Swiggy Raises Funding In Series K Round, Total Market Value Goes Up To $10.7 Billion

swiggy raises funding

Hardly six months after bagging a whopping $1.25 billion investment in funding, leading online food ordering platform based in India Swiggy raises funding one more time in Series K round of funding. Swiggy has freshly procured $700 million in a Series K financing round as the Indian food tech giant is proactively looking forwards to expanding its business operations. Apart from India, Swiggy has already rolled out its services in South Asian markets. 

An insider having direct knowledge of the matter revealed that Invesco managed the Series K investment round, which increased the market capitalization of Swiggy to $10.7 billion. Previously, during the Initial Public Offering (IPO) in July, the food-tech company was valued at $5.5 billion. 

The market capitalization value of the food tech giant crosses Zomato’s existing market value as Swiggy raises funding in the Series K round. It is important to note here that Zomato, a 13 years old company, is witnessing a slump in its share price, which has brought down Zomato’s market value below $10 billion.

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Swiggy’s Round K funding saw participation from Axis Growth Capital, Sixteenth Street Capital, Kotak, Sumeru Ventures, Baron Capital Group, IIFL AMC Late Stake Tech Fund, Segantii Capital, Ghisallo and Smile Group. Existing investors of Swiggy also participated in the funding round, which included Alpha Wave Global, Qatar Investment Authority, ARK Impact and Prosus Ventures.

Swiggy’s quick delivery service, Instamart, is on track to hit a $1 billion annual gross merchandise volume run rate in the coming three quarters, the food-tech firm believes.

Swiggy, India’s leading food ordering platform giving tough competition to Zomato,  had said last year that the firm wanted to spend $700 million to upgrade its services and geographic presence. After Swiggy raises funding, it seems the rivalry in the food delivery industry in India will witness stiff competition in grabbing market share.

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‘Invesco Developing Markets Fund, on a long term basis, is looking forward to investing in leading companies across the world that have long term structural development ability. Investment in Swiggy is one such kind of investment.’ Said Justin Leverenz, Chief Investment Officer at Invesco.

Majety’s Words After Swiggy Raises Funding

Sriharsha Majety, Swiggy co-founder and chief executive, said that Instamart had achieved a Gross Merchandise Value (GMV) in only 17 months, while the core food delivery company required 40 months to accomplish the same level of success.

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The ultimate goal of Swiggy is to make 100 million users at least use Swiggy 15 times a month. The completion of this goal will help Swiggy’s ecosystem to have a broader influence and bring revolution in the food and grocery delivery industry. For that, the food tech company will continue to invest in our partners and products.’ Sriharsha Majety added further.

The Indian food services sector will stand at a value of $97 billion by the end of 2026. Organized food service is increasing at a higher rate compared to the other industries, and it is anticipated to have a 55 per cent market share by 2025. By the end of 2025, we predict internet access to hit 20% and the market size to achieve $20 billion, with a compound annual growth rate of 46 per cent (CAGR). Acquisition of new customers as well as expanding into new and emerging areas will comprise the major of the company’s development.

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Anand Rathi Wealth Management IPO : Seeks 660 Crore, Launch Date, Share Price, GMP And Review

anand rathi wealth management ipo

Anand Rathi Wealth Management IPO (Initial Public Offering) is all set to be available for purchase amid the IPO-packed week. Rakesh Jhunjhunwala’s Star Health Insurance launched on November 30, and Tega Industries launched on December 1 are a few reputed IPOs that will compete with Anand Rathi IPO.

The initial public offering of Anand Rathi, the biggest non-banking wealth solution firm in India, is expected to raise Rs 660 crore through its IPO bidding. The recently launched and much-talked IPOs, including Nykaa, Policy Bazar and Zomato, have received overwhelming responses and raised many companies’ interest in going public. Anand Rathi Wealth Management IPO will be the 56th IPO in the soon-to-over year 2021.

More Details About Anand Rathi Wealth Management IPO

Anand Rathi Wealth Management IPO will be purely an OFS (Offer For Sale) sale of 1.2 crore shares. According to the official statement of the wealth management company, its current stakeholders include Anand Rathi, Amit Rathi, Supriya Rathi, Pradeep Gupta, Preeti Gupta, Firoz Aziz, and Rawal Family Trust will sell off their 92.85 lakh shares in the company. Jugal Mantri is also selling off his 90,000 shares.

