SaaS Unicorn Fractal Eyes $500 Mn IPO, Emkay Upgrades Paytm To ‘Add’, Info Edge Divests 34.93% Stake In Wishbook and more

Cashfree has bolstered its leadership by appointing former PhonePe executive Nitin Pulyani as Product Head and SVP, while SaaS unicorn Fractal sets its sights on a $500 million IPO, planning to file its DRHP by November. Paytm's stock received a boost as Emkay upgraded its rating to 'add,' pushing shares up by 4%.

Meanwhile, neobanking startup Jupiter is eyeing a stake in SBM Bank India, indicating a growing trend among fintechs. In other developments, RateGain's Executive VP Nitin Kumar has stepped down after less than a year, and Info Edge has divested a 34.93% stake in Wishbook.

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What Matters

“Aaiye Aapka Intezaar Tha”: Cashfree Ropes In Former PhonePe Executive Nitin Pulyani As Product Head and SVP

Cashfree has brought on board Nitin Pulyani, a former PhonePe executive, as its new Product Head and Senior Vice President. In his new role, Pulyani will lead product development and drive strategic growth initiatives, building on his experience as a product leader at Jupiter.

This follows Cashfree's recent appointment of ex-Razorpay SVP Harsh Gupta as its Chief Revenue Officer, signaling a push towards strengthening its leadership team for future growth.

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“Jung Ki Taiyyari”: SaaS Unicorn Fractal Eyes $500 Mn IPO, To File DRHP By November

Fractal, the AI and advanced analytics powerhouse, is gearing up for a $500 million IPO, eyeing a valuation of over $3.5 billion. The SaaS unicorn plans to file its Draft Red Herring Prospectus (DRHP) by November, with a public listing slated for early 2025.

Known for providing cutting-edge solutions to Fortune 100 companies, Fractal's IPO will be a mix of fresh equity and offer for sale, marking a significant step toward its market debut.

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“Chunatiyon Ka Saamna Dat Kar”: Emkay Upgrades Paytm To ‘Add’, Stock Jumps 4%

Emkay has upgraded Paytm’s rating from ‘reduce’ to ‘add,’ signaling confidence in the fintech giant’s path to profitability. With easing regulatory pressures and effective cost-cutting, Paytm's prospects have brightened, prompting Emkay to double its price target to INR 750.

The market responded quickly, sending Paytm's stock up 4%, with the firm eyeing over 15% potential upside from its previous close.

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“A Deal You Can’t Refuse”: Neobanking Startup Jupiter Explores Stake In SBM Bank India

Neobanking startup Jupiter is in discussions to acquire a 5% to 9.9% stake in SBM Bank India, though the deal is still in the works and awaits RBI approval. This move reflects a broader trend among fintechs eyeing bank investments, as RBI tightens licensing rules for non-compliance.

If successful, it could position Jupiter more strategically in the banking sector amidst growing regulatory challenges.

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“Kar Chale Hum Vida”: RateGain’s Executive VP Nitin Kumar Steps Down After Less Than A Year

RateGain’s Executive VP of Product Management, Nitin Kumar, has stepped down just shy of a year into his role. Kumar tendered his resignation via email on September 20, and will officially depart on November 21, 2024.

His departure adds a new twist to the travel tech SaaS startup's leadership changes, raising questions about the company’s product management trajectory.

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“Waah, Kya Scene Hai”: Info Edge Divests 34.93% Stake In Wishbook

Info Edge has successfully divested a 34.93% stake in Wishbook, with the transaction finalized on September 23 through its subsidiary, Startup Investments (Holding) Limited.

This decision, initially announced back in May, has positively impacted Info Edge's stock, which rose by 1.09% to INR 8,232.60 in intraday trading on September 24. The move signals a strategic shift for Info Edge as it continues to streamline its investment portfolio.

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1. CoRover, the maker of BharatGPT, has raised $4 million in a Series A round led by Venture Catalysts to enhance its GenAI-powered conversational chatbots. With this funding, the profitable startup aims to expand its AI team and accelerate its go-to-market strategy.

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2. M2P Fintech has raised INR 850 Cr ($101 Mn) in the first close of its Series D round, led by Helios Investment Partners, valuing the company at over INR 6,550 Cr ($783 Mn). The fintech API provider plans to use the funds to expand its solutions in payments, lending, and banking for clients like CRED, Ola, and Razorpay.

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3. SaaS startup Pepsales has raised $1.1 Mn in a pre-seed round led by Chiratae Ventures to help businesses offer customized product demos. The funding will accelerate Pepsales' growth, with support from both domestic and international investors.

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4. Mukesh Bansal’s Nurix AI has raised $27.5 million in funding co-led by Accel and General Catalyst, with Meraki Labs also participating. This investment includes $12.5 million from its seed round and the rest from its Series A, fueling the startup's growth in AI solutions.

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5. Visa processing startup Atlys has secured $20 million in its Series B funding round, co-led by Peak XV Partners and Elevation Capital, with participation from new investors like DST Global and Headline. The funding will support Atlys’ expansion efforts, enhance its product and engineering capabilities, and facilitate its entry into new markets globally.

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