🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

Related News

Exclusive: ShareChat’s CBO Gaurav Jain quits

EntrackrEntrackr · 7m ago
Exclusive: ShareChat’s CBO Gaurav Jain quits
Medial

Exclusive: ShareChat’s CBO Gaurav Jain quits Gaurav Jain, the Chief Business Officer of social media platform ShareChat, has resigned, according to an update shared by the company’s founder and CEO, Ankush Sachdeva on the company’s Slack channel. “Gaurav has played a pivotal role in shaping our Ad Sales and B2B Marketing teams. His steady leadership and thoughtful approach has helped us navigate some tough periods and drive progress,” said Sachdeva. According to the internal announcement, Jain will be with the company until July to ensure a smooth handover. He joined ShareChat in October 2022. Prior to that, he was Head of APAC Business Expansion at Snap for less than a year, and Head of Mid-Market Business for Meta India for more than three years. In the interim, ShareChat has named Manohar Charan, who will be stepping in to lead the business during the transition. Charan, who is the Chief Financial Officer of ShareChat, was recently elevated to the position of Co-founder of the Bengaluru-based company.

Funding and acquisitions in Indian startup this week [17 - 22 Jun]

EntrackrEntrackr · 1y ago
Funding and acquisitions in Indian startup this week [17 - 22 Jun]
Medial

As many as 41 Indian startups raised around $906.7 million in funding this week. These deals count 10 growth-stage deals and 22 early-stage deals. Moreover, eight early-stage and one growth-stage startup kept their transaction details undisclosed. In the previous week, about 31 early and growth-stage startups cumulatively raised over $336 million in capital. [Growth-stage deals] Among the growth-stage deals, 10 startups raised $857.4 million in funding this week. Quick commerce company Zepto grabbed the limelight with its $665 million funding. Ummeed Housing Finance, which provides housing and secured small ticket business loans, followed with its $76 million funding. Microlending platform Aye Finance, craft beer maker Bira 91, and fintech firm Slice also made it to the top five with $30 million, $25 million, and $20 million fundraises, respectively. D2C men’s apparel brand WROGN, small financing company Shivalik Small Finance Bank, Dvara KGFS, Aviom Housing Finance, and Jupiter’s NBFC arm Amica Finance are next on the list. [Early-stage deals] Moreover, 22 early-stage startups secured funding worth $49.3 million during the week. AI sales operating system OrbitShift spearheaded the list followed by healthtech platform Alyve Health, agriculture machinery company Balwaan Krishi, D2C fashion brand focused on custom-made The Pant Project, and SME-focused digital lending platform Supermoney. The list of early-stage startups also includes eight startups that kept the funding amount undisclosed: TaxGenie (Regime Tax Solution), Landeed, Praan, ThriveCo, Fanisko, Nirwana.ai, Lazy Cocktails & Co, and LEO1. 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 13 deals followed by Mumbai, Delhi-NCR, Chennai, Ahmedabad, Hyderabad, and Jaipur. Segment-wise, fintech startups grabbed the top spot with 12 deals. E-commerce, AI, SaaS, Food & beverages, and Healthtech startups followed this list among others. [Series-wise deals] During the week, Seed funding deals led the list with 17 deals followed by 7 Series A and 5 pre-Series A deals. Debt funding also saw 4 deals followed by Series F, Series B, pre-Seed, Series E, and Series G. [Week-on-week funding trend] On a weekly basis, startup funding surged 170% to $906.7 million as compared to around $336.45 million raised during the previous week. The average funding in the last eight weeks stands at around $421 million with 29 deals per week. [Fund launches] This week saw three significant fund launches. VentureSoul Partners launched their debut fund of Rs 600 crore to invest in established startups through venture debt. Gujarat Venture Finance Limited announced the first close of their Rs 200 crore “Prarambh Fund” targeting seed-stage tech startups with investments between Rs 1 crore and Rs 3 crore. 8X Ventures achieved a first close of Rs 60 crore for their second VC fund, aiming to invest in 18-20 early-stage deeptech startups, with a potential final corpus of Rs 300 crore. [Key hirings and departures] Here’s a summary of the key hirings and departures: Flipkart: Cleartrip, Flipkart’s travel booking unit, has appointed Anuj Rathi as its new Chief Business and Growth Officer. Vidyakul: Edtech startup Vidyakul has promoted Akhil Hari Angira to Co-founder and Chief Business Officer. He will oversee strategic partnerships, business growth, and expansion into underserved areas. Paytm: Paytm roped in Rajeev Krishnamuralilal Agarwal as a new non-executive independent director, while Neeraj Arora stepped down from the same position. Agarwal brings experience from companies like U GRO Capital and Star Health, while Arora is the founder of Halloapp and previously held positions at Meta and Google. [Layoffs] Silk product B2B marketplace ReshaMandi seems to be in deep trouble. After failing to secure Series B funding, the company has reportedly laid off 80% of its workforce and is significantly scaling down operations. It’s over Rs 300 crore debt leads to legal challenges and potential insolvency. [M&A] Ananta Capital’s beauty and wellness arm, Guardian, has acquired a 55% stake in D2C personal care startup Anveya Living, with plans to increase its stake further. Anveya Living, which owns the brands ThriveCo, Curlvana, and Anveya, will use the investment to launch new products and expand globally. Meanwhile, online travel aggregator Yatra Online has agreed to buy out its partner’s stake in the joint venture Adventure and Nature Network Private Limited (ANN), which operates in adventure tourism. Yatra Online will increase its stake in ANN from 50% to 99%, making ANN a subsidiary of Yatra Online. [Potential deals] The Indian startup scene is buzzing with potential deals. Here’s a glimpse of what’s brewing: AI-powered comic creation platform Dashtoon, with offices in India, is in late-stage talks to raise $10-12 million from a mix of new and existing investors. HealthTech startup HealthPresso is aiming to secure $1 million in pre-Series A funding, capitalizing on strong investor interest in its AI engine and distribution network. B2B SaaS platform Whatfix is on the verge of a $100-150 million funding round led by Warburg Pincus. Edtech giant Unacademy is reportedly in discussions for a historic merger with K12 Techno, the operator behind Orchids International Schools. This potential 50/50 merger could be the first major consolidation in the edtech space, which has faced a funding slowdown in recent years. Notably, Unacademy previously invested in Orchid Schools and both companies share an investor. Logistics firm Ecom Express is also reportedly in advanced talks with existing investors Warburg Pincus, CDC Group, and Partners Group to raise Rs 350-400 crore. The discussions are nearing completion, and this funding round could elevate Ecom Express’s valuation to over $1 billion, potentially making it the latest entrant to India’s unicorn club. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [New launches] Bellavita co-founder Aakash Anand launches new venture, Unikon.ai Pocket FM partners with ElevenLabs to convert scripts into audio [Financial results this week] Awfis nears Rs 900 Cr income in FY24; losses contract 62% [News flash this week] Ola Electric gets SEBI nod for $660 Mn IPO Financial Intelligence Unit imposes Rs 18.82 Cr penalty on Binance VC firms General Catalyst and Venture Highway merge to focus on India CCI approves WeWork Inc exit from Indian co-working space Ixigo’s market cap spikes nearly 80% from the pre-IPO round Zomato, Paytm confirm acquisition talks for movie, ticketing business Flipkart-backed Blackbuck converts into a public company Peak XV tops the chart of Hurun India Future Unicorn Index 2024 Delhivery, Xpressbees looking to enter quick commerce space: Report OYO gets approval from shareholders to raise Rs 417 Cr: Report [Conclusion] The weekly funding surged around 170% to $906 million this week, majorly followed by the mega funding deal of Zepto worth $665 million. A bunch of financing companies also contributed significantly. The week saw three startup-focused fund launches by VCs namely VentureSoul Partners, GVFL, and 8X Ventures. Additionally, the week saw a layoff as Reshamandi laid off around 80% of its employees. Six months after filing a draft red herring prospectus (DRHP), Ola Electric has received approval for its initial public offering (IPO) from the Securities and Exchange Board of India (SEBI). The company, which filed the DRHP in December 2023, aims to raise Rs 5,500 crore ($660 million) through the public listing. Ixigo made a remarkable debut on the National Stock Exchange (NSE) on Tuesday, opening at a 48.5% premium above its issue price. Initially priced at Rs 93, Ixigo’s shares listed at Rs 138.5 on the NSE, while on the Bombay Stock Exchange (BSE), the shares opened at Rs 135, according to data from both exchanges. Later, the price touched Rs 194.38. Zomato and Paytm are in talks for Zomato to acquire Paytm’s movies and ticketing business. This deal is estimated to be around Rs 1,600-1,750 crore ($190-210 million). While no final decision has been made yet, Zomato says this potential acquisition aligns with their plan to focus on their core businesses and expand their “going-out” offerings. OYO got the green light from shareholders to raise Rs 416.85 crore by issuing preference shares. The funds will come from InCred Wealth by purchasing 14.37 crore Series G preference shares at Rs 29 each. Additionally, in a move to capitalize on the booming quick commerce market, logistics players Delhivery and Xpressbees are expanding their services beyond traditional e-commerce deliveries. Delhivery is now managing larger warehouses for Swiggy Instamart, which fulfills orders for quick commerce deliveries through a network of smaller, localized stores. Xpressbees is also exploring entry into this space, reportedly in talks with several players. This shift in focus highlights the growing importance of quick commerce deliveries and the potential logistics companies see in this rapidly developing market.

