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Startups refund investors in ethical move after shutdown and failed pivot

EntrackrEntrackr · 9m ago
Startups refund investors in ethical move after shutdown and failed pivot
Medial

The shutdown of SaaS startup Toplyne took many by surprise, as the San Francisco and Bengaluru-based company became one of the few from the well-funded segment to halt operations. Having raised over $17 million from investors like Tiger Global and Peak XV, the firm also garnered attention for its commitment to return the remaining capital to investors, highlighting the importance of ethical practices in the startup landscape. Not just Toplyne, but a bunch of startups that shut down or pivoted have returned capital to their investors after struggling to establish a sustainable revenue model. They also encountered challenges such as funding shortages, adverse market conditions, and cash flow issues. According to data from TheKredible, as many as 8 Indian startups have refunded investors after either ceasing operations or unsuccessful pivots as of October 12. This accounts for 50% of all shutdowns and pivots that have occurred in the current calendar year. Paras Chopra-led Nintee was the first to announce its shutdown and return capital to investors in April this year. It was backed by Peak XV and angels like Kunal Shah. Following this, several other startups joined the trend, including edtech firm Bluelearn and trading platform Investmint, as well as offline firm Convenio, launched by former Swiggy senior vice president Karthik Gurumurthy. Most recently, agritech startup Greenikk also announced that it would refund investors after ceasing operations. It’s worth noting that Gurumurthy had raised $3 million from Matrix Partners and others in stealth mode. Earlier this year, two fashion tech companies—Fashinza and Virgio—opted to return capital to their investors after struggling to find traction with their original business models. Virgio, led by former Myntra CEO Amar Nagaram, raised over $37 million from investors including Prosus Ventures, Alpha Wave Partners, and Accel Partners before its pivot. Fashinza, the highest-funded company on the list, secured $150 million in equity and working capital from notable backers such as Mars Growth Capital, Liquidity Group, Accel, Prosus, WestBridge, and Elevation Capital. In the current debate about the market savvy of Bengaluru startups compared to those in Delhi NCR, it’s interesting to observe that five startups on this exclusive list originate from Bengaluru, whereas only two are from NCR. Between 2022 and 2023, several startups, including Frontrow, Udayy, ConnectedH, and Anar, had returned capital to their investors after shutting down operations for various reasons. The return of capital should not be as big a deal as made out, but catches attention simply because of the times we live in. When fund raising is treated as a massive success in itself, returning those (or whatever remains) funds is certainly a call a founder would make after much agonising normally. Or after burning through most of those funds in trying to pivot, than accept failure. While strong founder ethics and a long term view on the reputational impact is one factor, we believe it is also increasingly a function of how closely investors work with them. And yes, while it will never be as acceptable as many would like, failure is a lot less damaging to future prospects for a founder today than even a decade back. Many investors today, as they work with younger founders especially, keep a very close eye on the day to day running of the business and metrics, giving them a much more deeper understanding of business direction. Thus, where a thesis has failed completely, decisions on shut downs are being taken faster now. Finally, in the rarefied world of fund raising, where access to the right networks matter, as more startups have been funded, we can see longer memory for the performance of the deal sourcing people as well. It would be no surprise if many of these have played an instrumental role in ensuring a return of funds to a VC where they hope to do more work in the future.

Return Prime aims to make return management seamless for brands

EntrackrEntrackr · 1y ago
Return Prime aims to make return management seamless for brands
Medial

