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SoftBank-backed Snapdeal to shelve IPO plans

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SoftBank-backed digital marketplace Snapdeal has shelved plans for a $152 million public offering. 

Snapdeal filed its IPO filings for regulatory approvals in December 2021. Snapdeal was founded in 2010 by Wharton alumnus Kunal Bahl and IIT graduate Rohit Bansal. The year saw the blockbuster listing of restaurant aggregator Zomato in July 2021, followed by Falguni Nayar-led Nykaa in November 2021.

Private and public markets experienced a bull run during the year. However, the performance of tech stocks in 2022 caused investor sentiment to deteriorate.

Snapdeal currently faces competition from Flipkart and Amazon in India. The e-commerce player currently trades “value-for-money” products priced under Rs 1,000 in the value segment.

“There is currently no interest in tech stocks,” the people said, adding that SEBI has been informed of current market conditions and other strategic decisions leading to changes in IPO plans.

Agritech startup Cropin raises $14mn from Google and Impact Assets 

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As part of its pre-Series D round, the agritech startup Cropin has raised $14 million from Google and Singapore-based Impact Assets. 

As per the regulatory filing with the Registrar of Companies, Cropin passed a special resolution to issue 95,590 pre-series D CCPS at Rs 11,862.68 per share to raise Rs 113.4 crore ($14 million). Chiratae Ventures and JSR Active Innovation Fund, two existing investors, also participated.

“We will be going to the market in the next 3-4 months,” Co-founder and CEO Krishna Kumar confirmed.

According to the CEO, the startup funded by the Bill & Melinda Gates Foundation will increase hiring and operations at its new subsidiaries in the US and Singapore. Cropin established a subsidiary in the Netherlands last year to take its agri-tech solutions across the European Union.

According to Tracxn estimations, Cropin was most recently valued at $67.5 million. It raised $20 million in Series C funding in January of last year with the help of ABC World Asia and previous backers Chiratae Ventures and Ankur Capital. Beenext, CDC Group, and Kris Gopalakrishnan’s family office are other investors. The CEO added that Cropin planned to go public in 4-5 years.

Cropin, a company founded in 2010, offers agribusinesses cloud software-based solutions to help them use data to maximise production. The startup claims to have digitised 16 million acres of farmland across 92 countries and has collaborated with over 250 enterprise clients. 

The company, which competes with companies like Intello Labs, Ninjacart, and Gramophone, had revenue of around Rs 40 crore and annual bookings of about Rs 145 crore at the end of FY 2022. According to the company, net revenue retention, which shows how the contribution from current deals has improved, increased by 120% in FY 2022.

Trent to sell Unistore stake to Tata Digital 

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Trent, the Tata Group’s retail division, has signed a legally binding agreement to sell its stake in Tata Unistore to promoter group company Tata Digital alongside three other Tata Group companies: Tata Industries, Tata Unistore (TUL), and Tata Digital (TDPL). The deal is likely to close by December 15 or earlier. 

On a fully diluted basis, Trent is selling to Tata Digital its approximately 3.22% stake in Tata Unistore. With no consideration of cash and for a total estimated value of ₹24.14 crores, TUL shares will be sold to TDPL in exchange for Compulsorily Convertible Preference Shares of the promoter group company.

Under the brand names “Tata CLiQ” and “Tata CLiQ Luxury,” TUL operates an ecommerce business. As of March 31, 2022, it has an ₹845 crore revenue.

How ‘MergerWare’ automated the M&A deals to be more result-driven

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“Build a platform for the M&A community that allows executives to automate and systematize their M&A deals across the firm gives improved transparency and control, helping the team to focus on value drivers and results in synergy generation.” This idea evolved into the pioneer M&A digital platform known as MergerWare today.

According to research by Bain & Company in the Harvard Business Review, 75% of M&A executives agree that digital disruption significantly impacts such operations or drives companies to rethink their strategy.

The world of mergers and acquisitions (M&A) is quite fascinating. Companies look for other companies they can acquire when the market dynamics are favourable. In contrast, businesses search for opportunities to be acquired by bigger groups when the market is not performing well. Numerous factors, such as economies of scale, market share, acquiring new technology or expertise, value creation, etc., lead two organizations to engage in an M&A process.

An M&A deal requires extensive analysis and decision-making, including choosing a firm to purchase, carrying out due diligence, integrating the new company, ensuring culture fit, etc. Post-merger integration, or PMI, is a complex and challenging process involving combining and restructuring businesses to gain potential synergies and cost savings, typically the driving force behind mergers and acquisitions. Achieving success early in integration can help build confidence in a deal and quiet critics. This process entails several decisions to be taken quickly.

