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<ul><li><keyword id="11111226" type="UNKNOWN" weightage="20" keywordseo="pb-fintech">PB Fintech</keyword> has also converted itself to a public limited company ahead of the IPO process.</li><li>The company received stakeholders’ approval to go public in an EGM held on July 5, 2021.</li><li>The company is reportedly seeking a valuation of $3.5 billion with this public issue. </li></ul> Online insurance marketplace <keyword id="696009" type="COMPANY" weightage="20" keywordseo="Policybazaar">PolicyBazaar</keyword>’s parent company PB Fintech has converted itself to a public limited entity and is planning to raise ₹6,500 crore (around $871 million) via an initial public offering (IPO), the company’s regulatory filings have revealed. PB Fintech has also received approval for IPO at the Extraordinary General Meeting (EGM) held on July 5. The latest details about PolicyBazaar’s ₹6,500 crore IPO was first <a href="https://www.moneycontrol.com/news/business/ipo/policybazaar-parent-firm-pb-fintech-aims-to-raise-rs-6500-crore-via-ipo-7199181.html">reported </a>by CNBC TV18. PB Fintech (formerly known as EtechAces Marketing and Consulting) was founded by Indian Institute of Technology-Delhi and Indian Institute of Management-Ahmedabad alumni Yashish Dahiya, Alok Bansal and Avaneesh Nirjar in 2008. PolicyBazaar, an online platform for users to purchase <keyword id="35504" type="PERSON" weightage="20" keywordseo="insurance-policies">insurance policies</keyword>, is one of the subsidiaries of PB Fintech. Other subsidiaries of PB Fintech include online lending platform PaisaBazaar (launched in 2014) and healthtech venture <a href="https://inc42.com/buzz/policybazaar-looks-to-tap-softbanks-portfolio-companies-for-docprime/">DocPrime</a> (launched in 2018), which lets visitors book consultations with doctors or schedule a range of medical tests. Notably, PolicyBazaar is the only entity that is going public from PB Fintech’s banner. PolicyBazaar has raised around $766 million to date. It was reportedly valued at $2.4 billion in March this year, after it raised <a href="https://economictimes.indiatimes.com/tech/funding/policybazaar-rejigs-cap-table-with-a-45-mn-round-at-2-4-bn-valuation/articleshow/81301551.cms">$45 million</a> through a secondary share sale from private equity (PE) firm True North and a few other individual investors. The company’s investors include <keyword id="260318" type="COMPANY" weightage="20" keywordseo="Tiger-Global-Management">Tiger Global Management</keyword>, <keyword id="163404" type="COMPANY" weightage="20" keywordseo="Softbank">SoftBank</keyword>, <keyword id="11685950" type="UNKNOWN" weightage="20" keywordseo="tencent-wellington-management">Tencent, Wellington Management</keyword>, <keyword id="1430452" type="ORGANIZATION" weightage="20" keywordseo="PremjiInvest">PremjiInvest</keyword> and Falcon Edge Capital, among others. According to a <a href="https://www.bloomberg.com/news/articles/2021-04-07/softbank-backed-policybazaar-said-to-plan-ipo-filing-next-month">Bloomberg</a> report published in April 2021 citing anonymous sources, PolicyBazaar was planning to go public before the end of this year. Meanwhile, several reports suggest that PolicyBazaar could be valued at more than $3.5 billion in its IPO. In February this year, it was reported that PolicyBazaar was<a href="https://inc42.com/buzz/policybazaar-close-to-finalising-bankers-for-ipo-at-3-5-bn-valuation/"> finalising bankers</a> for its over $540 million IPO to be listed in India. PB Fintech was said to have invited proposals from at least eight investment banks for the proposed IPO. The company is expected to dilute up to a 15% stake in the public offering. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/swiggy-raises-1-25-billion-in-a-mega-round-of-funding-led-by-softbank-and-prosus/articleshow/84578974.cms" style="">Swiggy gets a $1.25 billion cheque from Softbank for the same reason Zomato went for an IPO</a> <a href="https://www.businessinsider.in/business/startups/news/globalbees-has-raised-150-million-in-few-months-of-launch-to-acquire-more-businesses/articleshow/84552291.cms" style="">GlobalBees, a Thrasio-style startup launched by FirstCry and Edelweiss execs, raises $150 million in few months of launch</a> <a href="https://www.businessinsider.in/tech/news/how-to-find-out-if-your-phone-is-infected-by-the-pegasus-spyware/articleshow/84578193.cms" style="">This toolkit will tell you if your phone is infected by the Pegasus spyware</a>

