YC invests at later stages through its YCombinator Continuity Fund and typically invests in Series B and onwards in companies founded by YC founders, its managing director Anu Hariharan had said in a media interview in February last year
Startups funded by American incubator YC, which makes Indian companies flip their corporate entities to the US, are scrambling for working capital as California regulators shut down Silicon Valley Bank.
The latest funding round witnessed the participation of investors led by Draper Associates, Y Combinator, and Bayhouse Capital, it said in a statement.
In a statement, Skill-Lync also said the founders of Crio will continue to focus on and run Crio’s business and growth, after the acquisition. The company, however, did not disclose the deal size.
Calling the US visa processing system incompetent, the co-founder of Y Combinator said, "This is banana republic level performance."
The company, in a statement, said the fresh fund will be used to strengthen 91Squarefeet’s on-ground service muscle, and product development and deepen its engagement with its supplier network.
Half of the $1 million buyback will constitute ESOPs while the other half would be equity held by its investors.
The new fund will be used to strengthen Learning Experience Platform and expand the sales and marketing team to widen the customer base.
The company expects to onboard 7,000 businesses on its platform in the Indian market over the next 12-18 months.
The product is live across 70 teams from different companies and is now coming out of private beta, said Aerotime.
After the high of the past few years, the funding tap has suddenly dried up. For several later-stage start-ups seeking to raise larger rounds in the coming few months, the outlook is unfavourable
Over the next 18 months, the startup aims to complete the build-out of the technology platform, provide acceleration capital to 250 startups, and have an AUM of $75 million, informed co-founder
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.
The startup accelerator says a company that has raised Series A funding at pre-product-market fit, should not expect another round to happen until it has hit product-market fit, in the current economic downturn.
The Y-Combinator-backed startup plans to use the funds to build and expand its team, work on products and expand footprint
Cashfree aims to become the top payment service provider in the Middle East and North Africa region in the coming years. With Telr, Cashfree will develop a unified cross-border payments platform to help Indian merchants accept payments from customers in the MENA region and vice-versa.
The seed round also saw participation from Tribe Capital, Cabra Capital, and marquee angels like Lalit Keshre (Groww co-founder), Rohit Taneja (Decentro co-founder) and others, a statement said.
The announcement is a blow to startups, as the US-based seed accelerator has increased its focus on India.
The series B round also saw participation from Matrix Partners. The company has raised USD 31.5 million till date, including from the present round.
Entrepreneurs should be armed with a plan B if the funding tap dries up, that's the word coming in from the world's most powerful startup incubator Y Combinator, whose successes include the likes of Airbnb, Dropbox and Reddit.