Zepto raises $60 million: 10-minute grocery delivery startup Zepto has raised $60 million in a round led by Glade Brook Capital to compete with the likes of Dunzo, Grofers, Swiggy and BigBasket in the quick commerce segment. They plan on expanding their grocery delivery service to four new cities in the next 30 days.
Ola’s ridehailing business turns profitable for the first time: Ola’s ridehailing business posted their first operating profit in a decade. During the pandemic, Ola’s revenue was down 95% which meant that they had to fire 1,400 of their employees. This was one of the reasons they were able to bring their expenses down and turn a profit despite declining revenue. The startup is also in the middle of planning their IPO which is expected to come out next year.
Nykaa’s successful IPO – oversubscribed 82X: Online beauty retailer Nykaa closed their IPO successfully with 82X oversubscription. What’s worth noting is that Nykaa is the first profitable Indian unicorn to go public, which could explain the reason behind its success.
Delhivery is going public – plans to raise $1 billion through IPO: India’s logistics giant Delhivery has filed their draft papers for IPO as they plan on raising $1 billion at a valuation of around $6 billion. What’s worth noting is that while Delivery is still a loss-making startup, they have been growing constantly on the back of the rising e-commerce in India and are now even bigger than traditional logistics giant Blue Dart.
Unacademy acquires Swiflearn: Edtech giant Unacademy has acquired Swiflearn, a live online face-to-face coaching platform for grade 1-10 students. This will allow Unacademy to strengthen their K12 coaching play as they compete with the likes of Byju’s in the segment.
Purplle raises $75 million: Online marketplace for beauty products Purplle has raised $75 million in a round led by Kedaara Capital – valuing them at $630 million to roll-out new brands and products and expand their business through acquisitions.
Fi raises $50 million: Neobanking startup Fi has raised $50 million in a round led by B Capital to help them build more customized investment products for their customers including – mutual fund and stock investment.