Startups

18 Apr 2024, 16:26

Move over Bollywood, audio shows are starting to enter the coveted ‘100 Crores Club’

It has been a tough few years for India’s flagship entertainment industry, Bollywood! Very few movies have managed to break the shackles and amass hundreds of crores, while many films involving the largest stars have performed below expectations. During such a bleak period for the entertainment industry, an underdog content format has started to get attention — audio shows.

12 Apr 2024, 16:41

Ashneer Grover set to launch app for medical loans 'ZeroPe'

BharatPe co-founder and former MD Ashneer Grover is set to launch a new app called 'ZeroPe' that will provide loans for healthcare. According to the apps' Google Play Store listing, ZeroPe is presently in the testing phase and has been developed by Third Unicorn, which was founded by Grover after his exit from BharatPe.

10 Apr 2024, 17:19

Cornerstone Ventures launches second fund with $200 million target for investment in emerging B2B enterprise technology opportunities

Cornerstone Ventures, a venture capital firm focusing on B2B Enterprise technology investments, has launched its second fund, with a target size of $200 million. It will include a green-shoe option which permits underwriters to sell additional shares beyond the original offering size, providing flexibility to meet investor demand. The fund seeks to generate substantial value for entrepreneurs, extending beyond mere capital infusion. It offers access to an extensive enterprise customer network, strategic funding from subsequent round investors, and a vast array of mentors and go-to-market collaborators.

10 Apr 2024, 09:53

AI startup Neysa raises $20 mn from Matrix Partners, Nexus Venture Partners & more

AI cloud and platform-as-a-service (PaaS) startup Neysa on Wednesday said it has raised $20 million (nearly Rs 166 crore) led by Matrix Partners India, Nexus Venture Partners and NTTVC investment firms. The funding will help drive the Generative AI cloud platform as a service and observability for companies in India and global markets, said the startup, co-founded by Sharad Sanghi (CEO) and Anindya Das (CTO).

09 Apr 2024, 17:25

Byju's begins disbursing March salaries to employees after 2nd successive delay

Embattled edtech platform Byju's finally started disbursing salaries to its thousands of employees for the month of March after arranging an alternative line of credit. In a letter to employees seen by IANS, the company said the salary disbursement has commenced and will be completed over the next 10 days. "Unfortunately, despite our efforts, we haven't yet secured approval to access the rights issue funds, because of the action of four foreign investors," the communication read.

09 Apr 2024, 17:18

Ola to shut global operations, to focus on Indian market

Ride-hailing company Ola on Tuesday said it has decided to shut down all of its existing global markets, namely the UK, Australia and New Zealand amid rising competition. The company mentioned that it will be focusing on the Indian market as it sees an "immense opportunity for expansion" in the country. "The future of mobility is electric -- not just in personal mobility but also for the ride-hailing business, and there is immense opportunity for expansion in India," an Ola spokesperson said in a statement.

08 Apr 2024, 17:11

PE deals activity at a 15-month high in India, marking a shift trend: Grant Thornton

The private equity deals in India have picked up pace in the January-March 2024. With 307 deals totalling $8.1 billion – it’s their best quarter since April-June of 2023, says a report by Grant Thornton. In terms of deal volumes, Jan-March is seeing its best quarter in 18 months. This marks a significant shift in investment trends in the PE landscape, Grant Thornton’s Q1 Deal Tracker.

04 Apr 2024, 17:38

Nivara Home Finance raises $10 million from Baring Private Equity

Bengaluru-based Nivara Home Finance raised $10 million from Baring Private Equity India in an entirely primary round, it said on Thursday. The proceeds from the round would be used to fund the company’s expansion. They provide loans with ticket sizes generally ranging between ₹5-7.5 lakh. The company says that this is an underserved segment since most affordable housing finance peers cater to a ticket size of ₹9-10 lakh or higher.

03 Apr 2024, 17:40

Blackstone to invest $2 bn every year in India; wants quicker M&A clearances

Global private equity major Blackstone Group is confident of investing USD 2 billion annually in India, a top official said on Wednesday. Its chief operating officer Jonathan D Gray pitched for a slew of measures to improve the ease of doing business for firms like it in India, including quicker approvals on mergers and acquisitions, easier privatisation of listed companies, and improvements in dispute resolution in commercial matters.

28 Mar 2024, 11:37

VC firm Accel to nurture eight early-stage startups in India

Leading venture capital firm Accel on Thursday announced eight early-stage startups in India which are part of the third cohort of its accelerator programme called 'Atoms'. The cohort receives up to $500,000 in funding, access to perks worth more than $5 million from Accel's network partners, personalised mentorship, and the opportunity to collaborate with a strong peer community of founders from past cohorts and portfolio founders.

27 Mar 2024, 14:16

Grocery retail chain for small towns SuperK raises $6 million

SuperK, a franchised grocery retail chain for small towns, on Wednesday said it has raised USD 6 million (around Rs 49 crore) in a funding round, led by Blume Ventures. The Series A funding round also saw participation from Silver Needle Ventures, Veltis Capital, Atrium Angels, and some angel investors and syndicates, according to a company statement.

20 Mar 2024, 17:53

In one of the largest deals of 2024, Pocket FM raises $103 mn to strengthen its global push

Audio entertainment platform Pocket FM announced on Wednesday that it has raised $103 million in Series D funding — making it one of the chunkiest fundraises of the year yet. The new funding will strengthen Pocket FM's push into the US market and also support global expansion as the company plans to expand into Europe and LatAm markets in 2024.

