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Three years after rival <keyword id="19901323" type="General" weightage="20" keywordseo="Zomato" source="keywords" meta.keywordsubtype="org" meta.entityname="Zomato" meta.hostid="261" meta.entityid="Zomato">Zomato</keyword> went public, raising Rs 9,375 crores, food and grocery delivery behemoth Swiggy is set to open for subscription on the Indian bourses between November 6th and 8th, 2024. Looking to raise Rs 11,327.43 crore from the markets, Swiggy has set a price band of Rs 371 to Rs 390 per share. The company is targeting a valuation of $11.3 billion, around 25% down from its initial target of $15 billion. The issue comprises Rs 4,499 crore worth of fresh issue, with the remaining Rs 6,828.43 crore coming via <keyword id="19951016" type="General" weightage="20" keywordseo="OFS" source="keywords">OFS</keyword> (offer for sale), with stakeholders like <keyword id="20294899" type="General" weightage="20" keywordseo="Prosus" source="keywords" meta.keywordsubtype="org" meta.entityname="Prosus" meta.hostid="261" meta.entityid="Prosus">Prosus</keyword> offloading about 5.2% of their stakes, which could translate into proceeds worth $510 million. The offer will conclude on November 8, and listing is tentatively scheduled for November 13, 2024. Other stakeholders who will be participating in the OFS at the present valuation include <keyword id="20064356" type="General" weightage="20" keywordseo="Accel" source="keywords" meta.keywordsubtype="org" meta.entityname="Accel" meta.hostid="261" meta.entityid="Accel">Accel</keyword>, which will sell around $60 million worth of their stake. Elevation Capital and Tencent's stake sale could earn them up to $30-35 million each. Swiggy's CEO <keyword id="20304807" type="General" weightage="20" keywordseo="Sriharsha-Majety" source="keywords">Sriharsha Majety</keyword> and co-founder Nandan Reddy are also expected to offload their shares. Currently, they hold 6.23% and 1.76% stakes in the company, respectively. The sale of around 0.1% stake by each is expected to earn them about $14 million in total. Notably, the company does not have any identifiable promoters, as per SEBI ICDR Regulations and the Companies Act 2013. From funds raised via IPO, the company plans to allot Rs 1,648 million for repaying borrowings made by its subsidiary, Scootsy. The app, which operated independently of Swiggy, offered <keyword id="20299302" type="General" weightage="20" keywordseo="food-delivery" source="keywords">food delivery</keyword> services from a selected list of high-end bakeries and restaurants in the city. Notably, Swiggy had acquired Scootsy in 2018 at a reported valuation of Rs 50 crore. However, Swiggy's foray into the premium-food delivery segment did not pan out well, and the company decided to shut Scootsy in 2020. However, per the company's RHP (red herring prospectus), Swiggy is planning to reinvest and revive Scootsy for extending their dark store network and making lease/license payments for the same. About Rs 11,787 million would be utilised for expanding Swiggy's dark store network for its quick commerce wing, <keyword id="20255906" type="General" weightage="20" keywordseo="Instamart" source="keywords">Instamart</keyword>. Swiggy has also allocated Rs 11,153 million for enhancing the brand's visibility and outreach. <h2>Negative cash flows from operations</h2>The company has only incurred net losses since its inception in 2014. However, the company's annual losses as a percentage of its revenue from operations has come down in the recent years. From 63.61% in 2022 to 20.90% in 2024, the losses as part of its revenue from operations further narrowed to 18.96% for the quarter ended June 30, 2024. Moreover, Scootsy is yet to receive requisite registrations and approvals for each of the dark store it intends to set up. It does not help that Scootsy has not run into greens over the past 2-3 years. The subsidiary had incurred losses worth Rs 2,953.5 million, which have burgeoned to Rs 4,239.72 million in FY24. Swiggy also lags behind its rival Zomato in terms of monthly transacting users (MTU), along with many other key financial and operational metrics. Zomato has a wider, pan-India presence, commanding a 57% <keyword id="20038792" type="General" weightage="20" keywordseo="market-share" source="keywords">market share</keyword> in FY24. Compared to this, Swiggy's market share stood at 43% during the same period. As of FY24, Swiggy's MTUs, at 12.7 million, are about 31% lower than Zomato's MTU of 18.4 million.

