BUSINESS
Zilingo founders join hands, make buyout offer as B2B startup teeters on edge of liquidation
According to the letter, the new investor will be infusing $8 million in equity in tranches. The offer further stated that pursuant to Singapore's Insolvency, Restructuring, and Dissolution Act, Zilingo will be transferred to the ownership of a newly incorporated entity.
BUSINESS
Joy of meeting in person, but some caution as unicorn founders get together after two years amid funding winter
The sentiment suffused thousands of founders, investors, bankers, and advisors among others, who attended the India Unicorn Summit 2022 arranged by TiE Mumbai at the exuberant Jio World Convention Centre in Mumbai last week.
BUSINESS
ShareChat parent raises $78 million at $4.9 billion valuation from Google and Temasek
After the round, Google will hold a little over one percent stake in Mohalla Tech, while Temasek will hold about 2.64 percent stake, regulatory filings showed.
BUSINESS
Monthly VC deals down 20% this year, exits halve as bullish sentiment wanes
The global economy entered 2022 coping with macro stresses of runaway inflation, global political uncertainties and escalating tensions, supply chain disruptions, and calls for urgent climate action, the authors said
BUSINESS
B2B manufacturing and supply chain startup Groyyo raises $40 million from Tiger Global, Alpha Wave
Groyyo is betting on the SME manufacturing industry, which it expects to be worth $120 billion already and sees it growing 5x by 2025.
BUSINESS
Allen launches digital arm to take on multi-billion dollar edtech firms
The company's move into the online space comes at a time when edtech firms such as Unacademy and Byju's are going the opposite way by launching physical centres as competition grows in the offline space
BUSINESS
Early-stage VC firm Multiply Ventures raises Rs 260 crore in its maiden fund
Multiply Ventures' final close of its first fund came at a time when early-stage funding in the Indian tech startup ecosystem fell to a 12-month low in May
BUSINESS
Sequoia raises $2.85 billion for India, Southeast Asia startups
Sequoia said that the fundraise signals the VC’s commitment to India and Southeast Asia as it comes at a time when markets have started to cool after a ‘very long bull run.’
BUSINESS
The Shah pulls back: Kunal Shah is a more cautious angel investor after last year’s frenzy
Shah’s investments have dropped sharply in 2022 with the overall funding to India’s startup ecosystem, which is currently the world’s third-largest, slowing amid a correction in global financial markets. According to data shared by data analytics firm Tracxn Technologies, Shah has closed only 26 rounds so far this year.
BUSINESS
Won’t allow educators leaving just for money to come back: Bodhi Tree-backed Allen’s founder
Maheshwari’s comments come at a time when SoftBank-backed edtech unicorn Unacademy is opening its offline centre in Kota. In May, Unacademy had announced its forays into offline tuition centres.
BUSINESS
Startups should prioritise profitability amid funding winter: Unicorn founders
Amagi Media Labs, Xpressbees, and OfBusiness are three of the country’s 23 profitable unicorns. India welcomed its 100th unicorn in May, and the tally currently stands at 102.
BUSINESS
Customer funding is best form of funding: Anupam Mittal of Shark Tank fame
Mittal’s comments come at a time when venture capital (VC) and private equity (PE) funding to India’s startups is slowing down amid a correction in global financial markets.
BUSINESS
Fintech unicorn Cred raises $80 million from GIC, others at $6.2 billion valuation
According to Moneycontrol estimates, the Kunal Shah-led company has raised the money at a valuation of almost $6.22 billion. Existing investors Tiger Global, Sofina Ventures, Alpha Wave Ventures and DF International also participated in the funding round
BUSINESS
Sequoia-backed Purplle joins unicorn club after $33mn fundraise
Purplle becomes India's 102nd unicorn or a startup valued at $1 billion or more. The company raised the latest round at a valuation of $1.1 billion
BUSINESS
Accel-backed fintech Uni raises Rs 50 crore in debt from Stride Ventures
Uni’s debt fundraise comes at a time when equity funding to Indian startups is slowing. Consequently, many startups, especially the ones that need cash to survive, are shifting to offshore debt and venture debt.
BUSINESS
PhysicsWallah raises $100 million from Westbridge, GSV Ventures, joins unicorn club
PhysicsWallah raised the money at $1.1 billion valuation, becoming India's 101st unicorn, the company said. PhysicsWallah said it plans to use the funds for business expansion, branding, opening more offline learning centres, and introducing more course offerings, the company added.
BUSINESS
SME-focused lending platform FlexiLoans.com raises $90 mn
FlexiLoans.com said that the investment round provides it a strong runway for its growth as it comes at a time when there is a fintech push by the government, especially for the MSME sector.
BUSINESS
Layoffs, restructuring, slowdown: India’s edtech firms are struggling post-pandemic
The slowing demand for technology-based education services, coupled with the much-talked-about funding winter, has had a domino effect on India's thriving edtech companies, forcing them to lay off employees, go slow on expansion, cut down excess spends and explore newer revenue streams. Some edtech companies have even shut operations
BUSINESS
SoftBank-backed Eruditus lays off employees to focus on profitability
Edtech firm joins a growing list of startups laying off employees amid a slowdown in funding. Startups have axed close to 6,000 this year.
BUSINESS
ByteDance exits Josh parent at 56% discount ahead of re-entry into India market
ByteDance received $102.67 million for its entire investment. Considering VerSe Innovation’s $805-million primary fundraise in April, which it raised at a valuation of $5 billion, ByteDance should have received about $232 million for its investment.
BUSINESS
Sequoia ends ties with legal firm founded by its ex-general counsel, cites concerning incidents
Sequoia Capital further requested the select portfolio companies to inform legal firm AZB & Partners or its INSEA team if any of its companies is a client of or has had dealings with Algo Legal or its related entities including Themis, Quant LegalTech India, OneDelta Technology Solutions and OneDelta Synergies Singapore.
BUSINESS
Moneycontrol Masterclass | No funding winter for startups but only 'kaalchakra' which founders will have to go through
Investors' comments come at a time when venture capital and private equity funding to Indian startups is drying up amid a slowdown in global financial markets which has also hit valuations of many high-growth technology companies across the globe.
BUSINESS
Lightrock India-backed Arya.ag buys AI agritech firm Prakshep to boost deep tech capabilities
Prakshep’s acquisition will help Arya.ag to boost its AI and ML capabilities for farm digitization, crop monitoring, quality assaying and surveillance
BUSINESS
MoEngage raises $77 million from Goldman Sachs, B Capital, others
MoEngage says it has grown its annualised recurring revenue by more than 105 percent In the last 12 months, and has added 500 new customers. It has also doubled its headcount to more than 650.
