1947 Tech 🇮🇳: 189

IPOs, Indian SaaS ecosystem and Venture Debt in India

1. Indian food delivery giant Swiggy eyes $1 billion IPO

Indian food delivery giant Swiggy has hired bankers as it gears up for an initial public offering next year, a source familiar with the matter said.

The startup, which was valued at $10.7 billion in its Series K financing in January this year, is looking to raise as much as $1 billion in the IPO, which it plans to file as early as first half of next year, the source said, requesting anonymity as the deliberations are ongoing and details are private.

Swiggy IPO’s timing and just how much money it wishes to raise from the public market are likely to change depending on the market conditions and other factors, the source cautioned, adding that the startup will be raising at least one more large financing round before the IPO.

The startup — which counts Prosus Ventures, Accel and SoftBank among its backers — has hired JP Morgan and ICICI Securities in recent weeks to run its books for the IPO, the source said. The startup is likely to add a couple of more investment banks in the coming months.

Indian food delivery giant Swiggy eyes $1 billion IPO

2. Sachin Bansal’s Navi to file for Rs 4,000 ($530M)-crore IPO this week

Sachin Bansal’s Navi Technologies is set to file its draft papers with the markets regulator for a Rs 4,000 ($530M)-crore initial public offering (IPO) later this week, sources briefed on the matter said.

The company plans to launch its IPO in June, according to the current plans. Bansal, who launched Flipkart in 2007 and exited the firm after the Walmart deal in 2018, holds 97% in Navi. The public issue will be entirely through an issuance of new shares, with no offer-for-sale (OFS) component.

At present, the Navi Group includes personal and home loan platform Navi Finserv; mutual funds platform Navi Asset Management Company; health insurance vertical Navi General Insurance; and microfinance and lending institution Chaitanya Micro Finance.

Sachin Bansal’s Navi to file for Rs 4,000-crore IPO this week

Tweets:

Aviral Bhatnagar @aviralbhat

India's startups today are valued at ~$300Bn, which was close to zero just a decade ago All this value has been created from virtually nothing, which now employs more than 500K people The value generated per employee is $600K, an incredible achievement From zero to hero

Ankur Nagpal 🔥🔥 @ankurnagpal

It's been cool to see the Indian startup ecosystem become the trendsetter for other emerging markets Starting to see lots of pitches for: - Khatabook for X - Meesho for Y - Apna for Z etc. Makes a ton of sense, lots of these markets have more in common with India than the US!

Worth your attention:

1. CredAvenue turns unicorn after raising $137 million Link

2. Tiger Global-backed fintech startup Money View secures $75 mn in Series D round Link

3. Captain Fresh raises new round, valuation doubles to $500 million Link

4. Edtech Eruditus gets $350 million debt from CPPIB for M&As Link

5. Audio streaming platform Pocket FM raises $65 million in fresh funding Link

6. Zeta raises another $30 million from Mastercard, others Link

7. Edtech startup Filo raises $23 million in funding led by Anthos Capital Link

8. Indian SaaS ecosystem to increase its global market share to 4–5%: Report Link

9. Delhi wears the startups crown but Bengaluru still dons the unicorn hat Link

10. Fintech expected to be the most trending sector for venture debt in 2022: Report Link

Thank you for reading. Please share any feedback, questions or comments with me on Twitter :)