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

Money ControlMoney Control · 1y 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 · 8m 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.

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

EntrackrEntrackr · 1m 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.

Ola Electric under alleged insider trading probe; company responds

EntrackrEntrackr · 2m ago
Ola Electric under alleged insider trading probe; company responds
Medial

Ola Electric under alleged insider trading probe; company responds Ola Electric issued a clarification through a stock exchange filing, stating that the trades referred to were routine transactions involving shares acquired through exercising these ESOPs and not through the open market purchase. Ola Electric is reportedly under the regulatory lens, claiming that SEBI may investigate the electric vehicle maker for alleged insider trading. According to the report, the probe concerns suspicious trading patterns in the company's unlisted shares ahead of key internal developments. In response, Ola Electric issued a clarification through a stock exchange filing, stating that the trades referred to were routine transactions involving shares acquired through exercising these ESOPs and not through the open market purchase. The development follows an earlier warning from SEBI in January 2025, when the regulator flagged Ola Electric for breaching disclosure norms. At the time, the company had publicized a major retail expansion via social media before informing the stock exchanges, prompting SEBI to caution the startup against selective disclosure and remind it to adhere strictly to disclosure regulations under the SEBI (LODR) rules. In February 2025, a discrepancy emerged between Ola Electric’s reported sales figures of 25,000 vehicles and the approximately 8,600 vehicle registrations recorded on the government’s VAHAN portal. Ola Electric explained that the gap was a result of ongoing negotiations with its vehicle registration vendors. In April, the company secured the second position in the electric two-wheeler segment, with TVS Motor emerging as the market leader. Ola Electric's share price has declined to Rs 48.53, bringing its estimated market capitalization down to Rs 21,405 crore (approximately $2.5 billion). In Q3 FY25 (ended December 2024), the company reported a 19.4% year-on-year drop in operating revenue, falling to Rs 1,045 crore from Rs 1,296 crore in the same quarter last year. At the same time, its net loss widened significantly—up 50% year-on-year—to Rs 564 crore. Disclaimer: Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever.

Zepto raises $340 Mn at $5 Bn valuation

EntrackrEntrackr · 10m ago
Zepto raises $340 Mn at $5 Bn valuation
Medial

Quick commerce company Zepto has raised $340 million in a follow-on financing round led by General Catalyst, with Dragon Fund and Epiq Capital joining as new investors. Existing investors, including StepStone, Lightspeed, DST, and Contrary, also increased their stakes. With this new funding, the company’s valuation has surged by nearly 40%, rising to $5 billion from $3.6 billion in June, when it raised $665 million in its Series F round. Zepto, has raised over $1 billion in 2024, $1.2 billion in the past 12 months, and more than $1.5 billion since its inception. “The rationale behind this follow-on financing was twofold,” said Aadit Palicha, co-founder and CEO of Zepto. “First, the opportunity to bring on a lead investor of Neeraj Arora’s caliber from General Catalyst was one we couldn’t pass up. Second, strengthening our balance sheet is a strategic move, especially as the company continues to deliver robust growth and operating leverage.” Zepto serves millions of customers by delivering over 10,000 products across various categories within 10 minutes through a network of delivery hubs nationwide. The Mumbai-based firm claims it has nearly achieved EBITDA positivity with 140% year-on-year growth and an annualized gross merchandise value of over $1 billion (Rs 8,300 crore). As of May 2024, it also reports that about 75% of its stores are fully EBITDA positive. In FY23, Zepto registered a 14-fold increase in revenue to Rs 2,024 crore, though its losses widened to Rs 1,272 crore. The quick commerce sector is becoming increasingly competitive with Flipkart’s recent entry and BigBasket’s full shift to rapid delivery. Additionally, e-commerce leader Amazon is expected to join the market early next year. Currently, Zomato-owned Blinkit has emerged as top player in the quick commerce followed by Swiggy Instamart, Zepto and Tata Digital-owned BigBasket.

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