Swiggy ups fundraise to Rs 4499 Cr in IPO📊
Ola Electric shares fall below IPO price, IMM Investment's maiden India fund, TCS signs $245 million, Funding Deals and more.
Good morning and welcome to Wednesday’s edition of Rise & Shine!
"A man only learns in two ways, one by reading, and the other by association with smarter people."
— Will Rogers
Today, Rogers’ wise words highlight two key avenues for learning: reading and surrounding ourselves with those who challenge and inspire us to grow.
Reading expands our understanding while interacting with smarter, insightful individuals can challenge our thinking and spark new ideas. Together, these approaches keep us on a continuous path of growth and learning.
Tech Updates
Swiggy ups primary fundraise to Rs 4,499 crore in IPO, cuts secondary share sale
Swiggy filed the red herring prospectus for its upcoming public issue with the Securities and Exchange Board of India (Sebi). The food and grocery delivery firm has hiked the targeted primary fundraising through issuance of new shares to Rs 4,499 crore from its earlier planned Rs 3,750 crore.
Ola Electric shares fall below IPO price of Rs 76 as sell-off deepens
Shares of Bhavish Aggarwal-led Ola Electric dropped 3.7% on the BSE to Rs 74.8 in Tuesday’s session, falling below the IPO price of Rs 76 for the first time. The electric scooter maker made its market debut on August 9, initially reaching a high of Rs 157.4 apiece.
Gaming firm Krafton backs South Korean IMM Investment's maiden India fund
Krafton India, the local unit of the South Korean maker of Battlegrounds Mobile India, has become the anchor investor in IMM Investment’s maiden India fund. The IMM India Fund is an extension of IMM Investment, a multi-asset South Korean fund managing $7 billion in assets.
TCS signs $245 million 15-year deal to transform Ireland’s pension system
Tata Consultancy Services (TCS) said it secured a 15-year contract from Ireland’s Department of social protection (DSP) to implement and support the country’s new auto-enrolment retirement savings scheme, known as the “My Future Fund.”
Funding Deals
Finova Capital has secured $135 million (about Rs 1,135 crore) in a funding round led by Avataar Venture Partners, Sofina and Madison India Capital, with existing investor Norwest Venture Partners also participating, the Jaipur-based company said.
New generation housing finance company Vridhi Home Finance has secured Rs 310 crore in equity funding from Norwest Venture Partners along with its existing investor Elevation Capital and the company’s founders.
Auquan, an AI-based data analytics company for financial services, has secured an additional $4.5 million in its seed funding round, led by Peak XV’s Surge with participation from existing investor Neotribe Ventures. This investment brings Auquan’s total seed funding to $8 million.
🏦 Short Story: The Mentor’s Influence
Alex, a young entrepreneur, initially relied on books to guide his business journey. While they provided valuable insights, he felt something was missing.
Encouraged by a friend, he began attending networking events and sought out mentors who had years of experience.
Through conversations with his mentors, Alex gained perspectives and practical advice he couldn’t find in books alone. Their wisdom, combined with his reading, accelerated his learning and deepened his understanding of business.
Alex realized that by blending reading with mentorship, he had found a powerful formula for growth.
Tweet of the day🐥
As you go through your day, think about how to expand your learning—whether by diving into a new book or spending time with people who inspire you.
Rise & Shine encourages you to embrace reading and relationships as sources of wisdom.
Have a knowledgeable and inspiring Wednesday!
Thanks for reading till the end!