TRIBE CAPITAL
Silicon Valley VC fund General Catalyst acquires Venture Highway; will deploy $1 billion in India
Venture capital fund General Catalyst is acquiring India-focussed early-stage investor Venture Highway to strengthen its India presence. As part of this move, Venture Highway—which has backed unicorns like Meesho and Moglix—will cease to exist and will transition into General Catalyst India. This comes in the backdrop of a larger reset in the global venture capital industry after the exuberance of the pandemic years.
Tensions rise in Manipur: Fatal shooting & bus torching incidents escalate security concerns
Unidentified assailants fatally shot a young man in Meijao Mamang Leikai, Wangoi police station area, Imphal West district. The victim was found with a gunshot wound to the back of his head. Meanwhile, a mob stopped and set ablaze a bus carrying CRPF personnel at Kangpokpi bazar in Kangpokpi district.
Lenskart $200M secondary deal; Baron bumps up Swiggy’s valuation
Singapore's Temasek and US-based Fidelity have invested $200 million in Lenskart through a secondary share sale. This and more in today’s ETtech Top 5.
Mudrex partners with ClearTax to simplify crypto tax filing
Through this partnership, investors and traders using Mudrex will gain access to ClearTax's comprehensive suite of tax reporting tools.
Tribe Capital’s new India investment vehicle to pump another $75 million in Shiprocket
Will back, build and buy out companies in India; focus is on investing in a small cohort of startups and own large stakes in them, says Arjun Sethi, cofounder, Tribe Capital. The Silicon Valley-based firm's umbrella entity in India will be co-owned by Sethi, Shiprocket cofounder Vishesh Khurana and Raj Snehil Juneja, who has been investing in Indian startups.
End of Paytm’s existing wallet biz; Tribe Capital’s India play
Happy Tuesday! Regulatory actions have crippled Paytm Payments Bank's mobile wallet business. This and more in today’s ETtech Morning Dispatch.
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Lightspeed partners Abhishek Nag, Vaibhav Agrawal quit
Vaibhav Agrawal is set to launch his own venture firm. Abhishek Nag has joined Mumbai-based 360 One (formerly IIFL Wealth & Asset Management) to lead early-stage investments. has joined Mumbai-based 360 One (formerly IIFL Wealth & Asset Management) to lead early-stage investments.
Employees despair as bell tolls for Paytm Payments Bank; and other top startup & tech stories this week
While the regulatory action on Paytm Payments Bank managed to bring the entire business to a standstill, its largest business partner Paytm moved on to build new relationships with other lenders. Now its CEO who had joined the bank hardly a year back is set to leave by June 26.
Exclusive: EV startup Zypp in talks to raise new funding from Tribe Capital at $300-350 million valuation
Zypp Electric seeks $40M funding from Tribe Capital for expansion and tech development. Revenue tripled in FY24. Launching $250M India fund with Shiprocket's Vishesh Khurana. Raj Snehil Juneja also joins the team.
Quick-commerce grows beyond grocery; Tribe Capital’s latest India bet
Happy Friday! Quick-commerce platforms like Zepto, Swiggy’s Instamart, and Zomato-owned Blinkit are seeing a surge in sales for non-grocery items as they take on ecommerce rivals. This and more in today’s ETtech Morning Dispatch.
Shiprocket's cofounder to lead Tribe Capital's first India fund
Tribe Capital's India AIF, led by Vishesh Khurana, aims for local presence with Raj Snehil Juneja. Zomato linked. Emphasis on local partners, capital. Funding round targets exit for early investors.
From remote tribal areas to flooded cities, Indonesians go to polls
Tens of millions of Indonesians participated in one of the world's largest one-day elections, with makeshift bamboo polling stations in remote areas and flooded streets in the capital. Despite challenges such as transportation logistics and severe weather, voters were determined to cast their ballots. A "quick count" is expected to provide preliminary national results.
Let us know if any prosecution carried out under death penalty provision of SC/ST Act: SC to AG
A bench of Justices Surya Kant and K V Viswanathan was hearing a PIL filed by advocate Rishi Malhotra, who has sought striking down of the mandatory death penalty provision under the Scheduled Castes and Scheduled Tribes (Prevention of Atrocities) Act, 1989.
