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startup | IST

Startup Street: Instagram, Facebook launch 2021 edition of Creator Day; Meesho raises $570 mn in Series F funding 

Instagram and Facebook have launched the 2021 edition of Creator Day with an aim to provide thousands of aspiring and emerging creators an opportunity to learn, earn and grow their communities on Instagram and Facebook.
The tech giant is looking to democratise creator education and make it more scalable through its new creator programme - Bornoninstagram.
Manish Chopra, director and head of partnerships, Facebook shared insights about the new programme and India plans in an interview to CNBC-TV18.
Meanwhile, internet commerce company Meesho has raised $570 million in Series F round of funding led by B Capital Group and Fidelity Management & Research Company. Existing investors Prosus Ventures, Softbank Vision Fund 2 and Facebook also participated in this round.
Following the fundraise, the company’s valuation has more than doubled to $4.9 billion in less than five months. CNBC-TV18 caught up with Vidit Aatrey, founder and CEO, Meesho and Kabir Narang of B Capital.
OYO has filed a DRHP with market regulator Sebi to raise Rs 8,430 crore through an initial public offer (IPO), which will comprise fresh issue of shares worth Rs 7,000 crore and an offer for sale of shares worth Rs 1,430 crore.
OYO will see 'promoter' Softbank Vision Fund, Hero Entreprise's Sunil Munjal, and Singapore's ride-hailing company Grab selling shares as part of the OFS. The company said it may also consider a pre-IPO placement of Rs 1400 crore.
Sources say OYO is eyeing a valuation between $10 to $12 billion. The company was valued at a little under $10 billion after it raised funding from Microsoft recently.
The company says it will use the net proceeds of about Rs 2500 crore to make repayments on borrowings by the group, while Rs 2900 crore will be used towards organic and inorganic growth initiatives.
With regards to financials, there was a major impact of COVID-19 on OYO’s business with the total income dropping by nearly 70 percent in FY21 to Rs 4157 crore. However, the firm pared losses significantly to Rs 3943 crore from Rs 13,122 crores in FY20 as well.
OYO is facing multiple litigations too. The OYO vs Zostel case has cast a shadow on the company as Zostel asked it to 'desist from proceeding with IPO' until shares of the company were transferred to Zostel shareholders.
Zostel has added that OYO's move to proceed with IPO was in violation of the SEBI regulations. However, OYO says Zostel's letter is an 'overreach of judicial process' and 'mischievous attempt' to cause harm to the company. The hearing is scheduled for October 7 in the Delhi High Court.
For more details, watch the video