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Eruditus' journey: From being rejected by 20 investors to becoming a unicorn

Money ControlMoney Control · 2y ago
Eruditus' journey: From being rejected by 20 investors to becoming a unicorn
Medial

Watch the full podcast by clicking on source button below. Founded by Ashwin Damera and Chaitanya Kalipatnapu in 2010, executive education startup Eruditus started out with offline classes with faculty from Europe’s INSEAD and the Indian Institute of Management (Ahmedabad), teaching a 10-day classroom programme in a 5-star hotel for 10-15 people, mostly working professionals. From 2015 onwards, it started an online teaching model and raised venture capital from investors such as Bertelsmann and Sequoia Capital India. Today, Eruditus and Emeritus, its online wing, make Ivy League education accessible and affordable to those who seek it, having tied up with the likes of MIT, Harvard, Columbia, Berkeley and INSEAD. In this episode of Bits to Billions, second-time entrepreneur Ashwin Damera spoke about the state of ed tech in India, how the idea of Eruditus came about, the initial struggle and his plans to give back to the ecosystem through Damera Ventures.

Agritech startup Arya.ag gets $19.8 Mn debt commitment from DFC

EntrackrEntrackr · 1y ago
Agritech startup Arya.ag gets $19.8 Mn debt commitment from DFC
Medial

Grain commerce platform Arya.ag has secured a $19.8 million commitment from the United States International Development Finance Corporation (DFC) to guarantee a debt facility for its agri-commerce subsidiary, Aryatech. Arya.ag has become the first agritech startup to get close to secure two financing rounds in 2024, following a $29 million equity raise in July. The new funds will bolster Arya.ag’s capacity to connect farmers and farmer producer organizations (FPOs) with buyers nationwide, ensuring payment security, transaction transparency, and better market access, as noted in the company’s press release. Arya.ag connects sellers and buyers of agricultural products, facilitating efficient commerce and reducing waste to benefit the entire market. By integrating warehouse discovery, farmgate-level storage, finance, and market linkages, the company offers an end-to-end solution that builds trust across the agricultural value chain. Currently operating in 60% of India’s districts, Arya.ag manages over 11,000 agri-warehouses and claims to aggregate and store $3 billion worth of grain annually, while facilitating the disbursement of over $1.5 billion in loans to smallholder farmers, FPOs, and other stakeholders. Arya.ag reported a profit for the fiscal year ending March 2023. The company’s gross scale grew by 49.48% year-on-year to Rs 290 crore in FY23, while its profit surged 11-fold to Rs 7.58 crore during the same period. According to the company, its net revenue rose to Rs 360 crore in FY24, with a net profit of Rs 17 crore. Arya.ag has yet to file its audited annual report for the last fiscal year. Arya.ag competes with companies like DeHaat, Ninjacart, and Bijak. Following a substantial fundraising boom in 2021 and 2022, agritech startups are now facing challenges in securing venture capital for larger funding rounds. Data compiled by TheKredible indicates that agritech startups have raised approximately $170 million across more than 30 deals in 2024 to date.

Swiggy gets shareholder nod to raise Rs 10,000 Cr via QIP

EntrackrEntrackr · 3m ago
Swiggy gets shareholder nod to raise Rs 10,000 Cr via QIP
Medial

Swiggy gets shareholder nod to raise Rs 10,000 Cr via QIP Food and quick commerce major Swiggy has secured shareholder approval to raise up to Rs 10,000 crore via a Qualified Institutional Placement (QIP), opening the door to one of the largest equity raises by an internet-era company in India. The special resolution was passed at an Extraordinary General Meeting (EGM) held on December 8, after the board had cleared the proposal on November 7. According to the stock exchange filing, 99.47% of votes cast were in favour of the plan. With this approval in place, the issuance can proceed as soon as this week. The Rs 10,000 crore infusion will be used to bolster Swiggy’s capital base and accelerate growth across its core food delivery business and its quick-commerce arm Instamart. With competition heating up in the instant-grocery segment, from the likes of Blinkit and Zepto, Swiggy needs a substantial war chest for warehousing, dark stores, logistics, and customer acquisition. At the current trading price, the fresh issue could result in over 10% equity dilution for existing shareholders. This marks Swiggy’s first major capital raise since its IPO in November 2024, when it raised roughly Rs 4,500 crore. Recently, Swiggy reported that its losses widened 74% year-on-year to Rs 1,092 crore in Q2 FY26, while Instamart’s revenue doubled during the same period. The company’s operating revenue surged 23% to Rs 3,760 crore in the quarter, driven by higher order frequency and quick-commerce traction. Meanwhile, the Bengaluru-based company also exited Rapido, securing Rs 2,399.5 crore and yielding over a 2.5X return on its investment made less than four years ago. With market conditions and investor demand permitting, the QIP could be launched imminently. If successful, it would provide Swiggy with the financial leverage needed to accelerate scale in both food delivery and quick commerce, though the dilution may also test the patience of existing retail investors.

