🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

Related News

Kota-based institutes see admissions drop by 31% in 2024: Allen’s Rajesh Maheshwari

EntrackrEntrackr · 1y ago
Kota-based institutes see admissions drop by 31% in 2024: Allen’s Rajesh Maheshwari
Medial

Rajesh Maheshwari, founder director at Allen Career Institute, has acknowledged that admissions to Kota-based educational institutions have declined this year. In a note to educators, as seen by Entrackr, Maheshwari stated that admissions this year so far are down by nearly 31% compared to the previous year. He, however, attributed this decline to “disinformation” [translated from Hindi] against the city of Kota. Maheshwari disclosed that there have been 46,000 admissions in the medical quota, which is down by nearly 33% from the previous year. Similarly, there have been less than 24,000 admissions in the IIT category compared to 33,000 last year. He added that total admissions are less than 80,000 this year, compared to 115,000 last year. “We stood together during a tough situation like COVID and showed the world why Kota is the frontrunner…,” Maheshwari said in the note [loosely translated from Hindi]. “Allen has performed well in all examination categories… There has been good work in the areas of student care too, which has helped reduce disinformation,” he added. It is worth noting that the admissions rates have been declining for a while. In September 2023, The Ken reported that Kota saw nearly a 20% decline in student admissions since June 2023. Kota, a city in Rajasthan, has become a major hub for students from across the country preparing for competitive exams, such as IIT or medical entrance tests. Institutions like Allen have been pioneers in establishing the city as an educational hub. The coaching industry is pegged to be worth Rs 6,000 crore. But there is a dark side to the city as well. While there is always a rush to get admissions in such institutions, the city is now mushroomed with small-sized hostels and paying guests. Moreover, there have been accusations of putting a high pressure on students to perform. In 2023, as many as 23 students died by suicide. It is worth noting that this number was 15 in 2022. In a bizzaire order in 2023, local administration ordered hostels to install a spring device on ceiling fans, dubbed as ‘anti-suicide’ device. Maheshwari’s comments come amid ongoing controversies over cancellations of several key examinations over paper leaks. There have been sporadic protests as well. As far as the Kota factory goes (pun intended), we’re likely to see city-based institutes offer more lucrative facilities, discounts, and other incentives to retain students and compete with each other. However, we’re not very sure if this will address the real despair of aspirational students in the country. We have reached out to Rajesh Maheshwari to understand more about the admissions and efforts to improve students’ care. We will update the copy as soon as we hear from him.

Funding and acquisitions in Indian startups this week [5 - 10 Feb]

EntrackrEntrackr · 1y ago
Funding and acquisitions in Indian startups this week [5 - 10 Feb]
Medial

