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Peak XV slashes fund size, cuts fees on some growth funds

LivemintLivemint · 9m ago
Peak XV slashes fund size, cuts fees on some growth funds
Medial

- Peak XV Partners, formerly part of Sequoia Capital, plans to reduce its $2.85 billion growth fund by 16%, or $465 million, in a move to take a more measured approach to investments. - The growth fund, raised in 2022, will now hold approximately $2.39 billion. - Peak XV will tie part of its carried interest to the distribution of profits in its growth and multi-stage funds, while seed and venture fund economics will remain unchanged. - The decision reflects the lack of high-quality investment opportunities in the current market, particularly from companies that raised capital at inflated valuations during the pandemic. - Peak XV is also reducing its management fees to 2% on three growth and four multi-stage funds, and cutting its carried interest to 20% to better align with the interests of its founders and limited partners.

Mave Health raises Rs 6 Cr led by All In Capital and iSeed Fund

EntrackrEntrackr · 1y ago
Mave Health raises Rs 6 Cr led by All In Capital and iSeed Fund
Medial

Mave Health, a mental health-tech startup, has raised Rs 6 crore in a pre-seed funding round led by All-In Capital and Utsav Somani’s iSeed Fund with participation from Bharat Founders Fund, Deepinder Goyal (Zomato), Kunal Shah (CRED), Mohit Kumar and Vatsal Singhal (Ultrahuman). The round also saw angel investors like Gaurav Agarwal (TATA 1mg), Nandan Reddy (Swiggy), Rohan Verma (BreatheWellBeing), Nikhil Kant (Even), Harsh Shah (Fynd), Neel Mehta (Studio Carbon), Nitin Mehrotra (Dressfolk), Himanshu Aggarwal (SHL), along with several family offices and digital creators. The funding will support Mave Health in launching Arc, a non-invasive brain stimulation wearable that treats depression, the company said in a press release. Founded in 2023 by Dhawal Jain, Jai Sharma and Aman Kumar, Mave Health aims to build human-centric evidence based programs for mental well-being. The startup’s flagship product Arc improves brain health and treat depression. According to the company, the device is developed in collaboration with a team of top experts, including neuroscientists, psychiatrists, and psychologists from Harvard Medical School, Maastricht University and other leading research institutes. Over the past few months, during the beta phase, more than 1,000 individuals have used Arc and have seen substantial improvements in their depression symptoms. Currently, Mave Health’s flagship wearable, Arc, can be accessed by enrolling in Mave Health’s 12-week long program which also offers unlimited sessions with their experts, including doctors, psychologists, nutritionists, and fitness coaches. Mave Health has also partnered with psychologists, hospitals and private clinics across India to make Arc more accessible.

Exclusive: Peak XV in talks to lead new round in visa startup Atlys

EntrackrEntrackr · 1y ago
Exclusive: Peak XV in talks to lead new round in visa startup Atlys
Medial

Online visa application platform Atlys is in talks to raise a new round to the tune of $15-18 million, sources aware of the development told Entrackr. The Mumbai and San Francisco-based firm is raising its Series B round within a year of Series A fundraise. “Atlys has initiated talks with existing backer Peak XV and others to raise Series B round. The talks are early and may take a couple of months to materialize,” said a source who requested anonymity. In September last year, Atlys scooped up $12 million in a Series A round led by Elevation Capital and Peak XV Partners with participation from existing investors Andreessen Horowitz (a16z), Musical Duo Chainsmokers, South Park Commons, Pinterest Founders and other investors. To date, it has raised over $17 million. “The round will be led by Peak XV and value Atlys anywhere at around $70 million or even more,” said another source. Launched in 2021, Atlys makes visa process visa-related processes easier in a quick time. It has built a tech which aims to reduce visa rejection rates. The platform covers more than 150 destinations and with an average time of just over 4-10 minutes spent to apply for a visa. As per sources, Atlys facilitates around 30,000 visa applications per month and India contributes more than 60% (20,000) visa applications. Earlier this year, the firm launched a new refund feature aimed at providing financial security to its users if their visa gets rejected. In a response to Entrackr’s queries, Atlys founder and CEO Mohak Nahta said, “We would like to clarify that we are currently not engaging in any fundraising activities, and reports or rumours indicating otherwise are inaccurate.” Queries sent to Peak XV did not elicit any response. Atlys competes with Gurugram-based Visa2Fly and Mumbai-based StampThePassport. While Visa2Fly raised $414K in its pre-seed round from ODX (On Deck), MarsShot VC (Razorpay Founders) and others in July 2022, StampThePassport raised $500K in September last year.

