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New Delhi, The Indian Premier League (<keyword id="6354312" type="General" weightage="20" keywordseo="ipl" source="Orion">IPL</keyword>) has become a decacorn as the overall combined brand value has crossed the 10 billion dollars mark. As of now, IPL's brand value stands at 10.7 billion dollars, as compared to 8.4 billion dollars in 2022, thus registering an increase by 28%. A report by brand valuation consultancy Brand Finance said the total brand value of the IPL has surged by 433 per cent since its launch in 2008. It added that the IPL's significant growth is attributed to factors including a media rights deal amounting to 6.2 billion dollars (INR 48,390 crore), an increase in the central pool of IPL revenues, the addition of two franchise teams, and the return to full stadium attendance in 2023 after the Covid-19 pandemic. It further said five-time champions Mumbai Indians have emerged as the most valuable IPL brand at 87 million dollars, followed by fellow five-time winners Chennai Super Kings (CSK), which is now the second most valuable brand with a value of 81 million dollars. Other franchises in the top five list include two-time winners <keyword id="262945" type="General" weightage="50" keywordseo="kolkata-knight" source="Orion">Kolkata Knight</keyword> Riders (KKR) and <keyword id="6354506" type="General" weightage="50" keywordseo="royal-challengers-bangalore" source="Orion">Royal Challengers Bangalore</keyword> (RCB) at 78.6 million dollars and 69.8 million dollars, respectively. IPL 2022 winners Gujarat Titans (GT) showed a huge increase in its brand value ranking with a 38 percent growth and securing the fifth position, which is a jump from the eighth-place last year. <keyword id="13023526" type="General" weightage="50" keywordseo="lucknow-super-giants" source="Orion">Lucknow Super Giants</keyword> (LSG) are at the eighth position with a brand value of 47 million dollars and is now the fastest-growing IPL brand, up by 48 percent. The report added that despite starting with a relatively lower base, LSG has made substantial strides in the valuation landscape. IPL franchises are also continuing to expand their global presence, as the franchise leagues ecosystem is estimated to have a brand value of 1 billion dollars, extending their visibility in the year. Teams like Mumbai, Delhi, Chennai, Lucknow, Sunrisers Hyderabad and Rajasthan Royals are into various franchise T20 leagues. "IPL 2023 is paving the way for a global T20 business ecosystem as more and more franchise owners will be taking their brand of cricket to newer potential markets in the Middle East, USA, Asia-Pacific. Franchise owners are now seeing a year-long commitment from players for various leagues played globally," said Ajimon Francis, Managing Director, Brand Finance India.

