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News on Medial
Pickleball’s creating a racket in India, enough for investors to bet big on it
Livemint
·
5m ago
Medial
Pickleball is rapidly gaining popularity in India, transforming from a recreational activity to a booming business opportunity. The sport, a mix of tennis, badminton, and table tennis, is witnessing significant growth, with startups like GoRally and Goodland Pickleball expanding rapidly. India’s pickleball market is expected to grow at a 26% annual rate. The sport's inclusivity and affordability drive its popularity, attracting investors and participants, especially in tier 2 and 3 cities, signaling a shift in India's sports culture.
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Stop this deshdroh: Anupam as Suhel says '80% of Indian startups are a racket'
Inshorts
·
4m ago
Medial
After Indian businessman Suhel Seth appeared on a TV debate and said, "80% of the startups in India are nothing but a racket," entrepreneur Anupam Mittal posted on X, "Ye deshdroh bandh karo (Stop this treason)." Anupam added, "Aren't we harassed enough that we need this crab mentality egging the bureaucracy on by calling founders and VCs frauds?"
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Nvidia backs little-known upstart in India’s biggest AI bet yet
Economic Times
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1y ago
Medial
Yotta Data Services, an Indian startup, is placing a big bet on artificial intelligence (AI) by offering high-performance computing capabilities from data centers in India. The company is set to feature at Nvidia's developer conference in California, marking India's largest AI investment yet. Yotta aims to provide affordable access to Nvidia's AI chips and develop India-built AI models to cater to the growing demand in the country. With the global AI market projected to reach over $2 trillion by 2032, Yotta's move indicates the immense potential for AI outside of the US.
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Job growth in FY24 highest in more than 40 years
Money Control
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1y ago
Medial
The Reserve Bank of India has released an update to the India KLEMS database, revealing a significant increase in employment growth in the Indian economy in 2023-24. According to the data, the employment growth rate reached 6 percent, the highest since 1981-82. This contradicts the notion that India is not creating enough jobs. The KLEMS estimates indicate a positive trend in employment opportunities.
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Bain Capital logs out of another India bet with modest returns
VCCircle
·
1y ago
Medial
Bain Capital, a global private equity firm, has exited another company in India, marking modest returns on its investment. The firm had been active in India in the previous year, making several deals and exits. Bain Capital was also reportedly among the potential investors for Haldiram's.
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India iPhone business outpaces individual EU countries for Apple, Morgan Stanley says | TechCrunch
TechCrunch
·
1y ago
Medial
Apple's iPhone revenue in India increased by 42% YoY to $8.7 billion in 2023, with shipments growing by 39% to 9.2 million units, making India its fifth-largest smartphone market, according to Morgan Stanley. Although India's iPhone market is not yet big enough to offset declines in China, if growth continues at the same pace, India could overtake China by 2027. The demand for premium devices with higher storage capacities is driving growth in India. Apple sees India as a significant growth engine, with revenue estimated to reach $40 billion by 2032.
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ED gets 3-day custody of top Vivo India execs
Livemint
·
1y ago
Medial
Vivo India's interim CEO, CFO, and consultant have been arrested by the Enforcement Directorate (ED) on charges of money laundering. They have been remanded to custody for three days. The arrests were made due to their alleged involvement in acquiring proceeds of crime amounting to ₹20,241 crore. The executives are accused of not cooperating with authorities. This comes after the arrest of four industry executives in October, including a Chinese national, for alleged wrongdoings by the Chinese smartphone maker in India. The ED had raided Vivo India last year for its involvement in a money-laundering racket.
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Elon Musk unveils X's Community Notes in India, tackling misinformation: How it works
Livemint
·
1y ago
Medial
Elon Musk's micro-blogging platform, X, has introduced the 'Community Notes' program in India to combat misinformation. The initiative allows users to fact-check tweets and contribute to creating a more informed digital environment. Contributors must meet specific criteria, such as having no recent violations of X's rules and being a member for at least six months. Notes claiming a post is potentially misleading can be shown on the post if rated as helpful by enough people. The program aims to enlist individuals from diverse backgrounds to assess content credibility.
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Sanjeev Bikhchandani hits back at startup critics: 'Founders take a risk'
Business Today
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4m ago
Medial
Sanjeev Bikhchandani, founder of Info Edge, defended Indian startups against Suhel Seth's criticism, which labeled 80% of them as a "racket." Bikhchandani asserted that this claim is untrue and unfounded. He highlighted the significant $15 billion investment by Masa Son and SoftBank in India. While Piyush Goyal expressed concerns about the focus on low-value gig work over deep-tech innovation, Suhel Seth further challenged statements made by Zepto co-founder Aadit Palicha.