LS Digital nears Rs 700 Cr revenue in FY23; profits jump 3X

EntrackrEntrackr · 1y ago
LS Digital nears Rs 700 Cr revenue in FY23; profits jump 3X
Medial

Digital marketing firm LS Digital (formerly Logicserve) demonstrated stable growth with an over three-fold jump in its profit in the fiscal year ending March 2023 as compared to FY22. LS Digial’s revenue from operations surged 35.1% year-on-year to Rs 696 crore in FY23 from Rs 515 crore in FY22, its consolidated financial statements sourced from the Registrar of Companies (RoC) show. LS Digital is a martech firm which provides services such as advertising, communication and other marketing tools including SEO, SEM et al. Revenue from marketing services formed 94.8% of the overall operating revenue which increased 42.2% to Rs 660 crore in FY23. The rest of the revenue came from consulting and assessment. See TheKredible for the detailed revenue breakup. For the digital marketing firm, advertising cum promotional cost emerged as the largest cost center, accounting for 83% of the overall expenditure. This cost increased by 25% during FY23. The firm’s employee benefits, legal-professional, payment gateway, information technology, and other overheads took the overall cost to Rs 669 crore in FY23 from Rs 508 crore in FY22. Head to TheKredible for the complete breakdown. The decent growth in scale and effective cost mechanism enabled LS Digital to beef up its profits by 3.36X to Rs 18.4 crore in FY23. Its ROCE and EBITDA margins improved to 20% and 3.2% respectively. On a unit level, it spent Rs 0.96 to earn a rupee in FY23. The Mumbai-based company has raised Rs 133 crore so far and has diluted very little since incorporation. According to the startup data intelligence platform TheKredible, its founding team holds over 80% of the stake in the company. In a fiercely competitive market, the digital marketing business served by LS Digital is a direct function of the quality of people, and ability to control costs. Margins are thin, with issues like managing fraud, delivery and longer deal tenures becoming increasingly important. A larger shift to tactical marketing has kept firms on their toes, as unlike traditional print or broadcast advertising, clients do shop around for digital marketing work. Thus, while LS Digital needs to be credited for building scale, it will take a deeper look into its profile to see the share of different clients and the kind of work that brings in the largest share of revenues. FY22-FY23 FY22 FY23 EBITDA Margin 1% 3.2% Expense/₹ of Op Revenue ₹0.99 ₹0.96 ROCE 14% 20% A 1,200 strong team offering services across Media, UI/UX, Creative & communication, Data & Insights, CX and Tech & Innovations means a sticky cost structure that is likely to grow, even if not proportionately, with volumes/revenues. Standardized SaaS products in some of these areas, even small, might help the firm build a stronger base for the future.

Competishun aims to help make IIT-JEE, NEET prep affordable, more accessible

EntrackrEntrackr · 1y ago
Competishun aims to help make IIT-JEE, NEET prep affordable, more accessible
Medial