Funding infusion in the startup ecosystem surged 2.4x this week compared to the previous seven days. Of 39 startups which scooped up $240 million cumulatively this week, 29 deals belonged to the early stage startups. Remaining eight deals went to growth stage startups. Two startups did not disclose the amount it raised. Last week, 13 early and growth stage startups collectively raised around $84.5 million, including two undisclosed deals. [Growth-stage deals] This week, eight growth startups raised nearly $140 million funding. Electric vehicle manufacturer River spearheaded the lot with $40 million fundraise followed by real estate consultancy firm Anarock and clean energy firm Lohum which raised $24 million and $23 million B funding, respectively. E-commerce roll-up firm GlobalBees and electric vehicle financing platform Mufin Green Finance also raised notable funding to make it to the top five deals. Agritech startup BigHaat, vernacular news aggregator DailyHunt’s parent Verse Innovation and D2C apparel brand Bombay Shirt Company also raised capital this week. [Early-stage deals] Among the early-stage startups, 29 startups secured funding worth $100 million. Smart home automation firm Keus is on top of the list with a $12 million fundraise followed by two-wheeler electric vehicle finance platform OTO, biotechnology startup Pandorum, creator-focused commerce startup Wishlink and office space provider DevX. The list further includes SaaS startup Attentive, EV firm Vidyut, cleantech company Metafin, healthtech entity Khyaal and home appliance firm Upliance.ai. During the week, the manufacturer of reusable rockets that bring both the stages of the rocket back into earth, EtherealX and digital infrastructure innovations startup PlanckDOT also raised capital but did not disclose the funding amount. For more information, visit TheKredible. [City and segment-wise deals] In terms of city-wise number of funding deals, Bengaluru-based startups again led the list with 12 deals. This was followed by Mumbai, Delhi-NCR, and Chennai. Pune, Hyderabad, Ahmedabad, Kolkata, Vadodara, Navi Mumbai and Thane are next on the list. The complete breakdown of the city and segment can be found at TheKredible. [Series wise deals] This week, equivalent to 17 startups raised funding in their seed round followed by Series A (11) and Series B (4) deals. The list also counts debt, pre-Series A, Series C and pre-Series C funding deals. [Week-on-week funding trend] On a weekly basis, startup funding soared 184% to $240 million as compared to $84.5 million in the previous week. The average funding in the last eight weeks stands around $251 million with 24 deals per week. [Departures] The week also saw a few notable departures. Ather Energy’s CFO Deepak Jain is departing the company, with Sohil Parekh taking over his role. Swiggy’s independent director Mallika Srinivasan has resigned after a year, and Freshworks’ CRO Pradeep Rathinam is stepping down after almost four years, to be succeeded by Abe Smith as the new global field operations leader. Shinjini Kumar and Manju Agarwal have reportedly quit Paytm’s payments bank board. [Fund launches] Cactus Venture Partners (CVP) closed its first fund at over Rs 630 crore, while GrowthCap Ventures, led by former BharatPe executive Pratekk Agarwaal, has reached the first close of its debut fund at Rs 20 crore. Additionally, Orient Growth Ventures has closed its second fund for India and Southeast Asia (SEA) at $90 million. [Layoffs/Shutdown] This week, Licious and Blissclub laid off a part of their workforce, affecting 3% and 18% of employees respectively. Meanwhile, Muvin shut down operations due to RBI regulations on UPI co-branding. [Merger & Acquisition] The week also witnessed six M&A deals including the acquisition of Spartan Poker by OneVerse, Kuvera by CRED, LotusPay by Juspay, and Qdigi Services by Onesitego. Healthtech firm Thyrocare and logistics firm Deliver.sg also joined the list with the acquisitions of Think Health Diagnostics and BusyBee, respectively. Visit TheKredible to see series wise deals and amount breakup, complete details of fund launches, departures and more insights. [New launches] ▪️ Cleartrip launches Out of Office to foray into the corporate travel space ▪️ Meesho launches logistics marketplace Valmo ▪️ Flipkart introduces 3-hour fresh flower delivery service [Financial results this week] ▪️ Leverage Edu revenue spikes 3.2X to Rs 69 Cr in FY23 ▪️ Infra.Market posts Rs 11,846 Cr gross revenue in FY23; remains profitable ▪️ FabHotels reports Rs 219 Cr revenue and Rs 5 Cr loss in FY23 ▪️ Chingari crosses Rs 100 Cr revenue in FY23; losses decline 70% ▪️ Hike’s revenue soars 8X to Rs 150 Cr in FY23; losses up 24% ▪️ Zomato posts Rs 3,288 Cr revenue and Rs 138 Cr profit in Q3 FY24 [News flash this week] ▪️ Vanguard marks down Ola’s valuation to $1.88 Bn ▪️ Zoho, Juspay, Decentro get RBI nod for payment aggregator biz ▪️ Orios Venture gets 45X returns in a partial exit from Country Delight [Entrackr’s analysis] Evident from the numbers, weekly funding has made a strong comeback with investments worth nearly $240 million. The back-to-back startup focused fund announcements also hint at the optimism in the Indian startup ecosystem. Continuous layoffs and business closures, however, give a hard reality check to the sector, which is trying to recover from the so-called funding winter. US-based asset management company Vanguard has marked down Ola’s valuation, pegging it at less than $2 billion. This marks the third consecutive devaluation of Ola by Vanguard since February 2023. Meanwhile, several prominent players have secured payment aggregator licenses from the central bank. This includes SaaS unicorn Zoho and fintech firms Juspay and Decentro. Additionally, early-stage venture capital firm Orios Venture Partners took a partial exit from dairy startup Country Delight with a 45X return on the firm’s initial investment. In a positive development, publicly traded companies such as Zomato, MamaEarth, and Nykaa have persistently remained in green, indicating their steady progress towards evolving into sustainable enterprises.

