New Delhi, June 29 -- Fintech lender Fibe and real estate marketplace Square Yards are at different stages of their proposed stock market listings, according to separate media reports.
Meanwhile, AI startup Rocket and fintech company Progcap are in talks to raise fresh capital from investors, media reports said.
Fibe
Fibe is preparing to file its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO), according to a Moneycontrol report citing people familiar with the matter.
The lender could raise up to Rs 2,000 crore ($211.9 million) through the IPO and is expected to file the papers in the next two to three weeks. The issue will comprise a fresh issue of shares and an offer-for-sale (OFS) by existing investors. Proceeds from the fresh issue will be used to strengthen the balance sheet and expand the loan book, the report said.
Fibe, formerly known as EarlySalary, is backed by marquee investors such as TPG, Norwest Venture Partners, and the International Finance Corporation (IFC), the private sector investment arm of the World Bank Group.
Square Yards
Square Yards is in talks with investment bankers for an IPO to raise about $200-300 million (Rs 1,886-2,830 crore) in the next financial year, according to a Mint report citing people familiar with the matter.
The proptech unicorn is discussing the listing with Axis Capital, JP Morgan, and BofA Securities, the report said. The IPO will comprise a mix of fresh equity and an offer-for-sale by existing investors. The company is seeking a valuation of about $2 billion for the public offering, it added.
The development comes less than a week after the integrated real estate and mortgage platform concluded a $95 million funding round at a $1 billion valuation.
Rocket
Surat-based AI app-building startup Rocket is in talks to raise $40-50 million in a funding round led by 360 ONE Asset, according to a report by The Economic Times, citing people familiar with the matter.
The company is seeking the funding at a valuation of about $500 million, the report said.
Formerly known as DhiWise, Rocket allows users to build applications using plain-language prompts.
If the round closes, the company's valuation will be sharply re-rated less than a year after it raised $15 million from Salesforce Ventures, Accel and Together Fund at a valuation of around $60 million.
According to the report, 360 ONE is expected to invest $20-25 million, with other investors also likely to participate in the round.
Rocket plans to use the fresh capital to deepen its AI capabilities, expand product development and grow its global go-to-market presence, the report added.
Progcap
Progcap, a fintech company focussed on MSMEs, is looking to raise up to $45 million (around Rs 425 crore) through a share sale in FY28 to expand its lending business, according to a Press Trust of India (PTI) report
According to the news agency, co-founder Himanshu Chandra said the company plans to raise capital through equity dilution in the next financial year, with the dilution likely to be in the single digits.
The fundraise will be through a private placement of shares, and the quantum could be in the range of $40-45 million, depending on the valuation, Chandra was quoted as saying.
Published by HT Digital Content Services with permission from VC Circle.