20 Mar 2024, 16:24

Wearables startup Ultrahuman raises $35 million to accelerate growth

Homegrown wearables startup Ultrahuman on Wednesday announced that it raised $35 million in a series B funding round to accelerate growth and research in the health monitoring space. The round saw participation from venture capital firms Blume Ventures, Steadview Capital, Nexus Venture Partners, Alpha Wave and Zomato founder Deepinder Goyal.

19 Mar 2024, 08:52

Businesses should not be built on model, but out of passion: Peyush Bansal

Businesses should not be built on a model or channel but rather out of a problem or passion, Lenskart co-founder and CEO Peyush Bansal said on Monday. Responding to a question on omnichannel business strategy, the famous Shark Tank investor said that he does not believe in all these buzzwords.

18 Mar 2024, 15:02

A 'thaw in startup funding winter' as two unicorns emerge within a quarter

The year 2024 has been good for many startups, as deal activity is growing at a faster clip. While the funding winter that set in mid-2022 is far from over, there seems to be a thaw, opine experts. Not only did two companies — Krutrim AI and Perfios — turn unicorns, but many more late-stage deals are being closed at impressive valuations.

18 Mar 2024, 13:11

Indian startups on track to raise $8-12 billion this year: Peak XV MD Rajan Anandan

Indian startups are expected to raise USD 8-12 billion this year, a top official of venture capital firm Peak XV said on Monday, highlighting that the country's startup ecosystem is the most vibrant in the world. Speaking at StartUp Mahakumbh, Peak XV Managing Director Rajan Anandan said around USD 20 billion of private capital is lying uninvested and is committed for investment in private firms and startups in India.

15 Mar 2024, 18:08

HiLabs secures $39 million in Series B funding to propel AI-driven data management solutions for healthcare entities

HiLabs, a provider of AI-driven solutions that aims to assess crude data to unlock meaningful insights and transform healthcare, has secured $39 million in Series B funding.This funding round, led by Eight Roads Ventures and Denali Growth Partners, with the involvement of F-Prime Capital, comes on the heels of substantial adoption of its MCheck™ platform for healthcare data ingestion, purification, and enhancement. The infusion of capital will fuel further advancements in technology, recruitment of top talent, and expansion of product teams.

13 Mar 2024, 17:39

Fintech firm Perfios becomes India's second unicorn of this year

B2B SaaS fintech company Perfios has become India's second unicorn of 2024 as it raised $80 million in a new funding round from Teachers' Venture Growth (TVG), a late-stage venture and growth investment arm of Ontario Teachers' Pension Plan. Perfios now valued at more than $1 billion with the new investment, reports TechCrunch.The company said that it will be using the new capital for international expansion and to explore inorganic growth opportunities. It also plans to go public by next year.

13 Mar 2024, 11:15

Battery maker and recycling firm Lohum raises $54 million

Lithium-ion battery pack maker and recycling firm Lohum on Wednesday said it has secured USD 54 million (Rs 450 crore) in a funding round from a bunch of investors. The investors who participated in the series B funding round of capital infusion include Singularity Ventures, Baring Private Equity, Cactus Venture Partners & Venture East amongst other new and existing venture firms, Lohum said in a statement.

07 Mar 2024, 10:28

Footwear brand Bacca Bucci fails to hook investors at Shark Tank India

The homegrown Indian footwear brand 'Bacca Bucci' failed to impress the sharks in the new episode of 'Shark Tank India' season 3. The business reality show witnessed a pitch of Rs 2.5 crores for one percent equity by Natwar Agrawal and Anuj Nevatia, the founders of 'Васса Bucci', a Gen Z, and youth-focused fast-fashion footwear brand.

06 Mar 2024, 09:44

Sunny Leone-backed wellness brand Rize fails to secure Shark Tank deal

The campus special episode of 'Shark Tank India 3' witnessed the 21-year-old studentpreneurs and their brand 'Rize', which is the go-to solution for wellness needs. The founders of 'Rize' -- Sahil Manral and Dhruv Verma, strive to promote a healthier and happier lifestyle. The brand offers a range of problem-solving treats crafted with premium ingredients.

01 Mar 2024, 16:34

Homegrown healthtech unicorn Pristyn Care slashes around 120 jobs

Healthcare unicorn Pristyn Care has slashed around 120 jobs in a restructuring exercise, impacting employees across teams, the media reported on Friday. According to Inc42, citing sources, the restructuring exercise is part of the company's plans to turn profitable in the financial year 2024-25 (FY25) before going public in 2027.

27 Feb 2024, 17:02

Shadowfax secures $100 mn in Series E funding led by TPG NewQuest

Logistics service provider Shadowfax on Tuesday announced the closing of its Series E funding round, securing $100 million in investments. TPG NewQuest led the round, with participation from existing investors, including Mirae Asset Venture Investments (India), Flipkart, International Finance Corporation, Nokia Growth Partners, Qualcomm, and Trifecta Capital. Eight Roads Ventures, the company's first institutional investor having invested in Shadowfax's Series A round in 2015, made a partial exit.

27 Feb 2024, 16:38

Byju's saga: Investors, edtech company battle it out at NCLT

Key investors in embattled edtech company Byju's on Tuesday argued at the National Company Law Tribunal (NCLT) hearing here that the process adopted by the company for its $200 million rights issue is "in breach of laws". They argued that the board of directors at Byju's needed to call an Extraordinary General Meeting (EGM) of shareholders before the rights issue where they could vote.

27 Feb 2024, 13:42

Zerodha founder Nithin Kamath recovering from stroke he underwent 6 weeks ago

Founder and CEO of stock broker Zerodha, Nithin Kamath, had a "mild stroke" about six weeks ago and is recovering. It could take three to six months for a full recovery. His father passing away, poor sleep, exhaustion, dehydration, and overworking out could be possible reasons behind the "mild stroke", his X post said.

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