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Nearly 20 Indian startup CEOs quit their posts in 2023 so far
Entrackr
·
1y ago
Medial
Around 20 Indian startup CEOs have left their positions within the first eight months of 2023, a noticeable increase compared to previous years. Fintech and edtech sectors have seen significant CEO exits, driven by factors such as financial wrongdoings and company transitions. Companies like BharatPe and DealShare faced both CEO departures and layoffs. The trend started in 2022 when BharatPe and Zilingo saw top level exits including their former CEO & MD Ashneer Grover and CEO Ankiti Bose.
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Related News
Lights, Camera, Capital: Meet the TV & movie celebs who made waves in startup ecosystem in 2023
Inc42
·
1y ago
Medial
In 2023, Bollywood celebrities actively participated in the Indian startup ecosystem. Inc42's data reveals that over 20 celebrities from the entertainment industry have backed 27 startups so far this year. Notable names include Akshay Kumar, Alia Bhatt, Deepika Padukone, Kareena Kapoor, and Suniel Shetty. These celebrities have taken on the roles of investors and startup founders, making strategic investments in various sectors such as agritech, baby and mother care, coffee roasters, B2B marketplace, ayurvedic products, and more. Their investments have contributed to the growth and dynamism of the Indian startup landscape.
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Prosus’ Ashutosh Sharma on early-stage bets and potential in edtech despite Byju’s
VCCircle
·
11m ago
Medial
Prosus, a Netherlands-based company, has made significant investments in Indian unicorns such as Swiggy, Meesho, Urban Company, Eruditus, and The Good Glamm Group. Although Prosus has been more cautious in its investments in recent years, it continues to see potential in the Indian edtech sector, despite the dominant presence of Byju's. With investments of nearly $7 billion in Indian companies so far, Prosus' Head of India Investments, Ashutosh Sharma, remains optimistic about early-stage opportunities in the market.
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Surge in cybercrime raises alarm in Gujarat; Police appeal people to stay aware
Economic Times
·
1y ago
Medial
The cyber financial frauds in Gujarat have seen a significant increase, with CID receiving 40,000 complaints so far in 2024. According to CID ADGP Rajkumar Pandian, this number has been steadily rising, with 23,000 complaints in 2020 and 1,09,000 in 2023. Pandian highlights the importance of public awareness to prevent such crimes, urging victims to immediately contact the police so that their money can be protected and frozen.
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Indian founders are quitting at a rapid pace
Inc42
·
1y ago
Medial
Over 30 Indian startup founders and CEOs left their roles in 2023 amid challenges like the extended funding winter, economic pressures, and business restructuring. Notable exits include founders from Zomato, ShareChat, Teachmint, and ZestMoney, among others. Some stepped down for personal aspirations or to pursue new ventures, while others left amid governance issues. Second-time founders also contributed to the creation of new startups. The leadership changes reflect the dynamic landscape of India's startup ecosystem in response to evolving challenges.
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This IITian quit job to revive ecofriendly handwoven dhurries
Inshorts
·
1y ago
Medial
Vivek Shrivastava, an electrical engineer from IIT Kanpur, quit the corporate world after 20 years in the telecom and IT industry to work with dhurrie weavers. His startup Kalavilasa specialises in eco-friendly Punja or Panja dhurries, famous for their exquisite styles, high quality, and sturdiness. The IITian is reviving a dying craft and empowering struggling artisans.
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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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India’s diamond city Surat is now mining SaaS startups for the world
Money Control
·
2y ago
Medial
Data sourced from Tracxn shows that Surat has more than 2,530 startups, of which 164 are SaaS-based startups offering services such as financial management, export-import management and cloud-based solutions. Together, they have raised nearly $224 million so far.
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PM Modi showcases India’s tech prowess during US visit: key takeaways
Economic Times
·
9m ago
Medial
Indian Prime Minister Narendra Modi recently visited the US to highlight India's growth potential in the technology sector. During his visit, Modi met with Silicon Valley CEOs and government officials to attract investment in India's startup and semiconductor industries. The prime minister emphasized India's innovation-friendly policies and burgeoning market opportunities, which caught the attention and interest of the CEOs. Modi also addressed the Indian American community, discussing India's digital infrastructure and initiatives for domestic semiconductor production. Notable CEOs like Jensen Huang from Nvidia and Sundar Pichai from Google expressed their support and willingness to partner with India in fields like AI and manufacturing.
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Rapido turns unicorn post $120 million funding from WestBridge Capital
Economic Times
·
11m 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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Global PE Investcorp’s India Investment Thesis
Inc42
·
11m ago
Medial
India’s growing economy and startup ecosystem have attracted global private capital, with private equity and venture capital firms investing billions of dollars in Indian companies. Investcorp, for example, has entered the Indian market and aims to elevate companies with its global expertise, targeting businesses that can bring high quality and global standards at low costs. With India becoming a hub for PE/VC players such as Tiger Global and SoftBank, PE-VC deal activities reached $39 billion in 2023, accounting for nearly 20% of all investments in the Asia-Pacific region.
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