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SaaS platform for online stores <keyword id="1249046" type="General" weightage="100" keywordseo="dukaan" source="Orion">Dukaan</keyword> has laid off nearly 30 per cent of its workforce, or around 60 employees - its second layoff in about six months. Inc42 reported that the latest layoffs impacted employees in the sales team and accounts. According to the report, the retail tech platform "shifted its focus to helping D2C brands scale up and this was the reason for the layoffs". In 2021, Dukaan raised $12.4 Mn in its pre-Series A round led by 640 <keyword id="16813517" type="General" weightage="50" keywordseo="oxford-ventures" source="Orion">Oxford Ventures</keyword>. It also raised $6 million in a seed round from <keyword id="366603" type="General" weightage="50" keywordseo="matrix-partners-india" source="Orion">Matrix Partners India</keyword> and Lightspeed India Partners. In the same year, Dukaan partnered with homegrown hyperlocal delivery platform Dunzo and e-commerce aggregation platform Shiprocket to integrate delivery into the platform for a seamless retail experience. Founded in 2020 by <keyword id="12033809" type="General" weightage="50" keywordseo="suumit-shah" source="Orion">Suumit Shah</keyword> and <keyword id="2201253" type="General" weightage="50" keywordseo="subhash-choudhary" source="Orion">Subhash Choudhary</keyword>, Dukaan is a comprehensive platform that provides end-to-end solutions ranging from inventory management, promotions, sales, payment and delivery for sellers across the country. In September last year, Dukaan partnered ShareChat and Moj to enable the merchants on its platform to collaborate with creators present on ShareChat and Moj to promote their products through video and live content. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/rare-vulture-species-sighted-at-dudhwa-national-park/articleshow/98691284.cms">Rare vulture species sighted at Dudhwa National Park</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/once-again-lemon-prices-soar-to-200-per-kilo/articleshow/98691510.cms">Once again, lemon prices soar to ₹200 per kilo</a>

Retail tech platform Dukaan lays off 30% of its workforce; second layoff in 6 months

<ul><li><keyword id="366603" type="COMPANY" weightage="20" keywordseo="Matrix-Partners-India">Matrix Partners India</keyword>, Ankur Capital, Better Capital and <keyword id="8830555" type="UNKNOWN" weightage="20" keywordseo="titan-capital">Titan Capital</keyword> also participated in the round.</li><li><keyword id="9611309" type="UNKNOWN" weightage="20" keywordseo="VeGrow">Vegrow</keyword> provides a technology platform to farmers, which can be used to get high quality farm inputs and best farming practices.</li><li>The <keyword id="3210932" type="PERSON" weightage="20" keywordseo="B2B-startup">B2B startup</keyword> is looking to expand to 100 cities, invest in technology and launch new products.</li></ul>Business-to-business (B2B) agritech startup for sourcing fruits and vegetables, Vegrow, has raised $13 million in a Series A round co-led by <keyword id="455799" type="COMPANY" weightage="20" keywordseo="Lightspeed-Venture-Partners">Lightspeed Venture Partners</keyword> and Elevation Capital. Existing investors Matrix Partners India, Ankur Capital, Better Capital and Titan Capital also participated in the round. The company had raised $2.5 million in a seed round in June 2020. Vegrow was founded in April 2020 by Indian Institute of Technology (IIT) alumni Praneeth Kumar, Shobhit Jain, Mrudhukar Batchu and Kiran <keyword id="50744" type="PERSON" weightage="20" keywordseo="Naik">Naik</keyword>, who have varying experience in the agri sector. Kumar and Jain started their career at fast moving consumer goods (FMCG) giant ITC’s agribusiness division, whereas Batchu and Naik were directly involved in farming. The company works with small-hold farmers on a profit sharing model and offers assistance across various stages of the farming cycle using technology. Vegrow provides a technology platform to farmers, which can be used to get high quality farm inputs and best farming practices. The platform also enables farmers to sell their harvest to the right buyers for the right price. The B2B startup claims to help farmers in getting higher returns, reducing supply-chain wastage and improving procurement for wholesalers. The company’s founders have emphasised that the new funding will help Vegrow to expand to 100 new cities, invest in technology and launch new products. The company claims to be one of the largest companies for pomegranates in the country in less than a year. Meanwhile, Lightspeed’s partner Vaibhav Agrawal said that companies building a tech-enabled marketplace between farmers and buyers could help eliminate inefficiencies and would have large market opportunities eventually. “Additionally, many marketplaces have scaled up on negative unit margins in this category, so we were really impressed by the growth and positive unit margin Vegrow has demonstrated using its technology-oriented approach to standardise quality, minimise inventory and retain farmers,” Agrawal added. Apart from Vegrow, other companies in India’s agritech space include Ninjakart, AgNext, Samunnati, Dehaat, Farmart, and WayCool. SEE ALSO <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" data-type="tilCustomLink">Swiggy gets a $1.25 billion cheque from Softbank for the same reason Zomato went for an IPO</a> <a href="https://www.businessinsider.in/business/startups/news/globalbees-has-raised-150-million-in-few-months-of-launch-to-acquire-more-businesses/articleshow/84552291.cms">GlobalBees, a Thrasio-style startup launched by FirstCry and Edelweiss execs, raises $150 million in few months of launch</a> <a href="https://www.businessinsider.in/tech/news/how-to-find-out-if-your-phone-is-infected-by-the-pegasus-spyware/articleshow/84578193.cms">This toolkit will tell you if your phone is infected by the Pegasus spyware</a>

