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South Korean automaker <keyword id="19906087" type="General" weightage="100" keywordseo="Hyundai" source="keywords">Hyundai</keyword>'s Indian arm is likely to file preliminary papers with Sebi shortly to raise at least USD 3 billion (around Rs 25,000 crore) through an <keyword id="19913114" type="General" weightage="20" keywordseo="initial-public-offering" source="keywords">initial public offering</keyword>, sources close to the development said on Friday. The company's initial public offering (<keyword id="19898327" type="General" weightage="20" keywordseo="IPO" source="keywords">IPO</keyword>), if it goes through, would be the largest in India, surpassing LIC's share sale of Rs 21,000 crore. This development marks a significant milestone for the Indian industry, as it is the first automaker to go for an initial share sale in over two decades, after Japanese automaker Maruti Suzuki's listing in 2003. Earlier this week, electric two-wheeler company Ola Electric received capital markets regulator Sebi's clearance to raise funds through an IPO. Under the proposed IPO, <keyword id="20106368" type="General" weightage="20" keywordseo="Hyundai-Motor-India-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Hyundai Motor India Ltd" meta.hostid="261" meta.entityid="Hyundai Motor India Ltd">Hyundai Motor India Ltd</keyword> (HMIL), which is the second largest carmaker in India after Maruti Suzuki India, may dilute 15-20 per cent stake to raise funds in the range of USD 3.3-5.6 billion, sources said. They said the company is likely to file its papers with the regulatory body Securities and Exchange Board of India (Sebi) soon. When contacted over the issue, HMIL company declined to comment. HMIL commenced operations in India in 1996 and currently, sells 13 models across segments. HMIL reported a 7 per cent year-on-year increase in total sales at 63,551 units in May 2024 against 59,601 units in the corresponding month last year. Domestic dispatch of vehicles to dealers saw a 1 per cent rise to 49,151 units last month from 48,601 units in the year-ago period. Exports of the vehicles grew 31 per cent in May to 14,400 units compared to 11,000 units a year ago.

Hyundai to soon file draft IPO papers with Sebi to raise about Rs 25,000 crore: Sources

New Delhi: The upcoming Initial Public Offering (IPO) of <keyword id="20214518" type="General" weightage="20" keywordseo="Hyundai-Motors-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Hyundai Motors India" meta.hostid="261" meta.entityid="Hyundai Motors India">Hyundai Motors India</keyword> has sparked significant interest in the Indian markets, but a recent report by <keyword id="20303939" type="General" weightage="20" keywordseo="Aequitas-Investments" source="keywords" meta.keywordsubtype="org" meta.entityname="Aequitas Investments" meta.hostid="261" meta.entityid="Aequitas Investments">Aequitas Investments</keyword> suggests it may not be as promising for <keyword id="19953411" type="General" weightage="20" keywordseo="Indian-investors" source="keywords">Indian investors</keyword> as anticipated. The report highlighted several concerns, pointing to broader industry challenges and the valuation mismatch as reasons for caution. It said "Given the headwinds that the Global <keyword id="20081560" type="General" weightage="20" keywordseo="automobile-industry" source="keywords">Automobile Industry</keyword> is facing coupled with signs of a slowdown in India, the upcoming IPO might not be a great deal for Indian Investors" Hyundai Motor Company, the parent firm based in South Korea, is set to offload shares worth Rs 25,000 crore through an Offer for Sale (OFS) in the Indian market. However, the report suggested that the current global headwinds facing the automobile industry, combined with signs of a slowdown in India, may make this IPO less attractive for Indian investors. One of the key issues flagged in the report is the valuation of Hyundai Motors India. The report noted that despite contributing only 6.5 per cent of Hyundai's global revenue and 8 per cent of its overall profitability, the Indian unit is expected to be valued at approximately 42 per cent of the parent company's market capitalization upon listing. This valuation discrepancy raises concerns about whether the IPO price is justified given the Indian unit's relatively modest contribution to Hyundai's global business. "Despite contributing only 6.5 per cent of the global revenues and 8 per cent of the profitability, Hyundai's India unit will be valued at approx. 42 per cent of the Parent Co.'s MCap on listing" the report added. From Hyundai's perspective, the move makes sense. In South Korea, Hyundai's stock currently trades at a price-to-earnings (P/E) ratio of just 5x, making the sale in India potentially more lucrative. The report argues that Hyundai is looking to take advantage of the relatively higher valuations in India. It said "From Hyundai's perspective it's a no-brainer as their stock in S.Korea trades at a measly 5x P/E" Hyundai Motor Group, which includes both Hyundai and Kia, is the third-largest automaker globally, having sold 7.3 million vehicles in 2023. While Hyundai Motors India does not have a stake in Kia Motors India, the parent company owns a controlling 34 per cent stake in Kia Motors globally and fully owns Genesis Motors, a luxury brand in South Korea.

