At a time when some of the world’s largest venture capital (VC) firms, including Sequoia Capital and Y Combinator, are sending out notes to their portfolio companies to prioritise profitability over growth, Rocketship VC’s Venky Harinarayan is advising portfolio startups to stay put on growth.
Khatabook founder Ravish Naresh said that despite startups in Bengaluru paying taxes worth billions, public infrastructure was poor.
The task group will work towards creating a projected roadmap for the growth of the industry, identifying the opportunities and challenges faced by the fintech ecosystem in the state and leverage the partnering institutions and government to solve for them.
Open had announced on October 12 that it raised $100 million in its Series C round led by Temasek and that it plans to use the funding to further strengthen its new product lines and foray into global markets.
The startup, which has raised $11 million in a pre-Series A round, plans to step up hiring, technology upgrade and also expand merchant base
Dukaan is looking to take local retail stores online. The startup allows customers to place orders for fruits and vegetables, food and other items with merchants on its website.
The round also includes $10 million of employee shares bought back by the company, giving some early employees a financial windfall.
OkCredit, Khatabook and Vyapar are seeing traction return on their platforms as the economy recovers from the disruption caused by Covid and the lockdown