Online travel app Ixigo has raised $53 million from investors led by Singapore sovereign wealth fund GIC, ahead of its proposed initial public offering, according to regulatory filings sourced from Tofler.
“The company is looking at a valuation of $750-800 million for the IPO that is scheduled for the fourth quarter of the current calendar year,” said a person with knowledge of the development. “It plans to raise Rs 1,200-1,500 crore via its IPO for which it will file its draft red herring prospectus next month.”
Ixigo is the latest entrant to the IPO bandwagon, with companies such as Paytm, CarTrade, Nykaa, PolicyBazaar and MobiKwik lining up to tap the public market. Food delivery company Zomato’s bumper listing commanding a valuation of Rs 65,000 crore during listing has set the ball rolling for more tech startups to list in India.
Mamaearth valued at $730 million
Mamaearth has closed a $50 million funding round led by Belgian investment fund Sofina, valuing the direct-to-consumer (D2C) personal care brand at $730 million, one of the most valued new-age D2C brands in the country.
Existing investor Sequoia Capital also participated in the round, while early investors Fireside Ventures, Stellaris Venture Partners, Sharp Ventures and Titan Capital sold some stakes in a secondary transaction, the company said.
Other key deals
- MyGlamm, an omnichannel direct-to-consumer beauty brand, has landed an additional Rs 355 crore in series C funding led by Accel, taking the total funds raised in the round to Rs 530 crore, making it the highest amount raised by a beauty brand in a series C round in India.
- Goat Brand Labs, a Thrasio-style venture of former Flipkart executive Rishi Vasudev, has closed a $36-million funding round, including a debt component, amid a rush of capital that has flowed into such startups this year.
- Within three months of launching a late-stage fund, venture debt firm Trifecta Capital has announced the first close at $130 million with the domestic portion oversubscribed.
- Freshworks founder Girish Mathrubootham and Eka Software founder Manav Garg launched their new venture fund Together with a key focus on backing early-stage software products companies being built out of India or by Indian founders.