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Co-working firm Innov8 goes into arbitration with Rahul Yadav's 4B Networks for unpaid dues

Money ControlMoney Control · 1y ago
Co-working firm Innov8 goes into arbitration with Rahul Yadav's 4B Networks for unpaid dues
Medial

Rahul Yadav, the founder of 4B Networks, is facing mounting legal troubles, including arbitration and criminal cases. In addition to his arbitration dispute with Info Edge, it's revealed that 4B Networks and Yadav are also in arbitration with Innov8 over unpaid rent of Rs 1.08 crore for an office space. Innov8 has filed a criminal case under the Arbitration and Conciliation Act after failed attempts to resolve the issue. Another arbitration case involving 4B Networks is also facing difficulties, with Yadav requesting more time for understanding the arbitration case with Info Edge. A criminal case has also been filed against Yadav by an ad agency for Rs 10 crore in unpaid dues.

OYO wins relief as Delhi HC rejects Zostel stake award

EntrackrEntrackr · 2m ago
OYO wins relief as Delhi HC rejects Zostel stake award
Medial

After years of legal back-and-forth, the Delhi High Court has ruled in favour of travel-tech firm OYO, setting aside an arbitral award in its long-standing dispute with Zostel Hospitality, the parent company of ZO Rooms. The court held that OYO did not breach any agreement during the failed acquisition talks with Zostel. The judgment backs OYO’s claim that it never took over any part of Zostel’s business. It also said that the kind of agreement they had — one that could be called off — cannot be legally enforced. The High Court also rejected Zostel’s request to carry out the earlier arbitration order. The dispute started back in November 2015, when OYO signed a non-binding, exploratory term sheet with Zostel to potentially acquire its business. The deal, however, fell through after due diligence failed, and both sides couldn't agree on final terms. Zostel initiated arbitration in September 2018 — nearly three years after the talks — which resulted in a March 2021 arbitral award that OYO promptly challenged. In February 2022, the Delhi High Court had already denied Zostel’s plea for an injunction. The latest ruling firmly closes the chapter, stating that no definitive agreements were signed and no consensus was reached on essential commercial terms. “This vindicates our long-held position,” an OYO spokesperson said in a statement, reaffirming that there was no binding agreement between the parties. However, earlier this month, the Hospitality firm reportedly postponed its planned October IPO following objections from its major investor SoftBank, which consists of a fresh issue worth Rs 7,000 crore and an Offer for Sale (OFS) of Rs 1,430 crore.

‘Opportunistic’, Bhavish Aggarwal on MapMyIndia’s legal notice

EntrackrEntrackr · 11m ago
‘Opportunistic’, Bhavish Aggarwal on MapMyIndia’s legal notice
Medial

Ola Electric founder Bhavish Aggarwal has responded to the recent controversies surrounding its mapping solution, and the legal notice from MapMyIndia. “It is opportunistic of MapMyIndia; there are opportunistic players everywhere. We will respond to them at the right time,” Aggarwal is quoted as saying by MoneyControl. Earlier this month, the Bengaluru-based firm launched Ola Maps as an alternative to Google Maps. The firm also shifted its operations to its in-house mapping service by transitioning from Google Maps. CE Info Systems, the parent company of MapMyIndia, sent a legal notice to Ola Electric for allegedly copying the former’s data. In the legal notice, MapMyIndia claimed that Ola Electric breached the license agreement. In 2022, Ola Electric onboarded MapMyIndia to offer navigation services for its S1 Pro electric scooter. As per MapMyIndia, Ola was prohibited from co-mingling the licensed product with another similar competing product and indulging in any reverse engineering or making any attempt to extract/ copy the source code from any API of the licensed product or any related software. MapMyIndia alleged that Ola Maps cached, saved its data which is a violation of the licensing agreement signed in 2021. The Delhi-based firm also added that it will initiate appropriate legal action, both civil as well as criminal, against Ola Electric. Ola, however, refuted the allegations made by MapMyIndia. “…We would like to state unequivocally that these allegations are false, malicious and misleading. Ola Electric stands by the integrity of its business practices. We will suitably respond to the notice shortly,” an Ola Electric spokesperson had said. Separately, Ola Electric is also set for the stock market debut on August 2. On the upcoming IPO, Aggarwal said, “We wanted to ensure that the pricing was set at a level that would generate significant excitement among investors.” Last week, media reports suggested that Ola is going to drop down its plan for car production. However, Aggarwal clarified that the firm did not confirm or deny plans to pause car production.

