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

EntrackrEntrackr · 10m ago
Funding and acquisitions in Indian startup this week [02 - 07 Sep]
Medial

During the week, 26 Indian startups raised around $421.29 million in funding. These deals count 4 growth-stage deals and 16 early-stage deals while 6 startups kept their transaction details undisclosed. During the previous week, 31 early and growth-stage startups cumulatively raised $490.32 million in funding. [Growth-stage deals] Among the growth-stage deals, 4 startups raised $385.61 million in funding this week. Ride-hailing app Rapido spearheaded with a $200 million worth unicorn round. Cross-border trade fintech firm Drip Capital raised $113 million followed by D2C jewellery retailer Bluestone and food delivery and grocery platform Swiggy with $72 million and $0.61 million in funding, respectively. Two growth-stage startups that did not disclose the transaction details are Xolopak and Plan B. [Early-stage deals] Further, 16 early-stage startups secured funding worth $35.68 million during the week. Proptech startup Justo Realfintech led the list followed by D2C retail brand Nutrabay, a platform for booking hostel accommodations The Hosteller, chemical recycling and sustainability startup RecommerceX, and fabless semiconductor design startup BigEndian among others. As many as 4 startups that did not disclose the funding amount raised are; Nautical Wings Aerospace, ReCircle, 0xPPL, and Carrum. 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 10 deals followed by Mumbai, Delhi-NCR, Chandigarh, Hyderabad, Pune, and Raisen. Segment-wise, E-commerce startups are on the top spot with 6 deals. Cleantech, Fintech, PropTech, SaaS, Automotive Tech, and Aviation startups followed this list among others. [Series-wise deals] During the week, Seed funding deals are on top with 11 deals followed by 5 Series A, 2 pre-Series A, 2 pre-Seed, and 1 Series E deal and more. [Week-on-week funding trend] On a weekly basis, startup funding slipped 14% to $421.29 million as compared to around $490.32 million raised during the previous week. The average funding in the last eight weeks stands at around $332.75 million with 27 deals per week. [Fund launches] VentureSoul Partners has successfully raised Rs 146.5 crore for its debut fund, targeting a total corpus of Rs 600 crore. Additionally, the Indian government has introduced a new fund called AgriSure, which is dedicated to supporting agritech startups with a financial commitment of Rs 750 crore. [Key hirings and departures] Mohit Rajani, formerly with Meta, has joined Meesho as a CPO. Freshworks onboarded former ServiceNow executive Murali Swaminathan as CTO, CoinDCX appointed Prashant Verma as chief growth and marketing officer, Wellbeing Nutrition onboarded Harleen Bhatti as the head of growth, and Nykaa (Kay Beauty) hired Sukhleen Aneja as SVP and Business Head. Meanwhile, Adda247’s Co-founder Chandan Singh and CaratLane’s MD and CEO Avnish Anand resigned from their respective companies. [Mergers and Acquisitions] Hearing care provider Hearzap has acquired Speech and Hearing Care to expand its market share in Bihar and Jharkhand, while Yatra has acquired Globe Travels to strengthen its position in the corporate travel sector and increase its customer base. [Layoffs] Airmeet, a virtual event startup, laid off around 80% (30 employees) of its tech team and some employees from its product and design teams. Dozee, a healthtech startup, also laid off around 40-50 employees from its on-field, customer success, sales, and marketing teams. