ERUDITUS VALUATION
Flipkart maps out India redux; QED’s Nigel Morris interview
Happy Monday! Ecommerce major Flipkart is in discussions to shift its domicile from Singapore to India. This scoop and more in today’s ETtech Morning Dispatch.
Groww moves domicile to India from the US
Increasing number of large startups across sectors looking to shift from US, Singapore
Post Byju’s, investors worried about governance at startups: GSV Ventures' Deborah Quazzo
GSV Ventures has backed Indian edtech unicorns including Eruditus, Lead, PhysicsWallah as well as startups like Classplus. Deborah Quazzo also spoke about the lack of equilibrium between edtech founders and investors on valuations, which is delaying fundraises in the sector.
Eruditus joins queue of reverse flips by Indian startups, weighs IPO
Edtech unicorn Eruditus is planning a shift in domicile from Singapore to India, or reverse flipping, and joins the growing list of Indian internet firms — Pine Labs, Udaan, Razorpay and Groww, among others. Eruditus is evaluating a listing on the domestic bourses.
Eruditus plans India flip; Ayodhya boost for spiritual apps
Indian IT majors are eyeing upcoming US federal contracts as several large deals are set for renewal in the next two quarters. While it is still challenging for Indian companies to win these contracts, there is a more positive attitude towards Indian-heritage suppliers.
Skills for All: Bertelsmann Investments hosts Eruditus’ CEO for a Brunch Labs podcast on Building the world’s largest skilling platform, together!
Makkar's message to Eruditus was unequivocal: "To unlock real growth and scalability, you need to embrace the online realm," shared Ashwin Damera, CEO and Co-founder of Eruditus.“The feedback you gave us was very valid, and very constructive, which is why we came back (and asked for a second meeting). Bertelsmann has a lot of experience in education, Globally as well, and you (pankaj) gave us many examples from your portfolio companies that had long contracts with universities. And we realised that wow, there’s actually something to learn here. So you know, Even beyond the money, what we’ve learnt (from Bertelsmann) in our journey of going online, as well as going Global is tremendous.’’- Ashwin Damera, CEO, Eruditus & Emeritus.
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Baron Capital marks up Swiggy, Pine Labs valuation; almost halves Byju’s value
In its April-June quarterly report, Baron Capital cut the valuation of Byju’s to $11.7 billion as of June 30, down 44.6% from $21.2 billion as of March 31.
Baron Capital raises Swiggy, Pine Labs valuation; Jio to bring AI to everyone, everywhere: Mukesh Ambani
US-based asset management firm Baron Capital has marked up the valuation of Swiggy and Pine Labs while slashing the valuation of edtech major Byju’s by almost half. This comes at a time when several Indian startups have faced valuation markdowns in the past few months.
Late-stage investing is stuck as Indian companies still at 2021 valuations: SoftBank Vision Fund’s Sumer Juneja
Juneja, managing partner, India & EMEA (Europe, Middle East and Africa) at SoftBank Investment Advisers, most of the top technology companies in India are well capitalised and have cut costs over the past year, leading to their unwillingness to opt for a down round.
Expect further corrections in startup valuations: Prosus CEO Bob van Dijk
The froth of the low-interest rate regime hasn’t fully been washed away and the startup ecosystem is likely to see valuations drop further, especially as companies at the end of their runways come back for more funding, said the Prosus boss.
Prosus reports 80% jump in Swiggy's Jan-Dec loss, 26% growth in food-delivery GMV
Prosus, which has backed companies such as Byju’s, PharmEasy and Eruditus, holds a 33% stake in Bengaluru-based Swiggy.
WhatsApp’s new pricing to hurt small businesses; Byju’s, Meesho hit by valuation cuts
Small and medium enterprises, which are heavily reliant on WhatsApp business messaging to push their products, are worried ahead of a change in the feature’s pricing.
Byju’s, Meesho face valuation cuts; electric two-wheeler beneficiaries’ tally under FAME slashed
On Tuesday, BlackRock further marked down the valuation of edtech firm Byju’s, while Fidelity Investments slashed Meesho’s valuation by 10%. This and more in today’s ETtech Top 5.
