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PedalStart concludes multi-city event series ‘Founder-Investor Fusion’

EntrackrEntrackr · 1m ago
PedalStart concludes multi-city event series ‘Founder-Investor Fusion’
Medial

PedalStart concludes multi-city event series ‘Founder-Investor Fusion’ Startup accelerator PedalStart has concluded its flagship multi-city offline event series, ‘Founder-Investor Fusion’. The invite-only event brought together over 350 participants across Bengaluru, Hyderabad, Mumbai, and Gurugram, and witnessed the presence of over 220 angel investors and High Net-Worth Individuals (HNIs). More than 90 new and emerging startups at various stages of growth obtained learning and networking opportunities through the event series, while soft commitments to the tune of Rs 6 crore were made to six startups who actively pitched. Launched in March this year, ‘Founder-Investor Fusion’ aims to empower early-stage start-ups (POC to early revenue stages), while simultaneously giving select investors the opportunity to invest in some of the most promising start-ups across the country. The event witnessed strong engagement while providing a powerful platform for carefully selected startups, six of whom pitched for raising up rounds. Ventures such as Flowwat, InsightAI, Shoegr, Bull Agritech, Iztri, and Oopar Club took the centre stage to pitch their innovations and growth plans. According to PedalStart, the key objective and driving force behind the series was to bridge the gap between promising early-stage startups and the strategic capital, mentorship, and ecosystem access they need to thrive. The Founder-Investor Fusion series began in Bengaluru in March 2025, with over 60 participants, including founders from PedalStart’s portfolio, followed by the next two chapters in Hyderabad and Mumbai, which saw a collective participation of over 150 angels and startup founders. The final chapter of the event, held recently at DLF Cyber Park, Gurugram, witnessed the attendance of over 20 promising startup founders and more than 100 investors. “From live pitches to strategic networking, the Fusion events offered immense value to founders and investors alike, and we are extremely proud to have received overwhelming support and active participation from the startup community across the country,” said Manas Pal and Aditya Darolia, co-founders of PedalStart. PedalStart is a startup accelerator dedicated to empowering early-stage founders with hands-on guidance, execution support, and strategic growth. Each year, through a three-month filtration process, it selects 15–18 high-potential startups for active investment and mentorship. The accelerator helps startups scale, expand market presence, and build strong foundations for long-term success.

Funding and acquisitions in Indian startups this week [18-23 Mar]

EntrackrEntrackr · 1y ago
Funding and acquisitions in Indian startups this week [18-23 Mar]
Medial