Swiggy sets IPO price band between Rs 371-390/share; offer likely to open on November 6th. Here's all you need to know

​The vanishing billions: Byju Raveendran out of rich list and co out of brand list

From Tatas taking over Air India to Byju’s acquiring Aakash — here are the top acquisitions of 2021

Home services marketplace <keyword id="8681398" type="COMPANY" weightage="20" keywordseo="Urban-Company">Urban Company</keyword> on Wednesday said it has raised USD 255 million (about ₹1,857 crore) in funding led by <keyword id="8265057" type="COMPANY" weightage="20" keywordseo="Prosus-Ventures">Prosus Ventures</keyword>, <keyword id="2106816" type="COMPANY" weightage="20" keywordseo="Dragoneer">Dragoneer</keyword> and <keyword id="268904" type="COMPANY" weightage="20" keywordseo="Wellington-Management">Wellington Management</keyword>. The series F round - which also saw participation from <keyword id="2603376" type="COMPANY" weightage="20" keywordseo="Vy-Capital">Vy Capital</keyword>, Tiger Global and Steadview - takes Urban Company's valuation to USD 2.1 billion. The latest round includes a <keyword id="11365744" type="UNKNOWN" weightage="20" keywordseo="primary-capital-infusion">primary capital infusion</keyword> of USD 188 million and a secondary sale of approximately USD 67 million by select angels and early investors, Urban Company CEO and co-founder Abhiraj Singh Bhal told . He added that Urban Company has raised about USD 330 million in primary capital till date. Bhal said the funds will be used towards innovation, training, product development, enhanced quality control and safety measures for both partners and consumers. The company also aims to increase its geographic footprint by entering the top 100 cities in India by 2022 and further expanding into international markets. "With this funding, we plan to rapidly scale our business while continuing to invest further in the safety of our consumers and service partners, training of partners and product development...We will continue to penetrate existing markets while venturing into new overseas geographies," Bhal said. Currently, Urban Company has more than 35,000 service partners across 35 cities in India, the UAE, Singapore, Australia and the Kingdom of Saudi Arabia. The marketplace offers a variety of home services to consumers across categories like beauty and personal care, cleaning services, plumbing, carpentry and appliance repairs. Bhal said the company has also been focussed on upskilling and training its service partners. The number of partners is set to grow in line with its expansion into more cities. Talking about the impact of pandemic on business, Bhal said while there was significant impact initially but the situation has changed now. "After the lockdown was lifted last year, we saw momentum returning and double to pre-COVID levels. We expect strong growth momentum to continue as more people use our services while staying safe within their homes," he added. Bhal noted that the company has undertaken a number of steps to ensure the safety of its partners, including taking care of their vaccination and providing safety gear. He added that over 50 per cent of its partners have already been vaccinated, and by June-end, this number is expected to go up to 75-80 per cent. Consumers can see the overall vaccination rate along with the vaccination status of the partner assigned when they book a service. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/google-photos-alternatives-are-hardly-any-good/articleshow/83138238.cms">Google Photos alternatives are hardly any good – here’s what made the Google service so good</a> <a href="https://www.businessinsider.in/stock-market/economy/news/indias-gdp-has-contracted-five-times-since-1947-but-never-as-bad-as-7-3/articleshow/83135455.cms">India’s GDP has contracted five times since 1947, but never as bad as 7.3%</a> <a href="https://www.businessinsider.in/tech/mobile/news/xiaomis-latest-wired-charging-tech-can-fully-charge-a-phone-in-just-8-minutes-and-wirelessly-in-15-minutes/articleshow/83136172.cms">Xiaomi’s latest wired charging tech can fully charge a phone in just 8 minutes and wirelessly in 15 minutes</a>