Edtech space in India is already quite cluttered with a number of startups, including several unicorns, trying to carve out their own piece of the digital classroom pie. The Indian edtech market reported a total revenue of $4.3 billion in 2022, marking a CAGR of 16.8% since 2017, according to a market study. Even as some late-stage edtech firms faced challenges post-pandemic, others like PhysicsWallah have shown promise. VCs too remain optimistic about early-stage firms. One such early-stage firm is Competishun, which competes with platforms like Vedantu and Unacademy, but with an exclusive focus on IIT-JEE and NEET prep. We spoke to the founder and CEO of Competishun Mohit Kumar Tyagi, what distinguishes it from the competition and the roadmap ahead. Here are the edited excerpts: How did you come up with the idea of Competishun? The idea for Competishun emerged from a vision to transform IIT-JEE and NEET coaching methodology by offering comprehensive and effective preparation methods to students across India. We recognized the need for accessible, high-quality training at affordable cost that could level the playing field for all students, irrespective of their financial backgrounds. Please explain how the platform works? Competishun’s platform functions by providing structured online and offlinecourses, study materials, and books for JEE (Main + Advanced) and NEET(UG) preparation. We aim to create a comfortable learning environment for students through online education at an affordable cost. Our platform offers customized online batches based on students’ needs and performance, with doubt-solving counters and 24/7 support via WhatsApp and phone. Additionally, we provide personalized attention to enrolled students through Telegram doubt sessions and live Zoom sessions, ensuring their academic success. What are the key challenges in the industry that have not been addressed yet? And how do you plan to address them? One significant challenge in the industry is the lack of personalized learning experiences and the underutilization of technology. Competishun addresses this by offering adaptive learning algorithms, personalized study plans, and utilizing cutting-edge technology to enhance the learning experience. We strive to provide cost-effective, quality education to all JEE and NEET aspirants at the comfort of their homes, dispelling the myth that online education cannot yield results. Moreover, we aim to counter unethical practices by competitors in the online space, thereby instilling confidence in parents and students regarding online learning. How has your startup performed since inception? What are your short-term and long-term goals? Since its inception, Competishun has witnessed significant growth in terms of user enrollment, JEE Main and Advanced results, course completion rates, and positive feedback from students and educators. We take pride in having assisted thousands of students in achieving their academic goals. In the short term, our goals include expanding our course offerings, enhancing platform features, and strengthening our market presence. In the long term, we envision establishing hybrid study centers across the nation, thereby providing a blended learning experience to students.

No hurry to sell, indefinite horizon on Zomato holding: Sanjeev Bikhchandani

EntrackrEntrackr · 1y ago
No hurry to sell, indefinite horizon on Zomato holding: Sanjeev Bikhchandani
Medial

Info Edge, India’s largest and most storied recruitment portal, has had a stellar run in the last three years with its portfolio company Zomato’s market cap surging almost 2.3X since its stock exchange debut. The firm’s bet on fintech unicorn Policybazaar is also paying off well. The company has made it clear it is in no hurry to book profits on these investments, even as it continues to nurse its own brands beyond Naukri to profitability. The firm, one of the few to survive the dotcom boom and bust cycle of 2000, has been led by founder and chairman Sanjeev Bikhchandani for a large part of this journey. And today, Bikhchandani has earned the right to be looked up to as the statesman for the sector. Entrackr caught up with Bikhchandani in his Gurugram office and he spoke on a range of topics including Naukri, Info Edge’s investments, serial entrepreneurs and corporate governance. Here are the edited excerpts. As a listed firm that carries a heavy overhang from its investment portfolio, does it worry you that it might impact the valuation of the core Naukri business? Not really. Institutional investors are smart. We give them adequate data so that they analyze Naukri thoroughly before making a conclusion about valuation. We don’t run Naukri for valuation every day or month or quarter. We look at how we create value for our shareholders in the long run. And that’s how we run our businesses. So, this hypothesis about our core or even group business doesn’t stand. Info Edge has been an investor in Zomato for over 14 years and despite the latter’s share price rising nearly 14o% from its listing price, Info Edge didn’t sell its shares. What level of return are you anticipating from Zomato? Actually, we don’t calculate Investment Return Rate (IRR). Info Edge invested in Zomato because of our conviction that it could become a great company. And if you are convinced about your conviction then it will happen. So, IRR is the happy incidental outcome of investing early behind companies that you want to help. That’s my belief. We are not in any hurry to sell and have an indefinite horizon. Every VC firm has a fund cycle and pressure to return capital to their limited partners but that’s not the case with Info Edge as you are investing from your own balance sheet. Could you elaborate on this? That pressure does not make this choice. We have a long term horizon and we call it patient capital. To be a successful early stage investor in India, you have to be quite patient because companies take anywhere between 10-15 years to go to IPO from seed stage. So if you have funds for only 6-10 years, you will not realize the full fruits of your investment. If you have a 20 year fund, you tend to perform better. However, such a horizon could be possible only when you’re investing from your own whole balance sheet. Do you believe that Blinkit could become bigger than Zomato? I think both are large but Blinkit is going to be fairly large. If we look at Zomato’s quarter-on-quarter numbers, online food ordering appears to have stagnated in top 10-15 cities. What’s your take on this? Obviously, there is the base effect. But, we don’t see stagnation. Also, you need to compare year-on-year, not quarter-on-quarter. When YoY numbers are compared, there is growth. I think full fiscal year performance is more important than quarter. We used to commonly hear about Naukri’s recruitment business that it was not the online presence, but your sales force or feet on the street that made the difference. Does that still hold true? Online sales have never been a big part of our strategy. When you want to sell more expensive products, you need face-to-face contact. At Naukri, we have clients whom we bill several crore rupees for annual subscription and such accounts need heavy offline touch. While the product will be consumed online, the stuff around it very often will be offline. Over the years, several players have tried to crack the recruitment business in the blue collar segment but most of them died. What are the challenges in the segment? Blue collar segment has broadly three challenges. First, it’s hyperlocal. The job seekers in this segment don’t move to different cities as they look for opportunities in and around their locality. Second, very often there isn’t a detailed text CV which makes the process slow and inefficient. Third, potential workforce in the segment do not search for jobs on the laptop and use vernacular languages. They are mostly on mobile. So you’ve got to adapt to all these things and still somehow get revenue and profit. We have been trying to get inroads in the blue collar segment for over two years now but we have just started monetizing it. Our future position in the segment depends on monetization. Some of the celebrated entrepreneurs are launching a second or third company without their first startup churning profit. How do you see this trend? I think this isn’t a progressive trend. As an entrepreneur, you need to focus on one thing and do really well. Once you’ve cracked that you can add on a second thing in the same company. Over the past couple of years, we have witnessed corporate governance issues with some startups. Even Info Edge saw serious lapses at 4B Networks. What’s your opinion about this? By and large, my belief is that 95-98% of Indian founders are genuine but there will be a few bad examples. Investors make sure that when something wrong happens in their portfolio, it is highlighted and actions are taken to ensure that such incidents do not repeat. Any governance issue isn’t good for anyone including limited partners, investors, founders and the startup ecosystem. What factors contributed to the lack of success with Info Edge’s e-commerce investments 99labels, MyDala, and Happily Unmarried? Limitation of raising foreign direct investment (FDI) and heavy investment into competition were two major reasons for failure of 99labels while MyDala had a product market fit (PMF) issue. Happily Unmarried is now a part of VLCC and we are still a shareholder there.