Hyundai IPO might not be a great deal for Indian investors: Report

Allied Blenders and Distillers Ltd, the maker of Officer's Choice whisky, on Thursday fixed a <keyword id="19911460" type="General" weightage="20" keywordseo="price-band" source="keywords">price band</keyword> of Rs 267 to Rs 281 per share for its Rs 1,500-crore <keyword id="19913114" type="General" weightage="20" keywordseo="initial-public-offering" source="keywords">initial public offering</keyword> (IPO). The initial share-sale will open for public during June 25-27 and the bidding for anchor investors will open for a day on June 24, the company announced. Broking firms have pegged the company's <keyword id="20000950" type="General" weightage="20" keywordseo="market-capitalisation" source="keywords">market capitalisation</keyword> to Rs 7,860 crore post-issue. The initial share-sale comprises fresh issuance of equity shares worth Rs 1,000 crore and an Offer-for-Sale (OFS) of shares to the tune of Rs 500 crore by promoters. As a part of the OFS, Bina Kishore Chhabria, Resham Chhabria Jeetendra Hemdev and Neesha Kishore Chhabria will sell shares. Proceeds from the fresh issue worth Rs 720 crore will be used for the payment of debt. Besides, a portion will be used for general corporate purposes. The total debt on the the company's books was around Rs 808 crore as of December 2023. Half of the issue size has been reserved for qualified institutional investors, 35 per cent for retail investors and the remaining 10 per cent for non-institutional investors. Further, investors can bid for 53 shares and in multiples thereof. With a market share of over 8 per cent in <keyword id="20830317" type="General" weightage="20" keywordseo="Indian-Made-Foreign-Liquor" source="keywords">Indian-Made Foreign Liquor</keyword> (IMFL) market by sales volumes in fiscal 2023, Allied Blenders and Distillers is engaged in the manufacturing, marketing and sale of alcoholic beverages in India and abroad. The product portfolio of the firm comprises several brands of IMFL across whisky, brandy, rum and vodka. Some of the major brands of the company include Officer's Choice whisky, Sterling Reserve whisky, Jolly Roger rum and Class 21 vodka. ICICI Securities Ltd, Nuvama Wealth Management Ltd, and ITI Capital Ltd are the book running lead managers to the issue. The equity shares of the company are proposed to be listed on the BSE and NSE. SEE ALSO:<a href="https://www.businessinsider.in/business/webstories/nvidia-dethrones-microsoft-to-become-the-worlds-most-valuable-company/slidelist/111102218.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/webstories/nvidia-dethrones-microsoft-to-become-the-worlds-most-valuable-company/slidelist/111102218.cms" target="_blank">As Nvidia dethrones Microsoft, check out the world's top 10 most valuable companies</a><a href="https://www.businessinsider.in/stock-market/news/hyundai-motor-india-files-draft-papers-with-sebi-for-indias-biggest-ipo/articleshow/111014559.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/hyundai-motor-india-files-draft-papers-with-sebi-for-indias-biggest-ipo/articleshow/111014559.cms" target="_blank">Hyundai Motor India files draft papers with SEBI for India’s biggest IPO</a><a href="https://www.businessinsider.in/tech/mobile/news/tata-group-reportedly-looking-to-acquire-a-majority-stake-in-vivo-india/articleshow/110987274.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/tata-group-reportedly-looking-to-acquire-a-majority-stake-in-vivo-india/articleshow/110987274.cms" target="_blank">Tata Group reportedly looking to acquire a majority stake in Vivo India</a>

