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.
BUSINESS
AI firm Mad Street Den acquires New York-based Inturn
Inturn offers enterprise solutions to help companies manage unsold inventory across all verticals. Presently, Inturn supports some of the largest global brands and retailers like Unilever, Kind, and more.
BUSINESS
App-based auto ban: Karnataka HC allows govt, cos more time to conclude on commission charges
This comes as an extension time given by the Karnataka High Court, which had previously given 15 days' time to the state government, regulators, and cab aggregators to work out a fair pricing mechanism.
BUSINESS
Tiger Global and Sequoia-backed SaaS unicorn Chargebee lays off 10% staff
In a letter shared with the Chargebee’s team, Subramanian wrote that the company changed its hiring plan to align with priorities.
BUSINESS
D2C firm The Sleep Company raises Rs 177 crore in Series B funding
The company plans to utilise the funding towards expanding its retail presence and strengthening the team to build a global business
BUSINESS
Trouble for Freshworks as US-based law firms file class action lawsuit
Scott+Scott said that the company’s net dollar retention rate was plateauing, and its revenue growth rate and billings were decelerating during IPO.
BUSINESS
Global Investors Meet: JSW Group plans to invest additional Rs 1 lakh crore in Karnataka over five years
Karnataka has held its position as one of the most preferred investment destinations in India, truly representing the government’s "One State, Many Opportunities" mantra, Sajjan Jindal said.
BUSINESS
Freshworks posts 37% rise in Q3 revenue at $128.8 million, reduces growth forecast
Despite the slow growth in the economy, CEO Mathrubootham said that the firm witnessed steady growth in markets like North America, in the mid-market enterprise segment.
BUSINESS
Karnataka ban impact: Uber may restrict auto services in parts of Bengaluru
Since removing the doorstep compensation on Uber, cancellations have increased by over 50 percent in the city, as availability reduces and drivers turn down trips that are not economically viable for them
BUSINESS
The K'taka Transport Department and app-based auto aggregators are in loggerheads again: Here's why
The Karnataka High Court had given 15 days time to the state government, regulators, and cab aggregators to work out a fair pricing mechanism. The next hearing was adjourned to November 7