PolicyBazaar plans to raise close to $870 million through its IPO at a likely valuation of $3.5 billion

<ul><li><keyword id="830092" type="COMPANY" weightage="20" keywordseo="Zomato">Zomato</keyword> raised $5 million in funding from Pacific Horizon Investment Trust. </li><li>Meanwhile, today <keyword id="6358977" type="UNKNOWN" weightage="20" keywordseo="swiggy">Swiggy</keyword> also announced that it raised an additional $43 million as a part of its ongoing Series I round. </li><li>Zomato’s latest funds take its valuation to $3.25 billion, according to reports. However, it still falls short of Swiggy’s $3.6 billion valuation. </li></ul>Even as most <keyword id="6362513" type="UNKNOWN" weightage="20" keywordseo="startups">startups</keyword> are facing the heat of depressed funding, two unicorns raised funds today. Foodtech unicorn Zomato raised $5 million from Pacific Horizon Investment Trust. The fund is managed by British investment manager Baillie Gifford, who had earlier invested in Flipkart. But not far behind is its rival Swiggy. Today, Swiggy announced that it has raised an additional $43 million as part of its ongoing Series I round. The size of the round now stands at $156 million. Along with existing investor Tencent, new investors Ark Impact, Korea Investment Partners, Samsung Ventures and Mirae Asset Capital Markets participated in this round. “We are humbled by the faith shown by our investors year-on-year and welcome the new investors on board. Our focus remains to execute on our vision while building a sustainable path to profitability,” said Rahul Bothra, CFO, Swiggy in a statement. Zomato’s latest funds take its valuation to $3.25 billion, according to <a href="https://www.dealstreetasia.com/stories/india-zomato-fundraising-183164/">reports</a>. However, it still falls short of Swiggy’s $3.6 billion valuation. Interestingly, Zomato's total fundraise so far stands at $900 million, whereas Swiggy has raised the twice amount with $1.6 billion. The food war Both Zomato and Swiggy have raised fresh funds this year. In January, Zomato had raised $150 million from Ant Financial. In February, Swiggy had raised $113 million from led by existing investor Prosus N.V. along with participation from Meituan Dianping and Wellington Management Company. The companies haven’t closed the rounds. While Zomato is raising $600 million as announced by its founder and CEO Deepinder Goyal had said at an event in December 2019, details of Swiggy’s Series I round are not known. In January 2020, Zomato acquired UberEats in an all stock deal. The deal which gave Uber a 9.9% stake in Zomato, resulted in its market share rising to 55%, sources told Business Insider. However, another source told Business Insider that Swiggy continues to hold a bigger share of the revenue at 60%. See Also: <a href="https://www.businessinsider.in/business/startups/news/zomato-rolls-out-its-grocery-delivery-service-zomato-market/articleshow/74992299.cms">Zomato rolls out its grocery delivery service – Zomato Market</a>

