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1947 Rise ☀️: 198
1. Delhivery shares up 10% on debut
Delhivery Ltd surged 10% on its trading debut as investors piled into the shares of the SoftBank-backed logistics provider, shrugging off risks related to the Ukraine war, economic growth and interest rates.
Shares of Delhivery ended trading on Tuesday at ₹537.25 on BSE, valuing the company at ₹38,923 crore ($5 billion).
The buoyant stock market debut comes as a relief to startups preparing to go public, including PharmEasy, Ola, OYO, and Snapdeal.
Delhivery was founded in 2011 by Sahil Barua, Mohit Tandon, Bhavesh Manglani, Suraj Saharan, and Kapil Bharati as a hyperlocal express logistics services firm. It became a unicorn, or a startup valued at $1 billion or more, in 2019.
2. Layoffs, shutdowns, funding crunch: The Great Indian Startup Party is over
Thousands of layoffs, Funding crunch, Disastrous tech IPOs and hammering in public markets, Delaying fundraiser, Cut the burn and Fewer Unicorns.
With that said, what a time to invest and or build in India. Tourist founders and investors would fade away.
Time for real founders to build real businesses.
Worth your attention:
Purplle seeks $100 million from an internal raise at $800 million value Link
Good Glamm plans $250 mn fundraise Link
Country Delight raises $108 mn in Series D round led by Temasek, Venturi Partner Link
Oyo said to shelve plans for IPO in 2022 Link
Zetwerk BUILD launched to nurture, scale hardware startups Link
Winter is here, must focus on profitability: Unacademy founder Munjal Link
Three Wheels United Funding | Fintech firm Three Wheels United raises $10 million Link
EV cab company BluSmart raises $25 million funding Link
NFT music platform FanTiger raises $5.5 million Link
Supply-chain financing provider Nakad raises $7 million funding Link