Exclusive: Waterfield Advisors raises Rs 123 Cr at Rs 723 Cr valuation

EntrackrEntrackr · 11m ago
Exclusive: Waterfield Advisors raises Rs 123 Cr at Rs 723 Cr valuation
Medial

Exclusive: Waterfield Advisors raises Rs 123 Cr at Rs 723 Cr valuation Wealth management platform Waterfield Advisors is raising Rs 123 crore (approximately $14.6 million) in a new funding round, led by Jungle Ventures. The company’s board has approved a special resolution to issue 10,92,362 preference shares at an issue price of Rs 1,126 each, raising Rs 123 crore ($14.6 million), according to its regulatory filing accessed from the Registrar of Companies. Jungle Ventures is leading the funding round with an investment of Rs 100 crore. The remaining amount is being contributed by co-founder and CEO Soumya Rajan, along with individual investors, including Bharat Dhirajlal Shah, Vijay Singh, Bandi Vamsikrishna, Corel Traders, Parthasaradhi Reddy, Kekoo Colah, and Smita D Parekh. The company plans to utilize the proceeds for growth, expansion, marketing, and general corporate purposes, as determined by the board. According to Entrackr estimates, Waterfield Advisors will be valued at approximately Rs 723 crore ($86 million) post-allotment. The company is reportedly raising Rs 130 crore in this round. Founded in 2011 by Soumya Rajan, Waterfield Advisors is a fee-based multi-family office and wealth advisory firm, that ensures unbiased financial, investment, and succession planning services. Waterfield advisors had raised over $25 million in funding to date including $6 million from family offices, and ultra-high net worth individuals. According to the startup data intelligence platform TheKredible, Jungle Ventures will be the largest external stakeholder with 13.83%. Its co-founders Soumya Jain along with Sanjay Teli will cumulatively hold 40.07% of the company. Waterfield Advisors has recorded a 33.2% year-on-year increase in its revenue to Rs 45.7 crore in the fiscal year ended March 2024. Moreover, it managed to decrease losses by 9.5% to Rs 28.6 crore in FY24.

XpressBees turns EBITDA positive in FY24, warehousing biz grows 60X

EntrackrEntrackr · 9m ago
XpressBees turns EBITDA positive in FY24, warehousing biz grows 60X
Medial

XpressBees turns EBITDA positive in FY24, warehousing biz grows 60X E-commerce-focused logistics and supply chain firm XpressBees managed only modest double-digit growth in the fiscal year ending March 2024. However, the company turned EBITDA positive during the same period, despite an increase in overall expenses. XpressBees’ operating revenue increased by 12% to Rs 2,831 crore in FY24 from Rs 2,531 crore in FY23, as per its consolidated financial statement sourced from the Registrar of Companies (RoC). XpressBees provides B2B/B2C express delivery service, cross-border logistics, and warehousing services to e-commerce players including Snapdeal, Myntra, Meesho, Netmeds, and Bigbasket, among others. Revenue from logistics services remained the primary source of income for XpressBees, accounting for 97% of the company’s total revenue. However, the company’s warehousing business, though smaller in size, posted an impressive jump (60X) — soaring from Rs 0.77 crore in FY23 to Rs 48 crore in FY24, signaling a strong push toward expanding its non-courier biz. The remaining revenue came from warehouse services (Rs 48 crore) and support services (Rs 31 crore), both of which witnessed notable growth. The firm also added Rs 109 crore from non-operating activities, which pushed its overall income to Rs 2940 crore in FY24. On the expense side, courier charges remained XpressBees’ largest cost component, rising 12% to Rs 1,816 crore in FY24. Linehaul charges saw a modest 6% increase to Rs 494 crore, while employee benefit expenses rose by nearly 10% to Rs 355 crore in the said fiscal year. Depreciation costs spiked 49% to Rs 159 crore, and other operational expenses contributed an additional Rs 319 crore. Overall, XpressBees’ total expenditure increased 13% year-on-year, reaching Rs 3,143 crore in FY24 from Rs 2,785 crore in FY23. With expenses growing faster than revenue, XpressBees' net loss widened by 11%, rising to Rs 200 crore in FY24 from Rs 180 crore in FY23. However, the Pune-based firm achieved EBITDA positivity, reporting an EBITDA of Rs 5 crore for the same period. The company’s ROCE stood at -8.32%, while its EBITDA margin came in at a modest 0.17%. On a per-unit basis, XpressBees spent Rs 1.11 to earn every rupee in revenue during FY24. XpressBees recorded current assets worth Rs 1867 crore in FY24, including Rs 1331 crore in cash and bank balances. Recently, Xpressbees acquired courier firm Trackon and named Uday R. Sharma as CBO for B2B, 3PL, and cross-border operations. According to startup data intelligence platform TheKredible, XpressBees has raised a total of $625 million in funding to date, having Norwest Venture Partners and Alibaba Group as its lead investors. The company’s Co-Founder & CEO Amitava Saha owns 3.15% of the company.

