🤔 Elon, was that a bluff?
Nykaa makes its impressive debut, Elon offloads Tesla stocks, India gets its 35th unicorn and more updates.
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First up,
Market Recap 📈
Indian benchmark indices saw sharp losses amid global inflation anxieties, led by bank, financial service, and pharma stocks. Meanwhile, US stocks also dropped by the most in a month over similar concerns.
Sensex: 59,919.69 (-0.72%) ↓
Nifty 50: 17,886.70 (-0.72%) ↓
Dow Jones: 36,079.94 (-0.66%) ↓
Nasdaq 100: 15,985.57 (-1.44%) ↓
Bitcoin: $65,348.86
Top Stories 📰
1. Elon dumps 4.5 million Tesla shares 🏎️
Call it a bluff or just a reckless move, but Elon Musk isn't here to play.
And as always, it started with a tweet.
On November 7, Tesla CEO Elon Musk posted a Twitter poll asking his 63 million followers whether he should sell 10% of his massive stake in the company, adding that he would "abide by the results of this poll, whichever way it goes."
The poll ended with more than 3.5 million people choosing 'Yes,' and lo and behold, Elon sold over 4.5 million shares of Tesla worth around $5 billion, according to the SEC filings made public yesterday—his first sale in more than five years.
While it may appear that he was acting on the poll's results, the sales were based on a pre-arranged trading plan. Elon had previously stated that he would need to offload shares to satisfy tax obligations related to an exercise of stock options.
That said, the filings didn't reveal whether he will continue to meet the 10% threshold. But if he were to live up to the promise, he'd have to sell at least 17 million more shares.
Shortly after the stock-sale news, Tesla's stock plunged 12%, erasing around $50 billion from Elon’s fortune.
Why it matters? Elon’s tweets are not the sole reason for Tesla being in the news so often. Investors are still struggling to make sense of Tesla's super high valuation after the EV maker surpassed the $1 trillion mark last month despite only accounting for 1% of global car sales.
2. Nykaa's blockbuster debut 💅
Nykaa, a Mumbai-based fashion e-commerce firm, saw extraordinary demand from investors for its IPO as stock prices nearly doubled, rising as much as 96% despite market volatility.
On BSE, the stock traded at Rs 2,206.70 against the issue price of Rs 1,125, while the NSE saw the stock rally to Rs 2,205.80. Overall, FSN E-Commerce Ventures, which is the parent entity of Nykaa, raised Rs. 5,350 crore through the sale.
Nykaa is a family-owned enterprise, with former investment banker turned founder Falguni Nayar heading the firm, Adwaita (Nayar's daughter) managing the fashion vertical, and Archit (her son) running the beauty e-commerce operation.
Such a bumper launch made Nayar, who owns 54% of the company, India's richest self-made female billionaire, with a net worth of over $6.5 billion. 🤯
Founded in 2012, Nykaa offers over 2,500 beauty and personal care brands and sells them on its website and apps. The company has more than 80 brick-and-mortar stores and reported Rs. 2,450 crore in revenues and other income in the fiscal year ended in March.
Why it matters? With a market cap of more than Rs 1.04 lakh crore, Nykaa is one of the few profitable unicorns to IPO this year. The firm has a strong brand recall which makes it even more interesting for investors, considering that it's operating in the beauty and personal care market, which is highly under-penetrated and accounts for just 8%.
Deal Street 🤑
Good Glamm Group becomes India's 35th unicorn
Good Glamm Group, a content-to-commerce conglomerate that owns beauty and personal care brands such as POPxo, ScoopWhoop, and Baby Chakra, has raised a $150 million Series D funding round co-led by Prosus Ventures and Warburg Pincus. The funding round brings the company's valuation to $1.2 billion, making it India's first beauty commerce startup to enter the unicorn club. Existing investors such as Bessemer Venture Partners, Stride Ventures, Amazon, Ascent Capital participated in the round. Good Glamm Group, previously known as MyGlamm, manages a portfolio of proprietary beauty and personal care brands marketed across content, community, and creator assets. The company has around 30,000 retail stores, recording an annual revenue run rate of $120 million. The fresh capital will be used for increasing offline expansion, data science and technology research, and product development.
Mosaic Wellness fetches $24 million in Series A
Mosaic Wellness, a Mumbai-based platform that runs consumer-first, digitally native full-stack health clinics, has raised a $24 million Series A funding round led by Sequoia Capital India. Existing investors such as Matrix Partners India and Elevation Capital participated in the funding round. Founded in 2020, Mosaic was established to deliver customer-focused affordable digital healthcare platforms, which led to the birth of Manmatters (a digital health clinic for men) and Bodywise (a digital health clinic for women). The company serves over 100,000 customers a month across its health and wellness services, with annualised revenues of $14 million. It plans to use the fresh funding for hiring, acquisitions and ramping up its technological capabilities.
Tweet Of The Week ✨
That would be...nice
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