Urban Company raises $255 million at over $2 billion valuation, eyes global expansion

<a href="https://markets.businessinsider.com/stocks/tcehy-stock"></a><ul class="summary-list"><li>The global investment group <keyword id="8087626" type="UNKNOWN" weightage="60" keywordseo="Prosus">Prosus</keyword> is selling $14.6 billion of <keyword id="9718057" type="UNKNOWN" weightage="60" keywordseo="tencent-stock">Tencent stock</keyword>.</li><li>The deal will increase Prosus's cash reserves from $4.6 billion to roughly $19.2 billion.</li><li><keyword id="212412" type="COMPANY" weightage="60" keywordseo="Tencent">Tencent</keyword>'s American ADR has fallen roughly 20% from February 12 highs of nearly $100 per share.</li></ul><a href="https://markets.businessinsider.com/stocks/tcehy-stock">Tencent's</a> American ADR sank as much as 9.7% on Wednesday after the firm's largest shareholder, Prosus, said it plans to sell $14.6 billion worth of its stake in the Chinese multinational technology conglomerate.Tencent's Hong Kong shares fell 3.75% on the day.Prosus, the international internet assets division of the South African multinational <keyword id="6356837" type="ORGANIZATION" weightage="60" keywordseo="naspers">Naspers</keyword>, will remain Tencent's largest shareholder holding some 28.9% of the company.Prosus also said it will not sell any more Tencent shares for at least the next three years.<a href="https://markets.businessinsider.com/stocks/naprf-stock">Naspers</a><a href="https://www.wsj.com/market-data/quotes/NPSNY?mod=chiclets"> </a>paid $34 million for a 46.5% stake in Tencent in 2001, three years before the company went public in Hong Kong in June 2004. The acquisition was one of the most lucrative venture capital deals of all time netting Naspers billions.Before the latest sale, Naspers, through Prosus, owned a 30.9% stake in Tencent.The deal is set to increase Prosus' cash reserves from $4.6 billion to roughly $19.2 billion.Tencent is the world's largest videogame company by revenue and operates the popular WeChat app. The company outperformed in 2020 amid an increased stay-at-home audience for its games and apps during the pandemic.Tencent's stock has made huge strides over the past few years due in large part to its lucrative investments in tech firms like Snapchat, the Chinese e-commerce company Pinduoduo, and the delivery and shopping platform Meituan.The company's ADR, which trades on OTC <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword>, reached highs of nearly $100 per share on February 12-giving the company a valuation of over $900 billion-but has fallen roughly 20% in the past few months.Share prices were hurt by investors' fears of <a href="https://markets.businessinsider.com/news/stocks/tencent-sheds-65-billion-government-crackdown-ant-group-2021-3-1030203312">China's recent crackdown</a> on big tech names. After Wednesday's fall, Tencent has lost over $150 billion in market cap from its record highs. Shares of the company's ADR traded down 7.63% as of 3:23 p.m. ET after mounting a mild recovery.<div type="image" title="tcehy chart" height="708" width="830" msid="81959098" hostid="261"></div>

Tencent falls nearly 8% after the firm's largest shareholder said it plans to sell $14.6 billion of its holdings

