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<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><li>Its existing investors <keyword id="136057" type="COMPANY" weightage="20" keywordseo="Matrix-Partners">Matrix Partners</keyword> India and <keyword id="4675626" type="PERSON" weightage="20" keywordseo="Falcon-Edge-Capital">Falcon Edge Capital</keyword> also invested in this round of <keyword id="6357455" type="UNKNOWN" weightage="20" keywordseo="Funding">funding</keyword>.</li><li>Earlier this year, <keyword id="3259676" type="PERSON" weightage="20" keywordseo="OfBusiness">OfBusiness</keyword> had raised $110 million led by Falcon Edge Capital.</li><li>The B2B startup also gives credit of up to ₹2 crore to SMEs to fund their working capital needs.</li></ul>There seems to be no end to the <keyword id="152045" type="ORGANIZATION" weightage="20" keywordseo="Unicorn">unicorn</keyword> frenzy in India. OfBusiness -- a platform, which helps the country’s small and medium businesses (SMEs) in getting raw materials -- has raised $160 million in funding led by Japanese investor <keyword id="163404" type="COMPANY" weightage="20" keywordseo="Softbank">SoftBank</keyword>. As per the company’s press note, OfBusiness was valued at more than $1.5 billion. A unicorn, in startup lingo, is a private firm valued at or more than a billion dollars. Apart from helping SMEs to source raw materials, the business-to-business (B2B) startup also gives credit of up to ₹2 crore to these small and medium scale entrepreneurs. This is done through its non-banking financial company (NBFC) platform Oxyzo Financial Services. Other than SoftBank, its existing investors Matrix Partners India and Falcon Edge Capital also put in money in this round of funding, as per the press statement. Asish Mohapatra, chief executive and cofounder of the startup said OfBusiness will gain from SoftBank’s “muscle across capital and international markets.” In April this year, OfBusiness <a href="https://www.businessinsider.in/business/startups/news/sme-financing-platform-ofbusiness-raises-110-million-from-falcon-edge-capital-valuation-hits-800-million/articleshow/81962626.cms">had raised $110 million</a> led by Falcon Edge Capital. Sumer Juneja, a partner at Softbank Investment Advisors, said in the statement that they were impressed by OfBusiness’ “market leadership, growth and focus on profitability.” OfBusiness, which was founded in 2015, was also ranked 17 in Financial Times’ top 500 high growth companies in the Asia Pacific region in April last year. In an interview, in April 2021, with The Economic Times, Mohapatra had said that the company is preparing for an <a href="https://economictimes.indiatimes.com/tech/funding/ofbusiness-operator-ofb-tech-raises-110-mn-at-800-mn-valuation/articleshow/81960852.cms">initial public offering</a> (IPO) in the next two years. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/windlas-biotech-to-raise-395-402-crore-through-public-listing-price-band-fixed-at-448-460/articleshow/84854594.cms">Windlas Biotech to raise ₹395-402 crore through public listing, price band fixed at ₹448-460</a> <a href="https://www.businessinsider.in/tech/mobile/news/googles-sundar-pichai-has-teased-the-whitechapel-chipset/articleshow/84853916.cms">Google teases Whitechapel chipset that may power Google Pixel 6 devices</a>

OfBusiness, a platform that helps SMEs get raw materials, becomes the newest unicorn from India