The stock sell includes half of the shares reserved for Qualified Institutional Buyers, 15 percent shares reserved for the Non-Institutional Buyers. Additionally, the Anand Rathi Wealth management IPO has kept 2.5 lakh shares reserved for the company’s employees at Rs 25 discount apiece on the final issue price. At the same time, 35 percent of the total shares are reserved for retail buyers.

The Anand Rathi Wealth Management IPO’s book-running managers are BNP Paribas, Anand Rathi Advisors, Equirus Capital and IIFL Securities, while the registrar is Link Intime India.

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Price Band and Lot Size Of Anand Rathi Wealth Management IPO

The Anand Rathi Wealth Management IPO price is set between Rs 530-550 apiece. On the other hand, the GMP (Grey Market Price) of the IPO is trading at a premium of Rs 125 to the price decided by the IPO company. So, the GMP price of Anand Rathi shares will be 550+125 = Rs 675, which is 20 percent more than the actual value of one share.

One lot of the IPO will comprise twenty-seven shares. The interested subscribers will have to purchase a minimum of one lot at the upper value of Rs 550 per share for Rs 14,850.

When Will The Anand Rathi Wealth Management IPO Launch?

The Anand Rathi Wealth Management IPO will be available for bidding on December 2, 2021. The three-day-long IPO will conclude on December 6 and is expected to bring 660 crores to the Anand Rathi Group at the upper share value set at Rs 550 per share.
Also, the company is expected to list on The NSE and BSE exchanges by December 14. Here is the schedule for the Anand Rathi Wealth Management IPO proceeding:
Anand Rathi IPO launch date: December 2, 2021

IPO end date: December 6, 2021

Share Allotment beginning date: December 9, 2021

Refund initiation date: December 10, 2021

Allotment date: December 12, 2021

BSE and NSE Listing Date: December 14, 2021

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Brokerage Reaction On Anand Rathi Wealth Management IPO:

According to the brokerage firm Marwadi Shares and Finance Limited, the company is one of India’s leading non-bank mutual fund distributors with a presence in Non-Convertible Market Linked Debentures. It is available at reasonable valuations when compared to its competitors. “Taking into account the FY-22 annualised EPS of Rs.29.46 on a post-issue basis, the firm is set to list at a price-to-earnings ratio of 18.67x with a market capitalization of Rs.22,889 million, whilst its competitor, IIFL Wealth Management, is trading at a price-to-earnings ratio of 24.59x (FY22 annualized). This initial public offering (IPO) has a “Subscribe” grade from us.”

About Anand Rathi Wealth

Anand Rathi Wealth, who began its operations in 2002, has spread over 11 cities across India and has one office in Dubai. The AMFI certified firm operates as a mutual fund distributor firm that provides comprehensive investment solutions to more than 6,500 active clients in a financial instrument.

The wealth management firm has earned a profit of Rs 45.09 crore in the current year and Rs 265.23 in the same year. Anand Rathi Group had previously applied for IPO in 2018, but they withdrew the application later.

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Adani Group Acquires Minority Shares In Cleartrip, Both Parties Expect Bolstered Synergy

cleartrip and adani group stake acquisition

Gautam Adani owned Adani Group declared that it will acquire considerable minority shares of online travel aggregator and booking platform Cleartrip, which is operated as a subsidiary of India’s e-commerce giant Flipkart.

Adani Group announced the share acquisition on Friday. However, the exact amount of the deal is still not known. The share acquisition is believed to be completed in November 2021.

‘The stake acquisition in Cleartrip would benefit both Flipkart and Adani Group and help offer superlative travel experiences to the travellers. This alliance will also allow clear trip to overstep digital boundaries and bring end to end travel services online,’ said Gautam Adani headed coalition.

Walmart owned Flipkart Group acquired a 100 percent stake in Cleartrip, a prominent and oldest player in the online bookings business in India. The Cleartrip, a brainchild of Stuart Crighton, Matthew Spacie, and Hrush Bhatt, was passing through hardships when Flipkart Group decided to reinvigorate it. The payment toward the acquisition was a combination of cash and equity. Acquisition of cleartrip increased its then market value to approximately $40 million.

The faltering aviation industry is regaining its prosperity after post-pandemic restrictions were lifted off. Domestic and international traveling bans are mostly retracted now. With that said, the aviation industry has been seeing an upsurge in traveling and ticket bookings.