New Delhi, Apr 10 (PIT) Consumer internet firm Prosus, which has invested in companies like Swiggy, Byju's etc, on Friday pledged to donate Rs 100 crore to the Prime Minister's relief fund for supporting coronavirus relief work. "Prosus, the global consumer internet group of Naspers, has committed Rs 100 crore to the Indian government's response to the Covid-19 crisis. The donation will be made to the 'Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund'," the company said in a statement. Prosus has invested around USD 5 billion (about Rs 37,900 crore) in Indian technology companies since 2005. Its portfolio includes Brainly, Byju's, Codecademy, eMAG, Honor, iFood, LazyPay, letgo, Meesho, Movile, OLX, PayU, Red Dot Payments, Remitly, SimilarWeb, SoloLearn, Swiggy, and Udemy. "These are unprecedented times and we want to play our part in contributing to the efforts underway in India. By working with government and civil society, we hope to help India overcome this very difficult period," Prosus and Naspers Group CEO Bob van Dijk said. In addition to its direct contribution to the PM CARES Fund, Prosus is working closely with the companies it partners with to support measures designed to help Indians affected by the situation, the statement said. Byju's has offered its learning platform for free in India until the end of April to help parents support their children's learning while away from school. On the other hand, Olx is allowing advertisements to stay on its site for an additional 30 days, at no extra cost and PayU has built a platform to enable any brand in India to start raising funds from its customers for the PM CARES Fund. "Swiggy has launched a campaign to donate meals to persons in need in India. The public can also donate to this campaign. The campaign is currently donating approximately 35,000 meals per day, with a goal of raising this to 500,000 meals per day as soon as possible," the statement said. PRS ANU

Prosus commits Rs 100 crore for PM's Covid relief fund

New Delhi, Feb 19 () Food ordering and delivery platform Swiggy on Wednesday said it has raised USD 113 million (over Rs 805 crore) in the latest funding round led by existing investor Prosus NV. Meituan Dianping and Wellington Management Company also participated in the funding round. Having grown beyond food delivery, the company aims to use the funds to further develop its new lines of business, addressing visible gaps in the market, Swiggy said in a statement. The company will continue to invest in new growth areas (Stores, Go and SuprDaily) as it delivers on its promise of bringing unparalleled convenience to the lives of urban consumers, it added. "We have become synonymous with exceptional customer experience and created multiple growth avenues for our partners while continuing to invest in new lines of business," Swiggy CEO Sriharsha Majety said. The company is focused on continuing to execute on its vision while building a sustainable path to profitability, he added. "Swiggy continues to exhibit strong execution and a steadfast commitment to delivering the best service to consumers and has one of the best operational teams in food delivery globally. We are confident Swiggy will continue on a path to earn a significant place in the daily lives of Indians," Prosus Ventures and Food CEO Larry Illg said. AKT HRS

Swiggy raises USD 113 mn from investors led by Prosus

<ul><li><keyword id="4376738" type="PERSON" weightage="20" keywordseo="ElasticRun">ElasticRun</keyword> raised $40 million from <keyword id="8265057" type="UNKNOWN" weightage="20" keywordseo="Prosus-Ventures">Prosus Ventures</keyword>, which was formerly called <keyword id="3777101" type="PERSON" weightage="20" keywordseo="Naspers-Ventures">Naspers Ventures</keyword>.</li><li>The startup is currently present in 200 cities in India.</li><li>This year, two <keyword id="2879647" type="PERSON" weightage="20" keywordseo="Logistics-startups">logistics startups</keyword> Delhivery and Rivigo have achieved unicorn status.</li></ul>Pune-based logistics firm ElasticRun raised $40 million from Prosus Ventures, which was formerly called Naspers Ventures. The round also saw participation from Avataar Ventures and Kalaari Capital. With the funding, ElasticRun will invest in building its technology platform and evolve its analytics and machine learning platform. The startup also wants to expand to newer geographies. It is currently present in 200 cities in India. “The last mile problem is still a major issue both for logistics and consumer goods companies in India. By working with the network of small stores across the country, we solve that problem while helping the store owners grow their businesses at the same time. In addition, offering a flexible logistics extension to consumer goods companies to directly reach these small retail shops is a huge advantage over traditional distribution networks,” said Sandeep Deshmukh, ElasticRun Co-Founder and CEO. The latest funding in the $300 billion logistics industry in India is another proof of growing investor interest in the category. This year, two logistics startups Delhivery and Rivigo also achieved unicorn status. Rivigo raised $65 million in its latest Series E round. The funding came in from PE firm Warburg Pincus and SAIF Partners. Another logistics startup Blackbuck raised funds in May and fell a few million short of being a unicorn. It is currently valued at $950 million. Blackbuck raised $150 million from Goldman Sachs Investment Partners and Silicon Valley-based Accel, along with Wellington, Sequoia Capital, B Capital and LightStreet and existing investors Sands Capital and International Finance Corporation.