This week, equivalent to 22 Indian startups raised $447.35 million in funding. These deals include nine growth-stage deals and 11 early-stage deals. Two early-stage startups kept their transaction details undisclosed. Last week, about 30 early and growth-stage startups collectively raised around $287 million, including four undisclosed deals. [Growth-stage deals] Among the growth-stage deals, nine startups raised $420.35 million in funding this week. Healthtech firm Engrail led the pack with $157 million in funding. Audio series platform Pocket FM, healthtech startup Ultrahuman, and content-to-commerce company The Good Glamm Group followed with $103 million, $35 million, and $30 million funding, respectively. Further, data collaboration software provider Atlan, cloud kitchen startup Curefood, B2B marketplace and retail platform Jumbotail, NBFC operating in remote rural parts, Dvara KGFS, and coffee brand SubKo Coffee also raised funds this week. [Early-stage deals] As many as 11 early-stage startups scooped funding worth $27 million during the week. MSME-focused lending-tech startup Optimo Loan topped the list followed by gaming startup Liquidnitro, boutique hotels firm Brij Hotels, and climate tech platform Sprih. The list further includes networking solution provider HCIN Network, AI music startup Beatoven.ai, B2B furniture cloud factory Relso, fintech firm Yenmo, and jewellery brand Jewelbox among others. The list of early-stage startups also includes two startup that kept the amount undisclosed. The startups are Droom and Dairy Day. 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 with 3 deals. Mumbai, Hyderabad, Kolkata, and Ahmedabad are next on the list. The complete breakdown of the city and segment can be found at TheKredible. [Series-wise deals] This week, seed funding deals are on the top spot with five deals. Four startups raised funding in Series B, followed by three pre-seed, three Series A, and two Series D deals. [Week-on-week funding trend] On a weekly basis, startup funding grew 56% to $447.35 million across 22 deals. Last week, 30 startups raised around $287 million in funding. The average funding in the last eight weeks stands at around $254 million with 26 deals per week. [Mergers and Acquisitions] This week witnessed only one acquisition deal. French influencer marketing firm YKONE acquired a 70% stake in Barcode, a content and influencer marketing agency for an undisclosed amount this week. [Fund launches] The week witnessed three startup-focused fund launches. American investment firm Alphatron Capital, which primarily makes limited partner-style bets on venture capital firms in India, has closed its maiden fund and received $30 million in commitments from its limited partners (LPs) for the fund. US-based multi-stage venture capital firm B Capital made the final close of its second opportunities fund with aggregate capital commitments of $750 million. Cedar Capital, the fintech-focused venture capital arm of management consulting firm Cedar and fintech market intelligence platform IBS Intelligence, also marked the first close of its $30 million FinTech Venture Capital fund, raising capital in the range of Rs 50 to 75 crore. [Shutdown and Layoff] OKX, one of the largest crypto exchanges in terms of trading volume, is shutting down its services in India. Citing local regulatory hurdles, the Seychelles-headquartered exchange notified its users in the country to close their accounts and redeem funds before April 30. Prosus-backed virtual events platform Airmeet laid off around 20% of its entire workforce earlier this week, as part of its second restructuring exercise within a year, people aware of the matter informed Inc42 on the condition of anonymity. Visit TheKredible to see series-wise deals and amount breakup, complete details of fund launches, and more insights. [New launches] ▪️ PB Fintech plans to incorporate a subsidiary to enter the PA biz [Financial results this week] ▪️ EV startup BattRE’s revenue dips to Rs 87 Cr in FY23; profit tanks too ▪️ Advantage Club crosses Rs 300 Cr revenue in FY23; profitability in sight ▪️ ZingHR posts Rs 84 Cr revenue in FY23; losses surge 84% ▪️ BetterPlace crossed Rs 500 Cr revenue in FY23; losses grew 47% ▪️ Eupheus Learning reports Rs 99 Cr revenue in FY23; improves economics ▪️ Safegold gross revenue nears Rs 5,000 Cr in FY23; turns profitable [News flash this week] ▪️ Builder.ai Co-founders booked by ED in two criminal cases ▪️ MIB warned influencers on promoting offshore online betting and gambling platforms ▪️ Zomato gets GST penalty notice from Gujarat’s Deputy Commissioner Of State Tax [Conclusion] After the stagnant funding in the past few week, the weekly funding grew 57% and crossed $450 million. In a positive development, this week again three VC firms launched startup-focused funds to support Indian entrepreneurs. While the layoffs and shutdowns reappeared this week as crypto exchange OKX is shutting down its services in India and virtual events platform Airmeet laid off around 20% of its entire workforce. Co-founders of AI-focused startup Builder.ai have reportedly been booked by the Enforcement Directorate in connection with two separate criminal cases. Sachin Dev Duggal is named as a suspect in an alleged money laundering case, while Saurabh Dhoot is linked to an alleged loan fraud case. Duggal’s involvement stems from the ED’s money laundering probe into the now-bankrupt electronics giant Videocon. The agency issued a summons to Duggal in 2022 to appear as a witness in the probe into alleged “unexplained transactions” between his company (not Builder.ai) and Videocon. Moreover, the Ministry of Information and Broadcasting advised endorsers and influencers on social media to refrain from promoting or advertising offshore online betting and gambling platforms. The ministry also directed online advertisement intermediaries not to target such promotional content towards the Indian audience. Failure to comply may lead to proceedings under the Consumer Protection Act, 2019, including removal or disabling of social media posts or accounts and penal action under applicable statutes. Additionally, foodtech major Zomato has received a GST penalty notice from Gujarat’s Deputy Commissioner of State Tax for fiscal 2018-19. Zomato has been asked to pay Rs 4.11 crore for GST, along with additional interest and penalty charges totaling Rs 8.57 crore following an audit of its GST returns and accounts.

