Ola Electric jumps 16% after listing📈
Ola Electric jumps 16% after listing📈
Rapido goes past $1 Bn GMV, Indian payment companies shore up talent on foreign shores, FirstCry IPO fully subscribed, Funding Deals and more.
Good morning and welcome to Friday’s edition of Rise & Shine!
"Success is the ability to go from failure to failure without losing your enthusiasm."
— Winston Churchill
Today’s quote offers a resilient perspective on success, emphasizing the importance of maintaining enthusiasm through ups and downs.
True success lies in persevering, learning from each experience, and maintaining a positive, enthusiastic attitude, no matter the obstacles.
Tech Updates
Ola Electric stock jumps 16% after listing, makes robust stock market debut
Ola Electric Mobility shares made a robust stock exchange debut on Friday 9 August, soaring 16 percent over the IPO allotment price, after a strong oversubscription to the public issue. At 10.45 am, Ola Electric stock was trading at Rs 88.5 per share on NSE, up 16.45 percent from Rs 76 IPO price.
Rapido goes past $1 billion GMV mark
Rapido, launched as a bike-taxi platform, has crossed $1 billion in gross merchandise value (GMV) due to aggressive expansion into newer segments across geographies. The mobility firm, which has ventured into autorickshaws and cabs since it launched, has clocked an over threefold growth since FY23, when it was at a GMV of around $300 million.
Indian payment companies shore up talent on foreign shores to boost revenues
Indian payment firms are strengthening their presence in countries across the world. From the Middle East to the United Kingdom, Africa, and the United States, players like Juspay, Pine Labs, CCAvenue, and FSS are building domestic merchant payment systems there.
After a slow start, FirstCry IPO fully subscribed on last day of bidding
BSE data showed that the initial public offering (IPO) of Brainbees Solutions, which operates omnichannel kidswear brand FirstCry, was fully subscribed on the final day of the issue. As of 5 pm yesterday, the issue attracted bids for 12 times the issue size.
Funding Deals
Gaming and sports media company Nazara Technologies has acquired Fusebox Games Limited, a UK-based gaming studio for Rs 228 crore ($27.2 million) in an all-cash transaction.
Scimplify, a platform for sourcing and manufacturing specialty chemicals, has raised $9.5 million in its Series A round led by Omnivore, alongside Bertelsmann India Investments and existing investors 3one4 Capital and Beenext.
Biomass and biofuel marketplace BiofuelCircle raised Rs 45 crore ($5.3 million) in funding led by Spectrum Impact with the participation of a few angels as well as the promoters of the company.
Healthcare firm GenWorks has raised Rs 41 crore (around $5 million) in a funding round led by Evolvence Fund. Somerset Indus Healthcare Fund and key individuals from the Zawawi Group also joined the round.
Actor Rannvijay Singha-backed esports and gaming platform Oneiric11 Gaming has secured $1 million in pre-Series A round co-led by NG Family Trust and TAC Holdings, along with participation from other investors.
Talent marketplace FlexiBees has raised its pre-Series A round led by Inflection Point Ventures for an undisclosed amount. The round also saw participation from Shan M S, COO of Namma Yatri, Reema Mahajan, founder of International Women in Dubai, and other notable investors.
💡 Short Story: The Persistent Inventor
Simon, an aspiring inventor, had a series of failed inventions. Each one seemed promising at the outset but ultimately did not work out.
Despite these setbacks, Simon remained enthusiastic and continued to refine his ideas with undiminished zeal.
One day, after many attempts, Simon finally created a device that significantly improved energy efficiency in home heating systems. His invention won several awards and gained widespread recognition.
Looking back, Simon realized that his ability to stay enthusiastic and passionate about his work, even after numerous failures, was key to his eventual success.
Tweet of the day🐥
As you end your week, take inspiration from Simon's story and Churchill’s advice.
Embrace failures as stepping stones and keep your enthusiasm alive.
Rise & Shine encourages you to view each challenge as an opportunity for growth and a testament to your resilience.
Have an enthusiastic and successful Friday!
Thanks for reading till the end!