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1947 Tech 🇮🇳: 165
Overseas listing, OYO planning to go IP0, 23 unicorns in 2021 & more
1. Indian start-ups, investors, exhort PM to allow overseas listings
Inability to list is a major impediment to the growth ambitions of startups and also a reason why many of them are moving their base overseas, reads the letter to the PM.
Prominent Indian startups, investors and investment advisors have urged Prime Minister Narendra Modi to allow startups to directly list abroad. The signatories to the letter include unicorns such as Byju’s, Swiggy, Cred, Bharat Pe, and Urban Ladder, and heads of many investment firms who have invested in Indian startups.
The signatories called it the “single most significant big bang reform for the startup ecosystem”. An overseas direct listing would raise the profile of these startups, make a greater capital pool available to them, and allow specialized investors to invest in these companies, especially in sectors such as software-as-a-service, insurance technology, business to business logistics, genomics, and biotechnology, they said.
2. Oyo aims for India IPO in 2021
Oyo Hotels and Homes will soon join the list of startups launching an initial public offering (IPO) in the country.
Internally, the hospitality company has set a timeline of September for filing its IPO prospectus and wants to be a public company before the calendar year ends, people aware of the development said.
Oyo has initiated talks with multiple bankers including JP Morgan, Citi and Kotak Mahindra Capital to manage its public issue, they said.
Its IPO plans come at a time when the Indian public market seems to be bullish on startup IPOs following Zomato’s public offer.
Paytm, PolicyBazaar, Nykaa, Mobikwik and CarTrade are in various stages of going public in India after having filed their DRHP over the last few months.
Worth your attention:
India’s Infra.Market valued at $2.5B in Tiger Global-led $125M funding Link
upGrad enters unicorn club with a $1.2 billion valuation Link
SoftBank funding turns India startup Mindtickle into unicorn Link
CoinDCX becomes India’s first crypto unicorn with $90 million fund raise Link
Nubank co-leads $45 million investment in Indian neobank Jupiter Link
Sequoia Capital pockets around $230 Mn via partial exit from Pine Labs Link
India’s Supreme Court rules in favor of Amazon to stall $3.4B Future and Reliance deal Link
Why India’s unicorns are turning venture capital investors Link
Chiratae Ventures closes its largest fund at $337 million Link