<ul><li>The latest data from <keyword id="10505450" type="General" weightage="20" keywordseo="INSACOG" source="Orion">INSACOG</keyword> reveals that three samples from Gujarat and one each from Karnataka and Rajasthan <a href="https://timesofindia.indiatimes.com/india/xbb-1-5-tally-up-to-5-says-insacog-patients-show-mild-symptoms/articleshow/96692874.cms">tested positive</a> for the new <keyword id="15929505" type="General" weightage="20" keywordseo="XBB-1-5-variant" source="Orion">XBB.1.5 variant</keyword>. </li><li>An official said that all three patients who tested positive in Gujarat recovered within a few days of quarantine. </li><li> <keyword id="15232061" type="General" weightage="100" keywordseo="xbb" source="Orion">XBB</keyword>’s descendant variant XBB.1.5 is said to have a higher transmission rate compared to other variants, as per experts.</li></ul>Omicron’s sub-variant XBB.1.5 has officially entered India and its tally has gone up to five cases till now. Gujarat reported the first case on December 31, according to the Indian SARS-CoV-2 Genomics Consortium (INSACOG). The latest data from INSACOG reveals that three samples from Gujarat and one each from Karnataka and Rajasthan <a href="https://timesofindia.indiatimes.com/india/xbb-1-5-tally-up-to-5-says-insacog-patients-show-mild-symptoms/articleshow/96692874.cms">tested positive</a> for the new XBB.1.5 variant. This variant of Omicron is also behind the surge in Covid cases and hospitalisations in the US, accounting for <a href="https://economictimes.indiatimes.com/news/india/india-confirms-first-case-of-omicron-variant-xbb-1-5-thats-behind-us-surge/articleshow/96637832.cms">3.6%</a> of the total cases reported last week. “So far, nothing unusual has been reported in the five patients infected with XBB.1.5 though we are currently assessing the clinical data. Many mutations are being reported in Omicron, but as of now, there is no indication that these newer sub-variants will cause something adverse in India,” according to <a href="https://timesofindia.indiatimes.com/india/xbb-1-5-tally-up-to-5-says-insacog-patients-show-mild-symptoms/articleshow/96692874.cms">INSACOG</a> officials. Another official from the Gujarat Biotechnology Research Centre (GBRC) told the Times of India that all three patients who tested positive in Gujarat recovered within a few days of quarantine. XBB is a recombinant of two BA.2 sub-lineages of Omicron. According to the <keyword id="43588" type="General" weightage="50" keywordseo="world-health-organization" source="Orion">World Health Organization</keyword> (WHO), this variant has a global prevalence of 1.3% and it has been detected in 35 countries. However, XBB’s descendant variant XBB.1.5 is said to have a higher transmission rate than other variants, as per US scientist Eric Topol. <div type="twitter" handle="EricTopol" handlename="Eric Topol" image="http://pbs.twimg.com/profile_images/1589325138960318464/2OwvQAWC_normal.jpg" favoritecount="524" retweetcount="164" status="I reviewed all we know about the XBB.1.5 variant 10 days ago, w/its high transmissibilityhttps://t.co/mnaA3kemLpT… https://t.co/wyovgkPJ9D" createdat="1672706618000" id="1610074371581972480"></div> <keyword id="12877836" type="General" weightage="20" keywordseo="Eric-Feigl-Ding" source="Orion">Eric Feigl-Ding</keyword>, an epidemiologist and health economist, also tweeted that the new sub-variant XBB.1.5 spreads much faster than the XBB and BQ variants of Covid-19. <div type="twitter" handle="DrEricDing" handlename="Eric Feigl-Ding" image="http://pbs.twimg.com/profile_images/1516900105613422592/VflZHQ1Y_normal.jpg" favoritecount="4922" retweetcount="2458" status="📝Recap why #XBB15 (storming 🇺🇸&amp;🇬🇧) is a super variant:📍among most immunity-evasive ‘escape variants’ to date📍on… https://t.co/0bOHjVsdva" createdat="1672526789000" id="1609320112582021120"></div> <cmsannotation type="cmsannotation" annotationid="Vaccines and precautions" comment="subhead" text="Vaccines and precautions">Vaccines and precautions</cmsannotation> XBB variant is already driving up Covid cases in many parts of Asia including India. It is currently the dominant variant and circulating all over the country, according to INSACOG. India's active caseload currently stands at 2,582, with 134 new cases recorded in the last 24 hours, as per Union Health Ministry data. “Reports have shown that these sub-variants are causing more re-infection rather than a high severity,” Dr Aditya S Chowti, senior consultant - internal medicine, Fortis Hospital, Bangalore, told Business Insider India. The XBB variant, which is already spreading in the country, may trigger a new wave in the country. “XBB is very immune-evasive, which means it can overcome the antibodies. So, we may see another wave of infections in some countries because of XBB,” Dr Laxman Jessani, consultant, infectious disease, Apollo Hospitals, Navi Mumbai told Business Insider India. The available vaccines in the market for Covid-19 are found to be ‘partially effective’, Dr Jessani said. “It’s important to know that vaccines protect against the worst cases of Covid-19 and the latest booster is expected to be effective against these variants. Unvaccinated people, as well as those who are elderly or immunocompromised, remain at highest risk,” Dr Jessani added. India has so far administered 220 crore Covid-19 doses including first, second and booster shots. Amid a sudden surge in cases, doctors of the Indian Medical Association (IMA) suggested the government must approve a fourth Covid shot, which would be the second booster dose, if approved. However, government <a href="https://www.businessinsider.in/science/health/news/no-second-covid-19-booster-dose-required-govt-sources/articleshow/96701441.cms">source</a>s said on Tuesday, that no second booster dose was currently required, adding, “First we have to complete the booster drive in the country." As cases are witnessing a massive surge in various parts of the world, the Indian government has also mandated the submission of RT-PCR reports for all overseas travellers coming from China, Hong Kong, Japan, South Korea, Singapore and Thailand. The government also made it compulsory for travellers to upload their health status from January 1, 2023 on its Air Suvidha website. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/this-startup-which-lends-to-the-rural-middle-class-raises-35-million-in-a-series-c-round/articleshow/96704383.cms">This startup which lends to the rural middle class raises $35 million in a Series C round</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/bharatpe-ceo-suhail-sameer-to-step-down-five-months-after-taking-over/articleshow/96703750.cms">BharatPe CEO Suhail Sameer to step down five months after taking over</a>

