Vantage Point by EMVC - May 17 2024
Updates to keep up with the latest in fintech from our vantage point.
Welcome back,
This week Warburg Pincus acquired a housing finance company. Meesho raised $275mm and Rupeek raised $6mm. Lastly, Bain released an insightful report the challenging year for the VC PE industry.
From the team at Emphasis Ventures.
If you’re a fintech startup or thinking about starting up, we’d like to meet you. At Emphasis Ventures, we’ve worked with founders of Slice, M2P, Khatabook, Bureau and many others from their early days.
Warburg Pincus acquired Shriram Housing Finance (SHFL) for $555mm. This will mark the fund's largest deal in India and also the be the largest acquisition of an affordable housing finance company in the country. As a part of the deal, Shriram Finance and Valiant Partners will divest their equity stakes in the company. SHFL has $1.65Bn in assets.
Ecommerce platform Meesho raised $275mm at a valuation of $3.9Bn. This fundraise is a part of its ongoing $500mm round. It claims 150mm users, 440k sellers and a GMV run rate of $5Bn per year.
Rupeek raised $6mm from Large Value Fund and Blacksoil at a $250mm valuation. The company operates a gold loan platform and has a base of 500,000 consumers.
Weekend read: Bain India PE report. "... Multiple bright spots emerged in India amidst a globally challenging year for the PE-VC ecosystem... Despite the slowdown in dealmaking, 2023 was a marquee year for Indian exits. Exit value soared by ~15% to ~$29 billion, accompanied by a rise in exit volume from ~210 to ~340 exits. This was powered by public market sales which benefited from the increasingly deep Indian public markets, which outperformed those of most major economies, with a significant increase in domestic investor participation across sectors and companies"
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