Funding and acquisitions in Indian startup this week [10 - 15 Jun]

EntrackrEntrackr · 1y ago
Funding and acquisitions in Indian startup this week [10 - 15 Jun]
Medial

As many as 31 Indian startups raised around $336.45 million in funding this week. These deals count 11 growth-stage deals and 18 early-stage deals. Moreover, two early-stage startups kept their transaction details undisclosed. In the previous week, about 17 early and growth-stage startups cumulatively raised over $400 million capital. [Growth-stage deals] Among the growth-stage deals, 11 startups raised $170.4 million in funding this week. Battery tech startup Battery Smart led the list with its $65 million funding followed by D2C skincare brand Foxtale with $18 million, and agri-finance company Samunnati with $16 million. D2C brand RENEE Cosmetics and managed workspace provider Smartworks also joined the top 5 list by raising $12 million each in their respective funding rounds. [Early-stage deals] Subsequently, 18 early-stage startups secured funding worth $166.05 million during the week. Invite-only networking platform SCOPE spearheaded the list followed by consumer electronics startup Indkal, advanced manufacturing startup Ethereal Machines, electric vehicle component startup Indigrid Technology, and cross-border B2B home décor brand Trampoline. The list of early-stage startups also includes two startups that kept the funding amount undisclosed: on-demand English tutoring platform Clapingo and provider of online and offline NEET, KEAM, CUET, and JEE classes Eduport. 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 11 deals followed by Delhi-NCR, Mumbai, Ahmedabad, and Chennai. Segment-wise, e-commerce startups grabbed the top spot with six deals. Fintech, EV, Edtech, Foodtech, and Healthtech startups followed this list among others. [Series-wise deals] During the week, Seed funding deals led the list with 10 deals followed by 7 Series A and 2 pre-Series A deals. Series B and debt funding also saw 6 and 3 deals, respectively. [Week-on-week funding trend] On a weekly basis, startup funding dropped 16.38% to $336.45 million as compared to around $402.34 million raised during the previous week. The average funding in the last eight weeks stands at around $335.62 million with 27 deals per week. [Fund launches] Debt marketplace Recur Club has introduced its new credit product, Recur Scale, designed to finance startups and SMEs at the Series A and B stages and beyond, with revenues of Rs 40 crore and above. The platform will offer debt financing up to Rs 100 crore (approximately $12 million) across various sectors including SaaS, e-commerce, manufacturing, EV, D2C, agritech, and more. South Park Commons (SPC), a technical community and early-stage venture fund, has announced its expansion outside the US with a new location in Bengaluru, India, in collaboration with Flipkart co-founder Binny Bansal. Hyderabad-based Pavestone VC has secured INR 15 crore (around $1.8 million) from Colruyt Group India, the engineering division of Belgian retailer Colruyt Group, for its maiden fund. Neo Asset Management, the asset management division of Fintech Neo Group, has closed its first special credit opportunities fund at around $308 million. Chennai-based VC firm Unifi Capital, through its subsidiary Unifi Investment Management LLP (UIML), has launched two new funds in the International Financial Services Centre at GIFT City, Gujarat. [Key hirings and departures] Among key hirings, Aurm, an asset protection firm providing safe deposit locker services, appointed Vijay Arisetty, founder of the community management app MyGate, as its founder and CEO. Meanwhile, hBits has welcomed Saumil Parekh, ex-VP of Marketing at Pharmeasy, as its new Chief Marketing Officer (CMO), bringing over seven years of experience in leading marketing, growth, and revenue. Additionally, VS Mani & Co, a South Indian filter coffee and snacks brand, has brought on music composer Anirudh Ravichander as a co-founder and brand ambassador. Hemesh Singh, the co-founder and chief technology officer of Unacademy, decided to quit after serving almost a decade at the Bengaluru-based edtech firm. He will now transition into an advisory role. [Layoffs] SaaS firm Kissflow has laid off around 45-50 employees, representing 15% of its workforce, across sales, marketing, and product development functions. According to a report by Moneycontrol, the layoffs were driven by product shutdowns and annual performance reviews. Suresh Sambandam, Kissflow’s founder and CEO, explained that approximately 20-25 employees were let go due to a strategic shift from land-motion