Startups rope in new CEOs amid cash crunch, layoffs, profitability and IPO plans

EntrackrEntrackr · 1y ago
Startups rope in new CEOs amid cash crunch, layoffs, profitability and IPO plans
Medial

Management rejig and layoffs at several prominent startups have continued to make headlines this year. For layoffs, startups have cited a familiar reason i.e. redundancies, efficiencies as well as getting a step closer to profitability. As far as management changes go, reasons and circumstances vary. For instance, DealShare’s CEO position was vacant for a long time. These changes, however, also bring a fresh wave of optimism in the ecosystem, which has of late faced a host of challenges, ranging from funding crunch to stringent regulatory actions. Data compiled by TheKredible shows that this year more than 10 Indian startups have appointed, elevated or are on the verge of naming their new chief executive officers (CEOs). The list includes the likes of DealShare, MyGate, Inshorts, Cult.fit, Third Wave Coffee, Byju’s, Ola, PhonePe, and Setu, among others. Interestingly, half of them have been elevated to the role of chief executive whereas some founders took charge as the operational leaders after the exit of the existing CEO. [Elevated CEOs] The year 2024 started with a new trend of appointing new CEOs and e-commerce platform DealShare was first when they elevated Kamaldeep Singh as the new chief executive of the company from being the president of their retail business. The firm faced several challenges during the second half of 2023 as its three co-founders left the firm in a short span of time and it also had to shut down its B2B vertical after a flat growth in FY23 with rise in losses. Community management app MyGate, news aggregator InShorts and fitness tech firm Cult.fit also elevated Abhishek Kumar, Deepit Purkayastha and Naresh Krishnaswamy, respectively, as their new chief executive officers. All previous CEOs of these three companies namely Vijay Arisetty, Azhar Iqubal and Mukesh Bansal have now taken the role of chairman. Iqubal recently joined Shark Tank India season III as a judge. Also, InShorts is pivoting from news aggregation to influencer led platform which could be the reason behind this reshuffle in leadership. Cult.fit also faced challenges early this year as it fired more than 150 employees. As per the company, it reduced some redundant positions with the aim of streamlining operations. Meanwhile, fintech unicorn BharatPe finalized Nalin Negi as its full time CEO. Negi, the former chief financial officer of the company, had been working as interim CEO since January last year. Freshworks also went through a reshuffle as the firm’s founder Girish Mathrubootham stepped down from the position of CEO after 14 years. Mathrubootham has transitioned into the role of executive chairman while the company’s president Dennis Woodside has been elevated as the new CEO. Freshworks went public in September 2021. It’s important to note that most of these companies in this list had losses until FY23. Though, a few of them managed to control losses during the fiscal year. For context, DealShare’s GMV remained flat but its losses jumped 14% to Rs 502 crore in FY23. InShorts posted flat scale with 33.6% jump in losses to Rs 310 crore in FY23. MyGate, Cult.fit and BharatPe also managed to control its losses. Check the graph below for more details. [New CEOs appointed in 2024] In January, PhonePe announced the appointment of Ritesh Pai as CEO of its International Payments business while Infibeam Avenues announced the appointment of Rajesh Kumar SA as CEO of its AI business venture Phronetic.AI. These appointments appeared to be a positive sign for both companies which are expanding their businesses. Third Wave Coffee’s co-founder and CEO Sushant Goel stepped down as the firm’s chief executive role and transitioned to a board member in March this year. The WestBridge-backed company named KFC India and Nepal CEO Rajat Luthra as Goel’s replacement. Before the exit of Goel, Third Wave Coffee also went through layoffs, firing more than 100 employees. In April, Aakash Educational Services, owned by edtech company Byju’s, appointed Deepak Mehrotra as its new managing director and chief executive officer. Mehrotra joined Aakash after the exit of its chief executive Abhishek Maheshwari. Recently, the firm raised money from Manipal Group’s Ranjan Pai to clear the debt raised from Davidson Kempner in May last year. Aakash has plans for a public listing this year. Last month, API infrastructure company Setu, owned by Pine Labs, named Anand Raisinghani as new CEO of the company. Raisinghani will succeed Sahil Kini, who is the erstwhile chief executive of Setu. Earlier this month, Paytm Money’s CEO Varun Sridhar also quit the position and Rakesh Singh has been appointed as the new chief executive of the stock trading platform. Before joining Paytm Money, Singh was the CEO of fintech company Fisdom. On Monday, Adda247 appointed Bimaljeet Singh as its chief executive for skilling and higher education business. Like several edtech firms, Adda247 also went through layoffs in the last quarter of 2023. It’s worth noting that Paytm Money and Phronetic.AI are owned by public companies One97 Communications and Infibeam, respectively. In terms of financial performance, Aakash reported profit in FY22 and expected to replicate same growth in FY23. Pine Labs reported more than Rs 1,600 crore revenue with control in its losses to Rs 227 crore in FY23. Third Wave Coffee reported a three fold jump in its revenue with same growth in losses to Rs 54 crore in FY23. During FY23, PhonePe as a group posted revenue of Rs 2,914 crore and Rs 1,755 crore loss. During the period, Adda247 reported Rs 115 crore revenue and Rs 110 crore loss. [Founders, executives took the charge after CEOs exit] Last month, Arjun Mohan, the CEO of Byju’s India operations, stepped down from his position seven months after joining the edtech firm. After his exit, the company’s founder Byju Raveendran returned as the operational leader to see day-to-day functioning. During the process, Byju’s also sacked more than 500 employees. It’s worth highlighting that Byju’s has been facing a cash crunch for a long time and failed to pay the salary of its employees on time. Recently, Ola Cabs’ CEO Hemant Bakshi left the firm after three months of joining. His departure came at a time when Ola is gearing up for an initial public offering (IPO). The company also fired 10% of its total workforce. In the interim, Ola founder Bhavish Aggarwal will oversee operations until a new executive is appointed. In January, Indus Appstore’s CEO Rakesh Deshmukh announced quitting the firm. Since then, the firm has been led by ⁠its CPO and co-founder Akash Dongre, and CBO Priya Meenakshi Narasimhan. The firm is yet to announce the name of the official CEO. As per a media report, Beardo’s CEO has gone on a year-long sabbatical from April this year. During his absence, CBO Siddharth Vaya, and Koteshwar LN, head of digital first business, are expected to lead the company. Beardo was acquired by Marico Group in June 2020. In the ongoing calendar year, Sukhleen Aneja, CEO of The Good Glamm D2C vertical and Subramanyam Reddy, CEO of upGrad’s Knowledgehut also announced their departure from the company. While Knowledgehut is yet to name the new CEO, The Good Glamm has decided not to appoint a new CEO for the D2C vertical. As per reports. Ketan Bhatia and Ankita Bhardwaj will lead the brand’s business operations. Last month, The Good Glamm Group resorted to layoffs and went through top level restructuring as it is gearing up for public listing. More recently, Paytm Payments Bank’s CEO and MD Surinder Chawla decided to hang up his boots. He will be relieved from his positions on June 26 while the firm is yet to announce his replacement. Public company Paytm laid off more than 1,000 employees in December 2023 in a cost cutting effort. As per reports, the firm also went through layoffs amid back to back departures of top level executives and the recent diktat by RBI. However, Paytm denied any fresh layoffs at the company. When it comes to financial performance, Byju’s and Ola are in deep losses and Beardo slipped into the red in FY23. Edtech unicorn upGrad reported close to Rs 1,200 crore revenue in FY23 with Rs 558 crore loss in FY23. Good Glamm Group is yet to file its annual financial report for FY23. [Conclusion] For those who have sniped at CEO salaries at startups, the last year should be a good indication of just why salaries refuse to moderate. Besides the high turnover, it is no secret that many investors and even founders have considered CEO’s as a horses for courses option, taking in people with specific skill sets when they were relevant for the organisation. Thus, be it fundraising, cost cutting, or all out for growth mindset, we have seen how different CEO’s bring their own competencies, which, unfortunately, have a use by date in most cases. Many of course can simply struggle to adapt to the startup culture and the unstructured challenges it throws up, which can be the worst outcome for a startup with little achieved during their tenures. Perhaps the toughest ask of a startup CEO is what she is expected to do in what seems like compressed time to most, making it most challenging to attract quality personnel at times. That is also one reason why we see investors take over the job of bringing in the CEO when they feel a founder needs to move on to a more strategic role or simply take a break from the intense pressure. Don’t expect the CEO churn to slow down anytime soon for these reasons.