India’s case tally of new Omicron variant XBB.1.5 reaches five — Here’s what you need to know

Here is a list of bank holidays in March 2022

<ul><li>SoftBank owns about 13% stake in the IPO-bound company and is its largest shareholder.</li><li><keyword id="11111226" type="General" weightage="20" keywordseo="pb-fintech" source="Orion">PB Fintech</keyword>, which is the parent entity <keyword id="696009" type="General" weightage="20" keywordseo="policybazaar" source="Orion">PolicyBazaar</keyword> and PaisaBazaar, will be launching its IPO on November 1.</li><li>SoftBank will be selling shares worth ₹1,875 crore, as per PB Fintech’s RHP.</li></ul>SoftBank will sell 20% of its shareholdings in PolicyBazaar’s initial public offering (IPO), scheduled for next week, the company said in a press conference held today (October 27). The Masayoshi Son-led investment firm— which has been an investor in PolicyBazaar since 2018 — owns about 13% stake in the IPO-bound company and is its largest shareholder. PB Fintech, which is the parent entity of insurance company PolicyBazaar and lending startup PaisaBazaar, will be launching its IPO on November 1. The issue size of the IPO is ₹5,709 crore consisting of a fresh issue of ₹3,759 crore and an offer for sale (OFS) of ₹1,959 crore by its existing shareholders. The company will offer shares within a price band of ₹940-₹980 pre share. The lot size is 15 shares. As per the red herring prospectus, SoftBank will be selling shares worth ₹1,875 crore ($250 million). Yashish Dahiya — the chief executive of PB Fintech — will be selling shares worth ₹30 crore. Meanwhile, cofounder and chief financial officer (CFO) Alok Bansal will be selling shares worth ₹12.75 crore. India’s largest online insurance aggregator, PolicyBazaar, was launched in 2008. It is one of the biggest beneficiaries of the boom in India’s insurance sector as a market leader in selling insurance online. The company intends to use the proceeds from the public issue to expand its consumer base both online and offline, strategic acquisitions and investments, international expansion and other corporate purposes. Dahaiya, in a press conference, also highlighted that they have launched operations in Dubai as a significant population from India migrated to the United Arab Emirates (UAE) for work. These people can benefit from PolicyBazaar’s offering. “Dubai is an interesting place to start a business and it is doing well,” he added. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/nykaas-ipo-to-open-tomorrow-check-last-date-listing-date-and-more/articleshow/87281435.cms">Nykaa’s IPO to open tomorrow — check last date, listing date and more</a> <a href="https://www.businessinsider.in/business/startups/news/has-the-legal-battle-between-phonepe-and-bharatpe-over-pe-been-going-on-for-too-long/articleshow/87299198.cms">Has the legal battle between PhonePe and BharatPe over ‘Pe’ been going on for too long?</a> <a href="https://www.businessinsider.in/india/news/supreme-court-of-india-verdict-on-pegasus-spying-case-appoints-a-retired-judge-committee-for-probe/articleshow/87299281.cms">A panel headed by a retired judge will probe if the Indian government used Pegasus to spy on journalists and other prominent citizens</a>