Not a six, IPL hits a ten as it turns into a decacorn

<ul class="summary-list"><li>Amir Khan is a deep tech investor who's known about ChatGPT for 10 years.</li><li>He lists three startups he wishes he had invested in years ago. </li></ul>As a venture capitalist in the deep tech sector and the managing partner at MARL Accelerator, I've reviewed over 5,000 early-stage companies and have been exposed to the latest technological advancements over the past few years.With the way technology is advancing, things that exist now were once science fiction in the 80s and 90s. These technologies will continue to shape our world and enhance our lives in ways that we can't yet fathom.<div type="image" title="Amir Khan with arms crossed" height="600" width="800" msid="99907606" hostid="261"></div>By 2030, I think there will be a significant increase in the development of artificial intelligence (AI) and machine learning (ML) technologies in the commercial sector.One of the most notable advancements is the rise of Natural Language Processing technologies such as OpenAI's <a href="https://openai.com/blog/chatgpt/" target="_blank" rel="noopener">ChatGPT</a> and Google's <a href="https://blog.google/technology/ai/bard-google-ai-search-updates/" target="_blank" rel="noopener">BARD</a>, which I have been following for almost 10 years.There are a few startups at the forefront of technology in their respective sectors that I believe have the potential to be the decacorns — a company valued over $100 billion — of this decade. I'm not invested in any of these. I missed the boat, but if I had the cash years ago, I would've invested.<h2>1. Owkin </h2>A health tech startup called <a href="https://owkin.com/" target="_blank" rel="noopener">Owkin</a>, based in Paris, France, is working to build an AI model in partnership with top academic researchers and data scientists. By studying millions of patients' data, they hope to find patterns in disease diagnosis and develop new treatments tailored to each patient's genetic makeup.Because we rely on human doctors, there's a risk of misdiagnosis and mistreatment. This issue is near and dear to me because I have been misdiagnosed many times — and I'm not alone. According to <a href="https://www.leapfroggroup.org/news-events/preventing-patient-harm-and-death-diagnostic-errors-new-leapfrog-report-identifies-29" target="_blank" rel="noopener">The Leapfrog Group</a>, a national watchdog organization focused on healthcare safety, diagnostic errors contribute to 40,000 - 80,000 deaths per year in the US, and over 250,000 Americans experience a diagnostic error in hospitals. Owkin started working on healthcare diagnostics in the mid-2000s, and they're ahead of the pack even though there is substantial research in this area.The development of new technology, like Owkin's platform for medical research, can have downsides as well as benefits. For one, Owkin's platform may be affected by data bias, meaning the models created may be biased or incomplete, despite their efforts to use diverse data.Additionally, only a limited number of researchers and institutions have access to Owkin's platform, which could be costly, and regulatory and ethical challenges need to be addressed to ensure data privacy, security, and compliance. Owkin will need to operate transparently and ethically to address concerns related to patient consent and transparency while navigating complex regulations.<h2>2. Motional</h2>Motional is a Boston-based autonomous tech startup that is gaining traction by successfully running the world's first robotaxi pilot program. Motional has <a href="https://motional.com/news/safety-driver-motional" target="_blank" rel="noopener">completed over 100,000 self-driving rides without any accidents</a> as of 2021.This success has excited Uber, leading to the announcement of a <a href="https://motional.com/news/motional-and-uber-announce-industry-leading-multimarket-commercial-agreement-autonomous-ride" target="_blank" rel="noopener">10-year commercial partnership</a> between the two companies to launch their public full self-driving robotaxi service in Las Vegas, NV. This service follows the successful launch of autonomous deliveries with Uber Eats in Greater Los Angeles.I grew up in India, and self-driving seemed like a dream. If you've seen the old Batman movies, you would know self-driving vehicles were promised to us in the early 2000s. Even today, we're not quite there yet — the technology isn't fully developed. And I think the reason for that is that the car itself doesn't have enough processing power. But I think the evolution of 5G technology may change that. Motional is already performing successfully and securing partnerships. They have changed the game in commercialization. As amazing as Motional sounds, there are some concerns that need to be addressed before the technology can be widely adopted. Safety is one of the biggest concerns, although Motional's technology has been shown to be safe in testing. Driverless vehicles are also vulnerable to cyberattacks. Cost is another concern, as Motional's vehicles are currently expensive to produce and not yet affordable for most people. Lastly, there are ethical concerns, such as who is responsible if a driverless vehicle causes an accident. While Motional has a lot of potential, these shortcomings need to be addressed before the technology can be widely adopted.<h2>3. Nexar</h2><a href="https://data.getnexar.com/" target="_blank" rel="noopener">Nexar</a>, a New York-based startup, is also a company working to realize our self-driving car dreams. It is a leader in the dash cam market and has the vision of creating the world's first "safe driving network." They plan to build a hive mind by connecting all the dash cams already on the road to provide a single source of truth for events that occur on the road. So the car can see what the car in front of me is seeing, what the car behind me is seeing in a "hive mind." The car network sensors simultaneously plug into a cloud sending data and receiving data. That is why Nexar will be able to succeed in cities. like New York and San Francisco, while vehicles like the Tesla tend to freeze in these kinds of areas. The points of concern regarding Nexar's autonomous driving technology are that it is still under development and not yet fully autonomous. While Nexar's dash cams can identify dangerous situations, they cannot drive the car autonomously. The technology is expensive and may have bugs that need to be fixed. It is also important to check local regulations before using it, as its legality is not yet established in all jurisdictions.<h2>AI will change our lives in other areas too</h2>But I'm only scratching the surface of AI and Machine learning capabilities and how they will transform our lives.Their impact will go far beyond the healthcare and transportation sectors. For example, we are facing a huge climate crisis, and AI could be our last hope to reverse the effects of climate change. Amir Khan is the founder and managing director of MARL 5G Accelerator. MARL 5G focuses on creating and connecting early-stage investors, startup founders, and corporate venture teams in the space of mobility, autonomy, robotics and logistics.

