BUSINESS
SoftBank cuts India investments by 84% in 2022 amid macroeconomic headwinds
The Japanese conglomerate, which posted huge losses globally, also logged the highest number of exits from India this year
BUSINESS
Steadview, Temasek in talks to invest $50-$60 million in smart fan maker Atomberg at a valuation of $350 million
Atomberg's potential fundraise comes at a time when funding to the country's startups has slowed by more than 70 percent over the last three quarters, with investors preferring to avoid high-growth, loss-making technology companies amid macroeconomic headwinds.
BUSINESS
Venture Capital funding to India drops 73% in July-September 2022: Elevation Capital report
The report further revealed that Indian startups raised about $3 billion in July-September this year, against $11 billion in October-December 2021.
BUSINESS
Tiger Global startup investments drop 70% in 11 months of 2022 as funding winter worsens
In terms of value, Tiger Global has slowed in India this year, as it has globally, shows data. Tiger Global invested $807 million in the first eleven months of 2022, a 70 percent decrease from the previous year's total of $2.75 billion.
BUSINESS
SoftBank-backed OfBusiness in talks for a secondary funding round at valuation of $8-9 billion ahead of IPO
OfBusiness is raising $50-$100 million from a slew of family offices, who will buy shares from some of the business-to-business (B2B) commerce and lending platform's investors
BUSINESS
Tiger Global Series A participation up 80% on year as startups face funding winter
Tiger Global has participated in Series A rounds totalling $458 million in the first 11 months of 2022, an increase of 80 percent compared to the same period in the previous year
BUSINESS
Budget 2023: After surcharge cap, PE/VCs seek LTCG parity on both unlisted and listed shares
At present, the LTCG tax on unlisted stock held for more than 24 months is double that of listed equity shares held for a year. The LTCG tax on private stock investments is 20 percent, while the tax on public stock investments is 10 percent.
BUSINESS
Investors favour upskilling platforms as other edtechs struggle with funding winter
Higher education and upskilling startups have raised $1.1 billion in private equity and venture capital funding so far this year, slightly less than the $1.25 billion raised in the first 11 months of 2021, according to data by Tracxn Technologies.
BUSINESS
Classplus is overvalued, Unacademy's Gaurav Munjal says citing Graphy's growth
"We believe one can only understand their business and numbers well enough. Others can only speculate. And hence, we don’t like to look down upon anyone," Classplus' founder told Moneycontrol.
BUSINESS
Dailyhunt and Josh parent VerSe lays off 150 staff, announces company-wide pay cuts
These measures were unveiled In a town hall meeting, addressed by the company’s co-founders Virendra Gupta and Umang Bedi.
BUSINESS
Simplilearn buys US-based Fullstack to accelerate growth in North America
The acquisition of Fullstack will give Simplilearn access to over 20 university and government partnerships across the country
BUSINESS
We tell edtech companies to avoid using ambiguous language in ads: Justice BS Chauhan, IGRB chief
The comments from former SC Judge come at a time when edtech companies in India, including some of the biggest have come under fire for allegedly mis-selling and over-selling of courses and subscriptions
BUSINESS
Prosus values its 9.67 percent stake in Byju’s at $578 million
Although Prosus' accounting entry implies that it values Byju's at $5.9 billion, experts say that different shareholders may value a private company differently in their books.
BUSINESS
Tiger Global’s Scott Shleifer 'very bullish' on India amid global tech rout
Tiger Global, though bullish, is not comfortable writing late-stage cheques just yet. It will continue to play in the early stage phase and India is expected to be among the biggest beneficiaries of Tiger Global’s new fund
BUSINESS
Five Star Finance eyes Rs 7,000 crore in assets under management by FY23-end
The management of Five Star Finance said that the company will continue investing in growing its branch network and adding technological capabilities.
BUSINESS
Why educators are on a warpath with Unacademy-owned PrepLadder
At least six of the 19 PrepLadder educators are refusing to renew their contracts after their remuneration was cut 30-75%. Five more allege that PrepLadder misled them while renewing contracts. Unacademy was caught in a similar controversy with one of its other portals, Relevel, in September
BUSINESS
Indian edtech needs a complete reset, with better entrepreneurs who are mission-driven: India Quotient’s Anand Lunia
In a candid interview, Anand Lunia of India Quotient said that the theme for this year is SaaS, as venture capital is moving to safer sectors.
BUSINESS
Simplilearn raises $45 million led by GSV Ventures as competition intensifies in higher edtech space
The higher learning edtech platform will use the funds to boost its growth plans in India and international markets
TRENDS
Edtechs focus on cutting monthly spends as demand, funding fall
Spending on the advertising and marketing front and offers like free trials, especially in the early days, are hurting companies. The higher education and upskilling space seems to be faring better.
BUSINESS
SoftBank's Masayoshi Son bats for asset monetisation as he bids adieu to earnings calls
Addressing the current market downturn as the third biggest after the dotcom bust and the Lehmann crisis, Son said that the Japanese investment conglomerate will monetise ‘whatever it can’ to survive through this economic downturn.
BUSINESS
SoftBank swings to profit on sale of Alibaba stake after worst-ever quarter; Vision Fund reports 1.38 trillion yen loss
SoftBank Group reported a net profit of 3.08 trillion yen ($21.77 billion) in the three months to September 30, thanks to a $37.93 billion yen gain related to the early settlement of prepaid forward contracts using Alibaba’s shares, the company’s regulatory filings showed
BUSINESS
upGrad's net loss widens to Rs 626 crore in FY22 on rising employee costs
upGrad reported a net loss of Rs 626.61 crore in FY22 on a consolidated basis against a net loss of Rs 211.1 crore in FY21 (2020-21). It, however, reported an over two-fold increase in FY22 revenue at Rs 682.21 crore on a consolidated basis
BUSINESS
Mumbai startup founders team up to form ‘brand Mumbai’
Mumbai currently houses a sixth or about 18 of the country’s 108 unicorns, the third most after Bengaluru and Delhi/NCR (National Capital Region), but has never been recognised as a startup hub, primarily due to high cost of living
BUSINESS
Masai School onboards Mithali Raj, Bhaichung Bhutia as investors, raises $10 mn in funding
Masai School will use the funds to launch two new course categories and expand its existing skilling course in software development and data analytics
