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Another <keyword id="1464841" type="General" weightage="80" keywordseo="edtech" source="Orion">edtech</keyword> startup <keyword id="4248184" type="General" weightage="100" keywordseo="udayy" source="Orion">Udayy</keyword>, backed by <keyword id="80004" type="General" weightage="50" keywordseo="info-edge" source="Orion">Info Edge</keyword>, has shut shop, laying off all 100 employees as schools, colleges and physical tuition centres reopen. Udayy's co-founder <keyword id="6553566" type="General" weightage="50" keywordseo="saumya-yadav" source="Orion">Saumya Yadav</keyword> said that the startup was witnessing the post-pandemic world for the first time as "as the kids went back to school, we faced roadblocks in growing the original model of online, live learning". "After a lot of deliberation, we decided that it's better to shut down the business than to spend more time and capital on it,a Yadav said. The development was first reported by startup news coverage portal Entrackr. The startup has paid employees severance packages and helped them find new jobs. "We are returning the remaining capital, around $8.5 million back to our investors," Yadav was quoted as saying in media reports. The live-learning platform catered to students from Grades 1 to 5. The platform raised $2.5 million in a seed funding round led by Alpha Wave Incubation (AWI), managed by <keyword id="4675626" type="General" weightage="50" keywordseo="falcon-edge-capital" source="Orion">Falcon Edge Capital</keyword> and <keyword id="12772224" type="General" weightage="50" keywordseo="infoedge-ventures" source="Orion">InfoEdge Ventures</keyword>. Udayy is the second edtech startup after Lido Learning to completely shut operations. Led by the edtech platforms, over 8,000 start-up employees have been recently hit by layoffs In India. This includes more than 1,000 employees at WhiteHat Jr, over 600 at Unacademy, over 424 at Vedantu and over 150 at Lido Learning. Another edtech firm FrontRow laid off nearly 150 full-time and contractual employees earlier this week. The Bengaluru-based non-academic upskilling startup fired almost 30 per cent of its workforce, owing to fund crunch and the market downturn. Apart from edtech firms, startups that have laid off employees in the past few months include social commerce platforms Trell (more than 300) and Meesho (150), used cars platform Cars24 (More than 600) and digital health platform Mfine (more than 500), among others.

Edtech startup 'Udayy' lays off all 100 employees as schools, and colleges physically reopen

<ul><li>Eyewear unicorn <keyword id="1518229" type="General" weightage="100" keywordseo="lenskart" source="Orion">Lenskart</keyword> has signed a definitive agreement with <keyword id="126284" type="General" weightage="80" keywordseo="abu-dhabi-investment-authority" source="Orion">Abu Dhabi Investment Authority</keyword> (ADIA).</li><li>Abu Dhabi Investment Authority invests $500 mn.</li></ul><keyword id="2552077" type="General" weightage="50" keywordseo="omnichannel" source="Orion">Omnichannel</keyword> eyewear unicorn Lenskart has signed a definitive agreement with Abu Dhabi Investment Authority (ADIA) to raise $500 million from the authority. The investment is an extension to last year's funding round, helping Lenskart maintain its $4.5 billion valuation. The company said that the capital will be deployed to deepen its presence in Asia and the Middle East. ADIA's investment includes some secondary purchase of shares from some early backers of Lenskart. The eyewear company has so far raised $1.5 billion in primary and secondary rounds, according to reports. Founded in 2010, Lenskart ships over 10 million pairs of eyewear every year and has over 20 million app downloads, 300 home eye test representatives as well as over 1,100 stores across India, Singapore, and Dubai, the company said last year. Lenskart is backed by <keyword id="4675626" type="General" weightage="50" keywordseo="falcon-edge-capital" source="Orion">Falcon Edge Capital</keyword>, <keyword id="163404" type="General" weightage="50" keywordseo="softbank" source="Orion">SoftBank</keyword>, KKR, Temasek, Premji Invest and Kedaara Capital, among others. In June last year, the eyewear unicorn took a majority stake in Japanese eyewear brand Owndays in a deal that was reportedly around $400 million. This took the merged firm to reach 13 markets in Asia including India, Singapore, Thailand, Taiwan, Philippines, Indonesia, Malaysia and Japan. The company said it will continue its rapid expansion in India and South East Asia to serve the mass to mid-premium segments. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/innovative-ai-powered-applications-and-websites-that-are-revolutionizing-the-way-we-live-and-work/articleshow/98607475.cms">Innovative AI-powered applications and websites that are revolutionizing the way we live and work</a> <a href="https://www.businessinsider.in/tech/news/apples-airpods-to-offer-health-tracking-features-in-future-releases/articleshow/98624577.cms">Apple's AirPods to offer health tracking features in future releases</a>

