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Exclusive: Trading app Investmint halts services; explores M&A deal
Entrackr
·
1y ago
Medial
Signal-based trading app Investmint has halted its services as the company found it difficult to figure out a reliable business model, sources aware of the development told Entrackr. In October 2022, Investmint raised $2 million in Seed round led by Nexus Venture Partners, with participation from other angel investors. As per sources, the firm had decent traction with substantial money left from the last fundraise but the team couldn’t translate them into monetization. “Investmint has been exploring acquisition opportunities with well capitalized wealth management companies,” said one of the sources requesting anonymity. Founded in February 2022 by Aakash Goel and Mohit Chitlangia, Investmint used to assist users in arriving at investment decisions and managing wealth with data backed signals. “If the acquisitions talks won’t materialize, the company may return remaining capital to its backers,” said another source who also requested anonymity. The company’s spokesperson confirmed that the team has discontinued Investmint as a product and is re-evaluating its offerings. “We’re in late-stage talks with a few big players for M&A,” the spokesperson said. A clutch of startups have returned or are in the process of returning investors’ money after their startup failed to find a product market fit (PMF) or sustainable business model. Earlier this year, Nintee, a digital health startup launched by Wingify founder Paras Chopra, announced shutting down its operations. The firm also announced that it will return the majority of funding it raised from the investors. As per an ET report, fashion startups Virgio and Fashinz are planning to return most of the capital they raised from the investors after a failed pivot. Virgio has raised nearly $40 million while Fashinza has scooped up over $150 million in funding to date. While the majority of investors don’t like to exit out from a portfolio company with a slice of their original investment, the trend of returning capital by founders seems to be a progressive one. After all, there is no point in being stuck when things aren’t working out for long.
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Nexus-backed fintech halts operations; Accel may bet on Meragi
VCCircle
·
1y ago
Medial
Investmint, a signal-based trading app backed by Nexus, has halted its operations due to difficulties in establishing a profitable business model. The fintech firm is now exploring options for acquisition with well-capitalized wealth management companies. If no suitable deals are made, remaining capital may be returned to investors.
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Trading app Investmint goes for liquidation process
Entrackr
·
1y ago
Medial
The road for signal-based trading app Investmint has come to an end as the Nexus Venture-backed startup has started its voluntary liquidation process provisions of the Insolvency and Bankruptcy Code, 2016. The board at Investmint has passed a resolution with the consent of its shareholders to go through the voluntary liquidation process under the IBC Regulation 17, 2016, its regulatory filing accessed through the Registrar of Companies shows. The two-year-old startup also got the approval to transfer all its intellectual property and distribution of assets from the board and its stakeholders, the filing further added. The early-stage firm also appointed Anagha Anasingaraju to finalize the terms of engagement, information sourced from filings show. Last month, Entrackr exclusively reported that Investmint halted its services as the firm didn’t manage to find a reliable business model. Launched in February 2022 by Aakash Goel and Mohit Chitlangia, Investmint used to assist users in arriving at investment decisions and managing wealth with data backed information. In October 2022, the company raised $2 million in a seed round led by Nexus Venture Partners, with participation from several angel investors. As per sources, Investmint may return remaining capital to its backers. Of late, a clutch of new age startups went out of business after they failed to find product market fit and substantial traction. Vernacular microblogging platform Koo became the latest to shutter operations even after raising over $50 million. Paras Chopra’s Nintee, crypto exchange OKX, neobank Muvin, and FrontRow also made to the list.
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Exclusive: Koo Halts Salary Payments Amid ‘Talks With Strategic Partners’
Inc42
·
1y ago
Medial
Indian microblogging app Koo has reportedly stopped paying salaries to its employees due to financial constraints. Multiple employees had raised concerns about the halted salaries, and the company confirmed the development. Koo stated that it is in talks with strategic partners and has invested personal funds to meet past salaries. The company aims to continue paying salaries after securing a partnership that includes fresh capital infusion. Koo has experienced a significant reduction in headcount since 2022 and is looking to establish a sustainable revenue model. Reports suggest that Dailyhunt is in talks for a potential acquisition of Koo.