Exclusive: Panacea Biotec to acquire Power Gummies

EntrackrEntrackr · 4m ago
Exclusive: Panacea Biotec to acquire Power Gummies
Medial

Exclusive: Panacea Biotec to acquire Power Gummies Pharma major Panacea Biotec Pharma Limited is set to acquire nutraceutical brand Power Gummies, according to sources aware of the matter. “The transaction is close to being finalized. Panacea Biotec will acquire the entire stake in Power Gummies, including its patents and trademarks,” said one of the sources. Regulatory filings reviewed by Entrackr show that the company is divesting certain assets to Panacea Biotec Pharma Limited, with the proceeds earmarked primarily for debt repayment. Founded in 2018, Power Gummies has positioned itself as a health and wellness brand tailored for modern lifestyles. It claims to offer unique formulations validated by WHO-standard clinical trials, backed by strong R&D and sustainable manufacturing practices. The company’s portfolio spans across categories including hair, skin, sleep, immunity, stamina, and gut health. As per sources, the deal is in the last leg and all terms and conditions have been finalised. Responding to Entrackr’s queries, Power Gummies’ founder and CEO Divij Bajaj said, “As part of the business strategic realignment process, we continuously review our portfolio. In line with this strategy, we may divest brands to a reputed pharmaceutical company to continue to build Happiness for our customers. As of now as we are still evaluating.” Queries sent to Panacea Biotec did not elicit a response until publication of the story. According to the startup data intelligence platform TheKredible, Power Gummies has raised around Rs 76.6 crore ($9 million), including its $6 million Series A funding led by 9Unicorns (now 100Unicorns). The company also raised Rs 10 crore from Jaipuria Family Office and Quadrant in December last year. For the fiscal year ending in March 2024, Power Gummies reported an operating revenue of Rs 17.4 crore against Rs 21.1 crore in FY23. Its net loss widened to Rs 21 crore from Rs 19.1 crore year-on-year. Panacea Biotec, which offloaded its domestic formulations business to Mankind Pharma in 2022 for about Rs 1,900 crore, is now eyeing growth through acquisitions. Its planned takeover of Power Gummies signals a pivot towards the nutraceutical and lifestyle wellness space, expanding beyond its traditional pharma and vaccine portfolio.

Funding and acquisitions in Indian startup this week [09 - 14 Sep]

EntrackrEntrackr · 1y ago
Funding and acquisitions in Indian startup this week [09 - 14 Sep]
Medial

