1947 Tech 🇮🇳: 120

Once a week newsletter: Insights on Tech, markets, startups, venture capital, and foreign investments in India

1. SoftBank-Backed Fintech Startup Seeks $3.5 Billion Value in IPO

Sometimes all you need is one event that can set the narrative for the future decades to come.

Policybazaar going public could be the narrative setting event for the Indian tech ecosystem.

Online insurance platform Policybazaar aims to go public in 2021 at a valuation north of $3.5 billion, potentially becoming the first of India’s mega-startups to debut as its digital economy booms. 

The startup plans to secure about $250 million in a round of financing at a $2 billion-plus valuation before a September 2021 initial public offering, co-founder Yashish Dahiya told Bloomberg News.

SoftBank-Backed Fintech Startup Seeks $3.5 Billion Value in IPO

2. Zoom to open technology center in Bengaluru

“India is a strategically important country for Zoom and we expect to see continued growth and investment here,” said Eric S. Yuan, CEO of Zoom. “We plan to hire key employees for the technology center over the next few years, pulling from India’s highly-educated engineering talent pool. This facility will play a critical role in Zoom’s continued growth.”

Zoom to open technology center in Bengaluru 

3. After Pichai, IBM’s Arvind Krishna dials PM to talk India plans

IBM has committed to increase investments in India, the technology company’s chief executive Arvind Krishna told Prime Minister Narendra Modi over a video conference call on Monday.

IBM has over 100,000 employees in India working for its global operations as well as the local market. In fiscal year 2019, IBM India reported revenues of $3.8 billion.

India-born Krishna, who took over as CEO of IBM in April, also expressed confidence in the PM’s vision of Aatmanirbhar Bharat (self-reliant India) and briefed him about his company’s investment plans in India

After Pichai, IBM’s Arvind Krishna dials PM to talk India plans 

Worth your attention:

• India’s vernacular audio boom: 7 homegrown apps serving the ‘next billion users’ Link

• The Bengaluru-Mumbai divide got stronger for India Tech Link

• Smaller VC firms see good returns from startup bets Link

• Indians with US degrees look at opportunities back home as America tightens immigration Link

• Snapchat’s India daily user base more than doubled in Q2: Evan Spiegel Link

• Netflix expands its India content slate with eight new original titles Link

Funding:

• Saas-based Zeotap raises $42 Mn Series C funding round Link

• MPowered raises $21 million from group of US-based HNIs Link

• Trell set to raise $10 Mn Series A round led by Samsung and KTBN Link

• Deep connected vehicles startup Sibros raises $12M led by Nexus Venture Partners Link

• Bijnis bags $10 million funding led by Matrix, Sequoia Link

A week in Review:

Shiva Singh Sangwan @shivassangwan

This week in 🇮🇳! • Policybazaar seeks $3.5B value in IPO • SaaS-based Zeotap raises $42M • MPowered raises $21M • Sibros raises $12M led by nexus Venture partners • Trell set to raise $10M in Series A led by Samsung • Bijnis raises $10M led by Matrix & Sequoia

Shiva Singh Sangwan @shivassangwan

• Zoom to open a technology center in Bengaluru • IBM’s CEO dials PM to talk India plans • Snapchat’s India daily user base more than doubled in Q2 • Cloud is a $3-5 Billion opportunity in India: Karan Bajwa, head if Google cloud

Vala Afshar @ValaAfshar

5 things to know about India by 2030: 1. world’s 2nd largest economy (GDP), ahead of US 2. one billion plus internet users 3. 77% or population under age 44 4. 80% of population middle class 5. $5.7 trillion consumer spending wef.ch/2FjDgYh

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