procurement to expand motion to boost customer acquisition across their products. Additionally, around 20 employees were dismissed following their regular performance reviews conducted every two to three years. [M&A] Wealth and alternates-focused firm 360 One (formerly IIFL Wealth) has acquired Times Internet-owned wealth management platform ET Money for approximately Rs 365.8 crore. The transaction included Rs 85.83 crore as cash consideration, with the remaining payment made through the issuance of fully paid-up equity shares. In another deal, Suven Pharmaceuticals announced on Thursday that it will acquire a 67.5% stake in Hyderabad-based Sapala Organics for Rs 229.5 crore. Additionally, Nazara Technologies’ subsidiary NODWIN Gaming International Pte Ltd, part of NODWIN Gaming Private Limited, has acquired Ninja Global FZCO, an esports and gaming production company operating in the UAE and Turkey, for about Rs 29.8 crore in a cash and stock transaction. [ESOP buyback] Full-stack agritech platform DeHaat has completed its first employee stock ownership plan (ESOP) buyback program, worth Rs 10 crore ($1.2 million). According to Rishu Garg, who heads the people function at DeHaat, the buyback benefited 153 team members across various levels, from senior vice presidents to field teams, providing them with the opportunity for wealth creation. To date, DeHaat has issued ESOPs worth over Rs 100 crore ($12 million) to more than 200 individuals. [Potential deals] 82°E, a direct-to-consumer personal care startup, is raising $6 million in a seed round. Quick commerce company Zepto is aiming for a much larger haul of $650 million, which would significantly boost its valuation. Beauty platform Purplle is set to secure $100 million in funding. Audio and smartwatch maker boAt also is exploring investment opportunities. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [New launches] Hood launches startup health indicator platform Whistle Swiggy relaunches grocery delivery services ‘Handpicked’ [Financial results this week] Games24x7 crosses Rs 2,000 Cr income in FY23; controls losses Fintech unicorn InCred posts 1,267 Cr revenue and Rs 316 Cr PAT in FY24 Go Digit crosses Rs 7,000 Cr revenue in FY24; profit surges 5X [News flash this week] South Park Commons enters India in collaboration with Binny Bansal Neobank Jupiter receives wallet license from RBI Stoa School has hit the pause button but is not dead Zomato to invest Rs 400 Cr in Blinkit and Zomato Entertainment Pocket FM initiated legal action against Disney+ Hotstar Ixigo’s IPO closes with over 98X oversubscription [Conclusion] The weekly funding slipped 16.38% to $336.45 million. The week saw five startup-focused fund launches by VCs namely Recur Club, South Park Commons, Pavestone VC, Neo Asset, and Unifi Capital. Additionally, the week saw a layoff as SaaS firm Kissflow has laid off around 45-50 employees. Pocket FM has filed a lawsuit against Disney+ Hotstar in the Delhi High Court, accusing the video streaming platform of copyright infringement related to its audio series ‘Yakshini’. Pocket FM is seeking an interim injunction to remove the trailer for the web series produced by Disney+ Hotstar’s parent company, Novi Digital Entertainment. The public issue of online travel aggregator Ixigo concluded on June 12 with significant investor interest, resulting in an oversubscription of more than 98 times. Interest from Qualified Institutional Buyers (QIBs) surged on the final day, with 254.81 crore shares bid against the 2.38 crore shares allocated, leading to an oversubscription of 106.73 times. Non-institutional investors (NIIs) also showed strong interest from the start, oversubscribing their quota by 110.53 times with 131.94 crore shares bid for the 1.19 crore shares reserved. Within the NII segment, bids exceeding Rs 10 lakh were oversubscribed by 117.40 times. Retail Individual Investors (RIIs) oversubscribed their quota by 54.85 times on the final day, placing bids for 43.64 crore shares against 79.58 lakh shares available. Early-stage venture capital firm Orios Venture Partners has achieved a partial exit from battery swapping startup Battery Smart, yielding 29X returns. This exit likely occurred through Battery Smart’s $65 million Series B funding round, led by LeapFrog Investments. The funding included both primary and secondary investments. Orios’ exit aligns with its strategy to provide limited partners with a significant return on their principal investment within four to five years. Additionally, Orios recently made a similar partial exit from Country Delight, garnering 45X returns on its investment.