Softbank will make $250 million by selling a fifth of its stake in Policybazaar

<ul><li><keyword id="761157" type="ORGANIZATION" weightage="20" keywordseo="Infibeam">Infibeam</keyword> is looking to acquire a fintech company that is into point of sale (POS) business, said Vishwas Patel, executive director at <keyword id="6674939" type="UNKNOWN" weightage="20" keywordseo="infibeam-avenues">Infibeam Avenues</keyword> in an interview with Business Insider.</li><li>With more than 3 million merchant databases, the company has announced its plans in the lending space by partnering with banks and NBFCs who can finance credit to merchants.</li><li>The gateway payment company aims at $28 billion of transaction processing value in the current financial year.</li></ul>Ahmedabad-based Infibeam is looking to acquire fintech companies that are into point-of-sale (POS) business. The company is eyeing to acquire a company in the POS terminal business with presence in 1000 cities and towns across India. “It is better to acquire a firm who has put all (POS terminal) infrastructure in place rather than building from scratch,” said Vishwas Patel, executive director at Infibeam Avenues in an interview with Business Insider To put into perspective, startups like Pine Labs and Mswipe are POS companies that provide point-of-sale solutions including payments, inventory management and accounting softwares. What is Point of Sale? Point of sale (POS) is the time and place where a customer makes a payment for products or services at your store. A digital retail point of sale system typically includes a POS terminal that can read debit/credit cards and enable payments through a swipe. Service providers that provide both POS hardware and software solutions are called POS companies. Patel said that the company already has a payment gateway -- CCAvenue -- that allows online merchants to process their all online transactions, but is lacking point of sale (POS) terminal business in order to complete its payment solutions portfolio. <div type="image" title="infibeam chart" height="900" width="1200" msid="85292292" hostid="261"></div> Latest acquisition In June last year, Infibeam had acquired Cardpay, which offers a spending management platform to corporations under the brand name “Grit.” The platform offers help with physical and virtual credit cards, invoice processing and early payments discounts. Now to enter lending space Further, with more than 3 million merchant databases, the company will enter the lending space by partnering with banks and non-banking financial companies (NBFCs) to provide loans to merchants. R Srikanth, global president of finance at Infibeam, explained in an interview with Business Insider that its detailed database on the transaction history of merchants will help the banks to authenticate the customer before processing the loan. While these small shopkeepers may or may not meet the requirements of a bank to prove their creditworthiness, Infibeam’s data on the shop’s revenue and cash flow will help it determine the same without the formal documentation that banks would seek. Fintech startup BharatPe’s newly appointed chief executive officer (CEO), Suhail Sameer, also explained the same in an interview with Business Insider in June, right after its application for a banking licence with Centrum was approved. <div type="Video" msid="83975924" hostid="261" title="Crisis capital for capital crisis" dataSource="BUSINESSINSIDER" thumbUrl="https://denmark.timesinternet.in/cmslite/api/app/images.jpg?msid=83975924"></div> There is a $100 billion lending market out there. Therefore growth acceleration is also huge. “With 2.6 million merchants even if 5-10% lending customers happens through banks we will make money on every loan,” Infibeam’s Srikanth added. Confident to cross $30 billion transaction processing value in FY22 The payment gateway and e-commerce platform service provider’s profit rose by 18.14% year-on-year to ₹14.07 crore in June quarter while revenue reached ₹218.93 crore. Infibeam Avenues aims at $28 billion of transaction processing value in the current financial year compared to $19 billion in FY21. Awaiting response from RBI Besides, the company has a pending application for a new umbrella entity (NUE) licence along with consortium partners Jio Platforms, the telecom giant owned by India’s richest man Mukesh Ambani, Google and Facebook to offer payments globally. <a href="https://www.livemint.com/news/india/five-things-to-know-about-the-nue-license-being-chased-by-ambani-amazon-11614757036972.html">Reportedly</a>, those who receive the license will set-up, manage and operate new payment systems in the retail space, including ATMs, points of sales, remittance services, and Aadhaar-based payments. The entities will also manage newer payment methods, standards, and technologies. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/irctc-tata-steel-hero-motocorp-and-other-top-stocks-to-watch-out-for-on-august-13/slidelist/85291580.cms">IRCTC, Tata Steel, Hero MotoCorp and other top stocks to watch out for on August 13</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/hacker-behind-610-million-crypto-hack-conducts-ama-claims-returning-the-money-was-always-a-part-of-the-plan/articleshow/85268481.cms">Hacker behind $610 million crypto hack conducts AMA — claims returning the money was always ‘a part of the plan’</a>

