Deal Talk: Paytm plans $3 bn IPO; Tatas eye Curefit; Locus, InVideo seek funding

 Deal Talk: Paytm plans $3 bn IPO; Tatas eye Curefit; Locus, InVideo seek funding

SoftBank- and Ant Group-backed Indian digital payments company Paytm aims to raise about Rs 21,800 crore ($3 billion) in an initial public offering, a media report said Thursday.

The company is looking to float the IPO in India around November, Bloomberg reported, citing an unidentified person familiar with Paytm’s plan.

Paytm will target a valuation of around $25 billion to $30 billion from the IPO, the report said.

If the IPO goes through it would be India’s largest ever maiden share sale after the Rs 15,000 crore offering by state-run Coal India Ltd in 2010.

Tata-Curefit

Steel-to-software conglomerate Tata Group is negotiating terms to acquire fitness startup Curefit as part of the group’s strategy to boost its digital businesses, a media report said,

Tata Group is also contemplating to offer Curefit founder and CEO Mukesh Bansal a leadership role to head the group’s digital vertical, The Economic Times reported.

The planned deal is part of the group’s strategy to compete with Reliance Industries, Amazon, and Flipkart in the digital space, the report said.

Bansal had previously founded and scaled Myntra, which was later acquired by homegrown e-commerce giant Flipkart. The online retailer itself was acquired by US brick-and-mortar retailer Walmart, Inc in 2018.

Locus

Locus, a business-to-business logistics optimisation startup, is looking to rope in Singapore wealth fund GIC for a $60 million Series C round as it looks to scale its US operations, according to The Economic Times newspaper.

The round may value the firm at $300 million on a post-money basis. The funding round may also see participation from existing investors Tiger Global and Falcon Edge, the report said.

InVideo

San Francisco-based video production and editing platform InVideo has held discussions with new and existing investors to raise $40 million in a Series B round, according to news website Entrackr.

InVideo, which counts Sequoia’s Surge, Tiger Global and RTP Global among its backers, may be valued at $200 million — just after seven months after it closed its $15 million Series A round, the report said.

Pharmeasy IPO

API Holdings, the parent of online pharmacy chain Pharmeasy, is exploring an IPO to raise around Rs 3,000-3,700 crore, The Economic Times reported, citing people aware of the development it didn’t name.

The planned IPO will include both a primary issue as well as a secondary share sale, the report said. It is likely to value the company around Rs 21,800 crore ($3 billion), the report added.

Pharmeasy is backed by a bunch of private equity and venture capital firms including TPG Growth, Prosus Ventures, LGT Lightrock, Eight Roads and Think Investments. Singapore state investment firm Temasek and Canadian pension CDPQ are also among its investors.

Patanjali Group

Baba Ramdev-led Patanjali Ayurved group, which took over bankrupt Ruchi Soya in December 2019, is looking to pare its stake to 75% to regulatory guidelines, according to the Mint newspaper.

Patanjali, which owns nearly 99% of the listed edible oil company, is looking to launch a follow-on public offering pegged at Rs 3,000-4,000 crore. It has hired SBI Capital, ICICI Securities and Axis Capital to arrange the share sale, the report said.

Ankit Doshi

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