NEW VENTURES
Ex-defence secretary Ajay Kumar joins VC play with early-stage fund
Ajay Kumar, a former bureaucrat who retired as India’s defence secretary in 2022, has set up a new venture fund, Mounttech Growth Fund, to back early-stage startups. The Rs 250-crore fund has secured approval from Sebi. The fund will look to back startups in the space, aerospace, and deep tech sectors.
PE, VC funding slows in first half of 2024; secondary deals become prominent
Secondary stake sales and buyouts are driving most of the larger deals being made by private equity (PE) and venture capital (VC) funds in new-age firms, data from investment banking firm DC Advisory showed. In the first six months of 2024, when 37 deals took place in the $50-500 million range, 62% were secondary transactions or buyouts, with external primary investment rounds making up only 13%.
Rise & rise of secondary deals; advantage desi data centres
Happy Friday! Total funding raised by Indian startups fell in the first half of 2024, but late-stage activity showed signs of revival, as per data. Decoding this and more in today’s ETtech Morning Dispatch.
Tech-enabled construction startup Wify raises funding from Mount Judi Ventures, Capria Ventures
The Mumbai-based on-site installation and post purchase services provider said it will use the funds to penetrate deeper into existing categories. Wify will also The Mumbai-based on-site installation and post purchase services provider said it will use the funds to penetrate deeper into existing categories, company said in a statement.
Flipkart launches beta version of its new fintech venture, Super.Money
Ecommerce major Flipkart launched a beta version of their financial app, Super .Money, on the Google Play Store. This app aims to be a one-stop shop for digital financial needs, offering features like payments, credit, and deposits.
Cash strapped Stability AI raises $80 million with new CEO and board
According to a person familiar with the matter, Stability AI has raised about $80 million in funding from a group of investors including Coatue Management, Lightspeed Venture Partners, and former Google CEO Eric Schmidt. The firm also released AI models to generate audio and video using text prompts and named former Facebook President Sean Parker as executive board chairman of its board.
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Priyanka Chopra's previous venture, Restaurant Sona in New York, to shut down
Priyanka Chopra Jonas' Sona restaurant in New York is closing after her withdrawal as co-founder. The closure announcement was made on Sona's Instagram, citing the final service on June 30.
Ilya Sutskever’s new startup is the latest of many AI ventures coming out of Big Tech
Ilya Sutskever left OpenAI last month and is launching his own startup soon. This is the latest in a larger trend of professionals leaving tech titans to establish their own startups, pursue their own goals and avoid commercialisation of products.
Bluestone’s new investors; states & semicon hubs
Happy Tuesday! New investors are finalising Bluestone’s pre-IPO funding round. This and more in today’s ETtech Morning Dispatch.
Indian venture capitalists need to pivot to a new model of investing
Indian venture investors are shifting focus from tech startups to safe havens, including direct-to-consumer brands. The trend is towards larger fund sizes, profitability, and slower growth, resembling mid-market private equity. AI investments are lacking in India, leading VCs to diversify into offline spaces and PE territory.
IPO gold rush for investors; second-hand EV sales sputter
Happy Monday! Investors in new-age startups are set for huge gains as these firms list on the public markets. This and more in today’s ETtech Morning Dispatch.
How investors struck gold in the new-age IPO boom
In the last month, several new-age companies backed by venture capital, have or are set to hit the public markets. This has resulted in a gold rush for their investors. Travel tech platform Ixigo is set to go public next week, while insurtech firm Go Digit and coworking startup Awfis have already listed on the exchanges in the past one month. Their investors, including Peak XV Partners, Elevation Capital, ChrysCapital and TVS Capital and A91 Partners, are sitting on multiple returns from some of these investments.
Uno Minda ties up with Chinese firm for production of EV components
Uno Minda has partnered with Suzhou Inovance Automotive Co to manufacture electric vehicle components, including charging control units, inverters, motors, and electric drive systems for passenger and commercial vehicles. The company plans to expand its electric four-wheeler portfolio and potentially establish a joint venture with Suzhou. Inovance, founded in 2003, specializes in providing products for rail transit and new-energy vehicles.
VC funds take a shine to new gen’s D2C brands
Direct-to-customer (D2C) startups founded by scions of traditional business families are raking in venture funding across sectors like food, apparel, and wellness. Investors see these entrepreneurs' deep understanding of the business and connections in the supply chain ecosystems as a recipe for modernising legacy businesses.