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [New launches and partnerships] Fampay launches UPI app Namaspay for foreign travelers in India Ola Electric to bring three-wheeler to market soon Zepto to launch Buy Now Pay Later service: Zepto Postpaid Mygate launches smart door locks; enters consumer electronics EaseMyTrip ventures into electric bus manufacturing Swiggy follows Zomato, pilots large order fleet in Delhi-NCR Infibeam Avenues launches CCAvenue SoundBox Max [Potential Deals] SarvaGram to raise $50 Mn from Peak XV, others B2B digital lending startup Mintifi in talks to raise $100 Mn Moneyview raising $30 Mn debt via private placement [Financial results this week] Starbucks India posts Rs 1,218 Cr revenue in FY24; losses surge 3.2X BigBasket’s revenue crosses Rs 10,000 Cr in FY24 Porter scales up 56% to Rs 2,734 Cr in FY24; losses dip 45% Swiggy reports Rs 11,247 Cr revenue in FY24; cuts losses by 44% [News flash this week] Mayhem at Arthmate after Vihaan Kumar’s arrest: COO resigns, employees exodus, and more GST Council may impose 18% GST on PAs for Small Transactions Byju’s auditor resigns over lack of transparency; founder cries foul CLSA raises Zomato price target to Rs 353 post Paytm deal Nykaa accuses former CEO Asthana of breach of confidentiality, misappropriation B2B unicorn OfBusiness eyes IPO in the second half of 2025 Coworking Space Provider IndiQube Plans IPO: Report Zepto eyes $450 Mn IPO by August 2025, initiates talks with bankers Ather Energy targets Rs 4,500 Cr IPO, to file DRHP next week: Report InMobi’s Roposo shifts to the social commerce model PharmEasy valuation slashed to $458 Mn by Janus Henderson Logistics firm Delhivery receives GST demand notice GST troubles continue for Zomato; receives another demand notice PayGlocal gets RBI payment aggregator license [Conclusion] The weekly funding shrank around 14% to $421.29 million this week. Meanwhile, two startup-focused funds launched this week namely AgriSure and VentureSoul Partners. Arthmate, a lending enabler, has been embroiled in a legal dispute with Gameskraft, leading to the arrest of its co-founder and former CEO, Vihaan Kumar. Gameskraft accused Kumar of financial irregularities and fraudulent activities, resulting in an FIR and subsequent arrest. The legal battle has caused significant disruption within Arthmate, with employee departures and a decline in company morale. Kumar’s actions, including alleged forgery and financial losses to Gameskraft, have raised serious concerns about his conduct and the impact it has had on the company. The GST Council is considering imposing an 18% GST on payment aggregators for small-value digital transactions. This move could increase costs for merchants and customers, while also impacting the profitability of fintech startups. The proposed levy could hinder the adoption of digital payments and create a more competitive landscape for payment aggregators. It is essential for the GST Council to carefully evaluate the potential consequences before making a final decision. OfBusiness, a B2B marketplace unicorn, is close to finalizing bankers for its $1 billion IPO in the second half of 2025. Meanwhile, IndiQube, a coworking space provider, is also in talks with merchant bankers to file its DRHP within the next three months. IndiQube aims to raise between $120 and $180 million through its IPO, primarily through a fresh issuance of shares.