Bengaluru-based Return Prime provides a customer return platform which includes a business dashboard for managing returns. The company aims to make it easier for brands, specially smaller ones, to use its services through a plug-and-play model. Beyond basic returns, brands can use the Return Prime platform for automating return logistics, refunds, replacements, and more. We spoke to founder and CEO Shashwat Swaroop to learn more about Return Prime, what distinguishes it from the competition and the roadmap ahead. Here are the edited excerpts: How did you come up with this idea? I have always been extremely passionate about creating something and solving problems, building my brand which helped other people solve their challenges was always something that I intended to do. Once an eCommerce brand came to me with their return management nightmare. They were doing everything manually and it was too cumbersome. It was not only time-consuming but was impacting their customer experience too. Customers were used to a certain speed, standards, and experience, and to ensure their shoppers wouldn’t leave them, they needed a solution to cater to this. But building a whole software program was just out of reach – both financially and in terms of time! I then began researching, and my study confirmed what I suspected – there was a massive gap in the market for managing returns. Existing solutions were few and far between, and mostly focused on the US. We saw a chance to empower brands worldwide to make return management extremely seamless, one that ensures their GMV losses are minimized while customer experience is maximized, that’s what led to the birth of Return Prime. Please help understand how you generate revenues. The pricing models are quite fair and simple. This was one of the most important things for us to simplify. When we started building Return Prime, we were simplifying the complicated experience of returns for both brands and their customers so keeping everything around Return Prime simple was important. The pricing model is just based on the scale of business which is how many returns they do in a given month. One can start with the Free Forever plan if they are a small brand and pay nothing forever. They only have to choose a paid plan when they start to grow. As you grow, you can choose one of our Grow plans which starts at $9.99 a month. What are the key challenges in the industry that have not been addressed yet? And how do you plan to address this? We are working to solve the way businesses see returns. The correct solution is not to focus on reducing the returns but on figuring out how you can turn your returns into a revenue-making opportunity. Returns are simply inevitable so the merit is not in reducing it by another few per cent but in converting the majority of it into additional revenue. We are constantly working on it and on average, our brands see an ROI of 183%+ with Return Prime, which is on the cost they pay for Return Prime every month. This is going up constantly with our focused effort to turn returns into revenue. How has your startup performed since its inception? Please share statistics. We have been growing from day 1, completely bootstrapped. We grew 150% YoY in the last 3 years and this is not just India, across the globe. We serve merchants in 100+ countries today and our market share across these countries continues to increase every year. In the last 3 years, we have processed over 12 million returns for brands and customers globally. What are your short-term and long-term goals in terms of product and business expansion and diversification? From a product expansion point of view, we are focused on increasing the ROI for our brands as we believe in keeping strong fundamentals. While we do this, we will continue to increase our market share across other regions as well along with India. As consumer behaviour evolves, we are also trying to help brands offer Omnichannel returns experiences to their customers making it super easy and delightful for them. This not only helps the customer but also increases the repeat purchase and LTV for brands as this customer will trust them even more. On the other hand, we are also trying to help bigger brands solve more complex operational problems and policies which now with Return Prime is just a matter of click. We will continue to simplify complexities as we grow along with brands. In terms of geographical expansion, we will go deeper into some of the regions and increase our market share while we continue to turn returns into revenue for the rest of the world.

No hurry to sell, indefinite horizon on Zomato holding: Sanjeev Bikhchandani

EntrackrEntrackr · 1y ago
No hurry to sell, indefinite horizon on Zomato holding: Sanjeev Bikhchandani
Medial

