🇮🇳 Roundup: Reliance’s new venture to take on Nykaa, more (Updated)

Startups in India, including Vajro, Flint, Reevoy, Super Scholar, and Contlo, raised at least US$18.8 million in disclosed funding today from international and local investors.

Here’s a snapshot of the fundraising:

Here’s some important tech news from India today:

Reliance’s new venture to take on Nykaa

Reliance Industries, led by India’s richest man Mukesh Ambani, is reportedly working on an omnichannel beauty platform that could compete with the likes of Nykaa and Walmart-owned Myntra.

The new platform is being co-developed by retail tech startup Fynd and e-pharmacy platform Netmeds, which were acquired by Reliance in 2019 and 2020, respectively.

Reliance has already signed deals with a few cosmetics and beauty brands to sell products on the new platform, internally codenamed Project Adore.

BoAt’s parent firm gears up for US$267 million IPO

Imagine Marketing, the parent firm of boAt, will reportedly soon convert into a public entity – a requisite for companies aspiring to list on the stock exchange.

The move pushes ahead the plans of the consumer electronics startup to file its draft red herring prospectus (DRHP), expected anytime this week.

The company is looking to raise up to 20 billion rupees (US$267 million) from the IPO. It will consist of a fresh issue of shares worth US$133 million and an offer for sale worth US$133 million.

IPO-bound Oyo to file revised draft prospectus

SoftBank-backed Oyo filed its DRHP in September last year and is currently addressing queries raised by the regulators.

However, the company, has already received in-principle approval from the Bombay Stock Exchange and National Stock Exchange for the listing.