A deep tech investor predicts these 3 AI startups will become the decacorns of this decade with valuations of over $100 billion

<div class="KonaFilter image-container display-table float_right click-to-enlarge"><div><div class="image on-image"><a title_source="REUTERS/Mike Blake" title_caption="Snapchat is officially a " decacorn="" class="zoomin" href="https://static-ssl.businessinsider.com/image/54ea3fafecad04883a4c44c2-960/unicorn-10.jpg"></a>REUTERS/Mike BlakeSnapchat is officially a "decacorn"</div></div></div>"<a href="http://techcrunch.com/2013/11/02/welcome-to-the-unicorn-club/">Unicorn</a>" is a now-popular term that's used to describe tech startups worth $1 billion. They're known for being magical and rare.Now, however, unicorns are abundant in Silicon Valley. There are so many companies with sky-high valuations of $10 billion or more that the industry has come up with a whole new name to describe them. <a href="http://www.bloomberg.com/news/articles/2015-03-17/the-fuzzy-insane-math-that-s-creating-so-many-billion-dollar-tech-companies">Bloomberg Business </a>has christened these companies "decacorns." "In 2013, there were 38 unicorns across all tech sectors; in 2014, there were 68 in mobile Internet alone," <a href="http://www.businessinsider.com/mobile-tech-unicorns-double-in-a-year-digi-capital-2015-2">according to a recent study</a>. Of those 68, there's a growing slew of decacorns including Airbnb, Dropbox, Pinterest, Snapchat, Uber, Flipkart. Uber's latest funding round values it at around $40 billion. "It's a made-up word based on a creature that doesn't exist," Bloomberg's Sarah Frier and Eric Newcomer write. The rest of the Bloomberg piece describes how investors and founders derive those enormous valuations through some fuzzy math. Here's the equation they came up with:Valuation = ("founders hopes and dreams" times "how fast a company's actually growing") - ("downside protection" times "investor 'fear of missing out'') Even as valuations climb, there's some healthy skepticism. At Austin's South by Southwest conference last Sunday, famed investor<a href="http://www.businessinsider.com/bill-gurley-sxsw-talk-on-dead-unicorns-2015-3"> Bill Gurley said he expects to see some "dead unicorns"</a> this year. Another investor, Todd Dagres, made his opinion's clear to Bloomberg:"If you wake up in a <a href="http://www.bloomberg.com/news/articles/2015-03-05/this-venture-capitalist-is-willing-to-say-we-re-in-a-tech-bubble">room full of unicorns</a>, you are dreaming," he said. Check out the <a href="http://www.businessinsider.com/startups-valued-at-more-than-10-billion-2015-2">full list of decacorns, or $10 billion+ tech startups, here.</a> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/iphone-headphones-tricks-2015-2">14 things you didn't know your iPhone headphones could do</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="o2OGM3czpWcydnvhjbkDBd6feXPuExiD" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

There are so many $10 billion startups that there's a new name for them: 'decacorns'

