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India’s Paytm confirms getting board approval for its $3bn IPO

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Alibaba-backed One97 Communications, which owns mobile payments firm Paytm, has received a green nod from its board to go public. In a letter to all its stakeholders and employees having stock options, the company said it had received in-principle approval from its board to issue an IPO. 

The proposed IPO is likely to have a combination of new equity shares and an offer for sale (OFS) of equity shares by existing shareholders of the company, as reported by MoneyControl. 

The company would soon file its Draft Red Herring Prospectus for the proposed IPO that would double Paytm’s valuations at an estimated $25-$30 billion. The company’s reported revenue is INR 3,186 crore (around $430 million) for the financial year 2020-21, at a loss of $229 million. 

Paytm, India’s largest and most valuable FinTech startup is backed by Alibaba and Softbank. The company offers a range of services starting from digital payments to running a payment gateway, stock trading, insurance, and mutual funds. It also runs a payments bank. 

Investment banks, including Citigroup, Morgan Stanley, and JPMorgan, are reportedly helping with Paytm’s much-awaited IPO, which is also India’s first Fintech IPO that could put the country in the spotlight for being the FinTech hub of Asia. 

Paytm’s IPO also comes amidst a pandemic that led to the acceleration of digital payments in the country. India witnessed the birth of 25 Unicorns in the last 18 months, of which seven odd are FinTech companies. 

Founded in 2009 by Vijay Shekhar Sharma, Paytm wanted to be the Alipay of India. It competes with Walmart’s PhonePe, Google Pay, Amazon Pay, and Facebook’s WhatsApp Pay. 

It would be interesting to watch how the Fintech sector pans out after Paytm’s IPO, which is being touted as the largest IPO so far. A few other Fintechs such as Mobikwik and PolicyBazaar have also hinted about going public soon. 

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.crowdfundinsider.com/2021/06/176349-indias-paytm-confirms-getting-board-approval-for-its-3bn-ipo/

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SoftBank Turns SE’s Auto Marketplace Carro into Unicorn with $360 Million Funding

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South-East Asia’s largest automotive marketplace Carro is the newest Unicorn in the region. A full-stack service for all aspects of car ownership, Carro has raised USD $360 million in a Series C funding round led by SoftBank Vision Fund.  Indonesian fund EV Growth and insurance firm MSIG. Before this, Carro had raised about USD $90 million in August 2019.

Founded in 2015, the online marketplace for buying and selling cars has become the first Unicorn in the segment.

“…As digitalization shapes the global landscape through new consumer habits and business practices, it is a very exciting time for an end-to-end online car marketplace like Carro,” said Aaron Tan, CEO, and Founder of Carro, in a statement.

Carro’s fresh funding will go towards acquisitions, expansion of its financial services portfolio, and developing AI capabilities used to showcase cars online, develop pricing models and determine how much to charge insurance policyholders. It also plans expansion into Indonesia, Thailand, and Malaysia.

“Carro is transforming the automotive industry in Southeast Asia by providing a seamless buying and selling experience for both consumers and car dealers. Powered by AI, Carro’s technology platform provides consumers with full-stack services and transparency throughout the car ownership process,” said Greg Moon, Managing Partner of SoftBank Investment Advisers.

The Singapore-based startup has closed its financial year ending March 2021 with over a 2.5x growth in revenue and continues to be EBITDA positive for the second consecutive year.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.crowdfundinsider.com/2021/06/176662-softbank-turns-ses-auto-marketplace-carro-into-unicorn-with-360-million-funding/

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SoftBank Turns SE’s Auto Marketplace Carro into Unicorn with $360 Million Funding

Published

on

South-East Asia’s largest automotive marketplace Carro is the newest Unicorn in the region. A full-stack service for all aspects of car ownership, Carro has raised USD $360 million in a Series C funding round led by SoftBank Vision Fund.  Indonesian fund EV Growth and insurance firm MSIG. Before this, Carro had raised about USD $90 million in August 2019.

Founded in 2015, the online marketplace for buying and selling cars has become the first Unicorn in the segment.

