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Where Will the COP29 Money Come From?

LivemintLivemint · 8m ago
Where Will the COP29 Money Come From?
Medial

The COP29 climate summit in Baku, Azerbaijan, aims to establish an agreement for climate-related transfers from rich to poor countries. The focus is on the financing aspect of climate change, with discussions surrounding the amount of money needed and who will provide it. The target of $100 billion annually by 2020, set in 2009, was only met in 2022 and is insufficient. Private sector involvement will be necessary to bridge the investment gap, but this year's summit will be more low-key compared to previous years. Focus will be on concrete actions and technologies rather than grand political statements. Multilateral development banks (MDBs) are expected to play a bigger role in securing climate finance for developing nations. The return of Donald Trump may pose challenges to environmental, social, and governance (ESG) initiatives in the United States.

British International Investment to invest $33.5M in Indian EV startups

YourStoryYourStory · 7m ago
British International Investment to invest $33.5M in Indian EV startups
Medial

The UK's development finance institution, British International Investment (BII), has announced investment commitments of $33.5 million in India's electric vehicle (EV) sector. The funding includes debt financing for Everest Fleet to expand its EV fleet, equity investment in TI Clean Mobility for scaling its EV manufacturing capabilities, and equity commitment to Vecmocon for enhancing its research and development in the EV component manufacturing. BII has been actively investing in India's EV sector and aims to contribute to India's energy transition and decarbonization efforts. The investments align with BII's goal of investing up to $1 billion in climate-friendly initiatives and green technologies in India.

Funding and acquisitions in Indian startup this week [16 - 21 Sep]

EntrackrEntrackr · 10m ago
Funding and acquisitions in Indian startup this week [16 - 21 Sep]
Medial

