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In recent years, <keyword id="19902194" type="General" weightage="20" keywordseo="Anil-Ambani" source="keywords">Anil Ambani</keyword>'s <keyword id="20479923" type="General" weightage="100" keywordseo="Reliance-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Group" meta.hostid="153" meta.entityid="Reliance Group">Reliance Group</keyword> has seen marquee firms being auctioned in insolvency proceedings and piling debt-fold businesses. But the group has, in the week gone by, made announcements that investors believe may mark its transformation. In three days -- from September 18 to September 20 -- the group announced it has turned into nearly zero debt and is implementing long-term fundraising plans that are said to solidify its financial position. <keyword id="20144587" type="General" weightage="20" keywordseo="Reliance-Infrastructure" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Infrastructure" meta.hostid="153" meta.entityid="Reliance Infrastructure">Reliance Infrastructure</keyword>'s board approved <keyword id="20431799" type="General" weightage="20" keywordseo="fund-raising" source="keywords">fund raising</keyword> of up to Rs 6,000 crore via preferential issue and QIP, while <keyword id="20024191" type="General" weightage="20" keywordseo="Reliance-Power" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Power" meta.hostid="153" meta.entityid="Reliance Power">Reliance Power</keyword> board is meeting on September 23 to consider and approve the fundraise via multiple routes. The speed at which Anil Ambani moved to clear the debt of his companies, and simultaneously announce and execute the fund raising plans for future expansion of his companies, has surprised the investors. Shares of both firms surged on stock markets. The announcement to invest Rs 1,100 crore by the promoters group in Anil Ambani's flagship company, Reliance Infrastructure, has further boosted the confidence of investors in the group's revival plans and its long-term growth story, investors said. Anil Ambani's twin strategy of <keyword id="21440133" type="General" weightage="20" keywordseo="debt-reduction" source="keywords">debt reduction</keyword>, coupled with fresh capital raising, has set the stage for a long-term transformation of the Reliance Group, they feel. Reliance Infrastructure's <keyword id="20000950" type="General" weightage="20" keywordseo="market-capitalisation" source="keywords">market capitalisation</keyword> by the end of this week surged nearly 50%, rising from Rs 8,500 crore to Rs 12,500 crore. Similarly, Reliance Power's market capitalisation increased over 25%, moving from Rs 11,500 crore to Rs 14,600 crore. Reliance Infra announced a significant reduction in standalone external debt, lowering it from Rs 3,831 crore to just Rs 475 crore. This was achieved by clearing outstanding dues to prominent lenders such as Life Insurance Corporation of India (LIC), Edelweiss ARC, ICICI Bank, and Union Bank, according to company filings. The move signals a robust financial recovery and enhances Reliance Infra's financial flexibility. Also, Reliance Infra board approved a preferential issue to raise Rs 3,014 crore, increasing the stake of Risee Infinity Pvt Ltd, a promoter group entity, along with other investors such as Florintree Innovation LLP and Fortune Financial &amp; Equities Services Pvt Ltd. The board also approved seeking shareholder authorization to raise an additional Rs 3,000 crore via a qualified institutional placement. This will provide further capital to strengthen the balance sheet and invest in new growth opportunities. With these fund infusions, Reliance Infra's net worth is set to rise from over Rs 9,000 crore to more than Rs 12,000 crore, according to the filings. The company is now well-positioned to invest in high-growth sectors, investors said.

Anil Ambani's Reliance Group starts transformation journey, achieves near zero-debt