It’s pretty sure the partnership with cleartrip will help Adani Group and cleartrip to get an edge over other powerful rivals, including MakeMyTrip and Goibibo. As of now, Adani Group is the hugest airport operator in the country, having operational management of India’s second busiest airports Mumbai, Ahmedabad, Guwahati, Lucknow, Jaipur, Thiruvananthapuram, and Mangaluru.

What Gautam Adani Has To Say About Cleartrip Stake Acquisition?

Gautam Adani shared a message on the micro-blogging site Twitter attached with a picture of his and Kalyan Krishnamurthy stating he is delighted to extend partnership with Flipkart. Logistics, Data Centers, and now Travel. He further said revitalizing the travel industry will produce thousands of employment opportunities in the post-pandemic time. The investment will enrich the collaboration between the Flipkart group and Adani Group, he added further.

Kalyan Krishnamurthy, who serves as CEO at Flipkart, also reacted to the stake acquisition, saying Flipkart is committed to providing opportunities to help the customers meet up their aspirations. As Travel is getting back on track, cleartrip will emphasize providing better travel experiences to its customers. He further added, we are toiling hard to bolster our relationship with the Adani Group and will analyze options for expanding our offering for customers, utilizing their sturdy travel infrastructure.

With the partnership with the Adani Group in segments such as Travel and additional value-added services, cleartrip intends to provide its customers an unmatched travel experience and boost its growth.

Flipkart has previously approved a treaty with the Adani Group in April 2021 to construct one of the giant retail storehouses in India. Adani Logistics Ltd. is erecting a 534,000-square-feet fulfillment hub — approximately the size of 11 football grounds — in Mumbai and will rent out it to Flipkart as the giant e-commerce platform is optimistic about increasing its market share in the near future.

Tata Power achieves milestone of over 1000 EV Charging stations across India

Earlier this month, Tata Power and TVS Motor Company, one of the leading manufacturers of two-wheelers and three-wheelers globally, signed on a strategic partnership to drive the comprehensive implementation of Charging stations – EVCI across India and deploy solar power technologies at TVS Motor locations.

The partnership aims to create a large dedicated electric two-wheeler charging infrastructure to accelerate electric mobility in India. Tata Power has touched a new milestone with now having a network of more than 1000 Electric Vehicle (EV) charging stations across the country.

The company’s stock was trading on a bullish note on Tuesday. At around 11.34 am, Tata Power was trading at Rs.227.55 per piece up 6.5% on Sensex.

The stock has jumped nearly 9% with an intraday high of Rs.232.40 per piece in the early deals of the same index.

This network of 1000 public EV charging stations provides innovative and seamless EV charging experiences for Tata Power’s customers across Offices, Malls, Hotels, Retail Outlets, and places of public access, enabling clean mobility and freedom from range anxiety.

Additionally, there are close to 10,000 home EV charging points, which make EV charging super-convenient for vehicle owners.

Tata Power EZ Chargers ecosystem covers the entire value chain of Public chargers, Captive chargers, Bus/ Fleet chargers and Home chargers.“We have started the first of our many milestones towards enabling the EV revolution in the country through the successful deployment of over 1000 EV charging points in the public domain.

This makes Tata Power the country’s largest EV charging solutions provider. Our innovative and collaborative approach has made a significant impact in developing this ecosystem and encouraging EV adoption in the country. We remain committed to playing a key role along with other stakeholders in achieving the national goal of transition to green mobility,” said Dr Praveer Sinha, CEO & MD, Tata Power.

Right from the first chargers that were installed in Mumbai, Tata Power EV charging points are now present in nearly 180 cities and in multiple State and National highways under various business models and market segments.

The Company is planning to have a base of 10,000 Charging Stations as also to enable whole stretches of highways into e-highways across the length and breadth of the country with the increase in Electric Vehicle adoption, the company has also expanded its footprint into the electric 3-wheeler and 2-wheeler charging market.

Earlier this month, Tata Power and TVS Motor Company, one of the leading manufacturers of two-wheelers and three-wheelers globally, signed on a strategic partnership to drive the comprehensive implementation of EVCI across India and deploy solar power technologies at TVS Motor locations.

The partnership aims to create a large dedicated electric two-wheeler charging infrastructure to accelerate electric mobility in India.

Tata Power has collaborated with Original Equipment Manufacturers (OEMs) to roll out EV charging infrastructure and aims to expand its presence further in many cities of India.

It has partnered with Tata Motors Limited, MG Motors India Limited, Jaguar Land Rover, TVS & more, for developing EV charging infrastructure for their customers and dealers.