Funding and acquisitions in Indian startups this week [01-06 Apr]

EntrackrEntrackr · 1y ago
Funding and acquisitions in Indian startups this week [01-06 Apr]
Medial

This week as many as 30 Indian startups raised $172.71 million in funding. These deals include eight growth-stage deals and 16 early-stage deals. As many as six early-stage startups did not disclose the amount raised. Last week, about 17 early and growth-stage startups collectively raised around $125.73 million. [Growth-stage deals] Among the growth-stage deals, eight startups raised $130.1 million in funding this week. Bhavish Agarwal-led Ola Electric led the list with $50 million in debt funding. The list was followed by hyperlocal marketing-to-commerce software platform SingleInterface, NBFC Infinity Fincorp, housing finance company Nivara Home Finance, payment gateway and point of sales (PoS) provider Innoviti, and digital banking infrastructure firm M2P Fintech which raised $30 million, $26 million, $10 million, $4.8 million, and $4.2 million funding, respectively. Further, D2C personal care brand Bombay Shaving Company and D2C luggage brand Assembly also secured funds this week. [Early-stage deals] Subsequently, 16 early-stage startups scooped funding worth $42.61 million during the week. D2C health and wellness brand Traya spearheaded the list followed by full-stack retailer of used two-wheelers BeepKart, AI platform SiftHub, deep-tech startup Planys, and full-stack metal supply-chain platform Metalbook. The list further includes the provider of in-school adventure programs Rocksport, construction and home improvement platform Wify, generation artifical intelligence (AI) startup Vodex, and Agritech startup ONO. 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 11 deals followed by Mumbai, Delhi-NCR, Chennai, and Hyderabad. The complete breakdown of deals across cities and segments can be seen below: [Series-wise deals] During the week, Series A funding deals are on the top spot with eight deals while Seed deals are on the second position both forming around 55% of the total funding. Further, Pre-Series A, Debt, and Pre-seed are next on the list among others. [Week-on-week funding trend] On a weekly basis, startup funding surged 37.4% to $172.71 million as compared to $125.73 million raised during the previous week. The average funding in the last eight weeks stands at around $252 million with 26 deals per week. The week-on-week funding trend can be seen below: [Departure] This week Indian startups witnessed around seven key exits. Notably, Sumit Mathur, CMO of Paytm, Kunal Kashyap, Risk Management Head of CRED, and Karan Arora, VP and Head of Supply Chain Management of Swiggy Instamart resigned from their respective positions. [Fund launches] Three startup-focused funds were launched this week. Centre Court Capital introduced a Rs 350 crore maiden fund for sports and gaming startups. Finance influencer Sagar Sinha initiated a Rs 10 crore fund for startups and budding entrepreneurs. Navy Veteran Navneet Kaushik established an early-stage fund to support defense tech startups. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [Layoffs] Troubled edtech giant BYJU’S has fired 500 employees amid funding challenges and a legal battle with investors. The layoffs, part of an ongoing restructuring, were executed without a performance improvement plan (PIP) or notice period. Pune-based fintech SaaS startup Lentra also reportedly conducted a restructuring exercise, resulting in layoffs across departments, affecting approximately 70-80 employees. [ESOP Buyback] Audio series platform Pocket FM completed its first ESOP buyback worth $8.3 million, following a $103 million Series D funding round. Meanwhile, men-focused premium innerwear and lifestyle brand XYXX announced its first Employee Stock Ownership Plan (ESOP) buyback. [Mergers & Acquisitions] Zeno Health acquired online pharmacy startup Tablt Pharmacy in an all-stock deal. This acquisition allows the firm to expand its presence in West Bengal, Odisha, Bihar, and Jharkhand, where Kolkata-based Tablt operates, focusing on Tier 2 to Tier 6 geographies. In another development, listed business services provider and private sector employer Quess Corp Limited has acquired Bengaluru-based gig economy platform Taskmo for an undisclosed amount. [New launches] ▪️ Founders of CoinSwitch launch wealth-tech platform Lemonn ▪️ Zomato pilots new service for last-mile deliveries across corporate parks [Financial results this week] ▪️ Four-year-old Wiz Freight posts Rs 1,243 Cr revenue in FY23 ▪️ LS Digital nears Rs 700 Cr revenue in FY23; profits jump 3X ▪️ Winzo ends FY23 with Rs 674 Cr revenue and Rs 126 Cr PAT ▪️ Probo turns profitable as it posts 32X growth in FY23 ▪️ Bijnis records 100% growth in FY23; losses touch Rs 100 Cr ▪️ Bambrew’s revenue spikes 4.7X to Rs 44 Cr in FY23 [News flash this week] ▪️ Purplle is looking to mop up $100 Mn funding from ADIA ▪️ Rapido to raise $100 Mn from WestBridge and other existing investors ▪️ Sachin Bansal-led Navi in talks to raise funds at $2 Bn valuation ▪️ Zepto to raise fresh funds at $3 Bn valuation ▪️ RBI to incorporate an agency to curb illegal lending apps ▪️ Zomato receives an order to pay a service tax of Rs 92 Cr [Conclusion] After a significant drop in funding, the weekly funding again increased by over 30% this week. The week saw three fund launches namely Centre Court Capital, Sagar Sinha’s fund, and The Jamwant Venture Fund. The week also witnessed two layoffs as troubled BYJU’s and Lentra reportedly fired a part of their workforce. As per media reports, growth-stage players including Purplle, Zepto, Rapido, and Sachin Bansal’s Navi Technologies are looking to score some larger funding rounds. The Reserve Bank of India (RBI) is considering the establishment of a public register of whitelisted lending apps to combat illegal lending practices. The central bank aims to create the Digital India Trust Agency (DIGITA) to oversee the lending ecosystem and ensure credible operations. Lending apps without a ‘verified’ signature from DIGITA would be deemed unauthorized and face strict action. This initiative follows incidents of suicides linked to predatory lending practices. Additionally, Zomato faced another challenge as it was ordered to pay a service tax of Rs 92 crore. This comes after receiving a GST notice of Rs 23.26 crore for FY19 from Karnataka tax authorities.