ChatGPT competitor <keyword id="20068808" type="General" weightage="100" keywordseo="Perplexity-AI" source="keywords" meta.keywordsubtype="org" meta.entityname="Perplexity AI" meta.hostid="261" meta.entityid="Perplexity AI">Perplexity AI</keyword>, backed by <keyword id="20054707" type="General" weightage="20" keywordseo="Jeff-Bezos" source="keywords" meta.keywordsubtype="org" meta.entityname="Jeff Bezos" meta.hostid="261" meta.entityid="Jeff Bezos">Jeff Bezos</keyword>, is reportedly in the process of raising significant funds to boost its valuation. According to a report by the Wall Street Journal, the AI firm is seeking to more than double its valuation to over $8 billion through a new fundraising round. Perplexity is reportedly aiming to secure around $500 million in this funding effort, as noted by sources familiar with the matter. The report also added that the company, which has also received backing from <keyword id="19912297" type="General" weightage="20" keywordseo="Nvidia" source="keywords" meta.keywordsubtype="org" meta.entityname="Nvidia" meta.hostid="261" meta.entityid="Nvidia">Nvidia</keyword>, is growing rapidly and is estimated to have an annualised revenue of around $50 million based on recent sales figures. Perplexity AI is known for its powerful search tools, which allow users to ask questions and receive instant, detailed answers backed by sources and citations. The company utilises a variety of large language models (LLMs) to deliver these results, including OpenAI’s models and Meta’s open-source Llama model. This versatility enables Perplexity to sum up information efficiently and provide users with quick and reliable answers to their queries. Perplexity AI has alsobeen at the centre of some controversy in recent months. In October, the startup received a “cease and desist” notice from the New York Times, which accused the company of using its content to train its <keyword id="19896272" type="General" weightage="20" keywordseo="generative-AI" source="keywords">generative AI</keyword> tools without permission. This incident highlights the growing tension between AI companies and media outlets over the use of their content for artificial intelligence purposes. This wasn't the first time Perplexity AI had faced such accusations. Other media organisations had previously claimed that the company plagiarised their content. However, in response to these concerns, Perplexity had introduced a revenue-sharing program aimed at compensating publishers whose material is used by its AI systems. This move was seen as an attempt to improve relations with content creators and address some of the ethical concerns surrounding AI’s use of proprietary information.

ChatGPT competitor Perplexity AI seeking to raise $500 million, eyes valuation of over $8 billion

10 start-up incubators to kickstart your venture in India

<ul class="summary-list"><li>New York-based BBG Ventures has raised a new $60 million fund.</li><li>The latest fund will invest in both female founders and those with diverse backgrounds.</li></ul>Only a handful of VCs sought out women entrepreneurs when AOL media execs <a target="_blank" class="" href="https://www.businessinsider.com/susan-lyne-bbg-gilt-groupe-2017-12">Susan Lyne</a> and <a target="_blank" class="" href="https://www.businessinsider.com/most-important-vcs-startup-investors-new-york-city-2023-10#jessica-lin-work-bench-40">Nisha Dua</a> launched BBG Ventures in 2014 to exclusively back female founders. Ten years later, the seed stage fund has raised a new $60 million fund and is moving beyond just backing female founders to any entrepreneur from a diverse background."This is not about abandoning women, but expanding our mandate to back a diverse founding team," Lyne told Business Insider.Founders from diverse backgrounds have taken a hit amid the <a target="_blank" class="" href="https://www.businessinsider.com/venture-capital-funding-crunch-will-continue-2024-2023-12">funding slump in venture capital.</a> In the first half of 2024, Black-founded US startups received $228 million in funding — or about .3% of the nearly $79 billion that went to U.S.-based startups, <a target="_blank" class="" href="https://news.crunchbase.com/diversity/black-founded-startup-venture-funding-fearless/">according to Crunchbase data.</a> The dollar total is a 60% drop from the first half of 2023. <a target="_blank" class="" href="https://www.businessinsider.com/30-best-women-early-stage-seed-vc-investors-startups-2023-5">Lyne</a> and Dua teamed up at AOL in 2014 to create a $10 million fund, BBG, to back female founders and invested early in Spring Health, which was mostly recently <a target="_blank" class="" href="https://www.springhealth.com/news/fortune-exclusive-ai-powered-mental-health-startup-boosts-valuation">valued at $3.3 billion,</a> and toy brand KiwiCo.When <a target="_blank" class="" href="https://www.businessinsider.com/verizon-to-buy-aol-2015-5">Verizon bought AOL</a> in 2015, BBG Ventures separated and raised a new $50 million fund. For the first time, it raised capital from institutional investors, including the State of Michigan Retirement Services and Illumen Capital. Investments include genAI startup Topline Pro and skincare company Starface.Dua said that these LPs returned to back their newest fund and also increased their commitments. New investors in the fun include Fairview Capital, Pivotal Ventures, California Endowment, and Mizuho. Previous investors Nordstrom, Verizon, and Bank of America also invested in the $60 million fund.Dua explained that the decision to move beyond exclusively backing just female founders reflects the duo's shift in thesis around innovation. "There are underrepresented groups around not just gender but also race, age, and income," said Dua.She emphasized that female founders are still a huge focus area but that the firm is excited to back strong, underrepresented founders in healthcare, fintech, and the <a target="_blank" class="" href="https://www.businessinsider.com/ai-startups-rapid-funding-rounds-2024-9">investment area nearly all VCs clamoring to back:</a> AI. The new fund has already backed an AI recruiting startup for hourly workers, UpWage.BBG isn't becoming an AI-focused firm anytime soon though, Dua cautioned. "Some funds are building a portfolio of just AI companies," she said. "That's not us." She highlighted a recent investment out of the new fund in Nara, a startup that has created an FDA-approved, certified organic whole milk formula. "It's important for us to be circumspect where AI can drive growth in certain startups," added Dua.For Dua and Lyne, being an <a target="_blank" class="" href="https://www.businessinsider.com/jordan-wan-cofound-partners-emerging-manager-fund-2023-10">emerging fund manager and raising a new fund</a> is "not easy." "The vast majority of VC funding this year goes to a very small pool of funds, and sub-$100 million funds have a tougher time raising," said Lyne. She added because of the competition to raise funds from LPs, many funds are taking longer to make decisions and waiting to see what returns a fund makes before investing again."Many of our LPs believe in impact and trying to broaden access to capital," said Lyne. "We raised more than our last fund, and I think it's validation of our thesis."

