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Funding winter to IPO spring: The resurgence of Indian startups as VCs eye IPOs and a path to profitability—expert analysis at ET Soonicorns Summit 2024

Economic TimesEconomic Times · 1y ago
Funding winter to IPO spring: The resurgence of Indian startups as VCs eye IPOs and a path to profitability—expert analysis at ET Soonicorns Summit 2024
Medial

- The Indian startup ecosystem has been experiencing a resurgence, fueled by reduced risk aversion among investors and increased domestic capital. - While late-stage funding hasn't fully recovered, early-stage funding is readily available, indicating a positive shift in the market. - IPOs are becoming a more attractive option for startups, with VCs increasingly focused on ensuring sustainable returns through public listings. - Startups must have profitability or a clear path to profitability before considering going public. - Companies reaching a certain revenue scale, often around $100 million ARR, become serious candidates for an IPO. - Founders must plan for all possibilities and prepare for the challenges of managing a publicly traded company, including regulatory requirements and shifts in management focus.

ETSA 2024 | Don't need to be in Bengaluru to build a startup: Zomato's Deepinder Goyal

Economic TimesEconomic Times · 1y ago
ETSA 2024 | Don't need to be in Bengaluru to build a startup: Zomato's Deepinder Goyal
Medial

- Zomato CEO, Deepinder Goyal, mentioned that one does not need to be in Bengaluru to build startups. - Nandan Nilekani, Infosys Chairman, had previously emphasized Bengaluru as the best city for entrepreneurs. - Goyal's remark reignites the debate about which city is the hub of the startup ecosystem in India. - While Bengaluru has traditionally been seen as the dominant force in the startup ecosystem, New Delhi has been gaining ground in recent years. - Apart from Zomato, several other startups from New Delhi, such as Paytm, Delhivery, and Policybazaar, have explored public market listings. - Goyal shared insights about Zomato's journey, changes after the IPO, and appearing on Shark Tank during the ET Startup Awards in Bengaluru.

Shraeyansh Thakur resigns from Peak XV after a decade

EntrackrEntrackr · 7m ago
Shraeyansh Thakur resigns from Peak XV after a decade
Medial

Shraeyansh Thakur resigns from Peak XV after a decade During his tenure at Peak XV, he was board member and observer for startups like Atlys, Meesho, Cars24, ApnaMart, Unacademy, Zetwerk, Urban Piper, Bijnis, among others. Shraeyansh Thakur, an investor at Peak XV Partners, has resigned after nearly 10 years at the venture capital firm, sources told Entrackr. This marks the fifth high-profile exit from Peak XV in the past year. “Shraeyansh Thakur has decided to quit the firm and is likely to launch his own venture soon,” said one of the sources requesting anonymity. Queries sent to Peak XV and Thakur did not elicit any response until publication of the story. "After an incredible 9+ years at Peak XV / Sequoia India, I have decided to embark on a new entrepreneurial journey. The next 10 years are going to be India’s golden digital decade and our founders now have true belief to create the world’s best companies from India," said Thakur in a Linkedin post. Last month, Peak XV’s managing partners, Shailesh Lakhani and Abheek Anand, stepped down after serving for more than a decade. Prior to that, Anandamoy Roychowdhary, a partner at Peak XV's Surge, departed after over 11 years at the firm, while Piyush Gupta, then Managing Director, left after seven years to launch his secondary-focused fund, Kenro Capital. Meanwhile, Rishen Kapoor, co-founder and CEO of SaaS startup Toplyne, has returned to Peak XV Partners after his three-and-a-half-year-old venture shut down. In October last year, Peak XV reduced its $2.85 billion fund by 16% as part of a strategic shift towards investing in a more measured manner amid elevated valuations in the Indian market. This development came a year after Sequoia Capital rebranded as Peak XV.

Hood pivots to matchmaking with new brand KnotDating

EntrackrEntrackr · 7m ago
Hood pivots to matchmaking with new brand KnotDating
Medial