Agritech startup Vegrow raises $13 million Lightspeed, Elevation

<ul><li>Its existing investors <keyword id="136057" type="COMPANY" weightage="20" keywordseo="Matrix-Partners">Matrix Partners</keyword> India and <keyword id="4675626" type="PERSON" weightage="20" keywordseo="Falcon-Edge-Capital">Falcon Edge Capital</keyword> also invested in this round of <keyword id="6357455" type="UNKNOWN" weightage="20" keywordseo="Funding">funding</keyword>.</li><li>Earlier this year, <keyword id="3259676" type="PERSON" weightage="20" keywordseo="OfBusiness">OfBusiness</keyword> had raised $110 million led by Falcon Edge Capital.</li><li>The B2B startup also gives credit of up to ₹2 crore to SMEs to fund their working capital needs.</li></ul>There seems to be no end to the <keyword id="152045" type="ORGANIZATION" weightage="20" keywordseo="Unicorn">unicorn</keyword> frenzy in India. OfBusiness -- a platform, which helps the country’s small and medium businesses (SMEs) in getting raw materials -- has raised $160 million in funding led by Japanese investor <keyword id="163404" type="COMPANY" weightage="20" keywordseo="Softbank">SoftBank</keyword>. As per the company’s press note, OfBusiness was valued at more than $1.5 billion. A unicorn, in startup lingo, is a private firm valued at or more than a billion dollars. Apart from helping SMEs to source raw materials, the business-to-business (B2B) startup also gives credit of up to ₹2 crore to these small and medium scale entrepreneurs. This is done through its non-banking financial company (NBFC) platform Oxyzo Financial Services. Other than SoftBank, its existing investors Matrix Partners India and Falcon Edge Capital also put in money in this round of funding, as per the press statement. Asish Mohapatra, chief executive and cofounder of the startup said OfBusiness will gain from SoftBank’s “muscle across capital and international markets.” In April this year, OfBusiness <a href="https://www.businessinsider.in/business/startups/news/sme-financing-platform-ofbusiness-raises-110-million-from-falcon-edge-capital-valuation-hits-800-million/articleshow/81962626.cms">had raised $110 million</a> led by Falcon Edge Capital. Sumer Juneja, a partner at Softbank Investment Advisors, said in the statement that they were impressed by OfBusiness’ “market leadership, growth and focus on profitability.” OfBusiness, which was founded in 2015, was also ranked 17 in Financial Times’ top 500 high growth companies in the Asia Pacific region in April last year. In an interview, in April 2021, with The Economic Times, Mohapatra had said that the company is preparing for an <a href="https://economictimes.indiatimes.com/tech/funding/ofbusiness-operator-ofb-tech-raises-110-mn-at-800-mn-valuation/articleshow/81960852.cms">initial public offering</a> (IPO) in the next two years. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/windlas-biotech-to-raise-395-402-crore-through-public-listing-price-band-fixed-at-448-460/articleshow/84854594.cms">Windlas Biotech to raise ₹395-402 crore through public listing, price band fixed at ₹448-460</a> <a href="https://www.businessinsider.in/tech/mobile/news/googles-sundar-pichai-has-teased-the-whitechapel-chipset/articleshow/84853916.cms">Google teases Whitechapel chipset that may power Google Pixel 6 devices</a>

OfBusiness, a platform that helps SMEs get raw materials, becomes the newest unicorn from India

<keyword id="6354576" type="UNKNOWN" weightage="20" keywordseo="facebook">Facebook</keyword> on Thursday said it has joined hands with early stage venture capital fund <keyword id="136057" type="COMPANY" weightage="20" keywordseo="Matrix-Partners">Matrix Partners</keyword> to scale <keyword id="390673" type="PERSON" weightage="20" keywordseo="small-businesses">small businesses</keyword> in India by providing them with timely digital skilling support. The move comes barely a week after the social networking giant announced a grant of $4.3 million (Rs 32 crore) for more than 3,000 small businesses in Delhi, Gurgaon, Mumbai, Hyderabad and Bengaluru impacted by Covid-19. The tie-up with Matrix Partners is a part of Facebook's VC Brand Incubator Programme that collaborates with venture capital funds to help early-stage small and medium businesses (SMBs) to maximise their digital potential. In light of the pandemic, Facebook has taken the programme online to ensure continued skilling and support for small businesses even in these times. "Facebook is committed to supporting the growth of small businesses in India, and this charter is stronger than ever as we work towards enabling their recovery from the pandemic," Archana Vohra, Director, Small and Medium Businesses at Facebook India, said in a statement. With the tie-up with Matrix Partners India, the program also completes one year during which it has collaborated with six VC Funds -- Sauce.VC, Fireside Ventures, SAIF Partners, Sequoia Capital, DSG Ventures, and Matrix Partners India. During this period, the programme has skilled, trained and mentored more than 150 brands at various stages of their growth journey. Matrix Partners India is a leading early-stage investor that partners closely with SMBs across sectors including consumer technology, business-to-business, enterprise, and fintech among others. In India, among many other brands, they have also invested in marquee companies such as Ola, Quikr, Practo, Dailyhunt, Mswipe, Country Delight, and Razorpay among others. "We've been early backers in many challenger brands from across the spectrum -- eCommerce, gaming, CPG, neo-banking, healthcare, content – to name a few, and we're thrilled to see them create world-beating products and leverage Facebook's platform to reach their end consumers, and bring about large scale impact," said Sanjot Malhi, Director, Matrix India. "Over 20 companies from our portfolio, including Country Delight, Stanza Living, OZiva, ManMatters, Zupee, The Whole Truth, Dealshare, have now partnered with Facebook on this programme." As part of the VC Brand Incubator Programme, Facebook has also started Campaign Lab that helps direct-to-consumer small businesses get creative solutioning support, and go live with mobile friendly creatives and strategy in under 72 hours. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/this-startup-wants-to-turn-kirana-stores-into-electric-vehicle-charging-stations/articleshow/78289491.cms">This startup wants to turn kirana stores into electric vehicle charging stations</a> <a href="https://www.businessinsider.in/careers/news/yes-bank-is-hiring-again-for-the-coming-year-after-workforce-shrinks-by-1000-since-march/articleshow/78287419.cms">EXCLUSIVE: YES Bank's workforce shrank by 1,000 employees since March but now it's hiring again for the coming year</a>