Funding and acquisitions in Indian startup this week [02 - 07 Dec]

EntrackrEntrackr · 7m ago
Funding and acquisitions in Indian startup this week [02 - 07 Dec]
Medial

During the week, 30 Indian startups raised around $333.05 million in funding. These deals include 7 growth-stage deals and 20 early-stage deals while 3 startups kept their transaction details undisclosed. Last week, 18 early and growth-stage startups cumulatively raised around $54 million in funding. Among the growth-stage deals, 7 startups raised $224.76 million in funding this week. Housing finance provider Vastu Housing led with $100 million in funding. B2B supply chain financing firm Mintifi raised $80 million followed by EV manufacturer Ultraviolette ($15.3 million), diagnostics lab and healthcare platform Orange Health ($12 million), gaming firms Sportskeeda ($8.14 million), Nodwin Gaming ($7.55 million), and digital advertising solution provider Datawrkz with $1.77 million in funding. D2C kitchen appliances brand Byondnxt did not disclose the amount raised. Further, 20 early-stage startups secured funding worth $108.29 million during the week. Solar energy startup Glow led the list followed by AI-enabled customer feedback intelligence platform Enterpret, data company Pathway, dental essential focused marketplace DentalKart, and cleantech startup Hygenco. Meanwhile, Bumboo and SuperYou also raked in funding but did not disclose the transaction details. In terms of the city-wise number of funding deals, Mumbai and Bengaluru-based startups led with 10 deals each followed by Delhi-NCR, Chennai, and Mangalore. Segment-wise, E-commerce, Fintech, and Healthtech startups are on the top spot with 4 deals each. AI, Gaming, Environment Tech, and Networking and community startups followed the list among others. During the week, Series A funding deals led with 10 deals followed by Seed, Series B, Series E, and pre-Series A deals. On a weekly basis, startup funding jumped over 500% to $333.05 million as compared to around $54.43 million raised during the previous week. The average funding in the last eight weeks stands at around $287.90 million with 24 deals per week. This week only one startup-focused fund launched namely Abryo Capital. The fund will invest in companies across US and India. The startup ecosystem witnessed 5 notable hires this week. AiDash onboarded Neil Chatterjee on its Advisory board, EKA Mobility hired Sohel Merchant as the Chief Innovation Officer, Freshworks welcomed Srinivasan Raghavan as the CPO while Niyogin and ASK Asset also onboarded new COO and CEO, respectively. Additionally, Nihir Parikh resigned from Nykaa as CEO and Anindhya Ghose exited from Delhivery’s independent director chair. SaaS media firm Amagi announced the acquisition of Argoid AI while Uniphore purchased two firms, ActionIQ and Infoworks. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. BharatPe launches ‘Shield’ to protect users from online frauds. Flipkart to enter 10-minute medicine delivery market. Uber allows users to pre-book Shikara rides on Srinagar’s Dal Lake. The parent company of Chingari launches spiritual tech platform AstroLive. Captain Fresh looking to raise $100 Mn funding. Allen to acquire Unacademy at a valuation of $800 Mn. Apna Mart set to raise new round from Fundamentum and Accel. Bold Care to raise Rs 30 Cr in new funding round. BeepKart planning to raise Series B funding. Swiggy posts Rs 3,600 Cr revenue in Q2; Instamart contributes 13.6%. Allen nears Rs 3,500 Cr revenue in FY24, profit shrinks 44%. K12 Techno Services touches Rs 430 Cr revenue in FY24. Peak XV-backed Wakefit reports Rs 66 Cr EBITDA in FY24. HomeLane revenue remains flat in FY24; losses down by 30%. Mosambee touches Rs 240 Cr revenue in FY24; profit surges 87%. CarDekho Group FY24: used car biz’s revenue slips, InsuranceDekho shines. Shadowfax posts Rs 1,885 Cr revenue in FY24, turns EBITDA profitable. Grocery brand Apna Mart revenue jumps 86% in FY24. MobiKwik to raise Rs 572 Cr in IPO amid 70% valuation cut. Bluestone board approves Rs 1,000 Cr IPO, CEO invests Rs 75 Cr. Ecom Express and Smartworks receive SEBI nod for IPO. RBI expands UPI services, allows small finance banks to offer credit. Bhavish Aggarwal pledges Ola Electric shares for Krutrim’s debt. CCPA intensifies probe into Ola Electric. Razorpay, CRED, Swiggy among 30 startups in Startup Policy Forum. Varun Alagh purchases over 1.6 lakh shares of Mamearth since IPO. RBI lifts loan sanction ban on Sachin Bansal-led Navi Finserv. Info Edge files FIR against 4B Networks’ Rahul Yadav and others. CRED allows users to use coin for offline and online purchases. Fire at Shiprocket’s warehouse impacts over 60 brands. PhonePe ends ties with Juspay and other third-party routers. GST authorities crack down on crypto exchanges. Ola Electric to expand retail footprint to 4,000 stores. Paytm to sell stake in Japan’s PayPay to SoftBank: Report. On a weekly basis, startup funding bounced back over 500% to $333 million as compared to around $54 million raised during the previous week. The week saw only one startup-focused fund launch namely Abryo Capital. Around tech stocks, MobiKwik has filed its RHP with the SEBI to raise Rs 572 crore through a fresh issue of equity shares. Omnichannel jewellery retailer Bluestone appears close to filing a DRHP as it has received the board’s approval for an initial public offering worth Rs 1,000 crore ($120 million) through a mix of fresh issues and offers for sale. Meanwhile, Ecom Express and Smartworks have received SEBI's nod for the IPO. The Reserve Bank of India (RBI) has taken a significant step to boost financial inclusion by allowing small finance banks (SFBs) to offer pre-sanctioned credit lines through the Unified Payments Interface (UPI). This move is expected to benefit underserved segments like small businesses, micro-entrepreneurs, and individuals in rural and semi-urban areas. Indian tax authorities have initiated action against 17 cryptocurrency exchanges for alleged GST evasion amounting to Rs 824 crore. The investigations revealed significant tax evasion by Binance's subsidiary, Nest Services, and WazirX parent Zanmai Labs.

