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New Delhi, Media firm Dailyhunt is in the advanced stages of talks to acquire homegrown microblogging platform <keyword id="20639239" type="General" weightage="20" keywordseo="koo" source="keywords">Koo</keyword>, a media report said on Wednesday. According to <keyword id="19895623" type="General" weightage="20" keywordseo="techcrunch" source="keywords">TechCrunch</keyword>, citing sources, the deal is expected to be finalised "within weeks" and involves a share-swap agreement. Founded in 2020, Koo is owned by Bengaluru-based <keyword id="20760807" type="General" weightage="20" keywordseo="bombinate-technologies" source="keywords">Bombinate Technologies</keyword>. The company was founded by <keyword id="20760806" type="General" weightage="20" keywordseo="aprameya-radhakrishna" source="keywords">Aprameya Radhakrishna</keyword> and Mayank Bidawatka and is often considered to be India's version of Elon Musk's X. In a statement to IANS, Dailyhunt parent <keyword id="20757904" type="General" weightage="20" keywordseo="verse-innovation" source="keywords">VerSe Innovation</keyword>'s spokesperson said that they have no comment on recent speculations. "Our focus remains on our core objectives," the spokesperson added. In September last year, Bidawatka said that the company is looking to "partner with someone who has the distribution strength to give Koo a massive user impetus and help it grow." In a LinkedIn post, he mentioned that the next phase for Koo is to "build scale and that will happen with either funding or through a strategic partnership with someone who already has scale" in the "current reality of a slow investor market." In April last year, Koo said that it had let go of 30 per cent of its workforce over the course of the year amid the current global meltdown. The company had told IANS that it is important for businesses of all sizes to adopt efficient and conservative approaches to see this period through.

Dailyhunt in talks to acquire microblogging platform Koo says media report

<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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 <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>




























 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

<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

<ul><li>Bengaluru-based startup <keyword id="467634" type="General" weightage="20" keywordseo="verse" source="Orion">Verse</keyword> Innovation has decided to lay off 5% of its workforce or 150 employees to cut costs and streamline operations. </li><li>It also announced pay cuts for 11% of its employees, who are earning ₹10 lakh per annum or more. </li><li>This has happened months after the startup raised $800 million as fresh funding in April this year.</li></ul>VerSe Innovation, the parent company of short video platform Josh and news aggregator Dailyhunt, has become the latest unicorn that has resorted to retrenchments this year, after Byju’s, Udaan and Zomato. The co-founders of the Bengaluru-based startup, Virendra Gupta and Umang Bedi, announced in a town hall meeting that it has decided to lay off 150 employees or 5% of its workforce, <a href="https://techcrunch.com/2022/11/28/verse-innovation-layoff-salary-cut/?guccounter=1&amp;guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&amp;guce_referrer_sig=AQAAAKe8ojKWqU0ImCcT4s4MwaVYq5ygyPzZhY3aM6nNl-DwFl9s2r0Wagyd6fNEoNL6uXnBiWRFKTSceuX2G_AUKLr7Ny6r8JprFJX9lg5l5mjMGX4l1bWEmEF2pOC0-ZtsbTCCFGWMds38OjymS1_XaoY2qGgAhJ73igSRtCLaYA4B">according to Techcrunch</a>. They also announced an 11% pay cut for the remaining employees who are earning ₹10 lakh per annum or more. “Given the current economic climate, like other businesses, we’ve evaluated our strategic priorities. Considering the long-term viability of the business and our people, we have taken steps to implement our regular bi-annual performance management cycle and made performance and business considerations to streamline our costs and our teams, <a href="https://techcrunch.com/2022/11/28/verse-innovation-layoff-salary-cut/">said</a> Umang Bedi, co-founder of VerSe Innovation, in a prepared statement. This move comes months after the startup raised $800 million as fresh funding in April this year, led by CPP Investments. Ontario Teachers’ Pension Plan Board, Sumeru Ventures and Luxor Capital, Sofina Group and Baillie Gifford also participated in the funding round. Bedi further said that the next year will be tough and the measures taken will help the company to sustain in the market. “We have exercised fiscal and employee prudence, and implemented an 11% salary cut for individuals with annual salaries of ₹10 lakh or more,” Bedi added. According to media <a href="https://www.moneycontrol.com/news/business/startup/dailyhunt-and-josh-parent-verse-lays-off-150-staff-announces-company-wide-pay-cuts-9615571.html">reports</a>, the startup’s losses widened to ₹2,563 crore in FY22, even as its operating revenue grew by 46% to ₹965 crore. Backed by <keyword id="6355629" type="General" weightage="20" keywordseo="google" source="Orion">Google</keyword> and <keyword id="10387" type="General" weightage="20" keywordseo="microsoft" source="Orion">Microsoft</keyword>, the company became a unicorn after it raised $227 million from Microsoft, Sequoia, Matrix Partners India, Qatar Investment Authority and others in November 2020. Tech majors like Amazon, Meta, Twitter and Salesforce have been cutting jobs leaving thousands of techies jobless, globally. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/icici-bank-launches-digital-lending-solution-ilens-powered-by-tcs/articleshow/95849140.cms" style="">ICICI Bank launches digital lending solution iLens, powered by TCS</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/reliance-jio-users-are-reportedly-unable-to-call-and-send-messages/articleshow/95846445.cms" style="">Reliance Jio users tweet about network issues, unable to call and send messages</a>

