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<ul><li><keyword id="3395125" type="General" weightage="20" keywordseo="cuemath" source="Orion">Cuemath</keyword> has raised $57 million from Alpha Wave Global, at a valuation of $407 million.</li><li>The <keyword id="1464841" type="General" weightage="20" keywordseo="edtech" source="Orion">edtech</keyword> startup provides after-school learning programmes for mathematics.</li><li>The Indian edtech firms are expected to face a downwards trend in the near future as schools have reopened.</li></ul>Even as experts expect the edtech industry to take a downward trajectory in the near future, Google-backed math learning startup Cuemath has raised $57 million. The round was led by Alpha Wave Global at a valuation of $407 million, representing more than 2x jump. Existing investors Lightrock India, Sequoia Capital India, Alphabet independent growth fund CapitalG, Manta Ray, and Unitus also participated in the round. The company plans to use the new capital to strengthen its product-pedagogy outcomes, hypergrowth initiatives, acquisition and partnerships. “Cuemath’s latest fundraise is a significant feat given the present industry trends. Valuations have become more realistic with rationalization hitting the market; only those growth-stage startups with solid business fundamentals can now establish trust with VCs," Vivek Sunder, chief executive officer (CEO) of Cuemath, said. Cuemath was founded in 2013 by Manan Khurma and Jagjit Khurma. The edtech startup — the company which has presence in over 70 countries — provides after-school learning programmes for mathematics for Kindergarten to 12th grade. Cuemath, which has raised over $100 million till date, had appointed former Swiggy’s chief operating officer Vivek Sunder as its CEO in 2021. <cmsannotation type="cmsannotation" annotationid="Indian edtech companies staring at a downward trend, say experts" comment="subhead" text="Indian edtech companies staring at a downward trend, say experts">Indian edtech companies staring at a downward trend, say experts</cmsannotation> According to several <a href="https://www.businessinsider.in/business/startups/news/the-edtech-bubble-is-bursting-as-schools-colleges-reopen-and-funds-dry-up/articleshow/91826696.cms">experts and investors Business Insiders</a> spoke to, the Indian edtech firms are expected to face a downwards trend in the near future as schools have reopened. According to a survey by the Ministry of Education, 80% of students found remote learning ‘burdensome’ and also missed their peers. This changing attitude could slow down acquisition of new customers and also threatens the existing base who might shift to an offline mode. “Edtech has received massive traction in terms of funding over the last 2 years, however the ability to create retention on products built by some of them is not promising,” Neha Khanna, director at management consultancy firm ValPro, told Business Insider India. “In such a scenario, it increasingly becomes expensive to acquire a customer given the competitive landscape and the value ascribed to each customer may not be commensurate with such acquisition costs,” she added. The edtech industry is also expected to be the biggest source of layoffs in the Indian startup ecosystem. So far, edtech companies like Unacademy, Vedantu and Front Row have already laid off about 1,700 people. SEE ALSO <a href="http://www.businessinsider.in/business/startups/news/this-startup-which-makes-satellite-launches-cheaper-and-faster-raises-funds-to-start-commercial-operations/articleshow/91937856.cms" data-type="tilCustomLink">This startup which makes satellite launches cheaper and faster raises funds to start commercial operations</a> <a class="tout-title-link" href="https://www.businessinsider.in/business/telecom/news/mukesh-ambanis-jio-lags-behind-airtel-which-is-the-top-telecom-brand-in-india/articleshow/91935279.cms">Mukesh Ambani's Jio lags behind Airtel which is the top telecom brand in India</a> <a href="http://www.businessinsider.in/business/corporates/news/zomato-paytm-nykaa-and-others-spent-6000-crore-on-their-employees-last-year/articleshow/91931970.cms" data-type="tilCustomLink">Zomato, Paytm, Nykaa and others spent ₹6,000 crore on their employees last year</a>

