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In today’s newsletter: 

• Win for Byju's, EGM to go ahead tomorrow
• Magicpin, Domino's amp-up ONDC discounts
• Alteria closes fund III at $195M

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The battle between Byju's and its investors continues, but the edtech giant has scored a temporary win. 

• The National Company Law Tribunal (NCLT) has allowed Byju's to hold its Extraordinary General Meeting (EGM) scheduled for tomorrow

During the EGM, Byju's board will vote to raise the company's authorised capital, a move crucial to implementing their recent $200 million rights issue. 

• This additional capital is seen as a lifeline for Byju's, which is grappling with a significant liquidity crisis

This decision hasn't gone down smoothly with Byju's investors. In a hearing leading up to the NCLT's ruling, they argued that the EGM aimed to bypass a previous NCLT order mandating the rights issue funds be held in escrow until their grievances were addressed.

Investors also raised concerns about not being granted access to necessary documents to make informed voting decisions and alleged irregularities in serving EGM notices. 

• Byju's, however, refuted both claims

While Byju's celebrates a small victory, the war is far from over.

• The NCLT has scheduled a hearing on April 4 to delve deeper into the issues raised by investors

Go deeper

The IPL season is here, and a long weekend is just around the corner – perfect ingredients for a food-ordering frenzy!

To make the deal even sweeter, Magicpin and Domino's are amping up discounts to attract customers on the Open Network for Digital Commerce (ONDC).

• On the Magicpin app, consumers can order Domino's food with free delivery for orders above Rs 150

But that's not all – Magicpin is also offering a flash sale on popular restaurant brands like Wow! Momo, Wendy's, Faasos, and Behrouz at throwaway prices.

• Domino's strategy with these discounts is to diversify its sales channels

The government-backed ONDC continues to gain traction. 

• We previously reported that ONDC's transaction volume grew 15% to over 7 million in February

Find out more

While venture capital (VC) investments saw a downturn last year, venture debt firms are having a field day!

Alteria Capital, one of the biggest players in the space, announced the final close of its $195 million Fund III. But that's not all...

• Along with the fundraise, Alteria has launched a new "shorter duration scheme" (SDS) open for subscription

Similar to venture debt, the scheme will need a SEBI nod before launching and will offer financing to startups with a much shorter repayment period, typically less than a year.

• This new offering by Alteria is expected to push the total size of Fund III to $250-$300 million by the end of 2024

The venture debt space is becoming increasingly attractive for both startups and investors. 

• Alteria has already deployed 50% of Fund III across consumer, fintech, electric mobility, and B2B startups

India's venture debt market surpassed the $1 billion mark in 2023, a significant 50% increase from the previous year.

Dig deeper

Karnataka's Chief Electoral Officer, Manoj Kumar Meena, is on a mission to revolutionise your voting experience.

• With innovative measures like QR codes on voters' slips and online queue tracking, the elections are set to be a voter-wooing carnival

Can Bengaluru overcome voter apathy and achieve a healthy turnout?

Read the full interview

• Amazon invests $2.75 billion in generative AI startup Anthropic, in its biggest ever outside investment to advance in the AI race. 

• A report shows a massive 1200% increase in potential value of US government AI contracts, driven by military investment.

Wondering what keeps the brightest minds in tech up at night? 

• Tune in to the a16z Podcast and get a front-row seat to conversations with Silicon Valley's VC elite

Each episode is a deep dive into the minds of industry titans, entrepreneurs, and the tech wizards shaping our world.

Check it out on Spotify or Apple Podcasts

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