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Six VC funds have announced the closing of their new funds
1. Swiggy, Paytm early backer Elevation Capital raises its largest India fund at $670 million
Early-stage investor Elevation Capital (formerly Saif Partners) — which has backed the likes of Swiggy, Paytm, Urban Company and Meesho — has closed its eighth India-dedicated fund at $670 million, its largest-ever corpus.
This comes amid signs of a funding slowdown and overall macro headwinds hurting technology investments and valuations globally. It also follows a $400 million fundraising by the venture capital firm as part of its India-focussed Fund VII in October 2020, which coincided with the start of a never-seen-before boom period for Indian startups as record-breaking capital flowed into the country.
As the pace of funding starts to decelerate, Elevation said it would look to deploy the fresh capital over a three-year time frame, unlike the previous fund which was aggressively distributed among more the 30 startups.
2. ‘Unicorn couple’ fancy India’s biggest tech IPO after Paytm, raising $2-bn
A husband-and-wife founding team is in discussions with banks about raising as much as $2 billion in an initial public offering for one of their startups, aiming for India’s biggest tech debut since fintech giant Paytm.
OfBusiness, a startup founded by entrepreneurs Ruchi Kalra and Asish Mohapatra to help Indian enterprises buy bulk raw materials, could file initial listing documents around October, people familiar with the matter said. The startup is in talks now to raise about $400 million of pre-IPO financing in coming months, one of the people said. It’s in discussions with potential IPO arrangers including Goldman Sachs Group Inc. and Morgan Stanley and India’s Kotak, Avendus and ICICI Securities.
At $2 billion, OfBusiness is aiming to pull off India’s largest tech IPO after Paytm’s.
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