During the week, 24 Indian startups raised around $228.79 million in funding. These deals count 6 growth-stage deals and 13 early-stage deals while 5 startups kept their transaction details undisclosed. During the last week, 26 early and growth-stage startups cumulatively raised $421.29 million in funding. [Growth-stage deals] Among the growth-stage deals, 6 startups raised $182.65 million in funding this week. Mobile advertising network software InMobi spearheaded a $100 million debt funding round. MSMEs-focused fintech lender FlexiLoans raised $35 million followed by, employee healthcare platform Onsurity, spiritual tech startup AppsForBharat, consumer lending platform Moneyview, and HRtech platform HROne with $21 million, $18 million, $4.65 million, and $4 million in funding, respectively. Moneyview also joined the unicorn club following the fresh capital. One growth-stage startup that did not disclose the transaction details is Transcell Biologics. [Early-stage deals] Further, 13 early-stage startups secured funding worth $46.14 million during the week. Wealthtech startup Centricity led the list followed by D2C home decor and lifestyle brand Nestasia, AI reality intelligence platform Track3D, biotech-driven material R&D startup Dharaksha Ecosolutions, and sales outreach platform Futwork among others. As many as 4 startups that did not disclose the funding amount raised are; Trisu, Leezu’s, Fitday, and Agilitas Sports. 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 8 deals followed by Delhi-NCR, Mumbai, Hyderabad, and Kolkata. Segment-wise, E-commerce startups are on the top spot with 5 deals. Fintech, Healthtech, Cleantech, HRtech, Adtech, and AI startups followed this list among others. [Series-wise deals] During the week, seed funding deals are on top, with 9 deals followed by 4 Series A, 3 pre-seed, 2 pre-Series A, 2 Series B, 1 debt deal, and more. [Week-on-week funding trend] On a weekly basis, startup funding slipped 45.7% to $228.79 million as compared to around $421.29 million raised during the previous week. The average funding in the last eight weeks stands at around $331.70 million with 26 deals per week. [Fund launches] Three new funds launched this week to invest in startups. Playbook Partners has raised over $130 million for its growth capital fund. Proparco has invested $5 million in Omnivore’s third fund focused on agritech and climate sustainability. Arka Investment Advisory Services has launched its second alternative investment fund, focusing on real estate opportunities in India. [Key hirings and departures] Sudharshan Sharma, formerly with Google, joined CarDekho as a CBO for the auto business. Meanwhile, Cleartrip’s CBO Prahlad Krishnamurthi, and the CFOs of InCred (Vivek Bansal) and TAC Infosec (Vishal Jain) resigned from their respective companies. [Mergers and Acquisitions] Nazara Technologies, a prominent gaming company, made two major acquisitions. This includes a controlling stake in Moonshine Technology, the parent company of PokerBaazi, for a substantial sum of Rs 982 crore ($100 million) and a 15.86% stake in Stan, a blockchain-based e-sports fan engagement startup, for $2.2 million. GoKwik, an e-commerce enabler, acquired Return Prime, a global returns management app. Additionally, Moneyview, a digital lender, acquired Jify.co, an early salary/on-demand salary service provider. Yudiz Solutions, a listed blockchain and IT development startup expanded its offerings by acquiring a majority stake in ABCM App, a Mumbai-based digital payment solutions company. The acquisition was valued at Rs 6.14 crore. [Shutdown] InsurStaq.ai, a Delhi NCR-based startup developing generative AI solutions for the insurance industry, has shut down its operations. Despite a year of development and collaboration with insurance professionals, the company faced challenges that ultimately led to this decision. This news comes amidst a period of growth for the generative AI sector in India. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [New launches and partnerships] IBV and FedTech unveil Indo-US launchpad to boost Indian startups D2C Insider launches Cohort-3 for early-stage D2C brands Zomato launches developer platform for PoS partners [Potential Deals] Slice set to raise over $35 Mn in funding via convertible debt Finova Capital to raise Rs 800 Cr funding Flipkart’s Super.money plans to raise external funds [Financial results this week] Virat Kohli-backed WROGN’s revenue dips 29% in FY24 Purplle hits Rs 700 Cr revenue in FY24, trims losses by 46% NPCI posts Rs 2,876 Cr revenue and Rs 1,134 Cr profits in FY24 [News flash this week] Peak XV, others divest stake worth Rs 1,600 Cr in MamaEarth’s parent Govt. exempts overseas startups from NCLT clearance for reverse flipping Kotak downgrades Nykaa to ‘Sell’, cuts fair value amid concerns Ather files DRHP to raise Rs 3,100 Cr via IPO; Hero MotoCorp won’t sell shares Swiggy to raise Rs 5,000 Cr via fresh issue, to file DRHP soon MobiKwik Xtra suspends ‘anytime withdrawals’; draws flak from users Aditya Birla Finance accuses BYJU’S resolution professional over alleged fraud Delhivery accuses Ecom Express of misinformation in DRHP Pravin Jadhav-led Dhan storms into top 10 stock broking apps Accel announces fourth cohort of the pre-seed investment program, Atoms Pixxel becomes the first Indian space startup to secure a NASA contract DroneAcharya share surges 20% on BSE, hits upper-circuit After Bengaluru, Flipkart Minutes goes live in Gurugram Ather Energy to manufacture electric motorcycle [Conclusion] The weekly funding shrank around 46% to $228.79 million this week. Meanwhile, three startup-focused funds launched this week namely Playbook Partners, Omnivore, and Arka. Peak XV, Stellaris Ventures, Sofina Ventures, and Fireside Ventures collectively sold shares worth Rs 1,600 crore in Honasa Consumer Limited, the parent company of MamaEarth. Kotak Institutional Equities downgraded Nykaa, a leading beauty and fashion e-commerce company, citing concerns about rising fulfillment costs and potential margin pressure. This highlights the challenges faced by e-commerce companies in maintaining profitability amidst increasing competition and operational complexities. Ather Energy, an electric two-wheeler firm, filed its DRHP for an IPO, marking the second such listing in the EV sector. Swiggy, a food delivery and quick commerce company, also planning to file the DRHP soon and is set to raise Rs 5,000 crore via a fresh issue. MobiKwik’s Xtra investors faced withdrawal issues due to changes in the withdrawal policy by its lending partner Lendbox. This was triggered by recent RBI regulations on P2P lending. MobiKwik clarified that withdrawals will be made on a monthly basis and assured customers of receiving their principal and interest.

Funding and acquisitions in Indian startups this week [13-18 May]

EntrackrEntrackr · 1y ago
Funding and acquisitions in Indian startups this week [13-18 May]
Medial

