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New Delhi: The <keyword id="21833060" type="General" weightage="20" keywordseo="Fintech-ecosystem" source="keywords">Fintech ecosystem</keyword> of the country now cumulatively valued at over USD 100 billion, is at a pivotal stage of evolution, with the potential to create two to three times its current value over the next decade, as per a report by <keyword id="20058186" type="General" weightage="20" keywordseo="BCG" source="keywords" meta.keywordsubtype="org" meta.entityname="BCG" meta.hostid="269" meta.entityid="BCG">BCG</keyword> and Z47. The report highlighted that India remains one of the top three global Fintech destinations, with the ecosystem witnessing exponential growth across all levels. It added that over the past four years, the number of <keyword id="22974213" type="General" weightage="20" keywordseo="Minicorns" source="keywords">Minicorns</keyword> (valuation at least USD 1 million but less than USD 1 billion) in the country has increased by 3.5 times, while the number of <keyword id="19944451" type="General" weightage="100" keywordseo="Unicorns" source="keywords">Unicorns</keyword> and Soonicorns (startup that is growing quickly and has the potential to become a "unicorn" valued at USD 1 billion) has tripled. The report noted that in 2023, the country's Fintech market achieved a revenue size of USD 25 billion, marking a 56 per cent year-on-year growth which is a remarkable contrast to the global Fintech growth rate of just 13 per cent during the same period. However, the report also added that despite generating over USD 100 billion in value within the last decade, Indian Fintechs are still considered to be in the "middle" phase of their development, especially when compared to traditional incumbents who have created USD 600 billion+ in value over 30 to 50 years. The report mentioned that now the growth and the further expansion of the fintech ecosystem in the country is expected to come from the Tier 2 cities where majority of the Indian population resides. "With 63 per cent of the Indian population outside the top cities, huge opportunity exists to serve Bharat with next wave of penetration expected to come from Tier 2 cities" the report added. As Fintechs mature, profitability has become a central focus across the sector, with over 40 per cent of founders and CXOs (Chief Experience Officers) prioritizing unit economics alongside market expansion. Those preparing for or currently undergoing the IPO process are increasingly emphasizing governance, investment in infrastructure, and security. The report noted that in a recent survey of over 60 executives from top Fintechs, the majority cited market share expansion and growth as key priorities, especially for early and growth-stage companies. Post-IPO stage Fintechs, however, are placing greater emphasis on profitability and investments in technology, infrastructure, and security. "Mature Fintechs preparing for or in the IPO journey are emphasizing governance, investment in infrastructure, security Across survey of 60+ Executives of top Fintechs, market share expansion &amp; growth emerged as priorities for early and growth stage" added the report. Notably, the report stated that the profitability outlooks are improving year-on-year across all segments, with Neobank and InsurTech showing the most significant positive shifts since 2022. However, the industry is not without its challenges, particularly in the realm of cybersecurity. Over the past two decades, more than USD 20 billion has been lost to cyber and digital attacks.

Minicorns, Unicorns tripled in USD 100 billion Indian fintech ecosystem: BCG, Z47

<ul class="summary-list"><li>Buy-now, pay-later firm Klarna has filed draft registration documents for an IPO in the US.</li><li>The Swedish firm has not confirmed the price range and number of shares it will offer. </li></ul>Swedish fintech giant Klarna has filed documents for its highly anticipated initial public offering in the US.Klarna announced Tuesday that it confidentially submitted draft registration documents to the Securities and Exchange Commission.The buy-now, pay-later firm said it expects the IPO to take place once the SEC has completed its review, and the timing would be subject to market conditions. It added that the price range and number of shares it will offer have not yet been determined.Klarna, which offers short-term financing to customers online and in stores at checkout, raised $1 billion in March 2021. Three months later, it raised a further $639 million at a $45.6 billion valuation, making it Europe's most valuable startup at the time.That same year, Klarna looked to capitalize on its <a target="_blank" href="https://www.businessinsider.com/klarna-ceo-sebastian-siemiatkowski-interview-buy-now-pay-later-retail-2020-10">rapid growth in the US</a> as online shopping boomed during the pandemic. It started investing 10 times more in marketing in the US in 2021 compared with the two years prior, <a target="_blank" href="https://www.businessinsider.com/cmo-of-10-billion-startup-klarna-lays-out-marketing-strategy-2021-2">Business Insider previously reported</a>, spending $5.5 million alone on a 30-second Super Bowl advert.But its valuation fell to $6.7 billion in 2022 during a wider market downturn for startups. In February, Bloomberg reported that<a target="_blank" href="https://www.bloomberg.com/news/articles/2024-02-27/klarna-said-to-sound-out-banks-for-us-ipo-at-20-billion-value"> Klarna was in talks with banks to go public in the US</a> at a $20 billion valuation.Klarna's public listing plans follow a period of muted tech IPO activity. It also continues a trend of IPO "brain drain" from Europe to the US, said Navina Rajan, senior EMEA private capital analyst at PitchBook. "For Klarna more specifically, the choice falls in line with the company's focus on US expansion," Rajan added. "Furthermore, the less scrutiny on profitability for tech companies seen in the US may also help alleviate cost pressures caused by expansion. "That being said, profitability is something that they have been cited to be near to achieving, which falls in line with broader trends we're seeing in the nature of IPOs that are taking place." Klarna also appears to be seeking to expand beyond its core BNPL business. It recently <a target="_blank" href="https://www.businessinsider.com/klarna-stock-trading-robinhood-bnpl-app-ipo-2024-10">advertised four internal jobs to help build a product</a> that lets customers buy and sell stocks through its app.The company posted on an internal Slack channel last month, seen by BI, that it is hiring a team to build a tool resembling Robinhood's trading platform.A spokesperson for Klarna told BI at the time that it "continuously explores new product concepts" and that it "does not mean that such a product will eventually go to market."Do you work for Klarna? Got a tip? Contact the reporter, Jyoti Mann, via the encrypted messaging app Signal at jyotimann.11 or via email at <a target="_blank" href="mailto:jmann@businessinsider.com">jmann@businessinsider.com</a>. Reach out through a nonwork device.

