India Roundup: BlackRock, others buy Paytm shares despite weak IPO debut, and more

BlackRock, CPPIB buy additional Paytm shares

• Several large investors in Paytm’s US$2.4 billion initial public offering have reportedly bought additional stakes in the Indian fintech giant, despite shares plunging by as much as 41%.
• Anchor investors who have supposedly added to their stakes include BlackRock and Canada Pension Plan Investment Board (CPPIB).
• After a disappointing IPO debut, the shares of One97 Communications, the parent company of Paytm, rose for a third day on Thursday to 1,875 rupees (US$25.17) in early trading.

Edtech unicorn upGrad merges domestic units

• Edtech unicorn upGrad is merging its three units in India – upGrad Campus, upGrad Jeet, and upGrad KnowledgeHut – in a bid to create one parent company in the country that will help the firm “strengthen” its corporate structure.
• LifeLong Learning Company, the new holding firm, aims to achieve 7.5 million registered users by 2024 through partnerships with nearly 1,300 universities.
• At present, upGrad has partnered with over 300 universities, and its user base has reached 2 million.

Spacetech startup fires country’s first private cryogenic rocket engine

• Skyroot Aerospace, a spacetech startup, has reportedly test fired India’s first privately developed fully cryogenic rocket engine.
• Built using 3D printing tech, the engine is fueled by liquefied natural gas and liquid oxygen.
• Skyroot is also looking to build rockets that will launch small satellites into space at an “extremely” low cost and a quick turnaround time. The startup has raised over US$14 million in funding to date.

Currency converted from Indian rupees to US dollar: US$1 = 74.49 rupees.