Indian startups raise $900 Mn in February: Report

EntrackrEntrackr · 1y ago
Indian startups raise $900 Mn in February: Report
Medial

Funding inflow improved in February on the back of a couple of large rounds of growth-stage firms. Some early-stage startups also received decent traction. At the same time, the Indian startup world continued to battle with ongoing challenges like layoffs and departures of key executives. Indian startups mopped up nearly $900 million across 121 deals in February, as per data compiled by TheKredible. This included 25 growth-stage deals worth $585 million and 83 early-stage deals amounting to $313.5 million. There were 13 undisclosed rounds. [Month-on-Month and Year-on-Year trend] February registered a modest jump in funding from $732.7 million in January. Even on a year-on-year basis, February 2024 surpassed the February 2023 funding mark of $845 million. Unlike January, February saw three-digit funding as Shadowfax raised $100 million in a new round. The M-o-M and Y-o-Y trends can be seen below. [Top growth stage deals] Flipkart-backed logistics company Shadowfax topped the charts with $100 million in a Series E funding round led by TPG NewQuest. While the company did not disclose its valuation, it is estimated to have reached closer to entering the unicorn club. SaaS firm Capillary Technologies saw $95 million in funding via a secondary round. Other funding rounds in the growth stage were below $50 million which included EV startup River, e-commerce company Kushal’s, and seafood company Captain Fresh. Rentomojo and Zeno Health also raised $25 million each. [Top early-stage deals] Blockchain startup Avail, spiritual tech startup AstroTalk, and metal supply chain company Metalbook led the chart with $27 million, $20 million, and $15 million in funding, respectively. Notably, the top eight startups in the early stage raised at least $10 million each in their new fundraise. The list counts Keus, OTO, Moove, Vidyut, and Interview Kickstart. [Stage-wise deals] Series-wise, Seed and Series A startup funding deals co-led the list with 33 deals each during February. Pre-Seed and Pre-Series A deals stood at 12 and 10, respectively. Among growth stage deals, Series B, Series C, Series D, and Series F are next on the list while as many as 10 startups raised debt funding during the month. [City-Segment] In terms of city-wise deals, Bengaluru retained the top spot with 45 deals worth around $482.6 million, or close to 54% of the total funding raised during February. Delhi-NCR and Mumbai-based startups were the next with 26 and 25 deals, respectively, collectively amounting to $311 million. Pune saw 9 deals followed by Hyderabad, Chennai, Jaipur, and Ahmedabad among others. E-commerce startups re-captured the top position this month in terms of segment-wise number of deals with 27 deals. This was followed by healthtech (12), fintech (10), and SaaS (10). EV, proptech, AI, edtech, and food tech startups also made it to the top 10. [Most active investors] Early stage venture capital firm Blume Venture and venture debt firm Stride Ventures have emerged as most active investors in February with 5 investments each. Fireside Ventures was next on the list with four deals followed by 9Unicorns, Antler India, IAN, Omidyar, and others. The full list can be found at TheKredible. [Mergers and acquisitions] February witnessed 12 mergers and acquisitions deals. Acquisition of investing platform Kuvera by CRED, LotusPay by Juspay, cybersecurity startup Difenz by Signzy, gaming firm Ninja Global FZCO by Nodwin, and seafood platform CenSea by Captain Fresh were some of the notable deals during the period. In comparison, January saw nine mergers and acquisitions deals. [Layoffs, Shutdowns, and top-level exits] Like January, the layoffs spree continued in February as more than 350 employees were let go of across six startups. Log9 Materials topped this list with 115 employees followed by Licious, Waycool, and Polygon. Meanwhile, Indian startups also saw 10 top-level exits. Flipkart alone saw three departures including senior vice presidents Amitesh Jha, Dheeraj A, and Bharat Ram. Paytm Payments Bank also saw the exits of two independent directors and the surprising exit of Vijay Shekhar Sharma who was the part-time non-executive chairman and board member of the company. The full list can be found here. [Conclusion] It might be early signs, but we would venture to say that the situation is actually improving steadily, as over a year of relatively tough market conditions have ensured a higher focus on resilience in startups. A booming stock market has also meant that amidst all the gloom of a shrinking job market, investible funds do exist for the right idea, and newer segments like Proptech that are riding the real estate boom are set to make a splash with a few big deals sooner than later. As expected, the AI rush is not getting anywhere in a hurry, and the impact will be visible over a much more extended period of time. Climate tech can also be expected to make a serious play for investor funds soon, with new opportunities in carbon markets and more. Global realignments that are underway across manufacturing and soon, services as well, augur well for India in the medium to long term, and we will soon see the first, early bets on these shifts being placed soon. While many will see the upcoming elections as a crimp for the coming quarter, we believe it will be a good time to see just how far investors have moved away from counting on favourable policies, and looking instead at stable and consistent policies to base their thesis on.

