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Surprise poll results impact startups' plans, and other top stories this week
In a week charged with political buzz, the BJP government came back to power after a stormy election, but without a full majority that left it dependent on the whims of its alliance partners. Unnerved, the markets went into a tailspin on counting day, with both benchmark indices, Sensex and Nifty50, dropping 8% intraday. They recovered a day later as hopes of a stable government revived.
Who is in charge of Bengaluru? Seeking solutions amid rapid urbanisation
The previous BJP regime decided to increase the number of municipal wards in the city from 198 to 243, but the present Congress regime wants the number cut to 225. The consensus between them, however, is to retain the single, bloated body. Which takes the city’s administration back to square one.
Retail SaaS firm Impact Analytics raises $40 million led by Sageview Capital
With the latest fundraise, Sageview Capital partner Jeff Klemens and senior advisor Prashanth Palakurthi have joined the company’s board of directors, Impact Analytics said in a statement.
For more capital, Byju’s must pass a tough test
These investors have asked the company to file its audited financials for the year ended March 31, 2023, at the earliest. In addition, they want founder Byju Raveendran to loosen his day-to-day control over operations at the firm, the sources added.
Startup lender UC Inclusive Credit raises $8 million from Singapore's Insitor Partners
The non-banking finance company will be raising another $1 million from existing investors. The total infusion in local currency terms would be around Rs 73 crore.
Exclusive: Byju’s, lenders agree to alter terms of $1.2 billion loan
Creditors could drop the demand for accelerated repayment; all litigations may come to an end if talks turn out to be fruitful.
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Byju's early investor Mohandas Pai calls for better governance after auditor exit
Mohandas Pai, an early investor in Indian edtech giant Byju's, said on Friday the company has not paid enough attention to governance, a day after its auditor and three prominent board members resigned.
Mohandas Pai on Accenture layoff & how slowdown is a good opportunity for cos to trim fat
Accenture's recent layoffs are part of a trend towards preparing for a possible market slowdown and softening revenue growth, says Mohandas Pai, Chairman of Aarin Capital Partners. However, he does not see a massive slowdown or negative growth. While Indian IT companies are cautious and have postponed onboarding of young people, companies like Accenture are taking precautionary steps to maintain profitability.
Mohandas Pai, Prashanth Prakash hail Rishi Sunak as the right man to helm the UK
“Highly educated, widely travelled he understands fully what the UK needs to do in a post Brexit digital world,” said Pai, who is also the former director at Infosys, the technology giant founded by Sunak’s father-in-law NR Narayana Murthy in Bengaluru. “As a young idealistic political leader, he fully understands the needs of the future and young British citizens,” he added.
Mohandas Pai is all for ban on Chinese apps & here’s why
“In major Chinese companies, the Communist Party has taken a position and all data goes to them. In the US, apps are accessed by the NSA. So the next step is a law where all our data resides in India, is under the control of the Indian government and no foreign government has access to it. ”
88academics India raises $3 million funding from Mohandas Pai's Aarin Capital Partners, others
88academics (India)—an 88tuition (Singapore) group company—will use the funds to develop India specific content for the K-12 segment
Eicher board playing a fraud on shareholders and corporate democracy: TV Mohandas Pai
“Instead of reappointing Siddharth Lal as MD and then getting it ratified by shareholders through a postal ballot, they could have recommended and sent the tweaked salary back to shareholders to decide again by e-vote. ”
Tech leaders talk Bengaluru in meeting with new Karnataka CM
Bengaluru’s infrastructure woes and how the government should act to improve India’s Silicon Valley was the main topic of discussion at the luncheon meeting.
StartupXseed makes first close of Rs 150 crore fund-II
It will focus on placing bets across deep technology, including, semiconductor, cyber security, drone and aerospace sectors. It will also look at the artificial intelligence and machine learning segments.
Women in Research and development: Private sector outshines PSUs
At least seven out of every 10 women employed by private R&D facilities are involved in research, whereas not even half of the female staff in government-aided scientific agencies have the same role, according to the latest edition of Science and Technology Indicators (STI-2019-20) compiled by the Government of India’s department of science and technology that was released this month.
Marketing automation startup Wigzo raises funds for expansion
The Delhi-based startup plans to utilise the fresh funding to expand into North and South America. The startup is also looking to hire for its top deck as it eyes global expansion, CEO Umair Mohammad told ET.
PharmEasy raises Rs 111 crore in Series-B round
The funding indicates continued interest in the online pharmacy segment despite a reported dip in the total investment secured by startups in this space.
Top tech entrepreneurs invest in pi Ventures
Binny Bansal, Deep Kalra, Sunil Munjal, Sanjeev Bikhchandani, Pai invest in early-stage AI-focussed venture fund.
Investors feel the pulse of online pharma potential
VCs aim to close multiple deals despite a lack of clarity on regulatory issues in the segment
Incentivise job-intensive industries, says Mohandas Pai
Pai, a former chairman of Sebi Primary Markets Advisory Committee, also said formal jobs being created are inadequate to meet India's needs.
Vyome Biosciences gets Rs 93cr in Series C
"The company will utilise these funds predominantly to advance the clinical development of its lead product and continue to develop other proprietary products in the pre-clinical stage," said Venkateswarlu Nelabhotla, CEO, Vyome Biosciences.
Byju's lessons earn Aarin Capital ten-fold return
The firm sold a 6-7% stake in Byju’s to Silicon Valley venture capital firm Lightspeed Venture Partners, in a transaction pegged close to Rs 150 crore.
Faircent raises Series A funding from JM Financials, existing investors
The capital will be utilized by the company to build technology and product apart from hiring a team to strengthen the play.
Bengaluru-based TripFactory launches prepaid travel cards for budget travelers
Bengaluru-based holiday customization platform TripFactory has launched a prepaid travel card 'BOGO' for budget travelers.
Aarin Capital powers TripFactory, raises undisclosed Series-A funding
TripFactory runs on a marketplace model and has partnered with 2,800 tour operators in 38 countries to provide customised trip packages.
Vyome Biosciences closes $8 million funding round
Proceeds from the Series B round of funding will be used to drive the completion of critical milestones of US Food and Drug Administration filings.
Biopharma company Theramyt Novobiologics raises Rs 27.5 crore
Aarin Capital, Accel Partners, IDG Ventures as well as Karnataka state government-backed KITVEN have invested Rs 27.5 crore in Theramyt Novobiologics.
Bihar school deaths: Why the government makes a meal out of the mid-day meal scheme
Let us remember that mid-day meal scheme is the largest programme of its kind in the world. About 12 crore children are given a hot meal everyday. That the programme handles such volumes is itself a wonder.
Bangalore emerges as Mecca of startups; engineers, customers transforming city into a hub for new businesses
Engineers with global work experience, savvy customers and growing pools of early-stage capital, are transforming the city into Silicon Valley of India.
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