Wego acquires Cleartrip's overseas biz✈, PharmEasy's IPO🟢, Krafton is making India the hub🎮
Flipkart sells Cleartrip’s Middle East biz, Sebi clears PharmEasy’s IPO, India to be the hub for Krafton, Funding Deals, What is bootstrapping? & more.
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Flipkart sells Cleartrip’s Middle East business to Wego✈
Wego, an online travel marketplace in the Middle East, has signed an agreement with Flipkart Group to acquire Cleartrip’s Middle-East business. Cleartrip had organically expanded into the region in 2010.
Flyin.com, a Saudi-based travel company Cleartrip acquired in 2018, will be sold to Wego as a part of the deal. The deal also involves a technology-sharing agreement between Flipkart and Wego. After the deal, Flipkart's Cleartrip will have operations only in India.
Wego claims to be the largest online travel marketplace in the Middle East and North Africa and is backed by Tiger Global Management, Crescent Point, Square Peg Capital, Middle East Venture Partners and the MBC Group.
Sebi clears PharmEasy’s Rs 6,250 cr IPO💊
API Holdings, the parent firm of PharmEasy, has got clearance from markets regulator Securities and Exchange Board of India for the online pharmacy’s initial public offering.
Mumbai-based API Holdings had filed its draft IPO papers in November to raise Rs 6,250 crore through a sale of primary shares. Existing shareholders aren’t planning to sell shares.
Sebi’s nod for PharmEasy parent’s IPO comes at a time when new-age companies are seeing a steady drop in their share prices after having gone public last year.
PharmEasy was last valued at $5.6 billion and was aiming at an IPO valuation of around $7-8 billion. PharmEasy has half the share in online pharmacy gross merchandise value, compared with 16% for Tata-owned 1mg and 15% for Reliance Industries' Netmeds.
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What is bootstrapping?
Bootstrapping is a situation where a company is built using personal finances and without relying on any external funding. This is contrary to starting a company by first raising capital through angel investors or venture capital firms. Bootstrapping allows the entrepreneur(s) to maintain more control but at the same time can increase the financial strain.
Hot Shorts⚡
Direct-to-consumer (D2C) healthy snacking brand Happilo has raised $25 million from Motilal Oswal PE (MOPE).
Cleantech startup Sistema.bio has raised $15.6 million in its Series B round led by KawiSafi Ventures and AXA IM Alts.
Invact Metaversity has raised $5 million in a seed round led by Arkam Ventures.
RetainIQ, an ecommerce marketing company, has raised $2.3 million (Rs 17.2 crore) in a funding round led by venture capital firm Accel Partners.
India to be the hub for PUBG maker’s foray into emerging markets🎮
Krafton, the South Korean gaming firm behind PUBG, is making India the hub of its emerging markets strategy as it looks to expand its global presence following an initial public offering (IPO) last year.
The company has committed to investing more than $100 million in India’s startup ecosystem. In the past 10 months, it has announced six deals totaling about $86 million, including investments in-game studio Nautilus, game streaming platform Loco, esports firm Nodwin Gaming, and Indian language content firm Pratilipi.
The original PUBG Mobile game was one of 59 China-linked apps banned in India in September 2020. In 2021, the company launched Battlegrounds Mobile India, the Indian version of PUBG Mobile.
The company will also consider taking properties from India to other emerging markets in future but does not have any immediate plans to build games out of India.
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