🇮🇳 Roundup: Delhivery gets regulatory greenlight for $1b IPO, more

Startups in India including EVage raised at least US$28 million in disclosed funding today from international and local investors.

Here’s a snapshot of the fundraising:

Delhivery gets regulatory greenlight for US$1 billion IPO

The Securities and Exchange Board of India (SEBI) has approved the US$1 billion IPO of logistics unicorn Delhivery, sources told The Economic Times.

The SoftBank-backed company filed for a public listing in November 2021. Delhivery aims to raise US$668 million through the issuance of fresh shares, and it will have an offer for sale worth US$329 million.

In July, the company raised US$100 million from FedEx Express, a unit of US-headquartered delivery services major FedEx Corp.

Paytm to cease operations of Canada consumer app

Paytm said it has taken the “tough decision” to shut down the app on March 14 due to “unfavorable economics,” reported The Economic Times.

However, the company added that the closure of the Canada consumer app has not led to any layoffs.

Paytm Labs, the firm’s Canada division, was launched in 2014. This vertical will now focus on opportunities in India.

Discounts take a backseat on Swiggy, Zomato

Food discounts on Swiggy and Zomato have reportedly taken a backseat as demand for home delivery spiked with an increase in Covid-induced lockdowns across India.

Both Swiggy and Zomato have seen a surge in demand as people stay home, crossing 2 million orders in a day on New Year’s Eve.