Buy-now, pay-later giant Klarna files for IPO in the US

<ul class="summary-list"><li>SoftBank reported a $7.7 billion quarterly profit on Tuesday after a loss last year.</li><li>Gains in its tech bets come as it prepares to invest further in AI and eyes future IPOs.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/masayoshi-son-softbank-gambling-man-lionel-barber-technology-2024-9">SoftBank's</a> bets on AI and timely public listings have helped it post its biggest profits for two years, a year after posting losses in the billions.The Japanese technology conglomerate swung to a 1.18 trillion yen ($7.7 billion) profit on Tuesday. For the same period last year it reported a 931.1 billion yen ($6 billion) loss. Masayoshi Son's company — once associated with its notorious <a target="_blank" class="" href="https://www.businessinsider.com/weworks-nightmare-ipo">failed bet on WeWork</a> and other lossmaking startups — pointed to gains made across its Vision Funds, its huge investment vehicles with both public and private holdings in tech companies.Gains for its Vision Fund 1, a $98.6 billion investment vehicle launched in 2016 with backing from Abu Dhabi and Saudi Arabia's sovereign wealth funds, totaled $3 billion in the second quarter. It reported strong performances in listed companies in its portfolio, such as Didi Chuxing, a Chinese version of Uber.Navneet Govil, chief financial officer at <a target="_blank" class="" href="https://www.businessinsider.com/inside-softbank-vision-funds-awful-year-former-employees-rival-vcs-2022-12">SoftBank's Vision Funds</a>, told Business Insider that "macro tailwinds" such as US interest rate cuts and stimulus measures in China helped its public portfolio.Vision Fund 2, which made a $500 million investment in OpenAI last month, made a $900 million investment gain in the quarter due to growth in privately held portfolio companies such as Revolut.The UK-based fintech giant, which has won banking licenses in the UK and Mexico in recent months, is now valued at $45 billion. SoftBank invested in Revolt in 2021, when it was worth $33 billion.<h2 id="18d37cf2-1aaf-4020-8453-aa9f8c4b8cca">Tailwinds for IPO activity </h2>Listings in India of companies like Ola Electric have also provided a boost for SoftBank.Govil said SoftBank saw opportunities to realize future gains from IPOs after a period of stagnancy, adding that "rate cuts in the US and elsewhere are constructive developments because they effectively lower the cost of capital and provide a good tailwind for IPO activity."He continued: "We have a late-stage portfolio that's now valued at about $34 billion and some really high-quality companies which are leaders in their respected industries, from ByteDance to PayPay to Fanatics. They will all list when the time is right."Despite the investment gain, Vision Fund 2 has lost an overall total of $21 billion since its inception. The fund has been forced to grapple with a tougher interest rate environment in recent years and a slow <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/recent-upcoming-ipo-processes-stock-market-impact-outlook-reddit-astera-2024-4">IPO market.</a>The results come as SoftBank gears up for a huge investment spree in AI to realize Son's ambitious vision. Last month at SoftBank World — its annual customer event — the founder and CEO said he <a target="_blank" class="" href="https://group.softbank/en/event/earnings_2024q2?utm_source=pressmail&amp;utm_medium=email&amp;utm_campaign=press1112#webcast02">hoped to achieve "artificial superintelligence"</a> within a decade.The 67-year-old Son, who made his original fortune with a timely bet on Alibaba, is hoping to create outsize returns in the generative AI era. He has already bet on buzzy companies such as Perplexity and chip firms trying to rival Nvidia, such as Graphcore and Arm.

SoftBank is betting on AI and an IPO revival after swinging to a $7.7 billion profit