The M&A is a complex and challenging process involving combining and restructuring businesses to gain potential synergies and cost savings, typically the driving force behind mergers and acquisitions. Achieving success early in integration can help build confidence in a deal and quiet critics. This process entails several decisions to be taken quickly.

Most business executives—nine out of ten—agree that new M&A skills must be built for organizations to remain competitive. Specifically, those who help decide when to collaborate, buy, invest, or incubate as they implement digital business models. Small teams of consultants previously handled risk analysis and due diligence, and they are still handled for many M&A deals. 

Experts can be time-consuming and pricey, but technological breakthroughs make it possible to achieve results quickly. Artificial intelligence (AI), for instance, is being incorporated across the M&A process, from target identification to due diligence and post-deal integration.

How it all started 

The CEO and Founder of MergerWare, Dharmendra Singh, refers to the company’s establishment as a “career accident.” At the pinnacle of his corporate career, Dharmendra Singh encountered significant M&A challenges, which inspired him to start MergerWare, his own business.

He was a founding member of the R&D team at Schneider Electric (SE), a major player in the energy sector in France, which was tasked with creating a global R&D hub to create energy management software. After nearly a decade of expertise in forming and managing exceptional global teams, he decided to contribute to other business areas.

He began speaking with many M&A leaders at SE and other companies to understand the crucial issues. SE was involved in several agreements at the time, and he was curious about how the company managed to carry out so much.

Mr Singh observed that post-merger integration brings real challenges, and overcoming them determines whether a deal is successful. He joined SE’s corporate development team in a global role after completing his MBA at the INSEAD Business School. This team was in charge of driving M&A deals across the globe.

His primary responsibilities included establishing the M&A process over the deal lifecycle, expanding the organization’s model and driving global post-merger integration. He engaged with other M&A executives, including country managers, in charge of value creation.

Gradually, he witnessed how ineffective and inaccurate it was to manage and track the integration programmes using spreadsheets, data repositories, VDRs and other desperate tools. Surprisingly, he found that there wasn’t a single M&A-specific platform when he looked at the available tools.

He hit a breaking point when he decided to take on the challenge of creating a tool to help other companies resolve difficulties and increase the returns to management and shareholders for every acquisition they complete.

What does MergerWare offer?

The MergerWare platform helps M&A deal professionals to streamline multiple deal procedures, improve deal visibility through different dashboards, and accelerate M&A deals. This makes deal execution easier for them, allowing them to focus on adding value. The platform can serve as the only legitimate information source for all stakeholders involved. This enables businesses to get real-time pipeline visibility, execute a more thorough due diligence in half the time, and speed up post-merger integration processes by up to 40%. 

Companies find it simple to apply their M&A process playbook, onboard deal execution teams, and efficiently track the entire deal execution progress, especially during cross-border deals.

Large enterprises like Berkeley Research Group (BRG), NEOM, L.E.K Consulting & Cherokee Nation Businesses worldwide rely on MergerWare’s cloud-based M&A platform to execute their M&A deals and post-merger integration programs.

For more information about MergerWare’s platform and services, visit their website: https://www.mergerware.com/ or write to insights@mergerware.com.

Simplilearn introduces SimpliRecruit, a hiring platform for recruiters

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The edtech company Simplilearn, backed by Blackstone, has introduced SimpliRecruit, a platform for hiring professionals across all technical areas. 

According to the company, the platform will allow recruiters to find freshers and experienced professionals for job openings in data science, full-stack Java development, digital marketing, and other tech-related fields.

“We are grateful to have successfully enabled millions of learners with quality digital economy upskilling over the years. Given our mindful growth and expansion in the recent past, going beyond bridging the skills gap in the industry and towards empowering, recruiters feels like the most natural next step,” Krishna Kumar, Founder and CEO of Simplilearn, said in a media statement. 

“With SimpliRecruit, we aim to help recruiters easily identify and connect with the candidates with the right tech skills, which is an ongoing challenge in the industry. Extending our database of millions of learners and skilled talent to enterprises and recruiters, we look forward to effectively improving the employment landscape in India and globally,” Kumar elaborated.

According to the company, the platform will cover over three million learners across more than 300 core skills and now has recruiters from over 450 companies. 

