City Elevation Financial News

24.09 / 14:51

markets UPS IPO Provident reports Updates Swiggy gets Sebi nod for proposed $1.25 billion IPO

Swiggy has received approval from the market regulator for its proposed $1.25 billion public issue, according to sources. The Bengaluru-based company had filed draft papers for the IPO with the Securities and Exchange Board of India (Sebi) through the confidential filing route in April this year. Swiggy will now need to file an updated draft red herring prospectus (DRHP) with the market regulator. A 21-day period will be provided for the public to give feedback on the UDRHP before launching the IPO. The IPO is expected to raise Rs 3,750 crore ($450 million) in fresh capital, along with an offer-for-sale (OFS) component of up to Rs 6,664 crore ($800 million).

17.09 / 01:23

markets Provident CEO Enterprise awards Celebrity social ET Startup Awards 2024: Union minister Piyush Goyal to grace tenth edition of awards

Piyush Goyal will be the guest of honour at a star-studded ceremony to celebrate the winners of the tenth edition of The Economic Times Startup Awards on Saturday, October 5, the country's most coveted recognition in entrepreneurial excellence. The event in Bengaluru will host a galaxy of business leaders and policymakers, as ETSA 2024 marks a decade of celebrating India's brightest entrepreneurs and startups. Goyal's first interaction with startup industry leaders at the ceremony post removal of the so-called 'Angel Tax' is expected to provide insights into the government's push to further support the new-age economy which has seen several companies go public this year.

13.09 / 02:14

markets IPO Provident Platform Sustainability Remark awards ET Startup Awards 2024 | Midas Touch: Golden exits net Arora Midas crown

best investor this year witnessed jury members prize the conviction of venture investors who not only spot business ideas early on but stay on with an entrepreneur in the long journey of building a company. They also assigned great value to investors who took the call to exit companies at the right time, providing cash returns consistently to their sponsors.

05.09 / 01:04

markets Booking Aware Platform Entertainment Food reports Zomato's big Paytm play puts a spanner in KKR's BMS plans

Zomato's recent acquisition of Paytm's entertainment business has put a cloud over KKR's planned investment in BookMyShow (BMS), India's largest online ticket-booking platform, said two people aware of the development. KKR is believed to be renegotiating with BMS over the deal size and valuation, said sources. KKR had earlier planned to invest about $250-300 million in Reliance Industries Ltd-backed BookMyShow to acquire a significant minority stake, ET first reported in January. The valuation of BMS then was estimated to be around Rs 7,500 crore ($900 mn), ET reported. A KKR spokesperson declined to comment, while BookMyShow did not respond to the queries sent on Saturday.

20.08 / 14:15

UPS Provident Waves Enterprise WhatsApp Aye Finance raises about $25 million from Goldman Sachs (India) Finance

Aye Finance has raised about $25 million from Goldman Sachs (India) Finance, the non-banking unit of Goldman Sachs in India, in a securitisation deal. The deal, valued Rs 212 crore in local currency, was announced Tuesday. This will free capital for Aye Finance and help it in business expansion. The fintech company lends to micro enterprises across India.

12.08 / 00:43

Platform Align Enterprise Matrix trends track Wealthtech startup Infinyte Club raises $3.6 million in funding round led by Elevation Capital

Infinyte.Club, a wealth creation and management platform for tech and startup employees, has raised $3.6 million in a funding round led by Elevation Capital. The round also saw participation from angel investors such as Cred founder Kunal Shah, Meesho cofounder Vidit Aatrey, Unacademy cofounder Gaurav Munjal, Razorpay cofounder Harshil Mathur and others. The funds will be used to enhance the technology and grow the team.

06.08 / 00:45

markets Provident Career Platform security hospital rights US-based Instawork acquires Bengaluru-based Able Jobs for undisclosed amount

staffing solutions provider Instawork has acquired the technology platform built by Bengaluru-based online placement forum Able Jobs for an undisclosed amount. Ravish Agrawal, one of the cofounders, will serve as an advisor to Instawork, while Siddharth Srivastava, the other cofounder will join Instawork as a product leader. Through the deal, Elevation Capital, Titan Capital and other venture investors on the captable of Able Jobs will exit the company and the small team of around four employees still with the company will be taken in by Instawork, the spokesperson added.

05.08 / 16:59

UPS IPO Provident Booking wellness reports How Snapdeal founder Kunal Bahl became the titan of early-stage investing

₹57 lakh into the startup, then known as Urban Clap. It was a gamble. Through their venture company, Titan Capital, they were essentially backing an idea.

22.07 / 07:47

Provident Telegram community students Experts reports Schools Edtech startup Bluelearn shuts shop, to return 70% of capital to investors

Bluelearn has shut down operations and will return 70% of the capital it raised to its investors.

12.06 / 14:51

UPS IPO Booking Platform travelers Schools Ixigo IPO subscribed over 98 times on last day

initial public offering (IPO) of Le Travenues Technology, the parent company of online travel platform Ixigo, closed on Wednesday, with bids exceeding 98 times the shares on offer.