Facebook partners with sixth VC firm in India – Matrix Partners to scale small businesses

<keyword id="224987" type="PERSON" weightage="20" keywordseo="Avnish-Bajaj">Avnish Bajaj</keyword> is a hard man to catch; he’s always on the go and has a packed schedule that is filled with meeting the who’s who and maybes of the start-up ecosystem. Bajaj sat down to talk to Business Insider to discuss why he left the dream job at <keyword id="6361649" type="CITY" weightage="20" keywordseo="Goldman-Sachs">Goldman Sachs</keyword> in the US in 1999 and came back to India, which wasn’t the great land of opportunities back then. “I wanted to get rich, quick,’’ he states simply, “I was carried away by the dot-com craze and I always wanted to be an entrepreneur,” says Bajaj who started his own venture back in 2000 with Baazee.com, which was the first e-commerce site that focused on bidding for used products. 

 

 

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 Richie Rich goes vintage “The best way to get rich and control your own destiny is entrepreneurship and I kept working to achieve that,” Avnish worked multiple technical roles after graduating from IIT Kanpur before realizing that he wanted to be on the managerial side. He attended <keyword id="70846" type="ORGANIZATION" weightage="20" keywordseo="Harvard-Business-School">Harvard Business School</keyword> and kept preparing for the right time to spread his wings which happened back home, in the millennial New Year. When Bajaj, came back to India, he realized that his passion did not lie in outsourcing, which was the trend, but instead, in consumer brands. “In the US, things move really fast. Whenever we thought of a business idea, someone would start it in the states within 50 days,” Bajaj realized that in India, the only untapped market was the used-goods market and he decided to jump on the internet bandwagon to kick-start the e-commerce revolution.

 

 

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 <keyword id="6357395" type="CITY" weightage="20" keywordseo="eBay">eBay</keyword> or the highway The company ran successfully for four years before it was acquired by eBay for $50 million. Bajaj was made the Country Manager for <keyword id="161767" type="COMPANY" weightage="20" keywordseo="eBay-India">eBay India</keyword> and he spearheaded the entity till 2007 till he realized that he can do much more as an investor for the consumer-tech industry than as an entrepreneur. He co-founded <keyword id="366603" type="COMPANY" weightage="20" keywordseo="Matrix-Partners-India">Matrix Partners India</keyword> and hasn’t looked back ever since. <div type="embedgroup"> <div type="Article" hostid="261" msid="59181977" title="Exclusive: Rajesh Sawhney banks on the people who make up companies with the right product market fit" rank="1.0" kind="RELATED" publishDate="Jun 16, 2017, 8:56 PM" mstype="2" mssubtype="0"></div></div>






 “Immediately after Baazee, I started angel investing and my portfolio grew to 18 companies before I thought I could take it seriously. I believe in the concept of three circles intersecting namely passion, skill set and opportunity to succeed. My passion for investing came from the increased intellectual stimulation that I would get out of different start-ups and varied individuals,” says Bajaj who believes that investing is entrepreneurship on steroids across sectors that creates multiple impact while making a lot more money, if you play your cards right.

Exclusive: Avnish Bajaj, Founder & MD, Matrix Partners India thinks that investing is entrepreneurship on steroids

