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ET Soonicorns Summit 2024: Reverse-flipping a trend, the future language of machines might be English, funding spring imminent, Karnataka’s booming startup ecosystem, and bridging the gender funding gap—morning wrap

Economic TimesEconomic Times · 10m ago
ET Soonicorns Summit 2024: Reverse-flipping a trend, the future language of machines might be English, funding spring imminent, Karnataka’s booming startup ecosystem, and bridging the gender funding gap—morning wrap
Medial

The ET Soonicorns Summit 2024 in Bengaluru featured various insightful sessions. BV Naidu, Chairman of Karnataka Digital Economy Mission, highlighted the thriving startup ecosystem in Bengaluru, which has produced 53 out of India's 115 unicorns. Hari Menon, Co-founder of BigBasket, discussed the growth of quick commerce, while Mayank Kumar, Co-founder and MD of upGrad, explored the future of machine learning and coding languages. Other panels addressed topics such as reverse-flipping startups, bridging the gender funding gap, and balancing regulatory issues in fintech. The summit continues with sessions on fundraising strategies.

Edtech unicorn PhysicsWallah receives SEBI nod for IPO

EntrackrEntrackr · 18d ago
Edtech unicorn PhysicsWallah receives SEBI nod for IPO
Medial

Edtech unicorn PhysicsWallah receives SEBI nod for IPO Backed by investors including Lightspeed, WestBridge, Hornbill Capital, and GSV Ventures, PhysicsWallah has an estimated valuation of $2.8 billion. Edtech unicorn PhysicsWallah has received approval from the Securities and Exchange Board of India (SEBI) for its pre-IPO draft filing, clearing a major regulatory hurdle on its path to public markets. The Noida-based company submitted its draft under SEBI’s confidential route in March this year. With this approval, PhysicsWallah is set to raise around Rs 4,600 crore (about $533 million) through a mix of fresh issuance and an offer for sale, joining the pipeline of new-age tech firms eyeing the bourses in 2025. Backed by investors including Lightspeed, WestBridge, Hornbill Capital, and GSV Ventures, PhysicsWallah has an estimated valuation of $2.8 billion. It will also become the first edtech unicorn to hit the stock exchange. In March, the company inducted three independent directors to its board to align with public company norms and best practices. Last month, it also appointed Satish Sharma as Chief Marketing Officer to bolster its brand strategy and expansion plans. PhysicsWallah also completed its conversion to a public entity this year, a prerequisite for listing on the Indian stock exchanges. The move is part of the company’s broader strategy to institutionalize operations as it prepares for public scrutiny and capital market participation. While the company has yet to file its annual financial statements for FY25, it posted revenue of Rs 1,940.4 crore for FY24 with a loss of Rs 375 crore. The company has a deep focus on offline operations and expects to clock more than Rs 1,000 crore in revenue from this segment. It also plans to open more centres in both existing and new cities. The development comes at a time when the edtech sector is struggling in terms of fundraising and scaling. However, PhysicsWallah’s IPO will mark a significant milestone for the Indian edtech sector, potentially paving the way for more tech startups to test the public markets.

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