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<ul><li><keyword id="2933867" type="General" weightage="20" keywordseo="leadsquared" source="Orion">LeadSquared</keyword> has raised $153 million from WestBridge Capital in a Series C round.</li><li>It is the sixth Indian unicorn this year and sixteenth startup to do so overall.</li><li>The company now plans to expand to the Middle East, Africa and Europe.</li></ul>Bengaluru-based sales automation startup LeadSquared is the latest software-as-a-service (SaaS) company to enter the unicorn club. The company raised $153 million from WestBridge Capital in a Series C round. A unicorn, in startup parlance, is a company valued at over a billion dollars. “With this financing, we will double down on growth investments in India and North America, start building in APAC [Asia-Pacific] and EMEA [Europe, the Middle East and Africa], add new offerings to our product portfolio, and fund acquisitions. To support our growth, we plan to double our headcount in the next 18 months,” Nilesh Patel, CEO and Founder of LeadSquared, said. LeadSquared is the sixth Indian startup to enter this elite club this year and the sixteenth startup to do so overall. The list also includes MuSigma, Druva, Icertis, Postman, Zenoti and now publicly-listed company Freshworks. Sridhar Vembu-led Zoho Corp is not a part of India’s unicorn list as the company is still bootstrapped and has not disclosed its valuation publicly. Zoho is one of the oldest SaaS companies in India and is estimated to have a higher valuation than $1 billion. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Unicorn List Entry Year </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Current Valuation </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mu Sigma </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2013 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1.5 billion+ </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Freshworks* </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2018 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$3.2 billion* </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Druva </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2019 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$2 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Icertis </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2019 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$2.8 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Postman </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2020 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$5.6 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Zenoti </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2020 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1.5 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Innovaccer </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2021 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$3.2 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ChargeBee </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2021 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$3.5 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BrowserStack </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2021 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$4 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">MindTickle </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2021 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1.2 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fractal </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">DarwinBox </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Uniphore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$2.5 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hasura </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amagi Media </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">LeadSquared </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1 billion </td></tr></tbody></table>*Freshworks is a publicly listed entity Source: Venture Intelligence LeadSquared is a sales automation platform, which helps more than 2000 organization globally to drive sales efficiency. The company — founded by Nilesh Patel, Prashant Singh, and Sudhakar Gorti in 2011 — claims to have clients from different industries like edtech, financial services, healthcare, marketplaces and more. A quick survey of its website reveals that Amity University, NIIT, Byju’s, Unacademy, Clear, Aditya Birla Capital and Angel Broking are its clients. The company has raised $188 million to date, with $32 million raised in 2020 and $3 million in 2019. Sumir Chadha, co-founder and Managing Director at WestBridge Capital said, "LeadSquared has shown a remarkable ability to scale and grow efficiently. Its core SaaS metrics are unique and best-in-class in the industry. Its focus on building an easy-to-use platform that transforms sales processes through automation delivering unparalleled efficiency has significant potential for growth in the global market.” SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/tech/enterprise/news/indias-tech-talent-pool-is-from-vizag-indore-and-warangal-thats-where-infosys-tcs-and-others-are-heading/articleshow/92351346.cms">India’s tech talent pool is from Vizag, Indore and Warangal — that’s where Infosys, TCS and others are heading</a> <a href="https://www.businessinsider.in/stock-market/news/ril-vedanta-tata-steel-yes-bank-among-stocks-to-watch-out-for-on-june-21/slidelist/92349563.cms" data-type="tilCustomLink">RIL, Vedanta, Tata Steel, Yes Bank among stocks to watch out for on June 21</a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-nord-2t-smartphone-india-pricing-and-launch-date-leaked/articleshow/92352401.cms">OnePlus Nord 2T India pricing and launch date leaked – here’s everything you need to know</a>

LeadSquared is the sixth Indian SaaS unicorn of 2022

<ul><li>Only 4 companies entered the billion dollar unicorn club in the April-June quarter of 2022.</li><li>There were 13 companies that turned unicorns in the January to March quarter of 2022.</li><li>The slowdown in the unicorn creation is directly proportional to the slowdown in funding activities.</li></ul>The ongoing funding winter has already caused a slowdown in the unicorn creation trend of India. Only four companies entered the billion dollar unicorn club in the April-June quarter of 2022, compared to 13 in the preceding January-March quarter. India had added 12 unicorns in the comparable quarter last year. A unicorn is a startup valued at over a billion dollars. About 44 startups achieved this milestone in 2021 and that number was expected to be bigger this year thanks to the optimism in the market. However, contrary to expectations, the April-June quarter saw the least number of unicorns being created since September 2020. According to business intelligence firm Tracxn, the slowdown in the creation of unicorns is directly proportional to the slowdown in funding activities in the Indian startup ecosystem. The investors have limited capital to invest in startups, which makes them even more cautious about investing in bigger rounds or cash-burning businesses. Neobanking firm Open Financial, software-as-a-service (SaaS) company LeadSquare, Nykaa competitor <keyword id="1830414" type="General" weightage="20" keywordseo="purplle" source="Orion">Purplle</keyword> and edtech company <keyword id="14134943" type="General" weightage="20" keywordseo="physicswallah" source="Orion">PhysicsWallah</keyword> were the four companies that turned unicorns in the April-June quarter of 2022. Neha Singh, co-founder of Tracxn, emphasised that the entire slowdown in funding and unicorn creation has been impacted by the dip in later-stage funding rounds. The trend of low unicorn creation and late-stage funding is likely to continue throughout this calendar year, through to the March quarter of next year if the Russia-Ukraine war didn’t cool down, Neha added. OneCard was the only unicorn of July 2022, hinting at the continued slowdown for this quarter as well. <div type="image" title="In the funding winter, only four companies turn unicorns in the June quarter" msid="93271361" hostid="261" sizebytes="127869"></div> VerSe Innovation — the parent company of Dailyhunt and Josh — raised the biggest funding round last month when it secured $805 million at a<a href="https://www.businessinsider.in/business/startups/news/josh-dailyhunt-parent-company-verse-raises-805-million-takes-valuation-to-5-billion/articleshow/90675633.cms"> valuation of $5 billion</a>. It was followed by Delhivery at $304 million, Udaan at $275 million, ShareChat at $255 million and upGrad at $225 million. The slowdown in unicorn creation is not just limited to India, it coincides with a global downturn in funding. About 85 unicorns were added globally in the April to June quarter of 2022, compared to 129 in the same quarter last year. The number stood at 110 unicorns in the January to March quarter. Meanwhile, the global startup funding in April-June quarter of 2022 dropped by 23% on a year-on-year basis to $108.5 billion. Gaurav VK Singhvi, co-founder of investment firm We Founder Circle, explained that several startups had ignored their bottomline for a long time and the investors were now putting pressure on these companies to focus on their finances and numbers. “Revenue is all good but now they are looking at profitability and long term sustenance,” he added. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/business/news/gautam-singhania-md-of-the-raymond-group-people-are-ready-to-get-dressed-go/articleshow/93269593.cms">Lockdown effect: People are ready to get dressed &amp; go says Gautam Singhania of Raymond</a> <a href="https://www.businessinsider.in/india/news/freebies-home-visits-campaigns-and-free-jabs-for-covid-booster-dose-from-many-states/articleshow/93269529.cms">Freebies, home visits, campaigns and free jabs — this is how states are encouraging people to get their booster dose</a> <a href="https://www.businessinsider.in/tech/enterprise/news/twitter-delete-millions-of-spam-accounts-a-day-to-control-trolls/articleshow/93203353.cms">We delete millions of spam accounts a day to control trolls, says Twitter</a>

In the funding winter, only four companies turn unicorns in the June quarter

<ul><li>Over 11,000 people have lost their jobs so far this year and it could increase further to 60,000.</li><li>Experts predict that the flow of capital is expected to dry for the next 18-24 months.</li><li>In spite of the stress, funds that startups raised grew by 28.6% in funding value between January to April this year, according to a report by GlobalData.</li><li>Here are few startups that are looking to expand their workforce amid layoff season.</li></ul>Startups in India are facing the brunt of a funding winter and have laid off over 11,000 people so far. It could get worse as experts predict that over <a href="https://www.businessinsider.in/business/startups/news/indian-startups-have-already-laid-off-a-little-over-11000-people-in-the-last-six-months/articleshow/92541036.cms">60,000 </a>people could lose their jobs as the flow of capital is expected to remain dry for the next 18-24 months. According to Business Insider India’s calculations, 25 startups, mostly in the ecommerce and edtech space, have resorted to retrenchments. Seven unicorns — Ola, Blinkit, Unacademy, Vedantu, Cars24 and Mobile Premier League (MPL) — were part of the firing list too. In spite of the stress, funds that startups raised grew by 28.6% in funding value between January to April this year, according to a report by GlobalData. It also said that Indian startups raised $12.1 billion till April – via 672 venture capital deals. It means, a few, if not many have the space and funds to grow. Here’s a list of startups that are looking to expand their workforce this year. 1. E-learning platform Utkarsh to hire 500 people Edtech startup Utkarsh is planning to recruit 500 employees from tier 2 and 3 cities by the end of FY23. It is focussing on hiring from Hindi-speaking states like Rajasthan, Uttar Pradesh, Haryana, Bihar and Madhya Pradesh. The company plans to hire senior leadership, educators, and expand their new sales and customer service team. 2. Unicorn LeadSquared to ramp up its employee headcount by 800 SaaS-based marketing automation company LeadSquared, which recently turned into a unicorn after raising $153 million in a series C round, said that it’s looking to double its headcount in a year and a half. This Nilesh Patel-led company will be hiring 800 people over the next few months across sales and marketing, finance, product, engineering, delivery and support functions, as cited by <a href="https://yourstory.com/2022/06/layoffs-saas-startups-hiring-india/amp">YourStory</a>. 3. HappyLocate to hire 600 people by FY23 Tech-based one-stop relocation platform HappyLocate announced its plans to hire 600 people across six departments — sales, HR, accounts, operations, marketing and tech. The company intends to hire fresh graduates from over 50 universities and experienced professionals across the country. 4. Cybersecurity startup Sequretek to strengthen its workforce to 500 Cybersecurity startup company Sequretek to increase its employee headcount from 400 to 500 people across US, Europe, and Asia. The company makes cybersecurity accessible and affordable through a combination of products, platforms and services. 5. Vivifi India to add 1,000 new employees Fintech NBFC Vivifi India Finance aims to amplify its workforce by hiring 1,000 new team members across various streams in FY22. The organization is also looking to expand its geographical territories to newer locations, including in tier 2 and 3 cities, in various states, pan-India, with the headquarters remaining in Hyderabad. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/firing-at-byjus-backed-whitehat-jr-toppr-and-others-left-2000-out-of-jobs-in-june/slidelist/92671183.cms">Firing at Byju’s backed WhiteHat Jr, Toppr and others left 2,000 out of jobs in June</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/ed-has-reportedly-raided-44-locations-of-vivo-and-related-firms-across-the-country/articleshow/92672031.cms">After Xiaomi, Vivo comes under the Enforcement Directorate’s scanner</a>