Info Edge, India’s largest and most storied recruitment portal, has had a stellar run in the last three years with its portfolio company Zomato’s market cap surging almost 2.3X since its stock exchange debut. The firm’s bet on fintech unicorn Policybazaar is also paying off well. The company has made it clear it is in no hurry to book profits on these investments, even as it continues to nurse its own brands beyond Naukri to profitability. The firm, one of the few to survive the dotcom boom and bust cycle of 2000, has been led by founder and chairman Sanjeev Bikhchandani for a large part of this journey. And today, Bikhchandani has earned the right to be looked up to as the statesman for the sector. Entrackr caught up with Bikhchandani in his Gurugram office and he spoke on a range of topics including Naukri, Info Edge’s investments, serial entrepreneurs and corporate governance. Here are the edited excerpts. As a listed firm that carries a heavy overhang from its investment portfolio, does it worry you that it might impact the valuation of the core Naukri business? Not really. Institutional investors are smart. We give them adequate data so that they analyze Naukri thoroughly before making a conclusion about valuation. We don’t run Naukri for valuation every day or month or quarter. We look at how we create value for our shareholders in the long run. And that’s how we run our businesses. So, this hypothesis about our core or even group business doesn’t stand. Info Edge has been an investor in Zomato for over 14 years and despite the latter’s share price rising nearly 14o% from its listing price, Info Edge didn’t sell its shares. What level of return are you anticipating from Zomato? Actually, we don’t calculate Investment Return Rate (IRR). Info Edge invested in Zomato because of our conviction that it could become a great company. And if you are convinced about your conviction then it will happen. So, IRR is the happy incidental outcome of investing early behind companies that you want to help. That’s my belief. We are not in any hurry to sell and have an indefinite horizon. Every VC firm has a fund cycle and pressure to return capital to their limited partners but that’s not the case with Info Edge as you are investing from your own balance sheet. Could you elaborate on this? That pressure does not make this choice. We have a long term horizon and we call it patient capital. To be a successful early stage investor in India, you have to be quite patient because companies take anywhere between 10-15 years to go to IPO from seed stage. So if you have funds for only 6-10 years, you will not realize the full fruits of your investment. If you have a 20 year fund, you tend to perform better. However, such a horizon could be possible only when you’re investing from your own whole balance sheet. Do you believe that Blinkit could become bigger than Zomato? I think both are large but Blinkit is going to be fairly large. If we look at Zomato’s quarter-on-quarter numbers, online food ordering appears to have stagnated in top 10-15 cities. What’s your take on this? Obviously, there is the base effect. But, we don’t see stagnation. Also, you need to compare year-on-year, not quarter-on-quarter. When YoY numbers are compared, there is growth. I think full fiscal year performance is more important than quarter. We used to commonly hear about Naukri’s recruitment business that it was not the online presence, but your sales force or feet on the street that made the difference. Does that still hold true? Online sales have never been a big part of our strategy. When you want to sell more expensive products, you need face-to-face contact. At Naukri, we have clients whom we bill several crore rupees for annual subscription and such accounts need heavy offline touch. While the product will be consumed online, the stuff around it very often will be offline. Over the years, several players have tried to crack the recruitment business in the blue collar segment but most of them died. What are the challenges in the segment? Blue collar segment has broadly three challenges. First, it’s hyperlocal. The job seekers in this segment don’t move to different cities as they look for opportunities in and around their locality. Second, very often there isn’t a detailed text CV which makes the process slow and inefficient. Third, potential workforce in the segment do not search for jobs on the laptop and use vernacular languages. They are mostly on mobile. So you’ve got to adapt to all these things and still somehow get revenue and profit. We have been trying to get inroads in the blue collar segment for over two years now but we have just started monetizing it. Our future position in the segment depends on monetization. Some of the celebrated entrepreneurs are launching a second or third company without their first startup churning profit. How do you see this trend? I think this isn’t a progressive trend. As an entrepreneur, you need to focus on one thing and do really well. Once you’ve cracked that you can add on a second thing in the same company. Over the past couple of years, we have witnessed corporate governance issues with some startups. Even Info Edge saw serious lapses at 4B Networks. What’s your opinion about this? By and large, my belief is that 95-98% of Indian founders are genuine but there will be a few bad examples. Investors make sure that when something wrong happens in their portfolio, it is highlighted and actions are taken to ensure that such incidents do not repeat. Any governance issue isn’t good for anyone including limited partners, investors, founders and the startup ecosystem. What factors contributed to the lack of success with Info Edge’s e-commerce investments 99labels, MyDala, and Happily Unmarried? Limitation of raising foreign direct investment (FDI) and heavy investment into competition were two major reasons for failure of 99labels while MyDala had a product market fit (PMF) issue. Happily Unmarried is now a part of VLCC and we are still a shareholder there.

Funding and acquisitions in Indian startups this week [18-23 Mar]

EntrackrEntrackr · 1y ago
Funding and acquisitions in Indian startups this week [18-23 Mar]
Medial

