Discover more from 1947 Tech Newsletter 🇮🇳
1. All you need to know about Delhivery’s IPO
Delhivery’s Rs 5,235-crore initial public offering was subscribed 21% on the first day of bidding. The IPO closes on May 13.
Retail investors bid for 30% of the shares reserved for them.
Non-institutional investors bid for 1% of shares in their quota.
Qualified institutional buyers bid for 29% of shares in their quota.
Employees booked 6% of their allocation.
Of the total issue, 75% is reserved for qualified institutional buyers, 15% for non-institutional investors, and the remaining 10% for retail investors. The company has also reserved shares worth Rs 20 crore for employees who will get them at a Rs 25 discount on the final offer price.
2. Halted UPI payments because of “informal pressure” from the RBI: Coinbase CEO Brian Armstrong
In a strongly worded reaction to its recent run-in with the Indian central bank, Brian Armstrong, CEO and cofounder of Nasdaq-listed Coinbase said the company disabled its Unified Payments Interface (UPI) services because of “informal pressure” from the Reserve Bank of India
“So a few days after launching, we ended up disabling UPI because of some informal pressure from the Reserve Bank of India, which is kind of the Treasury equivalent there,” Armstrong said at the company’s earnings call to discuss the first quarter financial results on Tuesday.
“India is a unique market, in the sense that the Supreme Court has ruled that they can’t ban crypto, but there are elements in the government there, including at the Reserve Bank of India, who don’t seem to be as positive on it,” he added, responding to a question on what had happened in India
Halted UPI payments because of “informal pressure” from the RBI: Coinbase CEO Brian Armstrong
A tweet:
Worth your attention:
SirionLabs lands $85M to inject contract management with automation Link
Zomato CEO Deepinder Goyal donates Esops worth Rs 700 crore to Future Foundation Link
We will make long-term investments in India: Coinbase CEO Brian Armstrong Link
Razorpay offers to buy back up to $75 mn worth of Esops Link
Kavin Bharti Mittal’s Hike raises fresh funds for its web3 play-to-earn blockchain gaming project Link
9Unicorns may extend maiden fund to $120 million Link
Volumes on Indian crypto exchanges jump as bitcoin crashes Link
To boost startup financing, government offers incentives to VC, PE funds Link
Crypto unicorn CoinDCX to invest Rs 100 crore over next 12 months Link
Byju’s-owned Great Learning acquires Northwest Executive Learning in $100 million deal Link