INTERVIEW: Infibeam Avenues is looking to acquire a point-of-sale company

<ul><li><keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword> Insuretech has already received ₹397 crore of the total commitment.</li><li>The company had initially planned to raise ₹16,600 crore, but the IPO size has now reportedly been revised.</li><li>Ant Group is expected to execute neealy 50% of the secondary share sale in Paytm’s IPO.</li></ul>Paytm Insuretech Private Limited — the insurance business of initial public offering (IPO)-bound One 97 Communications — has raised ₹920 crore ($122.5 million) from Swiss Reinsurance Company, in exchange for a 23% stake in the company. Paytm Insuretech has already received ₹397 crore ($52.9 million) of the total commitment. “It is an important milestone in our financial services journey of taking general insurance products to the masses. We look forward to gaining from Swiss Re’s global insurance capabilities and building innovative products to tap into the Indian market,” Vijay Shekhar Sharma, chairperson, managing director and chief executive officer (CEO) of One 97 Communications said. The deal is subject to regulatory approval. Paytm — valued at $16 billion — was founded in 2010 and is one of the largest digital payments companies in India. The company is expected to hit the public market soon in the company month to raise <a href="https://www.timesnownews.com/business-economy/economy/article/paytm-ipo-news-company-hikes-issue-size-to-rs-18300-crore-as-existing-shareholders-to-offload-more/826966">₹18,300 crore</a> ($2.4 billion) from the public issue. The company had initially planned to raise<a href="https://www.businessinsider.in/business/news/paytm-has-filed-for-2-2-billion-ipo/articleshow/84465551.cms"> ₹16,600 crore</a> but the IPO size has now <a href="https://economictimes.indiatimes.com/tech/startups/ant-group-may-execute-around-50-of-rs-10000-crore-ofs-in-paytm-ipo/articleshow/87292330.cms">reportedly </a>been revised. This is India’s biggest IPO so far, surpassing Coal India’s, which raised ₹15,000 crore in October 2010. Paytm intends to raise about ₹8,300 crore through fresh issues, while the rest would come as an offer for sale (OFS) from the existing stakeholders in the company. Ant Group — the largest shareholder in Paytm — is expected to execute nearly 50% of the secondary share sale in Paytm’s IPO, as per an Economic Times report. Paytm works in several verticles — digital payments, commerce, lending and insurance. The company received a brokerage licence in<a href="https://m.economictimes.com/small-biz/startups/newsbuzz/paytm-arm-gets-irdais-brokerage-licence/articleshow/74450229.cms"> March 2020 </a>to enter the insurance sector. Prior to that, the company had incorporated two insurance businesses — Paytm Life Insurance Corporation Ltd and Paytm General Insurance Corporation Ltd. Paytm Insuretech had acquired 100% stake in Mumbai-based private sector general insurer <a href="https://www.businessinsider.in/business/news/paytm-vijay-shekhar-sharma-to-acquire-raheja-qbe-general-insurance/articleshow/76808615.cms">Raheja QBE for ₹568 crore</a>. The acquisition still hasn’t received regulatory approval. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/nykaas-ipo-to-open-tomorrow-check-last-date-listing-date-and-more/articleshow/87281435.cms">Nykaa’s IPO to open tomorrow — check last date, listing date and more</a> <a href="https://www.businessinsider.in/business/startups/news/has-the-legal-battle-between-phonepe-and-bharatpe-over-pe-been-going-on-for-too-long/articleshow/87299198.cms">Has the legal battle between PhonePe and BharatPe over ‘Pe’ been going on for too long?</a> <a href="https://www.businessinsider.in/india/news/supreme-court-of-india-verdict-on-pegasus-spying-case-appoints-a-retired-judge-committee-for-probe/articleshow/87299281.cms">A panel headed by a retired judge will probe if the Indian government used Pegasus to spy on journalists and other prominent citizens</a>

Paytm’s insurance arm raises ₹920 crore from Swiss Re ahead of its ₹18,300 crore IPO

<ul><li>The Series A round was led by Alpha Wave Incubation (AWI), with participation from Omnivore and Kalaari Capital.</li><li><keyword id="11894809" type="UNKNOWN" weightage="20" keywordseo="agnext" source="Orion">AgNext</keyword> solves the quality analysis problem in the agriculture segment using its proprietary technology products.</li><li>The company counts ITC, Godrej and National Agricultural Cooperative Marketing Federation of India as its customers.</li></ul><keyword id="11901415" type="UNKNOWN" weightage="20" keywordseo="agritech-startup" source="Orion">Agritech startup</keyword> AgNext, which provides artificial intelligence (AI) solutions for enabling agricultural trade, has raised $21 million to expand into international markets like the Middle East, Europe and South Asia. It will also set up a new office in Abu Dhabi for deeper reach into the targeted markets. The Series A round was led by Alpha Wave Incubation (AWI), with participation from existing investors Omnivore and Kalaari Capital. This round was a mix of primary and secondary components. AgNext’s early backer a-IDEA NAARM exited the company with five times returns on their investment post this round. Founded in 2016 by Taranjeet Singh Bhamra, AgNext solves the quality analysis problem in the agriculture segment using its proprietary technology products. The company claims that it can provide rapid food quality assessment through its full-stack platform powered by AI, machine learning and internet of things (IoT). A part of this funding would also be used to scale up AgNext’s full stack platform for AI-enabled trade to ensure transparency in global food value chains. The company claims that a lack of quality assessment solutions lead to approximately $90 million losses in agricultural trade globally. AgNext further explained that the current quality analysis processes are manual, costly and time-consuming with a lower accuracy rate of up to 60%. Problems like these result in lower profit margins for farmers and higher prices for consumers, the company added. AgNext has collected over 2 million food samples in the last four years, which has enabled it to create a massive AI dataset. The company counts ITC, Godrej and National Agricultural Cooperative Marketing Federation of India (NAFED) as its customers. “In the era of Agriculture 4.0, the demand for better market linkages and secure food trade is driving deeper penetration of technology in agricultural ecosystems. As first movers in the agricultural deep-tech space, we have established market leadership in India through our novel AI-based technologies that assure quality-based food trade across value chains,” Bhamra said. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/credit-card-payments-company-cred-launches-peer-to-peer-lending-option-for-its-7-5-million-users/articleshow/85477419.cms">Credit card payments company CRED launches peer-to-peer lending option for its 7.5 million users</a> <a href="https://www.businessinsider.in/business/startups/news/oyo-is-looking-to-hire-over-300-engineers-in-the-next-6-months-to-clear-path-to-profitability/articleshow/85456655.cms">OYO is looking to hire over 300 engineers in the next 6 months to clear ‘path to profitability’</a> <a href="https://www.businessinsider.in/business/startups/bharatpe-raises-200-million-in-debt-funding/articleshow/85454232.cms">BharatPe raises $200 million in debt to build a loan book of $1 billion by March 2020</a>