<ul><li><keyword id="366603" type="COMPANY" weightage="20" keywordseo="Matrix-Partners-India">Matrix Partners India</keyword>, Ankur Capital, Better Capital and <keyword id="8830555" type="UNKNOWN" weightage="20" keywordseo="titan-capital">Titan Capital</keyword> also participated in the round.</li><li><keyword id="9611309" type="UNKNOWN" weightage="20" keywordseo="VeGrow">Vegrow</keyword> provides a technology platform to farmers, which can be used to get high quality farm inputs and best farming practices.</li><li>The <keyword id="3210932" type="PERSON" weightage="20" keywordseo="B2B-startup">B2B startup</keyword> is looking to expand to 100 cities, invest in technology and launch new products.</li></ul>Business-to-business (B2B) agritech startup for sourcing fruits and vegetables, Vegrow, has raised $13 million in a Series A round co-led by <keyword id="455799" type="COMPANY" weightage="20" keywordseo="Lightspeed-Venture-Partners">Lightspeed Venture Partners</keyword> and Elevation Capital. Existing investors Matrix Partners India, Ankur Capital, Better Capital and Titan Capital also participated in the round. The company had raised $2.5 million in a seed round in June 2020. Vegrow was founded in April 2020 by Indian Institute of Technology (IIT) alumni Praneeth Kumar, Shobhit Jain, Mrudhukar Batchu and Kiran <keyword id="50744" type="PERSON" weightage="20" keywordseo="Naik">Naik</keyword>, who have varying experience in the agri sector. Kumar and Jain started their career at fast moving consumer goods (FMCG) giant ITC’s agribusiness division, whereas Batchu and Naik were directly involved in farming. The company works with small-hold farmers on a profit sharing model and offers assistance across various stages of the farming cycle using technology. Vegrow provides a technology platform to farmers, which can be used to get high quality farm inputs and best farming practices. The platform also enables farmers to sell their harvest to the right buyers for the right price. The B2B startup claims to help farmers in getting higher returns, reducing supply-chain wastage and improving procurement for wholesalers. The company’s founders have emphasised that the new funding will help Vegrow to expand to 100 new cities, invest in technology and launch new products. The company claims to be one of the largest companies for pomegranates in the country in less than a year. Meanwhile, Lightspeed’s partner Vaibhav Agrawal said that companies building a tech-enabled marketplace between farmers and buyers could help eliminate inefficiencies and would have large market opportunities eventually. “Additionally, many marketplaces have scaled up on negative unit margins in this category, so we were really impressed by the growth and positive unit margin Vegrow has demonstrated using its technology-oriented approach to standardise quality, minimise inventory and retain farmers,” Agrawal added. Apart from Vegrow, other companies in India’s agritech space include Ninjakart, AgNext, Samunnati, Dehaat, Farmart, and WayCool. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/swiggy-raises-1-25-billion-in-a-mega-round-of-funding-led-by-softbank-and-prosus/articleshow/84578974.cms" data-type="tilCustomLink">Swiggy gets a $1.25 billion cheque from Softbank for the same reason Zomato went for an IPO</a> <a href="https://www.businessinsider.in/business/startups/news/globalbees-has-raised-150-million-in-few-months-of-launch-to-acquire-more-businesses/articleshow/84552291.cms">GlobalBees, a Thrasio-style startup launched by FirstCry and Edelweiss execs, raises $150 million in few months of launch</a> <a href="https://www.businessinsider.in/tech/news/how-to-find-out-if-your-phone-is-infected-by-the-pegasus-spyware/articleshow/84578193.cms">This toolkit will tell you if your phone is infected by the Pegasus spyware</a>