During the week, as many as 26 Indian startups raised around $240 million in funding. These deals include 9 growth-stage deals and 15 early-stage deals. Meanwhile, two early-stage startups did not disclose the amount raised. Last week, about 24 early and growth-stage startups collectively raised around $320 million capital. [Growth-stage deals] Among the growth-stage deals, 7 startups raised $207.2 million in funding this week. Microfinance firm Annapurna Finance led the list with $72 million followed by battery tech startup Battery Smart which scooped $45 million capital. Propelld which provides education loans to borrowers via online channels, ambulance service provider Red.Health (formerly StanPlus), and manufactures drones for applications in agriculture, defence, and enterprise sectors Dhaksha are next on the list with $25 million, $20 million, and $18 million, respectively. Further, the list counts agritech robotics firm Niqo Robotics, online gold loan platform Rupeek, rooftop solar startup SolarSquare, and a provider of supply chain service 3SC also raised funding this week. [Early-stage deals] Subsequently, 15 early-stage startups scooped funding worth $32.5 million during the week. Domestic aggregator providing end-to-end cold-chain solutions Celcius Logistics spearheaded the list followed by mobility and energy solutions startup Matel, authentication and access management platform OTPless, marketing SaaS platform Highperformr.ai, and provider of AI-driven solutions for advanced analytics startup Stupa Sports. Moreover, DrinkPrime, Raho Hospitality, InstaAstro, BimaPay, Infurnia, The Betel Leaf, and BEYOBO also raised funding during the period. The list of early-stage startups also includes two startups that kept the funding amount undisclosed: Duro Green and Trezi. 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 9 deals followed by Delhi-NCR, Chennai, Mumbai, Hyderabad, Ahmedabad, and Bhubaneswar among others. Segment-wise, fintech startups grabbed the top spot with four deals followed by e-commerce startups. The list further counts SaaS, Supply chain, Agritech, and Aquatech startups among others. [Series-wise deals] During the week, Series B funding deals led the list with 6 deals followed by 5 Series A deals while, Pre-Series A, Seed, Angel, Pre-Series B, and Debt are next on the list among others. [Week-on-week funding trend] On a weekly basis, startup funding dropped 25% to $239.7 million as compared to around $320 million raised during the previous week. The average funding in the last eight weeks stands at around $222 million with 26 deals per week. [Key hirings and departure] Among key hirings, ANI Technologies, the parent company of Ola, has appointed Ankush Aggarwal as the CEO of Ola Financial Services, while Meesho has added Surojit Chatterjee to its board as an independent director. Meanwhile, Kartik Gupta, CFO of Ola, has resigned after seven months, amid the company’s restructuring ahead of its IPO. Additionally, Sandeep Kumar Barasia, executive director and chief business officer of Delhivery, has also tendered his resignation. [Fund launches] Early-stage accelerator fund 9Unicorns has rebranded to 100Unicorns and announced the launch of its second fund. Part of the Venture Catalysts Group, 100Unicorns has introduced the 100Unicorns Fund II, targeting a size of $200 million with an additional green-shoe option of $100 million. [M&A] Niyogin Fintech Ltd. has acquired Superscan, an AI-powered document imaging, automation, and fraud detection platform, from Orbo.in. Superscan’s core intellectual properties include intelligent document processing, automation agents, and fraud detection tools. [ESOPs] B2B edtech company Classplus has announced stock appreciation rights (SARs) for its customers, vendors, and partners. Dubbed as ‘Gratitude SARs,’ the initiative aims to reward and show appreciation to content creators and educators who have helped shape Classplus. While Zomato announced fresh employee stock option (ESOP) options for its employees under the new plan: ESOP 2024. As per estimates, the newly added ESOP options are worth around Rs 3,780 crore (approximately $455 million). Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [New launches] ▪️ Ullu’s founder Vibhu Agarwal to launch a mythological OTT platform, Hari Om [Financial results this week] ▪️ Wow! Momo crosses Rs 400 Cr revenue threshold in FY23 ▪️ Infibeam Avenues posts Rs 727 Cr revenue and Rs 49 Cr profit in Q4 FY24 ▪️ IPO-bound Awfis reports Rs 616 Cr income in first 9 months of FY24 ▪️ Zomato posts Rs 175 Cr PAT in Q4 FY24, revenue grows 8.3% ▪ Info Edge crosses Rs 2,500 Cr revenue and Rs 500 Cr profit threshold in FY24 [News flash this week] ▪️ ZappFresh converts into a public company ▪️ Zomato surrenders payment aggregator and wallet license to RBI ▪️ Delhivery to start manufacturing drones via a new subsidiary ▪️ Zoho plans to manufacture compound semiconductors ▪️ Flipkart targets to shift domicile from Singapore to India [Conclusion] The weekly funding slipped 25% to $239.7 million. The week saw a new fund launch namely 100Unicorns (9Unicorns). Ullu Digital’s founder and CEO Vibhu Agarwal is reportedly launching a new OTT platform, Hari Om, in June. Hari Om will feature ‘U’ rated content suitable for all age groups, including 20 mythological shows focused on Indian heritage, culture, and spirituality. The platform will offer both short and long-form content, as well as bhajans and animated mythology for younger viewers, aiming to attract kids, youth, and senior citizens. Zoho is reportedly planning to enter the semiconductor market and has applied for approval under the Centre’s Production Linked Incentive (PLI) scheme. The bootstrapped SaaS unicorn estimates a $700 million investment for the chip fabrication plant. Zoho intends to manufacture compound semiconductors, which are used for specialized commercial applications. The proposal is currently under review by the IT ministry, which has requested more information about Zoho’s prospective customers. E-commerce major Flipkart plans to shift its domicile from Singapore to India, following the trend of several late-stage companies. This move is linked to Flipkart’s upcoming initial public offering (IPO), as reported by ET. Walmart-controlled Flipkart will be the second group firm to shift domicile, following PhonePe, which fully separated from Flipkart Group in December 2022 and was the first to undergo a reverse flip. Logistics unicorn Delhivery is setting up a wholly-owned subsidiary, Delhivery Robotics India, to manufacture drones and provide freight air transportation services. The subsidiary will offer Drone as a Service (DaaS) for shipment movement and remote sensing, manufacture and sell unmanned aerial vehicles (UAVs) globally, and provide UAV pilot training. Meanwhile, Zomato has decided to voluntarily surrender its payment aggregator and wallet license to the Reserve Bank of India (RBI). The company disclosed in a filing that its subsidiary, Zomato Payments Private Limited (ZPPL), has chosen to surrender the certificate of authorization obtained from the RBI under the Payment and Settlements Systems Act 2007. ZPPL was incorporated in August 2021 to comply with RBI regulations for payment aggregator and payment gateway services, receiving RBI approval in January this year. Zomato also wrote down its Rs 39 crore investment in ZPPL, declaring it as an impairment loss. In May last year, Zomato collaborated with ICICI Bank to introduce its own UPI solution, Zomato UPI, to reduce reliance on third-party payment apps like Google Pay, Paytm, and PhonePe.

Funding and acquisitions in Indian startup this week [29 Jul - 3 Aug]

EntrackrEntrackr · 1y ago
Funding and acquisitions in Indian startup this week [29 Jul - 3 Aug]
Medial

