India Roundup: Mobikwik gets Indian regulator nod for $255m IPO, and other news

MobiKwik gets Indian regulator nod for $255m IPO

• Digital payments platform MobiKwik has reportedly received a nod from the Indian markets regulator for its US$255 million IPO.
• The startup is supposedly eyeing a listing before early November at a US$1.5 billion to US$1.7 billion valuation, a source told Tech in Asia.
• MobiKwik will potentially add to a rush in India for an IPO in the local stock exchange, joining the likes of Paytm, PolicyBazaar, Ixigo, Nykaa, and Oyo. (Read: The leading Asian tech players eyeing an IPO in 2021)

Tiger Global in talks to lead US$100m round of fintech startup Slice

• Insight Partners, Ribbit Capital, and Greenoaks Capital are also reportedly looking to pour funds into the new funding round.
• In July, the company raised US$10 million in debt from financial institutions, including Northern Arc Capital, Niyogin Fintech Limited, Credit Saison India, and Vivriti Capital.
• Founded in 2016, Slice provides financial services to younger consumers who may not be eligible to get credit cards from traditional banks. It offers both a physical and virtual Visa-powered card.

TikTok-like social media app Chingari raises US$19 million

• Investors: Republic Crypto, Galaxy Digital, Alameda Research, Solana Capital, Valor Equity Partners, Kraken, BlackPine, NGC Ventures, and CoinFund, among others
• Funds used for: Expansion of creator economy within the Chingari app
• About the startup: Chingari is a short-video sharing platform with over 78 million downloads. It was rebranded last year to fill the vacuum created by TikTok’s ban in India.

Waste management firm Ishitva secures over US$1 million

• Lead investor: Inflection Point Ventures
• Stage: Pre-series A
• Funds used for: Increasing sales of the company and expanding its research and development team
• About the startup: Ishitva is a robotics startup that aims to provide waste management solutions using AI and internet of things.