This week, equivalent to 22 Indian startups raised $447.35 million in funding. These deals include nine growth-stage deals and 11 early-stage deals. Two early-stage startups kept their transaction details undisclosed. Last week, about 30 early and growth-stage startups collectively raised around $287 million, including four undisclosed deals. [Growth-stage deals] Among the growth-stage deals, nine startups raised $420.35 million in funding this week. Healthtech firm Engrail led the pack with $157 million in funding. Audio series platform Pocket FM, healthtech startup Ultrahuman, and content-to-commerce company The Good Glamm Group followed with $103 million, $35 million, and $30 million funding, respectively. Further, data collaboration software provider Atlan, cloud kitchen startup Curefood, B2B marketplace and retail platform Jumbotail, NBFC operating in remote rural parts, Dvara KGFS, and coffee brand SubKo Coffee also raised funds this week. [Early-stage deals] As many as 11 early-stage startups scooped funding worth $27 million during the week. MSME-focused lending-tech startup Optimo Loan topped the list followed by gaming startup Liquidnitro, boutique hotels firm Brij Hotels, and climate tech platform Sprih. The list further includes networking solution provider HCIN Network, AI music startup Beatoven.ai, B2B furniture cloud factory Relso, fintech firm Yenmo, and jewellery brand Jewelbox among others. The list of early-stage startups also includes two startup that kept the amount undisclosed. The startups are Droom and Dairy Day. For more information, visit TheKredible. [City and segment-wise deals] In terms of the city-wise number of funding deals, Bengaluru-based startups led with 14 deals followed by Delhi-NCR with 3 deals. Mumbai, Hyderabad, Kolkata, and Ahmedabad are next on the list. The complete breakdown of the city and segment can be found at TheKredible. [Series-wise deals] This week, seed funding deals are on the top spot with five deals. Four startups raised funding in Series B, followed by three pre-seed, three Series A, and two Series D deals. [Week-on-week funding trend] On a weekly basis, startup funding grew 56% to $447.35 million across 22 deals. Last week, 30 startups raised around $287 million in funding. The average funding in the last eight weeks stands at around $254 million with 26 deals per week. [Mergers and Acquisitions] This week witnessed only one acquisition deal. French influencer marketing firm YKONE acquired a 70% stake in Barcode, a content and influencer marketing agency for an undisclosed amount this week. [Fund launches] The week witnessed three startup-focused fund launches. American investment firm Alphatron Capital, which primarily makes limited partner-style bets on venture capital firms in India, has closed its maiden fund and received $30 million in commitments from its limited partners (LPs) for the fund. US-based multi-stage venture capital firm B Capital made the final close of its second opportunities fund with aggregate capital commitments of $750 million. Cedar Capital, the fintech-focused venture capital arm of management consulting firm Cedar and fintech market intelligence platform IBS Intelligence, also marked the first close of its $30 million FinTech Venture Capital fund, raising capital in the range of Rs 50 to 75 crore. [Shutdown and Layoff] OKX, one of the largest crypto exchanges in terms of trading volume, is shutting down its services in India. Citing local regulatory hurdles, the Seychelles-headquartered exchange notified its users in the country to close their accounts and redeem funds before April 30. Prosus-backed virtual events platform Airmeet laid off around 20% of its entire workforce earlier this week, as part of its second restructuring exercise within a year, people aware of the matter informed Inc42 on the condition of anonymity. Visit TheKredible to see series-wise deals and amount breakup, complete details of fund launches, and more insights. [New launches] ▪️ PB Fintech plans to incorporate a subsidiary to enter the PA biz [Financial results this week] ▪️ EV startup BattRE’s revenue dips to Rs 87 Cr in FY23; profit tanks too ▪️ Advantage Club crosses Rs 300 Cr revenue in FY23; profitability in sight ▪️ ZingHR posts Rs 84 Cr revenue in FY23; losses surge 84% ▪️ BetterPlace crossed Rs 500 Cr revenue in FY23; losses grew 47% ▪️ Eupheus Learning reports Rs 99 Cr revenue in FY23; improves economics ▪️ Safegold gross revenue nears Rs 5,000 Cr in FY23; turns profitable [News flash this week] ▪️ Builder.ai Co-founders booked by ED in two criminal cases ▪️ MIB warned influencers on promoting offshore online betting and gambling platforms ▪️ Zomato gets GST penalty notice from Gujarat’s Deputy Commissioner Of State Tax [Conclusion] After the stagnant funding in the past few week, the weekly funding grew 57% and crossed $450 million. In a positive development, this week again three VC firms launched startup-focused funds to support Indian entrepreneurs. While the layoffs and shutdowns reappeared this week as crypto exchange OKX is shutting down its services in India and virtual events platform Airmeet laid off around 20% of its entire workforce. Co-founders of AI-focused startup Builder.ai have reportedly been booked by the Enforcement Directorate in connection with two separate criminal cases. Sachin Dev Duggal is named as a suspect in an alleged money laundering case, while Saurabh Dhoot is linked to an alleged loan fraud case. Duggal’s involvement stems from the ED’s money laundering probe into the now-bankrupt electronics giant Videocon. The agency issued a summons to Duggal in 2022 to appear as a witness in the probe into alleged “unexplained transactions” between his company (not Builder.ai) and Videocon. Moreover, the Ministry of Information and Broadcasting advised endorsers and influencers on social media to refrain from promoting or advertising offshore online betting and gambling platforms. The ministry also directed online advertisement intermediaries not to target such promotional content towards the Indian audience. Failure to comply may lead to proceedings under the Consumer Protection Act, 2019, including removal or disabling of social media posts or accounts and penal action under applicable statutes. Additionally, foodtech major Zomato has received a GST penalty notice from Gujarat’s Deputy Commissioner of State Tax for fiscal 2018-19. Zomato has been asked to pay Rs 4.11 crore for GST, along with additional interest and penalty charges totaling Rs 8.57 crore following an audit of its GST returns and accounts.