Agritech startup AgNext raises $21 million to expand into Middle East, Europe and Asia

<ul><li>The upcoming <keyword id="6358021" type="General" weightage="20" keywordseo="budget" source="Orion">budget</keyword> may set aside big bucks to support new capacity in solar, wind and hydropower.</li><li>However, experts say, Prime Minister Modi needs the support of state governments to execute these projects and build up India’s capacity to meet the emission targets by 2030.</li><li>The reluctance at the level of states may not even be political. Even some of the BJP-ruled states have not performed as well as they should have in backing the party’s plan to curb emissions.</li><li>Check out our <a href="https://www.businessinsider.in/bi-newsletter">weekly explainers</a> on the hottest topics and <a href="https://www.businessinsider.in/newsletters_signup.cms">sign up</a> if you like them.</li></ul>Indian Prime Minister Narendra Modi’s <a href="https://economictimes.indiatimes.com/industry/renewables/modis-cop26-goals-could-mean-a-massive-energy-overhaul-in-india/articleshow/87494861.cms">speech </a>in Glasgow, at the COP26 Summit in October 2021, had set some steep targets for the country’s renewable energy sector. Based on that, expectations are rife that there may be big bucks allocated in the budget to promote the construction of new capacity in solar, wind and hydropower projects. <div type="image" title="2 (2)" height="900" width="1200" msid="89000322" hostid="261"></div>However, the government has been wanting to build up renewables capacity in a big way for a while now. But even for the current year, India is well short of the targets. <div type="image" title="renewable kotak" height="900" width="1200" msid="89000432" hostid="261"></div>The lack of support at the level of state governments is the reason for the shortfall, according to one expert. “The problem is to make those things happen (meet renewable energy commitments) the central government actually has very little tools and resources. These decisions are actually dealt at the state level and frankly states aren't always bought in for these commitments that the central government puts out there,” said Richard Rossow, the Wadhwani Chair in US India Policy Studies at the influential think-tank CSIS. Rossow points out that the states’ reluctance may not even be political. Even states ruled by Bharatiya Janata Party (BJP) ⁠— which is also ruling at the Centre ⁠— have not backed the Prime Minister’s agenda wholeheartedly. “Sometimes of the BJP states are some of the worst laggards. And sometimes states that oppose Modi’s agenda are the fastest to jump on board,” added Rossow. Among the top 10 states that have made the best progress in building up renewable energy ⁠— solar, wind and hydropower projects ⁠— sources, only three of them are ruled by, or aligned with, the BJP. <div type="image" title="renewable-states" msid="89000399" hostid="261"></div>Karnataka is the top state because of several reasons like offering incentives and subsidies to promote green buildings, electric vehicle (EV) charging infrastructure deployment, and energy-efficient technology adoption in industries. Recently, <a href="https://economictimes.indiatimes.com/industry/renewables/karnataka-invites-elon-musk-to-set-up-tesla-plant/articleshow/88973765.cms">Karnataka also invited Elon Musk </a>to set up a Tesla unit in the state. However, efforts are underway to boost India’s ability to curb emissions and combat climate change. On January 19, the Cabinet cleared ₹1,500 crore for the Indian Renewable Energy Development Agency (IREDA). This will enable IREDA to lend ₹12,000 crores to the renewable energy sector. State-owned lenders like the Power Finance Corporation and Rural Electrification Corporation have cut interest rates for long term loans to renewable energy projects to 7.85%. The market is excited too. Some of the best performing stocks in January 2022 are from the green energy space. <table style="border-width: initial; border-style: none;"></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;">Stock </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;">Jan 2022 change </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;">BEML </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;">12.72% </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;">HAL </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;">16% </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;">Bharat Electronics </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;">-1.35% </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;">Adani Green </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;">4 4% </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;">Adani Transmission </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;">18% </td></tr></tbody></table>Meeting targets is important because just having installed capacity doesn’t mean that energy production will be of the same scale as coal-powered plants. “You know, a wind farm or a solar farm doesn't generate 80% of the installed capacity. That that is not even targeted because it cannot happen, given the nature of the energy that's coming in. So, that often people don't make that adjustment. It's like not that you know 1000 megawatts of coal is the same as 1000 MW,” Devina Mehra, Founder, Chairperson &amp; Managing Director at First Global, explained on Business Insider, adding that only a small part of her investments are in the sector. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/jiofiber-adds-0-2-million-subscribers-overtakes-bsnl-to-become-largest-fixed-broadband-provider/articleshow/88993140.cms">JioFiber adds 0.2 million subscribers, overtakes BSNL to become largest fixed broadband provider</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/ashneer-gover-takes-leave-from-bharatpe-amidst-a-legal-battle-with-kotak-mahindra-bank/articleshow/88994415.cms">Ashneer Gover takes ‘voluntary’ leave from BharatPe amidst a legal battle with Kotak Mahindra Bank</a>

