Zomato’s moment of truth has finally arrived and so has for India’s burgeoning startup ecosystem as the food delivery major on Wednesday filed the draft red hearing prospectus for raising Rs 8.250 Cr or $1.1 Bn. The 8.250 Cr IPO will give a partial exit to its earliest and largest stake holder Info Edge, which will take home nearly Rs 750 Cr through secondary sale proceedings. Info Edge currently holds an 18.1% stake in Zomato.
Info Edge’s profitable partial exit from Zomato has already given a good trigger to its share price, with the stock currently trading at around Rs 5,036 at the time of filing this story. The stock price rose by nearly 1.80% during the intraday trading session.
Info Edge also owns almost 15% stake in PolicyBazaar, an insurance aggregator that is equally likely to file for an IPO pretty soon.
Zomato, in all likelihood, will now perhaps become the first Indian unicorn to go for a public listing. The Gurgaon based startup will seek a valuation of $6bn through its public listing. It will be interesting to see whether the markets will validate this eye-popping valuation. If the stock market does give a thumbs up to Zomato’s valuation then it will serve a huge confidence to not only to startups that have lined up IPOs this year but also for India’s startup industry. Notably, most startups are often accused of indulging in the valuation bubble game, partially fueled by the much-venerated VC industry.
Zomato’s much anticipated IPO has an undeniable footprint of Sanjeev Bikhchandani, founder of India’s biggest job portal Naukri.com. Bikhchandani became a prominent figure in India’s internet driven tech industry after he successfully listed Info Edge (Naukri’s parent company) on the stock market in 2006. After more than a decade, Bikhchandani is back at the forefront of driving the public listing one of India’s most high-profile startups.
This highly anticipated IPO actually marks a historic moment for India’s much-talked-about startup industry. More than anything else, Indian startups valiant confidence to go for a public listing is a sure sign that the startup industry is reaching a maturity level. After all, the IPO-bound startups will now have to taste their business fundamentals in the real market, a far-cry from the nascent days in 2008-09 when raising even small funding round was a colossal challenge for most Indian startups.
Seattle teen entrepreneurs sell their health-tech startup and take a break from college
“To be honest, I didn’t really think much or ask about their age,” Galileo CEO Tom Lee said of the teens. “I generally evaluate technology and teams based on their capabilities and potential. I think the only surprise for us was having to get parental permission on the final agreement.”
The tech: The co-founders built a backend, no-code tool which makes it easy to create digital “smart forms” that utilize machine learning algorithms to enhance patient screening and adapt to patients over time. Their work seized on the growth of telemedicine — even before COVID-19 ushered in a wave of acceptance for the practice.
How they got started: Khanuja and Ioannou met after they both enrolled at the University of Washington as early entrance students following 10th grade. They bonded over their shared interests in tech and health, calling existing technology in the space “lackluster.”
“We saw a lot of inefficiency,” Khanuja said. “If you’re a patient, before the doctor visit, there’s so much information that can be captured and synthesized to make the doctor’s visit more effective.”
Khanuja and Ioannou released a SMS COVID-19 tracker in March 2020. Their company’s initial focus was on respiratory health, and Spira — derived from “respiratory” — developed tech using a phone’s microphone to conduct a cough and auscultation test.
Spira evolved into a broader tool to meet the growing demand for patients’ multi-touchpoint experiences.
“20, 30 years ago, even five years ago, you would go to the doctor once a year and that would be it,” Ioannou said. “But now what we’re starting to see with digital health is it’s more of recurring relationship. It’s becoming very seamlessly integrated with the patient’s life. The whole idea is that smart forms are another way to interface with the patient.”
An interested buyer: Lee, a Seattle native who graduated from the UW School of Medicine, founded One Medical, a membership-based primary care provider with a heavy emphasis on technology, and he created the medical reference app Epocrates. Lee launched Galileo in 2018 to provide 24/7 mobile access and care directly to a wide range of patients, as well as through sponsorship by employers and health plans.
“Sage and Nik are intelligent and wise beyond their years,” Lee said. “They see where healthcare is going and realize what types of design and technology will enable better healthcare decisions and outcomes.”
