<ul><li><keyword id="2023017" type="General" weightage="20" keywordseo="unicorns" source="Orion">Unicorns</keyword> that were once celebrated are now bearing the burden of their past valuations.</li><li>Chasing rapid growth, cash burn, low governance standards and troubled public debuts have become their undoing.</li><li>Few are hitting the $1 billion valuation status and even those who are achieving them are wary of declaring it, experts say. </li></ul>A unicorn, by its very definition, is a rare creature only to be found in myths and fairytales. Not surprising then that the startup ecosystem decided to use the name of this mythical creature to describe companies that attained the exalted valuation of $1 billion or more. Two years after India became the third largest home for unicorns in the world, these entities are yet again becoming rare. Several have seen down rounds and have lost their <keyword id="6846108" type="General" weightage="20" keywordseo="unicorn-status" source="Orion">unicorn status</keyword>, while a few others are wary of even acknowledging their unicorn status. Suddenly, the word is no longer a feat or a milestone that founders or investors want to celebrate. India minted 58 unicorns in 2021 and the total tally went up to 100 in May 2022. Business Insider caught up with experts from the startup ecosystem to understand why ‘unicorn’ is no longer a coveted title. Amarjeet Makhija, partner and leader of startups &amp; unicorns, PwC India, says that hitting the unicorn status called for a lot of celebration and that attracted a lot of attention. “They (startups) also attracted regulator attention after flying under the radar for a long time. The result is taxes in the gaming sector as the unicorn status led people to believe that these companies have deep pockets. I would think even those who are raising money and attaining the status are being cautious about it and not declaring it,” he explains. Here’s some context, India is now the third largest startup ecosystem in the world with nearly 100,000 startups and at last count India had 110 unicorns that collectively had raised $100 billion with a combined valuation of over $350 billion. India’s first unicorn was born in 2011 and the maximum number of unicorns were created between 2020 and 2022. Just to understand the pace of value creation, let’s look at Infosys, which took 18 years to become a billion dollar corporation. Easy money that was sloshing around in the system did not do any favours to the startup ecosystem as investors funded mere ideas that did not have long legs. India is now home to the third largest number of unicorns in the world, but nobody thinks it is a cause of any celebration because it means nothing. <div type="image" title="unicorns in india" msid="104356992" hostid="261" sizebytes="636638" caption="&amp;lt;p&amp;gt;Source: Company&amp;lt;/p&amp;gt;"></div> Who is to blame for the unicorn bubble? Blame it on the greed of founders or willing suspension of disbelief on the part of venture funds that backed companies which had neither a sound business model nor path to profitability, but the truth is that the valuation bubble has burst. Anas Rahman Junaid, founder and chief researcher at Hurun India, says that some of the blame lies with the investors that pushed for unrealistic growth metrics. “It is very hard to be a unicorn today and investors are no longer buying into grand visions on growth,” he adds. The problem is not so much with the word unicorn but the issue is with cash-guzzling loss-making unicorns. Abhishek Agarwal, managing partner at Rockstud Capital, argues that the market's sentiment is negatively impacted due to loss-making unicorns. Founders are, therefore, avoiding the press since their profit and loss statements are negative. He says: “This is a temporary phase when exuberance around unicorns is not as it was earlier. We are in the middle of a funding winter. The playbook during the pandemic was to chase at any cost ignoring fundamentals. Since then there has been a shift in investors and founders are now factoring that in." Hurun’s Junaid adds that startups that do not have a clear path to profitability, it would be difficult to get a good pricing. “I wouldn’t just blame the startups for the grand vision. After all it’s some of the VCs and investors who pushed for unrealistic growth metrics. This unrealistic expectation to grow rapidly is not sustainable and could eventually burst. The flipside is some of these startups also start painting a picture of building castles in the air. Eventually, all this snowballed and became bigger until it burst,” he says. <div type="image" title="unicorns india" msid="104356922" hostid="261" sizebytes="639628" caption="&amp;lt;p&amp;gt;Source: Company&amp;lt;/p&amp;gt;"></div> Unicorn’s fall from grace – from aspiration to becoming a bad word From being an aspiration, the word unicorn stands for excesses of the pandemic era, when talk mattered more than substance. And few of them made good use of the money that came too easy. One venture capital investor cites a troubling example of a startup that was looking to raise funding without any business model or proposition but had a full customer care team in place. The investor says, “Which good company with good governance standards would have a customer and sales team without the product?” From being an aspirational goal, the word unicorn is now being seen as a dubious distinction by many. There have been many fallen heroes. Byju’s was once a celebrated decacorn. But now it’s in all sorts of trouble after funding dried up — like legal troubles of its inability to repay a term loan, high-profile exits from the board, jobs cuts and valuation cuts. Extensive delays in declaring its financial earnings too added to people who view it with askance. What has made matters harder for founders is the performance of some of these new age companies in the last three years in the public markets after they got listed on stock exchanges. <keyword id="6376684" type="General" weightage="20" keywordseo="nykaa" source="Orion">Nykaa</keyword>’s stock price had already fallen by 80% before it issued bonus shares in November last year. <keyword id="11111226" type="General" weightage="20" keywordseo="pb-fintech" source="Orion">PB Fintech</keyword>’s stock also lost a quarter of its value since it was listed, even after a recent run-up in the stock. A few other listed companies like <keyword id="830092" type="General" weightage="20" keywordseo="zomato" source="Orion">Zomato</keyword> also angered investors and regulators alike for directing IPO proceeds towards acquisitions, without an indication of it in the DRHP. In the last three years, there have been many public listings of startups that later became the litmus test for founders. “Going from private to public is the ultimate test for many celebrated startups. While there were many expectations, they turned into a poisoned chalice. It taught many lessons on pricing these companies, with sustainable profits and not just growth,” says Junaid. Vivek Singla, Managing Partner and CIO - Private Equity at Incred Alternative Investments, does not think that the word unicorn has become an anathema in the startup world but he feels that it is nothing but a derivative and not a goal in itself. He explains: “The two years of the pandemic were heady for the startup ecosystem with two unicorns being minted almost every week. Everyone knew that the party would end at some point but nobody knew when, as everyone was only chasing valuations. The subsequent rounds that unicorns raised were at even higher valuations. Thereafter, we have seen the downrounds that have happened and many unicorns may not go back to their peak valuations in the foreseeable future.” According to a report by Redseer, 20% of India’s unicorns may see a bleak future <a href="https://www.businessinsider.in/business/startups/news/unicorn-report-30-will-be-ipo-ready-next-year-but-future-bleak-for-20/articleshow/102394774.cms">in the next three years</a> but half of them might turn profitable. Several unicorns have lost their status after downrounds that happened in 2022 and 2023. The reason for this is because the era of easy money is long gone and Explains Makhija of PwC, “Even if a startup attains unicorn status, if a down round takes place in six months, are you even a unicorn? Earlier large players were writing big cheques where there was no need to raise funds for another 12-18 months. Now, they are not being written, which means they need money sooner.” <div type="image" title="unicorns" msid="104356973" hostid="261" sizebytes="712256" caption="&amp;lt;p&amp;gt;Source: Company&amp;lt;/p&amp;gt;"></div> The real value is in ‘profits’ There was a time when every week saw the birth of at least two unicorns. This year has been fairly quiet with only Zepto announcing that it became the first unicorn of the calendar year after it raised $200 million in its latest round. While most unicorn founders have gone underground, the bulge bracket venture and private equity investors too have gone silent on valuations. Instead the attention is now on profitability and break-even. While most unicorns that are looking to tap public markets say that they are profitable both at the net and operating level, their profit pool will remain rather small in the foreseeable future as they will continue to be in the growth phase. Incred’s Singla is of the view that now every other month there will be announcements on startups turning profitable. “The earlier mantra was ‘growth at any cost’, which has now changed to ‘profit after all the costs’. Founders have realized that investors are no longer chasing just growth, rather profitable growth and they have recalibrated their priorities accordingly,” he says. Startups have always been operating in manner that were poles apart from family-run businesses or regular small and mid cap companies who veer towards cash conservation and value addition. Initially, startups that were led by young founders’ disruptive nature were cheered. Now that the dust has settled, investors refuse to see a mirage where there might be a storm coming. That’s how unicorns were left with little but their status — which now means little.