<ul class="summary-list"><li>Los Angeles-based truck-brokerage startup Dray Alliance announced Wednesday that it raised a $10.2 million Series A round.</li><li>Dray Alliance connects truck drivers and shippers in the ports of Long Beach and Los Angeles - where <a href="https://www.portoflosangeles.org/business/statistics/facts-and-figures">nearly a third of all containerized goods exported to the US</a> arrive.</li><li>Matrix Partners, a venture-capital firm that has $4 billion in assets under management and bet early on Apple and FedEx, led the investment.</li><li>The investment comes as other truck-brokerage startups struggle. Next Trucking, which is Dray Alliance's nearest competitor, <a href="https://www.businessinsider.com/next-trucking-layoffs-startup-restructuring-2020-1">laid off 70 last month</a>.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>Trucking startup Dray Alliance, founded in 2018 by three childhood friends, announced on Wednesday that it raised a $10.2 million Series A round. The lead backer is Matrix Partners - a venture-capital firm with $4 billion in assets under management, which bet early on Apple and Fedex and is currently an investor in companies like Namely and Quora. It's Matrix Partners' first investment into the increasingly buzzy supply-chain startup space, which attracted a whopping $19.3 billion across 534 deals in 2018, according to Pitchbook.Dray Alliance joins a growing number of startups dedicated to eliminate inefficiencies from truck brokerage, in which truck drivers and retailers are matched to move goods. Convoy, <a href="https://www.businessinsider.com/convoy-trucking-startup-series-d-2019-11">recently valued at $2.75 billion</a>, is among the buzziest in the truck-brokerage space, and Uber and Amazon have both launched their own brokerages. But Dray Alliance CEO Steve Wen, who is one of the cofounders, is building a business within the $50 billion drayage industry.Drayage is the short-term movement that takes containers from ocean freighters to trucks and trains - and then to your home or store. The largest space for drayage is the ports of Long Beach and Los Angeles, as <a href="https://www.portoflosangeles.org/business/statistics/facts-and-figures">nearly a third of all containerized goods exported to the US</a> enter through there.Dray Alliance said it provides on-time delivery of containers and faster rate quotes for shippers who use its web application, while drivers can use a mobile app that can help up their truck utilization.Like in many areas of trucking, drayage is stymied by inefficiencies. Wen dropped out of college several years ago to start his own trucking company, which was when he noticed that truckers can wait weeks to get paid, often with a physical check, and drive scores of empty miles every day. Drayage delays in the logistics industry result in some $348 million in unneeded costs, 15 million in lost work hours, and nine million gallons of wasted diesel annually, <a href="https://www.joc.com/trucking-logistics/drayage/port-delays-driving-dray-drivers-away-roadone-says_20141013.html">according to transportation consultancy Tioga Group</a>."We started a company by making an app that helps truckers to easily find jobs in drayage, deliver those containers more efficiently, and get paid in one day," Wen told Business Insider. <h2>Running a logistics startup amid the trucking 'bloodbath'</h2>It's not the most fortuitous time for Matrix's first trucking investment. In the past year, truck drivers have described the recession in the $800 billion industry to Business Insider <a href="https://www.businessinsider.com/why-trucking-industry-slowdown-trucker-job-loss-2019-7">as a "bloodbath."</a> Experts expect even more bankruptcies to slam trucking, particularly among small companies. Trade volumes declined last year because of the US-China trade war, and imports are set to sink even further because of the coronavirus.Partially thanks to those headwinds, Dray Alliance's closest competition, Next Trucking, <a href="https://www.businessinsider.com/next-trucking-layoffs-startup-restructuring-2020-1">laid off 70 employees last month</a>. But Wen and Jake Jolis of Matrix Partners said Dray Alliance has one key advantage over its peers: It's just a technology company. That differs from logistics startups like <a href="https://www.freightwaves.com/news/next-trucking-adds-new-container-capacity-at-main-west-coast-ports">Next</a> and <a href="https://www.forbes.com/sites/alexkonrad/2019/02/21/flexport-raises-1-billion-softbank/">Flexport</a>, which combine their technology with warehouses and other physical assets.Meanwhile, Uber Freight's buzzy brokerage firm <a href="https://www.joc.com/technology/logistics-technology-providers/convoy/convoy-and-uber-freight-take-us-truck-brokerage_20180208.html">has raised questions from some</a> in the logistics community for being a massive employer of truck brokers - despite positioning itself <a href="https://www.sec.gov/Archives/edgar/data/1543151/000119312519103850/d647752ds1.htm">as the developer of a technology to replace the brokerage process</a>."The most important thing is to do everything with technology that we can do to help truckers grow their fleet," Wen said. "So, we don't own any trucks."Jolis, a partner at Matrix, highlighted that tech advantage as well. "I think that the reason we got so much excited about the long-term business fundamentals of Dray Alliance is that this is a software company - not in the future, but today," Jolis told Business Insider. "Today, they do all their volume through software, and not third-party software that they've bought from somewhere else."It's not some consulting firm. They've built their own proprietary software that makes it so that they have very specific advantages that are completely different from others in this space." Many investors in and out of the trucking world are moving toward asset-light businesses. The meltdown around WeWork, a real-estate company valued as a technology company, has galvanized companies to prioritize businesses <a href="https://hbr.org/2019/08/no-wework-isnt-a-tech-company-heres-why-that-matters">without physical attributes</a>. And spending on enterprise software is set to increase by more than 10% in 2020 and 2021, <a href="https://www.gartner.com/en/newsroom/press-releases/2019-10-23-gartner-says-global-it-spending-to-grow-3point7-percent-in-2020">according to Gartner</a>. As for the slowdown in trade volumes, Wen said Dray Alliance's growth has kept rolling. The company has picked up partnerships with big players like Mattel and Maersk. "There was a decline in terms of the monthly containers arriving at the ports," Wen said. "However, because we've grown 600% last year, so we basically kind of outgrown the decline in total container volume, because the technology we offered was so compelling for most of our customers."As for Matrix's investment, Jolis isn't worried about the long-term outlook for America's seaports, or whether a company like Dray Alliance would be rendered unneeded; <a href="https://business.un.org/en/entities/13">more than 90% of global trade is moved by sea</a>. "We are always going to need to import a lot of things, and that is going to come into our US ports," Jolis said. "It's just a massive, massive market. So, I think anybody that believes that drayage is going to not be needed or will go away, I don't know where we're going to get all our stuff from anymore."

Matrix Partners bet early on Apple and FedEx. Here's why the VC is now investing millions on a trucking startup.