Hood pivots to matchmaking with new brand KnotDating Before the pivot, Hood (formerly Zorro) raised around $3.2 million in funding from investors, including 3one4 Capital, 9Unicorn Ventures, Vijay Shekhar Sharma, Ritesh Agarwal, Ashish Hemrajani, Kunal Shah, and Ashneer Grover. Hood, a pseudonymous social networking platform, has pivoted to a matchmaking platform under a new brand, KnotDating. KnotDating, an AI-powered matchmaking platform, has been launched to cater to professionals seeking serious relationships. The platform uses behavioral insights combined with human-assisted matchmaking to enhance compatibility and foster connections. Currently, KnotDating operates on an invite-only basis, with plans to open registration to the public soon. Hood said that over the past few years, it has focused on creating authentic conversations in the digital space. Based on user feedback and market trends, the company identified a larger opportunity to help people build deep and lasting relationships. “While matrimony platforms rely on filters and preferences, we’re going deeper—using conversational AI to understand real human behavior and communication. We’re not just building another matrimony app—we’re creating a platform where compatibility grows through conversations. Our focus is on working professionals who are serious about finding a partner—individuals who want to take the lead in their own journey before involving their families,” said Jasveer Singh, co-founder & CEO, KnotDating. Before the pivot, Hood (formerly Zorro) raised around $3.2 million in funding from investors, including 3one4 Capital, 9Unicorn Ventures, Vijay Shekhar Sharma, Ritesh Agarwal, Ashish Hemrajani, Kunal Shah, and Ashneer Grover. Launched by Jasveer Singh and Abhishek Asthana, popularly known as Gabbbar Singh on the internet, Hood was a pseudonymous social networking platform that allowed users to express themselves anonymously.

OYO strengthens top leadership with five elevations

EntrackrEntrackr · 1y ago
OYO strengthens top leadership with five elevations
Medial

OYO has strengthened its leadership team with five key appointments. Sonal Sinha has been named Chief Operating Officer – International, while Rachit Srivastava steps into the role of Chief Operating Officer for OYO Vacation Homes (OVH) in Europe. Shashank Jain has been promoted to Head of Technology and Online Revenue. Pankhuri Sakhuja will lead Traum-Ferienwohnungen, OYO’s listings business in Germany, as well as the flex-space business Innov8. Lastly, Ashish Bajpai has taken on the role of Head of Revenue and Global OTA. OYO highlighted that these leadership appointments demonstrate its dedication to innovation as it works to broaden its global presence. The company is focused on expanding its range of hotels and vacation homes across different price points, thereby enhancing its market reach and operational efficiency. OYO asserts that it has played a substantial role in the country’s growing startup ecosystem, with over 60 former employees successfully launching their own startups after their time with the company. In August, OYO officially appointed Sumer Juneja as a non-executive director. The Ritesh Agarwal-led firm recently announced the acquisition of G6 Hospitality, the operator of Motel 6 and Studio 6, for $525 million in an all-cash transaction. For the fiscal year ending March 2024, OYO reported revenue of Rs 5,389 crore and a profit of Rs 230 crore, a significant turnaround from a loss of Rs 1,286 crore in FY23.

Probo posts Rs 459 Cr revenue and Rs 92 Cr profit in FY24

EntrackrEntrackr · 8m ago
Probo posts Rs 459 Cr revenue and Rs 92 Cr profit in FY24
Medial

Probo’s revenue from operations surged to Rs 459 crore in FY24 from Rs 86 crore in FY23, according to its consolidated annual financial statements sourced from the Registrar of Companies (RoC). Founded by Sachin Gupta and Ashish Garg in 2019, Probo is an event trading platform that allows users to trade their opinions on future events in various categories, such as cricket, football, finance, entertainment, and startups, among others. The primary revenue source for Probo was platform fees collected from users for contest participation, accounting for 97.8% of the total collection. This income grew 5.4X to Rs 449 crore during the last fiscal year. Income from allied services and other sources, including interest income from current investments, brought Probo’s total income to Rs 474 crore during the last fiscal year. Advertising and promotion accounted for 77% of Probo’s total expenses, soaring 5.2X to Rs 271 crore in FY24 from Rs 52 crore in FY23. Meanwhile, employee benefit expenses grew by 27% to Rs 28 crore in FY24. Information technology, platform integration, legal, traveling, and other overheads took the overall cost up by 3.5X to Rs 351 crore in FY24. The combination of strong revenue growth and controlled costs enabled Probo’s net profit to surge 25X, to Rs 92 crore in FY24, up from Rs 3.7 crore in FY23. The Peak XV-backed firm spent Re 0.76 to earn a rupee during the fiscal year ending March 2024. Probo’s return on capital employed (ROCE) rose to 42.6%, while its EBITDA margin improved to 26.1%. By the end of FY24, the company's total current assets stood at Rs 274 crore, with cash and bank balances amounting to Rs 169 crore. Probo has raised around $28 million across several rounds. According to the startup data intelligence platform TheKredible, Peak XV is the largest external stakeholder, with 21.72%, followed by Elevation Capital and The Fundamentum Partnership. Probo is on to a good thing as long as it can keep growing its flock, especially its core user base. It’s clearly doing it right, going by the sharp rise in metrics across the board.

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