Google-backed Cuemath valued at $407 million as experts expect edtech slump

New Delhi, Around 20 CEOs of Indian startups have quit their posts this year to date, amid the deepening funding winter and regulatory concerns, a significantly higher number than previous years, the media reported. Data compiled by Fintrackr showed that in the first eight months this year, nearly 20 <keyword id="138263" type="General" weightage="20" keywordseo="startup" source="Orion">startup</keyword> CEOs have left their position to either join a new firm or continue in the same company in a different role. In January, edtech company upGrad's <keyword id="5645" type="General" weightage="20" keywordseo="CEO" source="Orion">CEO</keyword> Arjun Mohan quit after a nearly three-year stint. Last month, he joined Byju's to lead its international business. Prashant Jhaveri, chief executive of Flipkart's online pharmacy Flipkart Health+, also left the firm after serving more than a year at the company, reports entrackr. Fintech startup Slash and grocery tech startup Milkbasket are yet to announce their new CEOs. Throttle Aerospace's CEO reportedly stepped down from the company. In March, DailyRounds' CEO Deepu Sebin and FreeCharge's CEO Siddharth Mehta announced their resignation after serving for several years at the helm. In May, all three co-founders including CEO of buy now pay later (BNPL) startup ZestMoney resigned. Some startup founders also quit as CEOs voluntarily or were elevated to a new role. For example, co-working space provider 91Springboard has replaced its CEO Anand Vemuri with Anshu Sarin, the report mentioned. Logistics startup Porter promoted its CEO Pranav Goel to executive vice chairman. Consumer electronic brand boAt, higher education edtech platform DataTrained, and Skincare brand SkinQ also promoted their CEOs to a new role within the company. Some of the startups also saw layoffs. Cuemath laid off 100 employees and re-appointed Manan Khurma as its CEO. Before Khurma, Vivek Sunder served as CEO for nearly two years at the startup. Car servicing startup GoMechanic laid off 70 per cent of its workforce as the co-founder Amit Bhasin acknowledged financial lapses. Following its acquisition by Servizzy, a consortium led by the Lifelong Group, all co-founders including the CEO, have left, said the report.

20 CEOs of these startups have quit this year amid regulatory concerns, funding winter

India’s tech hub sees most layoffs along with sharpest dip in hiring

<ul><li>Micro-savings app <keyword id="10578812" type="General" weightage="20" keywordseo="siply" source="Orion">Siply</keyword> has raised $19 million in a round led by QI Ventures.</li><li>Siply offers saving products such as smallcase investing for as low as ₹100 per unit.</li><li>It has processed 8.5 million transactions across 6 million accounts since 2020.</li></ul>Micro-saving app Siply — which helps underserved users borrow and save money — has raised $19 million in a round led by QI Ventures. The pre-Series A round also witnessed participation from existing investors LetsVenture and JITO. Angel investors such as CueMath’s CEO Vivek Sunder, former chief operating officer (COO) of Swiggy, also invested in the round. Founded in July 2020 by Sousthav Chakrabarty and Anil Bhat, Siply offers saving products such as smallcase investing for as low as ₹100 per unit. It also offers savings in gold, digital chit fund and free-to-open national pension scheme. The two-year-old startup — which offers service across 11 local languages to target underserved users — also works with corporations to offer micro-loans to their employees.The company has processed 8.5 million transactions across 6 million accounts since its inception. The company has disbursed loans worth ₹149 crore across 150,000 loans over the last 12 months. None of these loans were non performing assets (NPA), Siply emphasized. “They are possibly the only business on a mission to convert a significant portion of 40 crore of India’s tier 2 population into net saving customers from net borrowing customers, when most other Fintechs are focusing on lending. Their intense focus on savings will not only positively impact the lives of the common Indian by inculcating a savings habit,” Ayan Chatterjee from QI Ventures, said. Siply currently has a revenue run rate of $1 million, which is projected to reach $12 million by the end of this fiscal year. The company claims that its assets under management (AUM) would also touch $80 million by this period. Prior to this, the company raised $3.2 million in August 2021. SEE ALSO <a href="https://www.businessinsider.in/india/news/indias-richest-people-are-moving-to-uae-australia-and-singapore/articleshow/92181712.cms" style="">India’s richest are moving to UAE, Australia and Singapore — but there’s nothing to worry</a> <a href="https://www.businessinsider.in/business/corporates/news/nearly-four-lakh-fliers-are-thronging-airports-every-day-and-indigo-is-flying-half-of-them/articleshow/92179593.cms" style="">Nearly four lakh fliers are thronging airports every day and Indigo is flying half of them</a> <a href="https://www.businessinsider.in/business/auto/news/maruti-suzuki-will-gain-the-most-from-economic-recovery-and-also-regain-lost-market-share-say-brokerages/articleshow/92171487.cms" style="">Maruti Suzuki will gain the most from economic recovery and also regain lost market share, say brokerages</a>

A startup that helps underserved Indians save & invest in gold, stocks bags $19 million

Zepto, Dunzo among the next 122 unicorns from India — here's the complete Hurun list

With the median age of 27, India has the largest number of youngsters and the <keyword id="6355629" type="CITY" weightage="100" keywordseo="Google">Google</keyword> chief says that they’re born digital with a growing insatiable need for the internet. When it comes to the internet, the growing tribe of emerging businesses on the internet can’t be ignored. <keyword id="198577" type="PERSON" weightage="20" keywordseo="Anandan">Anandan</keyword> feels that the country is beginning to see innovative companies coming up in the country through applied innovation. Innovation comes from necessity and he thinks that we’re now seeing start-up founders from tier-2 and tier-3 cities that are committed to developing the country, who will take the Indian story forward. 
 <keyword id="824043" type="COMPANY" weightage="20" keywordseo="Business-Insider">Business Insider</keyword> caught up with <keyword id="249393" type="PERSON" weightage="100" keywordseo="Rajan-Anandan">Rajan Anandan</keyword>, VP, Google SE Asia &amp; India to understand how the internet landscape has changed for small businesses in the past few months. 
 