<keyword id="6354630" type="General" weightage="50" keywordseo="mark-zuckerberg" source="Orion">Mark Zuckerberg</keyword>'s <keyword id="399907" type="General" weightage="100" keywordseo="meta" source="Orion">Meta</keyword> (formerly Facebook) on Wednesday announced a partnership with VC fund <keyword id="1397792" type="General" weightage="80" keywordseo="kalaari-capital" source="Orion">Kalaari Capital</keyword> to upskill and scale young, invested businesses in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> by providing them with timely business skilling support. The partnership is a part of Meta's 'VC Brand Incubator Initiative' for the growth of micro, small and medium businesses in the country. "As part of this initiative, Meta has partnered with India's largest VC funds. We are thrilled to now partner with Kalaari Capital that has been instrumental in the growth journey of many startups," said <keyword id="3056724" type="General" weightage="50" keywordseo="ajit-mohan" source="Orion">Ajit Mohan</keyword>, VP and MD at Meta in India. Kalaari Capital is an early-stage, technology-focused venture capital firm based in Bengaluru. "As startups scale, they need to leverage several tools and platforms like Meta to support their growth," said <keyword id="1397790" type="General" weightage="50" keywordseo="vani-kola" source="Orion">Vani Kola</keyword>, Founder and Managing Director, Kalaari Capital. In the last three years, Meta has tied up with 16 VC funds, including Kalaari Capital, and has successfully skilled and mentored more than 500 small businesses at various stages of their growth journey. In April, Meta onboarded <keyword id="122716" type="General" weightage="50" keywordseo="sequoia-capital" source="Orion">Sequoia Capital</keyword>. Other VC firms are Fireside Ventures, Elevation Capital [SAIF Partners], DSG Consumer Partners, Matrix Partners, Anthill Ventures and <keyword id="6306883" type="General" weightage="50" keywordseo="stellaris-ventures" source="Orion">Stellaris Ventures</keyword>, to name a few. With Kalaari Capital, Meta said it is going to have several young, invested businesses from emerging sectors such as ed-tech, social commerce, gaming, and fin-tech, among others participate in the initiative. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/if-you-place-an-order-youre-accepting-the-service-charge-restaurant-body-says/articleshow/91779455.cms">If you place an order, you’re accepting the service charge, restaurant body says</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/tata-avinya-renders-reveal-the-expected-design-of-the-concept-electric-car/articleshow/91765348.cms">Tata Avinya renders reveal the expected design of the concept electric car</a>

Zuckerberg's Meta partners with Kalaari Capital to upskill young startups in India

<keyword id="224987" type="PERSON" weightage="20" keywordseo="Avnish-Bajaj">Avnish Bajaj</keyword> is an entrepreneur turned investor who has always been driven by the pursuit of success in entrepreneurship but from wanting to be rich to now making other people rich, he has come a long way. “It has always been about achievement. That being said, money is a scorecard for achievement. Numbers are very important for investors but it is not the end of the game, it is the bridge between needs and means and for me once my needs were met, I just wanted to learn and help,” Bajaj told Business Insider, who thinks that we’re seeing the best entrepreneurs in the history of the Indian consumer tech sector. In terms of investing, Bajaj thinks that all elements of the venture funding are in place and for the first time, the question of exits is being answered, “As the market starts deepening, the exits will start happening. The next decade or so are going to be very exciting for the investors,”Avnish says that the Indian founders are as competent as their American or Chinese counterparts and have great potential. <keyword id="136057" type="COMPANY" weightage="20" keywordseo="Matrix-Partners">Matrix Partners</keyword> has many popular companies on its portfolio namely Ola, Practo, Dailyhunt, Quikr, Housejoy, LimeRoad, Mswipe and Cloudnine. <div type="embedgroup"> <div type="Article" hostid="261" msid="59181595" title="Exclusive: Global Superangel Forum’s (GSF) founder Rajesh Sawhney is an Innerchef at heart" rank="1.0" kind="RELATED" publishDate="Jun 16, 2017, 8:17 PM" mstype="2" mssubtype="0"></div></div>




























 Downturn for the win Bajaj thinks this ‘downturn’ that the Indian start-up ecosystem is seeing is necessary, “All elements of this industry are amplified and disruptive; the entrepreneurs, the investors and even the media get carried away in the possibilities. It’s all part and parcel of being an entrepreneur; if things were so easy, everyone would be starting their own business.” Avnish says that recession is a good sign as companies like Facebook and Google were started during downturns and now, the entrepreneurs will be starting for the right reasons.

 

 

 

 

 

 

 

 

 

 

 

 

 

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 The "dis-ease" of doing business “In India, it’s never been easy to do business but things are improving overall. What the start-ups need is protection against the negative elements even if there is no positive reinforcement,” says Bajaj regarding the role of the state in the success of new businesses. Bajaj has seen hardships as an entrepreneur in 2004, as he was arrested by the Delhi police over a complaint that an obscene video had been uploaded for auction on Baazee.com. Bajaj was acquitted but then he was against let down recently with arrest of his portfolio company, <keyword id="1112419" type="UNKNOWN" weightage="20" keywordseo="Stayzilla">Stayzilla</keyword>’s founder happening on shaky grounds,”Startups are soft targets for most authorities because they don’t have the kind of influence compared to big corporate companies. We just want the government to stop harassment at all agency level. Let's extend Swacch Bharat to get India rid of corruption and harassment before we aim for loft goals like <keyword id="1929810" type="UNKNOWN" weightage="20" keywordseo="Digital-India">Digital India</keyword> and Start up India." says Bajaj who agrees that the government has the intent to support start-ups but it hasn’t reflected yet. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 <div type="embedgroup"> <div type="Article" hostid="261" msid="59287646" title="Exclusive: Avnish Bajaj, Founder &amp;amp; MD, Matrix Partners India thinks that investing is entrepreneurship on steroids" rank="1.0" kind="RELATED" publishDate="Jun 23, 2017, 7:00 PM" mstype="2" mssubtype="0"></div></div>




























 E-commerce or re-commerce? Bajaj who is known for his e-commerce investments has agreed that the sector has lost its sheen but says that at the end of the day, the team matters above everything, “Fin-tech, Health-tech, and SAAS are the most exciting sectors right now,” Bajaj who had been pessimistic about the growth of start-ups in the past has started to get excited for the India growth story and so have we.