A billion little pieces: Unicorns lose bragging rights as funding winter deepens

Online food delivery platform <keyword id="6358977" type="General" weightage="100" keywordseo="swiggy" source="Orion">Swiggy</keyword>'s losses doubled to ₹3,629 crore in FY22 compared to ₹1,617 crore in the last fiscal year. Total expenses went up 131% to ₹9,574.5 crore in FY22. According to its annual financial statement with the Registrar of Companies (RoC), during the last quarter of FY22, Swiggy turned "decacorn" (with a valuation of $10 billion and above) after raising a $700 million round led by Invesco. Meanwhile, Swiggy's revenue grew 2.2 times to ₹5,705 crore during FY22 as opposed to ₹2,547 crore in FY21. According to Entrackr, outsourcing support costs accounted for 24.5% of the total expenses of the company. This particular cost increased 2.3 times to ₹2,350 crore in FY22 from ₹1,031 crore in FY21. Its advertising and promotional expenses surged 4 times to reach ₹1,848.7 crore during FY22, according to the report. Reports surfaced last month that Swiggy may lay off more than 250 employees or up to 5% of its workforce starting January. "There have been no layoffs at Swiggy. We concluded our performance cycle in October and have announced ratings and promotions at all levels. As with every cycle, we expect exits based on performance," a Swiggy spokesperson had said in a statement. The upcoming layoffs are likely to impact Swiggy's quick commerce delivery service <keyword id="9728281" type="General" weightage="50" keywordseo="instamart" source="Orion">Instamart</keyword> to reduce cash burn. In November, global brokerage firm <keyword id="151304" type="General" weightage="50" keywordseo="jefferies" source="Orion">Jefferies</keyword> said that Swiggy was fast losing market share to its rival <keyword id="11830133" type="DOMAIN" weightage="20" keywordseo="zomato" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="zomato" meta.entityname="Zomato Ltd." meta.entityid="57948" meta.seoname="zomato-ltd">Zomato</keyword> despite offering heavy discounts. Citing Swiggy investor Prosus' financial report, Jefferies said that the gross value of Swiggy's food delivery business was $1.3 billion in the January-June period this year. Zomato in the same period logged a gross order volume of $1.6 billion. In May last year, Swiggy acquired Dineout, a dining-out and restaurant tech platform, for an undisclosed sum. According to sources, the acquisition size was around $200 million. Earlier this year, the food delivery platform raised $700 million led by Invesco at a $10.7 billion valuation. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/tvs-motor-sales-slip-3-58-to-242012-units-in-dec/articleshow/96681654.cms">TVS Motor sales slip 3.58% to 2,42,012 units in Dec</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indias-manufacturing-pmi-hits-13-month-high-in-dec-on-rise-in-new-orders-strong-demand/articleshow/96678340.cms">India's manufacturing PMI hits 13-month high in Dec on rise in new orders, strong demand</a>

Swiggy's losses jump 2X to ₹3,629 crore in FY22, layoffs coming

<ul></ul><ul><li><keyword id="6358977" type="General" weightage="20" keywordseo="Swiggy" source="Orion">Swiggy</keyword> is now India’s latest decacorn after raising $700 million in its latest round.</li><li><keyword id="830092" type="General" weightage="20" keywordseo="Zomato" source="Orion">Zomato</keyword> is now valued under $10 billion as its shares dropped below the ₹100-mark earlier today.</li><li>A whole host of new investors participated in Swiggy’s latest venture capital funding round.</li></ul>Food and grocery delivery giant Swiggy has surpassed rival Zomato’s valuation as it raised $700 million. This development was aided by the plunge stock market took on Monday, January 24. Swiggy was valued at $10.7 billion in this latest round, a source close to the deal told Business Insider. The company, which was founded in 2014, has not officially announced the valuation. While Swiggy has attained the decacorn title, Zomato has lost it as its shares dropped <a href="https://www.businessinsider.in/stock-market/news/there-are-huge-discounts-on-nykaa-zomato-paytm-and-shares-of-other-listed-tech-startups/articleshow/89086759.cms">below the ₹100 mark earlier today</a>. The company’s shares hit an all-time low of ₹91 and its market cap came down to ₹71,629 ($9.6 billion). A decacorn is a company valued at or more than $10 billion. <div type="image" title="Swiggy is now valued more than Zomato" msid="89092891" hostid="261"></div> Swiggy’s latest funding round was led by US-based investment firm Invesco in a fresh round of external funding, the company has announced. New investors such as <keyword id="9554362" type="General" weightage="20" keywordseo="Baron-Capital-Group" source="Orion">Baron Capital Group</keyword>, <keyword id="13021155" type="General" weightage="20" keywordseo="Sumeru-Venture" source="Orion">Sumeru Venture</keyword>, IIFL AMC Late Stage Tech Fund, Kotak, <keyword id="13021156" type="General" weightage="20" keywordseo="Axis-Growth-Avenues-AIF-I" source="Orion">Axis Growth Avenues AIF- I</keyword>, Sixteenth Street Capital, Ghisallo, Smile Group and Segantii Capital participated in this financing round. The company’s existing investors Alpha Wave Global (formerly Falcon Edge Capital), Qatar Investment Authority, and ARK Impact, and Prosus also participated in the round, Swiggy said in a press note. “The GMV [gross merchandise value] our food delivery business achieved in 40 months, took Instamart just 17 months, demonstrating the platform benefits of Swiggy. We will double down on this to build more categories in line with our mission of offering unparalleled convenience to Indian consumers,” said Swiggy’s Chief Executive Officer (CEO) Sriharsha Majety in a statement. Instamart is Swiggy’s quick commerce arm, which delivers groceries within 15-30 minutes. In July last year, Swiggy <a href="https://www.businessinsider.in/business/startups/news/swiggy-raises-1-25-billion-in-a-mega-round-of-funding-led-by-softbank-and-prosus/articleshow/84578974.cms">had raised $1.25 billion</a> led by SoftBank and Prosus. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/ola-electric-raises-another-200-million-this-time-at-a-valuation-of-5-billion/articleshow/89088739.cms" style="">Ola Electric raises another $200 million, this time at a valuation of $5 billion</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/check-out-top-10-losers-in-share-market-that-lost-more-than-15-in-last-one-month/articleshow/89089076.cms">Wipro, L&amp;T Infotech, Zee Entertainment, Mindtree among top losers that hit investors’ portfolio in the last one month</a>