<ul><li>The <keyword id="11924074" type="General" weightage="20" keywordseo="shark-tank-india" source="Orion">Shark Tank India</keyword> judge says gatekeepers of the app ecosystem – Apple and <keyword id="19902762" type="General" weightage="20" keywordseo="google" source="keywords">Google</keyword> – are the new East India Company and they operate with complete arrogance and impunity.</li><li>Just as startup founders are coming under pressure, venture capitalists and auditors too need to be held accountable for their behaviour.</li><li><keyword id="20225195" type="General" weightage="20" keywordseo="shark-tank" source="keywords">Shark Tank</keyword> India has become a catalyst for driving entrepreneurship and giving it legitimacy. </li></ul> <keyword id="127971" type="General" weightage="100" keywordseo="anupam-mittal" source="Orion">Anupam Mittal</keyword> is India’s original internet entrepreneur, who is the founder and CEO of People Group. Way before platform economy became a buzzword, Mittal built a platform for Indians seeking life partners. And even today one million Indians find their partners on shaadi.com every year. Call him the OG of startups or a serial entrepreneur, he is a man who does not mince words. In a free wheeling chat with Business Insider’s Malini Bhupta, Mittal talks about unfair trade practices of Google, his investment in Ola’s Bhavish Aggarwal and what he thinks is the biggest achievement of Shark Tank India. Edited Excerpts: With some high profile startups like Paytm and Byju’s coming under lens, what do you think is wrong with the startup ecosystem? I think the Paytm issue is a little different. There are two issues there in my view – one is valuation. The company came out with its IPO at the height of the unicorn boom and as a result, their valuation was corrected when the pvt. market corrected. This is part of the pricing game and one can hardly blame them for it. Eventually, they would have grown into their valuation is what I believe. However, the second issue which is regulatory in nature is far more serious. Whether it is justified or not I don’t know. I think there is a little heavy-handedness here as what you are talking about is a payments bank KYC stuff being the reason to shut them down, which could be seen as over-reach since they are not a significantly important lending institution. Talking about what is wrong with India’s ecosystem and why founders are behaving badly is a common issue that occurs when there are high levels of greed. When there is massive liquidity in the system people think they can take advantage of the situation. In the US you have seen Theranos, crypto frauds and an industry that was created around SPACs. Billions of dollars have been lost on that. What is happening in India is a small reflection of that. Greed manifests in two ways – one is the founders who are ambitious who see the ecosystem celebrating unicorns and that gets weaponised. Over time a few start with minor refractions and very soon they start fabricating revenues and manipulating auditors to keep up with the image that has been created. They are riding tigers they can't get off. The venture capitalists too want to see their investments being marked up as their future fund raises depend on the portfolio's net asset value and so they play along and at times actually drive the founders at a velocity that is unsustainable. I think they need to be held accountable by their LPs. Auditors have a very important role here and are perhaps the ones who need to pay the highest price through government censures. They are market participants who have been entrusted with a certain job for which they get paid hefty fees. When they start looking the other way, the system breaks. You have been waging a pitched battle against the unfair trade practices of Big Tech companies in India. What, in your view, are the steps that need to be taken by the government to prevent such unfair practices by large global players? Fundamentally the experience of the internet is through apps – two companies control the entire app ecosystem Google and Apple. Both operate with complete impunity. Two years ago the CCI passed an order against Google around <keyword id="963171" type="General" weightage="20" keywordseo="google-play" source="Orion">Google Play</keyword> Billing System (GPBS). Now they have changed the name to User Choice Billing. If you look at the order CCI says there will be no discrimination at all. Being on the App Store means nothing unless you advertise on Play Store. Startups spend anywhere between 10-50% of revenue on advertising on these platforms already. Essentially, the app store is worth nothing if you don’t have content. What choice does a company have but to adhere to their unfair practices… Now they say that any transaction that happens on apps downloaded via the store will be subject to 15-30% tax/commissions. What this means is that they want 50% of the revenues of the startups. It is the new East India Company and they operate with complete arrogance and impunity. The problem is in getting these companies to comply. Their strategy is to stretch out the legal process and tire the system. Our government and regulators have the right intent but sometimes democracies are messy. As a government, we have to ensure that nobody becomes the gatekeeper to our economy which is what these companies are trying to do. There should be penal provisions for anybody who abuses the law or twists and turns it while violating the very spirit of it. Non-compliance with judicial orders is contempt of court and so there is an opportunity to send a very strong message. These bullies need one arm chopped off in the form of penalties, a rap on the knuckles will not work as they are too big to care about a couple of hundred million in penalties. What is the biggest achievement of Shark Tank, which has now become a huge hit in India? In life timing is everything. Shark Tank’s first season was in December 2021, which was the peak of the startup hype cycle, and it demystified the whole conversation around startups and funding. Shark Tank has become a catalyst for driving entrepreneurship and giving it legitimacy. India is a land of entrepreneurs with every second person running some small business, many from home. A decade ago, if you told someone you are an entrepreneur, you would be told to come back when you get serious. The show has played an amazing role in celebrating entrepreneurship and the startup ecosystem. A lot of companies have done very well. About 8-10 companies that got funded in Shark Tank are doing very well out of 180 companies that came to the show. This is an early stage game and will play out the same way. When you invest in 100 early stage companies, 4-5 will do very well and help recover the investments and some will become very big. A majority will fail. What I found