Agritech startup Vegrow raises $13 million Lightspeed, Elevation

Online learning platform <keyword id="6630114" type="UNKNOWN" weightage="20" keywordseo="unacademy">Unacademy</keyword> is now valued at $3.44 billion after the latest round of fundraising, where it got investments to the tune of $440 million. Over the last 18 months, the valuation of the <keyword id="9578177" type="UNKNOWN" weightage="20" keywordseo="unacademy-group">Unacademy Group</keyword> has risen almost 10 times, the company reportedly said in a statement. This was the Series H round of funding for Unacademy where Aroa Ventures, the family office of hotel chain <keyword id="2808667" type="PERSON" weightage="20" keywordseo="OYO">OYO</keyword>’s Founder Ritesh Agarwal, and Deepinder Goyal, Co-Founder and CEO at Zomato, participated. Some angel investors of Unacademy have exited in this round. Aside from these, existing investors like General Atlantic, Tiger Global and <keyword id="3749718" type="PERSON" weightage="20" keywordseo="softbank-vision-fund">Softbank Vision Fund</keyword> put in more money.This is the second investment by Tiger Global, and General Atlantic who increased their stake in Unacademy in January this year. The different shades of India’s booming edtech The six-year old startup founded by Gaurav Munjal, Hemesh Singh and Roman Saini, Unacademy has a growing network of more than 50,000 registered educators and over 62 million learners, in 14 Indian languages across 5,000 cities. Unacademy is known for its offerings that help students prepare for competitive exams and it has been one of the biggest beneficiaries of the shift to online learning. Unacademy differentiates itself from Byju’s, which relies on pre-recorded content, and Vedantu that is known for its live-tutoring. India’s edtech industry, which had an annual revenue pool of $700 million at the end of March 2020, saw its business double in the following year due to the pandemic, according to data from Goldman Sachs. The global investment bank expects the entire edtech space to be worth $30 billion dollars by March 2024 as Indians spend the most on education, as a proportion of household consumption, after China. Unacademy has been acquiring other startups amidst an edtech boom Late last month, Unacademy announced that it has acquired game streaming platform <keyword id="11725251" type="UNKNOWN" weightage="20" keywordseo="Rheo-TV">Rheo TV</keyword>. Rheo TV is a platform that helps professional game streamers livestream their gameplays and monetise those feeds. In February, Unacademy acquired TapChief, a professional networking and "future-of-work" platform, at a valuation of ₹100 crore. SEE ALSO: <a href="https://www.businessinsider.in/business/news/byjus-last-two-acquisitions-and-a-deal-with-disney-reveal-its-american-dream/articleshow/84783749.cms">Byju's last two acquisitions and a deal with Disney reveal its American dream ⁠— one that is anchored in India</a> <a href="https://www.businessinsider.in/personal-finance/news/six-red-flags-for-investors-to-avoid-becoming-a-victim-of-misselling-by-agents-or-financial-advisors/slidelist/84782913.cms">Six red flags for investors to avoid becoming a victim of misselling by agents or financial advisors</a>

The founders of OYO and Zomato pump in money to make edtech startup Unacademy worth $3.4 billion ⁠— a ten fold jump in 18 months