Google, Microsoft backed VerSe Innovation sacks 150 employees, cuts pay for employees earning ₹10 lakh or more

Bengaluru, <keyword id="6904948" type="UNKNOWN" weightage="20" keywordseo="Embassy-Office-Parks-REIT">Embassy Office Parks REIT</keyword> on Tuesday announced it has successfully completed a <keyword id="10475235" type="UNKNOWN" weightage="20" keywordseo="unit-capital-raise">unit capital raise</keyword> of $501 million through an institutional placement of units. The Securities Committee of the Board of Directors of Embassy Office Parks Management Services Private Limited, Manager to <keyword id="7428315" type="COMPANY" weightage="20" keywordseo="Embassy-REIT">Embassy REIT</keyword>, approved the issuance and allotment of over 11.13 crore new units through this institutional placement in a meeting held on Tuesday, the Embassy REIT said in a regulatory filing. Trading of these units is expected to commence on or around December 24, 2020 on NSE and BSE. "The institutional placement launched on December 15, 2020 and witnessed strong demand from both existing as well as <keyword id="10475234" type="UNKNOWN" weightage="20" keywordseo="new-institutional-investors">new institutional investors</keyword>, including global and domestic investors, pension funds, insurers, and alternative asset managers," it said. Mike Holland, Chief Executive Officer of Embassy REIT said: "The strong demand for our offering amidst market uncertainties and the ongoing pandemic is a testament to the confidence in Embassy REIT's inorganic growth strategy of owning quality office assets such as <keyword id="2223053" type="PERSON" weightage="20" keywordseo="Embassy-TechVillage">Embassy TechVillage</keyword>." The placement issue price of ₹331 per unit represents a discount of 4.99% to the applicable floor price of ₹348.38 per unit calculated in accordance with applicable SEBI regulations, said the filing. Embassy REIT proposes to use the proceeds from this placement to fund its proposed acquisition of Embassy TechVillage that it announced earlier on November 17, 2020, and for general purposes. Embassy REIT is acquiring ETV from the Embassy Sponsor, members of the Blackstone group and other selling shareholders, for a total enterprise valuation of $1.3 billion, subject to closing adjustments. The transaction is expected to close by end of December 2020. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-spicejet-interglobe-aviation-tata-motors-pfizer-asian-paints-niit-lupin-and-others/articleshow/79849749.cms">Top stocks to watch – SpiceJet, InterGlobe Aviation, Tata Motors, Pfizer, Asian Paints, NIIT, Lupin, and others</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-mrs-bectors-food-specialities-ipo-allotment-status-online/articleshow/79808672.cms?upcache=2">Mrs Bectors Food Specialities IPO allotment today: Here’s how to check share allotment status</a> <a href="https://www.businessinsider.in/business/startups/news/google-microsoft-invest-in-dailyhunt-for-its-short-video-platform-josh-making-it-the-latest-unicorn-in-india/articleshow/79850804.cms">Google, Microsoft invest in DailyHunt for its short video platform Josh – making it the latest unicorn in India</a>