Logistics startup ElasticRun raises $40 million to expand to new geographies

The much-anticipated IPO (<keyword id="20478869" type="General" weightage="20" keywordseo="initial-public-offer" source="keywords">initial public offer</keyword>) of food and grocery delivery giant Swiggy is expected to go live between November 6th and 8th, 2024, with the window for <keyword id="21330641" type="General" weightage="20" keywordseo="anchor-investors" source="keywords">anchor investors</keyword> likely to open on November 5, 2024. The offer consists of around Rs 3,750 crore worth of <keyword id="20953853" type="General" weightage="20" keywordseo="fresh-issue" source="keywords">fresh issue</keyword> and an offer for sale (OFS) of around 18.53 crore shares. All in all, the total issue is expected to be in the range of Rs 11,700 crore and Rs 11,800 crore. Per media reports, the fresh issue component is expected to be pushed up to Rs 4,500 crore, with the company now targeting a diluted valuation of $11.3 billion, as opposed to its previous target of $15 billion. The 25% slash is done to aid retail investors. Per the company, it does not want a "bad IPO." Notably, Swiggy's rival <keyword id="19901323" type="General" weightage="20" keywordseo="Zomato" source="keywords" meta.keywordsubtype="org" meta.entityname="Zomato" meta.hostid="261" meta.entityid="Zomato">Zomato</keyword>, which recently reported a staggering 389% YoY jump in its net profits, also recently announced that it is taking the QIP (qualified institutional placement) to raise Rs 8,500 crore. For the quarter ended September 30, 2024, Zomato earned a net profit of Rs 176 crore. Over the last year, i.e., between March 2023 and 2024, Swiggy saw its revenue from operations jump by 34% from 8,714.45 crore in FY23 to Rs 11,634.35 crore in FY24. The company's losses also narrowed down to Rs 2,350.24 crore in FY24, from Rs 4,179.31 crore in FY23. Swiggy's rival Zomato had gone public in July 2021, with an offer size of Rs 9,375 crore. At present, the company's stock was trading at Rs 251.95, having surged a whopping 138.48% over the last year. As of August this year, the company's quick commerce wing, <keyword id="20255906" type="General" weightage="20" keywordseo="Instamart" source="keywords">Instamart</keyword>, has a network of 605 active dark stores across 43 Indian cities. Some of the major existing investors in Swiggy include Prosus, which holds a 32% stake, SoftBank, which has an 8% stake, and Accel, which holds a 6% stake in the company. Notably, <keyword id="23707337" type="General" weightage="20" keywordseo="market-watchdog-SEBI" source="keywords">market watchdog SEBI</keyword> had approved Swiggy's IPO via the confidential filing route. Under this mechanism, companies can file for a DRHP (draft red herring prospectus) without making it public. The company has the power to decide when to make this document available for public view after having incorporated the suggestions of the regulator.