<ul><li>The Softbank-backed startup is planning to head for a listing in the US through a special purpose acquisition company.</li><li><keyword id="2466939" type="PERSON" weightage="20" keywordseo="Grofers">Grofers</keyword> is now seeking a valuation of $1 billion.</li><li>Here’s a deep dive into Grofers’ business.</li></ul>India’s grocery market is estimated to be $600 billion and less than 5% of it is organised, according to HDFC Securities. Grofers has a tiny sliver of that small pie. It is one of the top 10 organised retailers in India but it’s still a tough space to compete in. Who leads in any competitive business also decides who gets a bulk of the investors’ money. In that, Softbank-backed grocery startup Grofers is running against <keyword id="8506093" type="UNKNOWN" weightage="20" keywordseo="Jiomart">JioMart</keyword>, backed by the mighty Mukesh Ambani (Asia’s second richest man), and an early bird like <keyword id="964794" type="COMPANY" weightage="20" keywordseo="BigBasket">BigBasket</keyword>, a unicorn which the $100 billion Tata Group is in talks with for a majority stake. <div type="image" title="Grocery." msid="80874973" hostid="261"></div> Just as tight the competition is in everyday business, raising money may be as difficult as a spate of initial public offerings (IPO) from the retail ⁠— both online and offline⁠— space are in the works, at different stages. Therefore, as <a href="https://www.bloomberg.com/news/articles/2021-02-11/softbank-backed-grofers-said-to-weigh-listing-via-u-s-spac-deal?srnd=technology-vp&amp;sref=zNmRQ0gk">reports suggest</a>, Grofers may opt for a listing in the US through a special purpose acquisition company (SPAC). The reason why a SPAC is better than an IPO is best described by Don Butler, Managing Director at Thomvest Ventures. “An IPO is basically a company looking for money, while a SPAC is money looking for a company,” he recently <a href="https://news.crunchbase.com/news/spac-vs-traditional-ipo-investors-see-benefits-of-blank-check-companies/">said</a>. <cmsannotation type="cmsannotation" annotationid="What is SPAC?" comment="subhead" text="What is SPAC?">What is SPAC?</cmsannotation> SPAC companies are generally formed as “blank cheque” firms with the specific purpose to raise capital through a market debut to acquire another company. Grofers could either raise money from investors by selling shares directly. Or, it could sell to a company that is already listed. When a deal is formed through SPAC, the companies have two years to complete the acquisition. If the deal fails to go through, the SPAC will have to return all money to the investors. Through a SPAC deal, companies don’t have to go through the traditional paperwork hassles needed for an IPO. There are many advantages of opting for a SPAC deal, first the company (here Grofers) would get direct expertise from a company that has been in the business of taking firms to the public markets, and SPACS also acquires companies at a premium, giving more value to the initial investors in the company. And that’s how the Softbank-backed Grofers is now seeking a valuation of $1 billion. The startup had last raised funding in May 2018 when it got a $220 million cheque from SoftBank and was valued around $700 million. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup></colgroup></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;">Lead investors in Grofers </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;">SoftBank Vision Fund </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;">Sequoia Capital </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;">Bennett Coleman </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;">Abu Dhabi Capital Group </td></tr></tbody></table> Since then, the startup has had several talks for funding and acquisitions with rival companies like Zomato, Paytm Mall, none of which have worked out. <cmsannotation type="cmsannotation" annotationid="Some of the world’s richest people are competing for a slice of India’s growing online retail" comment="subhead" text="Some of the world’s richest people are competing for a slice of India’s growing online retail">Some of the world’s richest people are competing for a slice of India’s growing online retail</cmsannotation> India’s grocery segment which is a $545 billion market, according to Goldman Sachs. It has several players eyeing for the highest market share. Grofers, which until recently enjoyed being in a mostly two-player market, suddenly has many more competitors to watch out for. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup></colgroup></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;">Who Grofers is pitted against </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;">India’s richest man Mukesh Ambani’s JioMart </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;">World’s richest man Jeff Bezos’s Amazon </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;">One of the world’s biggest retailers Walmart-owned Flipkart </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;">One of India’s biggest conglomerates Tata which is looking to acquire BigBasket and is keen on creating a superapp </td></tr></tbody></table> <cmsannotation type="cmsannotation" annotationid="A deep dive into Grofers’ business" comment="subhead" text="A deep dive into Grofers’ business">A deep dive into Grofers’ business</cmsannotation> Grofers in the last financial year reported an annualized Gross Merchandising Volume of $600 million. Even while Grofers in January 2020 had said that it had achieved breakeven in cities like Delhi and Kolkata, it continued to bleed red in its overall business. As much as 75% of its revenue comes from the top four cities alone. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup></colgroup></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;">Grofers </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;">Revenue </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;">Loss </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;">FY20 </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;">₹176.7 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;">₹637.4 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;">FY19 </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;">₹83.6 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;">₹448 crore </td></tr></tbody></table>Source: Tofler During the COVID-19 pandemic, tables turned for Grofers as it did for other e-grocery startups like BigBasket, JioMart etc. In a Goldman Sachs report from November 2020, Grofers had said that its revenues were up by 85% from April 2020, as the demand for online grocery grew. “...it has been proﬁtable (contribution margin) on every order delivered since the start of COVID-19,” said the report. Snapshot of Grofers <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup></colgroup></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;">Monthly transacting users </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;">Monthly Active Users </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;">Basket 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;">Presence </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;">1.5 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8-10 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$28 </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;">29 cities </td></tr></tbody></table>Source: Goldman Sachs <cmsannotation type="cmsannotation" annotationid="Betting on private labels" comment="subhead" text="Betting on private labels">Betting on private labels</cmsannotation> Grofers has also been betting big on its private labels business, with the aim of running its business purely with its own brands. In April 2020, the company said that it would pump in $15 million into its private label business. And it made business sense as private labels are high gross margin products for the company, as much as 20% higher in consumer packaged goods and 5% higher in staples, according to the Goldman Sachs report. SEE ALSO: <a href="https://www.businessinsider.in/india/news/spicejet-and-indigo-stocks-take-off-as-a-2-hour-flight-could-now-cost-up-to-13000/articleshow/80873865.cms">SpiceJet and IndiGo stocks take off as a 2-hour flight could now cost up to ₹13,000</a> <a href="https://www.businessinsider.in/business/startups/news/chaos-at-upgrad-mass-resignations-pour-in-as-angry-employees-refuse-to-relocate-instantly/articleshow/80824504.cms">Chaos at upGrad⁠— mass resignations pour in as angry employees refuse to relocate instantly</a>

