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News on Medial
Peak XV-Backed Freo Next To Join The Reverse Flip Parade?
Inc42
·
9m ago
Medial
A startup is considering moving its headquarters from Singapore back to India due to the country's improving financial conditions. The company is also contemplating going public with an initial public offering (IPO) after completing the relocation. In the last fiscal year, the startup generated over INR 350 Cr in gross revenue and achieved a positive contribution margin.
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Peak XV-backed MoneyTap, Freo parent aims to clock a profit for FY25
VCCircle
·
11m ago
Medial
MWYN Tech Pvt. Ltd, the parent company behind digital banking platform Freo and personal loan platform MoneyTap, is aiming to achieve profitability for the fiscal year ending in March 2025. The company broke even in December last year and is now focused on generating a profit. MWYN Tech is backed by venture capital firm Peak XV.
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Consumer lending apps on track on profitability front
Economic Times
·
1y ago
Medial
Consumer lending fintech firms, such as Freo, Fibe, Kreditbee, and Navi, have shown signs of stability and profitability amid the pandemic. These startups have diversified their services and expanded into ancillary businesses, which has positively impacted their balance sheets. For example, Freo, backed by Peak XV, reported cash profitability since December 2023 and posted a gross revenue of Rs 350 crore in the fiscal year 2023. Fibe and Kreditbee also reported net profits, while Navi grew its digital personal loan portfolio. These firms are now exploring new product lines and partnerships to cater to a wider customer base.
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“Building a successful app is hard today”: failed startup founder
Inshorts
·
1y ago
Medial
Indian digital health startup Nintee shut down on Tuesday. Backed by Peak XV and Cred founder Kunal Shah, Nintee aimed to change habits with cheat codes for health, wealth, and wisdom. Founder Paras Chopra exited citing competition from YouTube and Fortnite. Most funds will be returned to investors. Employees will receive severance and offers to join Wingify, Chopra's other company.
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Peak XV hires investment partner in the US
Inshorts
·
4m ago
Medial
Peak XV Partners has roped in Arnav Sahu, a principal at startup accelerator Y Combinator in San Francisco as a partner, say sources. At YC, Sahu has been instrumental in driving growth investments, specifically working for the YC Continuity fund, which shut down in March 2023. Sahu is likely to join as a partner at Peak XV.
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Zepto Joins Reverse Flip Parade; Eyes India IPO In 2026
Inc42
·
1y ago
Medial
Indian unicorn Zepto, backed by Nexus, is considering a reverse flip to India, aiming for registration as an Indian company by 2024 and a public listing by 2026. The reverse flipping structure is yet to be finalized, but Zepto is reportedly exploring a share swap, with shareholders of the Singapore entity receiving shares of the Indian entity. This move aligns with a trend among Indian unicorns to redomicile to India, but challenges, such as tax implications and regulatory approvals, need careful consideration.
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Peak XV expands gains on decade-old bet
VCCircle
·
6m ago
Medial
Venture capital firm Peak XV continues to capitalize on its investments, expanding gains from a company it initially backed in 2014. With recent successful exits, Peak XV is now leveraging its $2.4 billion fund to maximize returns. The firm has demonstrated a knack for strategic investments, such as in co-working spaces and healthcare platforms, and is now looking to further monetize its decade-old bet.
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Peak XV makes one of its best exit moves from India portfolio
VCCircle
·
6m ago
Medial
Venture capital firm Peak XV Partners has made a successful exit from its Indian portfolio. The firm, which has recently achieved significant returns from investments in a coworking space provider and a healthcare platform, has now experienced a big win from a company it backed over ten years ago. Peak XV Partners is currently investing in sectors such as e-commerce and edtech.
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Shraeyansh Thakur resigns from Peak XV after a decade
Entrackr
·
4m ago
Medial
Shraeyansh Thakur resigns from Peak XV after a decade During his tenure at Peak XV, he was board member and observer for startups like Atlys, Meesho, Cars24, ApnaMart, Unacademy, Zetwerk, Urban Piper, Bijnis, among others. Shraeyansh Thakur, an investor at Peak XV Partners, has resigned after nearly 10 years at the venture capital firm, sources told Entrackr. This marks the fifth high-profile exit from Peak XV in the past year. “Shraeyansh Thakur has decided to quit the firm and is likely to launch his own venture soon,” said one of the sources requesting anonymity. Queries sent to Peak XV and Thakur did not elicit any response until publication of the story. "After an incredible 9+ years at Peak XV / Sequoia India, I have decided to embark on a new entrepreneurial journey. The next 10 years are going to be India’s golden digital decade and our founders now have true belief to create the world’s best companies from India," said Thakur in a Linkedin post. Last month, Peak XV’s managing partners, Shailesh Lakhani and Abheek Anand, stepped down after serving for more than a decade. Prior to that, Anandamoy Roychowdhary, a partner at Peak XV's Surge, departed after over 11 years at the firm, while Piyush Gupta, then Managing Director, left after seven years to launch his secondary-focused fund, Kenro Capital. Meanwhile, Rishen Kapoor, co-founder and CEO of SaaS startup Toplyne, has returned to Peak XV Partners after his three-and-a-half-year-old venture shut down. In October last year, Peak XV reduced its $2.85 billion fund by 16% as part of a strategic shift towards investing in a more measured manner amid elevated valuations in the Indian market. This development came a year after Sequoia Capital rebranded as Peak XV.
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Swiggy Instamart Architect Karthik Gurumurthy Floats Cricket Activewear Brand Ten X You
Inc42
·
8m ago
Medial
Ten X You is a new activewear brand startup, led by CEO Gurumurthy. The company aims to sell cricket accessories, gear, footwear, apparel, and equipment. There are indications that legendary cricketer Sachin Tendulkar may join as a co-founder. Investors in the startup include Peak XV Partners and Whiteboard Capital.
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Peak XV-backed healthcare AI startup Qure.AI aiming for IPO in two years, CEO says
VCCircle
·
1m ago
Medial
Qure.AI, a healthcare AI startup founded in 2016 and backed by Peak XV Partners and Novo Holdings, plans to become profitable next financial year and aims for an initial public offering (IPO) in about two years, according to CEO Prashant Warier. The company provides AI diagnostic tools for early disease detection, serving around 15 million patients annually. It aims to expand its market presence, particularly in the U.S., contributing 25% to its revenue.
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