Here is a look at all the developments on companies that will list on the exchanges.
Ixigo purchases AbhiBus ahead of IPO
IPO-bound travel app ‘ixigo’ has purchased bus ticketing and aggregation platform AbhiBus. Without disclosing the sale value, ixigo said, it was a mix of cash and ixigo stock as consideration. With this acquisition, all intellectual property, brands, technology and operations have also been transferred to Ixigo and AbhiBus employees, including Founder Sudhakar Reddy Chirra are now on board the Ixigo team. This is Ixigo’s second acquisition in 2021 as it had earlier bought train booking app Confirmtkt. The move comes just days after the startup converted into a public company.
Tracxn set for an IPO as Elevation Capital seeks an exit, turns into a public company
Startup intelligence and market research platform Tracxn is set to file for an IPO, as per sources, and has converted into a public company, as per regulatory filings. Founded in 2012 by former venture capitalists Neha Singh and Abhishek Goyal, Tracxn is the Indian version of Crunhcbase. Tracxn counts marquee investors on its cap table, including Elevation Capital, Accel India, Sequoia Capital, and 3One4Capital, along with names such as Ratan Tata, and angel investors who include Flipkart founders Sachin Bansal and Binny Bansal, and Freshworks founder and CEO Girish Mathrubootham among others.
Elevation Capital owns close to 20 percent stake while the founders together control 45 percent of the company, as per sources. The regulatory filings show that the largest investor Elevation Capital has put in certain conditions for making an exit from the company by April 2022, seven years since participating in the company's Series A round. Elevation Capital, formerly known as SAIF Partners, has put down a 'founder lock-in' till the time of a qualified IPO or till SAIF (Elevation Capital) sells shares through a strategic sale or buyback. Elevation Capital has also asked the company to make the best efforts to provide an exit to SAIF through a qualified IPO or strategic sale by the investment exit date (April 2022).
For a qualified IPO, Elevation Capital has said the offer price will be determined at a minimum pre-money valuation of $100 million. The investor also goes on to say that if Tracxn fails to do a qualified IPO or strategic sale till the investment exit date, the company will have to list SAIF Securities on any Stock Exchange through a Liquidity IPO. The startup intelligence company will follow a long list of startups that are in the pipeline to hit the public markets this financial year.
Zomato incorporates subsidiary Zomato Payments
After listing on bourses, food delivery platform Zomato on Wednesday said it has incorporated a wholly-owned subsidiary in the name of Zomato Payments.
The incorporation has been done to carry the business of providing payment aggregator services and payment gateway services under the RBI rules and regulations, Zomato said in a regulatory filing.
"Zomato Payments is incorporated with an initial subscription of 10,000 equity shares of Rs 10 each aggregating to Rs one lakh only," it added. Robinhood shares surge 50 percent. Shares of Robinhood Markets rose more than 50 percent on Wednesday during a wild trading session as investors scooped up shares after its underwhelming stock market debut last week.
As per Reuters, the online brokerage’s shares closed at $70.39, off the session high of $85 when the stock was up nearly 82 percent, with one analyst dubbing it "the meme of memes" in a reference to stocks popularized this year by retail investors congregating in online platforms such as Reddit's WallStreetBets. The stock has risen far above its initial public offering price of $38 per share and has logged its fourth straight day of gains. Its market capitalization rose to $58.8 billion, catapulting it ahead of Twitter, restaurant chain Chipotle Mexican Grill and asset manager T. Rowe Price.
Human Interest raises $200 million, plan for an IPO: Report
Retirement platform Human Interest has raised $200 million in a round that propels it to unicorn status, TechCrunch reported. The company is targeting a traditional IPO sometime in 2023, with executives saying the target is to have “$200 million+ in run-rate revenue before going public.
The Rise Fund, TPG’s global impact investing platform, led the round and was joined by SoftBank Vision Fund 2. The financing included participation from new investor Crosslink Capital and existing backers NewView Capital, Glynn Capital, US Venture Partners, Wing Venture Capital, Uncork Capital, Slow Capital, Susa Ventures, and others. Over the past year, the San Francisco-based company has raised $305 million. With the latest financing, it has now raised a total of $336.7 million since its 2015 inception.