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India sees zero new unicorn in 2023 so far: Report
Inshorts
·
2y ago
Medial
Market intelligence firm Tracxn reported that the first half of 2023 witnessed a decline in funding for Indian startups, resulting in the absence of any new unicorns (startups valued at $1 billion or more) in India during that period. Funding for Indian startups amounted to only $5.48 billion, contrasting with the $19.5 billion raised in the same period the previous year.
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147 Indian startups likely to become unicorns in 5 years: Report
Inshorts
·
2y ago
Medial
According to the 'ASK Private Wealth Hurun India Future Unicorn Index 2023' report, India is expected to have 147 unicorn companies in the next five years. The report highlights that there are presently 51 gazelles, which are likely to achieve unicorn status within three years, and 96 cheetahs, which are anticipated to attain unicorn status within five years. The report also includes startups like Zepto and Rapido in the list of potential future unicorns.
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Rapido turns unicorn post $120 million funding from WestBridge Capital
Economic Times
·
1y ago
Medial
Bengaluru-based ride-hailing platform Rapido has raised $120 million in primary capital from existing investor WestBridge Capital, valuing the company at $1 billion and making it a unicorn startup. Rapido is the third startup to achieve unicorn status this year in India. The company is expected to raise an additional $20 million from global investors. Rapido, backed by Swiggy, offers subscription-based plans for auto-rickshaw drivers and has expanded into cab-hailing services. It has raised a total of $329 million in funding so far.
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No new SaaS unicorns so far in 2023 as funding winter lingers, says Bessemer report
Money Control
·
2y ago
Medial
The Software as a Service (SaaS) sector has not seen any new unicorn startups in 2023 due to the lingering effects of a funding slowdown, according to a report by Bessemer Venture Partners. The report highlights that investment activity in SaaS companies has been cautious, leading to a lack of new unicorns despite the sector's overall growth and potential.
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JPMorgan M&A Head sees nearly $150 billion funds focused on India
Livemint
·
1y ago
Medial
JPMorgan Chase's global head of M&A, Anu Aiyengar, stated that investors have around $2 trillion available to invest, with $100-150 billion specifically focused on India. Aiyengar also highlighted India's attractive market conditions, including its growth potential and offerings in technology, healthcare, and infrastructure. Despite a global decrease in dealmaking, India witnessed $33 billion worth of M&A deals so far this year. JPMorgan is currently ranked second globally for M&A volume, and Aiyengar sees opportunities for exits in the IPO market as well.
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Average unicorn time for startups down to 5.5 years: Report
Economic Times
·
1y ago
Medial
According to a report by Orios Venture Partners, the average time for an Indian startup to become a unicorn has decreased from 8.4 years in 2022 to 5.5 years in 2023. India ranks third globally in terms of producing unicorns, but only two companies reached a valuation of over $1 billion last year. Despite a challenging liquidity environment, achieving unicorn valuations demonstrates the growth potential of the market. Zepto, a quick commerce startup, and fintech firm InCred were among the newly minted unicorns in 2023.
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Elon Musk denies report claiming his AI firm secured $500 million funding
Economic Times
·
1y ago
Medial
Elon Musk has denied the report that his AI company 'xAI' secured $500 million in funding, calling it "fake news". The report had stated that xAI was in talks with investors for additional funding, potentially valuing the company at $15 billion to $20 billion. However, Musk dismissed the report as inaccurate, stating that xAI has raised $134.7 million so far, and that the mentioned funding amount is not true.
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BluSmart raises ₹200 crore from MS Dhoni's family office, others
Internet
·
1y ago
Medial
Ride-hailing EV startup BluSmart has raised $24 million (₹200 crore) in Series B funding round led by former India cricket captain MS Dhoni's family office, ReNew Chairman Sumant Sinha and responsAbility. The fund will be used to expand operations and build EV charging infrastructure and assets, the company said. BluSmart has reportedly raised ₹710 crore so far since December 2023.
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Indians founded highest unicorns outside country: report
Economic Times
·
1y ago
Medial
India has produced more offshore unicorns than any other country, with 109 unicorns founded outside of India compared to 67 within the country, according to the Global Unicorn Index 2024. The report by the Hurun Research Institute ranked India third globally with a total of 67 unicorns, led by Swiggy, Dream11, and Razorpay. The majority of the offshore unicorns were based in the US (95), followed by four in the UK, three in Singapore, and two in Germany. The report also highlighted a slowdown in new unicorn investments in 2024.
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CoinSwitch Rolls Out ‘SmartInvest’ To Help Mitigate Crypto Trade Risks
Inc42
·
8m ago
Medial
CoinSwitch, the cryptocurrency exchange, has introduced a new service called 'SmartInvest' to assist beginners in reducing risks associated with crypto trading. This follows the recent launch of futures and options trading on the platform with zero brokerage fees. CoinSwitch, which became a unicorn in 2021, boasts a customer base of over 2 million in India.
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Behind Instamojo’s Bold Pivot From Payments To Shopify Challenger
Inc42
·
11m ago
Medial
Instamojo, a payments aggregator, faced an existential crisis when the RBI barred them from operating as a payment aggregator in September 2023. Their terminal valuation dropped to zero in October 2023. Despite this setback, Instamojo sees potential in serving the 65 million MSMEs in India and believes that even with lower margins, the volume of transactions could be significant. The company claims to have a deep understanding of consumer needs and has designed products around them. Instamojo also boasts a low attrition rate and claims to have been profitable, making around INR 1 crore in monthly profit prior to the disruption.
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