India is expected to make big budget allocation for renewable energy but Modi needs states on board to fight climate change

<ul><li>10 IPOs have been listed in August, of which 5 IPOs have opened below the issue price.</li><li>Analysts attribute it to retail investors having less cash in hand with multiple IPOs at a time, negative market sentiment and expensive <keyword id="48076" type="General" weightage="20" keywordseo="valuations" source="Orion">valuations</keyword>.</li><li>The lull response in the IPOs is reflected on the relatively lower subscriptions.</li></ul>Investors seem to be disappointed with initial public offerings (IPOs) as they have made no money on the recent public issues on the listing day. In the last two weeks, IPOs like <keyword id="11910941" type="General" weightage="20" keywordseo="cartrade-tech" source="Orion">CarTrade Tech</keyword>, <keyword id="11941399" type="General" weightage="20" keywordseo="aptus-value-housing" source="Orion">Aptus Value Housing</keyword>, <keyword id="6610470" type="General" weightage="20" keywordseo="nuvoco-vistas" source="Orion">Nuvoco Vistas</keyword> and <keyword id="123949" type="General" weightage="20" keywordseo="chemplast-sanmar" source="Orion">Chemplast Sanmar</keyword> have opened at a discount on exchanges. The drop in momentum tells that the <keyword id="6354763" type="General" weightage="20" keywordseo="IPO" source="Orion">IPO</keyword> market seems to be waning in vigour. Note that IPOs are known for their listing day gains as it allows investors to exit the company with profit within a short span of time. “So, the problem with IPOs is not the fact that they are coming to the retail public to raise capital, but their valuations are not very reasonable. Everybody who is coming into IPO now is not leaving too much room on the table for retail to make money. They are in many ways overestimating the growth and coming in at a clearly frothy valuation, that I think is the main problem, said Nikhil Kamath, co-founder at Zerodha and True Beacon to Business Insider. Moreover, IPO subscription data shows that those with high subscriptions are usually the ones with good listing gains. All IPOs opened recently have been fully subscribed, but not heavily subscribed like they used to be which shows the reduced interest among investors. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPOs listed in August </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Listing day gains (in ₹) </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Times subscribed </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Gains till date </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Rolex Rings </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">266.55 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">130.44 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-7.46% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Glenmark Life Sciences </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">28.2 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">45.08 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-10.75% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Windlas Biotech </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-53.3 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">22.56 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-14.58% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Devyani International </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">33.35 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">117 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-8.46% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Exxaro Tiles </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">12.25 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">22.65 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-7.52% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Krsnaa Diagnostics </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">36.75 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">63.53 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-8.81% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Cartrade Tech </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-117.9 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">20.29 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1.93% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Aptus Value Housing </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-6.5 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">17.2 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">5.71% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Nuvoco Vistas </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-38.7 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1.71 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-1.81% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Chemplast Sanmar </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-6.1 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2.21 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-2.55% </td></tr></tbody></table> On the other hand, the current negative sentiment in the market gives another reason for investors to stay away from IPOs. IPOs are taking away too much liquidity from the market. In the last week, four IPOs which came in took away ₹16,800 crore of liquidity, said Jyoti Roy, deputy vice president, equity Strategist at <keyword id="103837" type="General" weightage="20" keywordseo="angel-broking" source="Orion">Angel Broking</keyword>. “IPOs will probably have to wait for some time for market sentiment to improve. Now IPOs need to ensure they do not crowd the market at one time because that will lead to liquidity crunch. Investors will become more choosy after the scenario,” he added. Also, investors need to gauge the difference between existing and future performance projected by the IPOs while investing, said Vijay Singhania, chairman at <keyword id="2838524" type="General" weightage="20" keywordseo="tradesmart" source="Orion">TradeSmart</keyword>. “Valuations based on projected performance is no [sic] valuation,” he said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/bharatpe-forays-into-consumer-lending-with-latest-peer-to-peer-feature/articleshow/85591907.cms">BharatPe forays into consumer lending with latest peer-to-peer feature</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/bajaj-finance-overtakes-sbi-in-market-capitalisation-as-parent-bajaj-finserv-gets-sebi-nod-to-start-mutual-fund-business/articleshow/85589491.cms">Bajaj Finance overtakes SBI in market capitalisation as parent Bajaj Finserv gets SEBI nod to start mutual fund business</a>