During the week, equivalent to 32 Indian startups raised around $341 million in funding. These deals count 6 growth-stage deals and 22 early-stage deals while 4 early-stage startups kept their transaction details undisclosed. During the previous week, 22 early and growth-stage startups cumulatively raised $113.39 million in funding. [Growth-stage deals] Among the growth-stage deals, 6 startups raised $216.8 million in funding this week. Mobility startup Rapido spearheaded with its $120 million worth of unicorn round. Fintech firm Navi, NBFC Clix Capital, Trade financing startup Vayana Network, fintech firm BharatPe, and sportstech company KheloMore followed with $38 million, $26.3 million, $20.5 million, $10 million, and $2 million in funding, respectively. [Early-stage deals] Further, 22 early-stage startups secured funding worth $124.24 million during the week. Renewable energy services company BluPine led the list followed by EV startups Simple Energy and Kinetic Green while wedding services company Meragi, and a platform for sourcing and manufacturing of specialty chemicals Scimplifyare are next on the list. As many as 4 startups did not disclose the funding amount raised are; BoldFit, Game Theory, Cogniquest, and Vitra.ai. 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 16 deals followed by Delhi-NCR, Mumbai, Jaipur, Pune, Bicholim, and Surat. Segment-wise, Fintech startups grabbed the top spot with 6 deals. SaaS, AI, E-commerce, and EV startups followed this list among others. [Series-wise deals] During the week, Series A funding deals are on top with 11 deals each followed by 7 pre-Series A, 5 Seed, 2 pre-Seed, and 2 Debt deals. Angel, Series B, Series C, Series D, and Series E are next on the list. [Week-on-week funding trend] On a weekly basis, startup funding surged 200% to $341.04 million as compared to around $113.39 million raised during the previous week. The average funding in the last eight weeks stands at around $316.78 million with 29 deals per week. [Fund launches] Trifecta Capital, known for its investments in companies like Atomberg, BigBasket, and BlueStone, has launched its fourth fund with a potential corpus of Rs 2,500 crores. Gemba Capital is also expanding its portfolio with a second fund of up to Rs 250 crore. [Key hirings and departures] Hero Vired, the Hero Group’s online education platform, has appointed Prakhar Kasar as its new CEO. CoinDCX has elevated Mridul Gupta to the role of founding partner. Meanwhile, e-commerce firm Meesho has strengthened its board with the addition of four independent directors: Hari S Bhartia, founder of Jubilant Bhartia Group; Kalpana Morparia, former JP Morgan Chairman; Rohit Bhagat, non-executive Chairman of PhonePe; and Surojit Chatterjee, a former Flipkart executive. While, Prashant Sinha, co-founder and chief revenue officer of Metadome.ai, announced his exit from the company. [Mergers and Acquisitions] Infibeam Avenues, a financial services company, acquired a majority stake in Rediff.com. Additionally, SaveDesk, another financial services company, acquired a majority stake in the Bengaluru-based fintech startup Fairexpay. Nazara Technologies, a gaming company, acquired the intellectual property rights of the popular mobile game “Ultimate Teen Patti”. [Shutdowns] Apollo Tyres faced a short-lived run with its doorstep car service initiative, Trumigo. Launched just six months ago, the service was discontinued due to a lack of customer traction and competition from established businesses in the market. Meanwhile, CarTrade, after acquiring OLX India’s business last year, decided to streamline its operations. The company will be shutting down its used car retail segment (C2B) to focus on the core classifieds business (Olx.in). [Potential deals] Raise Financial Services, the parent company of stock trading platform Dhan, is in talks to raise around $100 million in a new funding round. This investment is expected to propel the company’s valuation to between $1.2 billion and $1.5 billion, securing its unicorn status. Another fintech player, M2P Fintech, is on the verge of closing a $80 million funding round, which will value the company at $900 million. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [New launches] Delhivery to launch dark stores for e-commerce players Zomato to launch District app for dining out, events, ticketing biz [Financial results this week] Delhivery turns profitable with Rs 52 Cr PAT in Q1 FY25 Infibeam Avenue reports 43% growth in PAT in Q1 FY25 Zomato crosses $25 Bn market cap with Rs 253 Cr profits in Q1 FY25 Freshworks cuts losses by 14% in Q2; eyes $713 Mn revenue in CY24 CarTrade revenue and profit slip in Q1 FY25; shuts down used car retail biz Ideaforge’s profits dwindle 89% in Q1 FY25 Ixigo records 78% quarterly growth in PAT in Q1 FY25 Auxilo’s profit jumps 2.5X in FY24; revenue grows double Ola Electric reports Rs 5,010 Cr revenue in FY24 FirstCry FY24 revenue crosses Rs 6,500 Cr; GlobalBees contributes 18.6% [News flash this week] Unicommerce and FirstCry files RHP as it gears up for IPO launch on Aug 6 PhysicsWallah launches Rs 250 Cr Scholarship Fund for JEE/NEET aspirants InsuranceDekho secures composite broking license Byju’s, BCCI settle payment dispute MapMyIndia accuses Ola Electric of copying data; Aggarwal calls them ‘Opportunist’ MCA imposed penalty on Zerodha AMC and Nithin Kamath for delay In appointing CFO Avanse Financial Services refiles DRHP to SEBI for Rs 3,500 Cr IPO Infra.Market and Fractal are next in line to file DRHP soon [Conclusion] After a dip in funding, the weekly funding again rose up nearly 3X to $341 million across 32 deals. The week saw two VC fund launches namely Gemba Capital and Trifecta Capital. Logistics platform Delhivery plans to establish a network of multi-tenant dark stores to facilitate rapid in-city deliveries for e-commerce businesses. This move, coupled with their focus on shortening delivery times to 2-4 hours, aims to enhance the overall customer experience. Meanwhile, foodtech platform Zomato is diversifying its portfolio. It has introduced a new app called ‘District’, dedicated to its “going-out” business. This app will encompass dining, movie ticketing, and event bookings, expanding Zomato’s reach beyond food delivery. The Indian IPO market is witnessing a surge in activity with multiple companies gearing up for their public debuts. E-commerce SaaS platforms Unicommerce and BrainBees Solutions, the parent company of FirstCry, are set to launch their IPOs on August 6th. Avanse Financial Services has refiled its IPO papers after addressing regulatory concerns, while Infra.Market is exploring investment banks for its public listing. Adding to the pipeline, SaaS unicorn Fractal is planning to file its DRHP soon. Byju’s has reached a settlement with the BCCI. The edtech giant has agreed to pay a Rs 158 crore debt to the cricket board in installments by August 9th. This comes after the BCCI initiated insolvency proceedings against Byju’s due to non-payment. While the settlement offers temporary relief to the embattled company, the NCLAT has imposed conditions to ensure the funds are not misappropriated. MapMyIndia has sent a legal notice to Ola Electric alleging that the latter copied its data after launching its own mapping service. Ola Electric had previously used MapMyIndia’s services for its electric scooters. Ola Electric’s founder, Bhavish Aggarwal, has dismissed the allegations as opportunistic.

