Zomato acquires Paytm’s ticketing biz🍿
Ola Electric m-cap at $7 Bn, Bluestone closes Rs 900 Cr pre-IPO round, Titan Capital closes Rs 200 Cr fund, Funding Deals and more.
Good morning and welcome to Thursday’s edition of Rise & Shine!
“Let your hunger for knowledge be greater than your fear of failure; every mistake is a lesson in disguise.”
Today, we explore the idea that a strong desire to learn and grow can overshadow the fear of failure, turning every setback into an opportunity for development.
Embracing this perspective allows us to view each challenge as a stepping stone to greater understanding and capability.
Tech Updates
Zomato acquires Paytm’s movie and ticketing business for Rs 2,048 crore
Foodtech and quick commerce platform Zomato acquires Paytm’s movies and ticketing business. The two companies have been executing the transaction for the past three months. Paytm agrees to sell its entertainment ticketing business to Zomato for Rs 2,048 crore cash, according to a disclosure made to the BSE.
As a part of the deal, Paytm’s parent One97 Communications will transfer 100% stakes in its two subsidiaries: Orbgen Technologies (TicketNew), and Wasteland Entertainment (Insider) to Zomato. The deal will also include 280 existing employees from the two subsidiaries: TicketNew and Insider.
For context, Paytm acquired TicketNew in 2018 for $40 million while the Vijay Shekhar Sharma-led company took over Insider in May 2017. The entertainment ticketing business will, however, be available on the Paytm app during a transition period of up to 12 months.
Ola Electric shares surge post-debut; market cap at $7 billion
Shares of Bhavish Aggarwal-led Ola Electric rose over 4% during Wednesday’s session on the BSE to touch Rs 143.8. Ola Electric shares were up 4.4% on Wednesday after the company received certification for production-linked incentive (PLI) benefits for two more of its vehicles. The stock has now surged 90% since its flat debut on August 9.
Bluestone closes Rs 900-crore pre-IPO round at $970-million valuation
Jewellery retailer Bluestone has closed a Rs 900 crore financing — in a mix of primary and secondary share sales. Peak XV Partners, Prosus, Steadview Capital, Think Investments, and Infosys cofounder Kris Gopalakrishnan’s family investment office Pratithi Investments have participated in the round. This round more than doubles the firm’s valuation to $970 million, or Rs 8,100 crore.
Titan Capital closes Rs 200 crore fund
Seed-stage investor Titan Capital, founded by Snapdeal cofounders Kunal Bahl and Rohit Bansal, has raised Rs 200 crore for its new fund, through which the firm will double down on its existing portfolio companies.
Funding Deals
Water purifiers and air conditioners manufacturer Livpure has scooped up Rs 208 crore ($25 million) in funding from M&G Investments through its Catalyst investment strategy, and around Rs 25 crore ($3 million) from Ncubate Capital Partners.
Healthcare company Even Healthcare has raised Rs 169 crore (approximately $20 million) in a new round led by Khosla Ventures.
Spice brand Zoff has secured Rs 40 crore ($4.8 million) from JM Financial Private Equity through JM Financial India Growth Fund III.
Mumbai-based fintech startup TransBnk has raised $4 million in Series A funding round led by 8i Ventures. The round also saw participation from Accion Venture Lab, GMO Venture Partners, Ratio Ventures, and Force Ventures along with a group of family offices, institutions, and angel investors.
Artificial intelligence optimisation company LLUMO AI has raised $1 million (about Rs 8 crore) in seed funding round led by SenseAI Ventures along with participation from India Quotient, AumVC, Venture Catalyst, IIM Indore Alumni Angel fund, and other angel investors.
📍Short Story: The Innovator's Journey
Lucas, an ambitious tech entrepreneur, ventured into developing a new app to revolutionize how people manage their finances. Despite his team's hard work and innovation, the initial launch was met with technical issues and user complaints. The fear of failure loomed large.
However, instead of letting this setback defeat him, Lucas encouraged his team to delve into the feedback, learning everything from the criticisms. Each mistake they uncovered and addressed didn't just fix a bug—it improved the overall user experience, making the app more robust than it had initially imagined.
Lucas and his team learned invaluable lessons in app development, user engagement, and resilience. Their hunger for improving the app overcame their fear of failing again, ultimately leading to a successful relaunch that earned high praise.
Tweet of the day🐥
Today, allow your passion for learning to overshadow any fear of mistakes.
View each challenge as an invaluable lesson that paves the way to greater success.
Rise & Shine is here to remind you that every mistake carries a hidden opportunity for growth.
Have a knowledge-filled and fearless Thursday!
Thanks for reading till the end!