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

EntrackrEntrackr · 11m ago
Funding and acquisitions in Indian startup this week [16 - 21 Sep]
Medial

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

Funding and acquisitions in Indian startup this week [17 - 22 Jun]

EntrackrEntrackr · 1y ago
Funding and acquisitions in Indian startup this week [17 - 22 Jun]
Medial

As many as 41 Indian startups raised around $906.7 million in funding this week. These deals count 10 growth-stage deals and 22 early-stage deals. Moreover, eight early-stage and one growth-stage startup kept their transaction details undisclosed. In the previous week, about 31 early and growth-stage startups cumulatively raised over $336 million in capital. [Growth-stage deals] Among the growth-stage deals, 10 startups raised $857.4 million in funding this week. Quick commerce company Zepto grabbed the limelight with its $665 million funding. Ummeed Housing Finance, which provides housing and secured small ticket business loans, followed with its $76 million funding. Microlending platform Aye Finance, craft beer maker Bira 91, and fintech firm Slice also made it to the top five with $30 million, $25 million, and $20 million fundraises, respectively. D2C men’s apparel brand WROGN, small financing company Shivalik Small Finance Bank, Dvara KGFS, Aviom Housing Finance, and Jupiter’s NBFC arm Amica Finance are next on the list. [Early-stage deals] Moreover, 22 early-stage startups secured funding worth $49.3 million during the week. AI sales operating system OrbitShift spearheaded the list followed by healthtech platform Alyve Health, agriculture machinery company Balwaan Krishi, D2C fashion brand focused on custom-made The Pant Project, and SME-focused digital lending platform Supermoney. The list of early-stage startups also includes eight startups that kept the funding amount undisclosed: TaxGenie (Regime Tax Solution), Landeed, Praan, ThriveCo, Fanisko, Nirwana.ai, Lazy Cocktails & Co, and LEO1. 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 13 deals followed by Mumbai, Delhi-NCR, Chennai, Ahmedabad, Hyderabad, and Jaipur. Segment-wise, fintech startups grabbed the top spot with 12 deals. E-commerce, AI, SaaS, Food & beverages, and Healthtech startups followed this list among others. [Series-wise deals] During the week, Seed funding deals led the list with 17 deals followed by 7 Series A and 5 pre-Series A deals. Debt funding also saw 4 deals followed by Series F, Series B, pre-Seed, Series E, and Series G. [Week-on-week funding trend] On a weekly basis, startup funding surged 170% to $906.7 million as compared to around $336.45 million raised during the previous week. The average funding in the last eight weeks stands at around $421 million with 29 deals per week. [Fund launches] This week saw three significant fund launches. VentureSoul Partners launched their debut fund of Rs 600 crore to invest in established startups through venture debt. Gujarat Venture Finance Limited announced the first close of their Rs 200 crore “Prarambh Fund” targeting seed-stage tech startups with investments between Rs 1 crore and Rs 3 crore. 8X Ventures achieved a first close of Rs 60 crore for their second VC fund, aiming to invest in 18-20 early-stage deeptech startups, with a potential final corpus of Rs 300 crore. [Key hirings and departures] Here’s a summary of the key hirings and departures: Flipkart: Cleartrip, Flipkart’s travel booking unit, has appointed Anuj Rathi as its new Chief Business and Growth Officer. Vidyakul: Edtech startup Vidyakul has promoted Akhil Hari Angira to Co-founder and Chief Business Officer. He will oversee strategic partnerships, business growth, and expansion into underserved areas. Paytm: Paytm roped in Rajeev Krishnamuralilal Agarwal as a new non-executive independent director, while Neeraj Arora stepped down from the same position. Agarwal brings experience from companies like U GRO Capital and Star Health, while Arora is the founder of Halloapp and previously held positions at Meta and Google. [Layoffs] Silk product B2B marketplace ReshaMandi seems to be in deep trouble. After failing to secure Series B funding, the company has reportedly laid off 80% of its workforce and is significantly scaling down operations. It’s over Rs 300 crore debt leads to legal challenges and potential insolvency. [M&A] Ananta Capital’s beauty and wellness arm, Guardian, has acquired a 55% stake in D2C personal care startup Anveya Living, with plans to increase its stake further. Anveya Living, which owns the brands ThriveCo, Curlvana, and Anveya, will use the investment to launch new products and expand globally. Meanwhile, online travel aggregator Yatra Online has agreed