BBG Ventures raises $60 million for its latest fund and moves beyond just backing female founders 

<keyword id="19987725" type="General" weightage="100" keywordseo="SpiceJet" source="keywords" meta.keywordsubtype="org" meta.entityname="SpiceJet" meta.hostid="261" meta.entityid="SpiceJet">SpiceJet</keyword>'s Chairman, <keyword id="19916067" type="General" weightage="20" keywordseo="Ajay-Singh" source="keywords">Ajay Singh</keyword>, is considering selling over 10 percent of his stake in the airline as part of a crucial <keyword id="19913964" type="General" weightage="20" keywordseo="funding" source="keywords">funding</keyword> effort set to conclude by the end of September, a PTI report says. The <keyword id="20376051" type="General" weightage="20" keywordseo="budget-airline" source="keywords">budget airline</keyword> is facing significant hurdles, including financial troubles, legal issues, and grounded aircraft, and is in urgent need of capital to meet its obligations. A source told PTI that Singh may sell as much as 15 percent of his stake, depending on market conditions. Another source told the news aggregator that Singh, who serves as both Chairman and Managing Director, will likely sell around 10 percent of his shares, though the amount could increase if necessary. SpiceJet is currently in talks with investors, both in India and abroad, for a Qualified Institutional Placement (QIP), with commitments already made for up to Rs 2,000 crore. These funds are expected to help the airline cover operational expenses and address its various liabilities. While no official statement has been made by SpiceJet, insiders expect the funding round to be wrapped up by the end of September. As of June 2024, Ajay Singh and the promoter group held just over 47% of the airline, according to data from the Bombay Stock Exchange (BSE). SpiceJet, which once had a fleet of 74 aircraft in 2019, now operates only around 20 planes. In a recent investor presentation, the airline announced plans to raise Rs 3,200 crore through QIP, warrants, and capital infusion by Singh. This cash will be used to bring grounded planes back into service, settle liabilities, acquire new aircraft, and cover other general expenses. The airline aims to secure Rs 2,500 crore through QIP and an additional Rs 736 crore from previously issued warrants and funds infused by Singh, as detailed in the presentation. Earlier this year, in January, SpiceJet raised Rs 1,060 crore through preferential issues, falling short of its initial goal of Rs 2,250 crore set in December 2023.

