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Swiggy Instamart Architect Karthik Gurumurthyโs Venture Nets $3 Mn Led By Matrix Partners India
Inc42
ยท
1y ago
Medial
Karthik Gurumurthy, the former senior vice president of Swiggy and the architect behind Swiggy Instamart, has reportedly secured $3 million in funding for his new offline retail venture called Convenio. The funding round is led by Matrix Partners India and angel investors. Convenio aims to provide good quality fresh produce at affordable prices and will operate in the offline space, mirroring Swiggy's business model. Gurumurthy's departure from Swiggy was announced in November last year.
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Swiggy Mall Head Gurumurthy to quit, start his own venture: Report
Money Control
ยท
1y ago
Medial
Karthik Gurumurthy, SVP at Swiggy, is leaving the company to start his own venture in the offline space. Gurumurthy, who built Swiggy Instamart, will be focusing on a low-cost physical store model similar to Aldi in Germany. His expertise in food and vegetables (F&V) from Swiggy Instamart is expected to attract venture funding for his new venture.
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Swish Bags $2 Mn From Accel To Deliver Food In 10 Minutes
Inc42
ยท
7m ago
Medial
Swish, a Bengaluru-based startup, has raised an undisclosed amount in a seed funding round led by Sauce.vc. The funding will be used to expand operations and increase presence in Bengaluru. Participating angel investors include ex-Swiggy Instamart head Karthik Gurumurthy and Urban Company founders Abhiraj Bhal and Varun Khaitan. Swish, founded in August this year, offers fast food delivery in 10 to 15 minutes through its mobile app.
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Now, Another VP Down At Swiggy Instamart
Inc42
ยท
1y ago
Medial
Karan Arora, Vice President and Head of Supply Chain Management at Swiggy Instamart, has left the company. Arora, who was with the food delivery major for three and a half years, will be joining Karthik Gurumurthy, former head of Swiggy Instamart, as a co-founder of his new venture, Convenio. Swiggy is yet to announce Arora's replacement. This departure adds to a series of high-profile exits from the company, which is preparing for a $1 billion IPO in FY24. Swiggy has been cutting costs in anticipation of the public listing.
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Former Unacademy executive Vivek Sinha nets $11 Mn for his new Edtech Venture
Inc42
ยท
1y ago
Medial
Former Unacademy executive Vivek Sinha has raised $11 million in funding for his new edtech startup. The funding round included participation from Lightspeed Venture Partners, Matrix Partners, and angel investors such as OYO CEO Ritesh Agarwal and Unacademy CEO Gaurav Munjal. Sinha's startup, focused on the upskilling sector and supporting the healthcare industry, remains undisclosed in its name. Sinha left his position as COO of Unacademy in August and is actively seeking more angel investors for the funding round.
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abCoffee Nets $3.4 Mn To Boost Supply Chain, Tech Stack
Inc42
ยท
1y ago
Medial
Coffee brand abCoffee has raised $3.4 million in a Series A funding round led by Nexus Venture Partners. The funds will be used to enhance the company's supply chain and technology innovation, allowing it to offer on-demand coffee at lower prices and with reduced wait times. Founded in 2022, abCoffee has already garnered a loyal customer base and sells its products through outlets, as well as on platforms such as Swiggy and Zomato. The latest funding follows a $2 million seed round secured by the company in September 2022.
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Str8bat Nets $3.5 Mn To Offer Real Time Data Insights To Cricketers
Inc42
ยท
9m ago
Medial
1. Str8bat secures $3.5 Mn in Series A funding led by Exfinity Venture Partners. 2. The cricket-focused startup aims to transform athlete training and performance tracking. 3. Str8bat's technology includes a "smart willow" bat that utilizes IoT devices to measure important metrics like bat speed and impact speed. 4. The company plans to expand globally, with target markets including the UK, South Africa, and the US. 5. Str8bat also has ambitions to diversify into other sports such as tennis, golf, and badminton.
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Karthik Gurumurthy Returns Money To Investors, Stalls Offline Venture Plan: Report
Inc42
ยท
1y ago
Medial
Gurumurthy, a startup entrepreneur, has returned the capital raised from investors, including Matrix Partners India. However, he is already working on a new startup and formulating a fresh plan. Gurumurthy had previously secured a funding of $3 million for his new offline retail venture with the support of Matrix Partners India and several angel investors.
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Sachin Tendulkar pads up to venture out with a new sports brand
Economic Times
ยท
11m ago
Medial
Legendary cricketer Sachin Tendulkar is set to launch a new sports athleisure brand in collaboration with former Swiggy Instamart head Karthik Gurumurthy. The venture is being incubated by early-stage venture fund Whiteboard Capital. The startup, called SRT10 Athleisure Pvt Ltd, aims to position itself as a rival to top brands like Nike but with affordable pricing and a focus on local manufacturing. Tendulkar will be actively involved in product development, with an initial focus on sports such as cricket and badminton. The startup is also in the process of raising capital from a top venture capital fund.
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Matrix Partners India Rebrands To Z47 As Part Of A Global Renaming Exercise
Inc42
ยท
1y ago
Medial
Matrix Partners, a US-based venture capital firm, has announced a name change for its branches. Matrix Partners China will now be rebranded as MPC, while operations in the US will continue under the name Matrix. Additionally, Matrix Partners India will adopt the new name "Z47," inspired by India's goal of becoming a developed country by 2047. The firm aims to clarify the unique approach each team takes in their respective geographical markets.
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Neysa Bags $30 Mn To Fuel Its GenAI Adoption
Inc42
ยท
8m ago
Medial
Neysa, a startup, is set to utilize its recent funding to bolster its AI infrastructure, research and development efforts, and prepare for the launch of its GenAI acceleration cloud service. The company is focused on collaborating with various partners in the global system integration, cloud services, and AI software sectors. Notably, Neysa raised $20 million in seed funding around six months ago, with contributions from investors such as Matrix Partners India, Nexus Venture Partners, and NTTVC.
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