Whisky maker Allied Blenders IPO to open on June 25 as it looks to raise ₹1,500 crore

New Delhi: After a wave of initial public offerings (IPOs) in recent weeks, the primary market will experience a brief slowdown, with only two new public issues scheduled for the next week, aiming to raise Rs 365 crore. There were 12 IPOs in the mainboard segment and 40 in the SME (small and medium enterprise) segment in September. IPOs scheduled for next week, beginning October 7, are <keyword id="22922418" type="General" weightage="20" keywordseo="Garuda-Construction" source="keywords">Garuda Construction</keyword> and Engineering on the main board and <keyword id="23436926" type="General" weightage="20" keywordseo="Shiv-Texchem" source="keywords" meta.keywordsubtype="org" meta.entityname="Shiv Texchem" meta.hostid="153" meta.entityid="Shiv Texchem">Shiv Texchem</keyword> on the SME segment. Garuda Construction is seeking to raise Rs 264 crore, and Shiv Texchem is aiming for over Rs 101 crore through their respective IPOs available for public subscription during October 8-10. The stock market has seen a significant correction in the <keyword id="19911354" type="General" weightage="20" keywordseo="equity-market" source="keywords">equity market</keyword> since the start of October amid intensifying conflict between Israel and Iran. Despite the temporary slowdown, overall, the outlook for the <keyword id="19926041" type="General" weightage="100" keywordseo="IPO-market" source="keywords">IPO market</keyword> is promising, with 26 firms proposing to raise Rs 72,000 crore presently holding Sebi's approval while another 55 companies looking to garner about Rs 89,000 crore are awaiting the regulator's clearance, according to the Primedatabase. This month will see <keyword id="19908548" type="General" weightage="20" keywordseo="Hyundai-Motor-India" source="keywords">Hyundai Motor India</keyword> Ltd, the Indian arm of South Korean automaker Hyundai, hitting the primary market to raise around Rs 25,000 crore. The company's IPO is likely to be launched on October 14, according to sources. If the offering proceeds as planned, it will surpass Life Insurance Corporation's (LIC) public offering of Rs 21,000 crore, becoming the largest IPO in India's history. Moreover, 63 companies have already mobilised around Rs 64,000 crore via mainboard, marking a 29 per cent increase from Rs 49,436 crore collected by 57 firms through the route in 2023. The strong momentum in IPO markets is being driven by several key macroeconomic, sector-specific factors and the willingness of funds to look at new ideas. In particular, strong inflows into domestic mutual funds and robust capital formation across corporate India are playing key roles, experts said. Garuda Construction and Engineering's IPO is a mix of fresh issue of 1.83 crore equity shares and an offer of sale (OFS) of 95 lakh equity shares by promoter PKH Ventures. The price band has been fixed at Rs 92 to Rs 95 per share. About Rs 100 crore from its fresh issuance proceeds will be utilised for working capital requirements and the balance towards general corporate purposes, including unidentified inorganic acquisitions. Shiv Texchem's IPO is a completely new offering of over 61 lakh shares and is a book-built issue of Rs 101.35 crore. It has set a price band of Rs 158 to Rs 166 per equity share for the IPO. Further, the SME IPO of Khyati Global Ventures, which opened for public subscription on October 4, will close on October 8. Additionally, six companies from the SME segment are set to list in the coming week. HVAX Technologies and Saj Hotels will debut on October 7, followed by Subam Papers and Paramount Dye Tec on October 8. NeoPolitan Pizza and Foods will begin trading on October 9, with Khyati Global Ventures to follow on October 11.