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Funding and acquisitions in Indian startups this week [28 Aug-02 Sep]

EntrackrEntrackr · 1y ago
Funding and acquisitions in Indian startups this week [28 Aug-02 Sep]
Medial

During this week, 13 Indian startups secured approximately $52 million in funding, with MediBuddy and SatSure leading the way with $18 million and $15 million respectively. In comparison, the previous week witnessed 19 Indian startups amassing a total of around $233 million in funding, with one startup's details undisclosed. Among the 13 rounds this week, only MediBuddy, a growth stage startup, raised $18 million, while the remaining 12 were early-stage startups. Bengaluru-based startups dominated the funding scene, accounting for $41 million or 78.68% of the total funding, followed by Delhi NCR and Hyderabad-based startups. Fintech startups secured the most deals, followed by logistics and healthtech. Additionally, four companies, namely CoinSwitch, Kenko Health, Omuni, and Khatabook, announced employee layoffs during this week, and TripCrafters merged with Holidify.

Funding and acquisitions in Indian startup this week [09 - 14 Sep]

EntrackrEntrackr · 10m ago
Funding and acquisitions in Indian startup this week [09 - 14 Sep]
Medial

During the week, 24 Indian startups raised around $228.79 million in funding. These deals count 6 growth-stage deals and 13 early-stage deals while 5 startups kept their transaction details undisclosed. During the last week, 26 early and growth-stage startups cumulatively raised $421.29 million in funding. [Growth-stage deals] Among the growth-stage deals, 6 startups raised $182.65 million in funding this week. Mobile advertising network software InMobi spearheaded a $100 million debt funding round. MSMEs-focused fintech lender FlexiLoans raised $35 million followed by, employee healthcare platform Onsurity, spiritual tech startup AppsForBharat, consumer lending platform Moneyview, and HRtech platform HROne with $21 million, $18 million, $4.65 million, and $4 million in funding, respectively. Moneyview also joined the unicorn club following the fresh capital. One growth-stage startup that did not disclose the transaction details is Transcell Biologics. [Early-stage deals] Further, 13 early-stage startups secured funding worth $46.14 million during the week. Wealthtech startup Centricity led the list followed by D2C home decor and lifestyle brand Nestasia, AI reality intelligence platform Track3D, biotech-driven material R&D startup Dharaksha Ecosolutions, and sales outreach platform Futwork among others. As many as 4 startups that did not disclose the funding amount raised are; Trisu, Leezu’s, Fitday, and Agilitas Sports. 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 8 deals followed by Delhi-NCR, Mumbai, Hyderabad, and Kolkata. Segment-wise, E-commerce startups are on the top spot with 5 deals. Fintech, Healthtech, Cleantech, HRtech, Adtech, and AI startups followed this list among others. [Series-wise deals] During the week, seed funding deals are on top, with 9 deals followed by 4 Series A, 3 pre-seed, 2 pre-Series A, 2 Series B, 1 debt deal, and more. [Week-on-week funding trend] On a weekly basis, startup funding slipped 45.7% to $228.79 million as compared to around $421.29 million raised during the previous week. The average funding in the last eight weeks stands at around $331.70 million with 26 deals per week. [Fund launches] Three new funds launched this week to invest in startups. Playbook Partners has raised over $130 million for its growth capital fund. Proparco has invested $5 million in Omnivore’s third fund focused on agritech and climate sustainability. Arka Investment Advisory Services has launched its second alternative investment fund, focusing on real estate opportunities in India. [Key hirings and departures] Sudharshan Sharma, formerly with Google, joined CarDekho as a CBO for the auto business. Meanwhile, Cleartrip’s CBO Prahlad Krishnamurthi, and the CFOs of InCred (Vivek Bansal) and TAC