In a 40-minute welcome note, Singh asked founders to have clarity on product propositions and how they should have a multi-decade mindset, build defensible moats, and should prioritise solving problems over money
Peak XV Partners writes to LPs to clarify GV Ravishankar’s reason to step down from Byju’s board, cites lack of transparency as reason for his exit. Peak XV told LPs that Ravishankar wasn’t able to discharge his fiduciary duties as an investor and a board member
The fresh capital infusion will allow Digantara to deploy the first phase of its space-based surveillance satellite constellation.
Somaia's comments come at a time when Sequoia's split, announced last week, raised concerns about whether the development was a reflection of the venture opportunity in India
Botha's comments come a week after Sequoia Capital decided to hive off it's India and SEA arm, effectively exiting from the country
The profit pooling with Sequoia US will cease to exist post the rebranding. Peak XV will also likely enter the US to help Indian startups expand in the country, an indication that the India division will be run completely independent of Sequoia US.
"InCore Semiconductors, which is building RISC-V processor cores in India, has raised USD 3 million in a seed funding round from Sequoia Capital India," the statement said.
The company, said sources close to the development, plans to use the funds for expanding its product portfolio.
Sequoia Capital India has sold 17.2 crore shares of Zomato in the open market so far, bringing its stake down to 4.4 percent from 6.41 percent earlier.
Westbridge Capital joins a growing list of PE and venture capital (VC) firms to raise large funds for India-focused companies
Sequoia Capital India’s move of extending its seed funding ceiling suggests a rising appetite for early-stage startups in India. It also comes at a time when many global VC firms, including Sequoia, have raised their largest-ever funds for Indian startups and with funding at later stages slowing down more than in early stages, competition among VCs will be fierce at early-stage rounds, given that they have a lot of dry powder.
The Board did not conduct any voting today on any of the proposals, and the directors said that the Board will meet again after considering the management buyout offer and liquidation of the company.
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.
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.’
The product is live across 70 teams from different companies and is now coming out of private beta, said Aerotime.
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.
Sequoia Capital said that Morgan Stanley’s unprofitable Tech Index is down 64 percent since the start of 2022, compared to a 28 percent drop in the technology-heavy Nasdaq index, further signalling a strong preference for companies who can generate cash.
"We will pursue our rights against this witch-hunt to the full extent of the law," says ex-CEO
Zilingo’s statement comes a couple of weeks after multiple media reports said that Zilingo had suspended Bose for accounting-related issues
Surge 06 is the most geographically diverse cohort yet, with companies from Bangladesh and Australia and entrants from new markets such as Malaysia, Thailand, and Taiwan.
Existing and new investors, including AdvantEdge, Fund II – A Series of Somani Investments LP and Motherson Lease Solution Limited, also participated in the series B round, a statement said.
The series A round also saw participation from existing investors Matrix Partners India and RTP Global, a statement said.
Ravishankar's portfolio includes online learning unicorns Byju's and Eruditus, lenders Five Star Business Finance, Mannapuram and Equitas home design firm Home Lane and cloud kitchen firm Rebel Foods
The company plans to use the investment primarily to expand its engineering team and increase the number of users of the mobile application.
The company will deploy the proceeds from the series B round to enhance its services and expand the brand’s presence across existing geographies, a statement said.