The platform is now free for recruiters, according to the edtech company, and SimpliRecruit relationship managers will help recruiting companies at no additional cost. 

Tech Mahindra, Mphasis, DSP, Ericsson, Sutherland, Intellect, Bank of America, Quest, Onmobile, Mu Sigma, Fullerton India, Lowe’s, CLSA, Allstate, and Principal are a few of SimpliRecruit’s current hiring partners.

Travel fintech platform SanKash to hire over 500 in the next six months

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SanKash, a fintech platform for travel, announced that it would be hiring 500 professionals in India over the next six months. 

The platforms claimed that the new hires would strengthen SanKash’s ground presence at 150,000 travel point of sale, which dominate the domestic travel market, and fuel its sales and operations feet on the street capability to cater to its existing travel merchant base of 6,000 spread across 250 cities.

“With the market picking up post-Covid, travel merchants are seeing significant growth in bookings compared to the bygone year as consumers’ confidence is gradually returning,” said Abhilasha Negi, Co-founder and Head HR, SanKash.

India’s travel and tourism industry is expected to grow from an estimated $75 billion in FY20 to $125 billion by FY27.

“Along with the surge, the travel merchant base is also witnessing blitzkrieg expansion. The fresh hiring is directed at catering to this segment,” said Negi.

The country’s economy is bolstered by the tourism industry, which also opens up many job opportunities. 

In 2021, the sector added 5.8%, or Rs 13,161 billion, to India’s GDP. 

The Gurugram-based startup, established in 2018 by Akash Dahiya, Manu Pal, and Abhilasha Negi, has developed a plug-and-play application programming interface (API) platform that offers a variety of travel products and streamlines the online payment process for these products and services.

The company operates under the “Travel Now Pay Later” strategy. As tourism recovered after the two-year pandemic, SanKash plans to serve 1 million customers by 2025.

Awfis receives additional Rs 15-Cr in a Series E round

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Coworking solution provider Awfis Space Solutions has raised Rs 15 crore in a Series E1 round sponsored by existing investor Bisque Limited. The Delhi-based company’s ongoing Series E round has now raised Rs 80 crore. 

A special resolution to issue 10,39,706 Series E1 compulsory convertible preference shares (CCPS) at Rs 144.27 per share was approved by the board at Awfis to raise Rs 15 crore, or $1.83 million.

It operates a coworking network across 17 cities with 150 centres and 88,000 seats. By the end of 2022, it plans to have 200 centres operating across India. 

Awfis’ operations have recently expanded to Kochi, and a centre with a 38,000 sq ft area is now open there on Chittoor Road’s Mezhukkattil Matrix. 

Awfis plans to develop a strong network in Tier II cities in the upcoming months in line with its expansion plans in emerging metros. 

According to the firm’s founder and CEO, Amit Ramani, the need for flexible workspace has increased with the second wave of the COVID-19 pandemic, and the company is targeting to double its revenue to Rs 600 crore in FY23.

He added that the company has already raised about Rs 450 crore from investors and plans to launch its initial public offering (IPO) towards the end of 2023, primarily to raise funds and give exits to investors.

Venture Catalysts leads a $1.5mn funding round in OneGreen

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OneGreen, an ecommerce market for ethical, ecological, and environmentally friendly goods, raised $1.5 million in pre-Series A fundraising, according to Venture Catalysts, an early-stage investment platform for entrepreneurs. 

OneGreen will use the funds received to fund its upcoming expansion phase and increase the accessibility and availability of conscious goods across various categories, including groceries, breakfast essentials, beverages, and snacks.

Speaking on securing the funding round, Neha Gahlaut, Co-Founder & Chief Marketing & Growth Officer, OneGreen, said, “Green-living has already become the next big opportunity and focal point of business operations globally. As a brand that has pioneered the concept of an exclusive platform for green-only, conscious and sustainable products, OneGreen is now set to enter the next phase of growth with this funding round. Through our customer-centric approach, we aim to become the enabler of a mass movement toward sustainable living in the times to come. The funding will also help us widen our market reach and coverage and provide a platform to brands that are focused on leaving a better planet for our future generations.”

Family offices (such as Sandhar Technology) and renowned investors, such as Varun Duggirala (Founder Glitch), Sunil Kamath (CBO, Koo), Shoumyan Biswas (ex-CMO of Flipkart and CMO of Tata Digital), Varun Laul (Board, XpressBees), as well as strategic investors from BYJU’s and other unicorns, participated in the investment.

