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Next Udaan’s structured funding deal; Temasek pares Lenskart stake Want this newsletter delivered to your inbox? Also in the letter ■ Udaan closes $160 million
Next Udaan’s structured funding deal; Temasek pares Lenskart stake Want this newsletter delivered to your inbox? Also in the letter ■ Udaan closes $160 million in equity-and-debt deal amid insolvency battle Deal structure The transaction includes fresh equity, debt and debt-to-equity conversion. Existing investors Lightspeed and M&G Prudential are investing $50-60 million in fresh equity, as ET reported in May. BlackRock's credit platform is providing about $45 million in debt. The remaining amount will come from bondholders converting debt into equity. CEO speak Zoom out Temasek offloads 2% stake in Lenskart for Rs 1,945 crore Sale details Tell me more The move follows recent exits by Abu Dhabi Investment Authority (ADIA) and SoftBank. ADIA sold shares worth Rs 1,944 crore..
SoftBank offloaded shares worth Rs 2,873 crore through a block deal. Also Read Startup investors cash out nearly Rs 18,000 crore after IPO lock-ins end Avendus set for final close of Future Leaders Fund-III at Rs 1,800 crore Key numbers FLF III is coming in about Rs 300 crore above its original target. The fund plans to back more late-stage, cash-generating companies. It hit its first close at Rs 850 crore in January 2025. in January 2025. FLF II closed at around Rs 1,600 crore in 2022 and has returned about 20% of investors' capital. FLF I closed at Rs 375 crore in 2020. Byju's founder loses bid to overturn Singapore jail sentence What's happening On July 9, the court rejected Raveendran's request to suspend the sentence, according to his law firm, Lazareff Le Bars.
He was sentenced for contempt in May, with a temporary stay granted last month., with a granted last month. Raveendran has appealed the ruling before Singapore's Court of Appeal. Tell me more Quick commerce platforms enter gourmet grocery war Driving the news Zepto is preparing to launch 'Select', a new section for imported products, premium groceries and fresh items. It has also started onboarding brands, sources told us. Flipkart Minutes is likely to launch its premium segment on its app in the first week of August, people aware of the development told ET. Meanwhile, Amazon Now has started piloting its gourmet segment in some pincodes in Bengaluru. Instamart is giving greater prominence to its premium fresh fruits and vegetables brand Nectr.
Premium push Also Read ETtech Explainer: Why quick commerce business models are under scrutiny Online gaming firms move Supreme Court to review 28% GST verdict What's happening? The review petitions contest the apex court's May 27 ruling upholding the 28% GST on online gaming and retrospective tax notices. on online gaming and retrospective tax notices. The firms have asked the court to revisit the legal and constitutional issues linked to the tax regime. The ruling allows tax authorities the green light to pursue pending tax claims, adding financial and legal pressure on gaming companies. Government eyes uniform digital platform username rules The issue
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