to buy out its partner’s stake in the joint venture Adventure and Nature Network Private Limited (ANN), which operates in adventure tourism. Yatra Online will increase its stake in ANN from 50% to 99%, making ANN a subsidiary of Yatra Online. [Potential deals] The Indian startup scene is buzzing with potential deals. Here’s a glimpse of what’s brewing: AI-powered comic creation platform Dashtoon, with offices in India, is in late-stage talks to raise $10-12 million from a mix of new and existing investors. HealthTech startup HealthPresso is aiming to secure $1 million in pre-Series A funding, capitalizing on strong investor interest in its AI engine and distribution network. B2B SaaS platform Whatfix is on the verge of a $100-150 million funding round led by Warburg Pincus. Edtech giant Unacademy is reportedly in discussions for a historic merger with K12 Techno, the operator behind Orchids International Schools. This potential 50/50 merger could be the first major consolidation in the edtech space, which has faced a funding slowdown in recent years. Notably, Unacademy previously invested in Orchid Schools and both companies share an investor. Logistics firm Ecom Express is also reportedly in advanced talks with existing investors Warburg Pincus, CDC Group, and Partners Group to raise Rs 350-400 crore. The discussions are nearing completion, and this funding round could elevate Ecom Express’s valuation to over $1 billion, potentially making it the latest entrant to India’s unicorn club. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [New launches] Bellavita co-founder Aakash Anand launches new venture, Unikon.ai Pocket FM partners with ElevenLabs to convert scripts into audio [Financial results this week] Awfis nears Rs 900 Cr income in FY24; losses contract 62% [News flash this week] Ola Electric gets SEBI nod for $660 Mn IPO Financial Intelligence Unit imposes Rs 18.82 Cr penalty on Binance VC firms General Catalyst and Venture Highway merge to focus on India CCI approves WeWork Inc exit from Indian co-working space Ixigo’s market cap spikes nearly 80% from the pre-IPO round Zomato, Paytm confirm acquisition talks for movie, ticketing business Flipkart-backed Blackbuck converts into a public company Peak XV tops the chart of Hurun India Future Unicorn Index 2024 Delhivery, Xpressbees looking to enter quick commerce space: Report OYO gets approval from shareholders to raise Rs 417 Cr: Report [Conclusion] The weekly funding surged around 170% to $906 million this week, majorly followed by the mega funding deal of Zepto worth $665 million. A bunch of financing companies also contributed significantly. The week saw three startup-focused fund launches by VCs namely VentureSoul Partners, GVFL, and 8X Ventures. Additionally, the week saw a layoff as Reshamandi laid off around 80% of its employees. Six months after filing a draft red herring prospectus (DRHP), Ola Electric has received approval for its initial public offering (IPO) from the Securities and Exchange Board of India (SEBI). The company, which filed the DRHP in December 2023, aims to raise Rs 5,500 crore ($660 million) through the public listing. Ixigo made a remarkable debut on the National Stock Exchange (NSE) on Tuesday, opening at a 48.5% premium above its issue price. Initially priced at Rs 93, Ixigo’s shares listed at Rs 138.5 on the NSE, while on the Bombay Stock Exchange (BSE), the shares opened at Rs 135, according to data from both exchanges. Later, the price touched Rs 194.38. Zomato and Paytm are in talks for Zomato to acquire Paytm’s movies and ticketing business. This deal is estimated to be around Rs 1,600-1,750 crore ($190-210 million). While no final decision has been made yet, Zomato says this potential acquisition aligns with their plan to focus on their core businesses and expand their “going-out” offerings. OYO got the green light from shareholders to raise Rs 416.85 crore by issuing preference shares. The funds will come from InCred Wealth by purchasing 14.37 crore Series G preference shares at Rs 29 each. Additionally, in a move to capitalize on the booming quick commerce market, logistics players Delhivery and Xpressbees are expanding their services beyond traditional e-commerce deliveries. Delhivery is now managing larger warehouses for Swiggy Instamart, which fulfills orders for quick commerce deliveries through a network of smaller, localized stores. Xpressbees is also exploring entry into this space, reportedly in talks with several players. This shift in focus highlights the growing importance of quick commerce deliveries and the potential logistics companies see in this rapidly developing market.

Download the medial app to read full posts, comements and news.