Funding and acquisitions in Indian startup this week [16 - 21 Sep]

EntrackrEntrackr · 1y ago
Funding and acquisitions in Indian startup this week [16 - 21 Sep]
Medial

During the week, 36 Indian startups raised around $628.24 million in funding. These deals count 14 growth-stage deals and 17 early-stage deals while 5 startups kept their transaction details undisclosed. Last week, 24 early and growth-stage startups cumulatively raised over $228 million in funding. [Growth-stage deals] Among the growth-stage deals, 14 startups raised $566.44 million in funding this week. Edtech startup Physics Wallah spearheaded with a $210 million funding round. SaaS-based digital adoption solution provider Whatfix raised $100 million followed by, API infrastructure platform M2P Fintech, omnichannel diagnostics service provider Redcliffe, digital infrastructure company iBUS, and mobility startup Everest Fleet with $50 million, $42 million, $34 million, and $30 million in funding, respectively. Swiggy continued to onboard big names under its investor list, including Madhuri Dixit, Ritesh Malik, and Moder Insulators in its pre-IPO funding. [Early-stage deals] Further, 17 early-stage startups secured funding worth $61.8 million during the week. Fintech startup Kaleidofin led the list followed by data intelligence platform e6data, luxury wellness clinic chain The Wellness Co (Rollins International), SaaS-enabled marketplace for metal manufacturers NowPurchase, and vacation home rentals platform ELIVAAS among others. As many as 5 startups that did not disclose the funding amount raised are; Venttup, Kaatil, Salt Oral Care, Ticket9, and TraqCheck. 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 12 deals followed by Delhi-NCR, Mumbai, Chennai, Hyderabad, and more. Segment-wise, E-commerce, SaaS, and Fintech startups are on the top spot with 5 deals each. Healthtech, HRtech, Foodtech, Proptech, Edtech, and Telecom startups followed this list among others. [Series-wise deals] During the week, seed funding deals are on top, with 10 deals followed by 7 Series A, 5 Series B, 3 Series C, and more. [Week-on-week funding trend] On a weekly basis, startup funding surged 174.59% to $628.24 million as compared to around $228.79 million raised during the previous week. The average funding in the last eight weeks stands at around $393 million with 28 deals per week. [Fund launches] z21 Ventures announced the first close of its $40 million Fund II, with WestBridge Capital investing $20 million. Capital A launched its second fund, targeting a corpus of Rs 400 crore, focused on sectors such as manufacturing, deeptech, climate, and fintech. Shivalik Investment Fund secured 50% of its targeted corpus of Rs 150 crore for its inaugural fund, with plans to raise an additional Rs 150 crore. [Key hirings and departures] Bizongo reshuffled its management by onboarding Kiran Dev, Prahlad Krishnamurthi, Gaurav Singhania, and Amol Wanjari. While Amazon, Yum! Brands and ACT Fibernet hired Samir Kumar, Rohan Pewakar, and PVV Srinivas Rao, respectively. Meanwhile, Nine months after joining Ola Consumer (Ola Cabs) as global chief business officer (CBO), Sidharth Shakdher quit the firm. [Mergers and Acquisitions] As many as five acquisition deals happened this week. Fintech startup Veefin acquired a 26% stake in EpikIndifi, infra solutions provider Acru by Stockal, influencer marketing brand OPA by Wondrlab, and computer vision firm AJA Vision Technologies by Marsh Harrier. Oyo also marked one of its largest acquisitions by snapping up G6 Hospitality, which operates Motel 6 and Studio 6 brands. [Layoffs] Byju’s-owned Aakash Educational Services Limited (AESL) laid off 80 to 100 employees over the past couple of months. Several long-time employees, some with over 4 years of service, were also laid off in the past few weeks. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [New launches and partnerships] MobiKwik’s Zaakpay partners Meta to offer in-app payments on WhatsApp GoMechanic gears up for EV workshop expansion [Potential Deals] Moglix to invest $50M in Credlix expansion to US, Mexico D2C brand Kapiva to raise ~$40 Mn funding Qure.ai eyes $60 Mn funding to expand operations [Financial results this week] Livspace revenue crosses Rs 1,200 Cr in FY24; losses shrink by 46% KrazyBee ProcMart GMV zooms 3X to Rs 621 Cr in FY24; profit slips 56% [News flash this week] MensXP looks to break free from Mensa Brands EY resigns as advisor to BYJU’S IRP amidst controversy: Report Quick Commerce players under CCI scrutiny PhonePe captures 50% of UPI market share by value in August Elara Capital sees a lower valuation for Swiggy compared to Zomato Infibeam entering UPI payments with a new app RediffPay Amazon selects 7 Indian startups for global accelerator program Ola Electric can achieve EBITDA breakeven by FY27: Goldman Sachs [Conclusion] The weekly funding jumped around 175% to $628.24 million this week. The week also saw three startup-focused fund launches namely Z21 Ventures, Capital A, and Shivalik Investment Fund. India Lifestyle Network (ILN), the parent company of MensXP, iDiva, and Hypp, is exploring a separation from its parent company, Mensa Brands. ILN founder Angad Bhatia is in talks with investors about acquiring Mensa’s stake and operating as an independent entity. The move is driven by differing growth priorities and Mensa’s inability to provide sufficient capital. Once separated, ILN plans to raise capital and expand its operations, including restarting its influencer-commerce business. The insolvency proceedings of BYJU’S have taken another turn with the resignation of EY as advisor to the IRP, Pankaj Srivastava. This news comes amidst growing controversy surrounding Srivastava, who has been facing legal challenges from multiple creditors of the company. The resignation of EY further complicates the situation and raises questions about the future of BYJU’s restructuring process. Elara Capital believes Swiggy will likely have a lower valuation than Zomato. This is primarily due to Zomato’s larger business size, faster growth rate, and stronger market position, particularly in the quick commerce segment. Zomato has also achieved profitability in certain segments, while Swiggy is still working towards that goal. Since its IPO, Zomato’s valuation has surged significantly, reaching a market capitalization of $28.55 billion. This suggests that investors have placed a higher premium on Zomato’s growth prospects and performance compared to Swiggy. PhonePe solidified its position as the leading UPI player in India, capturing over 50% of the market share in August. This growth is attributed to its user-friendly interface, extensive network, and innovative features. Infibeam Avenues Limited is taking a big leap into the competitive world of UPI payments. Their new app, RediffPay, aims to disrupt the market currently dominated by giants like PhonePe and Paytm. This move comes after Infibeam acquired a majority stake in Rediff.com, hinting at a bigger play in the consumer digital finance space. With RediffPay, Infibeam hopes to offer a comprehensive financial services platform, potentially including insurance, lending, and investment options. The All India Consumer Products Distributors Federation (AICPDF) has filed a complaint against quick commerce players like Blinkit, Zepto, and Instamart, alleging predatory pricing and deep discounting practices. The Department for Promotion of Industry and Internal Trade (DPIIT) has referred the complaint to the Competition Commission of India (CCI) for investigation. The CCI will now examine the practices of these quick commerce companies to determine if they violate competition laws.

Download the medial app to read full posts, comements and news.