Swiggy is now valued more than Zomato

<ul><li>40-46% of Indians between 18-40 years are feeling older than their age due to low energy, consistent fatigue and poor immunity. </li><li>41% of females feel older than their current age while the number is lesser for men, according to a Quaker-Euromonitor report. </li><li>Despite differing age perceptions, Indians have started shifting towards healthier living post pandemic. </li></ul>Indians aged over 40 feel younger and healthier than over 40% of their much younger counterparts, research by PepsiCo India’s <keyword id="302586" type="General" weightage="80" keywordseo="quaker" source="Orion">Quaker</keyword> food brand and London-based market research major Euromonitor International revealed. The report titled ‘Lifestyle Choices &amp; Ageing Perception of Urban Indians,’ said that 82% of <keyword id="117089" type="General" weightage="20" keywordseo="gen-x" source="Orion">Gen X</keyword> audience (i.e., people aged 41 years and above) felt their own age or younger, while 40% of the <keyword id="159493" type="General" weightage="100" keywordseo="gen-z" source="Orion">Gen Z</keyword> audience (i.e., 18-25 years of age) and 46% of the <keyword id="1970484" type="General" weightage="20" keywordseo="millennial" source="Orion">millennial</keyword> audience (i.e., 26-40 years of age) felt older than their current age. <div type="image" title="Lifestyle Choices &amp;amp; Ageing Perception of Urban Indians Study" msid="94918206" hostid="261" sizebytes="33928"></div> The study said that low energy, consistent fatigue and poor immunity were the reasons for young Indians feeling older than their age. “The data also shows that over 40% of Gen X never skip breakfast, while busy mornings and long workdays affect breakfast patterns of the younger lot, with over 50% of Gen Z and 61% of millennials who tend to skip breakfast,” said Quaker. <div type="image" title="Lifestyle Choices &amp;amp; Ageing Perception of Urban Indians Study" msid="94918236" hostid="261" sizebytes="48702"></div> Additionally, it revealed that 41% of females felt older than their current age while the number was lesser for men, forming only 27% of the survey respondents. Despite the differing age perception of Gen X and young Indians, there has been an overall shift in healthy living post pandemic, the survey showed. Indians more health conscious post pandemic The survey revealed that over 90% of the total respondents including Gen Z and millennials are now taking steps to support healthy ageing post pandemic. This includes increasing their sleeping hours, incorporating any physical activity and eating more wholesome meals, Quaker reported. <div type="image" title="Lifestyle Choices &amp;amp; Ageing Perception of Urban Indians Study" msid="94919861" hostid="261" sizebytes="56994"></div> Further, the study indicates that over 70% respondents have improved their nutrition intake, with 44% consuming vitamins/supplements daily. “Over 90% of respondents incorporate healthy ageing habits in their daily routine. Breakfast being one of the most important meals of the day, the survey revealed that oats and cereals are the preferred choices for people who are working towards incorporating wholesome breakfast in their daily routine,” Sonam Vij, associate director and category lead - Quaker Portfolio, PepsiCo India said. The report was conducted among over 1,000 respondents aged 18 years and above, living across four key metros i.e., Delhi, Mumbai, Bangalore, and Kolkata. The report was launched in Delhi to mark <keyword id="59209" type="General" weightage="50" keywordseo="world-food-day" source="Orion">World Food Day</keyword> and National Nutrition Month, followed by a panel discussion in collaboration with Confederation of Indian Industry (CII). SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/pvr-reports-net-loss-of-71-23-crore-in-q2-attributes-it-to-bollywood-hollywood-flops/articleshow/94917917.cms">PVR reports net loss of ₹71.23 crore in Q2, attributes it to Bollywood, Hollywood flops</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/you-can-travel-in-these-countries-with-the-indian-rupee-but-there-are-limits/slidelist/94913764.cms">You can travel in these countries with the Indian rupee, but there are limits</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/edtech-decacorn-byjus-raises-250-million-from-existing-investors/articleshow/94915219.cms">Edtech decacorn Byju’s raises $250 million from existing investors</a>

Indians above 40 are feeling younger & healthier than Gen Z, millennials - report

<ul><li>BYJU's is an <keyword id="1464841" type="General" weightage="20" keywordseo="edtech" source="Orion">edtech</keyword> platform founded in 2015 with a current valuation of $22 billion. </li><li>Management of the edtech platform says cost-cutting is being done to “achieve overall profitability by March 2023”. </li><li>Many edtech firms have resorted to layoffs this year. </li></ul>Indian edtech decacorn BYJU's announced yesterday that it has laid off 2,500 employees as it has consolidated the many platforms it has acquired – like Toppr, Meritnation, <keyword id="192259" type="General" weightage="50" keywordseo="tutorvista" source="Orion">TutorVista</keyword>, Scholar and HashLearn. This move, the company said, is a way to avoid redundancies in job roles and the layoffs constitute 5% of its workforce. “These measures will help us achieve profitability in the defined time frame of March 2023," said Mrinal Mohit, CEO, BYJU'S India business. As per the audited FY21 financials that it released last month after an 18-month delay, its losses widened by 20 times to ₹4,589 crore. In the last three years, the company has been on an acquisition spree. Its biggest one so far is that of offline test preparatory services provider Aakash for $1 billion in 2021. The payments to PE major Blackstone, which owned 38% in Aakash, were eventually <a href="https://www.thehindu.com/business/byjus-clears-230-million-dues-to-blackstone-for-aakash-acquisition/article65931486.ece">cleared by the company, albeit after delays</a>. It has also purchased Singapore-based <keyword id="6559242" type="General" weightage="50" keywordseo="great-learning" source="Orion">Great Learning</keyword> for $600 million in 2021. Both these entities will function independently, <keyword id="3320944" type="General" weightage="100" keywordseo="byjus" source="Orion">Byjus</keyword> had said. Edtechs in trouble This year, many edtech companies have been suffering from loss of clientele after offline classes have commenced and screen fatigue. Since July this year, many edtech companies like Unacademy and Vedantu have been laying off <a href="https://www.businessinsider.in/business/startups/news/60000-jobs-in-startup-companies-may-lose-their-jobs-this-year-in-india-experts-say/amp_articleshow/91804572.cms">employees</a>. Byju’s which has by then also made its presence felt in offline coaching, is also known to have gone down the same path. As per reports, <a href="https://www.business-standard.com/article/companies/byju-s-owned-whitehat-jr-lays-off-300-employees-in-latest-round-of-job-cuts-122062900323_1.html">WhiteHat Jr, owned by Byju's</a>, laid off around 300 employees in June from the code-teaching and sales teams. However, various <a href="https://www.news18.com/news/business/byjus-lays-off-over-2500-employees-in-toppr-and-whitehat-jr-to-cut-costs-5463853.html">media reports have pegged the layoff </a>number between 1,500-2,500. The company vehemently denied the numbers, but did admit to retrenchments. “To recalibrate our business priorities and accelerate our long-term growth, we are optimizing our teams across our group companies. This entire exercise involves less than 500 employees from across Byju's group companies,” the company spokesperson said after denying the 2,500 layoff number. In good shape says management The edtech giant, which is valued at around $22 billion and is the first edtech unicorn in India has also been under scrutiny for various reasons. The company management however insists that it is in good shape. <keyword id="5563078" type="General" weightage="50" keywordseo="divya-gokulnath" source="Orion">Divya Gokulnath</keyword>, the company’s co-founder also came out in defense of the company saying that a lot has happened since its FY21 results and its widened losses have already been cut by half in FY22. “It’s easy to forget that we are 18 months post FY21, and that BYJU’S has grown more than 4 times in this span,” she wrote in an open letter on LinkedIn. For this year, the company has set a target to achieve $2 billion in revenues. The company founder has stated time <a href="https://www.business-standard.com/article/companies/byju-s-focusing-on-profitable-growth-2-bn-revenue-within-the-sights-ceo-122092001266_1.html">and again that this</a> “revenue within sight”. On the other end of the spectrum, <a href="https://www.bbc.com/news/world-asia-india-58951449">Byju’s users have been complaining </a>about aggressive sales tactics and its effects on learning abilities. Moreover, a few of its employees too <a href="https://twitter.com/malpani/status/1379826997598121987?lang=en">publicly spoke of its</a> high-pressure tactics and practices that’s turned almost exploitative to Indian parents who place a lot of value on their children’s education. SEE ALSO: <a target="_blank" class="c-link" href="https://www.businessinsider.in/business/news/investments-in-real-estate-touched-3-6-billion-in-jan-sep-period-colliers/articleshow/94833113.cms">Investments in real estate touched $3.6 billion in Jan-Sep period: Colliers</a> <a target="_blank" class="c-link" href="https://www.businessinsider.in/business/corporates/news/it-cos-go-slow-on-hiring-despite-high-attrition-rates-hiring-down-57-in-q2/articleshow/94832706.cms">IT cos go slow on hiring despite high attrition rates, hiring down 57% in Q2</a> <a target="_blank" class="c-link" href="https://www.businessinsider.in/business/news/elon-musk-jokes-he-is-selling-perfumes-to-fund-twitter-acquisition/articleshow/94832660.cms">Elon Musk jokes he is selling ‘Burnt Hair’ perfumes to fund Twitter acquisition, changes bio to “Perfume Salesman” as sales cross 20,000</a>

