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Natco Pharma acquires 40 million shares in eGenesis Inc

By
Garima Bansal
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0

Natco Pharma Ltd‘s Canadian subsidiary has acquired 40 million shares in eGenesis Inc., a leading biotechnology company specializing in xenotransplantation, for USD 8 million. Xenotransplantation involves developing human-compatible organs for transplants, and eGenesis is at the forefront of this technology. Their Genome Engineering and Production platform addresses cross-species molecular incompatibilities and viral risks through genetic engineering, offering significant advancements in organ transplantation.

eGenesis is currently focusing on developing transplant solutions for kidney, acute liver failure, and heart conditions. Rajeev Nannapaneni, Vice Chairman and CEO of Natco Pharma, expressed enthusiasm about the partnership, highlighting the potential of xenotransplantation to address the global shortage of transplantable organs and reduce waitlist mortality.

Mike Curtis, CEO of eGenesis Inc., welcomed Natco’s investment, noting that the funds will be instrumental in advancing their research and bringing innovative therapies to market. Notably, in March 2024, eGenesis achieved a significant milestone by performing the world’s first porcine kidney transplant in a living patient, authorized by the U.S. FDA under the Expanded Access pathway.

PharmEasy valuation slashed to $458 Mn by Janus Henderson

By
Garima Bansal
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0

API Holdings, the parent company of the online pharmacy platform PharmEasy, has experienced a substantial valuation cut to $458 million, marking a significant 92% drop from its peak valuation of $5.6 billion in 2021. This drastic markdown was implemented by PharmEasy’s investor, Janus Henderson, a global asset management company, which reduced the value of its investment in the company by 91.8%, as per filings with the SEC.

Earlier in April, PharmEasy’s valuation saw a sharp decline of 90% when it raised Rs 1,804 crore (approximately $216 million) in a funding round led by Ranjan Pai‘s Manipal Education and Medical Group (MEMG) along with participation from existing investors. The company, based in Mumbai, has been seeking to raise around Rs 3,500 crore to repay debt borrowed from Goldman Sachs. However, PharmEasy, led by Dharmil Shah, defaulted on its loan terms with Goldman Sachs in June 2023. Around that time, Janus Henderson further reduced PharmEasy’s valuation by nearly 50%.

PharmEasy also had to postpone its initial public offering (IPO) plans, citing unfavorable market conditions. Although the company filed its Draft Red Herring Prospectus (DRHP) in November 2021, it withdrew its IPO plans in August 2022 due to market volatility.

In recent times, other well-funded companies, such as Swiggy and Byju’s, have also seen their valuations reduced by their investors. For instance, Gupshup’s investor, Fidelity, cut the SaaS firm’s valuation to $500 million, down from over $1.4 billion in its last equity funding round.

According to a startup data intelligence platform, PharmEasy reported a 16% year-on-year growth in revenue, reaching Rs 6,643 crore in FY23. However, its losses, for the Temasek-backed company, increased by 30.5% to Rs 5,211 crore during the same period. The company has yet to file its annual financial statements for FY24.

The Hosteller Secures ₹32 Crore Series A Funding Led by V Cube Ventures for Expansion

By
Garima Bansal
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0

Backpacker hostel chain, The Hosteller, has secured Rs 32 crore (around $4 million) in its Series A funding round, led by V Cube Ventures. Other participants in this round included Lets Venture Angel Fund, AngelList, and several individual investors.

The board of The Hosteller approved the issuance of 10 equity and 64,281 Series A compulsory convertible preference shares at an issue price of Rs 4,977.5 each to raise the funds. V Cube Ventures led the investment with Rs 22 crore, while LV Angel Fund, AngelList, and Merlin Marketing invested Rs 2.5 crore, Rs 50 lakh, and Rs 1.5 crore, respectively. An additional 14 angel investors contributed the remaining amount.

The funds raised will be used to expand The Hosteller’s chain of hostels, boost marketing efforts, and address other general business needs. This funding round comes three years after the Mumbai-based company raised $1 million in its seed round in 2021. Following this recent investment, The Hosteller’s valuation stands at approximately Rs 182 crore ($22 million). V Cube Ventures now holds a 15% stake in the company, while Lets Venture has 3.45%. The company’s founder and CEO, Pranav Dangi, along with his family, retains a 35.28% stake.

Founded in 2014, The Hosteller specializes in providing affordable, quality lodging for backpackers, offering unique travel experiences. The company currently operates over 50 hostels across India. It reported a revenue of Rs 55 crore for the fiscal year ending March 2024, with a net profit of Rs 4 crore. The Hosteller plans to expand further by adding 75 new properties this year.

The Hosteller faces competition from other hostel chains such as goSTOPS, Wudstay, and Backpackers Panda.

Bluestone Raises ₹600 Crore in Funding Led by Prosus Ahead of IPO

By
Garima Bansal
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Bluestone, an omnichannel jewelry retailer, has successfully raised Rs 600 crore (around $72 million) in a funding round led by Prosus through its subsidiary, MIH Investments. Other participants in this round include Steadview Capital, Think Investments, and Pratithi Growth Fund.