IPO market braces for brief slowdown, 2 new issues targeting Rs 365 crore next week

<ul class="summary-list"><li>The <a target="_blank" href="https://www.businessinsider.com/uaw-strike-contract-raises-pay-details-ford-gm-stellantis-2023-10">UAW union secured historic raises</a> for its 140,000 members after a six-week strike. </li><li>The union now wants to target non-uninonized companies like Tesla. </li></ul>Roughly 140,000 unionized auto workers will soon ratify new contracts with the Detroit 3 automakers that, among other wins, solidify pay and benefits increases of up to 33%, topping out at roughly $42 per hour. The deals, achieved after a six-week strike that ended in late October, <a target="_blank" href="https://www.businessinsider.com/ford-uaw-strike-deal-workers-sometimes-get-what-they-want-2023-10">appear to already be having repercussions</a> outside of Ford, and General Motors. Some non-unionized automakers are now boosting wages for their own workers.<a target="_blank" href="https://www.businessinsider.com/evs-electric-cars-coming-in-2023-suv-truck-chevy-tesla-hyundai-2022-12#here-are-some-of-the-models-were-most-excited-to-see-on-us-streets-and-get-behind-the-wheel-of-in-2023-3">Hyundai, a tour-de-force in cool new electric vehicles</a>, on Monday <a target="_blank" href="https://www.hyundainews.com/en-us/releases/3989">said</a> it would raise wages by 25% for about 4,000 workers at its Alabama and Georgia by 2028, with the first bumps coming in January. The company said the raises would help it remain competitive and recruit and retain top talent.Hyundai isn't the first to react to the new UAW contracts. Toyota said earlier in November that it would give workers at its Kentucky factory a 9% raise on January 1, with those at the top of the scale hitting $34.80 an hour, <a target="_blank" href="https://www.reuters.com/business/autos-transportation/toyota-hiking-wage-us-factory-workers-after-uaw-labor-deals-2023-11-01/">Reuters reported. </a>And Honda, too, said it would increase wages 11% beginning in January. Both Toyota and Honda also accelerated the time it takes for a starting employee to reach the top pay rate, which would match or come close to promises in the new UAW contracts.The ripple effects aren't coincidences.Harry Katz, a professor of collective bargaining at Cornell University, said it's likely the UAW settlement contributed to the raises at the nonunion factories."There's also a strong labor market, the companies are doing very well," Katz said. "They've always wanted to stay nonunion, and they try to stay close to the Detroit top-tier wages."The UAW, for its part, has openly said it hopes to unionize more factories and automakers — especially <a target="_blank" href="https://www.businessinsider.com/ford-gm-stellantis-pay-raise-uaw-contract-tesla-labor-costs-2023-10">Tesla, where pay is, by some measures, significantly less</a>. However, prior unionization drives have failed at Tesla and <a target="_blank" href="https://www.businessinsider.com/elon-musk-tesla-nlrb-labor-law-violations-tweet-retalition-rehire-2021-3">CEO Elon Musk has been openly hostile</a> about the possibility of one. That's why some experts say <a target="_blank" href="https://www.businessinsider.com/why-ford-gm-are-rooting-for-the-uaw-now-tesla-2023-11">smaller, foreign companies may be easier targets. </a>"When we return to the bargaining table in 2028, it won't just be with the Big Three," President Shawn Fain said this month, "but with the Big Five or Big Six."While non-unionized companies appear to be trying to stave off such organizing drives with better pay, the tactic may actually hand the UAW an advantage, Art Wheaton, a labor expert at Cornell University, told Insider."Responding with wage increases this quickly only helps the UAW's cause," Wheaton said. "They can point to 9% raises at Toyota and say 'look, we're already moving the needle, we can keep helping you.'"