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Cyril Amarchand’s Akila Agrawal on recent M&A rule changes, deal trends and more
VCCircle
·
1y ago
Medial
Cyril Amarchand Mangaldas, a leading law firm in India, is known for its expertise in mergers and acquisitions (M&A) and private equity transactions. Akila Agrawal, a partner at the firm, recently discussed the latest changes in M&A rules, emerging deal trends, and the firm's role in the market. With over 1,000 lawyers, Cyril Amarchand Mangaldas is highly regarded for its comprehensive legal services and robust M&A advisory services in India.
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Trading App ‘Dhan’ Could Become First Unicorn of 2025 With $200mn Funding Round
OutlookIndia
·
5m ago
Medial
Trading app Dhan is anticipated to become the first unicorn of 2025, with Hornbill Capital proposing a $200 million investment at a $1.25 billion pre-money valuation. Multiple firms are vying to fund Dhan, marking it as a highly sought-after deal. Previously achieving the tenth-largest stock broking app status in India by surpassing Paytm Money, Dhan's user base now exceeds 740,000. Dhan is owned by Raise Financial Services, founded in 2021.
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Exclusive: Lokal launches Dostt, Eaze and Gyan TV; plans 40 more apps
Entrackr
·
6m ago
Medial
Hyperlocal social media platform Lokal has introduced a new app called Dostt, which offers 1-to-1 voice and video calling while maintaining user anonymity. This is one of the several dozen apps which the firm is set to launch over the next year, as per the company’s co-founder Jani Pasha. The Dostt app is designed as a secure and private platform featuring verified profiles and a diverse community. It aims to provide a safe space for conversations on topics such as relationships, love, career, and more. It caters to native language speaking users between the ages of 18 and 45. “We are rapidly expanding our app portfolio across multiple categories and are now preparing to launch 40 new apps in categories like astrology, emotional wellness, matrimony, and legal services in 2024,” said Pasha. Besides Dosst, Lokal has recently launched Eaze, an app focused on emotional wellness, and Gyan TV, a skill-based learning app similar to Seekho, offering courses on stock trading, photography, and more.
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M&A Deal Value In India Drops 27 Per Cent In 2023: Report
OutlookIndia
·
1y ago
Medial
M&A deal value in India dropped by 27% in 2023 to USD 136 billion, according to a report by Deloitte India. Despite global challenges like high-interest rates, economic uncertainty, and geopolitical risks, India's M&A landscape remained resilient in 2023. The report predicts a steady deals market in 2024, driven by the manufacturing sector, especially automotive and electric vehicles. The energy sector is expected to experience significant M&A activity due to the government's focus on clean energy. The financial services sector will see consolidation and responses to regulatory changes driving M&A, while private equity activity is projected to remain steady.
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M&M block deal | Shares worth Rs 2,184 crore change hands; promoter likely seller
Money Control
·
1y ago
Medial
Shares of Mahindra and Mahindra (M&M) declined over 4% after a block deal involving 1.1 crore shares, or a 0.9% stake in the company, was completed on March 7. The stake sale was done at a floor price of INR 1,924 per share, totaling a transaction value of INR 2,184 crore. M&M's promoter group, PMSP Ltd, owns 11.64% of the company and was reportedly looking to sell around 0.75% stake for around $215 million via a block deal.
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Britain's M&G invests in crypto derivatives platform GFO-X
Economic Times
·
1y ago
Medial
Britain's M&G Investments has led a $30 million funding round for digital assets trading platform GFO-X. The platform, licensed by the UK's Financial Conduct Authority, allows institutional investors to trade digital asset futures and options cleared at the London Stock Exchange Group's Paris clearing arm. M&G Investments believes the lack of regulated trading venues is hindering the growth of the crypto derivatives market and sees potential for London to become a global hub for crypto asset technology and investment.
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Zomato Temporarily Halts New User Onboarding On UPI Payments App
OutlookIndia
·
2y ago
Medial
Zomato has temporarily halted onboarding new users on its UPI payments app. The company cited technical difficulties and scalability concerns as reasons for the pause. Zomato is working to enhance its systems to ensure a smooth user experience and plans to resume onboarding new users soon. Existing users can continue using the app without any disruptions. The company said it will start enrolling new users on the app by the end of the month.
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