1947 Tech 🇮🇳: 164
PolicyBazaar, Unicorns, women founders & more!
1. Indian online insurer PolicyBazaar files for IPO, seeks to raise over $800 million
Yashish Dahyia, the founder of PolicyBazaar moved back to India after living overseas for over a decade. He saw the opportunity, went after it and the rest is history.
Indian online insurance aggregator PolicyBazaar has filed for an initial public offering in which it is seeking to raise $809 million, becoming the fourth startup in the past two months from the South Asian market to explore public markets.
In papers submitted to the market regulator in India, PolicyBazaar said it is looking to raise $504 million by issuing new shares while the rest will be driven by sale of shares by existing investors.
The 12-year-old startup — backed by SoftBank, Falcon Edge Capital, Tiger Global and InfoEdge — said it may consider raising about $100 million in a pre-IPO round. Softbank plans to sell shares worth over $250 million, while PolicyBazaar founders are looking to sell shares worth $52.7 million, they said in the papers.
2. Indian automobile marketplace Droom valued at $1.2 billion in pre-IPO funding
Sandeep Aggarwal, resigned on Father’s Day, gave up on a $1M dollar package andmoved back to India. The rest is history.
An online marketplace for automobiles has become the latest Indian startup to attain the coveted unicorn status.
Gurgaon-headquartered Droom said on Wednesday it is raising up to $200 million in what it described as a pre-IPO growth funding round. The new investment, part of which has been secured, valued the seven-year-old startup at $1.2 billion, up from about $500 million in October 2018.
Worth your attention:
Unacademy closes $440 million funding round at $3.44 billion valuation Link
Gupshup gets $240 mn in follow-on funding Link
Microsoft in talks to back India's Oyo Link
CarTrade IPO to open on 9 August, close on 11 August Link
BharatPe in talks to raise $350 million Link
CoinDCX in talks to raise $100-120 million Link
Girish Mathrubootham and Manav Garg launch $85 Mn VC fund for SaaS startups Link
Kalaari seed fund aims to help startups led by women Link
Sequoia India Launches Spark Fellowship for India & SEA, and Expanded Programs to Support Women Entrepreneurs Link
Vauld raises $25 million to build crypto wealth globally Link