The UAW strike is already helping boost wages at rivals like Hyundai and Toyota  

<ul><li>The Indian SaaS segment has the potential to clock a total turnover of $75 billion by 2025.</li><li>One in five global <keyword id="6361043" type="General" weightage="20" keywordseo="software" source="Orion">software</keyword> demand is likely to be met by Indian <keyword id="6756963" type="General" weightage="20" keywordseo="saas-companies" source="Orion">SaaS companies</keyword> in the next four years, according to experts.</li><li>On one hand large global corporations, even tech giants like Amazon and Twitter, are buying software solutions from India.</li><li>This has led to a mad rush from venture capitalists who have pumped in $1.7 billion into these startups in 2020.</li><li>Seven unicorns have been created in this space in the last year and a half alone.</li></ul>The sudden change in global trends and the rise of ‘remote everything’ — from learning to work — has propelled the software-as-a-service (SaaS) industry. And their customers include marquee names like Amazon, Twitter, <keyword id="596" type="General" weightage="20" keywordseo="hyundai" source="Orion">Hyundai</keyword>, Domino’s, and Philips, just to name a few. Venture capital firms like Accel, Tiger Global and Sequoia, looking for the next gold rush, have pumped in $1.7 billion across 128 deals in 2020, and more in 2021, creating at least seven unicorns in the space of less than 20 months, in India alone. Enterprise tech accounted for 13% of deal volume among top investors in the first half of 2021, says a NASSCOM PGA Labs report. According to a report by investment firm Chiratae Ventures and consulting firm Zinnov last month, the Indian SaaS segment has the potential to clock a total turnover of <a href="https://www.businessinsider.in/business/startups/news/india-software-service-sector-needs-more-than-200000-employees-by-2025/articleshow/84632003.cms">$75 billion</a> by 2025. But where will this revenue come from? The answer is simple — market and product expansion. As the world stepped into a lockdown in March 2020, the SaaS companies had a new reality to face — the demand for softwares and solutions that required limited/no physical efforts and showed faster results was the need of the hour. More enterprises were on a hunt for tech solutions in the latest virtual scene and SaaS companies started seeing more customer interest. The increased customer interest also resulted in increased flow of venture capital for this segment and India added seven SaaS unicorns — private companies valued at or more than $1 billion — during the pandemic since 2020. <div type="image" title="Amazon, Twitter, Hyundai, and Domino’s are buying Indian software fuelling a $75 billion dream chased by top VCs like Sequoia and Tiger Global" msid="85647410" hostid="261"></div> While the investors’ interest brought in more money for the SaaS companies to grow, the increased customer interest has brought in more revenue. Zoho, which is a 25-year old bootstrapped company that has not raised funds so far, has customers like Amazon, Zomato and Xiaomi. Here's Sridhar Vembu, the founder of Zoho, explaining the software boom, in a recent interview with Business Insider. <div type="Video" msid="85650341" hostid="261" title="Zoho founder explains India's software boom in the last 24 months" dataSource="BUSINESSINSIDER" thumbUrl="https://denmark.timesinternet.in/cmslite/api/app/images.jpg?msid=85650341"></div> Conversational artificial intelligence (AI) solutions company Uniphore ⁠— backed by Cisco, Sistema Capital Partners and ⁠Chiratae Ventures — claims to have noted a 3-fold year-on-year increase in their revenue in the financial year 2021, meanwhile contract management system has termed this fiscal the best one for them. Similar trend of increased revenue has been witnessed by most of the big SaaS names in India. Backed by Google and led by founder Girish Mathrubootham, help desk software company Freshworks ⁠— which has bagged contracts from Vice Media Group, Toshiba and Cisco ⁠— claimed to have crossed $300 million in annual recurring revenue (ARR) in February 2021. ARR is a metric used by SaaS businesses to show the revenue one can expect on a yearly basis. “It’s no secret that the future of business and scale is SaaS-driven, more so in the post-pandemic landscape. What’s interesting however is how quickly Indian companies have set a global benchmark for the industry. The exponential growth unlocked in the last 5 years is a testament to how capital efficient the Indian SaaS industry is,” Venkatesh Peddi, executive director and head of SaaS investments at Chiratae Ventures, previously said. One in five global software demands will be met by Indian SaaS companies in the next four years, Chiratae-Zinnov report added. What are Indian startups doing to attract these customers? With enough revenue and funding to aid sustain and grow their businesses, Indian SaaS companies have now put in greater focus on penetrating deeper into the international markets. <div type="image" title="Amazon, Twitter, Hyundai, and Domino’s are buying Indian software fuelling a $75 billion dream chased by top VCs like Sequoia and Tiger Global" msid="85647440" hostid="261"></div> Monish Darda, co-founder and chief technical officer (CTO) of Icertis, talked to Business Insider about the three important aspects for international expansion for any SaaS business. First, ensuring that the technology is in accordance with the market one if planning to enter. Second, readiness from the team perspective and having local workforce who understand the market well. Third, cracking right partnerships to expand business. “If you look at contract management, you will see that for India we will not only integrate electronic signatures from Adobe Sign, which are global, but also add e-Mudhra which is a very Indian specific digital signature. You always have these different things in different markets that you need to cater to, to be successful. So there is technology,” he explained. Ankur Bansal, co-founder of BlackSoil Capital, in an interaction with Business Insider said that it’s almost a given for all SaaS companies, who have found their product-market fit, to think global. Having global customers changes the valuation of a SaaS company “dramatically” and offers much better margins to the company. “In terms of the size of the contract, the understanding of it and the speed of execution — everything on all counts in favour of a SaaS company… Anyway SaaS business margins are great, and on top of it if the company is catering to customers based out of the US or Europe then it becomes way better,” Bansal added. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/infosys-airtel-kaveri-seed-and-other-top-stocks-to-watch-out-for-on-august-26/slidelist/85645299.cms">Infosys, Airtel, Kaveri Seed and other top stocks to watch out for on August 26 </a> <a href="https://www.businessinsider.in/personal-finance/news/investors-will-be-able-to-open-fixed-deposit-accounts-fds-on-google-pay/articleshow/85646488.cms">Google Pay to let users open fixed deposits on its platform </a> <a href="https://www.businessinsider.in/science/news/popular-pro-vaccine-reddit-page-calls-on-founders-to-do-more-to-combat-covid-19-disinformation/articleshow/85639053.cms">Popular pro-vaccine Reddit page calls on founders to do more to combat COVID-19 disinformation</a>

