India Roundup: Paytm to launch IPO on November 8, and more (Updated)

Update (Oct 28, 9.00 pm): Added news about Glance, Vakilsearch, Wiggles, SupplyNote, and Cashify

Paytm to launch IPO on November 8

• One97 Communications, the parent firm of fintech major Paytm, is reportedly looking to launch its three-day initial public offering on November 8.
• The Ant Group-backed company is supposedly aiming for a valuation of US$20 billion for the public listing. It was earlier targeting US$22 billion.
• Paytm’s IPO is expected to be India’s biggest stock market debut so far. (Read: Paytm IPO: 8 key points about India’s largest stock market debut)

Nykaa IPO gets 40x bids from anchor investors

• Nykaa, an Indian cosmetics and fashion startup, has reportedly received bids for 40 times the number of shares it plans to sell to anchor investors in its IPO.
• The biggest buyers reportedly include investment firm Blackrock Capital Group and asset manager Fidelity.
• The startup’s three-day IPO will close on November 1.

Amazon-backed insurtech startup Acko lands US$255 million

• Acko has raised US$255 million in its series D funding round led by General Atlantic and Multiples Private Equity, bumping up the digital insurance startup’s valuation to US$1.1 billion.
• The Amazon-backed startup will invest the funds in the healthcare vertical and scale its team, particularly within tech, product, and data science.
• It currently has over 70 million customers, clocking a run rate of about US$150 million in premiums.

Legaltech startup Vakilsearch raises US$10 million

• Legaltech startup Vakilsearch has secured US$10 million from InCorp India. Kalaari Capital will be exiting its investment through the transaction.
• The funds will be used to accelerate technology and product development and to spruce up the marketing, sales and talent acquisition at Vakilsearch.
• Started in 2011, it is a one-stop solution for any firm or entrepreneur in need of a lawyer, chartered accountant, or company secretary.

Healthtech firm Cloudphysician banks US$4 million in pre-series A money

• Cloudphysician, a healthcare and tech solutions provider focused on developing affordable critical care, has raised US$4 million in its pre-series A funding round from Elevar Equity.
• Cloudphysician will use the funds to expand its global footprint and invest in hiring across commercial, medical, tech, and data science teams.
• The company currently manages intensive care units in over 40 hospitals in 15 Indian states.

Pet care brand Wiggles raises US$5.5 million in pre-series A round

• Wiggles.in, a direct-to-consumer pet care brand, has raised US$5.5 million in a pre-series A funding round led by Anthill Ventures with participation from Panthera Peak Ventures and several new and existing investors.
• The fresh funds will enable the brand to significantly increase its investment in research and development, and accelerate the development and launch of new category-creating products.
• Wiggles.in aims to launch its services in at least two new markets by end of financial year 2022.

InMobi’s Glance partners with Realme to provide lock-screen content

• Google-backed Glance has partnered with mobile phone brand Realme as the exclusive lock screen content platform for its smartphones in India and Indonesia.
• This is likely to increase Glance’s user base by 30 million in India and by 7 million in Indonesia by the end of 2022.
• InMobi-owned Glance currently has over 150 million active users in India, and 25 million in Southeast Asia.