<ul class="summary-list"><li>Louis Lehot, a Silicon Valley law-firm partner, specializes in taking companies from startup to IPO.</li><li>Lehot gave his suggestions for how to prepare, like hires to make and risks to consider pre-IPO.</li></ul>The IPO market is expected to pick up later this year, so Business Insider emailed Silicon Valley lawyer Louis Lehot, a partner at Foley &amp; Lardner, for advice on how startups should prepare for life as public companies.Lehot has more than 25 years of experience advising businesses, financial sponsors, venture capitalists, investors, and investment banks on topics including equity offerings, mergers, acquisitions, and spinoffs. His work often involves helping startups prepare for initial public offerings.The following has been edited for brevity.What's the environment like for IPOs?2023 was the toughest year for IPO activity in more than two decades. The IPO outlook for the second half of 2024, or at least the first half of 2025, can only get better.Riskier assets, such as Bitcoin, have rebounded strongly, suggesting risk appetite is a lot higher. The Fed is expected to make at least one rate cut later this year. The after-market performance of some recent IPOs has been stronger. Earnings reports from public companies are improving.There's a substantial backlog of companies preparing to go public as soon as the window opens, and the outcome of important federal and state election races should bring greater clarity.Which sectors are most likely to be successful in an IPO?<ul><li>Healthcare and Biotech: These companies go public as part of their venture financing path, often before they have a product in the market. As a result, they are heavily risk-driven, and the opportunity to make alpha with smaller amounts of capital invested is real. If risk appetite is truly back, we can expect investors to pile into biotech, life sciences, and medical device IPOs. New tech, enabled by CRISPR and AI, should increase the speed and accuracy of clinical trials.</li><li>Green Energy: As the effects of climate change spread, we expect industrial policy to favor renewable energy companies and the ecosystem that they enable, maybe even nuclear energy. Renewables and related technologies are gaining traction with a growing focus on sustainability.</li><li>Enterprise software and fintech: There's a solid backlog of late-stage private companies whose venture capital and private equity investors require a public market exit to return capital to limited partners and raise new funds. As a result, we expect a bumper crop of enterprise software (B2B solutions, cloud services, and cybersecurity) and fintech companies (digital banking, payments, and financial services) to come to market when the window opens later this year or next.</li></ul>Are public market investors generally keen to invest in IPOs, or are they focused elsewhere?Public market investors are selective, focusing on established profitability and sustainable growth over speculative, high-growth stories. Many investors are diverting their attention to safer, more predictable assets due to market volatility and economic concerns.What are IPO investors expecting in the current climate?<ul><li>Profitability, or a clear path to profitability: Unlike previous periods focused solely on growth, profitability is now critically correlated to a successful IPO.</li><li>Sustainable revenue growth: Consistent and predictable growth trajectories</li><li>Robust metrics: Strong KPIs and unit economics</li><li>Valuation discipline: More conservative valuations compared to the frothy markets of past IPO booms</li></ul>Should tech startups want to go public right now?If you have a choice, you stay private.For example, if you're the CEO of a successful startup with more than $100 million in revenue that's growing in excess of 30% at over 40% gross profit margins, every door is open to you.There's ample private capital to finance your company's scaling needs. There is likely a robust secondary market for your personal shares if you need to take some chips off the table. You have no obligation to report your compensation and equity holdings publicly or your company's quarterly results, much less live under the public microscope and the constant glare of Wall Street analysts who are focused on reporting on any short-term event that might drive trading.Fringe benefits include more control over business decisions, fewer regulatory requirements, and the ability to focus on long-term growth.The choice is not even close. Any CEO-founder would want to stay private. Look no further than the example of the <a target="_blank" class="" href="https://www.businessinsider.com/how-collison-brothers-built-stripe-most-valuable-us-startup-2021-3">Collison brothers at Stripe</a>.However, the characteristics that drive a transformational CEO-founder to achieve this level of commercial success are not necessarily driven by the same logic.The vision of a transformational CEO extends far beyond the perceived short-term benefits of a quick exit. I'm surrounded by mission-driven CEO's with the burning ambition to achieve global market ubiquity, which usually means an IPO is a necessary step on their long road.What are the most important hires to make before an IPO?<ul><li>Chief Financial Officer: A CFO with public company experience is crucial for navigating financial reporting and investor relations.The CFO of a public company is the first or second line of communication with Wall Street, key long-term investors, auditors of your financial statements, and financial regulators. In addition, the finance department will quickly need someone who can manage internal controls over financial reporting and write public financial reports. This person is usually a "controller."The CFO will also need someone who can forecast, model, and plan ahead and ensure that the company, when going public and forever thereafter, accurately telegraphs its future performance on a forward-looking, one-quarter, and one-year-ahead basis. This is usually a vice president for forecasting, planning, and analysis, or FP&amp;A. For larger public companies, a chief accounting officer is also on the road map.</li><li>General Counsel: Whereas 20 years ago, a general counsel was not hired until just before an IPO, nowadays, a company with $10 million of revenue or more may consider hiring a head of legal in-house to control costs, particularly for rote, repeatable tasks. But an IPO puts the company under a microscope of regulatory, investor, employee, and public scrutiny where the stakes get large enough that an experienced general counsel is usually hired, and if large enough to support the cost, even a deputy general counsel for securities law compliance to manage the more hours intensive processes of making the company ready for IPO and maintaining compliance thereafter.</li><li>Investor Relations Officer: About a year ahead of the big day, a forward-thinking CFO will try to hire a vice president of investor relations who has been through the process of managing a syndicate of analysts before, during, and after an IPO. Particularly for larger companies who garner analyst coverage from six or more sell-side and buy-side analysts, making sure the analysts are getting adequate information to build quality models will ensure higher quality coverage and greater liquidity for the company once public, which is a critical indicator of success.</li><li>Audit Committee Chair: While a pre-IPO company will seek to hire a majority-independent board of directors, the audit committee chair is one key role to fill on the board.The audit committee chair is usually a former CFO who has deep knowledge of the IPO process and the interplay of a board of directors and its independent registered public accounting firm, which is a critical relationship at every stage of an IPO and beyond.The audit committee's role is to oversee the production and auditing of the financial statements and the financial integrity of the company's public disclosures and compliance with regulatory standards. The audit committee chair will want to make sure there are at least two other directors who can serve independently on the audit committee who are financially literate and expert enough to assist them.</li></ul>What are the biggest changes startups must go through to be IPO-ready?To consider a successful IPO, a tech company will need to have line of sight to $100 million in revenue with eight quarters of historical growth and line of sight to eight quarters in the future of predictable growth. For a tech business, annual growth in GAAP revenue will need to be in excess of 20% (and ideally double this amount) at gross margins of 40% or more. These are herculean feats that few businesses will ever achieve.There also has to be some other ingredient, which some call the "sizzle," to inspire long-term fundamental investors to believe that growth can be significantly greater than what the models show over the next eight quarters.Historically, that sizzle could be explained by exposure to international markets that would be enabled by the scaling capital provided by the IPO.Today, revenue from a US tech business may well be evenly split between US and international markets from the outset, so the "sizzle" will need to come from planned advances in technology, new product releases, and new product enhancements that will unlock new and significant branches of growth.What are the key process changes companies need to make ahead of an IPO?<ul><li>Leveling up the company's financial reporting function: Enhanced accuracy and transparency in financial statements is an absolute necessity, both historically and forward-looking for eight quarters in both directions.</li><li>Corporate governance: Companies need to recruit an experienced, independent, and supportive board that can provide wisdom to management during the IPO process and beyond.</li><li>Operational scalability: Ensuring systems and processes can support growth and compliance requirements. Have you installed a world-class ERP software system? Do you have a contract management system and CRM software? Do they all work together?</li><li>Compliance and risk management: Implementing robust controls to meet regulatory standards is a playbook that a new CFO and new General Counsel can implement with the help of outside advisors.</li></ul>