Why EV maker Ather’s IPO didn’t tick all right boxes

EntrackrEntrackr · 2m ago
Why EV maker Ather’s IPO didn’t tick all right boxes
Medial

Why EV maker Ather’s IPO didn’t tick all right boxes Ather had to scale down its expected valuation from $2 billion to $1.4 billion ahead of the IPO — a move that, to some investors, signaled weaker demand or a lack of confidence. Ather Energy’s Rs 2,626 crore IPO — India’s third-largest public offering of 2025 so far — had all the makings of a headline event: a respected EV brand, strong engineering pedigree, and a fast-growing electric scooter market. Yet, as the subscription window closed, the response appeared muted. Institutional investors subscribed to just 1.7 times the shares allocated for Qualified Institutional Buyers (QIB) category, while Non-Institutional Investors (NIIs) subscribed to only 66% of their quota. Retail investors showed comparatively more interest, with a subscription rate of 1.78 times, thanks possibly to some last minute pushing by brokerages promising the possibility of listing gains. Ather is known for its solid engineering and high-quality scooters. But when it came to the IPO, it struggled to get attention. Many investors felt the company didn’t share a big, bold vision — something Ola did well. Ather had to scale down its expected valuation from $2 billion to $1.4 billion ahead of the IPO — a move that, to some investors, signaled weaker demand or a lack of confidence, especially when compared to the bolder positioning of rivals like Ola Electric. Even when we look at the financials of both EV companies, the contrast is clear. Ahead of its IPO, Ola Electric disclosed in its Red Herring Prospectus (RHP) that it recorded Rs 5,000 crore in revenue for FY24, with a net loss of Rs 1,584 crore — meaning the company spent Rs 1.25 to earn every Rs 1 in revenue. Ather Energy, on the other hand, reported Rs 1,579 crore in revenue with a loss of Rs 580 crore for the first nine months of FY25, translating to a cost of Rs 1.36 to earn every Rs 1. That higher per-unit cost, combined with lower scale, may have made investors cautious, especially when comparing Ather’s path to profitability with Ola’s stronger topline growth. Ather’s slow and steady approach to expansion, which ensured high customer loyalty and trust, has boomeranged when it comes to the IPO. Public markets tend to reward speed, growth, or profitability, and in Ather’s case, it appears lucky to have scraped through with none of the above. That is a huge endorsement of its reputation and promise, and possibly positive word of mouth. That the IPO was practically a compulsion is also a reason why the firm decided to forge ahead, with limited runway available and backers holding off. There is every possibility that investors will have to be more patient than usual to see the firm deliver returns. The founders have almost been timid in making claims linked to prospects, the antithesis of what Bhavish Aggarwal of Ola Electric. One can only hope that this refusal to chest thump will deliver the kind of returns that gladden the heart in time.

