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Flush with funds, the startup - formerly known as Vance - plans to enter the US market in July and expand to Canada, Australia and Singapore by year-end
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The Palo Alto-headquartered firm's Bengaluru facility will be the center of operations for India, and will house finance, sales, R&D, and business operation functions.
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Effective immediately, E1+ will be available at a reduced price of Rs 89,999 (ex-showroom price) and the offer is valid till March 31, 2024
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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
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Botha's comments come a week after Sequoia Capital decided to hive off it's India and SEA arm, effectively exiting from the country
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The Silicon Valley investor expressed surprise over Sequoia Capital's move to separate its India unit from the US counterpart, citing India's rapid economic growth and suggested the move may be due to internal issues rather than conflicting portfolios
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The floor price for the stake sale is reported to be Rs 1,135 per share, which is around 5 percent lower as against the last closing price.
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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.
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The three entities emerging from the split are Sequoia Capital in the United States and Europe, HongShan in China, and Peak XV Partners in India and Southeast Asia.
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Info Edge stated in its filing that it has written off the investment because it has lost its inherent value and that raising future capital is uncertain.
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VCs engaged in conversations centred around the state of corporate governance matters within Indian startups and explored strategies for early-stage VC firms to implement effective checks that promote adherence to unquestionable business practices
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While Tiger Global participated in only one deal, SoftBank has not struck a single deal in India since July last year. Sequoia Capital, Tiger Global and SoftBank had participated in 28, 28, and 3 deals, respectively, in the same period of 2022
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The current CEO of the company, Vivek Sunder, will transition from his full-time role and will continue to work with the top management at Cuemath in an advisory capacity
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“Raising money at high valuations makes you try to live up to that valuation from the next day onwards. We were celebrated, but that mistake cost us a lot of sleepless nights,” Neeraj Kakkar said.
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If the company decides to shut down, it will return the remaining funds in its bank to the investors, multiple sources added.
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JM Financial also said in the note that many of Sequoia Capital’s portfolio companies have realigned their focus on their total addressable market.
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In February 2023, the country’s startup ecosystem, currently the third-largest in the world, saw only 91 deals worth $1.32 billion, against 308 deals worth $4.77 billion in the year-ago period
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Sequoia Capital’s Rajan Anandan stated that the ecosystem should focus on startups much earlier in terms of governance practices that need to be put in place.
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As the final verdict on GoMechanic awaits, the VC ecosystem is rethinking its ways. Founders will find their funding getting delayed and there will be more questioning. Even early-stage investments may take longer time now, investors said.
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GoMechanic's latest funding round was called off last week following alleged misreporting of financials during due diligence, which the founders later admitted to.
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GoMechanic was in talks to raise $75-80 million in a funding round led by SoftBank, but the deal was called off due to accounting irregularities
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The custom-build homes platform will use the funds to enhance its tech stack and strengthen the leadership team. Brick&Bolt is also looking to expand to more than 12 cities over the next 15 months
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TWT, which was founded in 2019 by Shashank Mehta, an ex-Unilever marketeer, makes educational content that helps consumers understand and decode their food choices. Its offerings include chocolates, protein bars, peanut butters, and muesli.
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Having been severely hit by the pandemic, Bounce pivoted to making EVs, Bounce Infinity, while slowing down the bike rental operation