Cut the price or wait a bit ⁠— what the market is telling IPO aspirants

<ul><li>Tiger Global has invested in three B2B ecommerce platforms <keyword id="8032183" type="General" weightage="20" keywordseo="infra-market" source="Orion">Infra.Market</keyword>, <keyword id="3119222" type="General" weightage="20" keywordseo="moglix" source="Orion">Moglix</keyword> and <keyword id="3259676" type="General" weightage="20" keywordseo="Ofbusiness" source="Orion">OfBusiness</keyword> this year.</li><li>The three players compete with each other in this sub segment of B2B, but the intricacies of their businesses are quite different.</li><li>OfBusiness is a tech-enabled platform that enables small and medium enterprises (SMEs) with procurement of raw materials and credits.</li></ul>OfBusiness, which allows businesses to purchase bulk orders from sellers online, has doubled its valuation to $3 billion in a $207 million fresh funding round led by Tiger Global. The company was valued at $1.5 billion in July, when it raised $160 million from SoftBank, Falcon Edge and Matrix Partners. Softbank, along with Falcon Edge-managed Alpha Wave Incubation, also participated in the latest round with an infusion of $43 million. New York-based Tiger Global — which is also an investor in other business-to-business (B2B) marketplaces Infra.Market and Moglix — has infused $150 million in the New Delhi-based startup. It is likely to infuse another $15-20 million in the coming round. This is the third major funding round closed by OfBusiness this year. In April this year, the company <a href="https://www.businessinsider.in/business/startups/news/sme-financing-platform-ofbusiness-raises-110-million-from-falcon-edge-capital-valuation-hits-800-million/articleshow/81962626.cms">had raised $110 million</a> led by Falcon Edge Capital at a valuation of $800 million. Interestingly, this is also the third unicorn investment made by Tiger Global in the B2B ecommerce space. Infra.Market, Moglix and OfBusiness are competitors in this sub segment of B2B, but the intricacies of their businesses are quite different. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></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;">Focus area </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;">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;">Infra.Market </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;">Construction material </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;">$2.5 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;">OfBusiness </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;">Manufacturing and infrastructure development material </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 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;">Moglix </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;">Industrial and home products </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;">$1.33 billion </td></tr></tbody><tbody></tbody></table> The nearly $3 billion worth <keyword id="6357316" type="General" weightage="20" keywordseo="udaan" source="Orion">Udaan</keyword>, too, is a <a href="https://www.businessinsider.in/business/startups/news/udaan-fires-half-its-contract-employees/articleshow/75357229.cms">prominent player </a>in the B2B ecommerce space. It helps small businesses to procure products — across categories like electronics, home and kitchen, staples, fruit and vegetables, and more — at lower prices. <keyword id="7466761" type="General" weightage="20" keywordseo="zetwerk" source="Orion">Zetwerk</keyword> — valued at $1.33 billion — entered the unicorn club this year, when it raised $150 million in a round led by D1 Capital. It focuses on online sale of manufacturing material. What is OfBusiness up to? Founded by Asish Mohapatra, Bhuvan Gupta, Vasant Sridhar, Ruchi Kalra and Nitin Jain in 2015, the New Delhi-based startup is a tech-enabled platform that enables small and medium enterprises (SMEs) with procurement of raw materials and credits. It has a separate entity, NBFC Oxyzo Financial Services, to offer financing solutions to SMEs. This entity has a loan book of $240 million, with 5,000 borrowers to the list. The company claims to be at an annual revenue run-rate of $1.4 billion. It further plans to increase this with expansion of its operations and acquisition of other businesses, Mohapatra <a href="https://economictimes.indiatimes.com/tech/funding/ofbusiness-valuation-doubles-to-3-billion-after-tiger-global-led-funding/articleshow/86645251.cms">told</a> The Economic Times. It claims to be underway to close several such acquisitions. The company competes with platforms like Moglix, Infra.Market, Zetwerks and others on the B2B ecommerce business fronts. In SME lending, it is competing with other platforms like BharatPe, LendingKart, Aye Finance and many others. OfBusiness, along with its B2B ecommerce rivals mentioned above, are among the 28 startups that entered the unicorn club this year, with a valuation of over $1 billion. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/paras-defence-maruti-suzuki-airtel-vodafone-idea-and-other-top-stocks-to-watch-out-for-on-october-1/slidelist/86670108.cms" data-type="tilCustomLink">Paras Defence, Maruti Suzuki, Airtel, Vodafone Idea and other top stocks to watch out for on October 1</a> <a href="https://www.businessinsider.in/stock-market/news/paras-defence-space-tech-ipo-continues-to-demand-a-premium-of-200-in-grey-market/articleshow/86663834.cms" data-type="tilCustomLink">Paras Defence &amp; Space Tech IPO continues to demand a premium of ₹200 in grey market</a> <a href="https://www.businessinsider.in/business/startups/news/ola-electric-raises-200-million-from-softbank-falcon-edge-at-valuation-of-3-billion/articleshow/86649236.cms">4-year old Ola Electric is now worth over a half of its older sibling Ola</a>

