Swiggy IPO opens today🍕
Salesforce India hits $1 bn milestone, L&T to acquire 21% stake in E2E Networks, PB Fintech revenue up 40%, Funding Deals and more.
Good morning and welcome to Wednesday’s edition of Rise & Shine!
"The only thing worse than being blind is having sight but no vision."
— Helen Keller
Today, Helen’s profound words remind us that vision goes beyond physical sight; it’s about having purpose, direction, and a clear sense of what we want to achieve in life.
Without a clear vision, we may have all the resources and opportunities yet still feel lost or unfulfilled.
Tech Updates
Swiggy raises Rs 5,085 crore from anchor investors ahead of IPO launch
BlackRock, Fidelity, Nomura, BNP Paribas, and Allianz Global are among more than 75 foreign and domestic investors who subscribed to the Rs 5,085-crore anchor portion of food and grocery delivery firm Swiggy’s initial public offering (IPO) on Tuesday. The anchor investors have been allotted shares at Rs 390 apiece – the upper end of the price band of Rs 371-390 per share set for the IPO.
SaaS major Salesforce India hits $1 billion milestone, expands AI-driven growth
Cloud-based software-as-a-service major Salesforce’s India arm has hit the $1 billion revenue milestone. The company on Tuesday said that it grew 36% in the year ended March 31, 2024, registering a revenue of Rs 9,116 crore.
L&T to acquire 21% stake in AI cloud provider E2E Networks
Engineering conglomerate Larsen & Toubro (L&T) on Tuesday said it will acquire a 21% stake in E2E Networks, an Indian artificial intelligence (AI) cloud provider, in an all-cash transaction worth Rs 1,327 crore. The company also said it has entered into a strategic partnership with E2E. In a two-part deal, L&T proposes to acquire a total of 4.17 million equity shares of E2E Networks, representing a 21% stake.
PB Fintech reports net profit of Rs 51 crore in September quarter; revenue up 40%
PB Fintech, which operates the insurance marketplace Policybazaar and credit marketplace Paisabazaar, reported a 40% jump in total revenue to Rs 1,273 crore in the September quarter of the current financial year 2024-25 from Rs 909 crore a year ago.
Funding Deals
Easy Home Finance, a prominent startup in the home financing sector, has raised $35 million in a fresh funding round led by Ranjan Pai’s family office, Claypond Capital, and Sumitomo Mitsui Banking Corporation’s Asia Rising Fund.
Mounttech Growth Fund, an early-stage VC firm focused on space and defence startups, is joining the $10 million funding round of spacetech startup GalaxEye.
Dronetech startup Marut Dronetech has raised $6.2 million in its Series A round from Lok Capital.
CastNX Private Limited (‘CastNX’), a pioneering deep-tech startup in power electronics, today announced a ₹23.22 crore investment from Arpit Khandelwal and Plutus Investments and Holding Private Limited ("Plutus").
Data security solutions provider Induz has secured $780,000 in a new funding round led by YourNest Venture Capital, which contributed $750,000, along with an additional $30,000 from accelerator SanchiConnect as part of the YourNest-SanchiConnect Velocity Program 2024.
Edtech startup Innovartan Learning Solutions has raised Rs 5 crore in a pre-seed funding round co-led by Gokul Rajaram and Amit Singhal.
Sushain Wellness, a Healthtech platform combining traditional healing systems with technology, has raised Rs 2 crore in its seed round of funding from Prajay Advisors LLP, a venture capital firm based in Mumbai.
Deep-Tech focused, early-stage venture fund, Unicorn India Ventures and CanBank Venture Capital Fund led an undisclosed investment into the Mumbai-based healthcare payments company, QubeHealth, as part of its Pre-Series-A round.
🖌️ Short Story: The Driven Artist
Liam, a talented artist, had the skills and resources to create beautiful pieces but often felt uninspired and directionless.
After some reflection, he realized that while he had sight, he lacked a vision for his art. He began setting intentions and exploring themes that mattered to him deeply, like environmental awareness.
With this newfound purpose, his art took on meaning, resonating with audiences and fulfilling him in ways it hadn’t before.
Tweet of the day🐥
Today, consider the vision you have for your own life.
What purpose drives you? Use Keller’s words as a reminder to cultivate not just sight, but a meaningful vision that guides you forward.
Rise & Shine is here to support you in finding clarity and purpose in everything you do.
Have a visionary and purpose-driven Wednesday!
Thanks for reading till the end!