Khanuja said it’s challenging to grow a healthcare product and a patient base. He and Ioannou wanted Spira to have as much impact as possible and seized on that opportunity by joining Galileo, which could deploy its product quickly to a large and growing patient base.
The acquisition is Galileo’s first and terms of the deal were not disclosed.
Looking ahead: Khanuja and Ioannou have both taken a leave of absence from the UW and are working remotely for Galileo now, incorporating Spira’s tech into Galileo’s product solution.
When asked whether they will be returning to college, the boys chuckled over a Zoom call.
“You want the answer that our parents want us to say or the ones that we want to say?” Ioannou asked.
“I think we found what we really enjoy doing,” Khanuja said. “At heart we’re entrepreneurs. We’ll see where that leads us.”
Jamf snags zero trust security startup Wandera for $400M
Jamf, the enterprise Apple device management company, announced that it was acquiring Wandera, a zero trust security startup, for $400 million at the market close today. Today’s purchase is the largest in the company’s history.
Jamf provides IT at large organizations with a set of management services for Apple devices. It is the leader in the market, and snagging Wandera provides a missing modern security layer for the platform.
Jamf CEO Dean Hager says that Wandera’s zero trust approach fills in an important piece in the Jamf platform tool set. “The combination of Wandera and Jamf will provide our customers a single source platform that handles deployment, application lifecycle management, policies, filtering and security capabilities across all Apple devices while delivering zero trust network access for all mobile workers,” Hager said in a statement.
Zero trust, as the name implies, is an approach to security where you don’t trust anybody regardless of whether they are inside or outside your network. It requires that you force everyone to provide multiple forms of authentication to prove their identity before they can access company resources.
The need for a zero trust approach became even more acute during the pandemic when employees have often been working from home and have needed access to applications and other company resources from wherever they happened to be, a trend that was happening even prior to COVID, and is likely to continue after it ends.
Wandera, which is based in London, was founded in 2012 by brothers Roy and Eldar Tuvey, who had previously co-founded another security startup called ScanSafe. Cisco acquired that company, which helped protect web gateways as a service for $183 million back in 2009. The brothers raised over $53 million along the way for Wandera. Investors included Bessemer Venture Partners, 83North and Sapphire Ventures.
Sapphire co-founder and managing director Andreas Weiskam had this to say about the company: “I’ve had the pleasure of working with co-founders (and brothers) Eldar Tuvey and Roy Tuvey for the last several years now and I can honestly say they’re great entrepreneurs and leaders, having built a real company of consequence.”
He added, “They’ve created a unique security product which addresses mobile threats by leveraging the increasingly important zero trust network. By joining the Jamf family, the two will help shape the future of the zero trust cloud. And it goes without saying that this is a big win for the customers, especially for those in the Apple ecosystem.”
Under the terms of the deal, Jamf is paying Wandera $350 million in cash, then paying them two $25 million payments on October 1, 2021 and December 15, 2021. The deal is expected to close in the third quarter assuming it passes regulatory scrutiny.
Remitly lands investment from Visa amid reports of IPO preparation
Seattle mobile remittance startup Remitly landed an undisclosed equity investment from Visa. The companies previously partnered in 2019 and have extended that partnership; Visa cited the deal in its earnings call last month. The investment comes as Remitly is reportedly preparing to go public. Total funding to date in the 10-year-old company, prior to the Visa investment, was nearly $400 million, including a $85 million Series F round raised in July. Remitly’s mobile technology lets people send and receive money across borders. The company is ranked No. 3 on the GeekWire 200 list of top Pacific Northwest tech startups.
The Last Gameboard raises $4M to ship its digital tabletop gaming platform
The tabletop gaming industry has exploded over the last few years as millions discovered or rediscovered its joys, but it too is evolving — and The Last Gameboard hopes to be the venue for that evolution. The digital tabletop platform has progressed from crowdfunding to $4M seed round, and having partnered with some of the biggest names in the industry, plans to ship by the end of the year.
