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Nykaa gets SEBI’s approval for its IPO💄
IPO-bound Delhivery appoints new directors, Crypto exchanges try self-regulation, Funding Deals & more.
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Nykaa gets Sebi nod for IPO, may launch Rs 5,300-cr offer by month-end💅🏻
Market regulator Securities and Exchange Board of India (Sebi) has granted approval for the initial public offering (IPO) of FSN E-Commerce Ventures, the company that operates online beauty store Nykaa.
Sources said the Falguni and Sanjay Nayar-promoted company is looking to launch its maiden offering by the end of this month at valuations of more than Rs 45,000 crore ($6 billion).
The company also plans to expand its offline presence by spending Rs 35 crore on setting up new stores.
Nykaa is among the few profitable online retailers in India. It reported a net profit of Rs 61.96 crore in FY21, compared to a net loss of Rs 16.34 crore in FY20. Total revenue grew by 38% to Rs 2,452.6 crore in FY21 from 1,777.8 crores in FY20.
Delhivery appoints three new independent board directors🚚
Logistics startup Delhivery has appointed three new independent directors to its board and elevated an existing one to the post of chairman ahead of its initial public offering (IPO).
The appointments come a week after Delhivery changed its registration to that of a public company as it prepares to file its draft IPO papers with the Sebi.
The three new independent directors are:
Kalpana Morparia: Former chairperson of JPMorgan South and Southeast Asia, and the former CEO of JP Morgan India.
Romesh Sobti: A career banker who last served as the managing director and CEO of Indusind Bank NSE 2.15 % from 2008 to 2020.
Saugata Gupta: Current managing director and chief executive officer of Marico Ltd.
The Gurugram-based firm is looking to raise close to $1 billion from the IPO at a valuation of $5.5-6 billion and aims to list before the end of the current fiscal.
Ola Electric has raised $200 million, or about Rs 1,500 crore, from a clutch of investors in a fresh funding round, valuing the electric vehicle maker at more than $5 billion.
AI-driven SaaS platform Toch.ai has raised $11.75 million of funding in a Series A round led by Moneta Ventures, Baring Private Equity India, Binny Bansal, and more.
SaaS startup TrusTrace has raised $6 million in a Series A round of funding led by Industrifonden and Fairpoint Capital.
Adtech firm InMobi said it has signed a definitive agreement to buy Appsumer, a UK-based performance insights platform for mobile app advertisers, for an undisclosed amount.
Crypto exchanges start blocking 'suspicious' accounts😼
Indian cryptocurrency exchanges have started reporting and blocking trading accounts that undertake suspicious trades.
This comes after government agencies raised red flags over cryptocurrencies being used for money laundering. India is yet to come out with any regulations around cryptocurrencies or a way to tax them.
WazirX, one of the largest cryptocurrency exchanges in the country, said that between April and September this year, the exchange received 377 requests from legal enforcement agencies, out of which 38 requests were from foreign law enforcement agencies. The crypto exchange locked about 1,500 accounts.
Tweet of the day🐥
⏩ Reliance expands its clean energy portfolio with four strategic deals in three days since October 10.
⏩ HDFC Bank, ITC, SBI, IRCTC among 324 stocks to hit 52-week highs on BSE; 21 shares hit 52-week lows.
Stop acting like time is endless. Wake up and go after what you want!
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