Zomato and Swiggy both raise funds – but Swiggy leads with a higher valuation

<ul><li>In April, startups across sectors that are seeing high activity right now during the coronavirus lockdown announced their fundraise. </li><li>From grocery to news aggregation to foodtech saw money flowing in.</li><li>However, the coronavirus pandemic has slowed down the investment flow in India as in the first three months of 2020, VC <keyword id="1391756" type="PERSON" weightage="20" keywordseo="Investments-in-India">investments in India</keyword> dipped to $2.2 billion.</li></ul>The coronavirus pandemic has slowed down investments in India. In the first three months of 2020, VC investments in India dipped to $2.2 billion, according to KPMG, after $6 billion in the last quarter of 2019. Even then, startups from some sectors like edtech, financial tech, foodtech, and more will find their way through the crisis, believe investors. In an earlier interview with Business Insider, Vani Kola, MD of Kalaari Capital, had said that there is no endless funding available right now and what that automatically means is that companies that have solid unit economics and a management team that can inspire confidence, are very agile, have the capacity to work through chaos will be able to get funds. <div type="Article" hostid="261" msid="74839671" title="EXCLUSIVE: Coronavirus crisis will give birth to unimaginable ideas and next-gen leaders, says a top Indian VC Vani Kola" mstype="2" mssubtype="0"></div> And that was proved in the month of April as startups across sectors that are seeing high activity right now announced their fundraise. Here are the top 10 startup funding in April <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Money raised in April </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Last known valuation </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BigBasket </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$110 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">&gt;$1 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">DailyHunt </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$59.6 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$625 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">MedGenome </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$55 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">undisclosed </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rebel Foods </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$50 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$700 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Swiggy </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$43 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$3.6 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NoBroker </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$39 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$361 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FarEye </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$25 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">undisclosed </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">JusPay </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$21.6 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">undisclosed </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vedantu </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$20 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$280 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bira91 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$20 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$246 million </td></tr></tbody></table> <keyword id="964794" type="COMPANY" weightage="20" keywordseo="BigBasket">BigBasket</keyword>: With grocery delivery at an all time high during the coronavirus pandemic, BigBasket’s funding news came as no surprise. The startup which turned unicorn in 2019, raised $50 million in debt funding from Alibaba, while also raising $60 million as a bridge round from Alibaba, South Korea’s Mirae Asset and UK-development finance institution CDC Group. The startup also acquired the hyperlocal delivery startup DailyNinja. DailyHunt: The news aggregator app DailyHunt announced a $59.6 million in funding in April. The Series G round was led by the New York-based investment firm Falcon Edge and also saw participation from Advent Capital Management, Chinese tech giant ByteDance and Goldman Sachs. According to reports, the startup has raised another $36 million in early May at a valuation of $625 million. MedGenome: Genetics research company MedGenome raised $55 million. The company offers genomic solutions in immuno-oncology, diabetes, ophthalmology and other rare diseases. Its $55 million funding round was led by Leapfrog investments. MedGenome was founded in 2013 by Sam Santhosh. The startup is headquartered in California, USA and also runs a lab in Bengaluru, India. Rebel Foods: The cloud kitchen startup Rebel Foods which runs brands like Faasos, Behrouz Biryani among others raised $50 million from US hedge fund Coatue Management. According to <a href="https://entrackr.com/2020/04/exclusive-rebel-foods-valuation-jumps-to-700-mn-fresh-50-mn-round/">reports</a>, the funding took the company’s valuation to $700 million, making it the third highest valued foodtech company in India. <keyword id="6358977" type="UNKNOWN" weightage="20" keywordseo="swiggy">Swiggy</keyword>: Foodtech unicorn Swiggy announced that it raised an additional $43 million as a part of its ongoing Series I round. The size of the round now stands at $156 million. Along with existing investor Tencent, new investors Ark Impact, Korea Investment Partners, Samsung Ventures and Mirae Asset Capital Markets participated in this round. NoBroker: NoBroker.com raised $30 million in its ongoing series D round from General Atlantic. This takes the total funds raised in the round to $80 million, after a funding from Tiger Global in late 2019. The real estate platform that helps people find houses had also diversified during the coronavirus lockdown to launch Grocery Store for societies. Through the feature, society residents can just place the order on the NoBrokerHood app and volunteers within the society consolidate the order and ensure a smooth delivery by buying it from bigBasket B2B or ITC. FarEye: Microsoft’s venture fund arm M12 invested in Indian logistics SaaS startup Fareye. The startup raised $25 million in a round that was led by Microsoft with participation from Eight Roads Ventures and Honeywell Ventures. Fareye, founded in 2013, is a predictive logistics platform that enables enterprises to orchestrate, track, and optimize their logistics operations. JusPay: Bengaluru-based payment gateway startup JusPay raised $21.6 million. The round was led by Sweden’s Vostok Emerging Finance (VEF), and also saw participation from Boston-based Wellington Management Company as well as Accel. Vedantu: The online tutoring platform Vedantu raised $20 million in two tranches in April. It bagged $12.5 million from Legend Capital and Omidyar's Ohana Holding, then it went on to raise $6.8 million from South-Korea based KB Global. The funding came in as a part of its Series C1 round. Bira91: The beer startup raised $20 million from Sequoia and Belgium-based investment firm Sofina. The funding is a part of its ongoing series C round. The Ankur Jain-led Bira91 has raised over $130 million in total funding so far. Its last known valuation from 2019 is $246 million. See Also: <a href="https://www.businessinsider.in/business/corporates/news/tech-mahindra-new-deals-full-list/articleshow/75526386.cms">All the new deals signed by Tech Mahindra in the last three months</a>

From BigBasket to Swiggy to Nobroker⁠— top ten Indian startups that raised money in April amidst the coronavirus crisis

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PolicyBazaar plans to raise close to $870 million through its IPO at a likely valuation of $3.5 billion

Kritti Bhalla

Zomato and Swiggy both raise funds – but Swiggy leads with a higher valuation

Sanchita Dash

From BigBasket to Swiggy to Nobroker⁠— top ten Indian startups that raised money in April amidst the coronavirus crisis

Sanchita Dash

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