BUSINESS
Flipkart Fashion head Arief Mohamad to quit; Myntra CEO Nandita Sinha will lead operations
Flipkart Fashion and Myntra will retain their independent structure, even though they will be led by the same person.
BUSINESS
FirstCry IPO enhanced our corporate governance and disclosures, says founder and CEO Supam Maheshwari
"There is no pressure for a company of our stature, size and maturity curve. What is the pressure if you have been delivering operational profitability for the last four years," says FirstCry founder Supam Maheshwari.
BUSINESS
Neobanking startup Zolve to raise $25 million from Creaegis as part of larger round
The new round values the company at around $330-360 million, one of the people in the know told Moneycontrol.
BUSINESS
Dunzo co-founder Mukund Jha in talks to raise Rs 80 cr for his Gen AI startup
Jha, who was with Dunzo from 2015 until 2023, has previously worked with Google in New York, where he tried starting up two of his own companies.
BUSINESS
FirstCry likely to list on stock exchanges on August 13
The startup will launch the anchor book for its IPO on August 5, with the issue likely to open for public subscription between August 6 and August 8, sources told Moneycontrol.
BUSINESS
Unicorn alert! Trading startup Dhan in discussions to raise $100 million at $1.5 billion valuation
For Dhan, the new round will be its largest since its inception in 2021 and even the company’s valuation will increase significantly from around $150 million to a staggering $1.2-1.5 billion.
BUSINESS
TPG NewQuest India MD Nitin Agarwal resigns
Agarwal has invested in companies across industries, including financial services, consumer, education, business services, logistics and more, over the past years.
BUSINESS
Eight Roads Ventures Asia managing partner Raj Dugar quits
While not finalised yet, Dugar has been engaging with investors within the ecosystem and may start his own secondaries fund to tap into a growing market, sources told Moneycontrol.
TECHNOLOGY
Dairy Dreams: Milky Mist eyes IPO at Rs 20,000 crore valuation months after WestBridge talks fall through
Founded by a school dropout T Sathish Kumar, Erode-based Milky Mist ended FY 24 with a turnover of Rs 2,000 crore and a profit of around Rs 50 crore
TECHNOLOGY
General Atlantic's India COO Alok Misra quits
Anand Agarwal, former chief financial officer of Amazon’s consumer business in India, has been handed over Misra's responsibilities.
TECHNOLOGY
Swiggy shares on the menu: Secondary transactions gain steam ahead of IPO
Prosus, Accel, Elevation are among the sellers and 360 One, HNIs are the ones buying shares in Swiggy, sources told Moneycontrol. During negotiations, the company has signalled confidence that it can IPO at a valuation of about $10-13 billion later this year, they added. Secondary transactions currently value the company at $9.3 billion.
TECHNOLOGY
Premji Invest in talks to invest Rs 200 crore in omnichannel furniture company Wooden Street
Wooden Street has remained profitable and caters to the customers in the premium space. Its make in India approach has helped it attract investor money, sources told Moneycontrol.
TECHNOLOGY
Former Zepto executive Ashish Shah joins DealShare as CFO
Apart from Ashish Shah, Chief Business Officer (CBO) and Chief Growth Officer (CGO) Viral Jhaveri and VP Manik Oberoi have also left Zepto in recent months. Chief Marketing Officer Amritansu Nanda too quit last year.
TECHNOLOGY
Zepto draws interest for $250 million more following $665 million raise; General Catalyst, Sovereign Funds queue up
If the round closes, Zepto will become the only company to have raised over $1 billion in such a short span this year, surpassing Flipkart which raised $950 million in May. Such funding frenzy was last seen in 2020 and 2021.
TECHNOLOGY
Draft gig worker bill: Karnataka likely to impose per transaction fee for welfare fund
The fee will be decided after considering feedback from the aggregators and unions. Officials said the idea is not to control businesses, but to ensure that gig workers are protected.
TECHNOLOGY
Former SoftBank partner Lydia Jett is back on Flipkart board
This is Jett’s second stint as a board member at the e-commerce giant. She was a SoftBank representative before Walmart acquired Flipkart
TECHNOLOGY
Sandeep Naik to step down as General Atlantic’s India and Southeast Asia Head, will move to an advisory role
Naik had joined the firm as Managing Director and the head of its India office in late 2012. Sources said that his responsibilities will be handled by Shantanu Rastogi in India and Neal Kok in Southeast Asia.
TECHNOLOGY
Former Swiggy exec Karthik Gurumurthy shelves offline startup, returns capital to Matrix Partners
While Gurumurthy is no longer building in the offline space, he is already on to his next venture, sources told Moneycontrol.
TECHNOLOGY
Next Bharat Ventures to launch Rs 350-crore fund backed by Japan’s Suzuki group
The fund will be run by Vipul Nath Jindal, head of Suzuki Innovation Centre at Suzuki Motor Corporation, sources told Moneycontrol. The impact fund will based in GIFT City and will focus on companies solving for the non-metro cities.
TECHNOLOGY
Zepto raises $665 million at $3.6 billion valuation in biggest funding round this year
Sources said that DST Global, an early investor in Swiggy also participated in the round. Zepto founder Aadit Palicha told Moneycontrol that the funds will be used to enter new markets like Jaipur, Chandigarh, Ahmedabad and double its dark stores to 700 from the current 350.
TECHNOLOGY
Everstage to raise $30 million at $150-million valuation
While the round is likely being led by a new investor, Eight Roads Ventures, existing backers like 3one4 Capital and Elevation Capital will also participate, sources told Moneycontrol.
TECHNOLOGY
General Catalyst merges with Venture Highway to sharpen India focus
General Catalyst will invest anywhere between $500 million and $1 billion in India over the coming years now that it will have a more nuanced understanding of the local ecosystem. The Venture Highway brand will no longer exist.
TECHNOLOGY
Flipkart co-founder Binny Bansal advises startups to incorporate in India
The US was the default before the market opened up for tech IPOs (in India) but now it's clear that India is a great destination for tech IPOs, Bansal said.
TECHNOLOGY
Was a sceptic but now believe in quick commerce’s potential: Flipkart co-founder Binny Bansal
“I give a lot of credit to the people who are making it work. There was Amazon, Flipkart and other big companies, all of them were trying to do this (but) the people who figured it out are new founders," said Bansal.