Swiggy IPO likely between November 6-8, 2024. Here's all you need to know

<ul class="summary-list"><li>BlackRock has written off its investment in once-hot Indian tech company Byju.</li><li>The Indian education tech giant is facing legal and financial troubles.</li></ul>In another blow to education tech giant Byju's, investor BlackRock says its stake in the once-hot company is worth nothing.In 2022, the education tech company said it raised $800 million at a $22 billion valuation.BlackRock was the first investor to publicly signal the company's troubles. In a first-quarter summary for some of its funds, the asset manager valued its stake in Byju's at $0, a number that has not been previously reported. In October, BlackRock slashed its valuation of the startup to less than $1 billion, <a target="_blank" href="https://techcrunch.com/2024/01/11/blackrock-cuts-byjus-valuation-by-95-to-1-billion/">TechCrunch reported.</a>BlackRock invested in Byju's parent Think &amp; Learn through <a target="_blank" href="https://www.blackrock.com/us/individual/literature/first-quarter-report/fqr-retail-blackrock-science-and-technology-trust.pdf">various</a> <a target="_blank" href="https://www.blackrock.com/us/individual/literature/investor-education/bcat-commentary.pdf">funds</a>, all of which appear to have written off the investment in recent filings.HSBC, which is not an investor in Byju's, said in a recent research note that Dutch tech investor Prosus' stake in Byju was worth nothing. Prosus owns nearly 10% of the company and invested about $500 million in Byju's."We assign zero value to Byju's stake amid multiple legal cases and funding crunch. Previously, we valued ~10% stake in Byju's by applying 80% discount to the latest publicly disclosed valuation," the HSBC analyst wrote.The Bengaluru-based company is facing significant turmoil.Earlier this week, a group of lenders asked a US court to initiate bankruptcy proceedings against Byju's subsidiaries <a target="_blank" href="https://www.business-standard.com/technology/tech-news/byju-s-now-worth-zero-hsbc-warns-prosus-amid-legal-financial-troubles-124060700146_1.html">over a $1.2 billion loan.</a> The company also <a target="_blank" href="https://inc42.com/buzz/byjus-slashes-salaries-for-new-sales-hires-by-more-than-90/">cut the salaries</a> of new sales hires by 90% in an attempt to cut costs, local outlet Inc42 <a target="_blank" href="https://inc42.com/buzz/byjus-slashes-salaries-for-new-sales-hires-by-more-than-90/">reported</a> on Thursday.Byju's investors, including Prosus, are <a target="_blank" href="https://www.business-standard.com/companies/news/byju-s-egm-shareholders-vote-to-remove-ceo-raveendran-and-his-family-124022300919_1.html">seeking the removal of its CEO</a>, Byju Raveendran, and his family members from the board. The company's India CEO left in April, and it missed filing its 2023 financial reports.The digital and physical tutoring company was seen as a star in the Indian startup scene and even sponsored the Indian cricket team until 2023. It is backed by the Chan-Zuckerberg Initiative, Sequoia Capital, and Tencent, among others.Byju's first gained popularity during the pandemic for its unique approach to learning. The company faced challenges in 2022 after students began returning to schools and expensive acquisitions affected its bottom line.The company planned to<a target="_blank" href="https://www.bloomberg.com/news/articles/2023-07-26/star-founder-broke-down-in-tears-as-crises-engulfed-byju-s"> go public through a SPAC deal</a> in 2022, which did not ultimately pan out.Byju's and BlackRock did not immediately respond to requests for comment.Correction: This story has been updated to reflect that HSBC wrote about an investor's interest in Byju's. HSBC did not invest in Byju's.

India's once-hot startup Byju's was valued at $22 billion. Now, BlackRock says its investment is worth nothing.

US-based investment firm <keyword id="158169" type="General" weightage="20" keywordseo="blackrock" source="Orion">BlackRock</keyword> has once again cut the value of its holding in <keyword id="6384897" type="General" weightage="20" keywordseo="byjus" source="Orion">Byju's</keyword>, reducing the <keyword id="1464841" type="General" weightage="20" keywordseo="edtech" source="Orion">edtech</keyword> major's <keyword id="51393" type="General" weightage="20" keywordseo="valuation" source="Orion">valuation</keyword> to a mere $1 billion from $22 billion in early 2022. BlackRock, which owns less than 1 per cent of Byju's, has valued its shares at about $209.6 apiece, down from the peak of $4,660 in 2022, reports TechCrunch. Byju's did not immediately comment on the latest valuation cut. This isn't the first time BlackRock has cut the worth of its holding in Byju's. Investment firm Prosus, which owns nearly 9 per cent in Byju's, has also <keyword id="20163425" type="General" weightage="20" keywordseo="marked-down" source="Orion">marked down</keyword> the value of its stake in Byju's to less than $3 billion, representing a decline of more than 86 per cent from the previous funding round valuation of $22 billion. In November last year, Prosus first slashed the fair value of Byju's to $5.97 billion. "Byju's is facing multiple headwinds. We and other shareholders are working everyday to improve the situation. We are in close discussions with the company every day," a senior Prosus executive was quoted as saying in reports late last year. Byju's was preparing to go public in early 2022 through a SPAC deal that would have valued the company at up to $40 billion. According to reports, Byju's needs at least Rs 500-Rs 600 crore to pay off dues of employees and vendors.

