According to Pandey, venture capitalists are aware of the issues looming many Indian unicorns, resulting in lower appetite for funding deals in the late stage.
The latest SEC filings of Fidelity show that the US-based AMC slashed the fair value of Gupshup by 31.6 percent. This effectively pegs the valuation of the company at $957 million, down from its last valuation of $1.4 billion
BlackRock, which holds less than 1 percent, has pegged the value of its 2,279 shares in the company at $4,043,471, effectively estimating Byju's fair value at $8.4 billion as of March 31, 2023.
Razorpay is the second large fintech startup that has joined the ONDC this month, after Walmart-owned PhonePe went live on the open network in April. Noida-based Paytm was among the first few companies that went live on the ONDC.
As a part of scale-up and profitability, Open said in the statement that it will continue the efforts to make a highly performance-oriented effective organization fit for scale, the statement said.
PhonePe’s digital lending forays come on the heels of its massive $1 billion fundraise that it announced earlier this year at a $12 billion valuation, which made it India’s most-valued fintech startup
Eruditus’ operating revenue is also more than that of the other four direct-to-consumer edtech unicorns that have filed FY22 results together
JM Financial also said in the note that many of Sequoia Capital’s portfolio companies have realigned their focus on their total addressable market.
Lenskart will use the funds to deepen its penetration in India and scale its international presence in Asia and the Middle East, the company said. Lenskart claimed to have over 2,000 stores of which 1,500 were in India with the rest in Southeast Asia and the Middle East.
This is the longest drought since August 2016, when it lasted 17 months
Keeping things really simple and having the conviction to avoid "shiny technology trends" has been one of the founding principles for the company, said Zerodha CTO Kailash Nadh.
Byju Raveendran said that the company is experiencing continued momentum in demand for its core business, which is online K-12 learning, even as some of the company's closest competitors are witnessing slower growth following the pandemic.
In a chat with Moneycontrol, Bjyu’s founder Byju Raveendran and co-founder Divya Gokulnath exuded confidence about turning profitable on a company level over the next quarter. They also spoke about exiting some branding contracts to optimise costs.
Byju's currently has three large branding partnerships with the BCCI (Board of Control for Cricket in India), ICC (International Cricket Council), and FIFA (Federation Internationale de Football Association) that will be up for renewal, but the company will not renew any of them, according to co-founder and CEO Byju Raveendran.
Raveendran also claimed that by the end of this quarter or by the next quarter FY24, Byju's will turn profitable on a company level
The acquisition comes days after the school edtech unicorn reported a net loss of Rs 397.1 crore in FY22, which was more than triple of its losses in the previous fiscal
With funding drying up, a number of companies, including the most well-funded, have laid off large numbers of employees since the beginning of 2022 impacting close to 20,000 staff, according to data compiled by Moneycontrol.
During the year, LEAD spent about Rs 258.8 crore on employees, against Rs 99.6 crore in FY21. The company's total expenses also surged to Rs 538.7 crore during the year from Rs 186.6 crore in the previous fiscal.
After a tumultuous 2022, as investors and founders gear up for an uncertain 2023, it will be interesting to see who wins the race--mythical unicorn beasts or grounded, immune cockroaches that can outlive a nuclear war
Byju Raveendran's comments on how users like Byju's courses come at a time when the company has been heavily criticised in the media about allegedly mis-selling and over-selling its courses, even to poor families in the country.
The e-commerce unicorn’s monthly cash burn was $40 million in January this year
The new share price of Flipkart has been determined at $165.83 per option (previously $189.1), excluding the value of PhonePe. The payout to employees will, however, be at US$43.67 per option, reflecting the increase in the market valuation of PhonePe.
PhonePe was acquired by Flipkart in 2016. However, Flipkart later hived off PhonePe, partially, as a separate entity, in 2020. PhonePe had then raised $700 million in funding from a clutch of investors, including Walmart, at a valuation of $5.5 billion
The company stated that its visa and consular business continued to recover robustly in Q2, 2022, and that it won new tenders that contributed to the 87 percent year-over-year growth in operating revenue.
The permission, however, comes with five conditions such as the unicorn, that exists only in one's imagination, getting regular access to “sunlight, moonbeams and rainbows”.