Amid the layoff season, these five startups are on a hiring spree

New Indian unicorns get rarer in 2022 as funding winter sets in

<ul><li>Overall, <keyword id="982553" type="General" weightage="20" keywordseo="indian-startups" source="Orion">Indian startups</keyword> have raised $13.3 billion between January and May 2022.</li><li>Some of these big ticket deals of May 2022 were Zepto’s $200 million round, Ather Energy’s $128 million round.</li><li>India has still managed to create more unicorns between January and May 2022 compared to the year before.</li></ul>In the middle of a heatwave in May is when the funding winter kicked off this year. May is the first month of the year when the total funds raised fell below $2 billion, according to a recent report by data analytics and consulting company GlobalData. “The decline in VC funding in May suggests that investors are increasingly becoming cautious in placing bets and startups are also realizing the impact of funding winter. In fact, May also witnessed announcement of very few big-ticket deals above and equal to $100 million,” said Aurojyoti Bose, lead analyst at GlobalData. Some of these big ticket deals included Zepto’s $200 million round, Ather Energy’s $128 million round and Absolute’s $100 million. In terms of unicorns, only one company — neobanking startup Open — saw its value rise over a billion dollars in May. Overall, Indian startups have raised $13.3 billion between January and May 2022. Indian startups are next only to Chinese counterparts in terms of VC funding value among the Asia-Pacific (APAC) countries during the last five months of 2022. <cmsannotation type="cmsannotation" annotationid="The funding winter could last for one or two years" comment="subhead" text="The funding winter could last for one or two years">The funding winter could last for one or two years</cmsannotation> Fund flow to Indian startups have been <a href="https://www.businessinsider.in/business/startups/news/he-slowdown-in-unicorn-creation-may-be-there-for-the-next-two-months-too/articleshow/91116175.cms">slowing down </a>since April due to the after-effects of the Russia-Ukraine war, impending recession and Fed rate interest hikes. This is expected to go on for another 12-18 months, if not 24 months, as per experts. “Given this environment, capital will be scarce in upcoming quarters,” Vamsi Krishna, chief executive officer and co-founder of Vedantu, <a href="https://www.businessinsider.in/business/startups/news/after-unacademy-vedantu-has-laid-off-600-people/articleshow/91643403.cms">said</a> in a blog post. Vedantu, Meesho, Cars24 and MFine have already started firing their employees and cutting down their workforce in an attempt to increase their runway. Unacademy too have started to rethink their business model to include more revenue streams. <cmsannotation type="cmsannotation" annotationid="Early and growth stage startups will find it tougher to raise funds" comment="subhead" text="Early and growth stage startups will find it tougher to raise funds">Early and growth stage startups will find it tougher to raise funds</cmsannotation> Even though the Indian startup valuations have taken a hit in April, 2022 has created more unicorns in the first five months of 2022 as compared to the entire year before. According to a recent report by market intelligence provider Tracxn, <a href="https://www.businessinsider.in/business/startups/news/india-created-14-unicorns-in-the-first-half-of-2022-before-funding-slowdown-hit-them/articleshow/91955385.cms">14 Indian companies turned unicorns </a>— valued at over a billion dollars — in 2022. Last year, the number was at 13 during the same time frame. But it is also important to note that only one startup entered the unicorn club in April and May. The pace came back however as PhysicsWallah, Purplle and Leadsquared turned unicorns in June. But stakeholders claim that the funds will flow slowly for the near-term. We Founder Circle’s cofounder Gaurav Singhvi <a href="https://www.businessinsider.in/business/startups/news/tough-times-will-make-startups-go-for-hero-teams-slash-ad-budgets-and-focus-on-profits/articleshow/92270583.cms">told </a>Business Insider India that the investors will have limited capital to invest in startups, which will make them even more selective about the companies they want to invest in. The biggest impact of this limited funding would be faced by early and growth stage startups, instead of well-established companies. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/business/startups/news/rejected-i-banks-manufacturers-for-not-having-enough-women-on-board-says-mamaearth-founder/articleshow/92429742.cms">Rejected i-banks, manufacturers for not having enough women on board says Mamaearth founder</a> <a class="tout-title-link" href="https://www.businessinsider.in/cryptocurrency/news/indias-crypto-players-bullish-on-hiring-say-crash-is-just-a-phase/articleshow/92425464.cms">India’s crypto players bullish on hiring; say crash is just a phase</a> <a href="https://www.businessinsider.in/tech/apps/news/google-has-termed-slice-as-a-harmful-app-recommending-users-to-uninstall-it/articleshow/92429265.cms">Slice payments app spies on photos, audio records and call history, says Google</a>

May is the first month of 2022 when startups raised less than $2 billion

<ul><li>The <keyword id="6354312" type="General" weightage="20" keywordseo="ipl" source="Orion">IPL</keyword> digital rights are also going to have a positive impact on Reliance’s telecom offering and content ecosystem.</li><li>Reliance acquired the digital rights of IPL for ₹23,800 crore, which is ₹200 crore more than what Star Sports India paid for the exclusive TV rights.</li><li>The sports sector in India — comprising media rights, apparel and more — could grow fivefold to <a href="https://www.livemint.com/companies/news/sports-business-set-to-touch-100-billion-in-5-years-report/amp-11655820426321.html">$100 billion </a>in the next five years.</li></ul><keyword id="6355199" type="General" weightage="20" keywordseo="reliance-industries" source="Orion">Reliance Industries</keyword> Limited recently paid a hefty premium to acquire the digital rights for the Indian Premier League (IPL), the biggest Twenty20 cricket tournament in India, for its subsidiary Viacom18. While many may assume that the move is linked to <keyword id="3820" type="General" weightage="20" keywordseo="mukesh-ambani" source="Orion">Mukesh Ambani</keyword>’s ambition of making its OTT platform Voot a relentless competitor to other major players like Disney+ Hotstar, there is definitely more to this deal than meets the eye. According to research firms Bank of America (BofA) and CLSA, the IPL digital rights may also have a positive impact on Asia’s richest man Mukesh Ambani-led Reliance’s telecom offering and its content ecosystem, along with the OTT offering. “If marketed properly, we think Jio has the potential to poach users from telco competitors to watch the content. Apart from IPL, we think RIL is also looking at movie content as ‘Cricket+ Bollywood’ combo would aid better monetization,” the bofA added. However, there are arguments that while IPL rights add the potential to increase the number of active users, there's little to know of its impact on the overall revenue. Asia’s richest man Mukesh Ambani-led Reliance acquired the digital rights of IPL for ₹23,800 crore ($3.04 billion), which is ₹200 crore more than what Disney-owned Star Sports India paid for the exclusive TV rights. <div type="image" title="the ipl digital rights is helping mukesh ambani&amp;#39;s reliance in more than one way" msid="92389475" hostid="261" sizebytes="44329"></div> Disney-Star held the contract for both digital and television rights in 2018. However, <keyword id="2693987" type="General" weightage="20" keywordseo="ipl-media-rights" source="Orion">IPL media rights</keyword> are for 410 matches over 2023-27 versus 300 in the previous five years when Disney-Star held the mandate. The sports sector in India — comprising media rights, apparel and more — could grow fivefold to <a href="https://www.livemint.com/companies/news/sports-business-set-to-touch-100-billion-in-5-years-report/amp-11655820426321.html">$100 billion </a>in the next five years. <cmsannotation type="cmsannotation" annotationid="Viacom18’s Voot sits at the center of it all" comment="subhead" text="Viacom18’s Voot sits at the center of it all">Viacom18’s Voot sits at the center of it all</cmsannotation> Viacom18’s video streaming service Voot is currently among the small players in the Indian OTT ecosystem at the moment, with a mere 2% of the market share. While the IPL rights might not be enough to dethrone the industry leaders