The many troubles at BYJU’s that goes beyond the recent layoffs

<ul><li><keyword id="2167965" type="General" weightage="20" keywordseo="girish-mathrubootham" source="Orion">Girish Mathrubootham</keyword> is the star of the Indian startup scene, transforming the lives of hundreds of his Freshworks employees who are now crorepatis.</li><li>Mathrubootham says he did not start Freshworks to buy a BMW, but so that his employees could.</li><li>He also has an immense interest in sports and started FC Madras, a football training academy, and hosted the Trichy Premier League in his hometown, Tiruchirappalli.</li></ul>It’s the age of unicorns in India, but seldom does a decacorn emerge that wows the world. Enter Girish Mathrubootham’s Freshworks, which had a blockbuster listing on Nasdaq, going from a valuation of $3.5 billion to $13 billion. In the process, Mathrubootham <a href="https://www.businessinsider.in/stock-market/news/freshworks-ipo-500-crorepatis-12-billion-market-cap-and-more-that-emerged-from-indias-first-saas-listing-at-nasdaq/articleshow/86445614.cms">helped 500 of his employees turn crorepatis</a>, with 70 of them aged under 30 years. In startup parlance, a unicorn is a private company valued at or more than $1 billion and a decacorn is one worth more than $10 billion. "I feel like an Indian athlete who has won a gold medal at the Olympics. We are showing the world what a global product company from India can achieve,” he added, in an <a href="https://www.moneycontrol.com/news/business/freshworks-ipo-creates-more-than-500-crorepatis-in-india-with-70-of-them-aged-below-30-7496681.html">interaction </a>with Moneycontrol. <div type="image" title="Girish 1" msid="86453791" hostid="261" caption="&amp;lt;p&amp;gt;Girish Mathrubootham with his family during the Freshworks IPO&amp;lt;/p&amp;gt;"></div> Shares of Freshworks were up by over 33%, trading near $48 with a market capitalisation of nearly $13.4 billion. <cmsannotation type="cmsannotation" annotationid="‘I’m starting this company so everybody can buy a BMW’" comment="subhead" text="‘I’m starting this company so everybody can buy a BMW’">‘I’m starting this company so everybody can buy a BMW’</cmsannotation> Mathrubootham is the son of a retired bank officer. He founded Freshworks in 2010 along with Shan Krishnasamy. “I’m not starting a company for me to buy a BMW, I’m starting this so that everybody (employees) can do that,” he told his wife at the time of starting the company, as he reveals in a <a href="https://www.youtube.com/watch?v=3J7zcp0-rOA">freewheeling chat</a> with Indian cricketer Ravichandran Ashwin. <cmsannotation type="cmsannotation" annotationid="The birth of Freshworks – customer complaints on social media!" comment="subhead" text="The birth of Freshworks – customer complaints on social media!">The birth of Freshworks – customer complaints on social media!</cmsannotation> The idea to start Freshworks was simple, says Mathrubootham. In the past, before the explosion of social media, customers used to simply call the customer care centre to raise an issue or inquire about something. However, the arrival of social media has changed all that, with customers raising issues and posting queries on Twitter and Facebook – this is something that most of us have done at some point. This requires companies to address customer complaints across different channels, and so, having their information like account details, plans/services subscribed to, or payment information, in a quickly accessible manner becomes important. This is where the idea for Freshdesk, the company’s flagship product, was born. Then known as Freshdesk, the company rebranded itself as Freshworks in 2017. It now has tools for sales, marketing, information technology (IT) service management and human resources (HR). It claims to have over 52,000 customers and counts Tiger Global, Sequoia Capital and Accel amongst its investors. That is an amazing feat for someone born in the temple town of Tiruchirappalli in Tamil Nadu, going on to launch a billion-dollar IPO in the US. <cmsannotation type="cmsannotation" annotationid="Looking beyond business and addressing the sporting needs of youngsters" comment="subhead" text="Looking beyond business and addressing the sporting needs of youngsters">Looking beyond business and addressing the sporting needs of youngsters</cmsannotation> India is a country of over 1.4 billion people and this leads to a scarcity of many things – including good schools and colleges, and subsequently, jobs. This forces parents to force their kids to study well and land a good job. In the process, the other aspects of a child’s development get ignored. <div type="image" title="FC Madras edited" msid="86454099" hostid="261" caption="&amp;lt;p&amp;gt;FC Madras, Freshworks&amp;#39; own football team and academy&amp;lt;/p&amp;gt;"></div> In Mathrubootham’s case, he tried to address the sporting needs of youngsters by organising events like the Trichy Premier League, a minor cricket league played with tennis balls. “We’ve been an opportunity-scarce country for a long time, but not anymore. So, with that mindset, we made education an enemy of sport,” he said, explaining that we appreciate students who get 100 in math, but not if they are good at football or cricket. “A champion should be celebrated, be it a scientist or a sportsman,” he added. To that end, Mathrubootham’s Freshworks has also started FC Madras with an intention to promote grassroots football in the country. FC Madras has a residential academy and offers free scholarships to talented young players. “The whole idea is to create respect for sports people and celebrate our champions, these children who pursue the sport should be able to succeed as well-rounded human beings even if they don’t become champion footballers,” he said in an interview with <a href="https://yourstory.com/weekender/freshworks-girish-mathrubootham-kicks-off-football-fever-in-chennai-as-fc-madras-comes-alive/amp">YourStory</a>. SEE ALSO: <a href="https://www.businessinsider.in/thelife/personalities/freshworks-ceo-girish-mathrubootham-shares-someone-said-i-will-be-nothing-but-a-rickshaw-puller/articleshow/86507840.cms" data-type="tilCustomLink">WATCH: "Someone said I am good enough to be a rickshaw puller," shares Freshworks CEO Girish Mathrubootham in a candid chat</a> <a href="https://www.businessinsider.in/videos/a-candid-conversation-with-freshworks-founder-and-ceo-girish-mathubootham/videoshow/86606660.cms" data-type="tilCustomLink">A candid conversation with Freshworks founder and CEO, Girish Mathubootham</a> <a href="https://www.businessinsider.in/stock-market/news/airtel-rights-issue-details-record-date-issue-price-and-more/articleshow/86446419.cms">Airtel rights issue worth ₹21,000 crore opens next month – record date, price, ratio and everything else you need to know</a>

Girish Mathrubootham, the son of a retired bank officer who built a $13 billion company in just 10 years