Embassy REIT raises over $501 million through institutional placement of units

<ul><li><keyword id="6357332" type="UNKNOWN" weightage="20" keywordseo="Gaming">Gaming</keyword> and entertainment operator <keyword id="1445940" type="PERSON" weightage="20" keywordseo="Smaaash">Smaaash</keyword> is shutting down as <keyword id="45856" type="PERSON" weightage="20" keywordseo="Malls">malls</keyword> continue to see lower footfalls due to the coronavirus pandemic.</li><li>Smaaash had been scouting for investors for a while, and had even received ‘word’ for investments, but that didn’t culminate into funding. </li><li>The gaming centre is one of the first companies with a large presence to shut shop because of the pandemic.</li></ul>Gaming and entertainment operator Smaaash is shutting down as malls continue to see lower footfalls due to the coronavirus pandemic. The popular gaming centre’s founder wrote an email to employees announcing the shutdown, reported <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/dwindling-footfalls-in-malls-leads-to-the-closure-of-gaming-centre-operator-smaaash/articleshow/78231811.cms?from=mdr">ET</a>. “I am sorry that despite my best efforts I have failed in my efforts to save the company from its premature death,” wrote the founder <keyword id="1817127" type="PERSON" weightage="20" keywordseo="Shripal-Morakhia">Shripal Morakhia</keyword>. According to reports, Morakhia had been looking for investors for the company for a long time and had even received ‘word’ for investments, which didn’t culminate into funding. Dreams Smaaash’ed Smaaash is one of the first companies with a large presence to shut their doors because of the pandemic. Smaaash had over 650,000 sq ft space in operations with over 41 gaming zones. Indian cricketer Sachin Tendulkar was the brand ambassador of the company. This is a major turn in the fortunes of a company, which in 2019 had seen its revenue cross ₹300 crore. The eight-year-old company had so far raised $82.6 million in funding. In 2018, the company was also hoping to head for an IPO. LinkedIn posts of employees suggest that the company had also stopped paying employees for months and was unable to pay further. Malls were shut for over three months due to the pandemic, putting immense pressure on retailers and mall operators. Even with the malls reopening from June, footfalls have still been in lower numbers as people are scared to venture out of their homes. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/dailyhunt-to-launch-family-of-bharat-apps-claiming-it-can-push-a-new-mobile-app-every-three-days/articleshow/78250283.cms">EXCLUSIVE: Dailyhunt is curating an entire family of 'Bharat' apps — claims it can push a new mobile app every three days</a> <a href="https://www.businessinsider.in/business/startups/news/insurancedekho-raises-its-maiden-20-million-from-parent-co-plans-to-expand-to-its-reach-in-the-real-bharat/articleshow/78250655.cms">INTERVIEW: InsuranceDekho raises its maiden $20 million from parent co – plans to expand to its reach in the ‘real Bharat’</a>

You Searched For "dailyhunt funding" and got 6 results

Dailyhunt in talks to acquire microblogging platform Koo says media report

IANS

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

Tanya Dubey

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

IANS

Google, Microsoft backed VerSe Innovation sacks 150 employees, cuts pay for employees earning ₹10 lakh or more

Vaamanaa Sethi

Embassy REIT raises over $501 million through institutional placement of units

IANS

Smaaash shuts down – founder calls it a ‘premature death’ for the company

Sanchita Dash

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