Exclusive: Avnish Bajaj, Founder & MD, Matrix Partners India says that for him, only entrepreneurs matter in a start-up

<ul class="summary-list"><li>In May, <keyword id="6355315" type="UNKNOWN" weightage="60" keywordseo="elon-musk">Elon Musk</keyword> tweeted "Take the red pill" and presidential advisor <keyword id="21449" type="PERSON" weightage="60" keywordseo="Ivanka-Trump">Ivanka Trump</keyword> quote retweeted him, saying "Taken!" </li><li>Musk's tweet caused a firestorm of speculation and criticism, including from his partner Grimes' mother.</li><li>The "red pill" symbol originally comes from the movie "<keyword id="81391" type="ENTERTAINMENT" weightage="60" keywordseo="The-Matrix">The Matrix</keyword>" where it represented a choice that would allow the protagonist Neo to see a reality he wasn't previously aware of.</li><li>Online, it was first co-opted by incels and men's rights activists for their cause. Now, it's used by conservatives at large to describe when people have ideological shifts towards conservativism.</li><li>In an interview with The New York Times, Elon Musk said that he thinks Ivanka Trump interpreted his "take the red pill" tweet from May "through a more political lens than it was intended."</li></ul>Tech mogul Elon Musk attempted to clarify a controversial tweet from May in a New York Times interview published Saturday.On May 17, the Tesla and SpaceX CEO tweeted "Take the red pill." The phrase originates from "The Matrix," in which Keanu Reeves' character takes a red pill that allows him to see the true nature of the world. However, the phrase has acquired a <a href="https://www.businessinsider.com/elon-musk-tweets-take-the-red-pill-what-it-means-2020-5">more complicated meaning</a> these days. Online, incels and men's rights activists first appropriated the idea for their cause, and now, the phrase is widely used among conservatives to describe when people have ideological shifts towards conservativism. The tweet was amplified when Ivanka Trump, an advisor to the president, quote retweeted Musk <a href="https://twitter.com/IvankaTrump/status/1262095075963736064?s=20">with the caption, "Taken!"</a> In turn, "Matrix" director and co-creator Lilly Wachowski <a href="https://www.businessinsider.com/matrix-director-cusses-elon-musk-ivanka-trump-red-pill-tweet-2020-5">responded to Ivanka</a>, saying, "F-ck both of you." The mother of Musk's partner Grimes criticized Musk for "blaring MRA bullsh--."In an<a href="https://www.nytimes.com/2020/07/25/style/elon-musk-maureen-dowd.html"> interview with The New York Times published on Saturday,</a> Musk told interviewer Maureen Dowd that he thought that Ivanka may have taken the tweet the wrong way, claiming that he didn't intend for it to have a political message."No, it's just: Accept reality as it is as opposed to what you wish it were," he told The New York Times. "I think [Ivanka Trump] was interpreting it through more of a political lens then it was intended."Musk has <a href="https://www.businessinsider.com/the-matrix-do-we-live-in-a-simulation-2019-4">spoken before about the possibility that, à la "Matrix," we're all living in a simulation</a>, but has espoused right-wing talking points on Twitter in the past, particularly in relation to the coronavirus pandemic: he <a href="https://www.businessinsider.com/tesla-workers-slam-elon-musk-calling-stay-home-orders-fascist-2020-4">called stay-at-home orders "fascist"</a> in April and <a href="https://twitter.com/elonmusk/status/1261102022247411717?s=20">tweeted dismissively about COVID-19 statistics in May</a>.<ul class="read-more-links"><li>Read more:</li><li><a href="https://www.businessinsider.com/elon-musk-tweets-take-the-red-pill-what-it-means-2020-5">Elon Musk tweets 'take the red pill' in another strange turn for the billionaire</a></li><li><a href="https://www.businessinsider.com/matrix-director-cusses-elon-musk-ivanka-trump-red-pill-tweet-2020-5">A cocreator of 'The Matrix' told Elon Musk and Ivanka Trump 'F--- both of you' for using the 'red pill' phrase that's become a far-right meme</a></li><li><a href="https://www.businessinsider.com/elon-musk-confirms-tesla-california-factory-open-risks-being-arrested-2020-5">'If anyone is arrested, I ask that it only be me': Elon Musk confirms Tesla is restarting its factory against local rules</a></li><li><a href="https://www.businessinsider.com/elon-musk-thinks-had-coronavirus-covid-19-january-mask-tesla-2020-7">Elon Musk thinks he had the coronavirus in January — and now wears a mask when at Tesla's factory</a></li></ul>

Elon Musk says that Ivanka Trump read his 'red pill' tweet too politically

New York-based hedge fund <keyword id="60126" type="ORGANIZATION" weightage="80" keywordseo="Falcon">Falcon</keyword> Edge and <keyword id="6357722" type="COMPANY" weightage="80" keywordseo="silicon-valley">Silicon Valley</keyword> venture fund <keyword id="144381" type="COMPANY" weightage="80" keywordseo="Accel-Partners">Accel Partners</keyword> are expected to join DST Global which is leading a soon-to-be-announced $400-million financing round in taxi hailing service <keyword id="6354720" type="PERSON" weightage="80" keywordseo="Ola">Ola</keyword>, sources close to the matter told TOI. 
 Falcon Edge is expected to pump in around $20 million in the new round while <keyword id="2788417" type="UNKNOWN" weightage="80" keywordseo="Accel-US">Accel US</keyword> will put $5 million, sources said. Accel US was an investor in TaxiForSure (TFS) and became an Ola shareholder post its recent acquisition. Ola's other existing investors -including Tiger Global, Matrix Partners, <keyword id="6497288" type="UNKNOWN" weightage="80" keywordseo="Steadview-Capital">Steadview Capital</keyword> --are also participating in the new financing round. 
 
