Briefing

The Briefing: India’s Paytm Files For IPO, Genvid Raises $113M, And More

Here’s what you need to know today in startup and venture news, updated by the Crunchbase News staff throughout the day to keep you in the know.

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Paytm files for up to $2.2B IPO

India-based digital payments giant Paytm on Friday filed paperwork for an initial public offering that could raise up to $2.2 billion. The IPO would be among the biggest ever for India and comes as the COVID-19 pandemic continues to fuel demand for digital services in the country. Paytm is backed by investors including Ant Group, SoftBank and Berkshire Hathaway. The offering would value it at up to $25 billion, sources told Reuters.

— Marlize van Romburgh

Genvid raises $113M for massive interactive live events

Livestreaming technology startup Genvid Holdings said it has closed $113 million in a Series C funding round co-led by existing investors Valor Equity Partners and Atreides Management.

The new capital will be used in part to establish a new subsidiary dedicated to producing what it calls “massive interactive live events,” or MILEs — a sort of hybrid between a TV show and video game. The company previously helped create Rival Peak, a MILE on Facebook that reportedly was watched for more than 100 million collective minutes during its 12-week season.

— Marlize van Romburgh

IPOs

• Scribd eyes IPO: Online publishing platform Scribd could go public at a $1 billion valuation before the end of the year, Bloomberg reports, citing sources familiar with the matter. The company has raised more than $105 million in private funding, per Crunchbase.

Autotech

• Shopmonkey grabs $75M for auto shop software: Shopmonkey, a cloud-based software platform for auto shops, raised $75 million in Series C funding led by previous investors Bessemer Venture Partners and Index Ventures, with participation from previous investors Headline and I2BF, plus new investor ICONIQ Growth. The company noted that the investment comes as the auto repair industry faces intense demand amid a resurgent economy and used-car shortage.

Illustration: Dom Guzman

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