Amazon, Twitter, Hyundai, and Domino’s are buying Indian software fuelling a $75 billion dream chased by top VCs like Sequoia and Tiger Global

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Aurora Innovation</div></div></div><ul class="summary-list"><li><a href="https://www.businessinsider.com/category/aurora-innovation">Aurora Innovation</a> has raised $600 milion as part of a Series B funding round from Kia and Hyundai.</li><li>Baillie Gifford, Tesla's top shareholder after CEO Elon Musk, also participated, Bloomberg News reported.</li><li>Aurora cofounder Sterling Anderson previously worked on Tesla's Autopilot program.</li><li><a href="http://www.businessinsider.com/">Visit Business Insider's homepage for more stories.</a></li></ul><a href="https://www.businessinsider.com/category/aurora-innovation">Aurora Innovation</a>, a self-driving startup worth $2.5 billion, has raised another $600 million round of venture capital with backers including Hyundai and Kia.<a href="https://www.businessinsider.com/baillie-gifford-how-the-scottish-firm-started-investing-in-silicon-valley-unicorns-2018-9">Baillie Gifford, a $221 billion Scottish investment manager</a> that is also Tesla's second-largest shareholder after CEO Elon Musk, also participated in the round, <a href="https://www.bloomberg.com/news/articles/2019-06-12/self-driving-startup-gets-funding-from-hyundai-baillie-gifford">Bloomberg News reported</a>, but the firm wasn't included in Aurora's announcement. A spokesperson for Baillie Gifford did not respond to a request for comment.Read more: <a href="https://www.businessinsider.com/baillie-gifford-how-the-scottish-firm-started-investing-in-silicon-valley-unicorns-2018-9">The inside story of how an old-school Scottish firm became an early investor in many of Silicon Valley's most prized unicorns, and made a killing in the process</a>The Series B addition brings the round to about $1.13 billion in total, which makes up a bulk of the roughly $1.2 billion in total funding that Aurora has raised to-date."Together with all of our ecosystem partners, we are seeing the convergence of a powerful platform that will deliver the benefits of self-driving technology safely, quickly, and broadly," Aurora cofounder Sterling Anderson, who previously oversaw integral parts of Tesla's Model X and <a href="https://www.businessinsider.com/category/tesla-autopilot">Autopilot</a> programs, <a href="https://medium.com/aurora-blog/hyundai-and-kia-invest-in-aurora-6e1afbde609b">said in a press-release.</a>Kia and Hyundai will join Amazon, Sequoia Capital, Geodesic, Shell Ventures and other previous investors as backers of Aurora, which has penned numerous partnerships with <a href="https://medium.com/aurora-blog/aurora-and-fca-us-to-collaborate-on-self-driving-commercial-vehicle-platforms-d857d4081d29">automakers like Fiat Chrysler</a>.In May, Aurora announced plans to purchase Montana-based Blackmore, a company which develops lidar radar systems used in self-driving cars (with Tesla being a major notable exception).<h2>More self-driving car news:</h2><ul><li><a href="https://www.businessinsider.com/uber-self-driving-volvo-car-competes-tesla-waymo-robotaxi-wars-2019-6">Uber just revealed a new self-driving car that it will use to take on Tesla and Waymo in the robotaxi wars</a></li><li><a href="https://www.businessinsider.com/uber-lyft-self-driving-taxis-may-not-help-profitability-mit-2019-5">Uber and Lyft are betting on self-driving cars to become profitable. But that may not happen, new research from MIT suggests.</a></li><li><a href="https://www.businessinsider.com/uber-lyft-fare-prices-could-fall-by-80-ubs-estimate-2019-5" data-analytics-position="1">Your Uber ride could get 80% cheaper over the next decade</a></li></ul> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/tesla-model-s-race-car-electric-series-production-car-series-2019-5">This company turned the Model S into the first official Tesla race car</a></h3> <div> </div> </div>