As the company’s CEO and co-founder Shail Mehta explained in a TC Early Stage pitch-off earlier this year, The Last Gameboard is a 16-inch square touchscreen device with a custom OS and a sophisticated method of tracking game pieces and hand movements. The idea is to provide a digital alternative to physical games where that’s practical, and do so with the maximum benefit and minimum compromise.
If the pitch sounds familiar… it’s been attempted once or twice before. I distinctly remember being impressed by the possibilities of D&D on an original Microsoft Surface… back in 2009. And I played with another at PAX many years ago. Mehta said that until very recently there simply wasn’t the technology and market weren’t ready.
“People tried this before, but it was either way too expensive or they didn’t have the audience. And the tech just wasn’t there; they were missing that interaction piece,” she explained, and certainly any player will recognize that the, say, iPad version of a game definitely lacks physicality. The advance her company has achieved is in making the touchscreen able to detect not just taps and drags, but game pieces, gestures and movements above the screen, and more.
“What Gameboard does, no other existing touchscreen or tablet on the market can do — it’s not even close,” Mehta said. “We have unlimited touch, game pieces, passive and active… you can use your chess set at home, lift up and put down the pieces, we track it the whole time. We can do unique identifiers with tags and custom shapes. It’s the next step in how interactive surfaces can be.”
It’s accomplished via a not particularly exotic method, which saves the Gameboard from the fate of the Surface and its successors, which cost several thousand dollars due to their unique and expensive makeups. Mehta explained that they work strictly with ordinary capacitive touch data, albeit at a higher framerate than is commonly used, and then use machine learning to characterize and track object outlines. “We haven’t created a completely new mechanism, we’re just optimizing what’s available today,” she said.
At $699 for the Gameboard it’s not exactly an impulse buy, either, but the fact of the matter is people spend a lot of money on gaming, with some titles running into multiple hundreds of dollars for all the expansions and pieces. Tabletop is now a more than $20 billion industry. If the experience is as good as they hope to make it, this is an investment many a player will not hesitate (much, anyway) to make.
Of course, the most robust set of gestures and features won’t matter if all they had on the platform were bargain-bin titles and grandpa’s-parlor favorites like Parcheesi. Fortunately The Last Gameboard has managed to stack up some of the most popular tabletop companies out there, and aims to have the definitive digital edition for their games.
Asmodee Digital is probably the biggest catch, having adapted many of today’s biggest hits, from modern classics Catan and Carcassone to crowdfunded breakout hit Scythe and immense dungeon-crawler Gloomhaven. The full list of partners right now includes Dire Wolf Digital, Nomad Games, Auroch Digital, Restoration Games, Steve Jackson Games, Knights of Unity, Skyship Studios, EncounterPlus, PlannarAlly, and Sugar Gamers, as well as individual creators and developers.
These games may be best played in person, but have successfully transitioned to digital versions, and one imagines that a larger screen and inclusion of real pieces could make for an improved hybrid experience. There will be options both to purchase games individually, like you might on mobile or Steam, or to subscribe to an unlimited access model (pricing to be determined on both).
It would also be something that the many gaming shops and playing venues might want to have a couple of on hand. Testing out a game in-store and then buying a few to stock, or convincing consumers to do the same, could be a great sales tactic for all involved.
In addition to providing a unique and superior digital version of a game, the device can connect with others to trade moves, send game invites, and all that sort of thing. The whole OS, Mehta said, “is alive and real. If we didn’t own it and create it, this wouldn’t work.” This is more than a skin on top of Android with a built-in store, but there’s enough shared that Android-based ports will be able to be brought over with little fuss.
Head of content Lee Allentuck suggested that the last couple years (including the pandemic) have started to change game developers’ and publishers’ minds about the readiness of the industry for what’s next. “They see the digital crossover is going to happen — people are playing online board games now. If you can be part of that new trend at the very beginning, it gives you a big opportunity,” he said.
Allentuck, who previously worked at Hasbro, said there’s widespread interest in the toy and tabletop industry to be more tech-forward, but there’s been a “chicken and egg scenario,” where there’s no market because no one innovates, and no one innovates because there’s no market. Fortunately things have progressed to the point where a company like The Last Gameboard can raise $4M series A to help cover the cost of creating that market.
