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WestBridge-backed Phenom acquires HR tech startup EDGE
VCCircle
·
5m ago
Medial
US-based HR tech firm Phenom People Inc, backed by Indian private equity firm WestBridge Capital, has acquired Bengaluru-based startup EDGE, known for its talent management platform. This marks Phenom's sixth acquisition overall and its second in under eight months, although financial terms were not disclosed. The acquisition aims to enhance Phenom's workforce intelligence solutions for professional services and global capability centers by integrating advanced resource planning into its "Intelligent Talent Experience" platform.
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WestBridge-backed Adda247 acquires CA-prep firm
VCCircle
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1y ago
Medial
Delhi-based edtech startup Adda247, backed by investors like WestBridge Capital, Google, and Info Edge, has made its fourth acquisition. The company, operated by Metis Eduventures, has acquired a CA-preparation firm as part of its expansion strategy. Adda247 offers exam preparation materials and online courses for various competitive exams in India. The acquisition is expected to further strengthen Adda247's position in the market.
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A Drive to Make HR Phenomenal, with AI and AWS
YourStory
·
5m ago
Medial
Mahe Bayireddi, inspired by Amazon’s customer-centric approach, co-founded Phenom to revolutionize HR through AI personalization, targeting talent acquisition and management across industries. Phenom’s platform aids candidates in career pathing, harnessing AI for personalized experiences. Partnered with AWS, Phenom utilizes SageMaker and Rekognition Image for scalable solutions. Mahe anticipates AI advancements to automate processes, transforming talent interactions. Despite skepticism about AI singularity, he views AI-driven shifts as opportunities for new job roles, emphasizing continuous adaptation and learning.
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Edtech startup Adda247 acquires Veeksha to strengthen test prep amid competition
Money Control
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2y ago
Medial
Edtech startup Adda247 has acquired Veeksha, a move aimed at enhancing its test preparation offerings in the face of increasing competition. The acquisition will enable Adda247 to bolster its position in the market by leveraging Veeksha's expertise and resources. The deal reflects Adda247's commitment to expanding its reach and providing comprehensive educational solutions to students preparing for competitive exams. This comes months after Adda247 allegedly spent as much as Rs 100 crore to poach five teachers from PhysicsWallah, another WestBridge Capital-backed company, to start a platform on YouTube called Sankalp.
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HR tech platform Keka posts Rs 78 Cr revenue in FY24; losses spike 2.8X
Entrackr
·
7m ago
Medial
HR tech platform Keka continued its growth journey with a 62% year-on-year increase during the fiscal year ending March 2024. However, this growth came at a steep cost, as the Hyderabad-headquartered firm's losses surged 2.8X in the last fiscal. Ten-years-old Keka's revenue from operations grew to Rs 78 crore in FY24 from Rs 48 crore in FY23, its annual financial statements sourced from the Registrar of Companies (RoC) show. Founded in 2015 by Vijay Yalamanchili, Keka provides HR-related solutions that aim to streamline and automate payroll, recruiting, leave and attendance, performance management, and more. According to the company, its HR application is embraced by 2.5 million employees. For the SaaS startup, the subscription income from the sale of its closed-based HR and payroll management software (Keka HR) accounted for 97.4% of its overall operating revenue which grew 60% to Rs 76 crore in FY24. The remaining revenue came from one-time implementation fees for the WestBridge Capital-backed firm. The company also added Rs 9 crore from interest on deposits and current investments, which led its total revenue to Rs 87 crore in FY24, as compared to Rs 54 crore in FY23. Similar to other SaaS companies, employee benefits accounted for 64.5% of the overall expenditure. This cost spiked 94% to Rs 107 crore in FY24. It includes Rs 6 crore ESOP cost which is non-cash in nature. Keka's advertising spend surged 3.6X to Rs 22 crore in FY24. Its informational technology, rent, traveling, legal, and other overheads took the total expenditure up by 100% to Rs 166 crore in FY24 from Rs 83 crore in FY23. See TheKredible for the detailed cost breakup. With around 2X growth in advertising and employee benefits, Keka's losses spiked 2.8X to Rs 80 crore in FY24, compared to Rs 28 crore in FY23. Its ROCE and EBIDTA ratios were recorded at -85% and -89%, respectively. Keka's expense-to-earning ratio stood at Rs 2.13. During the end of FY24, its total current assets registered at 97 crore including the cash and bank balance of Rs 88 crore. Keka has raised around $59 million to date including a $57 million Series A led by WestBridge Capital in November 2022. According to the startup data intelligence platform TheKredible, WestBridge Capital is the largest external stakeholder with 20% while its founder and chief executive officer command 66% of the company.