BlackRock reduces Byju's valuation to mere $1 billion

<keyword id="19950639" type="General" weightage="20" keywordseo="edtech" source="keywords">Edtech</keyword> major Byju's on Friday said that it has not received any formal intimation of any petition being filed in the <keyword id="19902197" type="General" weightage="20" keywordseo="national-company-law-tribunal" source="keywords">National Company Law Tribunal</keyword> (NCLT) by select investors over its rights issue. Byju's key investors -- Prosus, General Atlantic, Sofina and <keyword id="20124152" type="General" weightage="20" keywordseo="peak-xv" source="keywords">Peak XV</keyword> -- have moved the tribunal against the embattling edtech major over its $200 million rights issue, according to investor sources. The company told IANS that "it cannot comment on rumours on the same". "The Indian regulations stipulate due process for conducting an EGM, intimation of petitions being filed in NCLT, etc. But certain shareholders prefer to manufacture a media spectacle as opposed to following due process," the company spokesperson said. If such a petition has been filed, "the company shall respond to the same as per applicable law and due process," the spokesperson added. According to investor sources, the VC firms have cited "suppression of investor rights and mismanagement of the company". The four investors filed the petition before the Bengaluru bench of the tribunal, according to sources. This is the first time Byju's investors have legally moved against the rights issue. The edtech company said earlier this week that the rights issue by its parent company Think &amp; Learn Pvt. Ltd to raise $200 million at a 99 per cent valuation cut was fully subscribed. "Investors have sought relief on declaring the rights issue as void, and declaring the founders and the management as unfit to run the company," according to investor sources. The investors said the company's management has not shared "relevant financial information with the investor group". The battle between Byju's and investors intensified after the edtech major said the company's co-founder and CEO <keyword id="19901244" type="General" weightage="20" keywordseo="byju-raveendran" source="keywords">Byju Raveendran</keyword> and Board members will not attend the extraordinary general meeting (EGM) called by select investors to oust its CEO on Friday which was underway. --IANS na/prw

Key investors move NCLT against Byju's rights issue, firm says yet to get any petition