Fashion brand Libas profit falls 64% in FY24, nears Rs 500 Cr revenue

EntrackrEntrackr · 2m ago
Fashion brand Libas profit falls 64% in FY24, nears Rs 500 Cr revenue
Medial

Fashion brand Libas profit falls 64% in FY24, nears Rs 500 Cr revenue Libas, a direct-to-consumer brand specializing in ethnic and fusion wear, approached Rs 500 crore in revenue during the fiscal year ending March 2024. However, increased spending on advertising and employee benefits resulted in a 64% fall in profits during the same period. Libas’ revenue from operations increased by 38% to Rs 487 crore in FY24, from Rs 352 crore in FY23, as per its financial statement sourced from the Registrar of Companies (RoC). Libas is a digital-first women’s ethnic wear brand offering kurtis, salwar suits, dresses, and bottoms in fabrics like cotton, silk, and georgette. The sale of these products was the sole source of income for the company in FY24. The growth in scale came with a sharp increase in expenses across the board. Total expenses rose 45% to Rs 483 crore in FY24 from Rs 334 crore in FY23. When it comes to expenses, Libas’s material costs remained its largest expense, making up over 61% of total costs, which rose 41% to Rs 296 crore. Advertising expenses surged 121% to Rs 42 crore, and employee benefits increased 56% to Rs 28 crore, while shipping costs totaled Rs 49 crore. The sharp spike in advertising and employee costs led to a 64% decline in profit, falling to Rs 5 crore in FY24 from Rs 14 crore in FY23. The company reported a Return on Capital Employed (ROCE) of 26.32% and an EBITDA margin of 3.06%. On a per-unit basis, Libas spent Re 0.99 to earn every rupee in revenue. As of March 2024, the Delhi-based company reported current assets of Rs 269 crore, with inventory alone accounting for Rs 154 crore. Significantly, its cash and bank balance stood at just Rs 30 lakh. According to startup data intelligence platform TheKredible, Libas has raised $18 million of funding from India Advantage Fund. The company’s co-founders, Sidhant Keshwani and Sunil Keshwan, own 84% of the company. Women’s ethnic wear is a crowded market at the best of times, and Libas has done well to get close to Rs 500 crores. But every milestone in the segment takes a lot of effort with ever changing trends for a fickly consumer. Libas has its work cut out if it wants to regain better margins, and quite simply, there is no easy way to get there. Be it exports, an offline play, or a cutback on advertising, the brand faces tough choices ahead to ensure it does not flare out like so many fashion brands. The good news is that contrary to opinion you might hear, ethnic wear is not going anywhere soon, as the strength in even saree sales indicates. If anything, the top brands have moved to a premiumisation model after building a strong reputation for quality. With its online focused approach, Libas will not find that easy to do, hence our belief that the brand is set to make some tough calls soon.

BluSmart drivers face uncertainty amid company troubles, founder issues

EntrackrEntrackr · 2m ago
BluSmart drivers face uncertainty amid company troubles, founder issues
Medial

