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This week in Indian startup news, Paytm: India’s biggest ever IPO flops on listing day, Policybazaar’s successful listing on the stock markets, Droom files for an IPO and Chalo in talks to acquire Vogo.
In funding news, Mensa Brands raises $135 million – becomes India’s fastest unicorn, Velocity raises $20 million, Wingreens Farms raises $17 million and GoKwik raises $15 million.
00:00 Introduction
00:40 Paytm: India’s biggest ever IPO flops on listing day
02:08 Policybazaar’s successful listing on the stock markets
03:22 Droom files for an IPO
05:00 Sponsor shoutout
06:14 Chalo in talks to acquire Vogo
07:36 Mensa Brands raises $135 million – becomes India’s fastest unicorn
09:26 Velocity raises $20 million
10:28 Wingreens Farms raises $17 million
11:03 GoKwik raises $15 million
Paytm: India’s biggest ever IPO flops on listing day: Paytm was listed on the stock markets on 18th November at a 10% discount and their stock price fell more than 25% on day 1 making their investors lose a quarter of their wealth. The underwhelming response for Paytm’s IPO can be attributed to their inability to monetize their growing userbase as their revenues stay flat for the last four years.
Policybazaar’s successful listing on the stock markets: PB Fintech, the parent company of Policybazaar was listed on the stock markets on 15th November – making their investors 17.35% richer. Policybazaar not only owns 93.4% of the online insurance market but they are also expanding their offline presence by opening 15 stores – which they intend on taking to 100 soon to reach the majority of their users who are offline.
Droom files for an IPO: Droom, an online marketplace for selling automobiles, is the latest to file for an IPO – to raise Rs 3000 crore. However, things don’t look good for Droom, as their only listed peer CarTrade which is, in fact, a profitable company is trading at a 25% discount, while Droom is not only smaller than CarTrade but also a loss-making startup at the moment.
Chalo in talks to acquire Vogo: Chalo, an app that digitizes bus operations enabling users to track buses and book tickets online, is reportedly in talks to acquire scooter rental startup Vogo. The bad luck of mobility startups due to the pandemic has given Chalo the opportunity to buy them out at a discount, previously they acquired Shuttl and are not setting their eyes on Vogo.
Mensa Brands raises $135 million – becomes India’s fastest unicorn: Mensa Brands – a Thrasio-style house of brands, has raised $135 million – making them India’s fastest unicorn in just six months. Mensa Brands already owns 12 profitable D2C brands and are now looking to add 30 more within the next year.
Velocity raises $20 million: Revenue-based financing platform Velocity has raised $20 million in a round led by Valar Ventures to offer an alternative financing model to e-commerce companies.
Wingreens Farms raises $17 million: Healthy snacks brand Wingreens Farms has raised $17 million in a round led by Investcorp to grow its business by using these funds add more new-age food and beverage brands to their portfolio.
GoKwik raises $15 million: E-commerce enablement platform GoKwik – which helps e-commerce businesses grow by increasing conversion rates and reducing return orders, has raised $15 million in a round led by Sequoia Capital India.
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