Abhishek Securities

  Indian logistics unicorn Delhivery has raised investment from Steadview Capital. The global investment firm has picked up $25 million worth shares in Delhivery through a secondary transaction. With the investment, the co-founder of the logistics unicorn hinted that the startup would head towards an IPO soon. “Steadview is a long-term investor and we see them playing a key role as Delhivery heads towards the public markets in the next 12-15 months,” said Sahil Barua, founder and CEO of Delhivery. Steadview Capital has also invested in other Indian unicorn startups such as Dream11, Nykaa, Ola, Unacademy, Policybazaar, Zomato, Lenskart among others. “We are excited to partner with the excellent management team of Delhivery. The company’s tech-centric approach has been a key enabler in ensuring faster delivery speeds, decreasing logistics costs, and increasing e-commerce adoption in the country over the last decade. We believe Delhivery is well-positioned to become the largest logist...

  Investors are on a high, with jab sessions beginning in earnest in the UK, and expected to gradually spread worldwide soon. One clear sign of the euphoria is the massive listing gains of recent IPOs in the US. DoorDash Inc., an American online food delivery services firm, had an extraordinary debut, with a listing gain of over 80% from its issue price. The company, which posted a net loss of $149 million for the nine months ended September, listed with a market capitalization of $60 billion. For perspective: private investors had valued DoorDash at $16 billion in June. Based on the IPO pricing, the firm was valued at around $32 billion. Indian food delivery companies could well be licking their chops at potential IPO valuations. Swiggy and Zomato are being valued at $3.5 billion and $3.6 billion, respectively, based on latest reports. Using the wide divergence between the private market and public market’s perception of valuations of internet companies these days, the latter may ...

  The  Tata  Group is in advanced talks to buy as much as 80% of  BigBasket  in a deal that is likely to value the local online grocer backed by Alibaba Group Holding Ltd. at about $1.6 billion, a person familiar with the matter said. The conglomerate is now negotiating how much stake it would purchase in Innovative  Retail  Concepts Pvt., which is commonly known as BigBasket.com, the person said, asking not to be identified discussing details of private talks. Mint newspaper reported earlier that Tata may buy close to 80% for $1.3 billion. A spokeswoman for Tata declined to comment, while BigBasket didn’t respond to requests for comment. Mumbai-based Tata Group, with a combined revenue of about $113 billion and marquee brands such as Jaguar Land Rover and tea maker Tetley, is scouting for local e-commerce assets at a time when the race for Indian online shoppers is heating up. While billionaire Mukesh  Ambani ’s JioMart is seeking to shake ...

  Last week was abuzz with a lot of funding activity. From logistics to digital payments to edtech, many large sectors saw sizeable funding rounds. Moneycontrol looks at last week's funding rounds, armed with data from business intelligence platform Tracxn. Byju’s:  The poster boy of the edtech ecosystem in India, Byju’s has been a darling of investors the world over. This week news broke out about it landing another $200 million from large equity investors like T Rowe Price and BlackRock. Since the acquisition of White Hat Jr and the overall growth of the edtech sector post the COVID-19 pandemic, not just Byju’s, but multiple other companies in this space have been in the spotlight. As per media reports, the latest round pushes the valuation of the company to $12 billion. Cars24:  Another unicorn in the startup club, used car retailing startup Cars24 raised $200 million from Russian billionaire Yuri Milner’s DST Global. Cars24 saw multiple factors playing in its favour. ...

  India’s mass transit systems, unreliable even before the coronavirus pandemic, were shut off completely when the country locked down. As a result, Indians rushed to find alternative transportation, and that often meant used cars. A major beneficiary was Cars24 Services Pvt., an online marketplace for used cars based in Gurgaon, India. The company’s valuation jumped to more than $1 billion after a new round of funding, Cars24 plans to announce Tuesday. DST Global, the investment firm led by Russia-born billionaire Yuri Milner, invested $200 million in the deal. The investment doubles the total funds raised by Cars24 since the business was established five years ago. The chief executive officer and co-founder, Vikram Chopra, was an investment analyst early in his career at Sequoia Capital, one of the world’s most prominent venture capital firms and now a Cars24 investor. Chopra started Cars24 after having a hard time selling his car before a ...

  Less than two months after it raised $500 million in a financing round,  edtech  decacorn Byju's is learnt to have closed $200 million in a fresh round of funding. This has lifted the Bengaluru-based firm’s  valuation  to $12 billion - close to $1 billion higher when compared with the previous round. Sources close to the development said private equity players such as  BlackRock  and  T Rowe Price  participated in the new round. While  BlackRock  is an existing investor in Byju’s, T Rowe joined as a new investor. A Byju’s spokesperson declined to comment on the development.  BlackRock  and  T Rowe Price  could not be reached at the time of going to press. With this investment, Byju’s has raised over $2.3 billion from investors in over 18 funding rounds. The experience during the pandemic has already been one of learning, adaptation, and innovation. The Byju Raveendran-founded company has seen significant rise i...

  Leading edtech startup  BYJU'S on Friday announced the launch of BYJU'S Give initiative which aims to take digital learning to as many children as possible, giving them a chance at  remote learning . BYJU'S Give is part of "Education for All" initiative that endeavors to democratise education and provide five million underprivileged children across  remote areas access to quality online learning opportunities by 2025. In this initiative, citizens are encouraged to donate their old or unused smart devices that will then be refurbished and powered with BYJU'S content and distributed to children with no access to online education. "This simple gesture can give a new start to a child's education, especially in challenging times like these,"  Mrinal Mohit , COO, BYJU'S, said in a statement. "At the heart of this initiative, lies a humble dream of every member of the BYJU'S family -- to empower children with an equal opportunity to lea...

  The applicability of Indian tax laws is based on the residential status of a person rather than on citizenship. In case of an individual assessee, residential status is adjudged based on his physical presence in India. While a resident is taxed on his global income in India, a non-resident is taxed only on income accrued in India. Transfer of a capital asset The transfer of a capital asset situated in India instigates taxation in India. However, taxation is subject to relief available under the provisions of Double Taxation Avoidance Agreements (DTAA) between India and the country of residence of the non-resident. Tax incidence under the head “Capital Gains” hinges on the type of asset and holding period. A ‘capital asset’ means property of any kind held by a taxpayer and includes shares or securities in any Indian company. However, personal effects, stock-in-trade, consumable stores or raw materials held for the purpose of business or profession, etc., are excluded from the scop...

  Discount brokerage startup  Zerodha  has seen record account openings during this lockdown. Like most online businesses, the fintech unicorn has benefited from the pandemic, leading to wealth gains for its co-founders  Nithin  and  Nikhil Kamath. The duo debuted on the  Forbes India Rich List 2020  at No. 90, with a cumulative fortune of  $1.55 billion . They are among the nine new entrants to the list, which is an annual ranking of the  100 richest Indians. InfoEdge (India) founder Sanjeev Bikhchandani is a debutant too at No. 69 with a net worth of $2.1 billion. InfoEdge runs popular websites like Naukri.com, 99acres.com, and JeevanSaathi.com. Other notable startup founders in the list are BYJU'S co-founders  Byju Raveendran  and  Divya Gokulnath  ranked 46th with a net worth of $3.05 billion; Zoho founder  Sridhar Vembu (& Siblings)  ranked 59th with a fortune of $2.44 billion; and Paytm f...