1947 Tech Newsletter 🇮🇳

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1947 Tech 🇮🇳: 122

1947tech.substack.com

1947 Tech 🇮🇳: 122

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

shiva singh sangwan
Sep 2, 2020
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1947 Tech 🇮🇳: 122

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1. India’s Reliance Retail to acquire Future Group’s units for $3.4 billion

Well, Reliance can’t help, they have to stay in the news!

Lately Indian tech ecosystem = Reliance.

Reliance Retail, India’s largest retail chain, has found a much simpler way to expand its dominant position in the country: Acquire most of the second largest bricks-and-mortar retailer.

On Saturday evening (local Indian time), Reliance Retail said it has reached an agreement with Future Group to acquire the latter’s retail and wholesaler business, as well as its logistics and warehousing business, for $3.4 billion. The acquisition will help Reliance Retail command one-third of the bricks-and-mortar stores of India’s modern retail sector.

India's Reliance Retail to acquire Future Group's units for $3.4 billion

2. Sequoia top backer of Indian unicorns with eight bets, China’s Tencent 11th with 3 investment

Funds that are winning in India.

Venture capital fund Sequoia Capital India is the top backer of unicorns, or firms which have attained a valuation of over $1 billion, a report said on Wednesday.

The India-based Sequoia has invested in eight Indian unicorns including Byju’s and Unacademy, followed by Japanese investor SoftBank and British Steadview Capital’s seven investments each, as per the Hurun India Unicorn Investors List.

Sequoia top backer of Indian unicorns with eight bets, China’s Tencent 11th with

3. Delhivery gears up for fresh fundraise with potential secondary component

Last week Urban Company facilitated some secondaries, this week Delivery is in the news for raising fresh funds with a potential secondary component.

This is great for the ecosystem!

Logistics company Delhivery appears to be raising a fresh round which could be a mix of primary and secondary capital. The company made capital changes to facilitate the fundraise and offer exits to early backers as well as promoters through a secondary transaction.

Delhivery has entered into an amended shareholders’ agreement with 19 of its investors in June and the investors controlling preference capital have agreed to convert all of their holdings into equity shares, regulatory filings show.

Delhivery gears up for fresh fundraise with potential secondary component

Few tweets:

Startup’s ESOP Policy is getting much-needed attention in India. Also, Check out EquityList.co

Twitter avatar for @BeingPractical
pj @BeingPractical
Touchy topic.. how good is your Startup's ESOP policy.
Image
4:17 AM ∙ Aug 30, 2020
816Likes145Retweets

Another 🦄

Twitter avatar for @gauravmunjal
Gaurav Munjal @gauravmunjal
Unacademy Group has raised $150M in a round led by Softbank valuing us at $1.45B post the funding. Great to have them onboard as a partner in our journey. Our existing investors General Atlantic, Sequoia India, Nexus, Facebook and Blume also participated in the round.
10:21 AM ∙ Sep 2, 2020
1,804Likes165Retweets

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Worth your attention:

  1. IRDAI allows insurance companies to use video-based KYC Link

  2. 3one4 Capital launches new $100 million fund Link

  3. Online shoppers double amid pandemic Link

  4. An excellent resource from my colleague Utsav at AngelList India, if you are looking to raise capital in India Link

  5. UPI clocks record volume in August with over 1.5 billion transactions Link

Funding:

  1. India’s online learning platform Unacademy raises $150 million at $1.45 billion valuation Link

  2. Eruditus raises $113 million funding led by Leeds Illuminate & Prosus Ventures Link

  3. Byju’s bags $122 million from billionaire Yuri Milner’s DST Global Link

  4. Gaana raises $50 Mn led by Tencent at a $530 Mn valuation Link

  5. Dunzo kicks off Series E round with $28 Mn from Google, others Link

  6. Apna, the jobs app for poor Indian workers gets $8 million from investors Link

A week in Review:

Twitter avatar for @shivassangwan
Shiva Singh Sangwan @shivassangwan
This week in 🇮🇳! • India’s online learning platform Unacademy raises $150M at 1.45B valuation • Reliance retail to acquire Future Group’s units for $3.4B • Edtech Eruditus raises $113 million led by Illuminate & Prosus Ventures • Byju’s bags $122M from DST Global
1:36 PM ∙ Sep 2, 2020

Twitter avatar for @shivassangwan
Shiva Singh Sangwan @shivassangwan
• Gaana raises $50M led by Tencent at $530M • Dunzo raises $28M from Google, others • Apna, the job app for blue-collar workers raises $8M • 3one4 capital launches new $100M fund • UPI clocks record volume in August, 1.5B transactions
1:36 PM ∙ Sep 2, 2020

Thank you for reading. Please share any feedback, questions or comments with me on Twitter :)

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