SHARECHAT VALUATION
De-risking startup investing; Apple eyes more India manufacturing tie-ups
Happy Tuesday! The Centre is charting a plan to cut investment risks for pension funds and insurance companies. This and more in today’s ETtech Morning Dispatch.
ShareChat valuation drops 60% to under $2 billion post new funding
Twitter and Google-backed homegrown social media firm Sharechat has closed $49 million in debt financing through convertible debentures from existing investors – Lightspeed, Temasek, Alkeon Capital, Moore Strategic Ventures and HarbourVest.
Byju’s India CEO out; ShareChat valuation drops 60%
Byju’s India CEO Arjun Mohan has resigned after just six months in the job. Founder Byju Raveendran will fill in the role for now. This and more in today’s ETtech Top 5.
Razorpay, Cashfree eye lost market share, ShareChat’s third round of layoffs
With the PA license in place, both Razorpay and Cashfree have set up "war rooms" with executives from across teams. The aim is to reach out to as many waitlisted merchants as possible and convert them into clients.
ShareChat cuts 200 jobs in third round of layoffs this year
Headcount reduction linked to company plan to secure funding based on financial goals
ShareChat fires another 15% staff; inside the rush for a payment aggregator licence
Vernacular social media platform ShareChat on Wednesday executed another round of layoffs. This and more in today’s ETtech Top 5.
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Dunzo's big valuation drop; decoding govt’s tax math on online gaming
Dunzo is seeking approval to raise $35 million via a rights issue, but some of its investors feel the cash-strapped startup’s valuation be slashed to about $200 million for the financing to happen. This and more in today’s ETtech Morning Dispatch.
Dunzo may get fresh funds but at a price; Amazon’s $4-billion AI bet
Troubled quick commerce startup Dunzo may finally find some relief, but conditions will apply. The startup could soon close a funding round of $30-35 million, but will have to significantly cut its cash burn and reduce headcount.
Trifecta Capital announces final close of third venture debt fund at Rs 1,777 crore
With this closing, Trifecta Capital has raised nearly Rs 5,000 crore, spanning three venture debt funds and one growth equity fund in the last eight years. In addition to existing investors, the Fund-III drew interest from new investors, including global financial institutions, domestic conglomerates, banks, insurance companies, and development financial institutions.
India not for the fainthearted, but worth it: Lightspeed’s Bejul Somaia after Sequoia’s exit
In a lengthy note posted on Twitter, he said India is not for the fainthearted, but its potential is compelling.
System of a down round: valuation markdowns hit Indian startups; to affect fundraising, IPO plans
Some of India’s biggest startup stars have seen their valuations slashed, and fallout is likely to impact fundraising, public offerings and employee morale in the entire ecosystem
ETtech Deep Dive: inside the changing VC deal terms as easy startup funding era ends
Sanjay Pathak was astonished by the venture capitalist’s ask. A cofounder of the New Delhi-based dental-aligner manufacturing upstart 32 Watts, Pathak did not expect an early-stage tech VC to ask for the liability of a guaranteed return — capital plus a 25% annual return on their investment at the end of four years — to extend to founders’ personal assets.
Scoop: PharmEasy valuation halved to $2.8 billion, logs ebitda profitability; Paytm’s loan biz decoded
Online pharmacy PharmEasy recorded a positive ebitda of around Rs 14 crore, which means it is operationally profitable, even as one of its investors marked its valuation down to $2.8 billion. This and more in today’s ETtech Morning Dispatch.
Ecommerce startup Meesho cuts 15% workforce; layoffs amount to 251 employees
CEO Vidit Aatrey tells staff firm made judgment errors in over hiring, now aligning people cost with new biz projections
ShareChat CCO Ajit Varghese resigns, to leave company in January
Varghese joined the company in 2020 as its CCO. He was pivotal in expanding the platform’s revenue efforts and building a monetisation approach with content partnership. He also spearheaded its marketing functions. He had been reporting to Farid Ahsan, cofounder at ShareChat.
ShareChat lays off 5% of employees, shuts fantasy gaming vertical Jeet11
In June, ShareChat had announced a fundraise of $520 million from Google, Times Group and Temasek via multiple tranches. The round helped the company hit a valuation of $5 billion.
Key takeaways from Premiere of ET Soonicorns Summit
At the premiere event for the ET Soonicorns Summit, powered by AWS, keynote speakers highlighted the strong market opportunity for Indian startups to build and scale, not just in India, but also for the world.
Indian short-video apps see $19 billion monetisation opportunity by 2030: report
At present, only 1% of the overall digital advertising spends accrue to short video apps, according to the report.
Singapore's Temasek may slow India play to ride out storm
Temasek, which deployed over $1 billion in the country last year and counts new-age businesses, said returns for the latest fiscal year are down to 5.8% as of March 31 from 25% in the previous year.
Startup funding in India plummeted by 33% to $6.9 billion in Q2: Report
VerSe Innovation, Delhivery, Udaan, ShareChat, and upGrad were the top five players in Q2 in terms of fundraising.
ETtech Deals Digest: big-ticket funding is alive
ShareChat and AlphaSense were the startups that raised the biggest funding this week.
ShareChat parent raises $255 million from Google, Times Group, others; valuation jumps to $5 billion
Existing backers like Temasek also participated in the latest round, which comes at a time when investors have become skittish amid a funding winter.
Banks press on with tokenisation; ShareChat valued at $5 billion in new financing
Banks and payment aggregators say their systems will be ready before the June 30 deadline. But other stakeholders, including ecommerce companies, are still seeking an extension from the RBI, fearing disruptions.
Google backs India's ShareChat in $300 million funding round at $5 billion valuation
ShareChat was last valued at $3.7 billion in a $266 million funding round from investors including Alkeon Capital and Temasek. The firm also counts Twitter and Snap among its investors.
Byju’s may go public with SPAC; Indian startups raised $6.8B in Nov
The company is in advanced negotiations to go public by merging with a so-called blank cheque company that raised more than $1.3 billion in an IPO in February and trades on the New York Stock Exchange.
ShareChat parent raises $266 million at $3.7 billion valuation
The investment was led by Alkeon Capital with participation from new and existing investors including Temasek, Moore Strategic Ventures (MSV), Harbourvest and India Quotient. This is the third round of funding for the startup in 2021.
Unicorn valuations gallop in record time amid IPO rush
Fewer available assets, Covid-led growth, cheap liquidity accelerate valuation by 12-18 months
Of ShareChat's valuation & Grofers' express rush
From ShareChat's new fundraising to Grofers joining the express delivery rush and Flipkart moving to SC challenging Karnataka HC order, here's a quick look at the top tech news today.
Indian startups raised $7.8 billion in first four months of 2021
Startup funding party continues amid second wave of Covid-19
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