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How Fampay's Rs 200 Cr bet on fintech for teenagers fell flat
Entrackr
·
11m ago
Medial
Narratives are considered as important as the business plan for startups. And fintech startup Fampay sold its narrative very well. During the funding boom of 2021 it raised $38 million in what’s been one of the largest series A funding rounds. The firm’s pitch-to target the teens below 18 years of age found ready takers among venture funds, including Elevation Capital, Peak XV (formerly Sequoia Capital), General Catalyst. How things will pan out for a startup that’s high on narrative but low on core business fundamentals is anyone’s guess. An abrupt pivot From a peak of 10 million users in 2022, Fampay’s troubles stem from a single event – when IDFC Bank pulled the rug out from under it in February 2023 as its payments partner. This forced account holders to exhaust their balance within a short deadline. It was all downhill from there, as not only did Fampay lose its not-so-loyal users acquired at a high cost, but also struggled to recover from the blow. This is not the first time and won’t be the last time teenagers surprise those who thought they have figured them out. Fampay, however, is still struggling to come to terms with the losses it suffered. Two years after the mammoth fundraise, Fampay pivoted to become a UPI-focused app (TPAP like PhonePe and Paytm) in March 2023. The pivot was much needed for the survival of the firm which burnt over Rs 200 crore on the abandoned biz. The Bengaluru-based firm lost Rs 120 crore alone in FY23 with a single digit revenue figure. Numbers unmask the dud Fampay finally published its annual financial statement for FY23 with the RoC after a year-long delay. The five-year-old fintech firm reported Rs 7.7 crore in revenue. Income from commissions and partnerships accounted for 50% of the total operating revenue, which stood at Rs 3.8 crore in FY23. Meanwhile, payment facilitation brought in Rs 1.3 crore, whereas subscription fees added another Rs 2.8 crore to the company’s coffers. The Peak XV-backed firm’s employee benefits surged 2.95X to Rs 65 crore in FY23. This cost is more or less going to be much smaller in the following fiscal as the firm laid off some of its staff at all levels in April. Moving on, Fampay’s marketing spends jumped 2.7X to Rs 41 crore in FY23. The burn on legal, subscription, technology, traveling, and other overheads took the company’s overall cost to Rs 137 crore in the fiscal year ending March 2023 from Rs 51 crore in FY22. Importantly, the company extended an unsecured loan of Rs 55 crore to Pehe Limited to acquire Tri O Tech Solution Private Limited ( a wholly owned subsidiary of Pehe) with a PPI license, at a 6% interest rate for one year. However, after a year of non-payment, the timeline was extended, with the interest rate increased to 7.6%. With a marginal revenue and a baggage of mounting expenditures, Fampay’s losses surged 2.8X to Rs 120 crore in FY23 from Rs 43 crore in FY22. Its ROCE and EBITDA margin worsened to -67.4% and -700%, respectively. On a unit level, it spent Rs 17.79 to earn a rupee in FY23. Fampay has raised $48 million to date including its $38 million led by Elevation Capital in 2021. According to the data intelligence platform TheKredible, Peak XV, Elevation Capital, and Venture Highway are the notable investors in the company. Post pivot, Fampay entered the top 10 list of UPI-based payments apps in November last year. As per data published by NPCI, Fampay registered more than 50 million transactions through UPI in July 2024. It surpassed other apps such as BHIM, WhatsApp, MobiKwik and Flipkart UPI. Do or die, or just sell? A selloff, rather than survival, seems to be the plausible route Fampay is headed for, assuming that suitors are available for it. Having burnt so much on its original premise, even as the firm seems to have done a decent job of cracking the UPI payments code, it might be too little, too late. One would have to assume that the final throw of the dice for this firm is to do well enough on the UPI pivot, and show enough momentum for a suitor to consider it a worthwhile acquisition. Like many firms in the space, Fampay would have had a much better chance if the government/RBI had finally relented on allowing UPI providers some leeway on charging fees for their services, but until that division hangs in the air, the company might just hang up its boots in the business.
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Ex-DealShare Cofounder Makes A $1 Mn Sportstech Bet
Inc42
·
10m ago
Medial
Here are the requested bullet points: - Sports tech startup founded in March 2024 - Raised INR 9.4 Cr in funding from investors such as Blume Ventures, Roots Ventures, and QED Innovations Lab - Focuses on supporting and assisting sports academies in India - Founder, Vineet Medda, previously held the position of CEO and cofounder at DealShare - Medda left DealShare in January 2024 for his new venture
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