The Week That Was: Nykaa's journey, Unacademy's fundraise, ixigo's acquisition, and more.

Highlights from the Indian startup ecosystem this week.

We at ADIF have compiled funding updates, the latest from the startup ecosystem and news from India’s unicorn space from this week all in one place for you.

Here’s the top news

A win for Amazon in the Supreme Court. India’s apex court on Friday put on hold the proposed Rs 24,713-crore merger deal between Future Retail Limited and Reliance Retail, ruling in favour of Amazon.

PM Modi launched a new payment system. e-RUPI – the Indian government's digital payment solution meant to ensure delivery of welfare services – is set to go live at a Mumbai Covid vaccination centre.

Policybazaar filed DRHP for IPO. The online insurance aggregator’s initial public offering (IPO) will comprise a fresh issue of Rs 3,750 crore and an offer for sale of Rs 2,267.5 crore.

Delhivery to acquire Spoton Logistics. The company has inked a $200-million deal to acquire a 100% stake in the rival logistics player.

BharatPe became a unicorn. The latest funding round of $370 million – led by Tiger Global Management –increased the company’s valuation to $2.85 billion.

BYJU’s acquired AR startup Whodat. The deal, made for an undisclosed amount, will help the company accelerate their product roadmap to provide immersive educational products across product lines.

ixigo became a public limited company… This marks the first step of the online travel company’s journey toward an IPO.

…and acquired Hyderabad-based AbhiBus. Acquisition of the bus ticketing and aggregation platform was made for a mix of cash and ixigo stock as consideration.

Indian govt may speak to stakeholders on e-commerce rules. Companies are hoping for certain clauses to be diluted.

Zomato incorporated a payment subsidiary. Zomato Payments Private Limited (ZPPL) has been incorporated as the foodtech unicorn’s payment and technology service.

In the Spotlight: Nykaa – India's first woman-led unicorn is set to go public

In a historic move, ex-banker Falguni Nayar’s firm has filed its draft papers for an initial public offering (IPO) and the unicorn is looking to sell about 10% of the equity, raising approximately $500 million.

The IPO comprises a fresh issue of equity shares worth Rs 525 crore and an offer for sale of 4,31,11,670 equity shares by the selling shareholders.

The company will use these funds to invest in certain subsidiaries – FSN Brands or Nykaa Fashion – set up new retail stores, for capital expenditure, repayment of the debt, and enhance the visibility and awareness of its brands.

Read the unicorn’s incredible journey here.

Unicorn news

Mindtickle became a unicorn. The tech startup that provides sales readiness technology has raised an additional $100 million in Series E led by SoftBank Vision Fund 2 at a valuation of $1.2 billion – making it a part of the unicorn club.

BharatPe became a unicorn and named a new CEO. The financial payments startup this week raised $370 million in its Series E round led by Tiger Global. With the new round, the company’s valuation increased to $2.85 billion. The newly-minted unicorn has also appointed Suhail Sameer as its new CEO.

BigBasket’s co-founder exited the company. Abhinay Choudhari is now planning to enter the online laundry business. In his parting letter to the staff, Choudhari mentioned that he wishes to build another business from scratch.

Funding updates

Apnaklub raised $3.5 million. With the latest funding from Sequoia Capital India’s Surge, the company’s total capital raised is at $5 million.

Unacademy raised $440 million in Series H. The six-year-old startup has raised $860 million to date and with the latest round, its valuation increased to $3.44 billion.

Minimalist raised $15 million. The Series A funding round was led by Sequoia Capital India and saw participation from Unilever Ventures.

SP Robotic Works raised $3 million. The Series A funding round of the AI-based edutainment startup was led by Mount Judi India Growth Fund.

Crypto platform Vauld raised $25 million. The Series A funding round of Vauld – a crypto platform for financial products – was led by PayPal founder Peter Thiel's Valar Ventures.

Easy raised $15 million in Series A. The mortgage finance startup provides fully insured home loans to protect consumers against vulnerabilities.

Flam raised $3.5 million. The AR-powered social media networking platform’s seed funding round was led by Silicon Valley Quad and Inventus Capital Partners SV and saw participation from 9Unicorns, Kwaish Ventures, and prominent angels.

Tweet of the week

That’s all for this week, thank you for reading. Hope you have a great weekend!

Regards,
Amanat Khullar
Content & Editorial, ADIF


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