Funding and acquisitions in Indian startup this week [10 - 15 Jun]

EntrackrEntrackr · 1y ago
Funding and acquisitions in Indian startup this week [10 - 15 Jun]
Medial

As many as 31 Indian startups raised around $336.45 million in funding this week. These deals count 11 growth-stage deals and 18 early-stage deals. Moreover, two early-stage startups kept their transaction details undisclosed. In the previous week, about 17 early and growth-stage startups cumulatively raised over $400 million capital. [Growth-stage deals] Among the growth-stage deals, 11 startups raised $170.4 million in funding this week. Battery tech startup Battery Smart led the list with its $65 million funding followed by D2C skincare brand Foxtale with $18 million, and agri-finance company Samunnati with $16 million. D2C brand RENEE Cosmetics and managed workspace provider Smartworks also joined the top 5 list by raising $12 million each in their respective funding rounds. [Early-stage deals] Subsequently, 18 early-stage startups secured funding worth $166.05 million during the week. Invite-only networking platform SCOPE spearheaded the list followed by consumer electronics startup Indkal, advanced manufacturing startup Ethereal Machines, electric vehicle component startup Indigrid Technology, and cross-border B2B home décor brand Trampoline. The list of early-stage startups also includes two startups that kept the funding amount undisclosed: on-demand English tutoring platform Clapingo and provider of online and offline NEET, KEAM, CUET, and JEE classes Eduport. For more information, visit TheKredible. [City and segment-wise deals] In terms of the city-wise number of funding deals, Bengaluru-based startups led with 11 deals followed by Delhi-NCR, Mumbai, Ahmedabad, and Chennai. Segment-wise, e-commerce startups grabbed the top spot with six deals. Fintech, EV, Edtech, Foodtech, and Healthtech startups followed this list among others. [Series-wise deals] During the week, Seed funding deals led the list with 10 deals followed by 7 Series A and 2 pre-Series A deals. Series B and debt funding also saw 6 and 3 deals, respectively. [Week-on-week funding trend] On a weekly basis, startup funding dropped 16.38% to $336.45 million as compared to around $402.34 million raised during the previous week. The average funding in the last eight weeks stands at around $335.62 million with 27 deals per week. [Fund launches] Debt marketplace Recur Club has introduced its new credit product, Recur Scale, designed to finance startups and SMEs at the Series A and B stages and beyond, with revenues of Rs 40 crore and above. The platform will offer debt financing up to Rs 100 crore (approximately $12 million) across various sectors including SaaS, e-commerce, manufacturing, EV, D2C, agritech, and more. South Park Commons (SPC), a technical community and early-stage venture fund, has announced its expansion outside the US with a new location in Bengaluru, India, in collaboration with Flipkart co-founder Binny Bansal. Hyderabad-based Pavestone VC has secured INR 15 crore (around $1.8 million) from Colruyt Group India, the engineering division of Belgian retailer Colruyt Group, for its maiden fund. Neo Asset Management, the asset management division of Fintech Neo Group, has closed its first special credit opportunities fund at around $308 million. Chennai-based VC firm Unifi Capital, through its subsidiary Unifi Investment Management LLP (UIML), has launched two new funds in the International Financial Services Centre at GIFT City, Gujarat. [Key hirings and departures] Among key hirings, Aurm, an asset protection firm providing safe deposit locker services, appointed Vijay Arisetty, founder of the community management app MyGate, as its founder and CEO. Meanwhile, hBits has welcomed Saumil Parekh, ex-VP of Marketing at Pharmeasy, as its new Chief Marketing Officer (CMO), bringing over seven years of experience in leading marketing, growth, and revenue. Additionally, VS Mani & Co, a South Indian filter coffee and snacks brand, has brought on music composer Anirudh Ravichander as a co-founder and brand ambassador. Hemesh Singh, the co-founder and chief technology officer of Unacademy, decided to quit after serving almost a decade at the Bengaluru-based edtech firm. He will now transition into an advisory role. [Layoffs] SaaS firm Kissflow has laid off around 45-50 employees, representing 15% of its workforce, across sales, marketing, and product development functions. According to a report by Moneycontrol, the layoffs were driven by product shutdowns and annual performance reviews. Suresh Sambandam, Kissflow’s founder and CEO, explained that approximately 20-25 employees were let go due to a