During the week, 36 Indian startups raised around $628.24 million in funding. These deals count 14 growth-stage deals and 17 early-stage deals while 5 startups kept their transaction details undisclosed. Last week, 24 early and growth-stage startups cumulatively raised over $228 million in funding. [Growth-stage deals] Among the growth-stage deals, 14 startups raised $566.44 million in funding this week. Edtech startup Physics Wallah spearheaded with a $210 million funding round. SaaS-based digital adoption solution provider Whatfix raised $100 million followed by, API infrastructure platform M2P Fintech, omnichannel diagnostics service provider Redcliffe, digital infrastructure company iBUS, and mobility startup Everest Fleet with $50 million, $42 million, $34 million, and $30 million in funding, respectively. Swiggy continued to onboard big names under its investor list, including Madhuri Dixit, Ritesh Malik, and Moder Insulators in its pre-IPO funding. [Early-stage deals] Further, 17 early-stage startups secured funding worth $61.8 million during the week. Fintech startup Kaleidofin led the list followed by data intelligence platform e6data, luxury wellness clinic chain The Wellness Co (Rollins International), SaaS-enabled marketplace for metal manufacturers NowPurchase, and vacation home rentals platform ELIVAAS among others. As many as 5 startups that did not disclose the funding amount raised are; Venttup, Kaatil, Salt Oral Care, Ticket9, and TraqCheck. For more information, visit TheKredible. [City and segment-wise deals] In terms of the city-wise number of funding deals, Bengaluru-based startups led with 12 deals followed by Delhi-NCR, Mumbai, Chennai, Hyderabad, and more. Segment-wise, E-commerce, SaaS, and Fintech startups are on the top spot with 5 deals each. Healthtech, HRtech, Foodtech, Proptech, Edtech, and Telecom startups followed this list among others. [Series-wise deals] During the week, seed funding deals are on top, with 10 deals followed by 7 Series A, 5 Series B, 3 Series C, and more. [Week-on-week funding trend] On a weekly basis, startup funding surged 174.59% to $628.24 million as compared to around $228.79 million raised during the previous week. The average funding in the last eight weeks stands at around $393 million with 28 deals per week. [Fund launches] z21 Ventures announced the first close of its $40 million Fund II, with WestBridge Capital investing $20 million. Capital A launched its second fund, targeting a corpus of Rs 400 crore, focused on sectors such as manufacturing, deeptech, climate, and fintech. Shivalik Investment Fund secured 50% of its targeted corpus of Rs 150 crore for its inaugural fund, with plans to raise an additional Rs 150 crore. [Key hirings and departures] Bizongo reshuffled its management by onboarding Kiran Dev, Prahlad Krishnamurthi, Gaurav Singhania, and Amol Wanjari. While Amazon, Yum! Brands and ACT Fibernet hired Samir Kumar, Rohan Pewakar, and PVV Srinivas Rao, respectively. Meanwhile, Nine months after joining Ola Consumer (Ola Cabs) as global chief business officer (CBO), Sidharth Shakdher quit the firm. [Mergers and Acquisitions] As many as five acquisition deals happened this week. Fintech startup Veefin acquired a 26% stake in EpikIndifi, infra solutions provider Acru by Stockal, influencer marketing brand OPA by Wondrlab, and computer vision firm AJA Vision Technologies by Marsh Harrier. Oyo also marked one of its largest acquisitions by snapping up G6 Hospitality, which operates Motel 6 and Studio 6 brands. [Layoffs] Byju’s-owned Aakash Educational Services Limited (AESL) laid off 80 to 100 employees over the past couple of months. Several long-time employees, some with over 4 years of service, were also laid off in the past few weeks. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [New launches and partnerships] MobiKwik’s Zaakpay partners Meta to offer in-app payments on WhatsApp GoMechanic gears up for EV workshop expansion [Potential Deals] Moglix to invest $50M in Credlix expansion to US, Mexico D2C brand Kapiva to raise ~$40 Mn funding Qure.ai eyes $60 Mn funding to expand operations [Financial results this week] Livspace revenue crosses Rs 1,200 Cr in FY24; losses shrink by 46% KrazyBee ProcMart GMV zooms 3X to Rs 621 Cr in FY24; profit slips 56% [News flash this week] MensXP looks to break free from Mensa Brands EY resigns as advisor to BYJU’S IRP amidst controversy: Report Quick Commerce players under CCI scrutiny PhonePe captures 50% of UPI market share by value in August Elara Capital sees a lower valuation for Swiggy compared to Zomato Infibeam entering UPI payments with a new app RediffPay Amazon selects 7 Indian startups for global accelerator program Ola Electric can achieve EBITDA breakeven by FY27: Goldman Sachs [Conclusion] The weekly funding jumped around 175% to $628.24 million this week. The week also saw three startup-focused fund launches namely Z21 Ventures, Capital A, and Shivalik Investment Fund. India Lifestyle Network (ILN), the parent company of MensXP, iDiva, and Hypp, is exploring a separation from its parent company, Mensa Brands. ILN founder Angad Bhatia is in talks with investors about acquiring Mensa’s stake and operating as an independent entity. The move is driven by differing growth priorities and Mensa’s inability to provide sufficient capital. Once separated, ILN plans to raise capital and expand its operations, including restarting its influencer-commerce business. The insolvency proceedings of BYJU’S have taken another turn with the resignation of EY as advisor to the IRP, Pankaj Srivastava. This news comes amidst growing controversy surrounding Srivastava, who has been facing legal challenges from multiple creditors of the company. The resignation of EY further complicates the situation and raises questions about the future of BYJU’s restructuring process. Elara Capital believes Swiggy will likely have a lower valuation than Zomato. This is primarily due to Zomato’s larger business size, faster growth rate, and stronger market position, particularly in the quick commerce segment. Zomato has also achieved profitability in certain segments, while Swiggy is still working towards that goal. Since its IPO, Zomato’s valuation has surged significantly, reaching a market capitalization of $28.55 billion. This suggests that investors have placed a higher premium on Zomato’s growth prospects and performance compared to Swiggy. PhonePe solidified its position as the leading UPI player in India, capturing over 50% of the market share in August. This growth is attributed to its user-friendly interface, extensive network, and innovative features. Infibeam Avenues Limited is taking a big leap into the competitive world of UPI payments. Their new app, RediffPay, aims to disrupt the market currently dominated by giants like PhonePe and Paytm. This move comes after Infibeam acquired a majority stake in Rediff.com, hinting at a bigger play in the consumer digital finance space. With RediffPay, Infibeam hopes to offer a comprehensive financial services platform, potentially including insurance, lending, and investment options. The All India Consumer Products Distributors Federation (AICPDF) has filed a complaint against quick commerce players like Blinkit, Zepto, and Instamart, alleging predatory pricing and deep discounting practices. The Department for Promotion of Industry and Internal Trade (DPIIT) has referred the complaint to the Competition Commission of India (CCI) for investigation. The CCI will now examine the practices of these quick commerce companies to determine if they violate competition laws.

Funding and acquisitions in Indian startups this week [06-11 May]

EntrackrEntrackr · 1y ago
Funding and acquisitions in Indian startups this week [06-11 May]
Medial