Paytm gets relief as Supreme Court stays Rs 5,712 Cr GST notice

EntrackrEntrackr · 10m ago
Paytm gets relief as Supreme Court stays Rs 5,712 Cr GST notice
Medial

Paytm gets relief as Supreme Court stays Rs 5,712 Cr GST notice. In its order, the apex court directed, “Further proceedings of all the impugned show cause notices shall remain stayed till the final disposal of the main matter along with all the matters which are tagged.” The Supreme Court of India has stayed the proceedings of a Rs 5,712 crore GST Show Cause Notice (SCN) issued to First Games Technology Private Limited, a subsidiary of One 97 Communications Ltd (Paytm). Paytm shared the update in a regulatory filing on May 24, after the Supreme Court issued an interim order on May 23. The order came in response to a petition by First Games, which challenged a GST notice from the Directorate General of GST Intelligence (DGGI) for the period from January 2018 to March 2023. In its order, the apex court directed, “Further proceedings of all the impugned show cause notices shall remain stayed till the final disposal of the main matter along with all the matters which are tagged.” The stay gives Paytm’s gaming arm temporary legal relief and more time to defend its case without facing immediate penalties. Earlier, Paytm said the notice is part of an ongoing issue in the online gaming industry. The disagreement is about GST being charged at 28% on the full entry amount, while gaming companies believe it should be 18% only on their actual earnings from platform fees. The SCN is part of a broader industry-wide probe by the GST department, which has issued similar notices to several gaming companies. The matter is being closely monitored by stakeholders across the online gaming sector. Paytm's operating revenue fell by 16% year-on-year to Rs 1,911 crore in the fourth quarter of FY25, down from 2,267 crore in the same quarter of FY24. However, the Noida-based company narrowed its losses to 23 crore in Q4 FY25, a 96% reduction from 536 crore in Q4 FY24.

MakeMyTrip eyes India listing to tap domestic capital markets

EntrackrEntrackr · 3d ago
MakeMyTrip eyes India listing to tap domestic capital markets
Medial

MakeMyTrip, a travel platform listed on NASDAQ, is considering an initial public offering (IPO) for its India operations. This strategic listing would allow the company to tap into domestic capital markets and strengthen its position in India. This represents the Gurugram-based company’s second attempt to list in India in the past five years. The decision to list in India comes at a time when MakeMyTrip’s market cap has dropped from $10 billion to $4.5 billion over the past six months. Analysts say that weaker demand in specific travel segments, along with broader industry challenges, led MakeMyTrip to miss its revenue estimates and push its stock to a 52-week low. According to a company press release, the firm is exploring a potential listing of MakeMyTrip India, the entity that owns its key brands and operations in the country. It recently completed an internal restructuring by merging RedBus India into MakeMyTrip (India) Private Limited which consolidated its core India businesses under a single entity. The announcement was part of a larger update where MakeMyTrip confirmed its commitment to becoming the leader in India's travel market by investing, buying other companies, and improving technology. The company expects the move to enable the use of India-listed equity as consideration for future growth initiatives. The firm recently acquired a majority stake in group tour operator Flamingo Transworld and made a strategic minority investment in visa processing platform Atlys to expand its travel ecosystem. The Rajesh Magao-led firm also attempted to list in India shortly after Covid (2021–2022). However, it could not proceed due to challenging market conditions, when its peer Ixigo also deferred its listing plans. On the financial side, MakeMyTrip’s operating revenue increased by 11% to $295.7 million in Q3 FY26 from $267 million in Q3 FY25, while its profit decreased by 74% to $7 million in the same period.

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