca’s Lowercarbon, Nithin Kamath’s Rainmatter, and Gruhas Proptech.
Venture Capital firm Kenro Capital has made its first investment of $40 million (Rs 340 crore) in K12 Techno Services, owner of Orchids International Schools.
Fintech startup Snapmint has raised $18 million in debt and equity led by Prashasta Seth (Prudent Investment Manager). Perpetuity Ventures and Pegasus Fininvest have also participated.
RapidCanvas, an AI platform for business transformation, has raised $16 million in a Series A funding round led by Peak XV Partners. The round also saw participation from Titanium Ventures, Accel, and Valley Capital Partners, bringing the company’s total funding to $23.5 million since its founding in 2021.
Quick commerce startup, FirstClub has raised $8 million in a funding round led by venture capital firms Accel and RTP Global. The round also saw participation from Blume Founders Fund, Quiet Capital, 2am VC and angel investors like Flipkart founder Binny Bansal, Cred founder Kunal Shah, Myntra founder Mukesh Bansal, Groww cofounder Lalit Keshre, among others.
Skilling platform FinX has raised $6 million in a funding round led by early growth stage investment firm Elevar Equity.
Culture Circle, a marketplace for sneakers and streetwear, has raised $2 million in its seed round led by Info Edge Ventures, along with participation from angel investors.
Power Gummies, a gummies brand, has raised Rs 10 crore in its bridge round led by the Jaipuria Family Office and Quadrant. 100unicorn, DSGCP, Wipro Consumer, Venture Catalysts, Agility, Sharrp Ventures, Dhianu Das, and NB Ventures have also participated.
🎬 Short Story: The Fearless Explorer
Sophia, a marketing professional, had always dreamed of switching to a creative career in film production. She kept telling herself she wasn’t qualified and stayed within the “safe lines” of her job.
One day, motivated by Rhimes’ words, she decided to cross those lines and enrolled in a filmmaking course. The journey wasn’t easy, but it was transformative.
Years later, Sophia became an award-winning filmmaker, proving that crossing lines often leads to the most rewarding experiences.
Tweet of the day🐥
Today, take a moment to reflect on the lines you’ve drawn in your life. Which ones are holding you back? Challenge yourself to step beyond them and embrace the growth and adventure that awaits.
Rise & Shine is here to remind you that life’s best moments often happen outside the lines.
Have a bold and boundary-breaking Thursday!
Thanks for reading till the end!