OYO’s legal tussle with Zostel ahead of IPO plans: OYO’s legal tussle with Zostel over an acquisition deal that never went through could impede their IPO plans. Back in 2015, OYO had signed a deal with Zostel to acquire their hotel business Zo Rooms in exchange for up to 7% stake in OYO. However, OYO called off the deal in 2017. While, OYO maintains that it was a ‘non-binding’ agreement, Zostel disagrees and has taken them to court seeking their 7% stake in OYO.
SEBI eases superior voting rights rules for founders: India’s startup ecosystem is driven by the millions of dollars pumped in by the VCs every year. While, it’s great for growth of a startup, founders eventually end up losing control of their own startups as their stake in the startup gets diluted. In order to keep this from happening, SEBI had introduced superior voting rights in 2019. Previously, only promoters/founder who had a net worth of Rs 500 crore could get SR shares but now that limit has been doubled to Rs 1,000 crore.
Swiggy spins off Supr Daily as founders exit: Swiggy-owned subscription-based grocery platform Supr Daily’s founders have decided to leave the startup and it will now be headed by Swiggy’s new co-founder Phani Kishan. The grocery delivery giant has also decided to spin-off Supr Daily into a separate entity under their parent company Bundl Technologies to tap the rising demand of online grocery delivery.
Reliance in talks to buy a stake in InMobi’s Glance: According to multiple media reports Reliance is now in talks to acquire a stake InMobi’s Glance in a deal which is expected to be worth around $300 million.
DotPe acquires Rista: DotPe, a startup that is helping offline stores come online by offering them digital storefront and helping them accept online payments, has acquired a POS (Point of Sale) software provider Rista in an all-cash deal. This acquisition will allow DotPe to integrate their POS billing solutions with their own marketing, payments and delivery solutions to offer their merchants a fully integrated solution to manage their business.
Meesho raises $570 million: Social e-commerce unicorn Meesho has raised a massive $570 million round from Fidelity and B Capital at a $4.9 billion valuation as they plan to reach 100 million monthly transacting users by December 2022.
OfBusiness raises $200 million: B2B commerce and lending unicorn OfBusiness has raised $200 million in a round from Tiger Global Management at a $3 billion valuation to strengthen their raw material supply chain and financing business.
Delhivery raises $125 million: Logistics and delivery giant Delhivery has raised $125 million from Lee Fixel’s Addition ahead of their expected IPO.
Vedantu raises $100 million to become a unicorn: Edtech startup Vedantu has raised $100 million from ABC World Asia – making them India’s 27th unicorn this year and 5th edtech unicorn after Byju’s, Unacademy, upGrad and Eruditus.
CredAvenue raises $90 million: CredAvenue, an enterprise debt marketplace, has raised $90 million in their series A round led by Sequoia Capital – making it India’s largest series A funding and valuing the one-year-old startup at $410 million.
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