India Roundup: Alibaba-backed Paytm plunges in market debut, and more

Paytm shares plunge 25% in stock market debut

• Shares of digital payments firm Paytm made its stock market debut at a 9% discount as compared to its market issue price.
• The Alibaba-backed company’s stocks plunged nearly 25% from their issue price of 2,150 rupees (US$29.03). While its shares have since recovered slightly, they remain at a discount of over 10%.
• Pegged as the country’s biggest initial public offering, Paytm’s listing was subscribed 1.89 times.

Zomato to pump US$150 million into Grofers

• Zomato is reportedly in talks to invest US$500 million in Grofers in a bid to fuel its quick commerce ambitions.
• In a recent blog post, Grofers said that it has opened 200 stores in the past three months to cater to the quick commerce market.
• According to a report, the country’s quick commerce industry is estimated to hit US$300 million by the end of this year, and is expected to grow 10-15x in the next five years.

Google rolls out new tech initiatives for India

• At the seventh edition of Google for India, the tech giant announced a Google Assistant-enabled, end-to-end vaccine booking flow in eight languages.
• The company has also come up with a global-first feature in India that will enable people to hear search results out loud in “Hinglish” and five Indian languages.
• Google has launched 100,000 scholarships for underserved learners across the country to bridge the talent gap in India.

Sequoia-backed Purplle in talks to buy Faces Cosmetics

• Ecommerce beauty platform Purplle is reportedly in advanced talks to buy out a controlling stake in premium cosmetics and skincare brand Faces Cosmetics.
• Purplle is also looking to forge exclusive partnerships with domestic and global brands in the future.
• A few weeks ago, the Nykaa rival raised US$75 million in a round backed by Sequoia Capital India and Blume Ventures, among others, at a valuation of nearly US$600 million.

Enterprise skilling startup Disprz secures US$13 million in series B money

• Disprz, an enterprise skilling startup, has raised US$13 million in a series B funding round led by Dallas Venture Capital and Mars Growth Capital.
• The funds will be used to scale its product and engineering teams, establish a sales and marketing division in the US, expand its existing presence in Southeast Asia and West Asia, and build industry-specific product solutions.
• Serving over 1.2 million users globally, Disprz is a skilling suite that embeds into businesses, aligns with team goals, and guarantees better performance of employees.

Catering startup Foodlink raises US$8 million 

• Foodlink, a luxury catering and banqueting firm, has raised US$8 million in its series B funding round led by Arpit Khandelwal, managing partner of Plutus Wealth Management.
• The funds will be used to expand the company’s geographical footprint in India and abroad.
• Foodlink provides a global culinary experience by curating food and beverage experiences for weddings, corporate events, and get-togethers.

Currency converted from Indian rupees to US dollar: US$1 = 74.23 rupees.