Abu Dhabi Investment Authority invests $500 mn in eyewear unicorn Lenskart

<keyword id="3590566" type="UNKNOWN" weightage="20" keywordseo="RNT-Capital">RNT Capital</keyword> Advisers, a venture fund set up by <a href="http://www.businessinsider.in/searchresult.cms?query=ratan+tata&amp;sortorder=effectivedate">Ratan Tata</a>, is likely to lead an investment round of $100 million, or Rs 650 crore in India’s top ride hailing app <a href="http://www.businessinsider.in/searchresult.cms?query=ola&amp;sortorder=effectivedate">Ola</a>. 
 
Tata may invest $60 million, while rest will be invested by New York-based hedge fund <a href="http://www.businessinsider.in/searchresult.cms?query=falcon+edge+capital&amp;sortorder=effectivedate">Falcon Edge Capital</a>. Besides, <keyword id="6354720" type="PERSON" weightage="20" keywordseo="Ola">Ola</keyword> is also in talks with other investors and looking get funding of $200 million. 
 
If the deal goes through, Ola's valuation will rise to $3.5 billion. 
 
"This new $100 million commitment (will happen) at a higher valuation,” ET quoted sources as saying. 
 <keyword id="6360722" type="PERSON" weightage="100" keywordseo="ratan-tata">Ratan Tata</keyword> has invested in 30 startups earlier in his personal capacity and this Ola’s investment will be the first major transaction by RNT Capital. RNT Capital has set up a $250-million corpus with University of California Investments (UC Investments) to invest in Indian companies. UC Investments manages a corpus of $100 billion across endowment and pension funds, and announced the venture with Tata in February 2016. 
 
Ola is also planning to work with the Indian Government and introduce electric vehicles in the top cities in the next three months. 
 
ET quoted analysts and employees at Ola, saying Ola clocked about six million weekly rides on an average between September and December 2016, across all its offerings-cabs, auto rickshaws and shuttle buses. “The major source of revenues for both Ola and Uber-around 70-75% - comes from their economy services including Ola Micro, Mini and UberGo,” analysts told ET. 
 
Ola is leaving no stone unturned to fight out the increasing pressure from <a href="http://www.businessinsider.in/searchresult.cms?query=uber&amp;sortorder=effectivedate">Uber</a>. 
 "Since <keyword id="1042120" type="PERSON" weightage="20" keywordseo="Uber">Uber</keyword> has been operational for 2-3 years, investors will start asking questions related to profitability,” an analyst tracking the space told ET on the condition of anonymity.

Ratan Tata likely to lead $100 million funding round in Ola; valuation may touch $3.5 billion

Eyewear retailer <keyword id="1518229" type="PERSON" weightage="20" keywordseo="Lenskart">Lenskart</keyword> on Monday announced it has raised $220 million in fresh funding led by Temasek and <keyword id="4675626" type="PERSON" weightage="20" keywordseo="Falcon-Edge-Capital">Falcon Edge Capital</keyword>, taking its valuation to nearly $2.5 billion. The company recently raised $95 million from <keyword id="2527060" type="PERSON" weightage="20" keywordseo="Global-Investment-Fund">global investment fund</keyword> <keyword id="6354544" type="UNKNOWN" weightage="20" keywordseo="kkr">KKR</keyword>, taking the total transaction size to $315 million to date. The current round also saw participation from Bay Capital and <keyword id="6947922" type="UNKNOWN" weightage="20" keywordseo="chiratae">Chiratae</keyword>, the company said in a statement. "We're already the largest eyewear player in India and in the top 3 in Singapore. Lenskart envisions to have 50 per cent of India wearing its specs over the next five years and become the #1 eyewear platform in Southeast Asia and Middle East over the next 18 to 24 months through organic and inorganic expansion," Founder and CEO Peyush Bansal said. The company said that fresh funds will help it expand its presence in India as well as scaling its growing operations in Southeast Asia and Middle East. "Lenskart has built a world-class fully backward-integrated omnichannel eyewear retail experience with extreme customer centricity," Falcon Edge Capital co-Founder and <keyword id="11674262" type="UNKNOWN" weightage="20" keywordseo="partner-navroz-udwadia">Partner Navroz Udwadia</keyword> said. The market opportunity for Lenskart in target geographies is expected to be over $15 billion by 2025. Along with the expansion, Lenskart is also planning to use the capital to deepen its investments in technology and AI-driven innovations to create a personalised experience for its customers. Founded in 2010, Lenskart is currently serving over seven million customers annually through its <keyword id="2535292" type="PERSON" weightage="20" keywordseo="Omni-channel">omni-channel</keyword> shopping experience with more than 750 omni-channel stores in 175 cities. In 2019, Lenskart expanded to Singapore -- marking its foray into Southeast Asia -- where it is now a key service provider for opticals. In May, Lenskart and KKR, a global investment firm, announced the signing of definitive agreements under which KKR invested $95 million in Lenskart via a secondary stake acquisition. SEE ALSO - <a href="https://www.businessinsider.in/tech/mobile/news/apple-could-finally-bring-the-always-on-display-feature-on-the-iphone-13/articleshow/84542970.cms">Apple could finally bring the always-on display feature on the iPhone 13</a> <a href="https://www.businessinsider.in/stock-market/news/g-r-infraprojects-ipo-makes-a-strong-listing-on-exchanges-with-over-100-premium-shares-open-at-1700/articleshow/84542747.cms">G R Infraprojects IPO makes a strong listing on exchanges with over 100% premium, shares open at ₹1700</a>