amazing was that the companies that came to the show were not the elites who came from IIT or IIM. These are small businesses founded by housewives and family members. Entrepreneurship is not the reserve of the few. The next decade will be defined by Indian entrepreneurs globally and so there is no better time to be an entrepreneur than now. Shark Tank has put belief in every Indian that they can do it and that changes the game. Many of the founders that come to Shark Tank can do even better than the founders who have come from an IIT or an IIM. I believe that these people understand commerce and ‘dhandha’. The elitist founders are used to being served everything on a platter. Many professionals who come out of large companies or consulting firms cannot start without large funding. Out of the 100 unicorns we have, many will spectacularly fail in 2024 as they were built on the wrong foundations. These companies were built on a template of Ivy League founders and old school networks and so they got funded. Of the businesses that come to Shark Tank, what sectors can do well and stand a better chance of being funded? Indians now have the same aspirations as people in other parts of the world. Anybody who comes in and can bridge the gap between aspiration and affordability will do well especially in lifestyle. For example - Companies in the clothing and jewellery space will do well if they can deliver high aspiration at a value pricing. Last year a company called Snitch came with a revenue of Rs 60 crore and is now doing Rs 250 crore in sales. A company called Skippy, which makes ice pops was funded on Shark Tank too and has a run rate of Rs 50 crore from a few lakhs before ST. I funded a company called Sharmaji Ka Atta which has a revenue run rate of Rs 20 lakh a month in less than 12 months from less than 1 lakh. Another one called Whatsapp Wellness just got funded by HUL. Fundamentally, companies that can build premium products but don’t break the bank on affordability in categories like fashion, lifestyle and food will do well. People read labels now and the young generation is focused on what they are eating. Beauty and wellness products will do well as a secular trend for most of our history Lakme meant beauty, that’s how unbranded we were. Do you feel Shaadi.com is still relevant after Tinder and other dating apps came about? Let’s understand why Tinder is used, it is for hookups and is struggling to grow its revenue in India. Shaadi.com is not an arranged marriage platform. Shaadi.com is a planned marriage platform. Indian culture has four stages of life and marriage is one of the life stages. When you are planning to marry you look for compatibility and it is not about a chemical reaction. On Shaadi.com the family and parents collaborate to find a partner. The old community networks are now dying and we replace those networks. We are bringing together people in the same life stage to find a like-minded partner. The hook-up sites don’t do that and don't understand the Indian ethos. They are applying the same global model to India which does not work beyond a certain point. You were the original internet entrepreneur with a disruptive product. Why did you not create a large business that went on to become a decacorn or a unicorn? It depends on how you define success. If the definition is labels such as decacorn and unicorn, then that's not the game we are playing. Those are vanity labels that I would rather not pursue. Our definition of success is value creation and we are long-term compounders, much like Berkshire &amp; LVMH, so in a sense our ‘overnight’ success story is still waiting to become obvious to the world. From that lens, our ROCE is perhaps the best in the industry we have only ever raised about $20 mn but created several billion in value between our operated and invested cos. Our investee companies employ thousands, have raised over $20 bn and will go on to create $100 bn in value over time, in the bargain generating tremendous wealth for the country and hopefully for us too. We boast an IRR of 52% consistently for more than a decade which is extraordinary by any standards and a testament to our approach and story. Many people build businesses but we were fortunate to create entire industries such as online matchmaking via Shaadi.com, which we still run; proptech company Makaan.com which we sold to NewsCorp very handsomely; India’s first &amp; still the largest digital ad agency, Interactive Avenues, which we sold to IPG at a benchmark price that is yet to be crossed; India’s first mobile gaming company, Mauj Mobile which spawned a massive industry. So, whether it is our customers, employees, shareholders, the country or society at large, I think we have already impacted 10s of millions and while we don’t have a market listed entity like Jio or TCS to show for it, we have delivered massive national and global level impact. Keep in mind that we are most often the first to check into investee cost and every company we have founded has been the first in its industry. Our innovations have generated billions of dollars in wealth and given rise to innumerable founders and entrepreneurs who have learnt at our companies and gone on to build massive companies of their own. Further, I am still very young and the Indian opportunity is only now unfolding. In the next couple of years, you will see some of our other bets in space exploration, mobility real edtech, &amp; sustainable fintech come into the limelight besides something very special we are building on our own. So, in short, I still remain the OG and if you force me to use your labels we have birthed not one or two but several Unicorns &amp; Decacorns and that too with very limited capital. It is perhaps one of the most spectacular untold stories of value creation in the digital economy. Ola is one company that is headed for an IPO and you own 2% in the company. How did that happen? When we invested in Ola, there was not much of a concept of venture funding and the company did not have any suitors so we were able to get in at a very attractive valuation and hold an extremely healthy minority stake which obviously has been diluted over time. I think the network effects are so large that it is hard for others to get into it. I am still a shareholder and looking forward to the initial public offering. I invested in 2012 and when I met Bhavish first, I did not understand the problem he was solving as I live in Mumbai where cabs are available. So I did not think there was a problem. A few days later when I was in Delhi and needed a cab, I was told that they would call a taxi stand. After I came back from Delhi, I realised there was a problem everywhere. And I used to call the call centre and Bhavish used to answer the call centre, which showed me his commitment and reminded me of myself when I had started and so I invested.