strategic shift from land-motion procurement to expand motion to boost customer acquisition across their products. Additionally, around 20 employees were dismissed following their regular performance reviews conducted every two to three years. [M&A] Wealth and alternates-focused firm 360 One (formerly IIFL Wealth) has acquired Times Internet-owned wealth management platform ET Money for approximately Rs 365.8 crore. The transaction included Rs 85.83 crore as cash consideration, with the remaining payment made through the issuance of fully paid-up equity shares. In another deal, Suven Pharmaceuticals announced on Thursday that it will acquire a 67.5% stake in Hyderabad-based Sapala Organics for Rs 229.5 crore. Additionally, Nazara Technologies’ subsidiary NODWIN Gaming International Pte Ltd, part of NODWIN Gaming Private Limited, has acquired Ninja Global FZCO, an esports and gaming production company operating in the UAE and Turkey, for about Rs 29.8 crore in a cash and stock transaction. [ESOP buyback] Full-stack agritech platform DeHaat has completed its first employee stock ownership plan (ESOP) buyback program, worth Rs 10 crore ($1.2 million). According to Rishu Garg, who heads the people function at DeHaat, the buyback benefited 153 team members across various levels, from senior vice presidents to field teams, providing them with the opportunity for wealth creation. To date, DeHaat has issued ESOPs worth over Rs 100 crore ($12 million) to more than 200 individuals. [Potential deals] 82°E, a direct-to-consumer personal care startup, is raising $6 million in a seed round. Quick commerce company Zepto is aiming for a much larger haul of $650 million, which would significantly boost its valuation. Beauty platform Purplle is set to secure $100 million in funding. Audio and smartwatch maker boAt also is exploring investment opportunities. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [New launches] Hood launches startup health indicator platform Whistle Swiggy relaunches grocery delivery services ‘Handpicked’ [Financial results this week] Games24x7 crosses Rs 2,000 Cr income in FY23; controls losses Fintech unicorn InCred posts 1,267 Cr revenue and Rs 316 Cr PAT in FY24 Go Digit crosses Rs 7,000 Cr revenue in FY24; profit surges 5X [News flash this week] South Park Commons enters India in collaboration with Binny Bansal Neobank Jupiter receives wallet license from RBI Stoa School has hit the pause button but is not dead Zomato to invest Rs 400 Cr in Blinkit and Zomato Entertainment Pocket FM initiated legal action against Disney+ Hotstar Ixigo’s IPO closes with over 98X oversubscription [Conclusion] The weekly funding slipped 16.38% to $336.45 million. The week saw five startup-focused fund launches by VCs namely Recur Club, South Park Commons, Pavestone VC, Neo Asset, and Unifi Capital. Additionally, the week saw a layoff as SaaS firm Kissflow has laid off around 45-50 employees. Pocket FM has filed a lawsuit against Disney+ Hotstar in the Delhi High Court, accusing the video streaming platform of copyright infringement related to its audio series ‘Yakshini’. Pocket FM is seeking an interim injunction to remove the trailer for the web series produced by Disney+ Hotstar’s parent company, Novi Digital Entertainment. The public issue of online travel aggregator Ixigo concluded on June 12 with significant investor interest, resulting in an oversubscription of more than 98 times. Interest from Qualified Institutional Buyers (QIBs) surged on the final day, with 254.81 crore shares bid against the 2.38 crore shares allocated, leading to an oversubscription of 106.73 times. Non-institutional investors (NIIs) also showed strong interest from the start, oversubscribing their quota by 110.53 times with 131.94 crore shares bid for the 1.19 crore shares reserved. Within the NII segment, bids exceeding Rs 10 lakh were oversubscribed by 117.40 times. Retail Individual Investors (RIIs) oversubscribed their quota by 54.85 times on the final day, placing bids for 43.64 crore shares against 79.58 lakh shares available. Early-stage venture capital firm Orios Venture Partners has achieved a partial exit from battery swapping startup Battery Smart, yielding 29X returns. This exit likely occurred through Battery Smart’s $65 million Series B funding round, led by LeapFrog Investments. The funding included both primary and secondary investments. Orios’ exit aligns with its strategy to provide limited partners with a significant return on their principal investment within four to five years. Additionally, Orios recently made a similar partial exit from Country Delight, garnering 45X returns on its investment.

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