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Top News of the Week: 1. Funding: - 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. - 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. - 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. - 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. 2. Top Hirings and Exits: - 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. 3. 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. 4. 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. 5. Other Developments: - 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 - 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 - 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 - 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 - 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. Stay Updated. Stay Informed. Stay Ahead. Share the Medial App with your network, colleagues, and friends. Let's brainstorm, discuss together and help each other achieve our goals. 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