Anupam Mittal hits out at Google — 'Tech bullies need one arm chopped off in the form of penalties'

New Delhi, Ed-tech titan <keyword id="3320944" type="General" weightage="20" keywordseo="Byjus" source="Orion">Byjus</keyword> is looking to sell its overseas ventures Epic and Great Learning to pay back its entire USD 1.2 billion (Rs 9,956 crore) loan to lenders, a source familiar with the matter said. The ed-tech decacorn has been in discussions with the lenders and has made a proposal to clear its Term B loan, the source said. Byju's hopes to garner between USD 800 million to USD 1 billion from the sale of Epic, the US-based kids learning firm, and Great Learning - the upskilling platform. The firm is also working on raising fresh capital from equity sales, and is working with bankers for the sale of the aforementioned key assets to strategic investors -- which has also garnered interest, the source said. An email sent to the ed-tech platform for comments remained unanswered. India's most-valued startup is hoping to repay the entire USD 1.2 billion term loan B (TLB) in under six months. Of this, it is proposing to repay USD 300 million in the next three months. Lenders have not yet responded to the proposal. Byju's in November 2021 raised USD 1.2 billion in debt through a term loan facility (TLB) from a group of overseas investors. A TLB is a type of senior secured syndicated credit facility that is issued by global institutional investors. Typically, the proceeds from a TLB are used to either refinance an existing debt or to make overseas acquisitions in order to enhance a company's offerings. Byju's had acquired Aakash USD 950 million in 2021. In July this year, the steering committee of ad hoc term loan lenders is reported to have agreed to amend the USD 1.2 billion term loan. The development comes after the company formed an advisory council with ex-Infosys CFO Mohandas Pai and Bharatpe Chairman and former SBI chief Rajnish Kumar after the exit of investors G V Ravishankar of Sequoia Capital (now Peak XV Partners), Vivian Wu of Chan Zuckerberg Initiative and Russell Dreisenstock of Prosus. Byjus had acquired Epic in a USD 500 million cash-and-stock deal in May 2022.

Byjus proposes sale of overseas units to repay $ 1.2 billion loan

Decacorn fintech firm <keyword id="6357886" type="General" weightage="100" keywordseo="phonepe" source="Orion">PhonePe</keyword> has received an additional USD 100 million from <keyword id="6375561" type="General" weightage="80" keywordseo="general-atlantic" source="Orion">General Atlantic</keyword> during its ongoing fundraise round of USD 1 billion at a pre-money valuation of USD 12 billion, the company said on Wednesday. With this fresh funding, the <keyword id="80487" type="General" weightage="50" keywordseo="walmart" source="Orion">Walmart</keyword> group firm has raised USD 750 million till date. "PhonePe confirms a USD 100 million additional tranche of investment from General <keyword id="44121" type="General" weightage="80" keywordseo="atlantic" source="Orion">Atlantic</keyword>, a leading global growth equity firm, and its co-investors as part of our ongoing fundraise. General Atlantic initially invested USD 350 million in PhonePe in January 2023," PhonePe said in a statement. General Atlantic has invested USD 450 million in the ongoing fundraise, Ribbit Capital, <keyword id="526777" type="General" weightage="50" keywordseo="tiger-global" source="Orion">Tiger Global</keyword> and TVS Capital Funds USD 100 million and Walmart has infused USD 200 million in the company. PhonePe plans to deploy these funds to build and scale new businesses like insurance, wealth management, lending, stockbroking, ONDC-based shopping and account aggregators. The fundraise will also help PhonePe turbo-charge the next wave of growth for UPI payments in India, including UPI lite and Credit on UPI. Recently the company also announced its foray into hyperlocal e-commerce through new platform Pincode. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/markets-extend-rally-to-the-eight-consecutive-day-led-by-it-healthcare-and-auto-stocks/articleshow/99434724.cms">Markets extend rally to the eight consecutive day, led by IT, healthcare and auto stocks</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/how-omicron-sub-variants-escape-our-bodys-immune-system/articleshow/99433429.cms">How Omicron sub-variants escape our body's immune system</a>

PhonePe gets additional USD 100 million fund from General Atlantic

<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

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>

You Searched For "decacorn" and got 8 results

Not a six, IPL hits a ten as it turns into a decacorn

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A deep tech investor predicts these 3 AI startups will become the decacorns of this decade with valuations of over $100 billion

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Byjus proposes sale of overseas units to repay $ 1.2 billion loan

PTI

PhonePe gets additional USD 100 million fund from General Atlantic

PTI

Swiggy is now valued more than Zomato

Dearton Thomas Hector

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

IANS

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