FirstCry halts $1 Bn IPO📊, Swiggy acquires Dineout🍽️, RIL plans separate platform🛍️
FirstCry will delay its planned $1-bn IPO, Swiggy acquires Dineout, Reliance Retail plans separate platform for sellers, Funding Deals & more.
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FirstCry halts IPO plans as volatility continues🧸
FirstCry will delay its planned $1-billion IPO by a few months. The company’s cautious approach follows the muted response to Delhivery’s IPO last week, amid broader headwinds in global markets.
Only 24% of Delhivery’s IPO was subscribed on the second day of its issue, signaling a lack of excitement from retail and high-net-worth investors, leaving company insiders on tenterhooks until the IPO was fully subscribed on the final day.
The Pune-based e-tailer had finalised plans to file its draft IPO papers this month but is pulling back on the advice of its investors and bankers, sources said.
FirstCry, which also runs offline stores, is also thinking of ‘recalibrating’ its issue size and the valuation it will seek for the IPO, they added.
Swiggy acquires restaurant booking platform Dineout🍽️
Online food-delivery app Swiggy said it has entered into a definitive agreement with Times Internet* to acquire restaurant tech and dining out platform Dineout.
After the acquisition, Dineout will continue to operate as an independent app, Swiggy said in a statement. The largely all-stock deal is worth about $120 million, or about Rs 930 crore, and is expected to close over the course of the next month.
Swiggy will double down on Dineout’s offerings, including restaurant table reservations and events. Dineout’s restaurant partners will get access to Swiggy’s large customer base, allowing them to increase their reach.
HOP Electric Mobility, an electric vehicle manufacturer, raised $2.6 million as part of an ongoing $10 million funding round.
GoldenPi Technologies, a fintech platform for retailers, has bagged $2 million in Pre-Series A funding from domestic investors.
Retail tech startup NutriTap Technologies has raised $1.5 million in a Pre-Series A round led by Venture Catalysts, LetsVenture, IK Capital, Elysian Fintech.
Organic farming startup Humpy Farms has raised Rs 5 crore in an angel round that also includes funds from Lenskart’s Piyush Bansal and MamaEarth’s Ghazal Alagh.
➡️ Check out our LinkedIn space for more on the funding deals.
Reliance Retail plans separate platform for third-party sellers🛍️
Reliance Industries has started roping in independent sellers on its ecommerce platform, JioMart. It plans to eventually create a separate marketplace where it will house all third-party sellers.
Reliance is looking to be prepared for the government’s proposed ecommerce policy, which is likely to prohibit marketplace operators from having related parties or associated enterprises as sellers on their platforms.
The proposed platform, which is yet to be named, will have the ‘Jio’ branding. JioMart will remain the ecommerce arm of Reliance Retail for all its own brands and formats after the new marketplace comes up.
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