Overwatch 2 Pride Event 2024: Everything we know so far
The Overwatch 2 Pride Event 2024 starts on June 1 and includes map changes, Twitch drops, and a new comic. Midtown will have Pride decorations.
New-age consumer brands trend on deal street
Uppercase–a luggage brand started by former VIP Industries MD Sudip Ghose–is in talks with Flipkart-backer Accel to raise new capital, sources told us. This would be the 3rd major deal in the space after Peak XV Partners’ Mokobara investment and Lighthouse’s bet on Safari.
SJVN Q4 Results: Net profit jumps two-fold to Rs 61 crore
State-owned SJVN has reported over two-fold jump in consolidated profit to Rs 61.08 crore during the March quarter, on account of exceptional gains.
Coal India incorporates new arm for coal-to-chemical business
Coal India's subsidiary BCGCL, with BHEL and GAIL, aims for coal-to-chemicals business with ammonia, nitric acid, and ammonium nitrate production, contributing significantly to domestic coal output.
Karan Johar birthday: Director announces new movie, fans eager for Shah Rukh Khan-Kajol reunion. Check Details
On his 52nd birthday, Karan Johar delighted fans by announcing a new directorial project, sharing the news on Instagram with a photo of himself holding the screenplay draft. The title of the film is yet to be revealed. The announcement coincided with a surprise birthday party hosted by his close friends, attended by Bollywood stars such as Kajol and Anil Kapoor.
Ride-hailing startup BluSmart to raise Rs 200 crore in new funding
BluSmart has raised nearly $24 million or Rs 200 crore in its latest funding round. In January this year, BluSmart had raised $25 million, while in 2023 it conducted funding rounds worth $66 million.
StayVista launches new luxury venture called Vieda
The company said the menu at Vieda properties will be crafted by the country’s best chefs, and will offer 'unlimited' meal options. Vieda by StayVista will launch with one single celebrity-approved home in Alibaug called Magnolia Villa.
7 new cryptocurrencies that could explode
New crypto projects are emerging, with a focus on multi-chain meme coins and GambleFi platforms attracting attention for potential explosive growth.
JSW Group's paint biz turns profitable; aims Rs 5,000 cr sales by FY26
JSW Paints, a leading Indian paints company, has crossed Rs 2,000 crore in revenue in FY24 and achieved its first operating profit in five years. The company aims for Rs 5,000 crore revenue in the next two years by expanding its retail presence in the home decorative business and adding more products in the industrial coating business. JSW Paints is aiming to grow faster than the market, with a target of 5 to 10 times the market growth. The company has a network of 6,000 retailers across the country and has invested Rs 900 crore in its decorative and industrial coating business.
Tea brand Freshleaf raises Rs 1 cr in seed round led by Inflection Point Ventures
Vikram Ramasubramanian, Partner, Inflection Point Ventures says, “Freshleaf’s approach to crafting premium teas combined with health benefits presents an exciting opportunity for us to contribute to a startup that is set to redefine the tea industry. We believe in Freshleaf’s dedication to fostering a culture of health, wellness and taste.”
Offline stores are trending as new set of D2C firms emerge
Investors and startup founders are noticing a trend: D2C businesses across various sectors, like fashion, electronics, and food and beverage, are opening physical stores (going offline) even after their initial funding round.
Tata Digital’s new team; Pine Labs’ India redux
Tata Digital chief executive Naveen Tahilyani has restructured the leadership team for the Neu super app. This scoop and more in today’s ETtech Top 5.
Govt needs to boost financial support to startups: Snapdeal founder
Conversations over boosting supply of capital to homegrown startups have come at a time when the startup ecosystem is experiencing a major slowdown. According to Infosys cofounder S Kris Gopalakrishnan, there is significant wealth in the country and family offices or fund managers should allocate at least 15% of their investments to the startup ecosystem as a thumb rule.
Why did Kanye West’s Chief of Staff part way with the singer? Know about Ye's new venture
Kanye West’s Chief of Staff has put in his papers over concerns related to the singer’s new venture. The singer is all set to venture into the adult movie industry.
S&P Dow Jones to sell stake in indices venture to BSE
BSE will buy the S&P unit's 50% stake in the company. Though the size of the deal could not be ascertained, sources said the transaction is expected to be concluded in the first quarter of the current financial year.
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