Ola Electric Surge 3.7%, Indifi Cofounder Steps Down, DevX Files DRHP For IPO

Ola Electric defies a market downturn with a 3.7% share surge, while Invesco boosts Swiggy's valuation to $13.3 billion ahead of its IPO. After nearly a decade, Indifi cofounder Siddharth Mahanot steps back, leaving a gap in leadership, as PB Fintech shares rally over 5% following Jefferies' renewed 'buy' rating.

In regulatory news, SEBI requires qualified stock brokers to adopt UPI for secondary market trading, and TRAI's decision to exempt OTT apps from new licensing has stirred discussions. Uber partners with IPO-bound Shadowfax to enhance its bike taxi offerings, while Swiggy Instamart launches 24/7 delivery just in time for the festive season. Lastly, coworking space provider DevX files its DRHP for an upcoming IPO, signaling its ambitions in the evolving workspace landscape.

Grab your simmering cup of StartupChai and unwind with our hand-brewed memes.

What Matters

“Stayin’ Alive”: Ola Electric Shares Surge 3.7% Amid Broader Market Crash

Amid a market downturn that saw Indian indices hit a two-month low, Ola Electric's shares surged 3.7%, offering a glimmer of hope. By 2:14 PM, the stock settled at INR 102.85, up 3.15%, with over 5.27 crore shares traded.

Despite the broader crash fueled by foreign investor sell-offs, Ola Electric's market cap stood firm at INR 45,343.33 crore.

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“Hukumat Ki Jung”: Invesco Marks Up Swiggy's Valuation Το $13.3 Bn Ahead Of IPO

Invesco has once again bumped up Swiggy's valuation to a whopping $13.3 billion, setting the stage for its much-anticipated IPO. This marks the third consecutive increase, a solid 19% jump from its last fundraising round.

With this boost, Swiggy seems all set to deliver more than just food as it prepares to go public.

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“Khatam, Tata, Goodbye”: Indifi Cofounder Siddharth Mahanot Steps Down After 9-Year Stint

After nine years of steering Indifi, cofounder Siddharth Mahanot is stepping down from his executive role.

While he's stepping back from day-to-day operations, Mahanot will still play a part as a shareholder and board member. With Alok Mittal and CEO Sangram Singh at the helm, Indifi's leadership remains steady.

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“Achha Sila Diya Tune Mere Pyaar Ka”: PB Fintech Shares Rally Over 5% As Jefferies Reaffirms ‘Buy’ Rating

PB Fintech shares soared over 5% to INR 1,701.25 on October 1, thanks to a vote of confidence from Jefferies reaffirming its 'buy' rating.

The brokerage firm's bullish call gave Policybazaar's parent company a solid boost in intraday trading. With Jefferies backing them, PB Fintech is riding high in the insurtech space.

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“Ab Aayega Maza”: SEBI Mandates QSBs To Offer UPI-Based Mechanism For Secondary Market

SEBI is shaking things up by requiring qualified stock brokers (QSBs) to offer UPI-based trading for the secondary market, starting February 2025.

This new rule brings the ease of UPI to stock trading, mirroring the popular ASBA facility. It’s a game-changer for investors looking for a smoother, more efficient trading experience.

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“Janmo Ke Saathi”: Uber Joins Hands With IPO- Bound Shadowfax To Fuel Bike Taxi Offer

Uber is revving up its bike taxi game by teaming up with IPO-bound Shadowfax to integrate their two-wheeler fleet into UberMoto.

This partnership aims to boost Uber's two-wheeler rides, offering more convenient options for commuters.

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“Tu Cheating Karta Hai”: TRAI's Exclusion Of Over The Internet (OTT) Apps From New Licensing Regime

TRAI's decision to exclude OTT apps, such as WhatsApp and Telegram, from the new licensing regime has sparked concern among telecom operators.

COAI argues that while telcos face heavy compliance burdens, OTT platforms get a free pass. The debate is heating up as telcos push for a level playing field in the ever-evolving digital space.

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“Waah, Kya Scene Hai”: Ahead Of Festive Season, Swiggy Instamart Launches 24X7 Delivery

Just in time for the festive season, Swiggy Instamart is rolling out 24X7 delivery in Delhi, Gurugram, and Noida.

This move comes hot on the heels of Flipkart's quick commerce debut in the capital, raising the stakes in the grocery game.

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“Yahan Ke Hum Sikandar”: Coworking Space Provider DevX Files DRHP For IPO

Riding the wave of India's IPO frenzy, coworking space provider DevX has joined the party by filing its draft red herring prospectus with SEBI.

The Ahmedabad-based startup is looking to capitalize on the growing demand for flexible workspaces. With the IPO boom in full swing, DevX is ready to expand its footprint in the coworking space industry.

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1. Josh Talks reduced its losses by 25% to INR 9.8 Cr in FY24, down from INR 13.2 Cr the previous year. Despite a modest 2% revenue increase, the startup managed to cut spending by 9%, signaling a more efficient year overall.

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2. Millet-based snack brand Troo Good has secured INR 72 crore (about $8.6 million) in its latest funding round, backed by Oaks Asset Management and other investors. This infusion of capital will help Troo Good expand its offerings and strengthen its market presence.

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3. Chennai-based agritech startup WayCool has raised INR 100 Cr ($11.9 million) in debt funding from Grand Anicut to refinance existing borrowings and support working capital. The funding will be issued through 1,000 Series B6 debentures at an 18% annual interest rate, maturing in 18 months.

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