How startups can get in top shape for an IPO, according to Silicon Valley lawyer Louis Lehot

<ul><li>Fintech firm Fino Payments Bank will open its IPO on October 29 and close on November 2.</li><li>The firm is looking to raise ₹1,200 crore through the public listing including an offer for sale worth ₹900 crore.</li><li>The company claims to be the first profitable payments bank to hit the Indian stock market.</li></ul>The Navi Mumbai-based fintech company Fino Payments Bank will be the first payments bank to get listed on the stock exchanges, that too while making profits. The company claims to be the first profitable player in the payments bank space to hit the Indian stock market. Paytm is another payments bank firm in line to get listed soon. Although Paytm has received SEBI’s nod, it is yet to announce dates to launch its initial public offering (IPO). “We are the only scheduled payment bank, which is profitable, we have set up the bank on very low capital,” said Rishi Gupta, managing director and chief executive officer (CEO) of the payment bank. Paytm is one strong competitor for the firm, but its drawback is it is still making losses while Fino Payments Bank has turned profitable in FY21. Paytm reported a loss of ₹1700 crore in FY21. Fino Payments Bank has been operational for over four years now. The payment bank offers a diverse range of financial services including current account and savings account (CASA), micro ATMs, Aadhaar enabled payment system (AePS) transactions, domestic remittances etc., that are primarily digital. <div type="image" title="fino chart 3" height="900" width="1200" msid="87280392" hostid="261"></div> The bank operates through over 6.41 lakh merchants’ network, 143 customer service points and 54 branches across pan India. The bank focuses on the unserved and underserved population, especially in rural and semi-urban areas where financial inclusion is required. The company earns revenue through fees and commissions from its merchant network and strategic commercial relationships. Although Fino is a profitable firm, it has a long way to go in comparison to market leader Paytm Payments Bank that has 100 times more merchant clients. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></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;">Particulars </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;">Fino Payments Bank </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;">Paytm Payments Bank </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;">Total merchants </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;">6.41 lakh </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;">6.4 crore </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;">Total deposits </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;">₹2,870 crore </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;">₹5,200 crore </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;">Total income </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;">₹790 crore </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;">₹2,800 crore </td></tr></tbody></table> Further, analysts say that Fino Payments Bank could be eligible for a small finance bank licence within one year, which would open more growth opportunities. A report by B &amp; K Securities said that, “The bank has already completed over 4 years as a payment bank and hence it could become eligible for a small finance bank licence within next 1 year, which would open altogether different growth avenues.” <keyword id="6515163" type="General" weightage="20" keywordseo="fino-payments-bank-ipo" source="Orion">Fino Payments Bank IPO</keyword> to open this week The IPO of the company will open on October 29 and close on November 2. The company is looking to raise ₹1,200 crore through public listing including ₹900 crore through an offer for sale of 1.56 crore shares and ₹300 fresh issue of 52 lakh shares. The price band of the IPO is set at ₹560-577 per share. Promoter Fino Paytech will sell 52 lakh shares in the IPO. The bank plans to utilise the net proceeds from the fresh issue towards augmenting its tier-I capital base to meet its future capital requirements. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Issue details </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;"> </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Price band </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹560 to ₹577 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO open date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">October 29 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO close date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">November 2 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Allotment date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">November 9 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Initiation of refunds </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">November 10 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Credit of shares to demat account </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">November 11 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO listing date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">November 12 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Minimum lot </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">25 </td></tr></tbody></table> SEE ASLO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/sanjiv-goenka-makes-a-billion-dollar-comeback-to-the-worlds-biggest-t20-stage/articleshow/87277384.cms">Sanjiv Goenka makes a billion dollar comeback to the world's biggest T20 stage</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/after-raising-2-billion-since-2020-byjus-is-now-looking-to-raise-another-500-million-in-debt-to-acquire-more-businesses/articleshow/87276471.cms">After raising $2 billion since 2020, Byju’s is now looking to raise another $500 million in debt to acquire more businesses</a>

Fino Payments Bank will be the first fintech startup in India to get listed on the bourses and it is profitable