Lenskart raises $220 million to launch in Middle East, Southeast Asia

New Delhi, Dec 10 () Co-living operator Stanza Living has raised USD 5.7 million (around Rs 40 crore) from venture debt fund Alteria Capital to fund its expansion plan and future growth.
 Alteria Capital, had earlier invested USD 4.3 million (Rs 30 crore) in Stanza Living, taking the total debt infusion to USD 10 million (Rs 70 crore).
 Founded in 2017, Stanza Living has so far raised USD 70 million from investors like Falcon Edge Capital, Sequoia Capital, Accel, Matrix Partners and Alteria Capital.
 "The capital infusion will enable us to further increase the pace of our strategic growth across markets through organic and inorganic measures," said Anindya Dutta, Managing Director and Co-Founder, Stanza Living.
 Stanza Living has an inventory of more than 47,500 beds across cities like Delhi-NCR, Bengaluru, Pune, Hyderabad, Chennai, Coimbatore, Indore, Vadodra and Dehradun.
 Sandeep Dalmia, MD and co-founder, said the company has scaled up its business significantly in last few years and would continue deepening access to consumers across the country.
 "Through this partnership, we are together working on creating financing and funding structures that will set a new precedent for the industry in India," said Ajay Hattangdi, Managing Partner, Alteria Capital.
 Co-working and co-living segments have gained momentum in India on rising demand for shared office as well as accommodation space.
 In its study, News Corp and Softbank-backed realty portal PropTiger has termed the co-living space as "real estate goldmine" and said that this segment has potential to become USD 93 billion market annually on rising demand from students and professionals. MJH DRR

Stanza Living raises Rs 40-cr from Alteria Capital

<keyword id="6354720" type="PERSON" weightage="20" keywordseo="Ola">Ola</keyword> is continuing talks with several investors to raise funds and recently it picked up around $50m from a New York-based hedge fund. India's largest taxi aggregator Ola raised funds from hedge fund Tekne Capital Management, and the funding is expected to take Ola’s valuation to over $3 billion. The latest round comes after Ratan Tata's RNT Capital Advisors and US hedge fund Falcon Edge infused money in the startup. "Ola continues to be in talks with various investors, including Coatue Management for this round," a source familiar with the development told ET. As per reports, Ola’s market share in India will be around 65%, with Uber holding the rest. Ola is going aggressive in the country and is working on several projects, including introducing electric vehicles in cities. The latest funding also comes after Uber is embroiled in a cultural row. Uber has also been slapped with an intellectual property lawsuit from Google's parent Alphabet-owned Waymo.

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Edtech startup 'Udayy' lays off all 100 employees as schools, and colleges physically reopen

IANS

Abu Dhabi Investment Authority invests $500 mn in eyewear unicorn Lenskart

IANS

Ratan Tata likely to lead $100 million funding round in Ola; valuation may touch $3.5 billion

BI India Bureau

Lenskart raises $220 million to launch in Middle East, Southeast Asia

IANS

Stanza Living raises Rs 40-cr from Alteria Capital

PTI

Ola raises nearly $50 million from New York-based hedge fund; valuation to go over $3 billion

BI India Bureau

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