Tiger Global is now an investor in three of the five B2B ecommerce unicorns in India

<ul><li>As per regulatory filings, <keyword id="11893133" type="UNKNOWN" weightage="20" keywordseo="oyo" source="Orion">OYO</keyword> has allotted 5 equity shares and 80 preference shares to Microsoft.</li><li>The round is said to be a precursor to its upcoming $1.2 billion initial public offering (IPO).</li><li>Last month, OYO raised $660 million in debt to repay its past debt and strengthen product technology.</li></ul>Global tech giant Microsoft has invested $5 million in hotel and hospitality business OYO, reportedly at a valuation of $9.6 billion. This investment is likely to be part of a larger round that may see more infusion from Microsoft in the near future. As per media reports published in July 2021, Microsoft was looking to make a strategic <a href="https://economictimes.indiatimes.com/tech/startups/microsoft-finalises-strategic-investment-in-oyo-at-9-billion-valuation/articleshow/84872260.cms">investment</a> for an undisclosed amount in the Softbank-backed company as a precursor to its upcoming initial public offering (IPO). According to regulatory filings, OYO has alloted 5 equity shares and 80 preference shares to <keyword id="11904246" type="UNKNOWN" weightage="20" keywordseo="microsoft-corporation" source="Orion">Microsoft Corporation</keyword> at an issue price of $58,490 per share as a part of its Series F2 round. This aggregates to $5 million. The development was first <a href="https://entrackr.com/2021/08/exclusive-microsoft-invests-5-mn-in-oyo-at-9-6-bn-valuation/">reported </a>by Entrackr. Business Insider has reached out to OYO seeking more information on the development. OYO was founded in 2013 by <keyword id="11904245" type="UNKNOWN" weightage="20" keywordseo="ritesh-agarwal" source="Orion">Ritesh Agarwal</keyword>, who is the<a href="https://www.livemint.com/companies/people/oyo-s-ritesh-agarwal-is-the-world-s-second-youngest-self-made-billionaire-11582782072380.html"> second youngest</a> self-made billionaire in the world after American model and entrepreneur Kylie Jenner. The Gurugram-based company has a network of over 100,000 small hotels and home owners spread across 800 cities in 8 countries. It has raised about $4 billion to date from marquee investors like Fidelity Investments, Airbnb, Citadel and more. In March 2021, the company raised <a href="https://www.businessinsider.in/business/news/oyos-valuation-climbs-again-hits-9-billion-after-its-latest-fundraise-of-7-million/articleshow/81344769.cms">$7 million</a> from Hindustan Media Ventures at a valuation of $9 billion. The deal was a part of OYO’s Series F1 round. Last month, OYO raised <a href="https://www.businessinsider.in/business/startups/news/oyo-gets-660-million-relief-from-investors/articleshow/84471112.cms">$660 million</a> in debt from undisclosed institutional investors to repay its past debts, strengthen balance sheets and boost product technology. "OYO is well capitalised and on the path of achieving profitability. Our two largest markets have demonstrated profitability at the slightest signs of industry recovery from the COVID-19 pandemic," the company’s chief financial officer Abhishek Gupta had said. As per media reports, OYO has <a href="https://www.businessinsider.in/business/startups/news/oyo-takes-first-step-towards-a-1-2-billion-ipo/articleshow/85176310.cms">kickstarted </a>its $1.2 billion IPO process as well. The company has shortlisted investment banks JP Morgan, Kotak Mahindra Capital and Citi for this public issue. The eight-year-old startup is expected to add more bankers as the IPO process matures. OYO’s IPO is likely to be a mix of primary and secondary shares, giving partial exit to a few of its investors. <keyword id="11893847" type="UNKNOWN" weightage="20" keywordseo="softbank" source="Orion">SoftBank</keyword>, Sequoia Capital, Lightspeed India, airbnb, Didi Chuxing and Grab are a few of the investors in OYO. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/cred-launches-peer-to-peer-lending-option/articleshow/85477419.cms">Credit card payments company CRED launches peer-to-peer lending option for its 7.5 million users</a> <a href="https://www.businessinsider.in/business/startups/news/oyo-is-looking-to-hire-over-300-engineers-in-the-next-6-months-to-clear-path-to-profitability/articleshow/85456655.cms">OYO is looking to hire over 300 engineers in the next 6 months to clear ‘path to profitability’</a> <a href="https://www.businessinsider.in/business/startups/bharatpe-raises-200-million-in-debt-funding/articleshow/85454232.cms">BharatPe raises $200 million in debt to build a loan book of $1 billion by March 2020</a>

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