BUSINESS
Unacademy’s core business to decline 15% in 2023, group-level revenue to grow 26%
Unacademy expects a revenue of Rs 1,250 crore in 2023 on a consolidated basis, up from Rs 992 crore in 2022, Co-Founder and CEO Gaurav Munjal told employees in a message. During the period, it sees its core operating revenue dropping to Rs 620 crore from Rs 732 crore from 2022, he told employees.
BUSINESS
Tiger Global-backed Upstox grows faster than Zerodha for third straight year, achieves breakeven
However, the growth in its operating revenue was on a smaller base than Zerodha, which has also reported a net profit of close to Rs 2,100 crore for FY22.
BUSINESS
Google-backed online lending marketplace Progcap registers 25x rise in operating revenue in two Covid years
Progcap reported operating revenue of Rs 26.4 crore for FY22 (2021-22), a more than fourfold increase over FY21 (2020-21), when it generated Rs 5.9 crore from operations, according to the company's regulatory filings with the Ministry of Corporate Affairs (MCA).
BUSINESS
Axis Bank follows PhonePe, develops new platform for groceries on ONDC
Axis has already designed the platform and will be launching it as a part of its e-commerce segment called Grab Deals. The platform will initially have only groceries, but will soon expand to other segments.
BUSINESS
Dailyhunt and Josh parent VerSe reverses pay cuts, expands ESOP pool
The company, which also laid off about 150 employees in November, had announced salary cuts of up to 11 percent for employees earning more than Rs 10 lakh amid worsening macroeconomic headwinds.
BUSINESS
PhonePe raises another $100 million from General Atlantic, others
In January, PhonePe announced raising $1 billion in tranches at a valuation of $12 billion. Since then, the fintech unicorn has raised $350 million from General Atlantic, $100 million from Tiger Global Management, Ribbit Capital and TVS Capital, and $200 million from its largest shareholder--Walmart
BUSINESS
India presents a $125 bn GMV opportunity to B2B marketplaces in next five years: Report
Avendus projects that by 2027, India would have more than 20 unicorns in the B2B marketplaces segment, up from 7 currently, with more than 5 of the companies getting publicly listed
BUSINESS
India's five edtech unicorns spend over Rs 2,250 cr on advertising; Rs 5,500 cr on employees in FY22
Unacademy, PhysicsWallah, Vedantu, Eruditus, and upGrad cumulatively spent more than Rs 2,250 crore on ads and promotions, and Rs 5,465 crore on employees but with funding winter and slower growth these excesses are becoming a thing of the past.
BUSINESS
Edtech Brightchamps spends Rs 42.4 cr on advertising to generate Rs 22.5 cr from ops
The company, which was last valued at about $650 million when it raised about $63 million in November 2021 in a round led by Premji Invest, reported a net loss of Rs 98.6 crore in FY22, which was its first full year of operations.
BUSINESS
We need to chart our own destiny: PhonePe's Sameer Nigam on ecommerce foray, competing with Flipkart
On the sidelines of the launch of Pincode, PhonePe co-founder Sameer Nigam talks about the e-commerce foray, plans with lending, why the acquisition of ZestMoney and more.
BUSINESS
PhonePe kicks off digital lending pilots, may apply for NBFC licence: Co-founder and CEO Sameer Nigam
PhonePe’s digital lending forays come on the heels of its massive $1 billion fundraise that it announced earlier this year at a $12 billion valuation, which made it India’s most-valued fintech startup
BUSINESS
PhonePe's due diligence on ZestMoney was unsatisfactory: Sameer Nigam on deal collapse
Nigam’s comments on the ZestMoney deal falling through were the first official acceptance of the acquisition deal by PhonePe, which it was evaluating since last year and was first reported in November 2022. Both PhonePe, and ZestMoney had stayed away from commenting on it officially
BUSINESS
PhonePe launches new app Pincode on ONDC to strengthen its e-commerce play
PhonePe currently operates in the e-commerce space with 'Switch' and has various services that are similar to its biggest rival Paytm. An ONDC foray will further put PhonePe in direct competition with Paytm, which already has an ONDC platform integrated with its application
BUSINESS
Byju's picks up Vedanta's Ajay Goel as CFO amid delay in filing FY22 results
Byju's previous CFO PV Rao quit in December 2021 and Goel's appointment comes 16 months later, people aware of the matter told Moneycontrol. Goel was the Group Deputy CFO of Anil Agarwal's Vedanta Resources.
BUSINESS
Eruditus becomes the second-biggest revenue grossing edtech with $250 mn in sales
Eruditus’ operating revenue is also more than that of the other four direct-to-consumer edtech unicorns that have filed FY22 results together
BUSINESS
Startup funding drops 60% in Q1 of 2023 as macro headwinds worsen
Over half of the investments in the quarter came in March alone.
BUSINESS
Invesco cuts Swiggy valuation to $8 billion internally as tech stocks bleed
Invesco first invested in Swiggy in January last year, when it led a massive $700-million funding round for the SoftBank-backed platform.
BUSINESS
ZestMoney weighs layoffs as deal with PhonePe falls through
On March 31, Priya Sharma, co-founder of the BNPL platform sent out a message to a few startups seeking help for outplacing ZestMoney employees. ZestMoney has around 450 employees
BUSINESS
Unacademy founders, senior leadership to take pay cuts in FY24 in latest cost-cutting initiative
The latest of the cost-cutting initiatives comes just a day after the SoftBank-backed edtech unicorn, currently India's second-most valued edtech startup, laid off close to 380 employees or about 12 percent of its staff to cut costs with an aim to acheive profitability, at least at the core level.
BUSINESS
Edtech Teachmint, valued at Rs 4,000 cr, earned Rs 80 lakh from ops in FY22
FY22 was the first full year of operations for Teachmint, and the company raised over $110 million (close to Rs 800 crore) during the period. Naturally, it earned revenue from interest on fixed deposits and Interest on income tax refunds of Rs 12.7 crore.
BUSINESS
Unacademy sacks another 380 employees in fourth round of layoff in 12 months
Unacademy's latest round of layoffs comes just four months after the SoftBank-backed edtech laid off 350 employees or about 10 percent of its staff in November.
BUSINESS
Tiger Global-backed Scaler forays into undergraduate education with offline institute
Scaler did not reveal the amount it plans to invest in the new initiative, but its two co-founders said that they expect it to become one of the biggest verticals for Scaler soon.
BUSINESS
SoftBank-backed Unacademy hives off coding platform CodeChef for better efficiencies
Unacademy will make a one-time investment into CodeChef and the company, with effect from April 1, will be an independent company owned and run by the current team.
BUSINESS
WestBridge-backed edtech cos PhysicsWallah and Adda247 at loggerheads over aggressive poaching
Even as startups cut spending, edtech companies seem to be taking the poaching of teachers for online coaching centres to the next level.
