TECHNICALS
The era of operator founder: Why investors love executives leaving startups to start up
While a majority of the departing executives are going back into the ecosystem and starting a new business, a small portion of them have chosen to simply change their sectors. The remaining are going back to safety.
BUSINESS
DealShare gives up office space in Bengaluru, lowers monthly rental cost by Rs 25 lakh
Prior to the shutdown of the HSR office, DealShare was paying a monthly rent of around Rs 40 lakh. DealShare now joins a list of companies like Byju’s and Dunzo which have also given up their office spaces in Bengaluru to cut costs.
BUSINESS
Dunzo moves employees from Google Workspace to Zoho to bring down costs
Google, also one of Dunzo’s largest investors, charges at least Rs 1,600 per user per month for its suite of offerings under the enterprise plan but Zoho charges only Rs 489 for the same arrangement.
BUSINESS
Prosus and Naspers interim CEO Ervin Tu to visit India later this month
Tu is likely to visit Delhi and Bengaluru during his time in India, sources said. They however added that his plans may change slightly closer to the actual dates.
BUSINESS
SphitiCap: The VC fund inking deals without transferring funds
At least five firms that had looked to the promised funds to scale up their businesses are engaging with other investors to raise interim capital as SphitiCap awaits SEBI's approval.
BUSINESS
Festive cheer for e-commerce driven by premiumisation of purchases, say industry experts
Consumers bought costlier mobiles, more jewelry and high-end beauty products even as order volume grew at a slow pace during the festive season
BUSINESS
The Sleep Company in talks to raise $15-20 million in round led by Premji Invest
The fund-raise comes at a time when competition in the mattress space is heating up, even Wakefit is likely to raise $15-20 million from Elevation Capital
BUSINESS
Deloitte casts doubt on Dunzo's ability to continue as going concern
A company is typically considered a 'going concern' if it has sufficient resources to continue to operate indefinitely and to avoid any potential bankruptcy risks. This is not, however, the case with Dunzo.
BUSINESS
Cost of a delayed festive season: 300 basis points taken off from growth, says Nykaa’s Falguni Nayar
Most sales had begun in September last year, which reflected in the Q2 performance of companies, but a delay this year means Q2FY24 growth will look subdued when compared to Q2FY23.
BUSINESS
Swiggy's Karthik Gurumurthy to exit and start his own venture
Gurumurthy plans to set up a chain of offline retail stores, similar to what Aldi does in Germany. Swiggy has hired former Amazon executive Dipak Krishnamani to head Swiggy Mall
BUSINESS
Why WeWork India is not losing sleep over WeWork's bankruptcy
Even at a time when WeWork struggles to keep operations afloat, WeWork India said it clocked revenues of Rs 1,400 crore in FY23, had an EBITDA of Rs 250 crore and a profit after tax of roughly Rs 60 crore.
BUSINESS
PayPal CTO Sri Shivananda to quit; acting CFO Gabrielle Rabinovitch also set to depart
Like Shivananda, even Rabinovitch's next move was not immediately known. The two join a growing list of top level executives who have been leaving PayPal in the recent past.
BUSINESS
Festive season sale wars: The Amazon Vs Flipkart battle has no clear winner yet
The Amazon and Flipkart sales, which both commenced on October 8 this year, have thrown up some category winners. But there does not appear to be an overall winner yet.
BUSINESS
YCombinator-backed unicorn Zepto clocks Rs 2,024 crore revenue, incurs Rs 1,272 crore loss in FY23
In the whole of FY23, Zepto opened about 100 new stores, mostly in existing locations, as it saw more customers coming on to its platform.
BUSINESS
Reduced IPO size as investors think current valuation not attractive enough to sell, says Mamaearth
Mamaearth’s current valuation of Rs 10,423 crore (around $1.25 billion) is unchanged from what it commanded during its fundraise in January 2022.
BUSINESS
Layoff: Accel-backed Virgio corrects 'hiring mistakes' by downsizing workforce by 30%
While Virgio has let go of 20 employees, several top executives who had previously worked under Amar Nagaram at Myntra have also exited the company, sources told Moneycontrol.
BUSINESS
ICC World Cup 2023: Burger, not biryani or pizza, was the most ordered item during India-Pakistan match
Interestingly, on the day of the match, more burgers, chiefly the veg version, were ordered than biryanis or pizzas on the online food delivery platform Swiggy
BUSINESS
Meesho announces organisational changes as CXO set to depart
Utkrishta Kumar to leave by January; current CXO, growth, Megha Agarwal to be his replacement
BUSINESS
Zomato forays into logistics, launches Xtreme for merchants
Zomato already has more than over 3 lakh delivery partners under Xtreme. The Xtreme app will also allow merchants to live track their shipments as is with food deliveries
BUSINESS
Dunzo's head of finance becomes latest to exit cash-strapped startup
In fact, in one of the townhall meetings, Mukund Jha, co-founder and chief technology officer of Dunzo, admitted that not hiring a chief financial officer earlier was a big mistake.
BUSINESS
Accel-backed Virgio pivots from fast-fashion to sustainable clothing
The company does not need additional capital for its pivot. Most of the $37 million that Virgio raised last year remains in the company’s bank account and gives the company a cash runway of three years, per Nagaram.
BUSINESS
Amazon launches shopping-only Prime tier to take on Flipkart VIP
As per the terms and conditions, the Prime Shopping Edition tier is only available on the Amazon app or mobile browser on Android devices
BUSINESS
Billionaire Ranjan Pai to invest in beauty company Purplle
Pai, who recently sold a controlling stake in Manipal Hospitals to Singapore’s Temasek, is paying Rs 60-70 crore to JSW Ventures to become a shareholder in Purplle through a secondary market transaction
BUSINESS
New day, new timeline: Dunzo asks former employees to wait another 4 months for pending salaries
The fresh delay, this time by around four months, comes even as Dunzo is lining up funds. In the past the company had delayed payouts only by a few weeks.
