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1947 Tech 🇮🇳: 187
Bansals and crypto!!
1. Lightspeed Venture Partners to increase its focus on growth deals
Mumbai: Early-stage investor Lightspeed Venture Partners, which has backed startups including Byju’s, Oyo, Udaan and ShareChat, will focus more on growth deals and has put in place a dedicated team to scout for such opportunities, senior executives at the venture capital fund said.
“At the early stage, it is somewhat inevitable that we will miss investing in compelling founders and companies, either because we didn’t see those opportunities at the seed or Series A stage, or because we failed to appreciate them fully. By scaling our capital base, we are able to invest in some of these exceptional companies and founders slightly later in their lifecycle,” Bejul Somaia, partner, Lightspeed, told ET in an exclusive interview.
2. Sachin Bansal’s Navi Technologies gears up for IPO by end of 2022
Navi Technologies is gearing up to list on the Indian exchanges, having converted itself into a public company, according to regulatory filings shared by business intelligence platform Tofler.
Founded in 2018, Navi Technologies turned profitable in 2020–21, reporting a consolidated profit of Rs 71 crore. The company also saw a spike in income, as revenues grew to nearly Rs 780 crore in FY21 from Rs 221 crore in FY20. Bengaluru-based Navi Group is a financial services company which provides personal loans and home loans through Navi Finserv, and health insurance through Navi General Insurance.
To enter the microfinance segment, Navi Technologies acquired Chaitanya India Fin Credit for Rs 739 crore in 2019. Chaitanya had also applied for a universal banking licence from the Reserve Bank of India (RBI).
Worth your attention:
Livspace turns unicorn after a $180 Mn Series F round Link
SoftBank-led funding more than triples ElasticRun’s valuation to $1.5 billion Link
Logistics firm Xpressbees raises $300 million in funding from PE funds Blackstone, TPG… Link
India’s ShareChat buys rival MX’s short-video app in $700 mln deal, sources say Link
Glance set to raise $200 million from Jio Platforms Link
Mukesh Bansal-led Cult.fit acquires Gold’s Gym India business Link
Binny Bansal leads $25 million funding round in his venture xto10x Technologies Link
Former Twitter India head Manish Maheshwari’s Invact Metaversity raises funds at $33 million… Link
Cryptocurrencies have no underlying value, not even a tulip: RBI Guv Link
Kenko Health raises $12 million led by Sequoia Capital India Link