The company’s board approved the issuance of 1,03,80,622 Series H compulsory cumulative preference shares at a price of Rs 578 per share to secure the funding. Prosus led the round with an investment of Rs 351 crore ($42.2 million), while Steadview Capital, Think Investments, and Pratithi Growth Fund invested Rs 80 crore, Rs 84 crore, and Rs 35 crore, respectively. An additional 27 investors contributed the remaining primary capital.

This funding is part of a previously reported Rs 900 crore pre-IPO round, which includes Rs 300 crore from secondary transactions. The newly acquired capital will be utilized for expansion, operational costs, capital expenditures, and other corporate purposes.

Post-allotment, Bluestone’s valuation stands at approximately $972 million, as reported by a startup data intelligence platform. With this fresh funding, Prosus now holds a 4.48% stake in the company, while Steadview Capital, Think Investments, and Pratithi Growth Fund have stakes of 1.04%, 1.10%, and 1.08%, respectively.

Founded in 2011 by Gaurav Singh Kushwaha, Bluestone offers a wide range of jewelry collections for both men and women, available through its website and a network of more than 190 offline stores across 75 cities. The company has demonstrated strong growth, achieving a 65% year-on-year increase in revenue to Rs 787 crore in the fiscal year ending March 2023, while significantly reducing its losses by 87% to Rs 167 crore. Bluestone has yet to file its annual results for FY24.

One of Bluestone’s main competitors, CaratLane, which is owned by Titan, reported revenue of Rs 3,081 crore with a profit of Rs 79 crore for FY24.

Zerodha’s Rainmatter invests Rs 10 crore each in Boson Whitewater, TruNativ

By
Garima Bansal
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0

Boson Whitewater, a water recycling startup, and TruNativ, a nutrition-focused D2C brand, have each raised Rs 10 crore in equity funding from Rainmatter, an early-stage venture firm supported by Zerodha.

Boson Whitewater specializes in converting excess sewage treatment plant (STP) water into potable water, addressing water scarcity issues in major cities like Bengaluru. On the other hand, TruNativ offers nutritional products such as Everyday Protein, Everyday Fibre, and Everyday Sweetener through its website and various e-commerce platforms.

Rainmatter has been actively investing in startups across fintech, clean energy, climate tech, and healthtech sectors. In the past two months, it has invested Rs 30 crore in several companies, including follow-on rounds in health-focused startup Devil’s Circuit, climate tech company GreenWorms, and fintech firm Actlogica.

According to Dinesh Pai, head of Rainmatter, the firm has invested around Rs 650 crore in a diverse range of startups since 2016. Of the Rs 1,000 crore committed by Zerodha co-founder and CEO Nithin Kamath last year, approximately Rs 150 crore has been deployed so far. Rainmatter also operates a not-for-profit entity named Rainmatter Foundation.

Rainmatter recently participated in the $6.5 million funding round of space tech startup GalaxEye, investing a total of Rs 5 crore across initial and follow-up rounds. The firm sees potential in geospatial data for addressing climate-related challenges such as early warning systems for natural disasters and unpredictable weather conditions, as well as applications in defense and agriculture.

Based in Bengaluru, Rainmatter has invested in around 100 companies, covering various sectors including 31 in fintech, 28 in climate tech, and 21 in health and nutrition. Pai emphasized that the firm provides patient capital without a specific exit timeline, aiming to support startups focused on building sustainable, long-term businesses for India and beyond.

0xPPL Raises Funding from AllianceDAO, Anagram, and Peak XV Partners to Expand Crypto Social Networking Platform

By
Garima Bansal
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0

0xPPL, a social networking platform designed for the crypto community, has secured an undisclosed amount of equity funding from investors including AllianceDAO, Anagram, and Peak XV Partners. The funding round also saw participation from notable angel investors like venture capitalist Balaji Srinivasan, Anatoly Yakovenko and Raj Gokal of Solana Labs, and Sandeep Nailwal of Polygon. This investment aims to enhance 0xPPL’s product offerings, expand its team, and further its mission to become a leading on-chain social networking platform.

Founded in August 2022 by Prasanna Sankar, 0xPPL connects users with shared interests in cryptocurrencies, offering a platform where they can monitor crypto assets and non-fungible tokens (NFTs) across multiple blockchains, including Ethereum Virtual Machine (EVM), Solana, Bitcoin, TION, and Cosmos. The platform allows users to track their portfolios, including investments, profit and loss, 24-hour changes, staking rewards, token holdings, protocol positions, and NFT values. The investment aligns with the growing trend of blockchain-based platforms driving innovation across various industries, such as finance, gaming, and social media.

AllianceDAO highlighted the strategic nature of this investment, reflecting their belief in 0xPPL’s vision to create a seamless, on-chain social networking experience. They emphasized that 0xPPL’s approach aligns with the future of Web3, where decentralized networks play a crucial role in how individuals connect, share, and collaborate online. In the competitive landscape, 0xPPL faces rivals such as decentralized social networks Phaver, Easy, and Farcaster.

