US Indicts Founder Of Crypto Firm Gotbit For Alleged Market Manipulation
The U.S. Justice Department has indicted Aleksei Andriunin, founder of Gotbit, for alleged market manipulation, highlighting increased scrutiny in the cryptocurrency sector.
Indian food delivery giant Swiggy has once again reduced its IPO valuation, now set at $11.3 billion, reflecting a 25% decrease from its initial target of $15 billion. This decision comes in light of recent market volatility and the disappointing debut of Hyundai India, which has affected investor sentiment.
The Indian stock market has been experiencing a rough patch, with shares declining for four consecutive weeks, marking the longest losing streak since August 2023. The benchmark Nifty 50 index has seen a significant drop, primarily due to persistent foreign selling.
The recent debut of Hyundai India shares, which fell 7.2% amid lukewarm retail investor interest, has further dampened market sentiment. Concerns over high valuations have made investors cautious, prompting Swiggy to reassess its IPO strategy.
In light of these market conditions, Swiggy, backed by major investors like SoftBank and Prosus, has opted to lower its IPO valuation to avoid a lackluster response. The company is keen on ensuring a successful IPO, especially given the global uncertainties surrounding the upcoming U.S. presidential election on November 5.
A source familiar with the situation indicated that Swiggy's decision to cut its valuation was made in consultation with investors, emphasizing the company's desire to avoid a "bad IPO." The last funding round for Swiggy, led by Invesco, valued the company at $10.7 billion in 2022.
Swiggy operates in a highly competitive market, primarily competing with Zomato in the online food delivery sector. Both companies have made significant investments in the burgeoning "quick-commerce" segment, which focuses on delivering groceries and other products within a 10-minute timeframe.
Despite the recent challenges, India's IPO market remains robust. So far this year, around 270 companies have raised approximately $12.57 billion, significantly surpassing the $7.4 billion raised throughout all of 2023. This indicates a strong appetite for IPOs, even amid market fluctuations.
As Swiggy prepares for its IPO, the involvement of major investors like BlackRock and CPPIB is expected to bolster confidence in the offering, potentially paving the way for a successful launch despite the current market headwinds.
The U.S. Justice Department has indicted Aleksei Andriunin, founder of Gotbit, for alleged market manipulation, highlighting increased scrutiny in the cryptocurrency sector.
The upcoming U.S. presidential election is driving a surge in cryptocurrency investments, with Bitcoin prices soaring and political candidates expressing support for the crypto sector.
Tigran Gambaryan, an American crypto executive, has been released from Nigerian custody after the government dropped a money laundering case against him, citing health and diplomatic reasons.
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