On leading the pre-series funding round, Dr Apoorva Ranjan Sharma, Founder of Venture Catalysts, said, “Enabling businesses that are driven by the pursuit to make a difference in the lives of people is the need of the hour. OneGreen presents an opportunity to create a holistic impact on India with unique offerings that are eco-friendly, conscious, and cater to the cause of creating a future that is cooperative, sustainable, and accountable. We look forward to leveraging our resources and expertise to grow OneGreen into one of the largest e-commerce platforms for verified health & wellness products.”

GO FIRST & EaseMyTrip sign an exclusive GSA for passenger ticket sales in Saudi Arabia

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GO FIRST, erstwhile GoAir has announced that, beginning of this month, it will begin selling, promoting, and marketing passenger tickets as well as other services to passengers in Saudi Arabia through an exclusive General Sales Agreement with online travel agency EaseMyTrip. 

EaseMyTrip will expand the operations of GO FIRST by opening an independent branded office and representing the airlines in Dammam & Riyadh, Saudi Arabia, and other locations to serve the larger travel markets. This will help to build a successful business relationship and a stronghold within one of the largest travel markets in Western Asia.

The three-year exclusive partnership agreement offers both businesses the chance to expand and strengthen their service offerings in Saudi Arabia. EaseMyTrip will help GO FIRST offer suitable programmes for Saudi tourists and residents, boosting their experience due to its extensive reach, thorough marketing interventions, and knowledge of the locals. Additionally, this affiliation would require all travel agencies buying GO FIRST tickets from Saudi Arabia to set up a purchase circuit with EaseMyTrip.

Articulately summing up the agreement, Rikant Pittie, Co-Founder, said, “At EaseMyTrip, we understand that Saudi Arabia attracts millions of tourists every year, and the locals love to travel as well. It is a significantly crowded travel market that is yearning for a better travel experience. With our successful endeavours in most associations and businesses around the world, we want to enter the market here in Saudi Arabia and serve the tourists with utmost dedication. We are overjoyed to begin our journey as a GSA partner with GO FIRST, one of the most popular and affordable airline services in multiple international destinations.”

Kaushik Khona, Chief Executive Officer of GO FIRST, commented, “Saudi Arabia is a key market for us as we continue to expand internationally. We are pleased to partner with EaseMyTrip since the brand has been successfully catering to the travel needs of people globally, and we are positive that this association will ease and enhance the travel experience of people travelling for work as well as leisure.”

Macro uncertainty, layoffs give sleepless nights to executives

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According to mental health consultants, working professionals are becoming increasingly stressed out due to rising macroeconomic uncertainty, worries about job loss, news stories of widespread layoffs, and financial insecurities. As a result, anxiety-related stress levels and disorders have significantly increased in the past 6 to 8 months.

According to estimations from mental health experts, 4-6 out of 10 professionals who have sought mental health care in recent months are disturbed by fear of the potential effects of the uncertain business environment on their work. According to counsellors, the impact is primarily seen in the information technology (IT), IT-enabled services, and tech startup sectors, all struggling with slowing worldwide demand and a funding crisis.

“Fear of losing jobs is on the top of the mind of everyone,” said Ashish Ambasta, founder-CEO HappyPlus Consulting. According to him, “six out of ten people who reach out for counselling assistance have this fear of uncertainty, especially with their jobs. The anticipation of pain gives you more pain. You don’t know what will happen tomorrow, and that is playing in everyone’s mind.”

High anxiety, negative speculations that everything will go wrong, insomnia, mental fatigue, a lack of motivation and trouble focusing, mood swings and anger, as well as depression, are all symptoms of people seeking help, according to mental health experts and Employee Assistance Programme (EAP) service providers.

Amit Malik, the founder and CEO of Amaha (previously InnerHour), a psychological health platform, held a staff meeting last week to discuss ways to offer mental health support to those laid off proactively. Amaha is currently speaking with a few tech companies that have contacted them for assistance with their laid-off workers.

“That apart, we are also ramping up our efforts to provide support to the managers who are forced to take the hard decision as well as an anxious bunch of professionals feeling job loss fears,” said Malik.

“We have more people reaching out to us with stress, anxiety and some forms of depression in the last few months – mostly from the tech and startup sectors,” said Archana Bisht, director of 1to1help.net. 

According to Bisht, middle-level managers, who must pay monthly EMI and take care of children’s education, are worried about their job security and feel rising stress levels due to uncertainty.