Hindustan Composites invests Rs 5.2 crore in Swiggy

By
Garima Bansal
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Hindustan Composites Ltd, a manufacturer of automobile materials, has made an investment of Rs 5.17 crore in Swiggy, acquiring 1.5 lakh shares of the food delivery and quick commerce giant. This move aligns Hindustan Composites with other notable investors who have recently taken stakes in Swiggy, which is gearing up for a $1.25 billion initial public offering (IPO). Swiggy has been actively securing investments ahead of its IPO, drawing interest from various high-profile investors.

Actor Amitabh Bachchan’s family office also invested in Swiggy by purchasing shares from employees and early investors. Additionally, Raamdeo Agrawal, Chairman of Motilal Oswal Financial Services, has acquired a stake in the Bengaluru-based company. Agrawal is also an investor in Zepto, Swiggy’s competitor in the quick commerce space, participating in Zepto’s $665 million funding round in June. Zepto’s valuation has surged to $5 billion following a recent $340 million funding round.

The secondary share transactions involving Bachchan and Agrawal are believed to have occurred at a valuation of $10-11 billion for Swiggy. In June, investor 360 One WAM valued Swiggy at $11.5 billion, while Swiggy’s last known valuation was $10.7 billion from a funding round in 2022.

SoftBank-Backed OfBusiness Eyes Up to $1 Billion IPO on Indian Market by Late 2025; Engages Top Banks for Listing

By
Garima Bansal
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0

SoftBank-backed OfBusiness, an Indian B2B e-commerce platform supplying raw materials like polymers, agricultural goods, and industrial steel, is preparing for a significant IPO on the Indian stock market. The offering, expected in the second half of 2025, could raise up to $1 billion. The company is in discussions with Bank of America, Citi, JP Morgan, and Morgan Stanley to manage the IPO, which will include around $200 million in new shares, with the remainder being shares sold by existing investors.

Chief Financial Officer Bhavesh Keswani noted that the IPO proceeds will be used for debt repayment and business expansion. OfBusiness, which has raised over $800 million since its founding in 2015 by Asish Mohapatra and Ruchi Kalra, was last valued at approximately $5 billion in 2021. The company is now targeting a valuation between $6 billion and $9 billion. Key investors include SoftBank Group, Tiger Global, and Alpha Wave Global, holding a combined stake of around 33%.

India’s booming stock market and robust growth in manufacturing and construction sectors provide a favorable backdrop for the IPO. In FY 2024, OfBusiness reported a post-tax profit of $72.6 million on revenue of $2.3 billion. The company is also in the process of merging some subsidiaries to streamline operations ahead of the public offering.

Infratech startup Mytek Innovations raises Rs 6 crore debt

By
Garima Bansal
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0

AI-based EPC and manufacturing marketplace Mytek Innovations has raised Rs 6 crore in a debt funding round, with plans to utilize the funds for expansion. Co-founded by Shivkumar Borade and Ashwajeet Wankhede in 2020, Mytek aims to streamline the contracting industry by integrating project elements such as workforce, machinery, tools, materials, and technology into a unified platform. This approach allows the company to ensure sales with minimal customer acquisition costs while maximizing operational efficiency and productivity.

Headquartered in Mumbai, Mytek leverages advanced AI tools, blockchain, data analytics, and sophisticated algorithms to meet industry-specific needs. The company currently focuses on civil and electrical services and has plans to expand into sectors such as automobile, manufacturing, textiles and garments, cosmetics, and more. Mytek reported a robust order book of Rs 251 crore at the end of FY24 and is targeting an order book of Rs 729 crore by FY25. The company also maintains a strong EBITDA margin of over 23% through its supplier and contractor applications, reflecting its commitment to driving high-performance outcomes in the contracting and manufacturing industries.

Air India Introduces New Airbus A350-900 for Delhi-London Route as Part of ‘New Air India Experience’

By
Garima Bansal
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0

Air India has launched the Airbus A350-900 on the Delhi-London Heathrow route as part of its ‘new Air India initiative,’ aimed at enhancing the passenger experience. This initiative introduces the ‘vista verse,’ offering upgraded amenities including new chinaware, tableware, glassware, bedding, and an enhanced entertainment system.

Key updates in the new Airbus A350-900 include:

  • A revamped cabin layout featuring full-flat beds in Business Class, a modernized Premium Economy, and new, comfortable seats in Economy Class.
  • Access to an inflight entertainment system offering 3,000 hours of content, with onboard Wi-Fi to be available soon.
  • Updated amenity kits for Business and Premium Economy passengers.
  • Sustainable bed linen and lightweight mattresses to enhance comfort.
  • A diverse food menu catering to both Indian and international tastes.

This new aircraft will replace the Boeing 777-300ER and Boeing 787-8 Dreamliner on 14 of the 17 weekly flights between Delhi and London, adding 336 extra seats per week on this popular route. Air India had introduced the A350 series earlier in the year for domestic and short-haul international routes, and this move represents an expansion of its use to longer international flights.

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