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Weekly rundown: PayMate files for IPO; Cuemath, Curefoods, slice bag new rounds

Weekly rundown: PayMate files for IPO; Cuemath, Curefoods, slice bag new rounds

PayMate has filed its draft red herring prospectus (DRHP) with the capital markets regulator Securities and Exchange Board of India (SEBI) to raise Rs 1,500 crore via an initial public offering (IPO).

A bunch of growth-stage start-ups have raised investor dollars this week to see them through the downturn. A bunch of growth-stage start-ups have raised investor dollars this week to see them through the downturn.

Mumbai-based B2B payments and services provider PayMate becomes the latest Indian start-up to make a move towards exploring public market route for growth.
 
The company has filed its draft red herring prospectus (DRHP) with the capital markets regulator Securities and Exchange Board of India (SEBI) to raise Rs 1,500 crore via an initial public offering (IPO). The IPO comprises of a fresh issue of Rs 1,125 crore and an offer for sale (OFS) worth Rs 375 crore. 

The company is also mulling a private placement of equity shares worth Rs 225 crore. If materialized, this could lead to the reduction of issue size. Proceeds from fresh issue worth Rs 77 crore will be utilised for investment in expansion of business in new geographies.

A bunch of growth-stage start-ups have raised investor dollars this week to see them through the downturn. Among them, math tutoring platform Cuemath had the largest round, raising $57 million in funding in a round led by US-based Alpha Wave Global. The round valued the company at $407 million and saw participation from existing investors Lightrock India, Sequoia Capital India, Alphabet independent growth fund CapitalG, Manta Ray and Unitus. 

Cloud kitchen firm Curefoods, founded by former Flipkart executive Ankit Nagori, raised $50 million in its Series C round of funding from a mix of new and existing investors, the company announced without disclosing the names of the investors. Previously, the firm has raised over $80 million in equity and venture debt across Series A and B raises in 2021 and 2022, respectively. It currently operates brands like EatFit, Yumlane, Aligarh House Biryani, MasalaBox, Cakezone, Great Indian Khichdi, Ammis Biryani, Canteen Central, and Homeplate. 
 
Fintech unicorn slice bagged a $50 million round led by Tiger Global, along with participation from its existing investors Moore Strategic Ventures and Insight Partners, and new investor GMO VenturePartners. This is part of its larger series C round. In November 2021, slice became a unicorn after raising $220 million in its Series-B fundraise co-led by Tiger Global and Insight Partners.
 
Omnichannel beauty and personal care brand Sugar Cosmetics raised $50 million Series D fundraise led by the Asia fund of L Catterton, a consumer-focused private equity firm. Returning investors include A91 Partners, Elevation Capital and India Quotient. Besides its digital presence, the company operates over 40,000 retail outlets across 550 cities. 

Also read: Weekly rundown: Delhivery lowers IPO size, Open turns unicorn, Bodhi Tree bets big

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