16 month old Teachmint raises $78 mn at reported $500 mn valuation

As innumerous Indian edtech startups populate their catalogs with live and recorded courses to realize and serve students at intervals the world’s second-largest internet market, a number of new-age firms ar commencing to explore fully completely different approaches to tackle the challenge.

Teachmint, one such startup that is serving to teachers and institutes turn out their own virtual faculty rooms with some of taps on their smartphones and build direct relationship with students, has raised $78 million in its Series B funding spherical, TechCrunch has learned and confirmed.

Rocketship.vc and immortal Capital co-led the new spherical, the startup same on Mon. The new spherical values the 16-month-old Indian edtech firm at $500 million, in step with two of us reception with the matter. (Teachmint has raised over $115 million to the current purpose.)

Mihir Gupta, co-founder and chief govt of Teachmint, confirmed the scale of the new funding spherical throughout a text message, but declined to debate the valuation. Goodwater Capital and Epiq Capital what is more as existing investors Learn Capital, CM Ventures, Lightspeed Republic of India and better Capital to boot participated at intervals the spherical, he said.

The new investment comes months once the startup was approached by one in each of the two Indian edtech giants that offered Teachmint a $400 million acquisition price, in step with three sources reception with the matter. Teachmint declined the availability. Gupta declined to comment.

The startup, that began its journey merely weeks once the pandemic poor, is building what it calls the “ed-infra” for teachers in Republic of India to help them take on-line classes, interact with students nearly, assign them tasks, conduct attending and to boot collect fees.

This approach is totally completely different from edtech giants like Byju’s, Unacademy and Vedantu, where teachers don’t have a right away relationship with their students.

And Teachmint’s model is functioning. The startup has concentrated over 10 million users at intervals the country, it said. It to boot offers its ed-infra service to institutes and same over four,000 such institutions in Republic of India and overseas ar victimization it.

At stake is India’s on-line education market with over 2 hundred million school-going kids. The market is calculated to induce $5 billion in revenue by 2025 (up from concerning $1 billion last year), in step with analysts at Goldman Sachs.

“Since origin, we have got been laser-focused on addressing the huge technology-infrastructure gap that exists in education. Over the past sixteen months, we have got been broken by the experience of powering the teaching and learning infrastructure for immeasurable teachers and students across Republic of India,” same Gupta.

“From supporting individual teachers to powering K-12 colleges, work institutes, colleges, universities and even edtechs, we have a tendency to tend to ar disrupting technology penetration in education at academic degree new pace. we have a tendency to tend to ar excited to welcome aboard Rocketship.vc and immortal Capital beside Goodwater Capital and Epiq Capital. we have a tendency to tend to area unit grateful to possess the continual support of our existing investors as we have a tendency to tend to execute our vision at the worldwide stage.”

The startup same it will deploy the recent capital to rent talent across product, technology and elegance roles and may shortly offer its employees its biggest purchase selection.

“Teachmint has addressed a latent technology disadvantage at intervals the education sector and ar well positioned to scale their providing globally. durable leadership combined with the keenness and conviction to resolve this, makes U.S.A. a sturdy believer. we have a tendency to tend to ar glad to air this rocket-ship,” same Madhu Shalini Iyer, partner at Rocketship.vc, throughout a press release.

Clear Receives $75 Million Funding, Includes Stripe’s 2nd Investment In India

clear

Indian financial services platform clear raised $75 million in investment from the US giant stripe and many other participants in its series C funding round. Clear, formerly known as ClearTax, expands its products line from tax returns filing to investments in mutual funds and wants to be more inclusive for small and medium enterprises (SME).

Stripe disclosed its second investment in an Indian startup just a few days after the news of Stripe acquiring payments reconciliation platform Recko surfaced on the internet. The Series C funding round saw participation from Alua Capital, Stripe, Think Capital, Kora Capital, and a few investors who already have made investments in the Indian startup Clear.

With the newly bagged funds, Clear presumably has an approximate market value of $750 million. ‘We are probably one round (funding round) away from joining the unicorn’s club,’ says the Co-founder and serving CEO of clear Archit Gupta on the pretext of receiving new investments.

The SaaS platform plans to utilise the recent investment amount to boost its expansion strategies for business-to-business (B2B) credit and payments facilities. The ten-year-old startup is also looking forward to foraying its business into the international market, especially in Saudi Arabia and Western Europe.