11.06 / 03:09

UPS IPO Platform WhatsApp travelers Ixigo public issue oversubscribed on opening day

IPO) of Le Travenues Technology, the parent company of online travel platform Ixigo, sailed through on its opening day on Monday, with the issue being subscribed 1.95 times. According to data from the BSE, investors placed bids for 85.5 million shares against 43.7 million shares available. The retail investors' portion was subscribed 6.21 times, while the non-institutional investor segment was subscribed 2.78 times. Qualified institutional buyers bid for 0.12 times the shares on offer. The IPO, which closes on June 12, includes a fresh issue of ₹120 crore and an offer for sale of up to 66.6 million shares.

10.06 / 11:15

UPS IPO Booking BAY band show Retail buyers oversubscribe Ixigo IPO within hours on debut

Retail investors bid for 17.6 million shares compared to the 7.9 million shares available, as of 11:42 AM on Monday, BSE data showed. The non-institutional segment subscribed 0.47 times, while the qualified institutional buyers (QIB) are yet to show significant activity.

30.05 / 00:35

Provident CEO Platform Software Cycling innovations Schools B2B fintech startup Vegapay raises $5.5 million from Elevation Capital

fintech startup Vegapay has raised $5.5 million in an equity funding round led by Elevation Capital, with participation from existing investor Eximius Ventures. It had raised $1.1 million in its first institutional funding round in 2023 led by Eximius.

27.05 / 11:57

markets Citi security wellness exclusive International Indya and FabAlley parent HSE secures ₹50 crore round led by JSW Foundation

₹50 crore in a mix of equity and debt to expand its presence in India's wedding and occasion-wear market. The funding was led by Sangita Jindal, chairperson, JSW Foundation.

22.05 / 10:43

markets IPO Booking security MakeMyTrip travelers Schools Ixigo receives Sebi clearance for IPO

Le Travenues Technology, which operates online travel portal Ixigo, has received clearance from the Securities and Exchange Board of India to raise funds through an initial public offering, according to a notification by the market regulator on Wednesday. The Gurugram-based company had filed its initial IPO papers in February, with a proposal comprising an issue of fresh shares worth Rs 120 crore and an offer for sale (OFS) of 66.67 million shares by its existing shareholders. The selling shareholders included Elevation Capital (earlier Saif Partners), Peak XV Partners, and founders Aloke Bajpai and Rajnish Kumar, as per the draft red herring prospectus (DRHP).

02.05 / 10:27

markets FIVE Fighting Nestle wellness beautiful reports With premium coffees and pricey hair serums, FMCG firms woo the well-heeled

coffee consumption. The company said India is one of its fastest-growing coffee markets. Today, premium products account for 12-13% of the company’s sales—Nestle expects this number to touch 15-16% in the medium term and 20% in the long term, said Suresh Narayanan, chairman and managing director, Nestlé India said.

23.02 / 00:43

markets IPO Digital Booking Trade stage Schools Elevation Capital’s massive gamble on Paytm backfires

Elevation Capital, the largest institutional shareholder in One 97 Communications-- owner of digital payments brand Paytm-- is staring at a massive erosion in the worth of its holding, amid a free-fall in the shares of the beleaguered company following the regulatory ban on its payment bank operations that comes into effect on March 15. The Ravi Adusumalli-led fund’s 15% stake in One 97, which was valued at about Rs 6,100 crore when the post-IPO lock-in expired in November 2022, had shrunk by nearly 40% to Rs 3,800 crore at the end of trading on Thursday.

23.02 / 00:43

COST Provident Digital Platform Action students Elevation Capital says fintech companies building tailored products are finding takers

regulatory challenges imposing higher governance costs, procedural delays and hurdles in establishing partnerships with banks for fintech firms, such actions serve as a runway for them to build a scalable platform in the long run, said senior partners at early-stage venture capital investor firm Elevation Capital. “I think getting a regulatory clarity might make your task tougher because it adds governance and governance cost and it may make your task longer. But I think it provides a nice runway for you to scale and become a scalable platform,” Mridul Arora, partner at Elevation Capital, said.

19.02 / 08:07

markets Career Strategy PwC Deloitte students Schools IIM Calcutta completes final placements; 464 students get 529 offers from 194 companies

The consulting sector emerged as the top recruiter, with 167 students (31.6%) bagging offers, the institute said in a statement on Monday.

23.11 / 18:41

Digital Strategy President Experts Pride prevention CBI and Liminal Collaborate for Digital Asset Security in India Amid Crypto Scams

Strategic Alliance for Digital Asset Security

21.11 / 12:31

Provident Booking Platform innovations travelers Travel fintech Scapia raises $23 mn led by Elevation, Binny Bansal's 3State

Federal Bank, that comes with zero joining and annual fees, offering a zero-forex markup and unlimited domestic lounge access to its users on minimum monthly expenditure. It provides a 10% reward on every transaction, called 'Scapia coins'.

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