<keyword id="6358977" type="General" weightage="100" keywordseo="swiggy" source="Orion">Swiggy</keyword> on Monday announced it has appointed three independent directors to its Board - Mallika Srinivasan, Padma Shri awardee and Chairman and Managing Director of TAFE; <keyword id="121995" type="General" weightage="50" keywordseo="shailesh-haribhakti" source="Orion">Shailesh Haribhakti</keyword>, Chairman of Shailesh Haribhakti &amp; Associates; and <keyword id="2257501" type="General" weightage="50" keywordseo="sahil-barua" source="Orion">Sahil Barua</keyword>, Managing Director and CEO at Delhivery. They are the first independent directors on Swiggy's board and join current members: ASriharsha Majety - CEO and Co-founder of Swiggy; <keyword id="2792820" type="General" weightage="50" keywordseo="nandan-reddy" source="Orion">Nandan Reddy</keyword>, Co-founder of Swiggy; Larry Illg, CEO of Prosus Edtech and Food; Ashutosh Sharma, Head of Investments- India, Prosus Ventures; <keyword id="1841701" type="General" weightage="50" keywordseo="sumer-juneja" source="Orion">Sumer Juneja</keyword>, Managing Partner, India and EMEA, SoftBank Investment Advisors; and Anand Daniel, Partner at Accel. "Getting these new and powerful perspectives and strengthening our governance will immensely benefit us as we march ahead in our mission to bring unparalleled convenience to consumers," said Majety. Srinivasan said that she is pleased to join the Board as the "company moves forward in pushing boundaries and redefining newer segments." "I look forward to supporting the Swiggy management team in their quest to build a world-class business that serves millions of customers in their everyday needs," added Barua. Swiggy connects consumers to over 200,000 restaurant partners in hundreds of cities. Its quick commerce grocery service Instamart is present in over 25 cities. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-shares-hit-25-upper-circuit-after-govt-agrees-to-convert-16133-cr-dues-into-equity/articleshow/97643006.cms">Vodafone Idea shares hit 25% upper circuit after govt agrees to convert ₹16,133 cr dues into equity</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/4-day-workweek-not-yet-feasible-in-india-but-companies-look-at-flexible-options/articleshow/97642858.cms">All about 'flex': 4-day workweek not yet feasible in India, but companies look at flexible options</a>

Swiggy appoints 3 independent directors to its Board

New Delhi, Ed-tech titan <keyword id="3320944" type="General" weightage="20" keywordseo="Byjus" source="Orion">Byjus</keyword> is looking to sell its overseas ventures Epic and Great Learning to pay back its entire USD 1.2 billion (Rs 9,956 crore) loan to lenders, a source familiar with the matter said. The ed-tech decacorn has been in discussions with the lenders and has made a proposal to clear its Term B loan, the source said. Byju's hopes to garner between USD 800 million to USD 1 billion from the sale of Epic, the US-based kids learning firm, and Great Learning - the upskilling platform. The firm is also working on raising fresh capital from equity sales, and is working with bankers for the sale of the aforementioned key assets to strategic investors -- which has also garnered interest, the source said. An email sent to the ed-tech platform for comments remained unanswered. India's most-valued startup is hoping to repay the entire USD 1.2 billion term loan B (TLB) in under six months. Of this, it is proposing to repay USD 300 million in the next three months. Lenders have not yet responded to the proposal. Byju's in November 2021 raised USD 1.2 billion in debt through a term loan facility (TLB) from a group of overseas investors. A TLB is a type of senior secured syndicated credit facility that is issued by global institutional investors. Typically, the proceeds from a TLB are used to either refinance an existing debt or to make overseas acquisitions in order to enhance a company's offerings. Byju's had acquired Aakash USD 950 million in 2021. In July this year, the steering committee of ad hoc term loan lenders is reported to have agreed to amend the USD 1.2 billion term loan. The development comes after the company formed an advisory council with ex-Infosys CFO Mohandas Pai and Bharatpe Chairman and former SBI chief Rajnish Kumar after the exit of investors G V Ravishankar of Sequoia Capital (now Peak XV Partners), Vivian Wu of Chan Zuckerberg Initiative and Russell Dreisenstock of Prosus. Byjus had acquired Epic in a USD 500 million cash-and-stock deal in May 2022.

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You Searched For "prosus" and got 14 results

Swiggy sets IPO price band between Rs 371-390/share; offer likely to open on November 6th. Here's all you need to know

BI India Bureau

​The vanishing billions: Byju Raveendran out of rich list and co out of brand list

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Urban Company raises $255 million at over $2 billion valuation, eyes global expansion

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Tencent falls nearly 8% after the firm's largest shareholder said it plans to sell $14.6 billion of its holdings

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India's once-hot startup Byju's was valued at $22 billion. Now, BlackRock says its investment is worth nothing.

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Key investors move NCLT against Byju's rights issue, firm says yet to get any petition

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Byjus proposes sale of overseas units to repay $ 1.2 billion loan

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The vanishing billions: Byju Raveendran out of rich list and co out of brand list