Archit Gupta said his startup would bring $75 million raised funds into play to enlarge its services and also plans to expand overseas. He further said that clear, which is already operational in the Middle East, aims at extending its financial assistant services in Europe shortly.

According to Archit Gupta, Clear’s SaaS (Software as a Service) platform has seen a 5X growth over 18 months and processes about 10 per cent of invoices of India’s large, medium and small businesses with a General Merchandise Value (GMV) of $400 billion. During the last 18 months, Clear has taken 3 thousand large enterprises onboard, it said. Furthermore, the SaaS platform has more than 5 million taxpayers, 1 lakh tax practitioners and 6 lakh plus small businesses relying on its Artificial Intelligence monitored financial services.

‘We are happy to greet Stripe, Kora and other new investors. Kora holds profound expertise in tech companies in developing markets, and Stripe is an international fintech giant that constructs economic infrastructure for online businesses – we are eager to learn from both of them,’ said Archit Gupta.

Nitin Saigal, founder and Chief Information Officer of Kora, said in an announcement that they are delighted to ally with Clear as they innovate at scale in the Indian SaaS ecosystem, allowing businesses to automate their invoicing and taxation workflows.

The SaaS platform, founded in 2011, has many prominent entrepreneurs and investors backing it, including the Co-founder of Affirm Max Levchin, WhatsApp’s Head of Business Neeraj Arora, the founder of IronPort Scott Banister, and the founder of Paytm Vijay Shekhar Sharma. Additionally, SAIF Partners, the founder of AngelList Naval Ravikant, PayPal co-founder Peter Thiel’s Founders Fund, Composite Capital and Sequoia Capital have investments in the startup. Clear has bagged $140 million in funding since its establishment in 2011. Clear is one of the first few startups funded by Y Combinator.

Education technology startup Classplus raises $ 65 million under Tiger Global

Class Plus- Tech Heral

With the pandemic still at large, faculties and faculties still stay closed to stem the flow of the virus. Education has taken a backseat with physical categories being out of the question, forcing students and lecturers alike to travel online for education. This has directly resulted in an exceedingly business boom for edtech start-ups, as they need to use the trend to profit immensely.
This time, it’s the flip of the three-year-old edtech platform for tutors, Classplus, that raised $65 million as a part of its Series C funding spherical diode by Tiger Global. This is the fourth spherical of funding raised by the start-up within the last fifteen months – it’s raised over $85 million in funding up to now from investors like cypress Capital’s accelerator program Surge, Times Internet, and former Indian captain and cricket icon Sourav Ganguly.

The present funding round saw participation from GSV Ventures and its existing investors brain wave Incubation (AWI), Blume Ventures, and RTP international as well.

The round has valued Classplus at $250Mn. yield from the funding round would be accustomed to expand geographically, grow its engineering team and rent sharply for brand new talent across engineering, business, and product roles, and depend upon its product capabilities. based by Mukul Rustagi and Bhaswat Agarwal, Classplus offers employment institutes, non-public tutors, and tuition centers the way to maneuver online to require classes, serving to them to contour their communication, take live classes, modify daily tasks, and manage student communities online.

Claiming to serve a user base of twenty million students and 100,000 tutors across 1,500 cities in India, it additionally permits educators to sell their online courses, helping them invest longer in making high-quality content and building a permanent business for themselves. Classplus claims that a typical professional is ready to grow its student base from one hundred to 1200 students at intervals of 8-10 months of exploitation of its platform. It additionally claims to assist tutors to increase their gain by 2-3 times within half-dozen months of using the platform. concerning 80% of the educators on Classplus’ platform return from Tier-2 cities and on the far side in India.

“We are on a mission to make sure that each educator will go browsing and connect with their students across the world. the ability of educators has traditionally been confined to their native neighborhoods.

With Classplus, educators are ready to build and expand their online presence and legalize their content with no major investment and effort,” same Mukul Rustagi, chief operating officer and co-founder, Classplus. “When lockdowns affected the Republic of India, Classplus emerged because of the crucial infrastructure software package for the $30 billion offline tutoring industry.

With the platform growing nearly 10x within the last twelve months, GSV views it as a ‘Weapon of Mass Instruction.’ Co-founders Mukul and Bhaswat are empowering tutors in India to travel online, enabling them to make larger and stronger businesses whereas additionally increasing access to localized education,” said Deborah Quazzo, managing partner, GSV Ventures. With faculties and faculties not trying to open anytime soon, this appears to be the age of tech start-ups.