A secretive self-driving startup worth $2.5 billion just raised $600 million with help from Tesla's biggest outside investor

New Delhi, E-commerce aggregation platform <keyword id="4178573" type="PERSON" weightage="20" keywordseo="ShipRocket">Shiprocket</keyword> on Thursday announced it has raised $27 million (nearly 200 Crore) in <keyword id="45633" type="ORGANIZATION" weightage="20" keywordseo="series">Series</keyword> C3 funding. The company said it will use the fresh funds towards aggressive product development roadmap, which includes hiring top talent across product, data, and engineering functions. The funds will also focus on the company's new strategic initiatives, including expanding globally. The fresh funding round was co-led by Tribe Capital, a leading Silicon Valley-based venture capital firm, along with March Capital, a Santa Monica-based venture growth firm. "Shiprocket is the first and the largest D2C shipping enabler in India today. With the growth in D2C as a share of overall <keyword id="436047" type="COMPANY" weightage="20" keywordseo="Ecommerce">eCommerce</keyword>, there is a growing opportunity to enable the full-stack of services in the post-purchase journey of the D2C consumer," said Saahil Goel, CEO and Co-founder, Shiprocket. Rahul Mehta of DST Global also participated in the round along with existing investor Bertelsmann India Investments, the company said in a statement. The latest round brings Shiprocket's total funding to $53 million. "We already power shipping for over 100,000 merchants and have recently launched Shiprocket Fulfilment for extending the existing platform include storage, pick, pack and dispatch," Goel informed. Launched in 2017, Shiprocket turned profitable in FY18-19 and has an annualised revenue run rate between $50-60 million. Shiprocket currently processes more than 4 Million monthly shipments, enabling more than 100,000 sellers to sell directly to their consumers across India. SEE ALSO: <a href="https://www.businessinsider.in/policy/society/news/indian-prime-minister-narendra-modi-wants-data-democracy-it-must-avoid-the-flaws-of-the-political-system/articleshow/81060582.cms">Datacracy: Indian Prime Minister's 'data democracy' must avoid the flaws of the country’s political system</a> <a href="https://www.businessinsider.in/retail/news/dmart-is-now-a-2-trillion-company-radhakishan-damani-has-many-more-cards-to-pull-the-first-being-e-commerce/articleshow/81054553.cms">DMart is now a ₹2 trillion company – Radhakishan Damani has many more cards to pull, the first being e-commerce</a> <a href="https://www.businessinsider.in/business/auto/news/heres-how-hyundai-india-crossed-the-9-million-mark-beating-peers-like-mahindra-and-tata-motors/articleshow/81054282.cms">Hyundai nears 25 years of success in India — here’s how this carmaker crossed the 9 million-mark, beating peers like Mahindra and Tata Motors</a>

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A secretive self-driving startup worth $2.5 billion just raised $600 million with help from Tesla's biggest outside investor

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