ANNOUNCEMENTS
Bengaluru to build its own tech and innovation museum near Baiyyappanahalli
The experiential and interactive museum will be built on the lines of the Bezos Centre of Innovation in Seattle and Peres Centre for Peace & Innovation in Tel Aviv, said Bommai
BUSINESS
Funding in SaaS startups up 5 times YoY, to $500 million, in November 2022
SaaS startups have raised $5 billion to date in funding since the beginning of 2022, according to data research and analysis firm Venture Intelligence.
BUSINESS
EV financing startup Vidyut raises $4 million in seed funding
Founded in 2021 by Gaurav Srivastava and Xitij Kothi, Vidyut aims to make commercial EV ownership affordable and a risk-free proposition for customers through its ownership plans
BUSINESS
UPI clocks 19.65 billion transactions at Rs 32.5 trillion in Q3 2022: Worldline’s India Digital Payments Report
Overall, In Q3 2022, UPI, Debit and credit cards, and prepaid payment Instruments like Mobile Wallets, and prepaid cards executed 23.06 billion transactions amounting to Rs 38.32 trillion.
BUSINESS
Rohan Murty’s venture Soroco wants to make white collar work more effective
Founded in 2014 by Infosys founder NR Narayana Murthy’s son Rohan Murty, Arjun Narayan and George Nychis, Soroco has built a product called Scout that generates a work graph, which maps how teams experience digital work
BUSINESS
Karnataka govt cannot over-regulate app-based aggregators by deciding revenue sharing models: IAMAI
The industry body said that the 10% commission cap is affecting businesses and suggested the government hold periodic bi-annual meetings with app-based aggregators like Ola, Uber, and Rapido.
BUSINESS
Hard cash, made easy | Digital Rupee will enhance financial inclusion: Fintech industry
Digital currencies have many benefits like zero currency loss and lower operational costs associated with physical cash management.
BUSINESS
Coimbatore Saas firm Kovai.Co rules out layoffs, will be cautious on new hires, spends
SaaS firm looking to add 40-50 people in 2023 and eyes revenues of $30 million by 2025.
BUSINESS
Zetwerk acquires US-based Unimacts for $39 million, to clock a revenue of $1 billion in FY23
Zetwerk is presently well capitalised and looking to clock a revenue of $1 billion in revenue for FY23 and is even thinking about going public in the future when market conditions are supportive, said cofounder Amrit Acharya.
BUSINESS
Anicut Capital gets SEBI nod for Rs 1,500-crore debt fund
It plans to launch the fund in the fourth quarter of the financial year 2022-23 and announce the first close by the end of the same quarter, the company said on November 30
BUSINESS
Talent supply chain SaaS firm Prismforce raises $14 million led by Sequoia Capital
Prismforce will be utilising the funds to enhance its product suite, strengthen go-to-market capabilities and grow its talent base
BUSINESS
Karnataka govt proposes 5% commission for app-based auto aggregators Ola, Uber and Rapido
Earlier, the government had agreed to the Karnataka High Court’s temporary orders to cap the commission charged by the aggregator at 10 percent.
BUSINESS
SAP Labs India bets big on sustainability solutions, launches startup accelerator cohort for 2023
Through its Startup Accelerator, SAP Startup Studio the company has opened a new cohort batch for 2023 and will be helping around 10 startups for 12 months.
BUSINESS
Ather charts ambitious plans to become India's biggest EV maker, invests Rs 320 crore in new plant
The EV maker is in the final stages of getting an approval from the state govenrment to set up another new plant with a total capacity of around one million electric vehicles per annum by the end of FY23.
BUSINESS
B2B procurement firm ProcMart raises $10 million from Sixth Sense Ventures
ProcMart plans to achieve a revenue of Rs 1,000 crore in the next three years, founder Anish Popli has said. The startup plans to expand to Vietnam, Australia and Dubai in the coming months
BUSINESS
Zoho Books’ India revenue up 81% in 2021
The biggest challenge is acquiring customers. However, while the Customer Acquisition Cost has gone up due to macroeconomic pressures, Zoho is seeing strong retention rates.
BUSINESS
Launching state's own ride-hailing app not feasible: Karnataka transport commissioner
The newly appointed transport commissioner SN Siddaramappa’s words came as a response to Bengaluru residents' and auto drivers' request to the government to develop a state-run app and decide on the fares
BUSINESS
Contentstack bags $80 million in Series C funding led by Georgian, Insight Partners
Georgian’s Lead Investor Emily Walsh to join the Contentstack board along with Contentstack CFO David Overmyer
BUSINESS
Yulu secures $9 million from US International Development Finance Corporation
The firm plans to utilise the funds to strengthen momentum towards enabling green last-mile mobility for people movement and goods deliveries, Yulu has said
BUSINESS
SaaS unicorn Darwinbox opens new global headquarters in Hyderabad, plans IPO in 3 years
The SaaS unicorn is planning to go for an IPO in the next three years and charts plans to turn profitable by FY2024
BUSINESS
India's top VCs, startup founders back ACT-BCG's Green Startup Pledge
The Green Startup Pledge will drive this transition, support startups in scaling with sustainable practices and providing resources so that India can deliver on its climate promises
BUSINESS
Ola to shut down its infotainment service Ola Play from November 15
In the public notice, Ola said that the company restricts any third party from any kind of usage of, modification, or transfer of the Ola Play devices more particularly during the ride-hailing services.
BUSINESS
SaaS firms brace for rough ride as macroeconomic conditions worsen
While many investors still bat for the sector calling it “just another cycle of correction”, there is fear that valuations for SaaS companies will see sharper cuts as more layoffs and cost rationalization are on the cards.
BUSINESS
HR tech startup Keka secures $57 million from WestBridge Capital
Founded by Vijay Yalamanchilli in 2015, Keka is an HR tech platform in India for small and medium enterprises with 20-5,000 employees.