 The latest fund-raise is likely to value the company at $2.5 billion post the investment, as reported by this newspaper first in its February 26 edition. Russian billionaire <keyword id="303107" type="PERSON" weightage="80" keywordseo="Yuri-Milner">Yuri Milner</keyword>'s DST, a significant investor in e-commerce biggie Flipkart, is expected to hold just under 10 per cent stake in the four-year-old company , post the new round. 
 
 When contacted by TOI, Bhavish Agarwal, co-founder, Ola, did not offer any comments, while Falcon Edge could not be reached immediately for a response. Founded by <keyword id="2566840" type="UNKNOWN" weightage="80" keywordseo="Richard-Gerson">Richard Gerson</keyword> together with <keyword id="2788418" type="UNKNOWN" weightage="80" keywordseo="Navroz-D-Udwadia">Navroz D Udwadia</keyword> and James Minshull, Falcon Edge leads the pack of a new breed of <keyword id="42111" type="COMPANY" weightage="80" keywordseo="Wall-Street">Wall Street</keyword> hedge funds, a Tiger Global offshoot, managing more than $4 billion in assets. Its India <keyword id="6362476" type="ORGANIZATION" weightage="80" keywordseo="investments">investments</keyword> include realty portal <keyword id="35061" type="ORGANIZATION" weightage="80" keywordseo="housing">Housing</keyword> and <keyword id="2112984" type="UNKNOWN" weightage="80" keywordseo="Newshunt">NewsHunt</keyword>, a mobile news aggregation service. 
 
 
Hedge funds like Falcon Edge, Valiant Capital and Steadview Capital, among others, funneled big money into Indian consumer internet companies last year, fanning the already frothy valuations of these tech startups. 
 The latest round of fundraise for Ola, founded by IITBombay batchmates Aggarwal and Ankit Bhati in 2011, would put it right up in <keyword id="819204" type="UNKNOWN" weightage="80" keywordseo="the-League">the league</keyword> of the most valuable internet firms domestically .Ola's $210-million fund-raise led by <keyword id="163404" type="COMPANY" weightage="60" keywordseo="Softbank">SoftBank</keyword> in October last year valued it at $650 million -post-money -making the Japanese investor the startup's largest investor. 
 
The cab aggregator is present across 67 cities and has received $277 million of capital across five financing rounds. Its biggest competitor taxi-hailing app Uber had stepped on the gas in India by doling out huge discounts to riders. However, its growth has stalled considerably post the rape of a female passenger by one of its drivers last year in Delhi.