“Since the past 12 years that I’ve been in India, I’ve seen the quality of ideas and the founding team improve 100x. This is just the beginning of the start-up movement in India; there’s a long way to go. In 2020, I think the quality is just going to get better with more founders coming from tier-2 and tier-3 cities who solve real problems of real India. Problems like Agriculture, Education, Healthcare, Financial Inclusion and Clean Energy in the country remain unsolved and start-ups need to step in these areas to create real impact,” Rajan Anandan says about the emerging companies that will get India on the Innovation map. 
 
<a href="http://www.businessinsider.in/exclusive-heres-what-google-vp-rajan-anandan-said-about-jios-impact-on-the-telecom-sector/articleshow/58132345.cms">ALSO READ: Exclusive: Here’s what Google VP Rajan Anandan said about Jio’s Impact on the Telecom Sector</a> 
 
One interesting consumer insight that Google has seen is the rise of the lighter version of Apps and websites in India, even with start-ups as they realize that is it the fastest way to scale-up. 
 
India has about 51 million small businesses and they account for about 37% of India’s GDP but only 30% of them have any form of web presence. Google has committed to getting 20 million SMEs online which make up for 40% of SMEs. 
 “A small business that gets on the internet earns revenue and profit twice as fast as they’re able to access new markets and new customers. To create an ecosystem, locally-relevant apps will be coming from India itself. To encourage that, we have committed to skill two million <keyword id="6355645" type="COMPANY" weightage="20" keywordseo="android">Android</keyword> mobile developers over three years in India. We’ve partnered with 40 Indian universities that already have 200,000 students enrolled in this program, currently,” says Anandan, on Google’s contribution to the growing SME movement. 
 
<a href="http://www.businessinsider.in/flipkart-raises-its-biggest-round-at-a-lesser-valuation-and-acquires-ebay-but-is-it-enough-to-steer-off-amazon/articleshow/58128005.cms">ALSO READ: Flipkart raises its biggest round at a lesser valuation and acquires eBay but, is it enough to steer off Amazon?</a> 
 The company also supports the startup ecosystem through various initiatives. In fact, Google was first to partner with <keyword id="6372077" type="CITY" weightage="20" keywordseo="Nasscom">NASSCOM</keyword> three years back for the 10,000 start-ups initiative: 
 Several initiatives have been undertaken by the company to help both early stage and mid stage <keyword id="6362513" type="ORGANIZATION" weightage="20" keywordseo="Startups">startups</keyword> with programs like the Google Launchpad, Google Launchpad Accelerator, and +GCP program. • The <keyword id="3258662" type="UNKNOWN" weightage="20" keywordseo="Google-for-Entrepreneurs">Google for Entrepreneurs</keyword> team, that partners with startup communities around the world to help them grow, implement new programs, and connect to other leading startup organizations around the world 
		• The outreach programs focus on educating and empowering individuals, teams, and entrepreneurial communities. 
		• Google announced a program to help startups with $20k of cloud credits in India to help startups scale without having to worry about technology infrastructure support 
		 
		<keyword id="4074129" type="UNKNOWN" weightage="20" keywordseo="Capital-G">Capital G</keyword> is a late-stage investment arm by Google that is investing in mid to large sized startups through <keyword id="1817280" type="UNKNOWN" weightage="20" keywordseo="Google-Capital">Google Capital</keyword> and have already made investments in Indian startups like: 
	
		 Commonfloor 
		 Practo 
		 Freshdesk 
		 Cardekho 
		 Cuemath 
		 
		Launchpad Accelerator Program:
	
		 
		In India, the most recognized program is the Launchpad Accelerator Program, which provides late-stage startups (mobile apps) with mentoring and resources to successfully scale in their local economies. 
	 
	
		In the last year, 13 Indian Startups have participated in this program and next seven are now undertaking the program. 
	 The program entails an intensive two-week Accelerator kickoff in Google’s <keyword id="6439698" type="ENTERTAINMENT" weightage="20" keywordseo="mountain">Mountain</keyword> View headquarters, Google engineers from different product areas, as well as experts from other companies, to provide startups with mentorship on how to scale and monetize their apps, and ultimately, build successful businesses. The teams will continue developing their products with the support of up to $50,000 in equity-free funding, six more months of ongoing mentorship, and a breadth of developer tools from the Launchpad Accelerator program. 

	With all this and more Google is ensuring that they're a part of the answer to every question that is thrown at the viability of the upcoming Indian growth story.

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Google-backed Cuemath valued at $407 million as experts expect edtech slump

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India’s tech hub sees most layoffs along with sharpest dip in hiring

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Zepto, Dunzo among the next 122 unicorns from India — here's the complete Hurun list

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Exclusive: Rajan Anandan, VP, Google India says that it is the Beginning of the Start-up Boom in India

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