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Whistleblower Exposes $600Mn Revenue Inflation by SoftBank Backed Startup eFishery
OutlookIndia · 6m ago
Medial
eFishery, an Indonesian aquaculture startup backed by SoftBank, is accused of inflating revenues by nearly $600 million. These allegations, made by a whistleblower, have led to an internal investigation, uncovering that over 75% of reported revenues were fabricated. As a result, CEO Gibran Huzaifah was dismissed. Despite raising significant funds previously, the company is under scrutiny to address these claims while maintaining its reputation. eFishery asserts its commitment to ethical governance.
Digital bank Tyme gets $150 mn from Brazil's Nubank, enters unicorn club
VCCircle · 7m ago
Medial
Brazilian digital bank Nubank has invested $150 million in Tyme Group, a Singapore-based digital bank backed by Tencent. This funding round has given Tyme Group a valuation of $1.5 billion, making it a unicorn startup. The investment will support Tyme Group's expansion into Southeast Asia and its plan to list by 2028. Tyme Group operates TymeBank in South Africa and GoTyme in the Philippines, and it plans to enter the Vietnamese and Indonesian markets. TymeBank will relaunch its credit cards in South Africa and is considering crypto offerings in the long term.
Peak XV nets Rs 1,200 Cr gain from Porter exit, marks 11X return
YourStory · 2m ago
Medial
Peak XV Partners gained over Rs 1,200 crore by fully exiting logistics startup Porter, marking an 11-fold return on its Rs 116 crore investment. This exit is part of Peak XV's strategy of cash exits, generating about $3.6 billion over five years. Porter's valuation, now over $1.2 billion, underscores the challenges of mega-fund math in India, pushing large funds to seek multiple unicorn-scale exits for meaningful returns. Peak XV plans to raise a $1.4 billion fund.
Rapido becomes a unicorn
Inshorts · 12m ago
Medial
Ride-hailing startup Rapido has achieved unicorn status after raising $120 million at a post-money valuation of $1 billion. The entire amount was invested by existing backer WestBridge Capital. With this fundraise, Rapido is the third Indian startup to become a unicorn this year, after Perfios and Krutrim. Rapido was founded by Pavan Guntupalli, Rishikesh SR and Aravind Sanka in 2015.
Aquaculture startup AquaExchange raises $6 million in funding led by Ocean 14 Capital
Economic Times · 1y ago
Medial
Aquaculture startup Aquaexchange has raised $6 million in funding, led by Ocean 14 Capital. The company plans to utilize the funding to expand its operations and strengthen its technology platform for the aquaculture industry. Aquaexchange offers a digital marketplace for buying and selling seafood products, making the process more efficient and transparent for both buyers and sellers.
Peak XV-backed Zetwerk closes Series F round, prepares for public listing
VCCircle · 7m ago
Medial
Zetwerk, a B2B manufacturing services marketplace, has closed its Series F funding round at a valuation 15% higher than its last valuation. The Bengaluru-based startup, backed by investors including Peak XV and Accel, plans to use the funding to prepare for a public listing. Zetwerk entered the unicorn club in 2021 and aims to continue its growth trajectory in the manufacturing industry.
$1 bn valuation not gold standard: BookMyShow's Ashish on unicorns
Twitter · 1y ago
Medial
BookMyShow CEO Ashish Hemrajani said the success of a business shouldn't be linked with a $1 billion valuation, which gives a startup unicorn status. "Who came up with that number of $1 billion?...It is not the gold standard," he stated at Startup Mahakumbh event. He added that other metrics like profitability should also be considered when evaluating a business.
Digit IPO: Litmus Test For Insurance Tech
Inc42 · 1y ago
Medial
Insurance tech unicorn, Go Digit, is set to go public with an IPO valued at over INR 1,125 Cr. This IPO is considered to be one of the most significant ones for the Indian startup ecosystem since 2021. Go Digit is aiming for a valuation of $3 Bn, which is a 25% discount to its last private market valuation of $4 Bn. The IPO is expected to determine the fate of other Indian startup IPOs in 2024. With a focus on motor and health insurance, Go Digit is looking to continue its growth and justify its high valuation through profitability.
How much money has Zepto, founded by two dropouts at age 19, raised so far?
Inshorts · 1y ago
Medial
Quick commerce startup Zepto, founded by Stanford dropouts Aadit Palicha and Kaivalya Vohra at age 19, raised $60 million in October 2021. Later in December 2021, it raised $100 million in Series C, followed by $200 million in May 2022. Zepto became a unicorn in 2023 after raising $235 million. It has now raised $665 million at $3.6 billion valuation.
NewSpace Nets $52 Mn Funding For Defence Innovation
Inc42 · 1y ago
Medial
Indian drone manufacturer, NewSpace Research & Technologies (NRT), has raised $52 million in a bridge round, with over 40% of the investment coming from existing investors. The round consists of $33 million in equity from marquee investors and $19 million in debt from SBI's startup hub and SIDBI. NRT aims to become a unicorn within five years, and has delivered a swarming system to the Indian defence ministry and set a global record for highest altitude flight in a multirotor system. The company plans to expand its portfolio globally, with a focus on Japan, the Middle East, and the US.
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