Govt to set up a library hall for each of recognized ethnic tribes of Manipur across the state: Manipur CM N Biren Singh
Biren Singh on Friday said that the guest house for chiefs of tribal communities in the hills would be inaugurated in the next few days before New Year. As a Christmas and New Year gift to the people of Manipur, the CM announced the government’s plan of setting up a library hall each for all recognized 33/34 ethnic tribes of Manipur across the state with a total estimated cost of Rs 10 crore.
Make Kashmir a global summer capital
The bigger harvest lies in the sea of passengers that pass through its airport every day. The first step would have to be a Dubai-Srinagar flight. There would be work to do on the ground as well. Normalcy in the valley would first need to swell the trickle of international travellers - still concerned about their safety in J&K - to a flood.
VC-backed Indian public firms scale to $50 billion in market cap: Tribe Capital report
“As we’ve continued monitoring and diving into the Indian VC ecosystem, one of our investment indicators, “Total Market Capitalization of VC-Backed Companies Public in India,” crossed $50B,” Sethi wrote in a LinkedIn post.
Digital health platform Clinikally raises $2.6 million from Y Combinator, Tribe Capital
Clinikally connects consumers with licensed dermatology practitioners, who recommend products and personalised treatment plans that cater to individual clinical needs across a range of conditions.
ET Startup Awards 2023: Winners to be Felicitated on October 7
The ninth edition of The Economic Times Startup Awards (ETSA) will be held on Saturday, October 7, in Bengaluru to honour this year's winners across eight categories in what will be a star-studded gathering of the who's who of India's new economy.
Massive protest against killing of Indian Army soldier in Manipur
The killing came amid the unceasing violence gripping Manipur, in the wake of the Kom Union Manipur (KUM) reiterating its call that they would remain as Kom tribe forever and urged people of its own community to remain neutral and not to involve in the ongoing Meitei - Chin Kuki violence.
ET Startup Awards 2023: FIA Global bags the Social Enterprise Award
Launched in 2012, FIA Global has 35,000 outlets that function as mini bank branches. Equipped with a laptop, biometric device and printer, the facilities are manned by micro entrepreneurs from the local community. These are connected with the partner bank’s core banking solution, enabling customers to walk in and conduct basic financial transactions in real time.
ETSA 2023: Balancing growth and monetisation will be key while picking winners
An eye on profitability and balancing growth with innovation are the key traits that jurors will look for in the contenders.
Exclusive: Apple seeks ‘concrete reason’ to take down banned betting apps; Silicon Valley’s Tribe Capital eyes $250 million India fund
Apple has told the Indian officials that it needs "concrete reason or a legal requirement" to fully comply with its directive to disable betting apps from its App Store.
Exclusive: Silicon Valley’s Tribe Capital plans to raise $250 million India-dedicated fund
Tribe partner says the firm is active in India, acquiring more ownership in current portfolio by transacting secondaries at discounts.
SVB shutdown sends shockwaves through Silicon Valley as CEOs race to make payroll
On Friday, tech CEOs scrambled to make payroll after SVB Financial Group was shuttered by California banking regulators in a bid to protect depositors following a dive in the value of its investment holdings and a rush of withdrawal requests starting just two days ago.
SVB crisis: Peter Thiel’s Founders Fund advises companies to withdraw money from the bank
The turmoil followed a surprise announcement from the Santa Clara, California-based SVB that it was issuing $2.25 billion of shares to bolster its capital position after a significant loss on its investment portfolio.
ETtech Deals Digest: A tepid week for startups as funding nosedives 72% YoY
Here is a list of startups that received funds this week.
HireSure.ai raises $2.5 million in funding from YCombintor, Binny Bansal’s Three State Capital
The company plans to use the funds to strengthen the community, build new products and primarily scale up the engineering and product teams for product development.
Khatabook bets on lending, SaaS for revenue
The company is looking to turn profitable in the next 18-20 months. Currently, Khatabook clocks gross revenues of Rs 70 crore on an annualised basis.
Apollo.io raises $110 million in funding led by Sequoia Capital
The platform plans to use the funds to accelerate its product-led growth. It also plans to increase its investment in product and engineering by nearly 300% to continue to build the best platform in its category.
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