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☆ SoftBank-backed Ola Electric aims to raise $734 million in India's biggest IPO this year
▼ + stars: | 2024-07-29 | by ( ) www.cnbc.com time to read: +3 min

The new Ola electric scooters displayed during its launch at the Ola headquarters in Bangalore on August 15, 2021. With e-scooter prices starting at around $900, Ola Electric has become the biggest player in a country where adoption of clean vehicles is still low, but rising rapidly. In the IPO, Ola will issue new shares to raise $657 million while existing investors offload their stake of about $77 million to IPO investors, the term sheet showed. Aggarwal and investors such as SoftBank and Matrix Partners will sell part of their stakes in the IPO. Monday's newspaper ad showed 10% of the IPO will be reserved for retail investors, with proceeds going to fund capital expenditure and research and development efforts.

Persons: Manjunath Kiran, MANJUNATH KIRAN, Ola Electric, Narendra Modi's, Tesla, Ola, Bhavish Aggarwal Organizations: Ola, Getty, Tata Motors, TVS, Hyundai, West, Temasek, Fidelity, Nomura, Norges Bank, Reuters, Financial Express, Matrix Partners Locations: Bangalore, India

☆ Early Spotify investor Northzone hires director from second-gen Tiger cub fund Tybourne Capital to lead growth-stage deals
▼ + stars: | 2023-01-18 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

Early Spotify investor Northzone has hired Tybourne Capital director Sanjoy Malhi as a partner. Early Spotify backer Northzone has hired a director from second-generation Tiger Cub fund Tybourne Capital to lead its growth investments. The London-based fund, founded in 1996, has appointed Sanjot Malhi as a partner focused on growth-stage deals across Europe. Malhi will help distribute a $1 billion multi-stage fund that Northzone closed in September. However, many of those companies were funded with growth capital without having strong business fundamentals in place leading to a lot of pain in the market.

☆ Fintech startup Ampla buys Upside Financing to launch a buy now, pay later service for consumer-facing businesses
▼ + stars: | 2022-11-01 | by ( Emilia David | ) www.businessinsider.com time to read: +4 min

It closed the deal to buy Upside Financing, which extends payment terms for companies, in October. The new buy now, pay later service will be called Ampla Pay Later and be available soon. With funding to fintech startups in a freefall, acquisitions in the buy now, pay later space have started to heat up. Upside will bring all of its employees to Ampla, with Mares heading Ampla Pay Later. "And the larger the burden for brands, [BNPL] provides another option for consumer brands to grow more efficiently and responsibly."

☆ Fidelity, HDFC Mutual eye India's Five Star IPO at lower valuation - sources
▼ + stars: | 2022-10-13 | by ( M. Sriram | ) www.reuters.com time to read: +2 min

The shadow lender's last funding round in December 2021 was closed at a valuation of 220 billion Indian rupees, roughly $3 billion at the time. Fidelity and India's HDFC Mutual Fund, among others, are in in talks with Five Star to invest in the so-called anchor book of the IPO but at a company valuation of 160 billion rupees, due to weak market sentiment, the sources said. Five Star is planning to list in the last week of October, which coincides with Diwali, a popular Indian festival. Two sources, however, said that the company was closely tracking the ongoing stock market weakness in India before finalising a date. For the fiscal to March 2022, Five Star recorded a net profit of 4.5 billion Indian rupees ($55.14 million) on a total income of 12.5 billion Indian rupees ($152.74 million), growing about 20% year-on-year, according to its annual report.

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