Mumbai-based B2B payments and services provider PayMate is the latest Indian start-up to take a step towards exploring the growth path in the public market.
The company has submitted its draft prospectus (DRHP) to the capital markets regulator Securities and Exchange Board of India (SEBI) to raise Rs 1,500 crore via an initial public offering (IPO). The IPO includes a new issue of Rs 1,125 crore and an offer to sell (OFS) valued at Rs 375 crore.
The company is also considering a private placement of shares valued at Rs 225 crore. Should this occur, this could lead to a reduction in the volume of issuance. Rs 77 crore of new issue proceeds will be used to invest in expanding the business into new regions.
A number of growth-stage startups raised investor cash this week to help get them through the downturn. Among them, math tutoring platform Cuemath had the largest round, raising $57 million in funding in a round led by US-based Alpha Wave Global. The round valued the company at $407 million and saw participation from existing investors Lightrock India, Sequoia Capital India, independent Alphabet growth fund CapitalG, Manta Ray and Unitus.
Cloud kitchen company Curefoods, founded by former Flipkart exec Ankit Nagori, raised $50 million in its Series C funding round from a mix of new and existing investors, the company announced, without disclosing the names of the investors. Previously, the Company has raised over $80 million in equity and venture capital in Series A and B in 2021 and 2022. It currently operates brands such as EatFit, Yumlane, Aligarh House Biryani, MasalaBox, Cakezone, Great Indian Khichdi, Ammis Biryani, Canteen Central and Homeplate.
Fintech Unicorn Slice has bagged a $50 million round led by Tiger Global, along with participation from its existing investors Moore Strategic Ventures and Insight Partners, and new investor GMO VenturePartners. This is part of its larger Series C round. In November 2021, Slice became a unicorn after raising $220 million in its Series B fundraiser co-led by Tiger Global and Insight Partners.
Omnichannel beauty and personal care brand Sugar Cosmetics has raised a $50 million Series D fundraiser led by L Catterton’s Asia Fund, a consumer-facing private equity firm. Returning investors include A91 Partners, Elevation Capital and India Quotient. In addition to its digital presence, the company operates over 40,000 retail stores in 550 cities.
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