Funding and acquisitions in Indian startups this week [20-25 May]

EntrackrEntrackr · 1y ago
Funding and acquisitions in Indian startups this week [20-25 May]
Medial

During the week, 24 Indian startups raised around $444 million in funding. These deals include 5 growth-stage deals and 14 early-stage deals. Meanwhile, two early-stage startups did not disclose the amount raised. Last week, about 26 early and growth-stage startups collectively raised around $240 million capital. [Growth-stage deals] Among the growth-stage deals, 5 startups raised $394.21 million in funding this week. Horizontal e-commerce major Flipkart led the list with $350 million infusion by Google. The list followed by financial services platform Navi which scooped $18 million in debt. Managed accommodation provider Stanza Living, rural financial services company Save Solution, and NBFC operating in remote rural parts, Dvara KGFS, also raised funding during the week. [Early-stage deals] Subsequently, 14 early-stage startups scooped funding worth $49.6 million during the week. SaaS startup UnifyApps spearheaded the list followed by solar energy platform Soleos Solar Energy, NBFC Varthana, and producer of high-quality Single-Walled Carbon Nanotubes (SWCNTs) NoPo Nanotechnologies. The list of early-stage startups also includes five startups that kept the funding amount undisclosed: Collective Artists Network, 8chili, Agrilectric, Fix My Curls, and Infinx. 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 14 deals followed by Delhi-NCR, Mumbai, Hyderabad, Ahmedabad, Ludhiana, and Chennai. Segment-wise, e-commerce and fintech startups grabbed the top spot with five deals each followed by healthtech startups. The list further counts Agritech, AI, Biotech and Décor startups among others. [Series-wise deals] During the week, Seed funding deals led the list with 7 deals followed by 6 Series A deals while Debt, Pre-Series A, and Pre-Seed are next on the list among others. [Week-on-week funding trend] On a weekly basis, startup funding surged 85% to $444 million as compared to around $239.7 million raised during the previous week. The average funding in the last eight weeks stands at around $262 million with 27 deals per week. [Key hirings and departure] Among key hirings, Mathew George has been appointed as CFO by Captain Fresh, CarDekho appointed Neelesh Talathi as CFO, while Anuj Rathi and Pratyusha Aggarwal have been appointed as the CEOs by ClearTrip and Flipkart’s Shopsy, respectively. Meanwhile, Rahul Chaudhary, Investor of Matrix Partners, has resigned from his position to start his own venture. Additionally, Rajnish Kumar and T V Mohan Das Pai are set to leave the advisory council of BYJU’s. [Fund launches] IVY Growth Associates has launched Arigato Capital, a SEBI-registered Category I AIF VC fund, targeting a corpus of Rs 250 crore. Finvolve has closed two maiden angel funds with a total corpus of Rs 100 crore, aiming to back 25-35 startups with an average investment of Rs25 lakh per startup. ThinKuvate has launched ThinKuvate India Fund – I with a total corpus of Rs 100 crore, focusing on tech startups with an initial investment of up to Rs 3 crore per startup. Databricks Ventures has launched Databricks AI Fund, focusing on AI startups. Caret Capital has launched Caret360 Accelerator Programme, offering selected startups up to Rs 3 crore in investment and mentoring. [M&A] CashFlo, a finance automation and payments platform, is set to acquire