SpiceJet’s Ajay Singh might sell stake to raise funds for airline

Food and grocery delivery behemoth <keyword id="19901323" type="General" weightage="100" keywordseo="Zomato" source="keywords" meta.keywordsubtype="org" meta.entityname="Zomato" meta.hostid="261" meta.entityid="Zomato">Zomato</keyword> declared its <keyword id="23466580" type="General" weightage="20" keywordseo="Q2FY25-results" source="keywords">Q2FY25 results</keyword> today. The company's revenue from operations stood at Rs 4,799 crore, up from Rs 2,848 crore from the year-ago period. Zomato's GOV (gross order value) for its B2C business was at Rs 17,670 crore, a 55% YoY growth. On a like-for-like basis, i.e., excluding the impact of the acquisition of <keyword id="19898109" type="General" weightage="20" keywordseo="Paytm" source="keywords" meta.keywordsubtype="org" meta.entityname="Paytm" meta.hostid="261" meta.entityid="Paytm">Paytm</keyword>'s ticketing business, the GOV growth stood at 53% YoY. However, the company's <keyword id="19942166" type="General" weightage="20" keywordseo="net-profit" source="keywords">net profit</keyword> skyrocketed, jumping by 389% YoY. For the quarter ended September 30, 2024, Zomato's net profit stood at Rs 176 crore, significantly up from the Rs 36 crore level in the year-ago period. Ahead of the IPO of rival food and grocery delivery competitor <keyword id="19896956" type="General" weightage="20" keywordseo="Swiggy" source="keywords" meta.keywordsubtype="org" meta.entityname="Swiggy" meta.hostid="261" meta.entityid="Swiggy">Swiggy</keyword>, Zomato's board also approved the raising of Rs 8,500 crore through qualified institutional placement of equity shares. “While the business is now generating cash (vis-à-vis a loss-making business at the time of the IPO), we believe that we need to enhance our cash balance given the competitive landscape and the much larger scale of our business today,” said the company, explaining the fundraise. Additionally, in a letter to shareholders, Founder and CEO <keyword id="19901325" type="General" weightage="20" keywordseo="Deepinder-Goyal" source="keywords">Deepinder Goyal</keyword> shared that the "District" app, a new platform aimed at consolidating going-out services such as dining, movies, sports ticketing, live performances, shopping, and staycations, is expected to go live within the next month. "At this point, we are focused on making sure we do a good job at migrating the business from the Zomato and Paytm platforms to the new District app," Goyal added. During the reported quarter, Zomato made many notable acquisitions, which include Orbgen Technologies Private Ltd (OTPL) and Wasteland Entertainment Pvt Ltd (WEPL). These were the holding companies of Paytm's' movie ticketing' business and events business, respectively. In the letter to shareholders, the company's Chief Financial Officer, Akshant Goyal, shared that its cash balance had reduced by Rs 1,726 crore as compared to the previous quarter, mainly on account of the deal consideration of Rs 2,014 crore for the acquisition of Paytm's entertainment ticketing business.". <keyword id="20069203" type="General" weightage="20" keywordseo="Blinkit" source="keywords">Blinkit</keyword>, Zomato's quick commerce business, saw a 129% year-on-year growth in adjusted revenues, which touched Rs 1,156 crore. Blinkit's gross order value (GOV) also saw a 122% year-on-year increase to Rs 6,132 crore. Blinkit saw massive improvements on almost all operational metrics. The average order value jumped from Rs 607 in the year-ago period to Rs 660 in Q2 FY25. The average GOV per day per store also inched up from 757 in Q2FY24 to 981 in Q2FY25. Similarly, orders also skyrocketed from 45.5 million in the year-ago period to 92.9 million for the quarter ended September 30, 2024. As for Zomato's <keyword id="20299302" type="General" weightage="20" keywordseo="food-delivery" source="keywords">food delivery</keyword> business, the average monthly transacting users also inched up from 18.4 million in Q2 FY24 to 20.7 million in Q2 FY25. The results did not do much to move Zomato's stock on the bourses, which fell by 3.44% during the day to close at Rs 256.55.

Zomato's net profit jumps 389% YoY, board approves Rs 8,500 crore fund-raise proposal