player like Disney+ Hotstar from its 26% market share, it is enough to cause a significant dent in its numbers from IPL for the next five years. Hotstar, even before being acquired by Disney in 2019, attracted most of its audience through cricket match streaming services. Disney+Hotstar — available in India and Indonesia — reported revenue of ₹1,721 crore in the fiscal year 2021, with cricket accounting for 80% of that as <a href="https://www.businesstoday.in/latest/corporate/story/ipl-media-rights-viacom18s-win-means-disneys-hotstar-now-needs-to-chart-a-new-growth-path-337667-2022-06-15#:~:text=For%20FY21%2C%20it%20had%20revenues,of%20the%20total%20cricketing%20revenue.">per former Hotstar executives</a>. This year, the company added four million subscribers in the January to March quarter thanks to Disney Star’s association with IPL. “Viacom 18’s OTT VOOT has been lagging, and the IPL digital rights loss will be a significant hit to Disney Hotstar,” CLSA said. <div type="image" title="Winning IPL digital rights is helping Asia’s richest man in more than one way" msid="92389511" hostid="261" sizebytes="123806"></div> Now with media rights coming to Viacom18, Reliance could actually make an attempt to bump up its revenue through ads or a subscription model. The potential of ads does increase as impulsive purchases of commerce and food usually go up during the IPL season and they are expected to go even higher in the near future. "Ad rates will be about 10% upwards on TV and digital will be around 30% higher," said Karan Taurani, senior vice-president, Elara Capital. Notably, IPL advertising revenues jumped nearly three-fold in the past five years to ₹4,000 crore and form 50% of total ad spending on sports in India, as per CLSA. Besides this, Jio Platforms could monetize their IPL digital rights by charging an annual subscription fee of ₹20-80 from its customers who want to watch the cricket league without any disruption, BofA noted. Disney+Hotstar is known to have followed a similar model in the past. <cmsannotation type="cmsannotation" annotationid="Even JioFibre, Jio telecom and other Jio Platforms are expected to gain from it" comment="subhead" text="Even JioFibre, Jio telecom and other Jio Platforms are expected to gain from it">Even JioFibre, Jio telecom and other Jio Platforms are expected to gain from it</cmsannotation> RIL’s digital venture Jio Platforms owns multiple consumer platforms including TV streaming app JioTV and video-on-demand JioCinema to name a few, which simply has the potential to diversify the content even further and therefore power the monetisation engine as well. It’s the vast portfolio of services and apps offered by Jio Platforms that analysts expect Jio telecom’s subscriber base to pick up. Notably, the mobile arm of Jio would act as an exclusive digital distributor for the IPL rights. Broadband services JioFiber — which also allows users to stream content — also falls under this mix and gives the company an opportunity to step into the TV screens in an instant. BofA believes that Jio’s improving fixed broadband rollout in coming years could further improve the monetization beyond mobile screens to smart TV audiences, where the average revenue per user (ARPU) is higher than mobile phone services. CLSA believes that the Viacom18’s digital rights win could boost Reliance Jio Platforms’ content pool significantly, and digital rights exclusivity could boost Reliance Jio data subscribers. Reliance Jio has <a href="https://www.trai.gov.in/sites/default/files/PR_No.40of2022_0.pdf">over 35% of India’s mobile users</a> and was the biggest telecom service, as of April 2022. “We value Jio telecom entity (₹826) at ₹5.6 lakh crore and the ad and commerce potential for Jio digital opportunity (₹160) at ₹1.08 lakh crore (at 2-year fwd avg P/S multiple for peers),” BofA concluded. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/leadsquared-is-the-sixth-indian-saas-unicorn-of-2022/articleshow/92360030.cms">LeadSquared is the sixth Indian SaaS unicorn of 2022</a> <a href="https://www.businessinsider.in/finance/news/digital-payments-are-on-track-to-cross-the-200-billion-mark-but-fintechs-are-yet-to-earn-from-them/articleshow/92358010.cms">Digital payments are on track to cross the 200 billion mark, but fintechs are yet to ‘earn’ from them</a> <a href="https://www.businessinsider.in/finance/news/8-in-10-indians-want-28-of-higher-gst-on-casinos-online-games-and-horse-races/articleshow/92275659.cms">8 in 10 Indians want 28% or higher GST on casinos, online games and horse races</a>

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