Here’s why Grofers may allow an American 'blank cheque' firm to buy it out instead of fighting Ambani and BigBasket for IPO

<ul><li>The logistics tech startup has raised $395 million with a renewed valuation of $1.6 billion. </li><li>SoftBank has reportedly picked up a stake of 22.4% in the company. </li><li>Other investors include Carlyle Group and Fosun International. </li></ul>After months of speculation, logistics tech startup Delhivery has finally joined the <keyword id="3009432" type="PERSON" weightage="20" keywordseo="unicorn-club">unicorn club</keyword> after raising $395 million from <a href="https://www.vccircle.com/softbank-carlyle-invest-395-mn-as-delhivery-joins-unicorn-club/">SoftBank</a>. The latest round of funding takes Delhivery’s valuation to $1.6 billion. Last week, the company and its investors made headlines after SoftBank received the approval from Competition Commission of India to take hold of 22.4% stake in Delhivery. Other investors in the round include US-based private equity firm Carlyle Group and Chinese conglomerate Fosun International. Delhivery also has Tiger Global, Nexus Venture Partners and and Times Internet as its investors. SoftBank-Delhivery talks had been going on since <a href="https://inc42.com/buzz/softbank-may-invest-245-mn-to-lead-delhivery-to-unicorn-club/">last year</a>, with a lot of back-and-forth between the duo regarding the stakes in the company. Delhivery had also been contemplating an Initial Public Offering, which will now be put on hold with the new investment. The logistics solutions company founded by Sahil Barua, Mohit Tandon, Suraj Saharan, Kapil Bharti and Bhavesh Manglani, had managed to create a stronghold in India with its partnership with e-commerce unicorns like Flipkart and Paytm among others. Japan-based SoftBank has a strong presence in India with investments in multiple unicorns and startups in the country. The SoftBank Vision Fund concentrates on Indian startups, with the firm having earlier said they had missed the bus on many Indian startups because of not having an India office. “Investors like Tiger Global, Sequoia Capital and DST Global spotted these companies at the right time. We were a tourist investor. So opening an office lets us handhold our companies closely. We missed them before they became unicorns, which we did not with Oyo and Policybazaar. We want to put $100 million when these companies are valued at $500 million,” SoftBank executive VP Rajeev Misra had told <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/missed-many-unicorns-as-we-were-tourist-investors-softbank/articleshow/68089128.cms">ET.</a> See Also: <a href="https://www.businessinsider.in/swiggy-and-bigbasket-will-battle-softbank-and-mukesh-ambani-in-online-grocery/articleshow/68204293.cms">Online grocers are back in business in India with billions more to burn – and that may be good for consumers</a> <a href="https://www.businessinsider.in/oyo-rooms-eyeing-acquisition-of-freshmenu/articleshow/68112104.cms">Oyo wants a bite of foodtech, may acquire Freshmenu: Report</a>

You Searched For "softbank startups in india" and got 6 results

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

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Here’s why Grofers may allow an American 'blank cheque' firm to buy it out instead of fighting Ambani and BigBasket for IPO

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Delhivery becomes India’s first unicorn in 2019, thanks to SoftBank

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