During the week, 24 Indian startups raised around $320 million in funding. These deals include 7 growth-stage deals and 13 early-stage deals. Meanwhile, four early-stage startups did not disclose the amount raised. Last week, about 28 early and growth-stage startups collectively raised around $340 million in capital. [Growth-stage deals] Among the growth-stage deals, 7 startups raised $287 million in funding this week. Data and AI governance company Atlan led the list with $105 million followed by dialysis chain NephroPlus which scooped $102 million in capital. Shared electric mobility startup GreenCell Mobility, Provider of full stack education, content, and technology services K12 Techno Services, and lending firm Lendingkart are next on the list with $36.7 million, $27 million, and $10 million, respectively. Further, the list counts deeptech AI startup Myelin Foundry and an agritech firm focused on drone-based hyperspectral remote sensing BharatRohan. [Early-stage deals] Subsequently, 13 early-stage startups scooped funding worth $33 million during the week. Direct-from-farm produce supply chain startup Superplum spearheaded the list followed by a platform for wholesale buying and selling Poshn, log analytics startup Parseable, fodder ecosystem to support dairy cattle farmers, Cornext, and re-engineered tyre startup Regrip. Moreover, ICON, Atomgrid, Eternz, Knit, Select Brands, 50Fin, and Treacle also raised funding during the period. The list of early-stage startups also includes four startups that kept the funding amount undisclosed: GyanLive, QUE, trackNOW, and Food Square. For more information, visit TheKredible. [City and segment-wise deals] In terms of the city-wise number of funding deals, Bengaluru-based startups led with 9 deals followed by Delhi-NCR, Mumbai, Hyderabad, Ahmedabad, Gandhinagar, Indore, and Kolkata. Segment-wise, e-commerce and SaaS startups grabbed the top spot with four deals each followed by agritech startups. The list further counts AI, edtech, fintech, and foodtech startups among others. [Series-wise deals] During the week, Seed funding deals led the list with 11 deals followed by 3 Pre-Series A deals while debt, Pre-Seed, Pre-Series A, and Series F are next on the list among others. [Week-on-week funding trend] On a weekly basis, startup funding remained somewhat stable with a marginal 6.5% drop to $320 million as compared to around $341.5 million raised during the previous week. The average funding in the last eight weeks stands at around $249 million with 27 deals per week. [Key hirings and departure] Bhavesh Gupta, the chief operating officer and president of Paytm, has resigned citing personal reasons, marking the fourth high-profile exit at the Paytm Group in the last month. Among key hirings, Ishan Preet Singh, Co-founder of the now-defunct edtech startup FrontRow, has returned to Lightspeed Venture Partners as an investor after taking a year-long career break following the closure of his previous venture. Fintech unicorn Slice appointed Kotak Mahindra Bank’s group president and chief risk officer Arvind Kathpalia as its chief risk advisor, shortly after receiving Competition Commission of India (CCI) approval for its merger with North East Small Finance Bank. Additionally, Adda247 appointed ex-NIIT president Bimaljeet Singh as CEO to lead its skilling and higher education verticals. [Fund launches] InCred Alternative Investments, the alternative asset management arm of InCred Capital, marked the first close of its inaugural private equity fund. Concurrently, Client Associates, a wealth management and investment banking firm, also announced the first close of its inaugural Category II alternative investment fund at Rs 300 crore or approximately $36 million. [Layoffs] Unacademy Group’s medical entrance test preparation platform, PrepLadder, laid off around 145 employees, approximately 25% of the startup’s total workforce of roughly 560 employees. Fintech startup Simpl also underwent a restructuring, resulting in the layoff of around 100 employees. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [New launches] ▪️ Zomato launches real-time hyperlocal weather info network ▪️ Zeta rolled out a digital credit-as-a-service product for banks [Financial results this week] ▪️ Urban Company turns profitable with Rs 7 Cr PBT in April ▪️ Gramophone posts Rs 316 Cr gross revenue and Rs 58 Cr loss in FY23 ▪️ WoodenStreet revenue nears Rs 200 Cr in FY23; remains profitable ▪️ Tiger Global-backed GOAT Brand Labs scales over 8X in FY23 ▪️ FreshToHome earns Rs 25 Cr net commission from India in FY23 ▪ Magicpin scales up over 83% in FY23; controls losses [News flash this week] ▪️ Groww moves domicile to India from the US ▪️ Digit Insurance to open IPO on May 15 with reduced size ▪️ PhonePe dominates UPI ecosystem with 49% market share in April [Conclusion] The weekly funding remained stable with a marginal 6.5% drop to $320 million. The week saw two new fund launches by VC firms namely InCred and Client Associates. The week also witnessed two layoffs as PrepLadder and Simpl fired a part of their workforces. Zomato has introduced a new service called ‘Weather Union’ that offers hyperlocal real-time weather information including temperature, humidity, wind speed, and rainfall. Currently accessible in 45 cities, the service will expand to other Indian cities soon. The data is sourced from over 650 on-ground weather stations, installed at locations like Zomato employees’ premises. Interested individuals can also host these solar-powered weather stations by signing up on the company’s website. Full-stack financial services platform Groww has transitioned its domicile back to India from the US, following the footsteps of PhonePe, which also relocated its domicile to India from Singapore. This move aligns Groww with a trend seen among several fintech companies, including KreditBee, Pine Labs, Razorpay, Meesho, and Zepto, which have been working on reverse flips. In another development, Go Digit General Insurance announced that its IPO will be open for subscription from May 15 to May 17. The company’s IPO consists of a fresh issue of shares worth Rs 1,125 crore and an offer for sale (OFS) of 54,766,392 shares. It’s worth noting that the company has reduced its IPO size from the initial plan, which included a fresh issue worth Rs 1,250 crore and an OFS of 10.94 crore equity shares. Additionally, PhonePe has maintained its position as the leading player in the unified payments interface (UPI) ecosystem, holding a market share of nearly 49% in April 2024 for both P2M (person-to-merchant) and P2P (person-to-person) transactions.

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