BluSmart suspended its operations in April in Mumbai, Delhi-NCR, and Bengaluru, asking its 10,000 driver-partners to return their vehicles. The move has left several drivers scrambling to find new sources of income. Rajesh [name changed], a 35-year-old man in Gurugram, secured a driving job with a heavily VC-funded electric vehicle cab hailing company which once aimed to take on the duopoly of Ola Cabs and Uber in India. An average income of Rs 20,000 to Rs 25,000 per month, Rajesh admits, was not much for his family but managed to pay bills. Though, Rajesh, who also is a father of two young children, put in 10 hours to 12 hours daily - to reach the estimated monthly income. With his company now pausing the services, Rajesh has no source of earning, and does not know how he will pay his kids’ education fees. "... Now, I don’t know how I’ll manage. I missed my kids' school fees this month. My family depends on me, and I’ve never felt so helpless,” a visibly stressed Rajesh told Entrackr. One of the things that is agonising Rajesh the most is the deceptive way his employer pushed them out. “On Wednesday (April 16th), we [drivers] received a message saying the car needed to be submitted to the hub for a breakdown. We thought it was just a minor technical issue. When we got there, they told us it was a failure and we’d be informed later. But there was no word from the company after that. We just had to go home. We were left in complete shock," says Rajesh as his voice strains, reliving the fateful moment. Rajesh says he was among the first lot of employees, when the company had just 50 cars. Like many others, he too bought the company’s promise of stability. “Now, it feels like we’ve been left out to dry,” he said. “I’m considering working with Uber or Ola… I’m looking for something else, maybe a different field altogether. But BluSmart was my livelihood, and I’d go back in a heartbeat if they reopened. It was my only source of income,” he added. Rajesh’s story resonates with another thousands of drivers who are now scrambling to find new sources of income after BluSmart’s sudden suspension of its services. Entrackr has reached out to BluSmart seeking responses on how they plan to compensate the affected drivers. In case they respond, we will incorporate their inputs. Staging the protest On May 4, a group of BluSmart drivers raised their grievances at Jantar Mantar, a historic site for protests. They pressed for demands for alternative income avenues as well as called for crucial policy reforms to prevent similar abrupt dismissals. Additionally, they also sought a government intervention. Tajinder Singh, president of Parivahan Morcha Athavale and also among those spearheading the protest, told Entrackr that women drivers of BluSmart were among those bearing the brunt the most as other taxi companies refused to recruit them. He further said that some drivers were working on a per day basis as and when required but asserted that this was not a long-term solution. “We are demanding compensation for affected BluSmart drivers. We have also sought government intervention so that the drivers can continue to earn their livelihood,” Singh said. Singh also claimed that hundreds of BluSmart employees working at charging hubs were affected by the company’s sudden suspension of its services. A business model that promised to be different than rivals Even as ‘sustainability’ remained the headline grabber, BluSmart also deployed a rather different business model compared to rivals Ola Cabs and Uber. The company used a full-stack B2C model wherein they owned and managed the vehicles whereas Ola and Uber work with independent drivers. The model allowed BluSmart to have a better control on the quality of cars, maintenance, and subsequently better customer service. For drivers, the company offered a fixed salary along with incentives. An assured income was a big factor why a lot of drivers showed interest in joining BluSmart. Ola and Uber, on the other hand, operated on a familiar commission-based system, also common with several gig working-reliant service providers. Singh also highlighted this stark difference between BluSmart and its rivals. He said that the job of driver was to pick and drop the passenger and earn a regular income (per day payout and incentives). They needed to work 10 hours to 12 hours a day. Other things like maintenance and documentation was taken care of by the company, giving drivers a more relaxed environment to operate. Blusmart has raised over $180 million to date, including its $50 million series B round in January this year. Though, it received only Rs 61 crore out of $50 million. That said, a heavily-funded BluSmart juggernaut appeared unstoppable, until it did. Earlier this year, reports emerged that BluSmart delayed salary payments to cash crunch. It had also shut down operations in Dubai and also saw an exodus of top management employees, including CEO, CBO, and CTO. A month later, SEBI published findings of its probe into Gensol Engineering, BluSmart’s partner and EV lessor. The SEBI order highlighted misuse of funds, and also barred promoters Anmol and Puneet Singh Jaggi from accessing the securities market and holding key positions in Gensol Engineering. What next for BluSmart drivers BluSmart drivers facing joblessness due to the shutdown can go for legal remedy and urgently demand clearance of any unpaid dues and better severance compensation, if not given already. The legal course, which may take a relatively long time, may also help them investigate if BluSmart violated the contract by sudden halting of their services and returning vehicles. Moreover, they can also seek intervention from regulatory boards. Singh, however, did not appear enthusiastic about taking the legal course. “Companies like these make such contracts that they keep them protected in such incidents and don’t have to own any responsibility towards people working so hard for them,” he said [loosely translated from Hindi]. As far as the future of the company goes, it’s hard to predict considering the massive VC money riding on the company. Despite the major dent in public image and also several legal troubles, it’s likely that the company may stay afloat with a rather new management and new board - a few known steps troubled companies often take to course correct. It’s worth noting that quality of drivers and cabs were the top highlight of the platform, and if it resumes, it should continue with that. With the ongoing protests and lack of communication between drivers and management, it seems unlikely that the company will enjoy the same level of trust from its network drivers.

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