“…As digitalization shapes the global landscape through new consumer habits and business practices, it is a very exciting time for an end-to-end online car marketplace like Carro,” said Aaron Tan, CEO, and Founder of Carro, in a statement.

Carro’s fresh funding will go towards acquisitions, expansion of its financial services portfolio, and developing AI capabilities used to showcase cars online, develop pricing models and determine how much to charge insurance policyholders. It also plans expansion into Indonesia, Thailand, and Malaysia.

“Carro is transforming the automotive industry in Southeast Asia by providing a seamless buying and selling experience for both consumers and car dealers. Powered by AI, Carro’s technology platform provides consumers with full-stack services and transparency throughout the car ownership process,” said Greg Moon, Managing Partner of SoftBank Investment Advisers.

The Singapore-based startup has closed its financial year ending March 2021 with over a 2.5x growth in revenue and continues to be EBITDA positive for the second consecutive year.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.crowdfundinsider.com/2021/06/176662-softbank-turns-ses-auto-marketplace-carro-into-unicorn-with-360-million-funding/

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Bitwise Celebrates $70M Series B

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thought-catalog unsplash Bitcoin Ethereum Cryptocurrency

Bitwise CEO Hunter Horsley today announced an important achievement for his crypto index fund, one that has it more than halfway to a billion-dollar valuation.

In a blog post today Horsley said Bitwise has completed a $70 million Series B which values it at more than $500 million.

“It’s a proud moment for all 30 of us on the growing Bitwise team,” Horsley began.

The co-leaders are Silicon Valley investors Elad Gill and Avichal Garg, with Garg participating via Electric Capital. Naval Rivikant, Khosla Ventures, Blockchain Capital, Highland Capital, Castle Island Ventures, Alison Davis, and Adam Nash are existed backers who have re-upped.

Horsely said his main goal for the round was attracting the right backers to help grow Bitwise. They will use the money to hire staff, expand the product suite, invest in regulatory efforts, and plan for the future.

“Bitwise has a specific view of the future,” Horsley said. “We envision a future—five, 10 years from now—where the vast majority of investors in America own crypto because of the powerful things it can do to help them protect and grow their capital and savings. A one to 10 per cent allocation for most investors, I’d guess.”

That future will not be filled with the majority of Americans day trading crypto, Horsley cautioned. Most who are involved will need to access it through like they do most other financial services – with their financial advisors, retirement accounts, and brokerage accounts.

Bitwise is working on that, Horsley said. They now serve more than 200 financial advisory firms, 20 institutional managers and tens of thousands of investors.

“We’re incredibly excited for the path ahead at Bitwise,” Horsley concluded. “Public blockchains are changing the world, and we can’t imagine anything more meaningful than helping ensure that everyone can come along for the ride.”

Also participating in the new funding round is a long list of new backers including institutional investors Coinbase, Daniel Loeb’s Third Point LLC, Daniel Och’s Willoughby Capital, Louis Bacon’s Moore Strategic Ventures, Paul Eisenstein’s Vetamer Capital, ParaFi Capital, and Alison Davis and Matthew Le Merle’s Blockchain Coinvestors. New individuals on board include Henry Kravis, Stanley Druckenmiller, Daniel Sundheim (D1 CIO), David McCormick (Bridgewater CEO), Kevin Warsh (former U.S. Federal Reserve governor), Nadeem Meghji (Blackstone Head of Real Estate Americas), Fidji Simo (head of Facebook App), Helen Riley (Google X CFO), Carrie Schwab-Pomerantz (Charles Schwab Foundation president), Tracey Warson (former head of Citi Private Bank), Charles Goldman (former AssetMark CEO), Mary Cranston (Visa Board director), Carolyn Everson (former Facebook VP), Julie Zhuo (former Facebook VP), Asha Sharma (Instacart COO), Ashley Yuki (Instagram product director), Howard Akumiah (Spotify Product director), Ranjana Clark (MUFG head of Global Transaction Banking), Abby Adlerman (Boardspan CEO), Katia Verresen, Rebecca Macieira-Kaufmann (former head of Citigroup’s International Personal Bank), Ben Stein (Spruce House managing partner), Dave Fogel (IndexIQ cofounder), C.J. Fitzgerald (Summit Partners senior advisor), Paul Sallaberry (U.C. Davis Foundation Board of Trustees), Tom Schmidt (Dragonfly Capital general partner), Stani Kulechov (Aave founder), and Robert Leshner (Compound Labs founder).