Infosec (Vishal Jain) resigned from their respective companies. [Mergers and Acquisitions] Nazara Technologies, a prominent gaming company, made two major acquisitions. This includes a controlling stake in Moonshine Technology, the parent company of PokerBaazi, for a substantial sum of Rs 982 crore ($100 million) and a 15.86% stake in Stan, a blockchain-based e-sports fan engagement startup, for $2.2 million. GoKwik, an e-commerce enabler, acquired Return Prime, a global returns management app. Additionally, Moneyview, a digital lender, acquired Jify.co, an early salary/on-demand salary service provider. Yudiz Solutions, a listed blockchain and IT development startup expanded its offerings by acquiring a majority stake in ABCM App, a Mumbai-based digital payment solutions company. The acquisition was valued at Rs 6.14 crore. [Shutdown] InsurStaq.ai, a Delhi NCR-based startup developing generative AI solutions for the insurance industry, has shut down its operations. Despite a year of development and collaboration with insurance professionals, the company faced challenges that ultimately led to this decision. This news comes amidst a period of growth for the generative AI sector in India. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [New launches and partnerships] IBV and FedTech unveil Indo-US launchpad to boost Indian startups D2C Insider launches Cohort-3 for early-stage D2C brands Zomato launches developer platform for PoS partners [Potential Deals] Slice set to raise over $35 Mn in funding via convertible debt Finova Capital to raise Rs 800 Cr funding Flipkart’s Super.money plans to raise external funds [Financial results this week] Virat Kohli-backed WROGN’s revenue dips 29% in FY24 Purplle hits Rs 700 Cr revenue in FY24, trims losses by 46% NPCI posts Rs 2,876 Cr revenue and Rs 1,134 Cr profits in FY24 [News flash this week] Peak XV, others divest stake worth Rs 1,600 Cr in MamaEarth’s parent Govt. exempts overseas startups from NCLT clearance for reverse flipping Kotak downgrades Nykaa to ‘Sell’, cuts fair value amid concerns Ather files DRHP to raise Rs 3,100 Cr via IPO; Hero MotoCorp won’t sell shares Swiggy to raise Rs 5,000 Cr via fresh issue, to file DRHP soon MobiKwik Xtra suspends ‘anytime withdrawals’; draws flak from users Aditya Birla Finance accuses BYJU’S resolution professional over alleged fraud Delhivery accuses Ecom Express of misinformation in DRHP Pravin Jadhav-led Dhan storms into top 10 stock broking apps Accel announces fourth cohort of the pre-seed investment program, Atoms Pixxel becomes the first Indian space startup to secure a NASA contract DroneAcharya share surges 20% on BSE, hits upper-circuit After Bengaluru, Flipkart Minutes goes live in Gurugram Ather Energy to manufacture electric motorcycle [Conclusion] The weekly funding shrank around 46% to $228.79 million this week. Meanwhile, three startup-focused funds launched this week namely Playbook Partners, Omnivore, and Arka. Peak XV, Stellaris Ventures, Sofina Ventures, and Fireside Ventures collectively sold shares worth Rs 1,600 crore in Honasa Consumer Limited, the parent company of MamaEarth. Kotak Institutional Equities downgraded Nykaa, a leading beauty and fashion e-commerce company, citing concerns about rising fulfillment costs and potential margin pressure. This highlights the challenges faced by e-commerce companies in maintaining profitability amidst increasing competition and operational complexities. Ather Energy, an electric two-wheeler firm, filed its DRHP for an IPO, marking the second such listing in the EV sector. Swiggy, a food delivery and quick commerce company, also planning to file the DRHP soon and is set to raise Rs 5,000 crore via a fresh issue. MobiKwik’s Xtra investors faced withdrawal issues due to changes in the withdrawal policy by its lending partner Lendbox. This was triggered by recent RBI regulations on P2P lending. MobiKwik clarified that withdrawals will be made on a monthly basis and assured customers of receiving their principal and interest.

