1947 Rise ☀️: 332
Ola, Matrix, Tribe Capital, and more!
1. Ola Electric taps Kotak, Goldman Sachs for IPO, likely to hit market in early 2024
Ola Electric has enlisted Kotak Mahindra Capital and Goldman Sachs as financial advisors for its upcoming IPO, scheduled for early 2024.
The electric mobility startup aims to go public before the government subsidies for electric vehicles end.
Ola’s market share also went up to 30 percent in the March quarter and for the full year, too, it was leading with a market share of 22 percent, followed by Okinawa, Ampere, Ather and Hero, according to the report.
The firm’s founder, Bhavish Aggarwal, who also runs a cab aggregation business Ola, has ambitions of a $10 Billion market capitalisation, people familiar with his thinking said.
Ola Electric taps Kotak, Goldman Sachs for IPO, likely to hit market in early 2024
2. Matrix Partners expands India-focused fund to $525M amid funding winter
Matrix Partners India, a subsidiary of the US-based venture capital firm Matrix Partners, has increased the size of its fourth India-focused fund to $525 million, despite the challenging funding environment in the country.
Matrix Partners India has invested in approximately 150 companies in the country, making it one of the most active early-stage investors alongside Sequoia Capital, YCombinator, and other domestic VC firms. The firm has supported eight unicorns, including OneCard, Dealshare, OfBusiness, and VerSe Innovation (the parent company of Dailyhunt).
Matrix Partners expands India-focused fund to $525M amid funding winter
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Worth your attention:
India will be a big investment theme for $925 mn fund: QED Investors’ Asia Head Link
Exclusive: Silicon Valley’s Tribe Capital plans to raise $250 million India-dedicated fund Link
Digital consumer brand Atomberg raises $86 million in funding from Temasek, Steadview Link
Beauty etailer Purplle picks up $40–50 million in funding from ADIA at $1.1 billion valuation Link
Kidswear D2C brand Hopscotch raises $20 million led by Amazon Link
US-based Private Shares Fund cuts Eruditus’ fair value by 9%, effectively valuing it at $2.9… Link
US-based Baron Capital cuts Swiggy’s fair value by another 10%, for second time in 3 months Link
Swiggy’s outgoing CTO Dale Vaz secures $7–10 million in funding for new wealth-tech startup Link