Prosus Anticipates Surge, Ola Faces Setback, Navi Pulls Back On Bond Sale

Prosus anticipates a surge of IPOs on the horizon, while Ola Electric faces a setback as its shares dip over 6%. On a brighter note, PhonePe celebrates an astonishing 158X increase in monthly transactions over six years. GalaxEye is gearing up for an exciting partnership with SpaceX to launch an Earth observation satellite, while Navi pulls back on a massive INR 1 lakh crore bond sale after RBI scrutiny.

Freo makes its mark by entering the insurance sector with a new corporate agent license from IRDAI, and Deepinder Goyal is launching a health tracking and mental wellness venture. In more IPO news, Niva Bupa Health Insurance and Paras Healthcare have secured SEBI approval, and Origin is expanding its footprint in Bengaluru, adding 40 new dark stores to cover 90% of the city by year-end.

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What Matters

“Umeed Par Duniya Kayam Hai”: Prosus Expects More IPOs In Indian Startup Ecosystem

Prosus is optimistic about India's startup ecosystem, with CEO Fabricio Bloisi hinting at more IPOs on the horizon.

Despite the economic challenges, the PE giant, now valued at around $100 billion, remains committed to its long-term vision for the country. Having already invested over $7 billion in Indian startups, Prosus seems ready to deepen its stake in shaping the future of India's tech landscape.

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“Ye Dard Khatam Kahe Nahi Hota Be”: Ola Electric Shares Tank Over 6%

Ola Electric's shares tumbled over 6%, marking their fourth straight session in the red. With 3.4 crore shares traded, the stock closed at INR 754.85, dragging the company’s market cap down to INR 36,018.84 crore (about $4.2 billion).

Investors are keeping a close eye on the company's next moves as it navigates this volatile period.

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“Waah, Kya Scene Hai”: PhonePe Sees 158X Jump In Monthly Transactions Over 6 Years

PhonePe has seen an astounding 158X jump in monthly transactions over six years, skyrocketing from 5 crore in March 2018 to 772 crore by March 2024.

The total transaction value also surged 151X to INR 10.47 lakh crore during the same period. With 53 crore registered users and 20 crore monthly active customers, PhonePe’s growth reflects India's digital payments boom.

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“Ye Dosti Hum Nahi Todenge”: GalaxEye Partners SpaceX For Earth Observation Satellite Launch

GalaxEye is gearing up for a groundbreaking satellite launch in partnership with SpaceX, marking a significant leap for India's space tech scene.

Their multi-sensor Earth observation satellite, 'Drishiti,' is set to launch in mid-2025, according to cofounder Pranit Mehta, an IIT-Madras alumnus. This collaboration puts GalaxEye on the map as a key player in space innovation.

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“Waqt Par Kalti Maarne Ka”: Navi Calls Off INR 1 Lakh Cr Bond Sale After RBI Crackdown

Navi Finserv has scrapped its INR 1 lakh crore bond sale, just days after the RBI's crackdown on NBFCs, including Navi, for charging excessive interest rates on microloans.

Shobhit Agarwal, head of Navi’s lending division, stated that the company saw no immediate need for external funding after careful evaluation. The decision signals Navi’s cautious approach as it navigates regulatory challenges.

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“Swagat Nahi Karoge Humara”: Freo Enters Insurance Space With Corporate Agent Licence From IRDAI

Freo has officially entered the insurance sector after securing a corporate agent licence from the IRDAI.

This strategic move allows the digital banking platform to offer a variety of curated insurance products to its registered users. Freo’s expansion signals its growing ambition to diversify beyond digital banking and deepen its role in financial services.

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“Lambi Saans Le Bidu”: Deepinder Goyal Incubates Health Tracking & Mental Wellness-Focused Venture

Zomato’s Deepinder Goyal is stepping into the health and wellness space with a new venture, Continue.com, billed as "The Ultimate Health Tracker."

The platform, still under development, lists Goyal and two Zomato employees as directors. This aligns with Goyal’s ongoing commitment to the health sector, building on his investments in startups like Ultrahuman and Pristyn Care.

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“Adbhut, Akalpaniya, Avishwasaniye”: Niva Bupa Health Insurance, Paras Healthcare get SEBI nod to float IPOs

Niva Bupa Health Insurance and Paras Healthcare have received SEBI’s green light to launch their Initial Public Offerings (IPOs).

This marks a significant step for both the health insurer and the hospital chain as they gear up to raise funds in the public markets. Investors are now watching closely as these companies prepare to expand their footprint in India's healthcare landscape.

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“Yahan Ke Hum Sikandar”: Origin Expands Operations in Bengaluru with 40 New Dark Stores, Aims to Cover 90% of the City by Year-End

Origin, India’s first quick commerce brand dedicated to fresh produce, is ramping up its presence in Bengaluru with 40 new dark stores.

These "Fresh Pods" promise to deliver fruits, vegetables, and herbs within 20 minutes of ordering, and just 12 hours after harvest. By the end of 2024, Origin aims to cover 90% of the city, redefining the fresh produce delivery game in Bengaluru.

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1. Advance Mobility has secured $3 million from India Accelerator and Finvolve in a recent funding round to scale up its operations. The fleet startup, primarily operating on the Uber platform, plans to leverage this investment to expand its footprint in the mobility sector.

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2. Groww's revenue for FY24 has more than doubled to INR 3,145 crore, reflecting a remarkable 119% growth from INR 1,435 crore in FY23. The fintech company also reported operational profitability of INR 535 crore, up from INR 458 crore in the previous fiscal year.

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3. Dairy tech startup Stellapps Technologies has raised $26 million in Series C funding, combining equity and debt, to expand its 'mooMark' business. This initiative focuses on contract manufacturing and private labeling of high-quality, value-added dairy products.

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4. Bangalore-based startup Uravu has secured funding from AWE Funds to enhance its zero-carbon water solutions for industries and the hospitality sector. This investment aims to revolutionize water infrastructure, positioning Uravu at the forefront of sustainable water management.

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