Funding and acquisitions in Indian startup this week [30 Sep - 05 Oct]

EntrackrEntrackr · 9m ago
Funding and acquisitions in Indian startup this week [30 Sep - 05 Oct]
Medial

During the week, 21 Indian startups raised around $92.63 million in funding. These deals count 4 growth-stage deals and 12 early-stage deals while 5 startups kept their transaction details undisclosed. Last week, 29 early and growth-stage startups cumulatively raised over $461 million in funding. [Growth-stage deals] Among the growth-stage deals, 4 startups raised $33.58 million in funding this week. Agriculture supply chain firm Waycool spearheaded a $12 million debt funding round. Fintech startup Basic Home Loan raised $10.6 million followed by D2C millet-based snack brand Troo Good and lending startup True Balance with $8.6 million and $2.38 million in funding, respectively. [Early-stage deals] Further, 12 early-stage startups secured funding worth $59.05 million during the week. Chemical manufacturing platform Mstack led the list followed by sports tech platform Str8bat, furniture retailer Furnishka, mental health startup LISSUN, and tech-enabled EV mobility platform ZEVO among others. Meanwhile, Digilogic Systems India (DSPL), Aikenist, SanchiConnect, Garuda Aerospace, and Sugar.fit also raked in funding but did not disclose the transaction details. For more information, visit TheKredible. [City and segment-wise deals] In terms of the city-wise number of funding deals, Bengaluru and Delhi-NCR-based startups co-led with 7 deals each followed by Mumbai, Hyderabad, and Chennai. Segment-wise, Healthtech startups are on the top spot with 5 deals. E-commerce, Fintech, Aerospace, Agritech, Chemicals, and Dronetech startups followed the list among others. [Series-wise deals] During the week, seed funding deals are on top, with 7 deals followed by 5 pre-Series A, 5 Series A, 2 Debt, and 2 Series B deals. [Week-on-week funding trend] On a weekly basis, startup funding dwindled 80% to $92.63 million as compared to around $461 million raised during the previous week. The average funding in the last eight weeks stands at around $395.36 million with 27 deals per week. [Fund launches] Singapore-based angel investment network, ThinKuvate has announced the first close of its India fund at Rs 25 crore. While Venture capital firm Trillion Dollar Ventures (TDV) launched its second fund with a total corpus of Rs 50 crore, doubling its corpus size from the first fund. The new fund aims to support early-stage tech startups in India. [Key hirings and departures] The startup ecosystem witnessed eight notable key hirings this week. Vishal Mehta joined Rediff.com as a Chairman and MD, MediBuddy hired Nijil George, Ferns N Petals onboarded Gaurav Sharma, and Secret Alchemist welcomed Samantha Prabhu, among others. Meanwhile, Indifi’s Co-founder Siddharth Mahanot and OLA Electric’s Secretary and compliance officer resigned. [Mergers and Acquisitions] This week, four notable acquisitions took place in the Indian startup ecosystem. Adda247 acquired PrepInsta, Pluckk purchased Upnourish, Capital IQ took over Karman Drones, and UST acquired Information Services Group’s automation unit. [Shutdown] Agritech startup Greenikk is shutting down operations due to funding challenges and adverse market conditions. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [New launches and partnerships] Uber partners with Shadowfax to integrate two-wheeler fleet Swiggy launches 10-min food delivery service ‘Bolt’ PhonePe partners with Jar to offer daily savings in digital gold [Potential Deals] InCred Capital to raise $50 Mn led by family offices Semiconductor startup FermionIC Design to raise $6 Mn [Financial results this week] CRED nears Rs 2,500 Cr revenue in FY24; cuts operating losses by 41% D2C brand Minimalist posts Rs 350 Cr revenue in FY24, doubles profit Classplus revenue spikes 2X to Rs 260 Cr in FY24; cuts losses by 57% 10-year-old Josh Talks posts Rs 19 Cr revenue in FY24, cuts losses by 25% Navi’s FY24 operating profit falls 50% as loan write-offs surpass Rs 400 Cr Groww’s stock broking unit posts Rs 2,900 Cr revenue and Rs 298 Cr profit in FY24 [News flash this week] Upstox delivers 10x return to Ratan Tata following buyback Ola Electric’s two-wheeler market share falls to 27% in September UPI sets new record with more than 15 Bn transactions in Sept Titan Capital launches Indicorns index showcasing profitable startups BharatPe announces settlement with Ashneer Grover Invesco marks up Swiggy’s valuation to $13.3 Bn Mamaearth parent Honasa to appeal Dubai court ruling Peak XV Partners reduces fund size and fees Co-working space provider DevX to go public; files DRHP Swiggy gets the nod to increase IPO fresh issue size to Rs 5,000 Cr CarDekho planning a $500 Mn IPO next year Blackstone targets $10 Bn for India-focused New Asia Fund Good Capital Co-founder Rohan Malhotra passes away [Conclusion] After a healthy funding inflow in the past few weeks, the weekly funding slipped around 80% to $92.63 million this week, the lowest in the last 35 weeks. During 29 January to 3 February, the weekly funding shrank to $84.5 million. The week also saw two startup-focused fund launches namely ThinKuvate and Trillion Dollar Ventures. Honasa Consumer, the parent company of Mamaearth, is facing ongoing legal challenges in Dubai. A Dubai court has upheld a previous order to attach the company’s assets. Honasa has filed an appeal against this decision and continues to dispute claims made by its former distributor, RSM General Trading. Swiggy has received approval from its shareholders to increase the size of its IPO fresh issue from Rs 3,750 crore to Rs 5,000 crore. This will allow the foodtech company to raise a total of $1.4 billion through the IPO, at a likely valuation of $15 billion. Swiggy has also introduced a new 10-minute food delivery service called Bolt. The service focuses on delivering quick-to-prepare meals from selected restaurants within a 2-kilometer radius. Bolt is currently available in major cities in India and plans to expand further. Swiggy’s rival, Zomato, previously discontinued its 10-minute food delivery service. Venture capital firm Peak XV Partners has reduced the size of its $2.85 billion fund by 16%. The firm has also lowered management fees and carry on growth investments. Despite these changes, Peak XV remains optimistic about the Indian and Southeast Asian markets and expects strong performance from its portfolio. Blackstone, a leading private equity firm, is raising a new Asia-focused fund with a target of at least $10 billion. India will be the primary focus of the fund, with significant allocations also planned for Japan and Australia. The firm is currently marketing the fund and aims to close the first round of fundraising in January 2025.

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

EntrackrEntrackr · 9m 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.

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