STARTUP FOUNDERS
Peak XV has Rs 16,000 crore for investment; AI to be in focus: Rajan Anandan
Peak XV Partners, managing director Rajan Anandan said the company isn't facing any shortage of capital, they just want more people starting up in AI. "We have over 25 AI investments that we’ve made over the last 1-1.5 years,” he said. Peak XV Partners recently led a $10.5 million funding round in AI health startup Cloudphysician.
CXO-level shifts rearrange top deck at Indian startups
The world of startups witnessed a series of top-level movements in the first half of 2024, including Naveen Tahilyani taking the helm as CEO of Tata Digital and the resignation of Surinder Chawla, managing director and chief executive officer of Paytm Payments Bank.
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.
LinkedIn cofounder's background-checking startup KarmaCheck raises $45 million
The San Francisco-based company said on Thursday that it will use the funds to accelerate the development of its technology and "expand into new industry verticals."
Probe finds Byju’s failed investors but didn’t commit fraud
Byju's governance lapses led to financial troubles, legal battles, and Raveendran's efforts to innovate and manage debts for the ed-tech company's survival.
Indian deep tech startups count surges in 2023 but funding plummets 77%: Nasscom
Total $850 million was raised in 2023 itself -- this is a 77% decline over $3.7 billion raised in 2022. The number of deals, meanwhile, declined by 25% in 2023 over 2022, it said.
Zepto raises $665 million funding at $3.6 billion valuation to take on Blinkit, Swiggy Instamart
Company to double dark-store count to 700, taking on rivals Blinkit, Swiggy Instamart and Big Basket’s BB Now; DST Global, Lightspeed Venture Partners, Avenir Growth Capital and Avra joined as new investors in the round led by Glade Brook Capital, StepStone Group and Nexus Venture Partners.
Pause on the cards: Fintechs may take a hit as most banks stay away from BBPS
RBI mandates credit card bill payments through BBPS, but only 8 of 34 banks are live on the network, causing concern among payment companies like PCI for an extension.
Oyo finalises Rs 1,000 crore fundraise from Indian family offices
Oyo fundraise: Hospitality startup Oyo is raising around Rs 1,000 crore from family offices and investors. The fundraise aims to value Oyo at about $2.5 billion, marking a significant decrease from its peak valuation of $9 billion in 2021. Oyo is slated to hold an extraordinary general meeting (EGM) on Tuesday to approve the fundraise.
Startups’ pink slip count falls to 10,000 amid funding blues
Firing in first half of 2024 lesser than H2, H1 of ’23, signalling a slight recovery. Ola Electric is in the final stages of laying off over 600 after sister company Ola Cabs fired around 200 workers in late April. Industry executive told ET, even with the slowdown in layoffs, startups are still not out of the woods.
PhysicsWallah founder Alakh Pandey files PIL on NEET results
PhysicsWallah founder and CEO Alakh Pandey has filed a PIL with the Supreme Court regarding the NEET-UG 2024 exam controversy, involving grace marks awarded by NTA and alleged question paper leaks.
Services replaces edtech as most popular sector among student founders: Campus Fund report
Campus Fund invests in startups run by students and offers mentorship and guidance on investing. The firm describes student founders as those who are currently students, or graduates and dropouts in the previous three years, with at least 25% equity in the company.
Unacademy’s Hemesh Singh joins other founders who donned non-executive roles
Unacademy's Hemesh Singh on Saturday stepped down as CTO of the company, moving to an advisory role. This is one of the many top-deck changes reported in startups over the past year. Here's a look at some of the key changes announced by startups in their leadership.
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.
How Unacademy board tweaked targets for founders’ voting rights
Edtech unicorn Unacademy has changed the target for its cofounders Gaurav Munjal and Hemesh Singh to access additional voting rights through bonus shares issued to them in 2022. Industry sources said this move throws light on Unacademy’s changing ambitions as well as the broader sluggishness in the startup funding ecosystem.
Out of school, into startups: Young founders are on the rise, ready to even pause studies to chase their entrepreneurial dreams
In 2023, Ayush Pathak and Aryan Sharma founded Induced, assisting businesses in automating workflows with AI. Apoorv Singh launched Connect AI with Asta. Himanshu Rajpurohit's startup, Strangify, provides corporate mental health solutions. Dyumna Madan's ProjectClay helps students find career paths.
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.
Peak XV Partners-backed AI startup Nintee shuts shop; to return capital to investors
AI startup Nintee, led by Paras Chopra, closed after struggling to compete with bigger platforms. Funding to be returned. Employees offered roles at Wingify.
Startups shuffle top deck, play to ace long-term profitability game
At Third Wave Coffee, founder Sushant Goel transitioned to a board role after former KFC India head Rajat Luthra was roped in as chief executive, effective April 1. "The journey of starting up and getting the company at a certain scale is very different from taking it to the next level," said a venture investor with a global firm. "These changes are ultimately healthy in the sense that these startups are reaching a particular level."
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