<ul class="summary-list"><li>2023 was expected to be the year of the return of the tech IPO.</li><li>However, few startups went public, and multiple companies delayed their public offerings.</li></ul>2023 was projected to be the <a target="_blank" href="https://www.businessinsider.com/instacart-klaviyo-profitable-lead-tech-ipo-revival-2023-8">return of the tech IPO</a> as startups began returning to the stock market after years of pandemic-era volatility.But while companies including Instacart and Klaviyo filed to go public this year, their <a target="_blank" href="https://www.businessinsider.com/understanding-instacarts-ipo-flop-grocery-business-hard-2023-9">lukewarm debuts</a> dashed investors' dreams that 2023 would see the IPO boom they had hoped for.Business Insider previously reported that some <a target="_blank" href="https://www.businessinsider.com/2024-tech-trends-predictions-top-vcs">venture capitalists</a> remain skeptical about whether 2024 will bring a stable enough market to springboard the launches of new tech IPOs. However, others in the financial space think the Fed's promised rate cuts and a weak M&amp;A market will create the perfect circumstances for companies that have pushed off their IPOs to go public next year."The outlook is merry and bright for the 2024 IPO market," Lise Buyer, founder of the IPO consultancy Class V Group, told <a target="_blank" href="https://www.barrons.com/articles/tech-ipo-outlook-2024-d6a4b40b">Barron's</a>.Buyer told the outlet that some venture-backed companies, strapped for cash, may view an IPO as "an increasingly appealing option" and that "renewed, albeit meaningfully slower growth, coupled with last year's expense rationalization/control leaves many with a genuine path to believable profitability."Here are five much-anticipated IPOs that could finally be ready to debut next year:<h2>Discord</h2>The social messaging platform has been the subject of IPO rumors since the end of 2021 when the company reportedly turned down a <a target="_blank" href="https://markets.businessinsider.com/news/stocks/7-potential-ipos-in-2022-discord-opensea-impossible-foods-and-more-1031069950">$10 billion buyout offer</a> from Microsoft. Discord, widely expected to launch its IPO this year, was valued at $15 billion in a 2021 funding round — though it remains unclear if the company would hit that valuation in a potential 2024 IPO, given market fluctuations.<h2>Reddit</h2>Reddit began making preparations to go public early last year. Business Insider previously reported the social media company hoped to debut its IPO at a <a target="_blank" href="https://www.businessinsider.com/reddit-openai-chatgpt-ipo-valuation-karma-2023-6">$15 billion valuation</a>. Still, market volatility caused the company to push back the public launch. According to <a target="_blank" rel=" nofollow" href="https://www.bloomberg.com/news/articles/2023-11-27/reddit-leads-class-of-2024-us-ipo-candidates-testing-the-water">Bloomberg</a>, the company is now eyeing a first-quarter IPO in 2024 and courting potential investors like Goldman Sachs and Morgan Stanley.<h2>Chime</h2>According to <a target="_blank" href="https://www.reuters.com/business/exclusive-chime-lines-up-goldman-sachs-blockbuster-ipo-sources-2022-01-21/#:~:text=The%20financial%20technology%20startup%20will,valuation%20of%20nearly%20%2440%20billion.">Reuters</a>, Chime, the digital, fee-free banking company valued at $25 billion in a 2021 funding round, hired Goldman Sachs in 2022 to advise on an IPO. The digital bank denied it had immediate plans for a public debut but may have been simply waiting out the frozen market.<h2>Stripe</h2>In January of this year, The Wall Street Journal reported that fintech startup Stripe publicly <a target="_blank" href="https://www.wsj.com/articles/stripe-sets-one-year-timetable-to-decide-on-going-public-11674749304">announced a one-year timetable</a> to decide whether to go public — and we're coming up on the deadline. The company, valued in 2021 at $95 billion, raised $6.5 billion in March of this year with a lower, though not insignificant, valuation of $50 billion.<h2>Klarna</h2>Klarna is "pretty much ready" for an IPO, <a target="_blank" href="https://www.cnbc.com/video/2023/11/12/klarna-is-pretty-much-ready-for-an-ipo-ceo-says.html">CNBC</a> reported CEO Sebastian Siemiatkowski said last month after recording the company's first profitable quarter since 2019. Though the buy-now, pay-later firm's valuation plummeted from $45.6 billion to $6.7 billion in 2022, Business Insider reported Siemiatkowski said he was <a target="_blank" href="https://www.businessinsider.com/klarna-ceo-on-profitability-ipo-and-us-market-push-2022-12">waiting for a "sane market"</a> before launching a public offering.

5 tech IPOs to watch for in 2024

<ul><li>Thousands lost their jobs amid a deepening funding winter in 2022 amid massive layoffs by the tech companies.</li><li>According to a PwC <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> report, startup funding in India hit a two-year low at $2.7 billion in the third quarter of 2022.</li><li>Seed stage rounds also experienced a contraction and dropped by 38 per cent as compared to the previous year.</li></ul> Indian startups, which saw a massive 35 per cent drop in funding in 2022 -- from $37.2 billion in 2021 to $24.7 billion (till November) -- are bracing themselves for a deepening funding winter in 2023 as recession fears loom. Although some startups, like fintech platform <keyword id="6557529" type="General" weightage="50" keywordseo="kreditbee" source="Orion">KreditBee</keyword> ($200 million), Foodtech platform HealthKart ($135 million) and HRtech software-as-a-service (SaaS) platform BetterPlace ($40 million), raised decent funds in December last year and in the beginning of January, the scene overall is grim as VC money has squeezed. Thousands lost their jobs amid a deepening funding winter in 2022 amid massive layoffs by the tech companies, which still continues. According to a PwC India report, startup funding in India hit a two-year low at $2.7 billion in the third quarter of 2022. In 2022, the significant drop in funding was attributed to a decline in late-stage investments, which fell by 45 per cent from $29.3 billion in January-November 2021 to $16.1 billion for the same period this year, according to data provided by <keyword id="2779670" type="General" weightage="80" keywordseo="tracxn" source="Orion">Tracxn</keyword>, a leading global market intelligence platform. Seed stage rounds also experienced a contraction and dropped by 38 per cent as compared to the previous year. The report said that 22 startups entered the unicorn club in 2022, as compared to 46 in the previous year.The number of big ticket ($100 million and above) funding rounds dropped by 35 per cent to 55 as compared to 85 in the reported period. The number of funding rounds saw a drop of 30 per cent, from 2,647 last year to 1,841 this year, the report said. "The funding winter, which began in Q4 of 2021, will persist in 2023 as well. In order to survive the drought, startups are taking unit economics more seriously, which has been illustrated through the series of mass layoffs that have occurred this year," said <keyword id="520013" type="General" weightage="80" keywordseo="neha-singh" source="Orion">Neha Singh</keyword>, Co-Founder, Tracxn. "Although we are currently experiencing a slump, the situation is prompting startups to establish clearer and more sustainable paths to growth, as investors' evaluation metrics begin to emphasise good profitability over growth at all costs," Singh had said in a statement. The startup ecosystem's funding winter could last another 12 to 18 months and the industry may face "a lot of turmoil and volatility", Flipkart CEO <keyword id="6379357" type="General" weightage="80" keywordseo="kalyan-krishnamurthy" source="Orion">Kalyan Krishnamurthy</keyword> warned recently. According to <keyword id="12046361" type="General" weightage="80" keywordseo="shrijay-sheth" source="Orion">Shrijay Sheth</keyword>, Founder, Legalwiz.in, 2023 will continue to be the year of sustenance for most, and funders will continue to remain more cautious. "Both valuation multipliers and funding opportunities will go more conservative. Startups must build better units economics as opposed to expensive acquisitions driven growth channels. Geo-political issues, Global supply chain crisis and other macro issues are expected to prevail," he said. However, this also needs to be seen as a year where resilient, innovative and problem-solving entrepreneurs shall get an opportunity to stand out from the crowd. "As the macro environment gets tougher, we can expect some excellent business models to outshine the rest with high levels of innovation and frugality. Also, mostly the serious funding houses will prevail while we will see visitors in the VC world take a break," <keyword id="262579" type="General" weightage="80" keywordseo="sheth" source="Orion">Sheth</keyword> noted. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/there-is-a-link-between-drinking-sugary-sodas-and-hair-loss-says-beijing-based-study/slidelist/96796018.cms">There is a link between drinking sugary sodas and hair loss, says Beijing-based study</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/chaman-metallics-first-sme-ipo-of-2023-subscribed-197x/articleshow/96795916.cms">Chaman Metallics, first SME IPO of 2023, subscribed 197x</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/60-of-blue-and-grey-collar-jobs-go-to-freshers-with-tech-skills-billion-careers-report/articleshow/96795198.cms">60% of blue and grey collar jobs go to freshers with tech skills: Billion Careers report</a>

