1947 Tech 🇮🇳: 122
Once a week newsletter: Insights on Tech, markets, startups, venture capital, and foreign investments in India
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.
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.
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.
Startup’s ESOP Policy is getting much-needed attention in India. Also, Check out EquityList.co
Worth your attention:
IRDAI allows insurance companies to use video-based KYC Link
3one4 Capital launches new $100 million fund Link
Online shoppers double amid pandemic Link
An excellent resource from my colleague Utsav at AngelList India, if you are looking to raise capital in India Link
UPI clocks record volume in August with over 1.5 billion transactions Link
India’s online learning platform Unacademy raises $150 million at $1.45 billion valuation Link
Eruditus raises $113 million funding led by Leeds Illuminate & Prosus Ventures Link
Byju’s bags $122 million from billionaire Yuri Milner’s DST Global Link
Gaana raises $50 Mn led by Tencent at a $530 Mn valuation Link
Dunzo kicks off Series E round with $28 Mn from Google, others Link
Apna, the jobs app for poor Indian workers gets $8 million from investors Link