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Swiggy turns Decacorn🦄, Ola Electric at $5 Bn🤑, Tech stocks hit all-time lows📉
Swiggy turns decacorn, Ola Electric raises $200 million, Tech stocks hit all-time lows, Funding Deals & more.
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Swiggy turns decacorn after closing $700 million round🦄
Food delivery giant Swiggy on Monday raised $700 million in a funding round led by Invesco, at a time shares of several recently listed new age consumer companies are trading sharply lower.
The round values the company at $10.7 billion, making Swiggy a ‘decacorn’. This would put it ahead of rival Zomato, which had a market value of $9.64 billion at close of Monday’s trading.
The latest fundraise follows $1.25 billion round in July 2021 at a valuation of $5.5 billion, a 50% jump from the valuation of $3.6 billion in April last year.
Swiggy said it plans to use the fresh capital to further grow its core food delivery platform and expand Instamart, its quick grocery platform. Instamart will reach an annualized gross merchandise value (GMV) run rate of $1 billion in the next three quarters, Swiggy said.
Ola Electric raises $200 million at $5 billion valuation🔌
Ola Electric has raised $200 million from Tekne Private Ventures, Alpine Opportunity Fund, Edelweiss and others. Following this round of funding, Ola's EV vertical is valued at $5 billion.
This is Ola Electric's seventh fundraising. In September, Ola Electric had said it had raised a similar amount from Falcon Edge, SoftBank and others at a $3 billion valuation.
Set up in 2017 to run e-taxis, Ola Electric diversified into manufacturing EVs after the Covid-19 pandemic crippled its ride-hailing business. In February, it launched the Ola Futurefactory—touted as the world's biggest electric two-wheeler plant—near Krishnagiri in Tamil Nadu.
Ola is also getting into the used car business, even as its taxi vertical is showing signs of a revival.
Smiles.ai, an online platform for dental treatments has raised $23 million in a Series A round, led by Alpha Wave Incubation (Falcon Edge Capital).
Raise Financial Services, a fintech startup based in Bengaluru, has received $22 million in a new funding round led by Beenext and Mirae Asset Venture Investments.
SustainKart, an e-commerce marketplace exclusively for sustainable products, has raised $500,000 in its pre-seed round led by India Accelerator.
Legaltech startup LegalKart has raised Rs 4 crore in a Pre-Series A round led by Mumbai Angels along with IIM Udaipur Incubation Center.
Tech stocks hit all-time lows amid brutal sell-off⤵
Shares of new-age companies fell sharply as the Sensex and Nifty tanked on Monday following weak global cues. The Sensex lost 1,546 points or 2.6% to end at 57,492, while the Nifty declined 468 points or 2.7% to close at 17,149.
Shares of Zomato, Nykaa, Paytm, Policybazaar and Cartrade hit all-time lows.
New-age stocks were in for a selloff amid broader selling of IT stocks globally. They have been under tremendous selling pressure due to their high valuations and negative bottom lines.
Stocks markets across the world remained under pressure in the last few session. Investors are keenly waiting for the US Federal Reserve Committee meeting scheduled this week. To handle the rising inflation, the US central bank may opt for sooner-than-expected policy rate hike measure, according to a poll by Reuters.
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