India's startup economy stares at deepening funding winter in 2023

Good morning and welcome to <keyword id="11420569" type="UNKNOWN" weightage="60" keywordseo="insider-finance">Insider Finance</keyword>. I'm Dan DeFrancesco, and here's what's on the agenda today:<ul><li>We spoke to 12 top fintech bankers about where their teams sit within the bank and the trends they are <a href="https://www.businessinsider.com/top-fintech-bankers-deals-ipos-morgan-stanley-goldman-sachs-citigroup-2021-6">most excited about in the space</a>. </li><li>How Jeff Sine built a career as a banker for corporate titans like <a href="https://www.businessinsider.com/jeff-sine-profile-bio-raine-group-softbank-deals-banker-masa-2021-5">Masayoshi Son and Rupert Murdoch</a>. </li><li>Credit Suisse <a href="https://www.businessinsider.com/michael-lattarulo-rejoining-deutsche-bank-leaving-credit-suisse-ig-trading-2021-6">loses yet another veteran credit trader</a>, but nabs a top <a href="https://www.businessinsider.com/credit-suisse-hired-hsbc-head-ig-bond-trading-truls-engebretsen-2021-6">credit-trading exec from HSBC</a>. </li><li><a href="https://www.businessinsider.com/goldman-sachs-office-us-staff-report-covid-vaccination-status-2021-6">Goldman Sachs</a> and <a href="https://www.businessinsider.com/wells-fargo-confidential-survey-us-employees-vaccination-status-covid-19-2021-6">Wells Fargo</a> both want to know their employees' vax status. </li></ul><a style="font-weight: bold;" href="http://newsletter.businessinsider.com/join/4np/insider-finance">If you're not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.</a>Like the <keyword id="621414" type="PERSON" weightage="60" keywordseo="Newsletter">newsletter</keyword>? Hate the newsletter? Feel free to drop me a line at <a href="mailto:ddefrancesco@businessinsider.com">ddefrancesco@businessinsider.com</a> or on Twitter <a href="https://twitter.com/dandefrancesco">@DanDeFrancesco</a>. <h3><a href="https://www.businessinsider.com/top-fintech-bankers-deals-ipos-morgan-stanley-goldman-sachs-citigroup-2021-6">12 top fintech bankers helping startups go public and make deals detail how they approach the sizzling market and the trends they're most excited about</a></h3><a href="https://www.businessinsider.com/top-fintech-bankers-deals-ipos-morgan-stanley-goldman-sachs-citigroup-2021-6"><div type="image" title="From left: Matthew Sharnoff of Bank of America, Jigar Patel of Morgan Stanley, Kelly Galanis of Goldman Sachs, and Tommaso Zanobini of Moelis &amp; Company with yellow 3D dollar signs behind them on a green background" height="1800" width="2400" msid="83429769" hostid="261"></div></a>Some of the industry's top fintech dealmakers gave us the scoop on the trends grabbing their attention.<a href="https://www.businessinsider.com/top-fintech-bankers-deals-ipos-morgan-stanley-goldman-sachs-citigroup-2021-6">Here is what excites them most.</a><h3><a href="https://www.businessinsider.com/jeff-sine-profile-bio-raine-group-softbank-deals-banker-masa-2021-5">The deal whisperer</a></h3><a href="https://www.businessinsider.com/jeff-sine-profile-bio-raine-group-softbank-deals-banker-masa-2021-5"><div type="image" title="Masayoshi Son, Rupert Murdoch, Jeff Stine, and Ari Emanuel with a WeWork office building on fire and The Raine Group logo patterned on a green background." height="1800" width="2400" msid="83429775" hostid="261"></div></a>Jeff Sine is an under-the-radar dealmaker who is quietly one of the most trusted advisors to SoftBank CEO Masayoshi Son, as well as other corporate titans like Rupert Murdoch and Ari Emanuel. <a href="https://www.businessinsider.com/jeff-sine-profile-bio-raine-group-softbank-deals-banker-masa-2021-5">Check out our profile on the unorthodox banker.</a><h3><a href="https://www.businessinsider.com/credit-suisse-hired-hsbc-head-ig-bond-trading-truls-engebretsen-2021-6">Credit Suisse has hired a credit-trading exec from HSBC after losing a whole team to the bank, as the battle over bond traders remains at a fever pitch</a></h3><a href="https://www.businessinsider.com/credit-suisse-hired-hsbc-head-ig-bond-trading-truls-engebretsen-2021-6"><div type="image" title="credit suisse" height="2400" width="3199" msid="83429780" hostid="261"></div></a>Credit Suisse has nabbed HSBC's Truls Engebretsen as a senior credit trader in the latest update on the war for talent. <a href="https://www.businessinsider.com/credit-suisse-hired-hsbc-head-ig-bond-trading-truls-engebretsen-2021-6">Here's what we know</a>.<h3><a href="https://www.businessinsider.com/michael-lattarulo-rejoining-deutsche-bank-leaving-credit-suisse-ig-trading-2021-6">Deutsche Bank hires a veteran credit trader from Credit Suisse as it looks to build momentum in investment-grade bonds</a></h3><a href="https://www.businessinsider.com/michael-lattarulo-rejoining-deutsche-bank-leaving-credit-suisse-ig-trading-2021-6"><div type="image" title="Deutsche Bank" height="1731" width="2308" msid="83429782" hostid="261"></div></a>Speaking of people moves in the credit space, Michael Lattarulo is on his way to the German lender. <a href="https://www.businessinsider.com/michael-lattarulo-rejoining-deutsche-bank-leaving-credit-suisse-ig-trading-2021-6">Find out more here</a>.