<ul><li>Led by Reliance Jio with its slew of investments from top global players, India’s investment sector has been heating up. </li><li>Edutech remained a hot sector as companies like Byju’s, Unacademy, Toppr continued to see a hike in the number of users on their platform.</li><li>In June, Byju’s turned into a decacorn (startup with over $10 billion valuation) to become India’s second highest valued startup at $10.5 billion.</li></ul>India’s <keyword id="6362513" type="UNKNOWN" weightage="20" keywordseo="startups">startups</keyword> are beginning to find their way out of the coronavirus lockdown – with some pivoting to find new businesses while others finding new footing in their own sector. But even then led by Reliance Jio with its slew of investments from top global players saw India’s investment sector has been heating up. Here are the top startup fundraisings in June according to data intelligence firm Tracxn. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;background-color:#293348;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Company Name </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;background-color:#293348;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Total Funding Received in June 2020 ($M) </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">BYJU'S </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Undisclosed </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Aye Finance </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">27.82 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Awfis </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Undisclosed </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Design Cafe </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">33.31 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">DocsApp </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">20.00 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Servify </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">11.39 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Slice </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">6.09 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">91springboard </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">5.94 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IVF Access </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">5.00 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">OZiva </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">5.00 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Jai Kisan </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3.96 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Yulu </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3.94 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">MedikaBazaar </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3.36 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">GoMechanic </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Undisclosed </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Aviom </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3.70 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">YoloBus </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3.30 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Wooden Street </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3.00 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Invixium </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3.00 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">FabAlley </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2.72 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">InstaSolv </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2.00 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Toppr </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1.99 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Pocket52 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1.75 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Bombay Play </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1.50 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">QuaQua </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1.00 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Lattu Kids </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Undisclosed </td></tr></tbody></table> Edutech remained a hot sector as companies like Byju’s, Unacademy, Toppr continued to see a hike in the number of users on their platform. Byju’s turned into a decacorn (startup with over $10 billion valuation) to become India’s second highest valued startup at $10.5 billion. Byju’s raised an undisclosed amount of funding from BOND – the global technology investment firm. This is BOND’s first investment in India. Globally, BOND has invested in companies like Facebook, AirBnB, DoorDash, Slack, Uber, Pinterest and many more. In March and April, BYJU’s added 13.5 million consumers. It was the first to announce that its content would be available for free for all as schools and colleges were shut. Even in a challenging environment, edtech is expected to remain a very hot sector of VC investment, said a KPMG report. Another sector that saw investments coming in is the fintech segment. <keyword id="2181438" type="PERSON" weightage="20" keywordseo="Aye-Finance">Aye Finance</keyword>, the lending startup for micro, small and medium enterprises, raised ₹210 crore from CapitalG – Alphabet’s growth fund. “Difficult times are a true test of a good lender and we have already started showing significant improvements in the customer repayments in the past months. Our loans are underwritten with cluster insights and this continues to assure good repayment behavior in our portfolio,” said Sanjay Sharma, Managing Director, Aye Finance about the funding. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/top-chinese-camscanner-app-alternatives-adobe-scan-microsoft-office-lens-google-drive-and-more/articleshow/76721925.cms">Top CamScanner alternatives for Android to help you scan documents on the go</a> <a href="https://www.businessinsider.in/india/news/interglobe-aviation-indigo-send-employees-on-additional-leave-without-pay-days/articleshow/76711274.cms">IndiGo's cost cutting continues, employees to go on additional leave without pay days</a>

Here are the top startups that raised funding in June

<ul><li>Gojek <keyword id="3822166" type="PERSON" weightage="20" keywordseo="nadiem-makarim">Nadiem Makarim</keyword> is taking up a position in the Indonesian government. </li><li>His post in the cabinet is not known yet. </li><li>Gojek recently became <keyword id="8692" type="COUNTRY" weightage="20" keywordseo="Indonesia">Indonesia</keyword>’s first decacorn (a startup with over $10 billion valuation).</li></ul>The founder of Gojek, Nadiem Makarim has left his startup to take up a cabinet position in the Indonesian government. Gojek is a ride-hailing and payments platform, which started in 2015 as a motorbike taxi platform. It also recently announced its video streaming service. Started in Indonesia, the startup is also present in India, Thailand, Vietnam and others. It claims to have over 2 million drivers in India. Makarim is the founder of the <a href="https://www.techinasia.com/gojek-decacorn">decacorn</a> (a startup with over $10 billion valuation), which is also Indonesia’s first startup to achieve the status. Makarim himself is one of the country’s richest entrepreneurs. “Nadiem was summoned to the Palace by the President today to accept an appointment as a member of the new cabinet. We are very proud that our founder will play such a significant role in moving Indonesia onto the global stage,” <a href="https://www.cnbc.com/2019/10/21/gojek-ceo-makarim-says-will-join-indonesian-prime-ministers-cabinet.html">CNBC</a> quoted a Gojek spokesperson. His post in the cabinet is not known yet.

Gojek CEO Nadiem Makarim leaves his startup to join Indonesian cabinet

<ul><li><keyword id="6947922" type="UNKNOWN" weightage="20" keywordseo="chiratae">Chiratae</keyword> plans to invest in 50 startups with this fund over the next couple of years.</li><li>It will look to make bets in 20 startups annually, working across seed stage to late stage.</li><li>Chiratae is also an investor in PolicyBazaar, which has recently filed preliminary papers to go public.</li><li>Its portfolio includes 100 companies such as Lenskart, Firstcry and Cure.fit.</li></ul>Investment firm <keyword id="6891457" type="UNKNOWN" weightage="20" keywordseo="chiratae-ventures">Chiratae Ventures</keyword> has announced the final close of its fourth fund at $337 million on Friday, August 6. The Mumbai-based venture capital (VC) firm will use this capital to invest in about 50 companies over the next couple of years. It plans to close about 15-20 deals on an annual basis, Chiratae Ventures’s executive director and partner Karthik Prabhakar told Business Insider. These investments would range from early-stage to later stage rounds. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stage </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Average Investment Size </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Seed </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1-$1.5 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Series A </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Up to $5 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Series B </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Up to $7 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Later Stages/Larger Cheques </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Up to $40 million </td></tr></tbody><tbody></tbody><tbody></tbody></table> Though the closure of Chiratae’s Fund IV was delayed by over 10 months due to COVID-19, it was oversubscribed by 25%. The fund is backed by marquee investors such as World Bank’s investment arm International Finance Corporation (IFC), Infosys’ Kris Gopalakrishnan, Asian Paints FO, Unilever, ITC, Premji Invest, Nippon, and others. Chiratae Ventures (formerly known as IDG Ventures India) was founded by <keyword id="145348" type="PERSON" weightage="20" keywordseo="Sudhir-Sethi">Sudhir Sethi</keyword> and <keyword id="3092057" type="PERSON" weightage="20" keywordseo="TC-Meenakshisundaram">TC Meenakshisundaram</keyword> in 2006. The investment firm — which has $950 million as assets under management (AUM) — has invested in more than 100 companies in India. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Investments </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">100 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Exits </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">38 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Key Investments </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Agrostar, Bizongo, Bounce, Cropin, Emotix, GoMechanic, HealthifyMe, PlayShifu, Pyxis, and Vayana </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Key Exits </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CloudCherry, Flipkart, Manthan, Myntra, Newgen, PlaySimple, and Xpressbees </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Unicorns* </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Firstcry, Lenskart, PolicyBazaar </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Soonicorns** </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Curefit, Uniphore </td></tr></tbody><tbody></tbody><tbody></tbody></table>*Unicorns are companies valued at or above $1 billion. **Soonicorns are companies are going become unicorn soon Its portfolio companies include Yatra and Newgen, which went public in 2016 and 2018 respectively. The company currently has three initial public offering (IPO)-bound companies in its portfolio. This includes online insurance aggregator PolicyBazaar, which recently filed its <a href="https://www.businessinsider.in/business/news/policybazaar-ipo-all-you-need-to-know-the-details-of-sixth-largest-fintech-startup/articleshow/84967042.cms">preliminary papers </a>with market regulator Securities and Exchange Board of India (SEBI) to go public. Although the investment firm claims to have two more publicly-listed companies in making over the next three years, it has refused to share any more details about them. Chiratae has big plans with startups going public The Indian startup ecosystem was busy churning out unicorns in the summer of 2021, but the monsoons are all about IPOs. Over the last months, several <a href="https://www.businessinsider.in/business/startups/news/these-are-some-of-the-highest-paid-founders-of-indian-startups-tapping-capital-markets-this-year/slidelist/85005261.cms">companies</a> like Nykaa, Mobikwik, Paytm, Fino Payments Bank, and CarTrade have filed their papers for IPO. Meanwhile, Zomato and EasyMyTrip have already listed publicly. The way things are going, Chiratae expects to have more IPO-bound or listed companies in its portfolio. The investment firm has not pitched to sell any of its shareholdings in PolicyBazaar, the fintech startups’s <a href="https://www.businessinsider.in/business/news/policybazaar-ipo-all-you-need-to-know-the-details-of-sixth-largest-fintech-startup/articleshow/84967042.cms">draft red herring prospectus (DRHP)</a> has revealed. Talking to Business Insider, Chiratae Ventures’ founder and chairperson Sudhir Sethi said, “We've exited 35 or 38 companies. Some have died, so the active portfolio is around 60. We invest in 15 every year. Will there be some who will become unicorns? Will there be some who won't last out longer? The answers are very big yes. The three numbers going to ten, don’t be surprised because scaling is happening.” Meanwhile, Meenakshisundaram added that IPOs are going to be a big trend as companies in the last decade have grown to scale. There have been a lot of exits — both in secondary market or in IPO — which has given the investors the confidence to come into this asset class, he added. Meanwhile, Sethi added that decade old companies are going public now and the cycle will continue forward. “I think the world of unicorns is a given, right? It's the world of decacorns, which is now being thought of,” he added. “Compared to yesterday, today, obviously, is a lot more exciting, and the best time to be an entrepreneur and a VC,” Prabhakar added. SEE ALSO <a href="https://www.businessinsider.in/tech/news/google-is-now-using-chrome-as-another-security-layer-for-account-sign-ins/articleshow/84975356.cms" style="">Google is now using Chrome as an added security layer for account sign-ins</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-allotment-status-of-glenmark-life-sciences-ipo/articleshow/84978486.cms">Glenmark Life Sciences IPO: How to check allotment status, listing date and more</a>