Ola Cabs to receive $400mn funding soon

<div class="image-container float_right" style="width:399px"><div class="image"></div><keyword id="136057" type="COMPANY" weightage="60" keywordseo="Matrix-Partners">Matrix Partners</keyword><keyword id="1760131" type="UNKNOWN" weightage="60" keywordseo="Jared-Fliesler">Jared Fliesler</keyword>, Matrix Partners</div><keyword id="688028" type="CITY" weightage="60" keywordseo="Square">Square</keyword> executive Jared Fliesler confirmed today that he's leaving the payments company and becoming a venture capitalist, as Business Insider <a href="http://www.businessinsider.com/square-jared-fliesler-2013-2">first reported last month</a>.
He's joining Matrix Partners as the firm's eighth investment partner—and at 28, the youngest.
He's the third Square executive to leave to become a venture capitalist in eight months—a coincidence, he told Business Insider, but one that might speak to the personality of people attracted to a fast-growing company in its early stages. Megan Quinn, Square's director of product, joined Kleiner Perkins last year.
And Keith Rabois, whom Fliesler worked with closely at Slide before its sale to Google, is joining Khosla Ventures this month.
Fliesler said his departure had no connection with Rabois's; as we reported, Fliesler announced he was leaving before Rabois revealed he was resigning from Square after he'd been threatened with a harassment lawsuit by a Square employee with whom he'd had a personal relationship. (Rabois and the company deny the claims, and no actual lawsuit has been filed.) 
Fliesler shared with Business Insider the text of a blog post about why he's becoming a venture capitalist. In it, he says that he thinks he can replicate the experience of being hands-on at a startup—but with more companies. Here it is:
I think it’s hard for ambitious entrepreneurs to ever really be content. As soon as they hit a milestone or goal, they tend to just move the goal line out and think about what more they could do (a temporal nature my team has always found entertaining about goals we set). It’s important that we pause to celebrate the success of hitting the goal, but then it’s time to get back to work on the next big milestone we can accomplish.
I’m constantly pushing and questioning myself to make sure I’m both on the right path and working towards the highest impact goals. I’ve been unbelievably fortunate and lucky to have the opportunities I have had and people around me that believe in me and help open doors.
As I considered and spoke with people about what might be next over the last few months, I received a number of questions that largely boil down to the following: Square’s an incredible place with wonderful people and they’re truly trying to change the world (which I love), so why would I even think of leaving? And if I did leave, why would I go into venture? To answer these, I go back to my time at Slide and Google. If I think about what I’ve loved most in my career, it’s working in really small teams towards some audacious goal where we’re all sleeping, eating, bleeding, and breathing what we’re trying to do. I experienced this every day for the first few years at Slide and tried, as much as possible, to maintain that culture when we joined Google. Though I really liked my role as Director of Product at Google, it was hard to truly recreate the start-up vibe within a larger company. My original plan after Google was to go start a company; either from my own idea or by joining a small founding team. At the time, I was an advisor at Square and could see the company’s explosive growth and potential. So when my former boss came to me with the opportunity to run growth at Square, I had to say yes and I put my plans of starting a company on hold. I joined Square to figure out the big growth levers, build a team and foundation that would enable Square to scale around the world, and establish the right distribution and marketing channels to make sure that we controlled our destiny. By late-2012, it felt like we were well on our way to accomplishing these goals. We were moving to a scaling and optimizing rhythm and many of the challenges ahead were around continuing to iterate and optimize. We also hit an inflection point where we went from looking for an endless number of new channels to spend capital efficiently for customer acquisition to having an abundance of channels established and optimizing for payback. My team had grown from a small group to more than 70 people and the year ahead was about doubling that team and continuing to operate at a consistent cadence. At that point, I started seriously consider what was next and how to get back to what I enjoy most, working with a small team to solve core challenges at the whiteboard. I met the Matrix team about a year ago at an event they hosted and casually stayed in touch. Over the last 6 months, the conversation shifted from a casual one to figuring out how we could potentially work together. I don’t think any of us knew in what capacity “working together” would ultimately manifest itself, but it was clear that there was a fit. Like most entrepreneurs, I had previously given some thought to working in venture, but resolved that it was something I’d do later in life. I continued the thought process around my path forward and, in parallel, spent more time with the Matrix team learning about the firm and what it actually meant to work in venture with them. One of the biggest realizations I had was that no (successful) company was going to stay in my favorite part of the growth stage: going from “this looks like it’s working in a few tests cases” to “wow, this actually can work at scale.” At some point, successful companies reach scale and then you’re optimizing the curve vs. setting it. In addition to wanting to work in this necessarily finite stage of a company, I’ve been spoiled by massive scale and I was looking for something BIG. The truth is that if I had an idea that I couldn’t stop thinking about, I’d probably give into my builder mentality and start a company. What might be even better though, is finding a way to work with a number of companies that are in this stage. Investors should work for their portfolio companies. They should partner with them on the hardest problems and help them, against all odds, succeed at astronomical levels. As I learned more about Matrix, it felt like there was a match. They’re hands on and work with a small number of companies to truly change the trajectory of those businesses. I’m not joining Matrix to write checks and walk away. I plan to invest in a small number of companies and to be highly involved during the early stages, effectively working at each of the companies in which I invest. My investment strategy will mainly focus on identifying incredible entrepreneurs that are trying to change the world and specific companies where I’m uniquely suited to help them do that. I’ll start by investing in companies I’d consider going to work for and I hope that people will only take my investment if they would consider hiring me. If both of these aren’t true, I’m not the best investor for that company. VCs have a unique vantage point. They see both the good and bad decisions that each of their portfolio companies make and can leverage this information to help each succeed (and hopefully make fewer mistakes). I often leveraged our investors for insights as I made growth decisions for my previous companies, but I wish I had one that was in the weeds with me in the earliest stages of building our growth strategy. I want to be that person for the companies in which I invest. Over time, each company will go through their own growth cycle and move from setting to optimizing the curve and I hope I can help them to navigate through these early, and often treacherous, waters of growing their business. If I can play a key role in helping multiple companies grow, scale, and ultimately succeed I’ll be happy. - Jared

Why This 28-Year-Old Executive Left Square To Become A Venture Capitalist

<ul><li>Shares of <keyword id="596" type="CITY" weightage="60" keywordseo="Hyundai">Hyundai</keyword> and Kia fell 15% and 6%, respectively, after calling off EV talks with <keyword id="6354427" type="ORGANIZATION" weightage="60" keywordseo="apple">Apple</keyword>.</li><li>Wedbush says Wall Street would prefer Apple to partner with an established auto company to develop an EV. </li><li><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest">Sign up here for our daily newsletter, 10 Things Before the Opening Bell</a>.</li></ul>Shares of Hyundai Motor Corporation and its affiliate Kia fell 15% and 6% in Asian <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword>, respectively, <a href="https://www.businessinsider.com/apple-autonomous-car-hyundai-kia-deny-deal-2021-2">after both South Korean auto companies said talks with Apple to develop an electric vehicle are off.</a> Hyundai added it was receiving "requests from multiple companies for cooperation in joint development of autonomous, electric vehicles but nothing has been decided since it's in early stage."According to a report from <a href="https://www.bloomberg.com/news/articles/2021-02-05/apple-talks-with-hyundai-kia-on-electric-car-paused-recently">Bloomberg</a>, Apple paused discussions with Hyundai and Kia weeks ago about building an <keyword id="381751" type="ORGANIZATION" weightage="60" keywordseo="Electric-vehicle">electric vehicle</keyword>. Read more: <a href="https://www.businessinsider.com/stocks-to-buy-stock-picks-rising-inflation-cogs-goldman-sachs-2021-2">GOLDMAN SACHS: Buy these 13 stocks poised to benefit from surging commodity costs - including 2 set to soar by more than 40%</a>As prospects for a partnership with the two South Korean carmakers dim, many investors remain confident Apple should partner with an established auto company to enter the electric vehicle space. "We believe based on our investor conversations over the last month that many on the Street would rather see Apple partner on the EV path, than start building its own vehicles/factories given the margin and financial model implications down the road, coupled with the strategic product risk around such a gargantuan endeavor," said a team of Wedbush technology analysts. Wedbush said in a note on Sunday there's an 85% chance Apple will announce an EV partnership over the next three to six months. After Hyundai, the firm says the next best candidate for Apple to partner with could be Volkswagen. VW's Modular Electric Drive Matrix (MEB) will allow for easy integration of new self driving models from the likes of Apple, said Wedbush.Shares of <a href="https://markets.businessinsider.com/stocks/aapl-stock">Apple</a> slipped 1.29% after the Monday opening bell.

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