Discover more from 1947 Tech Newsletter 🇮🇳
1947 Tech 🇮🇳: 151
IPOs (Zomato, Freshworks GreyOrange & CarTrade), exits & more!
1. Zomato files for $1.11 billion IPO as food delivery surges in pandemic
Online food delivery and restaurant discovery platform Zomato filed its much-anticipated draft red herring prospectus (DRHP) with the markets regulator Sebi on Wednesday, seeking to raise more than a billion dollars through a combination of fresh equity issue and sale of existing shares.
Zomato said that it intends to garner Rs 8,250 crore (about $1.1 billion) through its public listing. Of this, Rs 7,500 crore (approx $1 billion) will be through a fresh issue of equity shares. The rest amounting to Rs 750 crore will be raised through an offer for sale (OFS) by existing investor Info Edge, which is the Gurugram-based company’s earliest backer.
2. Salesforce rival Freshworks hires banks for IPO -sources
Freshworks Inc, a U.S. maker of business and customer engagement software that competes against Salesforce.com Inc (CRM.N), has hired investment banks to prepare for a U.S. initial public offering (IPO), people familiar with the matter said on Tuesday.
The stock market debut could value Freshworks at around $10 billion, two of the sources said. The San Mateo, California-based company has hired Morgan Stanley (MS.N) to lead the IPO, which could come in the next few months, and is looking to float its shares on Nasdaq, according to the sources.
IPOs, exits and funding news:
Robotics company GreyOrange eyes $600 million via US listing Link
CarTrade set to file IPO papers, to raise up to ₹2,000 crore Link
Hike exits from social gaming platform Winzo at a share buyback of $12M Link
Decoding MPL’s secondary transaction and shareholding pattern Link
Byju’s in talks to acquire Great Learning and Gradeup for $400 Mn Link
Byju’s to become India’s most-valuable startup after $150 million UBS funding Link
India’s ElasticRun raises $75 million to grow its commerce platform for neighborhood stores Link
IFC to invest $40 million in Upgrad; promoters pare stake to 75% Link
‘Fintech is India’s growth enabler’ Link
UPI registers 2.64 billion transactions in April 2021 Link