PolicyBazaar investor Chiratae closes another fund at $337 million, with three portfolio startups ready to go public

<keyword id="9880357" type="UNKNOWN" weightage="20" keywordseo="Railofy">Railofy</keyword>, a Mumbai-based start-up, has launched India's first 'Waitlist and RAC Protection' service, aimed towards tackling the problems faced by the passengers travelling by trains after being put on the waiting list. Trains remains the most preferred option for the majority of passengers mainly since tickets are less expensive compared to flights. Unfortunately, on some occasions, passengers need to cancel their journey if their names do not appear in the journey chart, even after being put on the waiting list. However, by using the Railofy app, or by visiting its website, a passenger can enter the PNR number of their ticket. The traveller also needs to pay a fee, which is determined according to each trip. After this, Railofay keeps tracking the passenger's waiting list tickets. If the passenger's ticket is not confirmed until the last minute, the app provides a flight ticket to the passenger, at the same price as that of the train's. Deepika Agarwal, a passenger, told IANS: "We had to travel from Mumbai to Delhi, and the tickets for six passengers were on the waiting list. After our tickets were not confirmed even at the last minute, we completed our journey through this app. "The price of Tatkal ticket was Rs 4,000 and a flight ticket was around Rs 5,000. We took the waitlist protection from Railofy. We got a flight ticket for just 2,000 rupees after the chart was made." "About 30 crore passengers in India face the problem of being put on the waiting list. We want the travellers to have no hassles during the journey. We started the app in January 2020 and in the first few months, only about 100 passengers availed our services and completed their journey," Rohan, a founding member of Railofy, told IANS. "Railofay service is currently available for all trains and across all its classes. The migrant labourers also took advantage of our facility amid the corona pandemic. Those who are returning to work again are also completing their journey through us," he said. Rohan said Railofy also helps those passengers whose towns or villages are away from the airport. He said though Railofy is making the long-distance journey easier, it has also started providing bus facilities for shorter routes so that passengers have the least trouble. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/byjus-onboards-new-investors-edtech-decacorns-paid-subscriber-base-jumps-by-a-million-in-a-month/articleshow/78267761.cms" data-type="tilCustomLink">BYJU’S onboards new investors – edtech decacorn’s paid subscriber base jumps by a million in a month</a> <a href="https://www.businessinsider.in/business/corporates/news/hindustan-unilever-chairman-is-urging-the-government-to-spend-more-to-boost-consumption/articleshow/78267444.cms" data-type="tilCustomLink">Data shows why HUL Chairman is urging the government to spend more to boost consumption</a>

Your unconfirmed train ticket may now get you a plane ride

<ul><li>In an exclusive interview with Business Insider, <keyword id="5563078" type="UNKNOWN" weightage="20" keywordseo="Divya-Gokulnath">Divya Gokulnath</keyword>, co-founder and director at BYJU’s shares how the startup has seen the busiest three months thanks to lockdown. </li><li>In March and April, BYJU’s added 13.5 million consumers, taking the total to 50 million. </li><li>Even before that, revenue has doubled to ₹2800 crore and the startup plans to go international soon.</li><li>Get the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider</a>. </li></ul>The <keyword id="23248" type="PERSON" weightage="20" keywordseo="Online-learning">online learning</keyword> platform, BYJU’s has had its busiest three months. In March and April, BYJU’s added 13.5 million consumers. It was the first to announce that its content would now be available for free for all soon after the lockdown, and that got the $8-billion ed-tech giant, which was already profitable, a new wave of users, many of whom, the company hopes, will pay for the services in the future. The reason why Byju’s could afford free content for over 50 million subscribers is because the company had already doubled its revenue to ₹2,800 crore ($370 million) in the year ending March 2020, revealed co-founder Divya Gokulnath. “We have met our revenue target of ₹2800 crore. This has happened even when our consumer (students) and purchaser (parents) are different,” she said in an exclusive interview with Business Insider. The startup now has 50 million users on its platform, even though paid user count is 3.5 million. But a metric that made all the difference was the engagement rate. Students who used to spend 70 minutes on the app per session and come back twice-thrice a week, now spend 100 minutes per day. “85% of our students renew the courses year after year. That is happening because parents see effectiveness,” she said. Byju and Divya, teachers first The founders, Divya and her husband Byju, were preparing as early as February while the country went into lockdown only on March 25. “Both of us are still teachers first. We are very paranoid about the quality of classes, so the top management at Byju’s are actually all teachers who are taking classes on the app,” said Divya. Byju, who is quarantined in the US, stays up all night to take the classes. “He doesn’t sleep. He is available India, US and Singapore time,” she said with a laugh. In fact, according to Divya, the entire top management at Byju’s are all teachers taking classes on the app. Busiest three months So, in the times of the pandemic, BYJU’s rolled out three new features – it started live classes, introduced new subjects like social studies (history, civics and geography) and also rolled out the app in multiple languages. And this meant, teams worked overtime and put in double the effort to roll out new features within days. “Nobody predicted how things would be. We have opened up a lot of business avenues which we forecasted, it’s just that it’s happening earlier than what we thought. Right now, we are taking one day at a time. We have weekly goals and we break them down into daily goals,” she shared. What’s the new normal? At the helm of India’s biggest online learning app, Divya believes that the new normal will not be 100% online. She instead believes that the new normal will include the best of online learning into a school curriculum. She said that BYJU’s is at that sweet spot, where once a child comes back from school the learning on the app is all they would need. “School is critical for the wholesome development of the child. Every crisis presents an opportunity and this is that inflection point for <keyword id="6355445" type="UNKNOWN" weightage="20" keywordseo="education">education</keyword>, where we expect the rise of a blended model of education,” she said. But here’s what online learning has cracked – there are no more backbenchers. “Lockdown has enabled the power of online learning be it students, teachers or parents all are adapting to online learning. Every student now has a front row seat in the class, the concept of backbenchers is gone. And this is an opportunity for students to take up self learning,” she said. A decacorn in the making and new plans According to reports, BYJU’s is now raising funds with a $10 billion valuation set to be India’s third startup to be a decacorn, after Paytm and OYO. While Divya doesn’t comment on the funding plans, she confirms that BYJU’s plans to go international are still very much on the works. “We are planning to go international in the next few months but we are also going deeper in India. 65% of our students are outside the top 10 cities, that showed us it is an aspirational product for students who don’t have access to good education,” she said. See Also: <a href="https://www.businessinsider.in/business/startups/news/ola-electric-acquires-amsterdam-based-ev-startup-etergo-will-now-manufacture-electric-scooters-in-india/articleshow/76026216.cms">Ola Electric acquires Amsterdam-based EV startup Etergo – will now manufacture electric scooters in India</a> <a href="https://www.businessinsider.in/business/news/oyo-mahindra-holidays-emirates-and-boeing-agree-people-wont-fly-for-a-while/articleshow/75731204.cms">OYO and Mahindra Holidays’ new strategy is based on the premise that airlines are doomed for a while⁠— both Emirates and Boeing agree</a>

EXCLUSIVE: BYJU’s co-founder reveals that revenue has doubled to ₹2800 crore in a year⁠ — and that is just the start of a glorious run

