$ 653 million raised on 31 transactions
Nazara Technologies went public on March 30
BYJU’S is now the second most valued Indian startup, after its recent F series
A total of $ 653 million was invested in Indian startups in 18 deals this week
We bring you the latest edition of Funding Galore: Indian Startup Funding Of The Week
On $ 2.7 billion has been invested in the ecosystem of Indian startups in the first quarter of 2021 out of 268 transactions. Although the amount of funding was about 12% lower than the quarterly average (2017-2020) of $ 3.1 billion, the number of transactions was about 20% higher than the quarterly average of 223.
This combination of a downward trend in the amount of funding and an upward trend in the number of transactions can be attributed to the lower number of funding mega-rounds ($ 100 million and above) recorded in the first quarter. 2021. There were only eight mega-towers in this quarter, which is 20% lower than the previous quarter (Q4 2020) 10 and 27% lower than Q1 2020 which recorded 11 transactions.
Nazara debuts on the stock market
This week, games company Nazara Technologies made a strong public debut on March 30 as its shares surged to INR 1,918 on the National Stock Exchange (NSE) compared to the issue price of INR 1,101, i.e. a premium of 80.74%. On the Bombay Stock Exchange (BSE), the company was listed at INR 1,971, which translates to a premium of 79.02%.
With this, Nazara Technologies became the first games startup to be publicly traded in India and the sixth stock market bet in terms of valuation. The company, founded by Vikash Mittersain and Nitish Mittersain in 2000, counts Indian investor and trader Rakesh Jhunjhunwala among its first backers. Jhunjhunwala had invested 180 Cr INR in Nazara in 2008 and owns about 10.82%. His participation is now valued at INR 656 Cr.
The company’s initial public offering (IPO) was opened from March 17 to 19. During the three days, the Nazara shares were subscribed for more than 175 times. The portion reserved for qualified institutional buffers (QIB) was subscribed 104X and that reserved for retail investors was subscribed 75X.
BYJU’S becomes the second most valued Indian startup
Edtech giant BYJU’S is now the second most valued Indian startup, after raising $ 460 million in its ongoing Series F round at a valuation of $ 13 billion. The round was led by MC Global Edtech Investment Holdings with participation from B Capital of Facebook co-founder Eduardo Saverin and others. Tiga Investments, TCDS India LP, Arison Holdings, XN Exponent Holdings, Baron Emerging Market Fund and Baron Global Advantage Fund also participated in the round, together scooping up 1.21% of the company’s share capital.
BYJU’S doubled its valuation last year, from $ 6 billion to $ 12 billion in less than 12 months, which included multiple acquisitions. The latest round represents a 2.1X or 116% increase in the company’s valuation from $ 6 billion at the end of 2019 to around $ 13 billion now. Should the company manage to reach a valuation of $ 15 billion, that would represent a 150% increase.
Best Indian startup funding deals this week
In total, around $ 653 million has been invested in the Indian startup ecosystem through 18 deals.
Note: This funding report is based on startups that disclosed funding amounts
Acquisitions in the Indian startup ecosystem
Amazon acquires Perpule to digitize Kiranas
U.S. e-commerce giant Amazon has acquired Perpule, a Bengaluru-based retail technology startup for about $ 14.5 million (INR 107.6 Cr) to try to step up his game in the Kirana-tech space.
The overall deal is set at around $ 20 million (150 Cr INR), as Amazon is expected to pay additional compensation to Perpule employees according to two people familiar with the talks. On top of that, the acquisition is expected to provide Perpule investors – Prime Venture Partners, Kalaari Capital, Venture Highway and TaxiForSure– an output with a 4X to 5X feedback.
Ruptok acquires GoldUno
Fintech platform for gold lending Ruptok has acquired Mumbai-based Vinrak Technologies, which owns the GoldUno brand, in an all-equity transaction. The acquisition will help GoldUno expand its presence in umabi and offer logistical and technological solutions for competitively priced gold loans to financial institutions.
Top Indian Pharmaceutical Companies Acquire Pharmarack
A joint venture of Indian pharmaceutical companies DigiHealth Technologies acquired Pharmarack Business-to-Business (B2B) Healthcare Platform. Digital Technologies is a 100% subsidiary of ABCD Technologies which counts among its investors Alkem Laboratories, Cadila Healthcare, Cipla, Dr Reddy’s Laboratories, Lupine, Mankind Pharma, Sun Pharmaceutical Industries and Torrent Pharmaceuticals.
- New York-based investment firm Tiger Global has raised its thirteenth global fund of $ 6.65 billion, which is its biggest corpse to date. The fund close comes nearly a year after the company closed its $ 3.75 billion fund.