Funding and acquisitions in Indian startups this week [25-30 Mar]

EntrackrEntrackr · 1y ago
Funding and acquisitions in Indian startups this week [25-30 Mar]
Medial

This week, as many as 17 Indian startups raised $125.13 million in funding. These deals include seven growth-stage deals and nine early-stage deals. These deals also include one early-stage startup which did not disclose the amount raised. Last week, about 23 early and growth-stage startups collectively raised around $447 million, including two undisclosed deals. [Growth-stage deals] Among the growth-stage deals, seven startups raised $103.43 million in funding this week. Vernacular social media platform ShareChat led the list with $49 million debt funding. The list was followed by three fintech firms namely Aye Finance, Sindhuja Microcredit, and KreditBee which raised $16.5 million, $14.5 million, and $9.4 million funding, respectively. Further, adtech startup AdOnMo, IPO-bound MobiKwik, and cybersecurity startup TAC Security also secured funds this week. [Early-stage deals] Subsequently, nine early-stage startups scooped funding worth $22.71 million during the week. Sustainable packaging startup Bambrew spearheaded the list followed by branded franchised retail chain SuperK, AI security and risk management startup SydeLabs, crypto exchange Nomoex Global, and proptech firm Aeria. The list further includes logistics solutions provider JustDeliveries, agritech startup Elevate Foods, AI-powered deep tech startup Daakia, and B2B footwear marketplace Kaarigar Mandi. The list of early-stage startups also includes edtech startup Aviotron Aerospace which kept the funding amount undisclosed. 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 5 deals followed by Delhi-NCR, Mumbai, Hyderabad, Patna, Kolkata, and Agra. The complete breakdown of the city and segment can be found at TheKredible. [Series-wise deals] During the week, Seed funding deals are on the top spot with four deals while debt deals are in second position forming around 57% of the total funding. Further, Pre-Series A and Series A are next on the list among others. [Week-on-week funding trend] On a weekly basis, startup funding slipped 71% to $125.13 million as compared to $447.6 million raised during the previous week. The average funding in the last eight weeks stands at around $259 million with 27 deals per week. [Departure] This week, Praveen Sharma, senior vice president of business at Paytm’s parent entity One 97 Communications, resigned nearly after over four years, the company said in an exchange filing. Sharma, in his resignation letter, said he intends to pursue “other opportunities” after his exit from the company. [Fund launches] The week saw only one startup-focused fund launch. Mumbai-headquartered venture debt firm Alteria Capital has announced the final close of its third fund at approximately $186 million. The firm has backed startups such as Rebel Foods, BlueStone, OneCard, Ather, and Captain Fresh, and plans to continue its support for startups across various sectors including consumer brands, e-commerce, fintech, logistics, business-to-business platforms, rural and agritech, healthcare, and climate tech. [Shutdown] Investment tech startup GoldPe will cease to exist precisely one year after its inception on April 1, 2023. Co-founder Parth Shah stated that the decision was made due to the absence of a sustainable revenue stream, a flawed business model, and cash flow issues. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [New launches] ▪️ Mamaearth parent Honasa launches Staze to foray into cosmetics space ▪️ Cars24 rolled out Autopilot service to get car drivers on demand ▪️ CarDekho Group’s fintech arm Rupyy forays into personal lending space [Financial results this week] ▪️ Bounce’s revenue surges 6X to Rs 91 Cr in FY23; cuts losses ▪️ BillDesk records Rs 2,678 Cr revenue in FY23; profits fall 5% ▪️ Man Matters-parent Mosaic Wellness crosses Rs 200 Cr revenue in FY23 ▪️ Myntra claims positive EBITDA in the last two quarters ▪️ IPO Prep: Swiggy paints a healthy financial picture in first 9 months of FY24 [News flash this week] ▪️ Ranjan Pai’s MEMG and 360 One get CCI nod to invest in API Holdings ▪️ ICICI Securities reiterated the ‘BUY’ rating on Zomato ▪️ Innoviti gets payment aggregator licence from the RBI ▪️ Chiratae Ventures sells stakes of portfolio startup to Madison India Capital [Conclusion] The weekly funding saw a significant drop in investment flow as compared to the last week when the funding crossed $440 million. This week only one VC firm Alteria Capital launched a startup-focused fund amounting to around $186 million. Additionally, the week also witnessed a shutdown as investment tech startup GoldPe shut down the shop within one year of its inception. CCI has approved the subscription to CCPS B of API Holding by Ranjan Pai’s MEMG (Manipal Education and Medical Group) and 360 One. This decision follows CCI’s previous approval, where multiple combination proposals entailed investments by marquee investors such as Goldman Sachs, Naspers, Temasek, and CDPQ in API Holdings Ltd., the parent company of PharmEasy. Brokerage ICICI Securities has reiterated a ‘BUY’ rating on foodtech giant Zomato and raised its price target (PT) to Rs 300 per share. This represents an upside of more than 67% from the stock’s last close of around Rs 182 on Thursday (March 28). The brokerage attributed the increase in PT to the company’s “sustained growth trajectory and sustained improvement in profitability metrics”. Digital payments solutions company Innoviti has secured an online payment aggregator (PA) license from the Reserve Bank of India (RBI). Along with Innoviti, Navi Mumbai-based payment solutions provider Concerto Software and Systems also secured the PA license for its gateway ‘Vegaah’. This takes the tally of the number of entities to receive PA licenses in 2024 to 13. Earlier this month, Infibeam Avenues also secured final authorization from the central bank to operate as a payment aggregator via its payment gateway brand CCAvenue. Last month, Amazon Pay also received PA authorization. JusPay, Stripe, Tata Payments, and Mswipe are among the other players to receive the PA license this year.

