🚚 crazy rich asians
Grab makes historic US debut, Snapdeal prepares for IPO, Swiggy raises new funding, and more.
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First up,
Market Recap 📈
Indian benchmark indices closed over 1% higher today after a flat start, supported by gains in metal, media, and IT stocks. Meanwhile, US stocks dropped after the first known case of the Omicron variant was detected.
Sensex: 58,461.29 (+1.35%) ↑
Nifty 50: 17,401.65 (+1.37%) ↑
Dow Jones: 34,022.04 (-1.34%) ↓
Nasdaq 100: 15,877.72 (-1.60%) ↓
Bitcoin: $56,585.60
Top Stories 📰
1. Southeast Asia's most valuable startup launches in US
Quite a historic day for Asia's tech industry!
Grab, a self-proclaimed 'super app' that provides ride-hailing, food and delivery services, made its Nasdaq debut today, after its $40 billion merger with a special-purpose acquisition company (SPAC) Altimeter Growth Corp.
The deal marks the biggest US listing by a Southeast Asian firm and also the world's largest ever by a blank-check company. 🤯
The Singaporean-based startup, founded in 2012 by two Harvard alumni, started as a taxi-booking platform but later expanded to offer digital payments and financial services to more than 25 million users in over 8 countries (basically Uber, DoorDash, and Paytm all in one app).
In April, Grab agreed to launch its IPO via a SPAC merger with Altimeter Growth and raise more than $4.5 billion, including $750 million from Altimeter. The company saw a surge in its revenue amid the pandemic, posting a gross merchandise volume (total sales volume via e-commerce platforms) of $12.5 billion—more than double its 2018 figure.
Some of its biggest investors include Softbank, Toyota, Didi Chuxing, MUFG, Microsoft, and Uber. While the company's revenue dropped 9% $157 million due to lockdowns in Q3 this year, its GMV for the quarter grew to a record $4 billion.
Why it matters? Southeast Asia's big digital transformation is in the making. The region's GMV, which now stands at $174 billion, is further expected to surpass the $1 trillion mark by 2030 as its more than 650 million consumers continue to embrace e-commerce and other digital platforms.
2. Snapdeal to file for IPO
New IPO alert!! E-commerce giant Snapdeal is planning to file red herring draft prospectus documents (DRHP) to launch its IPO by the end of this month.
The SoftBank-backed startup, which plans to go public in early 2022, is hoping to raise around $250 million at a $1.5 billion valuation. The proposed listing includes primary fundraise and secondary share sale by investors like MedPlus Health Services, Healthium Medtech, and Vedant Fashion. However, its largest shareholders, including Temasek Holdings, eBay, and BlackRock, won't sell their stakes.
Founded in 2010, Snapdeal capitalized on the trend set by Flipkart and Amazon and used it to target less-affluent and tech-savvy people living outside India's metropolitan cities. It was once India's go-to e-commerce retailer but lost ground to its larger rivals.
So far, technology companies have collectively raised more than ₹40,000 crore through IPOs. And the trend is only expected to grow higher.
Why it matters? A major comeback! Snapdeal is hoping to make its big return by betting on India's bustling IPO scene as startups like Zomato and Nykaa posted their blockbuster stock market debuts...of course, with the notable exception of Paytm, which posted a 20% loss of its share value since its debut last month.
Deal Street 🤑
Swiggy nears $700 million new funding round
Bengaluru-based food delivery app Swiggy is reportedly nearing the close of a $700 million funding round that will value the company at $10.5 billion. The round, led by Invesco that will invest $200 million, is expected to include participants such as SoftBank Vision Fund, Prosus, and others. The company, which previously diversified into the pick-up-and-drop service and e-grocery delivery segment, is also running a subscription-based grocery delivery called SuprDaily. According to Venture Intelligence and PwC India, Indian startups have raised $10.9 billion in the quarter ended September as China's crackdown invites more global investments in the country. Swiggy, which competes with another, now-public food delivery behemoth Zomato, is also planning to launch its IPO in a year or so, one executive said.
CollegeDekho raises Series B
CollegeDekho, a Gurugram-based online higher education services platform, has raised a $35 million Series B funding round to grow its services for domestic and international students. The round was led by ETS Strategic Capital, Calega, Winter Capital, and existing investor Man Capital, with participation from QIC and Disrupt ADQ. Founded in 2015, CollegeDekho unites colleges with prospective students using their AI-based conversation bot and proprietary tech and offers a wide range of services, including profile building, test preparation, and visa assistance. It has 1000 colleges and over 35,000 unique colleges listed in its database. As of 2021, the higher education market accounts for more than 50% of the Indian education market. The startup plans to use the fresh capital towards strategic acquisition and consolidation.
Tweet Of The Week ✨
The name game continues…
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