Fireworks in Indian Tech IPOs
The week (Oct 30-Nov 5 2021) was all fireworks in IPOs, when doyens of India tech successfully closed their offers. In this list we have PB Fintech raising 5710 cr (subscribed 16 times), Nykaa raising 5352 cr (subscribed 81 times), and Fino raising 1200 cr (subscribed 2 times) in the tech space. We can expect this to continue if the markets continue to be buoyant in the near term like the mega PayTM one upcoming. In the non-tech space we had SJS Enterprises, an automotives decorative supplier raising 1040 cr (subscribed 1.6 times), Sigachi specialty chemicals raising 125 cr (subscribed 101 times), and Nidan healthcare raising 50 cr (subscribed 1.8 times). Clearly showing the appetite for tech oriented businesses and we noted that the time to IPO was shorter in tech (shortest being Nykaa 9 years and Sigachi was longest at 32 years, since incorporation).
Mega deals
In other largish deals, we saw Zetwerk stitching together a 1862 cr deal in a round led by US-based Iconiq Capital and Greenoaks, with some early investors exiting. Grocery delivery app Zepto raises 450 cr led by Glade Brook Capital, valued at 1687 cr. Neobank Fi raised 371 cr in Series B from B Capital, Ocean view Capital and others. Natural petfood maker Dogsee raised 52 cr from Sixth Sense. While D2C F&B brand creators TTSF (F&B Thrasio?) raised 40 cr from Brand Capital as seed.
Continuing on the Thrasio likes, GlobalBees made 2 more buyouts with Absorbia and YellowChimes in home care and jewelry segments. Unacademy announced its acquisition of Swiflearn to strengthen its K-12 segment tuition offerings. At this rate between BYJUs, Unacademy and Upgrad, there will not be many learning related companies that have not been evaluated for acquisition. Hiring platform Multiplier raised 99 cr in Series A from Sequoia Multiplier Brand Solutions and other existing investors (with usual suspects Amrish Rau and Deepinder Goyal in the mix).
In the fintech space, Fintso acquired Wealthmagic in a deal that consolidates about 15 lakhs retail investors. While Coinbase acquired Agara for its AI-powered personalized support capabilities.
The week was subdued due to the holidays in number of deals (about 38 in total), but buzz was all IPOs (6) and acquisitions (6). With Bangalore and Mumbai topping the deal volumes. See you next week.