LogiTax, a tax compliance management solution provider. Meanwhile, Noise, backed by Bose, has acquired SocialBoat to develop AI for wearables. [ESOPs] Urban Company has announced its largest employee stock secondary sale worth Rs 203 crore, with 446 employees participating. The beneficiaries are between 23 and 56 years old, with 28% being women. Dharana Capital, Vy Capital, and Prosus will purchase these shares from former and current staff. This sale allows employees to liquidate their vested stocks, with around 784 employees having participated in five buybacks, liquidating ESOPs worth Rs 306 crore. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [New launches] Upstox forays into insurance distribution [Financial results this week] MamEarth-parent Honasa posts Rs 1,920 Cr revenue, Rs 110 Cr PAT in FY24 Nykaa posts Rs 6,386 Cr revenue and Rs 40 Cr PAT in FY24 Paytm revenue grows 25% and nears Rs 10,000 Cr in FY24 Tracxn posts flat scale in FY24; profit declines 80% [News flash this week] Ixigo gets SEBI nod for IPO; Oyo withdraws listing plans Pine Labs receives Singapore Court nod to shift base to India Go Digit makes entry into public market at 5% premium MamaEarth’s parent Honasa is the top ad violator of FY24 Dunzo’s key investor, Lightbox steps down from the board Paytm to halt postpaid loans, pauses small personal loans biz [Conclusion] The weekly funding surged 85% to $444 million majorly driven by Flipkart’s $350 million funding in its ongoing $1 billion fundraise. The week saw five new fund launches namely IVY Growth, Finvolve, ThinKuvate, Databricks Ventures, and Caret Capital. Paytm has announced a pause on its small personal loans business, including its Postpaid portfolio, due to a decline in asset quality across the industry. Paytm Postpaid, initially a buy-now-pay-later product, was transitioned to personal loans in December 2023. Dunzo’s key investor, Lightbox, has stepped down from its board seat amid ongoing financial struggles. Lightbox was the third-largest shareholder in the company with 11% stake. The move leaves Dunzo without representation from any primary investors. Previous board exits in 2023 included representatives from Reliance Retail, Lightrock, and co-founders Dalvir Suri and Mukund Jha. The current board consists of cofounder and CEO Kabeer Biswas and STIC Investments’ Hongjim Kim. According to the Advertising Standards Council of India’s annual report for FY24, MamaEarth parent Honasa has emerged as the biggest advertising violator with 187 instances. Honasa’s other brands, including Dr. Sheth’s Skin and Hair Clinic, Aqualogica, The Derma Co., and Ayuga, also made the list. Other notable violators include unicorns like 1 MG’s HealthKart, FirstCry, Lenskart, Flipkart, and Myntra, as well as listed companies such as Nykaa, Zomato, Zoomcar, Netflix India, and Apple India. Le Travenues Technology Limited, operator of ixigo, has received SEBI approval for its IPO, aiming to raise Rs 120 crore through fresh issues and offering up to 66.7 million shares for sale. Go Digit received a modest market debut. The insurance tech company’s shares were listed at Rs 286 per share on NSE, a 5.1% premium over the issue price of INR 272. Meanwhile, Oyo withdrew its IPO plans and is now seeking $80-90 million funding at an 80% haircut in valuation. Additionally, Pine Labs has received approval from a Singapore court to move its domicile to India.

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