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Ajim Premji-Backed Increff Fires 20% Workforce
OutlookIndia
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1y ago
Medial
Backed by Ajim Premji, Increff, an e-commerce startup, has reportedly laid off 20 employees. The move comes amidst market challenges and a need for optimization. Increff focuses on fashion and lifestyle brands, providing technology solutions to enhance inventory management and supply chain. The startup aims to streamline operations and maintain competitiveness in the e-commerce sector. Around 60 employees from tech, sales, customer success, and HR departments were laid off
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WestBridge-backed edtech firm Adda247’s co-founder quits
VCCircle
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10m ago
Medial
The co-founder of edtech startup Adda247, backed by WestBridge Capital and Google, has resigned from the company. Adda247 operates an exam preparation platform in multiple languages and recently acquired Ekagrata Eduserv Pvt. Ltd.
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Adda247 acquires CA test prep platform Ekagrata
Entrackr
·
1y ago
Medial
Google-backed edtech company Adda247 has acquired chartered accountancy (CA) test preparation platform Ekagrata Eduserv for an undisclosed amount. Adda247 had previously acquired StudyIQ in January 2021 and Veeksha in July 2023. This acquisition is expected to significantly expand Adda247’s user base, which currently has 40 million monthly users (MAU). It will position Adda247 to capture a substantial share of the booming CA test preparation market, the company said in a press release. As a part of the acquisition, Anshul Agrawal, founder of Ekagrata , will be appointed as the director of CA vertical at Adda247 to lead the category. The strategic acquisition will also see Ekagrata’s employees becoming a part of Adda247. According to market research, the CA test preparation market is valued at Rs 800 crore (nearly $100 million). The acquisition comes soon after Adda247’s expansion into the skilling, up skilling, and higher education sectors. Co-founded in 2016 by Anil Nagar and Saurabh Bansal, Adda247’s offerings include live online classes, on-demand video courses, mock tests, and e-books. As per startup data intelligence platform TheKredible, Adda247 has raised over $55 million to date from investors like Westbridge, Google, Info Edge, and Asha Impact. The firm was valued at $175 million during its last fundraise in October 2022. Gurugram-based Adda247’s revenue from operations jumped nearly two fold to Rs 115 crore in FY23 from Rs 61 crore in FY22. During the period, the firm’s losses increased by 4X to Rs 110 crore.
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Deel, the $12B HR startup, acquires Zavvy to step up consolidation play
TechCrunch
·
1y ago
Medial
Paris-based HR company, Deel, has acquired Munich-based AI startup, Zavvy, in a move to expand its offerings and cater to a wider range of workforces. Deel, known for its HR services geared towards distributed workforces, will integrate Zavvy's AI-based tools for personalized career progression, training, and performance management into its platform. The financial terms of the deal were not disclosed, but sources reveal that the acquisition price exceeded Zavvy's valuation of nearly $16 million. Deel, which has over 25,000 customers, aims to incorporate more AI across its expanded portfolio.
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How HR-tech startup Awign got valued in strategic deal as Capria, Amicus exit
VCCircle
·
1y ago
Medial
Awign, an HR-tech startup, has secured a strategic investment that resulted in early venture capital backers Capria Ventures, Lumis, Michael & Susan Dell Foundation, as well as recent backer Amicus Capital, exiting the company. The international investor acquired a majority stake in Awign, which offers a Work-as-a-Service platform. The move represents a significant valuation for Awign and highlights the growing interest in HR-tech startups.
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Inside The Messy Split Between Anupam Mittal’s Shaadi.com And WestBridge
Inc42
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10m ago
Medial
WestBridge Ventures and Shaadi.com founder Anupam Mittal are embroiled in a legal dispute over a Shareholders' Agreement (SHA) clause. WestBridge, which invested in Shaadi.com in 2006, is exercising its exit rights after the company failed to facilitate an IPO or buy back shares within five years. The case has been heard across multiple jurisdictions, including Singapore and India. WestBridge seeks to sell its shares, potentially to competitor Info Edge, which could lead to a hostile takeover of Shaadi.com. Mittal, who holds 30% of the company, opposes this, fearing significant consequences for the platform's future.
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