Fidelity Investments cuts Meesho's valuation by 10% to $4.4 billion
Notably, Fidelity’s funds had valued Meesho at $4.98 billion as of December 2022. Prior to that, as of September 2022, the investor had ascribed a valuation of $4.29 billion to Meesho.
US fund cuts edtech Eruditus’ valuation by 9% to $2.9 billion
The markdown has translated to a valuation of about $2.9 billion as of March 31, 2023, a drop from $3.2 billion in August 2021, a price at which the Mumbai-based startup had last raised equity-based capital from investors.
ETtech Scoop: Reliance enters zero-commission fashion marketplace; mid-to-senior hirings in startups plummet
Reliance Industries’ online fashion platform Ajio will launch Ajio Street — a zero-commission fashion marketplace aimed at value products for non-metro audiences, similar to ecommerce firm Meesho.
Swiggy CTO Dale Vaz resigns; Eruditus’ FY22 revenue jumps 87%
Vaz, who had joined Swiggy as its head of engineering and data science, was promoted to the CTO post in 2020 after Rahul Jaimini, who cofounded Swiggy with chief executive Sriharsha Majety and Nandan Reddy in 2014, exited the company.
Eruditus FY22 revenue up 87%; loss excluding exceptional items at $66 million
In the financial year ending FY21, Eruditus had reported a cash loss of $31 million, filings reviewed by ET showed. The Mumbai-based edtech unicorn’s total net loss swelled by 46% to $386.82 million, including exceptional items, the filings showed.
Funding crunch healthy for startups as it’ll bring profitability to the fore: GSV’s Deborah Quazzo
Deborah Quazzo told ET during an exclusive interaction that the pace of investments has slowed down in both the US and India and is likely to remain muted for the rest of the year at least.
Prosus reports strong growth in India; ASCI flags over 400 crypto ads in five months
Last year, Prosus NV invested more than $1.03 billion in various Indian startups, including Swiggy, Byju’s, Eruditus and Meesho. Now, the Dutch-listed arm of technology investor Naspers has reported strong growth in its Indian portfolio for FY22, driven by Swiggy, Byju’s, and its local fintech arm PayU India.
View: The world is looking at India to show the way in EdTech
What is common among these edtech unicorns? The founder of PhysicsWallah (PW), Alakh Pandey, comes from a modest background in Allahabad, started teaching science in Class 8, soon started a YouTube channel in 2016 which became a hit, with the PW app registering 5.2 million downloads while its YouTube channel 6.5 million subscribers.
Edtech unicorn Eruditus lays off employees to focus on profitability
Eruditus Group owns Eruditus Executive Education and Emeritus. Eruditus partners with over 50 universities such as MIT, Columbia, Harvard, and Cambridge to offer executive education. It employs close to 2,300 employees in India and globally.
UpGrad expects revenue to touch Rs 1,900 crore in FY22
For upGrad, the expected revenue growth comes on the back of the company making close to five acquisitions in the current fiscal year, contributing to its topline.
ETtech Deals Digest: Eruditus, Menlo Micro, CredAvenue raise funds
SoftBank-backed executive education-focussed startup Eruditus, technology company Menlo Micro and online debt marketplace CredAvenue were among the startups that raised funds this week.
Edtech Eruditus gets $350 million debt from CPPIB for M&As
Eruditus is said to be already in the final stages of closing a $250 million acquisition in Europe, of a company that largely offers online certificate courses to non-English speakers. Damera did not disclose the name of the company.
Retail EV sales jump; Navi to file for IPO this week
According to the latest data from the Federation of Automobiles Dealers Association, retail sales of passenger EVs and two-wheelers saw a huge jump in February from the same period last year.
ETtech Deals Digest: India minted three unicorns this week
Two edtech startups and a cryptocurrency exchange entered the unicorn club this week.
New edtech unicorn; Twitter locks Congress accounts
Eruditus’ mammoth funding has made it a unicorn, thrice over. Twitter locks Congress accounts days after complying with India IT rules. A bipartisan trio of US senators have sponsored a bill to rein in Apple’s App Store and Google’s Play Store.
ETtech Exclusive: Eruditus raises $650 million as valuation jumps four-fold to $3.2 billion
CPPIB to also join new round which will facilitate partial exit for Bertelsmann, founder & management selling $100 million in shares
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