Funding and acquisitions in Indian startups this week [04-09 Mar]

EntrackrEntrackr · 1y ago
Funding and acquisitions in Indian startups this week [04-09 Mar]
Medial

This week, equivalent to 27 Indian startups raised funding amounting to nearly $307.8 million. These deals include seven growth-stage deals and 17 early-stage deals. The early-stage deals also include three startups that kept their transaction details undisclosed. Last week, about 32 early and growth-stage startups collectively raised over $384 million, including five undisclosed deals. [Growth-stage deals] Among the growth-stage deals, seven startups raised $141 million in funding this week. D2C skincare and nutrition brand The Ayurveda Experience spearheaded with a $27 million Series C funding round. ID verification platform IDfy also shared the top spot with its Series E funding worth $27 million. D2C Craft beer brand Bira 91, B2B construction equipment supplier Zetwerk and education software company Educational Initiatives (Ei) also made it to the top five with their respective fundraises. Further, edtech startup PlanetSpark and electric vehicle financing platform Mufin Green also raked in funding this week. For more information, visit TheKredible. [Early-stage deals] As many as 17 early-stage startups scooped funding worth $166.8 million during the week. Surprisingly, an early stage startup mPokket led the overall funding chart with its $60 million debt this week. Generative AI startup Ema followed the list with social media startup Hunch, rural commerce startup Rozana, and D2C skincare brand Foxtale. The list further includes business tools provider Exly (formerly MyScoot), Sales enablement platform Louisa AI, and D2C coffee chain abCoffee among others. The list of early-stage startups also includes three startups which kept the amount undisclosed. The startups are Azimuth AI, Swizzle, and Onramp Money. [City and segment-wise deals] In terms of the city-wise number of funding deals, Delhi-NCR-based startups led with 10 deals followed by Bengaluru with 9 deals, collectively amounting to 65% of the total fundraise during the week. This was followed by Mumbai, Kolkata, Ahmedabad, Surat, Lucknow, and Hyderabad. The complete breakdown of the city and segment can be found at TheKredible. [Series-wise deals] This week, nine startups raised funding in their seed round followed by five Series A deals. While three startups raised funding in pre-Series A, this was followed by debt, Series E, and Series B funding with 2 deals each. [Week-on-week funding trend] On a weekly basis, startup funding shrank 20% to $307.8 million as compared to $384.16 million in the previous week. The average funding in the last eight weeks stands at around $216 million with 26 deals per week. [Fund launches] The week witnessed four startup-focused fund launches. GetVantage has launched the Rise-Up Fund, dedicating Rs 100 crore to supporting women entrepreneurs’ businesses with capital, aiming to deploy the funds within the next 12 months. Colossa Ventures, a SEBI-registered venture capital management company, announced the first close of its Colossa WomenFirst Fund at Rs 100 crore. Additionally, climate tech venture studio NOW has officially launched in India with a dedicated $2 million fund to invest in early-stage Indian deeptech startups, aiming to support and nurture innovation in the deeptech space. An early-stage venture capital firm Navam Capital, focused on backing startups in frontier technology sectors, has also made the first close of its maiden investment vehicle. [ESOP Buyback] Community