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Lightspeed-backed Frontrow mulls sale or shutdown, months after layoffs, restart

Money Control

Money Control · 2y ago

Lightspeed-backed Frontrow mulls sale or shutdown, months after layoffs, restart

FrontRow, a startup backed by Lightspeed Venture Partners, is considering options including a sale or shutdown. The company, which offers online learning courses, had recently faced layoffs but restarted operations. However, due to continued challenges and uncertainty in the education sector, FrontRow is exploring strategic alternatives. This development reflects the difficult decisions startups sometimes face in the pursuit of sustainability and growth. The company’s backers including Lightspeed Venture Partners are looking for potential acquirers for the company, sources said, adding that if these talks fall through, the company might consider to close its operations.

Related News

Lightspeed-backed Frontrow shuts operations

Money Control

Money Control · 2y ago

Lightspeed-backed Frontrow shuts operations

FrontRow, a startup backed by Lightspeed, has made the decision to shut down its operations. The reason for the closure has not been disclosed. FrontRow offered online learning courses in the fields of music, arts, and sports. The shutdown comes as a surprise and indicates the challenges faced by startups in the competitive edtech industry. This came months after the company laid off 75 percent of its staff and said it would “start from scratch.” After two rounds of layoffs in May and October 2021, the company was left with about 35-40 employees.

DMI Group acquires BNPL startup ZestMoney in a fire sale deal

Money Control

Money Control · 1y ago

DMI Group acquires BNPL startup ZestMoney in a fire sale deal

NBFC DMI Finance has acquired Buy Now Pay Later startup ZestMoney in a fire sale deal. The move strengthens DMI Group's commitment to customer-centric financial solutions and opens up new possibilities for seamless checkout finance tools. The Walmart-backed fintech decacorn PhonePe was previously in talks to acquire ZestMoney, but backed out due to issues with due diligence. ZestMoney faced difficulties without PhonePe's involvement, leading to layoffs and eventual shutdown. However, DMI Finance has assured that all existing employees will remain with the company.

General Atlantic-backed firm mulls IPO; NIIF-backed lender seeks funding

VCCircle

VCCircle · 1y ago

General Atlantic-backed firm mulls IPO; NIIF-backed lender seeks funding

Capital Foods Ltd, a company backed by private equity firm General Atlantic, is considering an IPO after discussions to sell a majority stake failed. Capital Foods is known for its popular brands, including Ching's Secret noodles and Smith & Jones spices. The decision to explore an IPO comes as an alternative to the failed stake sale. In another development, a lender backed by the National Investment and Infrastructure Fund (NIIF) is seeking funding.

Serentica mulls stake sale; Pine Labs, Zepto may shift HQ to India

VCCircle

VCCircle · 1y ago

Serentica mulls stake sale; Pine Labs, Zepto may shift HQ to India

Serentica Renewables, backed by Sterlite Power, is considering selling a minority stake to raise around $300 million for its expansion. Pine Labs and Zepto may also be shifting their headquarters to India. These plans are still in the early stages, with Serentica Renewables expected to appoint a banker to oversee the stake sale process.

Cashback first: ShareChat’s $49 mn round comes with strings attached

The Arc Web

The Arc Web · 1y ago

Cashback first: ShareChat’s $49 mn round comes with strings attached

Indian social media company Mohalla Tech, which owns ShareChat and Moj, has raised $49 million in a convertible debt round, led by Tencent, Temasek, and Lightspeed. The funding will support the company's path to profitability, though valuation details were not disclosed. Existing investors such as Alkeon Capital and Moore Strategic Ventures participated in the round. Investors in this round will have senior liquidation preference rights, giving them priority for repayment in the event of a sale or liquidity event. ShareChat has also announced doubling the ESOP allocation for employees. The company aims to achieve overall profitability in 12 months.

Lightspeed may lead $50-60 million round in healthcare company Qure AI

Economic Times

Economic Times · 10m ago

Lightspeed may lead $50-60 million round in healthcare company Qure AI

Venture fund Lightspeed is reportedly leading a $50-60 million deal with Qure.ai, an AI-based diagnostic imaging company. This would be Lightspeed's third major investment from its growth fund. The funding round is expected to include a secondary share sale and is set to be finalized within the month. Qure.ai provides AI services in areas such as chest X-ray reporting, TB care, lung nodule management, and heart failure. Lightspeed has been actively pursuing investment opportunities and has backed companies like Razorpay, Udaan, and Acko. Qure.ai reported revenue of INR 91.3 crore in fiscal year 2023.

US TikTok ban looms as Trump seeks last-ditch solution

Economic Times

Economic Times · 6m ago

US TikTok ban looms as Trump seeks last-ditch solution

The US Supreme Court upheld a law mandating TikTok's sale or ban for national security, threatening its accessibility to 170 million US users. TikTok's CEO appealed to President-elect Trump for a resolution, as the app risks a US shutdown unless the Chinese owner finds a buyer by Sunday. The law requires Apple and Google to remove TikTok, facing penalties if accessed. Alternatives like Instagram Reels and YouTube Shorts could benefit from TikTok's potential ban.

If TikTok Is Banned, Free-Speech Litigation Could Follow

Livemint

Livemint · 1y ago

If TikTok Is Banned, Free-Speech Litigation Could Follow

The US government's push to force TikTok to sell its US operations or face a ban could be met with a lawsuit from the social media company. The bipartisan legislation requires TikTok's Chinese parent company, ByteDance, to comply within six months or risk shutdown. However, legal experts believe that any litigation would require courts to balance the government's national security concerns against TikTok's First Amendment rights and the free speech rights of its users. The success of any legal challenge could ultimately determine TikTok's fate in the US.

Australia's AI firm Appen mulls selling part or whole of business

Economic Times

Economic Times · 1y ago

Australia's AI firm Appen mulls selling part or whole of business

Appen, an Australian AI firm, is considering selling part or all of its business. While it has received no proposals, the company is open to engagement with potential counterparties. Appen, once a leading AI training provider, has implemented cost-saving initiatives and replaced its executive team. It announced an equity raise of A$30 million ($19.52 million) and an additional $14 million in cost reduction, aiming to boost working capital. Appen's revenue and gross profit for the 10 months ending Oct. 31, 2023, fell over 29% and 32% to $223 million and $80 million, respectively.

Nandan Nilekani’s Fundamentum leads $20-mn Series B in Stable Money

VCCircle

VCCircle · 1m ago

Nandan Nilekani’s Fundamentum leads $20-mn Series B in Stable Money

Wealthtech platform Stable Money has raised $20 million in a Series B funding round led by Nandan Nilekani’s Fundamentum Partnership, with participation from existing investors Z47, RTP Global, and Lightspeed, plus Aditya Birla Ventures. This comes 10 months after a $15 million Series A round. Stable Money, founded in 2022, plans to expand its wealth product offerings and partner network while focusing on underserved investors in tier II and III cities.

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