<ul class="summary-list"><li>AI cloud startup Ori is raising up to $80 million in new funding, two sources have told BI.</li><li>Ori offers companies access to Nvidia GPUs, including the H100 and A100, to run AI applications.</li></ul>AI cloud computing startup Ori is in talks to raise up to $80 million in a fresh funding round, two sources told Business Insider.Launched in 2019, the startup builds infrastructure that gives companies access to Nvidia graphics processing units — known as GPUs — to train, deploy, and scale AI applications.The deal is not yet finalized and details relating to round size could still change. Sources spoke to BI on condition of anonymity because details of the deal are still private.According to a leaked deck seen by BI, Ori had about $42 million in annual recurring revenue as of the first quarter of 2024.The UK-headquartered startup had projected to book over $300 million in annual revenue by the fourth quarter of 2024, the leaked deck stated.The startup did not comment on the financing round.Instead, Ori cofounder and CEO Mahdi Yahya told BI that the startup is "deeply committed to growing the AI <a target="_blank" class="" href="https://www.businessinsider.com/sovereign-clouds-explained-data-center-ai-national-security-vultr-2024-10">sovereign cloud</a> in the UK," referring to a type of cloud computing that guarantees data is stored locally and not transferred across borders without authorization. Yahya added: "I was pleased to recently be at 10 Downing Street to discuss UK AI policy. Our plan is to invest nine figures in the UK AI infrastructure over the next 24 months."Ori previously raised $10.4 million in 2021 at a $39 million post-money valuation, per PitchBook.The startup bills itself as a GPU cloud provider, and the H100 and A100 are among the Nvidia chips that it gives companies access to.Startups building the <a target="_blank" class="" href="https://www.businessinsider.com/vcs-whats-hot-whats-not-ai-investing-2024-6">"picks and shovels" of AI </a>— such as the infrastructure layer needed to power the technology — are hot among investors.Ori is among a batch of GPU providers and <a target="_blank" class="" href="https://www.businessinsider.com/pitch-deck-semiconductor-startup-synthara-raises-11-million-2024-6">semiconductor startups</a> that have been in talks to secure funding in 2024. In May, rival AI infrastructure startup CoreWeave <a target="_blank" class="" href="https://www.cnbc.com/2024/05/17/ai-startup-coreweave-raises-7point5-billion-in-debt-blackstone-leads.html">secured $7.5 billion</a> in debt financing from Blackstone just weeks after it secured $1.1 billion in equity funding.

Exclusive: AI cloud startup Ori is in talks to raise up to $80 million in funding, sources say

Blue Tokai to Zepto: What are the Indian start-ups that raised $466 mn last week?

<ul class="summary-list"><li>Clay supports revenue operations and growth teams to automate outreach to potential customers.</li><li>The company last raised a $46 million Series B at a $500 million valuation led by Meritech in June.</li></ul>Clay, the AI-powered sales startup, is set to be valued at $1.3 billion in a new insider funding round, two sources told Business Insider.Founded in 2017, Clay <a target="_blank" href="https://www.clay.com/blog/clay-raises-62m-to-turn-any-growth-idea-into-reality">last raised</a> a $46 million Series B at a $500 million valuation, which was led by Meritech Capital in June. Sequoia Capital, First Round Capital, Box Group, and Boldstart Ventures participated in that round.Details of the latest funding round are not yet finalized, and the figures involved are subject to change.According to its website, Clay supports revenue operations and aids growth teams to automate outreach to potential customers. The company helps go-to-market teams build a sales lead list with enriched customer data. With over 75 data providers, Clay helps its customers tailor outreach with more detailed information on potential customers such as a company's headcount and its fundraising history.Clay's AI agent also supports research around prospects. The "Claygent" can answer questions about target companies based on company domains, such as details about its competitors. Clay's AI messaging tool can then help sales teams send tailored outbound messages to prospective customers.The company lists <a target="_blank" class="" href="https://www.businessinsider.com/here-are-the-executives-running-anthropic-right-now-2024-10">Anthropic</a>, Notion, Vanta, Ramp, and Intercom as customers on its website.In response to a request for comment from Business Insider, Clay CEO Kareem Amin said, "We cannot confirm these details as no term sheet has been issued or signed."Before founding Clay, Amin was the vice president of product at The Wall Street Journal. He also successfully sold his e-commerce optimization startup, Frame, to Sailthru, a marketing personalization startup, and became the latter company's director of engineering. Clay's cofounder, Varun Anand, is the head of operations and previously worked at startups Newfront and Candid.Clay is not the only company building in this category. Apollo, a sales intelligence startup, raised a $100 million Series D led by Bain Capital Ventures at a $1.6 billion valuation last year. Other startups include Thrive-backed Unify, and Lusha, valued at $1.5 billion.