management app MyGate announced employees stock buyback program for more than 50 employees. The buyback came on the back of improved financial results for the Bengaluru-based company in the past couple of years. MyGate announced the buyback plan of 20% of vested shares for employees who have completed four years at the firm. Visit TheKredible to see series-wise deals and amount breakup, complete details of fund launches, and more insights. [New launches] ▪️ Flipkart launches UPI services to counter third-party apps ▪️ Cashfree unveils a new payment solution for software platforms ▪️ Gupshup rolled out Conversation Cloud to facilitate AI-backed B2C conversations ▪️ OYO to launch self-operated premium hotels under the ‘Palette’ brand ▪️ ZestMoney’s ex-CEO Lizzie Chapman to launch new venture, SwiffyLabs [Financial results this week] ▪️ Ergos gross revenue crosses Rs 200 Cr in FY23; losses stagnant ▪️ Yubi posts Rs 328 Cr revenue and Rs 482 Cr loss in FY23 ▪️ Trell revenue plummeted 94% to Rs 5 Cr in FY23; losses stood at Rs 59 Cr ▪️ BigHaat’s gross revenue nears Rs 700 Cr in FY23 ▪️ Healthians posts Rs 224 Cr revenue and Rs 184 Cr loss in FY23 [News flash this week] ▪️ Infibeam Avenues receives RBI’s final nod for Payment Aggregator license ▪️ Flipkart to take on Zepto, Blinkit with quick commerce foray ▪️ Google agrees to temporarily restore delisted apps ▪️ Karnataka withdraws the electric bike taxi scheme citing its misuse ▪️ Tech Fini partners with NPCI to offer credit line on UPI ▪️ NITI Aayog to roll out the initiative to create DPI for policymaking and governance ▪️ Antfin offloaded a 2% stake in Zomato via bulk deals worth Rs 2,827 Cr ▪️ BlackBuck to raise $300 million, gearing up for IPO ▪️ Meesho to raise funds from Peak XV, Tiger Global via a secondary transaction [Entrackr’s analysis] The weekly funding slipped nearly 20% to $307.8 million as compared to $384.16 million the previous week. Fortunately, there was no news of major layoffs, shutdowns, or departures in the startup ecosystem. Additionally, four firms launched startup-focused funds to support Indian entrepreneurs. Google announced that it would temporarily restore applications removed from the Play Store due to policy compliance issues last week. This decision followed intervention by the Indian government after IT Minister Ashwini Vaishnaw criticized the delisting of select Indian apps. He later disclosed that he had engaged with Google representatives and app developers to address the issue. NITI Aayog is set to launch NITI for States, a digital cross-sectoral knowledge platform, to create a digital public infrastructure for policymaking and governance. The platform, accessible on various devices including mobile phones, aims to support the digital transformation of governance by providing practical knowledge and insights to improve decision-making for government officials, district collectors, and block-level officials across states and UTs. In another development, e-commerce giant Flipkart is gearing up to enter the quick commerce sector, with infrastructure ramp-up already underway. Meanwhile, Flipkart-backed logistics startup BlackBuck is preparing for an IPO in the next fiscal year, aiming to raise up to $300 million. Additionally, investors like Peak XV Partners and Tiger Global are reportedly eyeing a stake in e-commerce unicorn Meesho through a secondary transaction. Some angel and early investors of Meesho may offload shares worth around $200 million, with the deal expected to value between $3.5 billion and $3.9 billion based on final terms.