<ul><li><keyword id="2167965" type="General" weightage="20" keywordseo="girish-mathrubootham" source="Orion">Girish Mathrubootham</keyword> is the co-founder and CEO of <keyword id="4621694" type="General" weightage="20" keywordseo="freshworks" source="Orion">Freshworks</keyword>, which is worth nearly $13 billion.</li><li>“The point is you don't have to fight at that point of time, you don't have to react or respond, but to use it to fire to do something creative,” he says. </li><li>The 46-year old Mathrubootham shared stories from his life’s journey, from his parents’ divorce to scornful relatives, and how he dealt with the down moments in his life, in an interview with Business Insider.</li></ul>“I have had relatives who have told me that I am only good enough to be a rickshaw puller,” says Girish Mathrubootham, the man who went on to build Freshworks, one of the biggest software-as-a-service (SaaS) companies in India. With a valuation of $13 billion, Freshworks has become the first decacorn (a startup valued at over $10 billion) in this space and the first Indian SaaS company to<a href="https://www.businessinsider.in/tech/enterprise/news/freshworks-ipo-the-success-story-of-indias-first-saas-company-to-be-listed-in-us-stock-exchange/articleshow/86453444.cms"> list on Nasdaq</a>. In a candid conversation with Business Insider, the co-founder and chief executive officer (CEO) opened up about his early life and the challenges he overcame. The 46-year old Mathrubootham remembered the scornful remarks from 1992, when he couldn't score high enough in his class 12 and entrance exams for engineering ⁠— not from his parents but his relatives ⁠— while speaking about how he dealt with the down moments in his life. “The point is you don't have to fight (the naysayers) at that point of time, you don't have to react or respond, but to use it to fire to do something creative,” Mathrubootham says. <div type="Video" msid="86606660" hostid="261" title="A candid conversation with Freshworks founder and CEO, Girish Mathubootham" dataSource="BUSINESSINSIDER" thumbUrl="https://denmark.timesinternet.in/cmslite/api/app/images.jpg?msid=86606660"></div> “The other thing to do is truly follow your heart, you will be happy,” he adds, while citing multiple examples from the Indian film industry including Rajkumar Hirani’s blockbuster 3 idiots. “Madhavan [R Madhavan, who plays Farhan in 3 Idiots] says, ‘It’s okay I will not have enough money but so what, I will be happy as a wildlife photographer’,” Mathrubootham recites the dialogue. <div type="javascript" title="Custom" contenttype="Video"><cdata><![CDATA[ ]]></cdata></div> ‘Success is not always about money’ He had moved back to India from the US after the dotcom bubble had burst at the turn of the millennium. From earning $85,000 a year in 2001, he was back in India at a job that only paid him ₹40,000 a month in 2005-06. His father, <a href="https://www.businessinsider.in/thelife/news/meet-girish-mathrubootham-founder-and-ceo-of-freshworks/articleshow/86453777.cms#:~:text=Girish%20Mathrubootham%20is%20the%20star,so%20that%20his%20employees%20could.">a retired bank officer today</a>, was concerned because in his eyes all of Girish’s friends were successful with well paying jobs and had bought their own house. Girish, on the other hand, only had the in-hand salary and a two-bedroom apartment on a loan. “People’s definition of success is different. I was looking at being happy. So I was going after what made me happy, not chasing money. I was enjoying my career, building products and having fun, my friends knew that but I think that was okay,” he adds. ‘Differentiating the well wishers and well informed’ Mathrubootham doesn’t take advice from everyone. “If you are Sachin Tendulkar, who do you take advice from — Gary Kirsten or the other man who is there in every Tendulkar match with the Indian flag painted on his body,” he says. He was referring to <a href="https://en.wikipedia.org/wiki/Sudhir_Kumar_Chaudhary">Sudhir Gautam</a>, a die-hard fan of Tendulkar and one who would famously be seen in every match that Team India played at home. “The said man (Sudhir Gautam) is a well wisher but Kirsten has more knowledge about this field,” Mathrubootham adds. <div type="image" title="Someone said I am good enough to be a rickshaw puller,&amp;quot; shares Freshworks CEO Girish Mathrubootham in a candid chat" msid="86508163" hostid="261" caption="&amp;lt;p&amp;gt;Sudhir Gautam&amp;lt;/p&amp;gt;"></div> “I don’t give the key to my happiness to anyone and recommend my wife to do the same,” Mathrubootham says. An early jolt that made him independent Mathrubootham was young when his parents got divorced. "I would just say that experience also made me who I am and so in a very simple sense that I had to kind of fend for myself, take my own decisions and be accountable for those decisions," he says, adding he doesn’t like taking decisions on other peoples’ part including that of his own children. If you take all the decisions for your children until they’re 25, how do you expect them to go out into the world, he adds. “Decision making also needs experience,” he believes. SEE ALSO <a href="https://www.businessinsider.in/thelife/news/meet-girish-mathrubootham-founder-and-ceo-of-freshworks/articleshow/86453777.cms">Girish Mathrubootham, the son of a retired bank officer who built a $13 billion company in just 10 years </a> <a href="https://www.businessinsider.in/stock-market/news/freshworks-ipo-lists-on-us-exchange-gives-tribute-to-rajinikanth-during-the-listing-ceremony/articleshow/86452943.cms">Landmark moment for this Rajinikanth fan’s SaaS startup on listing at US exchange </a> <a href="https://www.businessinsider.in/business/startups/news/we-asked-three-spacetech-entrepreneurs-what-it-takes-to-enter-the-field-and-they-listed-out-the-opportunities/articleshow/86484417.cms">We asked three spacetech entrepreneurs what it takes to enter the field and they listed out the opportunities</a>

WATCH: "Someone said I am good enough to be a rickshaw puller," shares Freshworks CEO Girish Mathrubootham in a candid chat

<ul><li><keyword id="6362513" type="UNKNOWN" weightage="20" keywordseo="startups">Startups</keyword> that continue to find opportunities during the pandemic are seeing increased interest from investors, even if it comes at a lower valuation. </li><li><keyword id="6325416" type="UNKNOWN" weightage="20" keywordseo="Microsoft-for-Startups">Microsoft for Startups</keyword>’ Country Head <keyword id="607310" type="PERSON" weightage="20" keywordseo="Lathika-Pai">Lathika Pai</keyword> says startups pitching to investors right now should have the ability to forecast the next three years. </li><li>Pai said that the investment depends on what the entrepreneur is forecasting he/she will achieve.</li></ul>When the coronavirus pandemic began in February, investors turned cautious and held on to their purse strings to watch how the pandemic unfolds. According to Tracxn's India-Tech Semi-Annual Fact Sheet, the Indian startup ecosystem has seen the worst first half (H1) funding in three years. In the first six months of 2020, startup funding has fallen by 29% – from $5.9 billion in 2019 to $4.2 billion this year. However, there have been major exceptions. We have seen the biggest of investors pouring money into Reliance Jio, edtech heating up with Byju’s turning into a decacorn and Unacademy at the door of the unicorn club, and several other startups continuing to raise investor money. Startups that continue to find opportunities during the pandemic are seeing increased interest from investors, even if it comes at a lower valuation. Microsoft for Startups’ Country Head Lathika Pai, who is also the co-chair of the India Internet Day event organised by TiE Delhi NCR, agrees that while startups might have got a better valuation six months ago; the quality of money is also greater now, as the likes of Google, Facebook and of course, Microsoft set their eyes on the burgeoning Indian startup ecosystem. <div type="twitter" handle="BiIndia" handlename="Business Insider India🇮🇳" image="http://pbs.twimg.com/profile_images/1232926719016718336/sfffJHNV_normal.jpg" favoritecount="4" retweetcount="1" status="#IndiaInternetWeek | @msft4startups' @lathika_pai in conversation with @BiIndia's @iyer_sriram ahead of… https://t.co/zQHVILFZ1G" createdat="1596533635000" id="1290581724833828866"></div> The key to success for entrepreneurs now But here’s what Pai believes should be an essential element and part of the pitch deck of entrepreneurs now – the ability to forecast the next three years. She said that nobody yet understands exactly the ripple effect that COVID will have or will be able to predict the next 12-24 months. “You shouldn’t go worrying about everything because it all may just be smoke and mirrors. In my discussions with VCs I know that investors are asking startups the question – do you absolutely need the money right now,” she said during a live chat with Business Insider. Pai added that the cheque depends on what you are forecasting that you will achieve. “If you aren’t able to answer these questions, come back later for the investment – when you have the better ability to forecast the next three years,” she said. For startups to predict the next three years, they need more information of what is going to happen. “You don’t want to create a spreadsheet with numbers without quite understanding the impact that COVID has had,” said Pai. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/oyo-valuation-drops-to-8-billion-but-its-the-smallest-drop-compared-to-other-major-hotel-chains/articleshow/77345031.cms">OYO valuation drops to $8 billion ⁠— but it's the smallest drop compared to other major hotel chains</a> <a href="https://www.businessinsider.in/business/startups/news/zerodha-valued-itself-at-1-billion-hurun-unicorn-startups-list-bumps-it-up-to-3-billion-but-founder-says-valuation-doesnt-matter/articleshow/77347721.cms">Zerodha valued itself at $1 billion, Hurun unicorn startups list bumps it up to $3 billion but founder says valuation doesn't matter</a>