The round was led by TheVentureCity, with participation from SOSV, Riot Games, Conscience VC, Corner3 VC, and others. While the company didn’t go through HAX, SOSV’s involvement has that HAX-y air, and partner Garrett Winther gives a glowing recommendation of its approach: “They are the first to effectively tie collaborative physical and digital gameplay together while not losing the community, storytelling or competitive foundations that we all look for in gaming.”
Mehta noted that the pandemic nearly cooked the company by derailing their funding, which was originally supposed to come through around this time last year when everything went pear-shaped. “We had our functioning prototype, we had filed for a patent, we got the traction, we were gonna raise, everything was great… and then COVID hit,” she recalled. “But we got a lot of time to do R&D, which was actually kind of a blessing. Our team was super small so we didn’t have to lay anyone off — we just went into survival mode for like six months and optimized, developed the platform. 2020 was rough for everyone, but we were able to focus on the core product.”
Now the company is poised to start its beta program over the summer and (following feedback from that) ship its first production units before the holiday season when purchases like this one seem to make a lot of sense.
(This article originally referred to this raise as The Last Gameboard’s round A — it’s actually the seed. This has been updated.)
Polystyrene Foam Market worth $32.2 billion by 2026 – Exclusive Report by MarketsandMarkets™
What Happened To Lufthansa’s Boeing 707 Aircraft?
Launch of Crypto Trading Team by Goldman Sachs
Apple is giving a laser company that builds some of its AR tech $410 million
How to Become a Cryptographer: A Complete Career Guide
JetBlue Hits Back At Eastern Airlines On Ecuador Flights
Cybersecurity Degrees in Massachusetts — Your Guide to Choosing a School
How To Unblock Gambling Websites?
United Airlines Uses The Crisis To Diversify Latin American Network
Charted: Ripple (XRP) Turns Green, Here’s Why The Bulls Could Aim $2
Miten tekoälyä käytetään videopeleissä ja mitä tulevaisuudessa on odotettavissa
DOGE Co-founder Reveals the Reasons Behind its Price Rise
South America’s Largest E-Commerce Company Adds $7.8M Worth of Bitcoin to its Balance Sheet
Bitcoin Has No Existential Threats, Says Michael Saylor
U.S. and the U.K. Published Attack on IT Management Company SolarWinds
Cardano (ADA) Staking Live on the US-Based Kraken Exchange
This Dream Job Will Pay You to Gamble in Las Vegas on the Company’s Dime
“Privacy is a ‘Privilege’ that Users Ought to Cherish”: Elena Nadoliksi
The Spanish fintech Pecunpay strengthens its position as a leader in the issuance of corporate programs
SEC Chairman Says Crypto Markets Need Regulations to Prevent Fraud
PR Newswire5 days ago
Polystyrene Foam Market worth $32.2 billion by 2026 – Exclusive Report by MarketsandMarkets™
Blockchain1 week ago
Munger ‘Anti-Bitcoin’ and Buffett ‘Annoyance’ Towards Crypto Industry
Blockchain1 week ago
Ethereum hits $3,000 for the first time, now larger than Bank of America
Blockchain1 week ago
The Reason for Ethereum’s Recent Rally to ATH According to Changpeng Zhao
Aviation1 week ago
American Airlines Passenger Arrested After Alleged Crew Attack
SPACS1 week ago
Deutsche Boerse expects 12 SPACs in Frankfurt in 2021
Nano Technology1 week ago
Less innocent than it looks: Hydrogen in hybrid perovskites: Researchers identify the defect that limits solar-cell performance
Blockchain6 days ago
Chiliz Price Prediction 2021-2025: $1.76 By the End of 2025
Business Insider1 week ago
SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of BELLUS Health Inc. – BLU
Blockchain1 week ago
Mining Bitcoin: How to Mine Bitcoin
1 week ago
Blockchain1 week ago
Ethereum Market Capital Overtakes Bank of America