AI sales startup Clay is raising a new funding round at a $1.3 billion valuation, sources say 

Founder <keyword id="20198157" type="General" weightage="20" keywordseo="Ritesh-Agarwal" source="keywords">Ritesh Agarwal</keyword> has invested Rs 830 crore through his Singapore-based entity Patient Capital in <keyword id="19901637" type="General" weightage="20" keywordseo="OYO" source="keywords">OYO</keyword>'s latest <keyword id="20080855" type="General" weightage="20" keywordseo="funding-round" source="keywords">funding round</keyword> -- wherein the <keyword id="21745043" type="General" weightage="20" keywordseo="travel-tech-platform" source="keywords">travel tech platform</keyword> raised Rs 1,457 crore, sources said. Post the equity dilution in the <keyword id="22756111" type="General" weightage="20" keywordseo="Series-G-funding" source="keywords">Series G funding</keyword>, Agarwal's holdings will increase from 29.97 per cent earlier, to 32.57 per cent post the investment, sources told PTI. According to sources close to the transaction, "Ritesh has invested to protect his ownership dilution in OYO as well as a signal of confidence in the company's prospects. The investment is backed by Singapore-based family offices." <keyword id="20517346" type="General" weightage="20" keywordseo="Oravel-Stays-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Oravel Stays Ltd" meta.hostid="261" meta.entityid="Oravel Stays Ltd">Oravel Stays Ltd</keyword>, the parent company of OYO, has raised Rs 1,457 crore from a consortium of investors in the latest funding round. The additional equity issuance was approved by 99.99 per cent shareholders in an Extraordinary General Meeting (EGM) held on August 8. The additional fundraise values the company at USD 2.4 billion, as the first Series G tranche issued to InCred in July. The investment is being made through Compulsory Convertible Cumulative Preference Shares, each priced at Rs 29, consistent with the valuation of the recent raise in Series G. The capital will be used to support OYO's growth and its global expansion plans, sources said.

Founder Ritesh Agarwal invests Rs 830 crore in OYO's latest funding round; Platform raises Rs 1,457 crore

Read the pitch deck that personal-shopping startup The Floorr used to raise $1.7 million in funding 

Quick commerce company <keyword id="19939134" type="General" weightage="100" keywordseo="Zepto" source="keywords">Zepto</keyword> on Friday said it has raised <keyword id="22130274" type="General" weightage="20" keywordseo="USD-665-million" source="keywords">USD 665 million</keyword> (about Rs 5,560 crore) in the latest funding round that valued the firm at USD 3.6 billion, almost triple than its worth a year back. The massive fundraise comes less than a year after the Mumbai-based startup raised USD 235 million at a valuation of USD 1.4 billion. The funding round saw participation from new investors like Avenir, Lightspeed, and Avra, alongside existing investors Glade Brook, Nexus, and StepStone, Goodwater, and Lachy Groom. "We've gone from 0 to 1 billion-plus in sales, or GMV, in 29 months, that is faster than any other internet company before us... Even on a base of over a billion dollars at this point, we are growing 100 per cent-plus year on year. And that for us is one of the big drivers of this fundraise," Zepto co-founder and CEO Aadit Palicha told PTI. Attributing the growth to the performance of the quick commerce firm, the young entrepreneur said, "This is largely because of the input excellence we've built across the supply chain. "Whether it is sourcing excellence, mother hub efficiency, line haul utilisation, or our last mile, the innovation that we've done, or forecasting, we're in this place where even as we've been able to grow, we've been able to drive efficiency to get the business to pretty much close to full operating cash flow positive today." He said the overall business is close to operating at break-even cash flow. Nearly 75 per cent of the company's stores are fully EBITDA positive as of May 2024, he said. "Over the next 12-18 months, although it might fluctuate, but we'll still be pretty close to operating cash flow positive, and the idea is to keep in that direction, get the business to a place where we can list next 9-12 months," he said. Zepto co-founder and CTO <keyword id="12442402" type="General" weightage="20" keywordseo="Kaivalya-Vohra" source="Orion">Kaivalya Vohra</keyword> said the firm plans to hire top talent across engineering, product, growth, finance, operations, and category management. "If you are looking for a high growth, high meritocracy and high intensity culture where you can convert hard work and ambition into disproportionate career growth, Zepto is the place for you," he said.