Microsoft for Startups’ Lathika Pai says entrepreneurs pitching for investments need to have this one question answered in their pitch decks

<ul><li>The Hurun Global Unicorn Report 2020 values the hospitality unicorn at $8 billion as opposed to the last known market valuation of $10 billion. </li><li><keyword id="2808667" type="PERSON" weightage="20" keywordseo="OYO">OYO</keyword>’s valuation had soared to $10 billion in November 2019, when founder and CEO <keyword id="1670338" type="PERSON" weightage="20" keywordseo="Ritesh-Agarwal">Ritesh Agarwal</keyword> pumped in $2 billion into the company. </li><li>With the drop in valuation, OYO will be the third most-valued Indian startup, after Paytm ($16 billion) and BYJU’s ($10.5 billion after its latest fundraise). </li></ul>OYO’s valuation has dropped to $8 billion, according to the latest report by Hurun. The Hurun Global Unicorn Report 2020 values the hospitality unicorn at $8 billion as opposed to the last known market valuation of $10 billion. However, other major hotel chains like Indian Hotels Co, Lemon Tree and Chalet Hotels to name a few have sharper fall in net worth compared to OYO, which even after this drop is the third biggest startup in India after Paytm ($16 billion) and Byju’s ($10.5 billion after its latest fundraise). OYO’s drop in valuation is a fair estimate when compared to the market beating its publicly listed competitors have seen. OYO has not yet responded to the query sent by Business Insider. The article will be updated with the response from OYO. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company</td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Valuation/Market Cap</td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fall</td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">OYO </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$8 billion (Hurun Valuation) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">20% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">AirBnb </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$18 billion (Valuation as of April) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">50% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Indian Hotels Co </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹9187 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">46% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Lemon Tree </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1845.93 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">64% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">EIH </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,800 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">53.5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Chalet Hotels </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2626.36 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">63.3% </td></tr></tbody></table> According to Hurun, the fall in valuation has been marked in line with the AirBnB valuation markdown to factor the <keyword id="8929907" type="UNKNOWN" weightage="20" keywordseo="Covid19-impact">Covid19 impact</keyword> on the <keyword id="1887596" type="PERSON" weightage="20" keywordseo="hospitality-business">hospitality business</keyword>. “We took into account the post COVID scenario and we have adjusted the valuation of some of the businesses. Hospitality, it’s a no brainer, is one of the highly impacted sectors. AirBnB has downgraded its valuation and we have taken a conservative in-line approach of reducing the valuation in terms of the nearest comparable data,” said Hurun Report India MD and Chief Researcher Anas Rahman Junaid. OYO’s valuation had soared to $10 billion in November 2019, when founder and CEO Ritesh Agarwal pumped in $2 billion into the company. With that move, Agarwal had nearly doubled the valuation of OYO. However, the hospitality unicorn has been severely impacted due to the Covid19 pandemic. In a video message to its employees in April, founder Ritesh Agarwal said that he cannot imagine any other industry being worse impacted than travel, tourism and hospitality due to coronavirus. Earlier, Agarwal had estimated a 15-20% drop in revenues and occupancy over Covid-19. Later Agarwal had said that its revenues for March dropped by over 50%-60% globally. While the market has gradually reopened and hotels have opened doors, it’s still going to take time before normalcy sets in as India continues to report high numbers of coronavirus cases. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/oyo-ritesh-agarwal-joins-the-long-list-of-founders-who-have-turned-investors/articleshow/77253540.cms">OYO’s Ritesh Agarwal joins the long list of founders who have turned investors</a> <a href="https://www.businessinsider.in/business/startups/news/byjus-is-now-a-decacorn-with-the-latest-investment-from-mary-meekers-bond/articleshow/76639112.cms">Byju’s is now a decacorn with the latest investment from Mary Meeker’s BOND</a>

OYO valuation drops to $8 billion ⁠— but it's the smallest drop compared to other major hotel chains

New Delhi, Mar 2 () The Indian venture capital industry invested record USD 10 billion in 2019, driven by increased deal volume and larger average deal sizes, according to a report. The amount was 55 per cent higher than the money invested by the industry in 2018, the report by Bain &amp; Company's India Venture Capital Report 2020 said. At the current exchange rate, USD 10 billion translates to over Rs 72,000 crore. The report, in partnership with Indian Private Equity &amp; Venture Capital Association (IVCA), said there has been 30 per cent increase in deal volume and 20 per cent rise in average deal size in 2019 over the previous year. "Despite substantial capital deployment, dry powder availability for VC investing in India was at an all-time high of USD 7 billion at the end of 2019, indicating likely continued investment activity in 2020," it added. The term 'dry powder' refers to cash reserves kept on hand by a company, venture capital firm or individual to cover future obligations. The VC exit momentum in 2019 was in line with 2018, with secondary sales leading the mode of exits in India with an average exit value of around USD 39 million. "Despite the global economic climate, India's startup and VC ecosystems continue to thrive as investors take a long- term view based on the country's growth potential. We go into 2020 with record-high levels of dry powder, counter-balanced with caution and an underlying optimism in the long-term potential for the ecosystem," Arpan Sheth, Partner at Bain &amp; Company, said. About 80 per cent of the VC investments in 2019 was concentrated in four sectors -- consumer tech, software/ SaaS, fintech and B2B commerce and tech. Consumer tech continued to be the largest sector, accounting for approximately 35 per cent of the total investments with several scale deals exceeding USD 150 million, the report said. Within consumer tech, verticalised e-commerce companies continued to be the largest sub-segment. In addition, there were increased investments in healthtech, foodtech and edtech as well. "The Indian VC industry had a landmark year in 2019. However, India-focused VC investments raised less funds this year, the fundraising outlook for 2020 remains positive among both LPs and GPs (Limited Partners and General Partners)," Sriwatsan Krishnan, Partner at Bain &amp; Company and co-author of the report, said. Following the brief moderation between 2015 and 2017, the VC industry in India has been in a renewed growth phase and that is expected to continue, Krishnan added. The Indian startup ecosystem, one of the top five globally, continued to remain robust and grow rapidly. Between 2012 and 2019, the number of startups in India increased 17 per cent each year, while funded startups increased faster at 19 per cent CAGR in the same period, the report said. Currently, of almost 80,000 startups in India, only about 8 per cent are funded, indicating room for investments, it added. The report said India-focused VC funds raised about USD 2.1 billion in 2019, slightly lower than that in 2018. The dip was the result of marquee funds that had already raised large sums and hence did not go to the market in 2019, it added. "There is a massive pipeline of soon to be unicorns; few of the Indian Unicorns will become decacorns by 2025. All this could not have happened without the support of the current government and the exits driven by first-generation entrepreneurs in the last couple of years," IVCA President Rajat Tandon said. SR SR ANUANU

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