<h3><a href="https://www.businessinsider.com/wells-fargo-confidential-survey-us-employees-vaccination-status-covid-19-2021-6">Wells Fargo is confidentially surveying US employees about their vaccination status ahead of a broader return to office in September</a></h3><a href="https://www.businessinsider.com/wells-fargo-confidential-survey-us-employees-vaccination-status-covid-19-2021-6"><div type="image" title="wells fargo" height="885" width="1180" msid="83429786" hostid="261"></div></a>Wells Fargo is asking employees to let the bank know if they've gotten the jab. <a href="https://www.businessinsider.com/wells-fargo-confidential-survey-us-employees-vaccination-status-covid-19-2021-6">Here's how, and why, the bank is collecting data</a>.<h3><a href="https://www.businessinsider.com/citi-ventures-fintech-tech-investing-arvind-purushotham-ai-machine-learning-2021-6">Citi Ventures is poised to have its biggest year yet. Its global head details how the firm is tackling growing competition.</a></h3><a href="https://www.businessinsider.com/citi-ventures-fintech-tech-investing-arvind-purushotham-ai-machine-learning-2021-6"><div type="image" title="Arvind Purushotham" height="2648" width="3530" msid="83429790" hostid="261"></div></a>We sat down with Citi Ventures' Arvind Purushotham, who told us how the firm's strategy is evolving as a result of increased competition. <a href="https://www.businessinsider.com/citi-ventures-fintech-tech-investing-arvind-purushotham-ai-machine-learning-2021-6">Take a look at what else he said.</a><h3><a href="https://www.businessinsider.com/hedge-funds-desperate-for-yield-microstrategy-crypto-bond-2021-6">Hedge funds piled into the first-ever junk bond tied to bitcoin to avoid 'high-yield FOMO'</a></h3><a href="https://www.businessinsider.com/hedge-funds-desperate-for-yield-microstrategy-crypto-bond-2021-6"><div type="image" title="GettyImages 1321733384" height="2000" width="2666" msid="83429794" hostid="261"></div></a>Software company MicroStrategy has raised $500 million in bonds that it will use to buy bitcoin. The deal, dubbed "hedge fund heavy," obtained about $1.6 billion in demand, and many hedge funds got in at the last minute to avoid feeling left out. <a href="https://www.businessinsider.com/hedge-funds-desperate-for-yield-microstrategy-crypto-bond-2021-6">Get the full rundown here.</a><h3><a href="https://www.businessinsider.com/katapult-financing-orlando-zayas-ceo-2021-3">Katapult is the latest fintech to go public during the buy now, pay later boom. CEO Orlando Zayas on how the pandemic fast-tracked the firm's plans despite him knowing zero about SPACs 9 months ago.</a></h3><a href="https://www.businessinsider.com/katapult-financing-orlando-zayas-ceo-2021-3"><div type="image" title="17 ADP_5624 (1)" height="683" width="910" msid="83429796" hostid="261"></div></a>Zayas shared how Katapult has thrived during the pandemic - starting with accepting customers who were rejected by other lenders. <a href="https://www.businessinsider.com/katapult-financing-orlando-zayas-ceo-2021-3">Here's what he told us.</a><h3><a href="https://www.businessinsider.com/goldman-sachs-office-us-staff-report-covid-vaccination-status-2021-6">Goldman Sachs has asked US employees to report whether they've had a COVID-19 shot by midday today</a></h3><a href="https://www.businessinsider.com/goldman-sachs-office-us-staff-report-covid-vaccination-status-2021-6"><div type="image" title="David M. Solomon, President and Co-Chief Operating Officer of Goldman Sachs, speaks during the Milken Institute Global Conference in Beverly Hills" height="2614" width="3485" msid="83429800" hostid="261"></div></a>It's mandatory for bankers to submit their vaccination status on an app, Goldman Sachs said in a memo seen by Insider. <a href="https://www.businessinsider.com/goldman-sachs-office-us-staff-report-covid-vaccination-status-2021-6">Here's what else the memo said.</a><h3><a href="https://www.businessinsider.com/cannabis-investment-firm-merida-capital-raising-250-million-2021-6">Prolific cannabis investment firm Merida Capital is raising $250 million for a new fund. Managing partner Mitch Baruchowitz shares why he's betting big on medical cannabis and the 'normalization' of the industry.</a></h3><a href="https://www.businessinsider.com/cannabis-investment-firm-merida-capital-raising-250-million-2021-6"><div type="image" title="Mitch Baruchowitz, Merida Capital Partners." height="3519" width="4692" msid="83429807" hostid="261"></div></a>Baruchowitz said the company is looking "to capture the largest component of cannabis' natural growth." <a href="https://www.businessinsider.com/cannabis-investment-firm-merida-capital-raising-250-million-2021-6">Read more from our interview with the managing partner.</a><h2>Odd lots:</h2><a href="https://www.bloomberg.com/news/articles/2021-06-09/online-broker-webull-is-said-to-consider-400-million-u-s-ipo?srnd=deals&amp;sref=5xrDvJnavJna">Online Broker Webull Considers $400 Million U.S. IPO (Bloomberg)</a><a href="https://www.bloomberg.com/news/articles/2021-06-09/interactive-brokers-to-offer-crypto-trading-in-coming-months?sref=5xrDvJna">Interactive Brokers to Offer Crypto Trading in Coming Months (Bloomberg)</a><a href="https://www.wsj.com/articles/coinbase-teams-up-with-401-k-provider-to-offer-crypto-11623317402?mod=hp_lead_pos2">Cryptocurrency Comes to Retirement Plans as Coinbase Teams Up With 401(k) Provider (WSJ)</a><a href="https://www.businessinsider.com/subway-founder-ceo-fred-deluca-inside-story-2021-6">Subway cofounder Fred DeLuca ruled the company like a demigod and pursued wives of franchisees. How one man sent the world's biggest fast-food chain into a tailspin. (Insider)</a><a href="https://www.businessinsider.com/california-education-public-school-children-chinese-elite-colleges-2021-6">Insider investigation reveals officials helped sell access to California public schools to Chinese elite (Insider)</a>

