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Six startups crossed $1 billion valuation mark in 2024
Inshorts
·
7m ago
Medial
After a brief lull in 2023, the Indian startup ecosystem regained its momentum and churned out unicorns in healthy numbers in 2024. While just two startups achieved the coveted status last year on account of the extended funding winter, as many as six new-age tech companies entered the billion-dollar valuation club in 2024.
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Which startups lost unicorn status last year?
Inshorts
·
1y ago
Medial
According to Hurun's Global Unicorn Index 2024, 42 startups in the world lost their unicorn status last year with their valuation dipping below $1 billion. BYJU'S, once valued at $22 billion, emerged as the biggest dropout in the list, followed by Thrasio, previously valued at $10 billion. Other startups that lost unicorn status are Hopin, PharmEasy, Chipone, Convoy and BlockFi.
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PhonePe crosses 2 billion transanctions on app
Entrackr
·
1y ago
Medial
Digital Payment major PhonePe claims that they have crossed 2 billion digital transactions on the mobile application and has achieved annual run-rate of $70 billion on transactions from its platform. PhonePe is now accepted across more than 3 million merchants and has crossed 50 million monthly active users now. According to the company, 75 percent of transactions on PhonePe are from tier 2-3 cities. It had crossed one billion transaction mark in November 2018.
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PhonePe crosses 2 billion transanctions on app
Entrackr
·
1y ago
Medial
Digital Payment major PhonePe claims that they have crossed 2 billion digital transactions on the mobile application and has achieved annual run-rate of $70 billion on transactions from its platform. PhonePe is now accepted across more than 3 million merchants and has crossed 50 million monthly active users now. According to the company, 75 percent of transactions on PhonePe are from tier 2-3 cities. It had crossed one billion transaction mark in November 2018.
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Former Flipkart employees turn bosses, own more than 40 startups: Report
Livemint
·
1y ago
Medial
Former employees of Flipkart, known as the "Flipkart Mafia" or "Flipsters," have founded around 44 startups with a combined valuation of $25 billion, according to Hindu Business Line. Over a third of these startups are in the e-commerce sector, including notable names like Udaan and Spinny. Additionally, six of the startups have achieved "Unicorn" status, with valuations exceeding $1 billion. The trend of former employees starting their own ventures seems to be linked to the Employee Stock Ownership Plan (ESOP) buybacks conducted by Flipkart over the years.
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Indian startups raise $1.65 billion in February; median valuation at $83.2 million
Economic Times
·
4m ago
Medial
In February 2025, Indian startups raised $1.65 billion in funding, with a median valuation of $83.2 million, marking a 19.5% increase from January. Fintech firm Oxyzo led with $1 billion in debt. Bengaluru entrepreneurs secured $353 million, while Mumbai entrepreneurs raised $102 million. Significant acquisitions included Head Digital Works acquiring Deltatech Gaming, and Perfios buying Clari5. Sixteen IPOs were listed, with notable firms like Hexaware among them. Overall, 2024 funding was $30.4 billion, a 6.5% decrease from 2023.
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OpenAI Co-founder Ilya's startup seeks $20 bn valuation: Report
Inshorts
·
5m ago
Medial
OpenAI Co-founder Ilya Sutskever's startup Safe Superintelligence (SSI) is in talks to raise funding at a $20 billion valuation, Reuters reported. The startup, which has not generated any revenue yet, raised $1 billion in September last year at a reportedly $5 billion valuation. Sutskever launched SSI in June 2024 after leaving OpenAI in May.
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GenAI startups biggest driver of unicorns, says VC firm Accel
Economic Times
·
1y ago
Medial
According to venture capital firm Accel, generative artificial intelligence (GenAI) companies have become the major driver of unicorns (startups reaching a $1 billion valuation). The report reveals that 60% of new unicorns are falling into this category. While European and Israeli GenAI startups received close to $1 billion in funding in the last 12 months, U.S. startups received over $14 billion, partly due to a $10 billion funding to OpenAI alone. The report suggests that specialized AI applications in cybersecurity, healthcare, construction, and legal will gain traction in the future.
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Baron Capital marks up Swiggy’s valuation to $15.1 Bn
Entrackr
·
1y ago
Medial
US-based asset manager Baron Capital has marked up the valuation of Swiggy to $15.1 billion, according to regulatory filings with the US’ Securities and Exchange Commission (SEC). This is a nearly 25% jump in the company’s valuation from $12.1 billion estimated by Baron as of December 2023. Soon after Baron’s mark up, Swiggy’s early backer Invesco also increased its valuation to $12.7 billion in April. The development was first reported by ET. This comes at a time when Swiggy is gearing up for its initial public offering (IPO). The Bengaluru-based firm received shareholders’ nod to float its $1.25 billion IPO and it reportedly filed papers with SEBI via confidential route in May. Before filing IPO papers, Swiggy was pitching a pre-IPO deal to high net-worth individuals (HNIs) to buy its shares at a 20% discount. Entrackr exclusively reported the development. Swiggy recorded Rs 5,476 crore in revenue from operations and Rs 1,600 crore loss during the first three quarters of the financial year FY24. Entrackr had exclusively reported financial numbers and secondary pitch by the company in April. In FY23, its revenue stood at Rs 8,265 crore in FY23 whereas its losses soared to Rs 4,179 crore. Besides Swiggy, Pine Labs, Meesho, FirstCry and Ola Electric also saw markups in their valuation in the last six months. Swiggy’s arch rival Zomato is currently valued at $18.7 billion, as per stock exchange data. The latter recently hit a market cap of $21 billion. Meanwhile, Baron has marked down edtech company Byju’s valuation to only $24 million as of March 2024. Earlier, BlackRock had already slashed the company’s valuation to $1 billion from $22 billion in early 2022.
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Invesco marks up Swiggy’s valuation to $12.7 Bn
Entrackr
·
1y ago
Medial
Swiggy has once again witnessed a valuation mark up to $12.7 billion by US-based investor Invesco. This is second markup in its value by Invesco and overall third for the Bengaluru-based foodtech decacorn. This is an 18% jump in the valuation of Swiggy compared to its last equity round in January 2022. Earlier, Invesco marked up Swiggy’s valuation to $8.3 billion in January whereas US-based asset management firm Baron Capital increased the firm’s valuation to $12.1 billion in March this year. ET reported the development first citing US Securities and Exchange Commission filings. The increase in fair market value comes at a time when Swiggy is preparing for initial public offering (IPO). As per Entrackr’s sources, the company may file IPO papers in the second half of 2024. On Monday, the firm converted itself into a public entity. Entrackr exclusively reported the development. Besides Swiggy, Meesho, PineLabs, FirstCry and Ola Electric have also seen markups in their valuation in the last six months. Significantly, all these companies are preparing to go public in this or early next year. This is a developing story…
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Inside India’s Soonicorn Club: The Sectors, Hubs That Will Mint India’s Next $1 Bn+ Ventures
Inc42
·
1y ago
Medial
A recent report by Inc42 titled "Unicorns of Tomorrow - Decoding India's Soonocorn Landscape Report, 2024" reveals that there are 112 Indian startups on track to become unicorns, with valuations ranging from $200 million to under $1 billion. These soonicorns have a combined valuation of over $40 billion and have raised more than $15 billion since 2014. Interestingly, only 8% of them are profitable, with fintech being the sector fostering the most number of soonicorns at 36, followed by e-commerce with 19 startups. Peak XV, Tiger Global, and Accel are among the investors with the most soonicorns in their portfolios.
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