Aditi Shrivastava
Madhav Chanchani
Aditi Shrivastava
Madhav Chanchani
India’s largest conglomerates and public-sector banks are paying the top dollar to get a slice of new-economy businesses. There are interesting shareholding dynamics in the latest investments in Dunzo and Pine Labs. Also in this newsletter: Ola co-founder Ankit Bhati’s new venture
January 07, 2022
5 MINS READThis week, Reliance Retail made a $200-million bet on delivery firm Dunzo for just under 26% stake and SBI invested $20 million in fintech Pine Labs. The deals provide further confirmation that India’s largest conglomerates and public-sector banks are ready to plunk down serious cash to back technology startups at a higher valuation.
Last year, Tata Group had acquired e-grocer BigBasket and online pharmacy 1mg, spending a total of about $1.2 billion.
The latest deals have some interesting nuances.
The stakes for SBI: Pine Labs, a merchant payments platform, was last valued at $3-3.5 billion, and it is currently raising money from Falcon Edge at a valuation of over $5 billion, according to reports. Even if SBI invested at a valuation of $3 billion, it would get a stake of less than 1%. That India’s largest public-sector bank is spending $20 million for a small pre-IPO stake in a fintech is not something we saw coming.
Don't have an account?
Sign Up
Forgot Password?
By signing up for The CapTable you agree to the
We report on the latest and most important developments in India’s biggest tech companies and disruptive startups so you can make better decisions.
Know the key decision-makers with Org Charts. We thrive on decoding boardroom conversations so we can bring you a 360° view of what's happening at India's high-growth companies.
Tracking the highs and lows of India’s biggest internet companies over the past decade has given us access to the right decision-makers to interpret the latest state of play.
We thrive on inside scoops and decoding boardroom conversations so we can bring you a 360° view of what’s happening at India’s high-growth companies.
Digital payments
Premium Reads
By Nikhil Patwardhan
E-commerce
the-crux
By Pranav Balakrishnan
OTT
Premium Reads
By Sohini Mitter
E-commerce
Premium Reads
By Pranav Balakrishnan
Investments
Premium Reads
By Nikhil Patwardhan
11 Min Read
By Nikhil Patwardhan
4 Min Read
By Sohini Mitter
13 Min Read
By Pranav Balakrishnan
12 Min Read
By Nikhil Patwardhan
13 Min Read
By Sohini Mitter
12 Min Read
By Raghav Mahobe