Top fintech bankers helping startups make deals and IPO

<ul><li><keyword id="696009" type="COMPANY" weightage="20" keywordseo="Policybazaar">Policybazaar</keyword> is planning to raise ₹6,000 crore through its IPO</li><li>Softbank will be taking a partial exit from the company through this public issue</li><li>Policybazaar is one of the biggest beneficiaries of the boom in India’s insurance sector.</li></ul>If you have moved on from the craze around Zomato’s initial public offering (IPO), here’s another one that is likely to have the market swooning pretty soon. India’s largest online insurance aggregator ⁠— also the sixth largest fintech startup ⁠— the 13-year old Policybazaar is ready to raise ₹6,000 crore (about $850 million) from the market. <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;">Policybazaar IPO </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;">Details </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;">Issue size </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;">₹6,017.5 crore </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;">Fresh issue </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;">₹3,750 crore </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;">Offer for Sale (OfS) or secondary share sale </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;">₹2,267.5 crore </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;">OfS by </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;">SoftBank via SVF Python II </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;">Book running lead managers </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;">Kotak Mahindra Capital, Morgan Stanley, Citigroup Global Markets India, ICICI Securities, HDFC Bank Ltd, IIFL Securities and Jefferies India </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;">Estimated valuation </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;">$5.5-6 billion (media reports) </td></tr></tbody><tbody></tbody></table> Source: Draft Red Herring Prospectus filed with the Securities and Exchange Board of India (SEBI) Policybazaar is one among a slew of tech IPOs to hit the Indian exchanges this year. It is also one of the country’s top fintech startups ⁠— the other one being Paytm ⁠— going for a public issue. 95% of Policybazaar’s revenue comes from commissions from insurance companies for selling policies. <div type="image" title="Policybazaar IPO: All you need to know the details of sixth largest fintech Startup" msid="84967470" hostid="261"></div> Bank of America estimates the market size for insurance technology at $6 billion where Policybazaar is a leading player. Global peers include companies like the US-based Slice and Lemonade. However, in India, only 4 in 100 Indians have any kind of insurance and, therefore, the headroom for growth is immense. The world average is 7.4. Insurance penetration in India, a year earlier, just before the pandemic, was an appalling 2.8. The last one year has been good for insurers. According to a survey by Policybazaar, the average sum insured for health insurance policies bought on the online insurance marketplace almost doubled to ₹22.4 lakh by March 2021 compared to ₹11.4 lakh a year earlier. The company sold 7.2 million insurance policies in the year ending March 2021, up from 5.9 million a year earlier. Policybazaar is one of the biggest beneficiaries of the boom in India’s insurance sector as a market leader in selling insurance online. Private equity firm True North Co’s partner Haresh Chawla, in an exclusive interaction with Business Insider, recalled a conversation he had with one of the top three insurance companies in India, a couple of years ago. The management told him that almost 10% of their business came through Policybazaar. “I asked them, [say] there are 15 insurance companies in India. If for all 15 insurance companies, 10% market share or revenue is taken by PolicyBazaar, can you imagine when you add up the revenue for Policybazaar gets how big it becomes. And then the room fell silent. It's almost that the whole world situation is like the traditional companies are sleeping on these issues,” Haresh added. India has 57 insurance companies, 24 are in the life insurance business, while 34 are non-life insurers, according to the <a target="_blank" class="c-link" href="https://www.ibef.org/industry/insurance-sector-india.aspx">India Brand Equity Foundation</a>. Among the life insurers, Life Insurance Corporation (LIC) is the sole public sector company. However, that’s just potential. For now, Policybazaar is a loss making company, although the losses have more than halved compared to three years ago. <div type="image" title="All you need to know about the IPO from Policybazaar, India&amp;#39;s sixth largest fintech startup" msid="84967117" hostid="261"></div> SEE ALSO: <a href="https://www.businessinsider.in/business/news/exclusive-indias-largest-zinc-miner-is-eyeing-a-share-of-the-bangladesh-economic-boom/articleshow/84963388.cms" data-type="tilCustomLink">EXCLUSIVE: India's largest zinc miner is eyeing a share of the Bangladesh economic boom</a> <a href="https://www.businessinsider.in/tech/news/jack-dorseys-square-agreed-to-buy-afterpay-which-has-a-buy-now-pay-later-service-for-29-billion-in-stock/articleshow/84962218.cms">Jack Dorsey's Square agreed to buy Afterpay, which has a 'buy now, pay later' service, for $29 billion in stock</a> <a href="https://www.businessinsider.in/tech/news/twitter-offers-up-to-3500-to-people-who-can-help-fix-apparent-racial-and-gender-bias-in-its-image-cropping-algorithm/articleshow/84946710.cms">Twitter offers $3,500 reward to people who can help fix apparent racial and gender bias in its image-cropping algorithm</a>

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