Edtech unicorn PhysicsWallah has filed for an IPO through the confidential filing route; rural fintech startup Navadhan has raised around $12.9 million in a Series A round, while agritech startup Deep Rooted will shut operations.
PhysicsWallah files for $531m IPO via confidential route
Noida-based edtech unicorn PhysicsWallah has filed for a $531.4 million initial public offering (IPO) via the confidential filing route, a large part of which would be an offer for sale.
Firms such as Tata Play, Oyo, Swiggy, Vishal Mega Mart, Credila Financial Services, and Indira IVF have opted for the confidential filing route, following its introduction by India’s market regulator Sebi in November 2022.
While the targeted valuation of the company in the initial share sale was not disclosed, the firm was valued at $2.8 billion in September last year, when it secured $210 million in a Series B round led by Hornbill Capital.
PhysicsWallah had reported losses of Rs 1,131.2 crore in FY24, up 13.5x from Rs 84.06 crore in the previous year.
Navadhan bags $13m Series A
Navadhan, a fintech startup with a focus on rural India has secured $12.9 million (Rs 111 crore) in a Series A funding led by NabVentures, the venture capital arm of NABARD. Prime Ventures was the co-lead investor, while others like LNB Group, Varanium NexGen Fintech Fund, Gemba Capital, Faad, VC-Grid and Anicut, also participated.
The company plans to use the fresh funds for business growth and to enhance its AceN tech platform that enables API integrations.
Agritech startup Deep Rooted to shut
Bengaluru-based agritech startup Deep Rooted has decided to shut operations after failing to achieve substantial scale and funding. The company, which started as a B2B business supplying fruits and vegetables to restaurants, shifted to a B2C model after COVID-19, but it struggled and again shifted back to B2B on quick commerce platforms like Zepto and Blinkit.
The company’s widening losses and falling revenues further underscore its struggles. Its losses widened to Rs 52.21 crore from Rs 47.07 crore, while its revenue from operations plunged over 57% to Rs 34.37 crore in FY24 from Rs 80.97 crore in the previous fiscal.