Funding and acquisitions in Indian startups this week [11-16 Mar]

EntrackrEntrackr · 1y ago
Funding and acquisitions in Indian startups this week [11-16 Mar]
Medial

The second week of March saw 30 startups funding deals worth $287 million. These deals include six growth-stage deals and 20 early-stage deals. While one growth and three early-stage startups kept their transaction details undisclosed. Last week, about 27 early and growth-stage startups collectively raised over $307 million, including three undisclosed deals. [Growth-stage deals] Among the growth-stage deals, six startups raised $234 million in funding this week. SaaS-based B2B fintech firm Perfios led the pack with $80 million in funding and turned unicorn. Battery tech startup Lohum, healthtech data analysis firm HiLabs, and AI-based workflow automation platform Nanonets followed the list with $54 million, $39 million, and $29 million funding. Further, D2C beauty and personal care brand CureSkin and alternative credit platform BlackSoil also secured funding this week. Medical device maker S3V Vascular did not disclose the funding details. [Early-stage deals] As many as 20 early-stage startups scooped funding worth $53 million during the week. Debt relief platform FREED topped the list followed by E2E business guide provider RapidCanvas, geriatric care service provider Kites Senior Care, D2C bottled water brand Clear Premium Water, and type 2 diabetes and prediabetes focused platform Sugar.fit. The list further includes a provider of smart metering solutions for power distribution Kimbal Technologies, fintech startup TapFin, provider of mortgage finance LoanKuber (Janasha Finance), Binny Bansal-led end-to-end solutions provider to e-commerce firm OppDoor, and brand analytics platform GobbleCube among others. The list of early-stage startups also includes two that kept the amount undisclosed. The startups are The Quorum Club, Indicold, and IntelloSync. For more information, visit TheKredible. [City and segment-wise deals] In terms of the city-wise number of funding deals, Delhi-NCR-based startups led with 11 deals followed by Bengaluru with 10 deals. Pune, Mumbai, Ahmedabad, Kolkata, and Mysore are next on the list. The complete breakdown of the city and segment can be found at TheKredible. [Series-wise deals] This week, Seed and Series A funding deals shared the top spot with eight deals each. Five startups raised funding in Series B, followed by three pre-Series A, three pre-Seed, and two pre-seed deals. [Week-on-week funding trend] On a weekly basis, startup funding remained somewhat stable at $287 million across 30 deals. Last week, 24 startups raised around $307.8 million in funding. The average funding in the last eight weeks stands at around $229 million with 27 deals per week. [Mergers and Acquisitions] Metaverse and gaming technology platform OneVerse acquired two companies: Calling Station, and BatBall11. Fast-moving consumer goods (FMCG)-focussed BIA Brands has bought beauty brand Asa Beauty for an undisclosed amount to expand its foothold in the beauty and personal care (BPC) space. While IPO-bound food delivery major Swiggy has reportedly merged its premium grocery vertical InsanelyGood with its quick commerce unit Instamart. [Fund launches] The week witnessed three startup-focused fund launches. Venture capital fund 8i Ventures today announced the launch of ‘Origami’, a seed funding program aimed at supporting early-stage founders. Prath Ventures has raised Rs 120 crore in a second close co-led by SIDBI Funds and others. The fund will seek to deliver Indian consumption opportunities to its LPs while adhering to the standards of institutional fund management. Small Industries Development Bank of India (SIDBI) has secured $24.5 Mn from the Green Climate Fund (GCF) for its maiden anchored sustainability and climate focussed fund Avaana Sustainability Fund (ASF). [ESOP] Meesho announced the initiation of an employee stock ownership plan (ESOP) buyback program of Rs 200 crore (approximately $25 million), making it the company’s largest ESOP buyback pool to date. As per a report, CRED also initiated its fourth Accelerated Wealth Programme (AWP) for employees earlier this week, offering employees the chance to purchase additional stock options with an accelerated vesting period. Visit TheKredible to see series-wise deals and amount breakup, complete details of fund launches, and more insights. [New launches] ▪️ Magicpin forays into logistics aggregation space, launches Velocity ▪️ CoinSwitch founders to launch an investment platform by June [Financial results this week] ▪️ FabAlley and Indya-parent posts Rs 185 Cr revenue and Rs 45 Cr loss in FY23 ▪️ Toothsi-parent MakeO’s revenue spikes 2X in FY23, posts Rs 220 Cr loss ▪️ Table Space revenue spikes 2X to Rs 780 Cr in FY23; stays profitable ▪️ CoinSwitch’s scale dwindles 82% in FY23; posts Rs 385 Cr loss ▪️ Juspay’s revenue spikes 88% to Rs 213 Cr in FY23; losses stand still ▪️ Decoding the financial health of leading cloud kitchen startups ▪️ KaarTech posts Rs 359 Cr revenue in FY23; remains profitable ▪️ Stanza Living posts Rs 442 Cr revenue and Rs 495 Cr loss in FY23 [News flash this week] ▪️ Paytm gets NPCI nod to become third-party app provider for UPI ▪️ IB Ministry blocks 18 OTT platforms for publishing obscene content ▪️ Swiggy merges InsanelyGood with Instamart ▪️ IPO-Bound Ullu Digital faces complaints for pornographic content ▪️ Classplus named in cheating, forgery case by Abhinay Maths ▪️ Pune RTA rejects the applications of Ola and Uber for aggregator license ▪️ Pocket FM to raise $100 Mn in new funding from Lightspeed ▪️ JioCinema partners with Sharechat and Moj to showcase its sports content [Entrackr’s analysis] The weekly funding remained somewhat stable at $287 million across 29 funding deals. In a positive development, Meesho and CRED have reportedly initiated ESOP plans for their employees. Additionally, three VC firms launched startup-focused funds to support Indian entrepreneurs. Swiggy, the food delivery giant, has merged its premium grocery vertical, InsanelyGood, with its quick commerce unit, Instamart. The move comes as InsanelyGood operations are paused temporarily, with plans to integrate it into the Instamart offering. InsanelyGood, previously a standalone app, was integrated into Swiggy’s main app last year, receiving a separate tile alongside services like Instamart and others. The merger follows a scaling down of InsanelyGood’s operations from six cities to just Bengaluru, aimed at curbing cash burn. On a different note, Ullu Digital, an IPO-bound streaming platform, is under scrutiny for allegedly selling “pornographic” content involving school children. Various government bodies, including SEBI, the Ministry of Corporate Affairs, and MeitY, are investigating the platform following complaints. This investigation comes after the National Commission for Protection of Child Rights (NCPCR) raised concerns about the app’s content being accessible to children. The Pune Regional Transport Authority has rejected the pending applications of Ola and Uber for an aggregator license. The rejection was based on document discrepancies and failure to meet the standards outlined in the government’s Motor Vehicles Aggregators’ Guidelines, 2020. Used car marketplace Cars24 is piloting a new service in Gurugram that allows car owners to hire drivers on demand on an hourly basis. The service, launched earlier this month, offers options for round trips, one-way trips, and outstation journeys, with stringent driver verification and testing processes in place. Lastly, investment tech platform Jar is reportedly venturing into the peer-to-peer (P2P) lending space with its new offering, Jar Plus, in partnership with Mumbai-based NBFC, P2P LenDenClub. Jar Plus has been rolled out for select users and aims to connect lenders with potential borrowers, similar to other P2P lending platforms.

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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