Zepto raises USD 665 million; Valuation nearly triples to USD 3.6 billion

<ul><li>Bhavish Aggarwal-led <keyword id="4393078" type="General" weightage="20" keywordseo="Ola-Electric" source="Orion">Ola Electric</keyword> has received approval from SEBI for its <keyword id="19898327" type="General" weightage="20" keywordseo="IPO" source="keywords">IPO</keyword>.</li><li>The EV maker has received approval for an IPO to raise ₹5,500 crore.</li><li>The company filed the <keyword id="19914966" type="General" weightage="20" keywordseo="DRHP" source="keywords">DRHP</keyword> with SEBI in December 2023.</li></ul> Indian electric two-wheeler maker Ola Electric has received approval from the Securities Exchange Board of India (SEBI) for its <keyword id="19913114" type="General" weightage="20" keywordseo="initial-public-offering" source="keywords">initial public offering</keyword> (IPO). The Bengaluru-based EV maker <a href="https://www.businessinsider.in/stock-market/news/ola-electric-aims-to-raise-nearly-rs-5800-cr-via-ipo-to-file-drhp/articleshow/105907892.cms">filed</a> the Draft Red Herring Prospectus (DRHP) in December 2023. The Bhavish Aggarwal-led company is looking to raise ₹5,500 crore through a fresh issue of shares. Additionally, the IPO also includes an offer for sale (OFS) component of 9.52 crore shares. The company has also kept an option to raise ₹1,100 crore via pre-IPO placement. As part of OFS, Aggarwal will offload 4.7 crore equity shares, which is around half of the OFS component. Apart from this, companies such as Indus Trust, Kaha Wave Ventures, MacRitchie Investments, Alpine Opportunity Fund, Matrix Partners India Investments, and others will divest some shares. According to the draft papers, out of the funds raised, ₹1,226.4 crore will be used for capital expenditure and ₹800 crore will be used to repay debt. The company will spend around ₹1,6000 crore on research and development and ₹350 crore on growth initiatives. Ola Electric has emerged as the leading electric two-wheeler maker in the country and has been leading the market for a long time now. The company occupies around half of the market share. The company is in the process of building an EV hub in the Krishnagiri and Dharmapuri districts in Tamil Nadu. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-add-nearly-3-5-million-subscribers-in-april-2024/articleshow/111129665.cms">Reliance Jio and Airtel add nearly 3.5 million subscribers in April 2024</a> <a href="https://www.businessinsider.in/business/webstories/nvidia-dethrones-microsoft-to-become-the-worlds-most-valuable-company/slidelist/111102218.cms">As Nvidia dethrones Microsoft, check out the world's top 10 most valuable companies</a> <a href="https://www.businessinsider.in/stock-market/news/hyundai-motor-india-files-draft-papers-with-sebi-for-indias-biggest-ipo/articleshow/111014559.cms">Hyundai Motor India files draft papers with SEBI for India’s biggest IPO</a>

You Searched For "fund raising" and got 13 results

Anil Ambani's Reliance Group starts transformation journey, achieves near zero-debt

PTI

ChatGPT competitor Perplexity AI seeking to raise $500 million, eyes valuation of over $8 billion

BI India Bureau

10 start-up incubators to kickstart your venture in India

Prerna Tyagi

BBG Ventures raises $60 million for its latest fund and moves beyond just backing female founders

Leena Rao

SpiceJet’s Ajay Singh might sell stake to raise funds for airline

BI India Bureau

Zomato's net profit jumps 389% YoY, board approves Rs 8,500 crore fund-raise proposal

BI India Bureau

Exclusive: AI cloud startup Ori is in talks to raise up to $80 million in funding, sources say

Riddhi Kanetkar

Blue Tokai to Zepto: What are the Indian start-ups that raised $466 mn last week?

Prerna Tyagi

AI sales startup Clay is raising a new funding round at a $1.3 billion valuation, sources say

Sri Muppidi

Founder Ritesh Agarwal invests Rs 830 crore in OYO's latest funding round; Platform raises Rs 1,457 crore

PTI

Read the pitch deck that personal-shopping startup The Floorr used to raise $1.7 million in funding

Madeline Berg

Zepto raises USD 665 million; Valuation nearly triples to USD 3.6 billion

PTI

Ola Electric gets SEBI approval for ₹5,500 crore IPO

Sourabh Jain

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