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.crowdfundinsider.com/2021/06/176668-bitwise-celebrates-70m-series-b/

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Bitwise Celebrates $70M Series B

Published

on

thought-catalog unsplash Bitcoin Ethereum Cryptocurrency

Bitwise CEO Hunter Horsley today announced an important achievement for his crypto index fund, one that has it more than halfway to a billion-dollar valuation.

In a blog post today Horsley said Bitwise has completed a $70 million Series B which values it at more than $500 million.

“It’s a proud moment for all 30 of us on the growing Bitwise team,” Horsley began.

The co-leaders are Silicon Valley investors Elad Gill and Avichal Garg, with Garg participating via Electric Capital. Naval Rivikant, Khosla Ventures, Blockchain Capital, Highland Capital, Castle Island Ventures, Alison Davis, and Adam Nash are existed backers who have re-upped.

Horsely said his main goal for the round was attracting the right backers to help grow Bitwise. They will use the money to hire staff, expand the product suite, invest in regulatory efforts, and plan for the future.

“Bitwise has a specific view of the future,” Horsley said. “We envision a future—five, 10 years from now—where the vast majority of investors in America own crypto because of the powerful things it can do to help them protect and grow their capital and savings. A one to 10 per cent allocation for most investors, I’d guess.”

That future will not be filled with the majority of Americans day trading crypto, Horsley cautioned. Most who are involved will need to access it through like they do most other financial services – with their financial advisors, retirement accounts, and brokerage accounts.

Bitwise is working on that, Horsley said. They now serve more than 200 financial advisory firms, 20 institutional managers and tens of thousands of investors.

“We’re incredibly excited for the path ahead at Bitwise,” Horsley concluded. “Public blockchains are changing the world, and we can’t imagine anything more meaningful than helping ensure that everyone can come along for the ride.”

Also participating in the new funding round is a long list of new backers including institutional investors Coinbase, Daniel Loeb’s Third Point LLC, Daniel Och’s Willoughby Capital, Louis Bacon’s Moore Strategic Ventures, Paul Eisenstein’s Vetamer Capital, ParaFi Capital, and Alison Davis and Matthew Le Merle’s Blockchain Coinvestors. New individuals on board include Henry Kravis, Stanley Druckenmiller, Daniel Sundheim (D1 CIO), David McCormick (Bridgewater CEO), Kevin Warsh (former U.S. Federal Reserve governor), Nadeem Meghji (Blackstone Head of Real Estate Americas), Fidji Simo (head of Facebook App), Helen Riley (Google X CFO), Carrie Schwab-Pomerantz (Charles Schwab Foundation president), Tracey Warson (former head of Citi Private Bank), Charles Goldman (former AssetMark CEO), Mary Cranston (Visa Board director), Carolyn Everson (former Facebook VP), Julie Zhuo (former Facebook VP), Asha Sharma (Instacart COO), Ashley Yuki (Instagram product director), Howard Akumiah (Spotify Product director), Ranjana Clark (MUFG head of Global Transaction Banking), Abby Adlerman (Boardspan CEO), Katia Verresen, Rebecca Macieira-Kaufmann (former head of Citigroup’s International Personal Bank), Ben Stein (Spruce House managing partner), Dave Fogel (IndexIQ cofounder), C.J. Fitzgerald (Summit Partners senior advisor), Paul Sallaberry (U.C. Davis Foundation Board of Trustees), Tom Schmidt (Dragonfly Capital general partner), Stani Kulechov (Aave founder), and Robert Leshner (Compound Labs founder).

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.crowdfundinsider.com/2021/06/176668-bitwise-celebrates-70m-series-b/

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