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<ul><li>Kae Capital, All-in Capital, Goodwater Capital etc participated in the round. </li><li>Targeted towards kids aged 4-12, <keyword id="517558" type="General" weightage="100" keywordseo="supernova" source="Orion">Supernova</keyword>’s live quizzes aim to cover subjects through interactive 30-minute sessions. </li><li>The online education market in India – which includes K12, higher education and lifelong learning or upskilling – is presently worth around <a href="https://economictimes.indiatimes.com/tech/technology/higher-education-lifelong-learning-to-drive-edtech-market-growth-says-redseer-report/articleshow/90475148.cms">$1.9 billion</a>. </li></ul>Supernova, an <keyword id="14007740" type="General" weightage="20" keywordseo="Indian-edtech" source="Orion">Indian edtech</keyword> startup, on Thursday said it had raised $1.1 million in a pre-seed funding round that was led by <keyword id="10412751" type="General" weightage="20" keywordseo="Lumikai" source="Orion">Lumikai</keyword>, an Indian gaming and interactive media venture capitalist. Other investors who participated in the round include Kae Capital, All In Capital, Goodwater Capital and prominent angel investors – Nandan Reddy and <keyword id="12193414" type="General" weightage="50" keywordseo="phani-kishan" source="Orion">Phani Kishan</keyword> - founders of Swiggy; <keyword id="225455" type="General" weightage="50" keywordseo="nitin-gupta" source="Orion">Nitin Gupta</keyword> - founder of PayU and Uni; Prashan Aggarwal - ex-CEO of Gaana; and Tanay Tayal - founder of Moonfrog labs. The funding comes at a time when Indian startups funding has hit a <a href="https://www.outlookindia.com/business/indian-startup-funding-hits-2-year-low-in-q3-of-2022-at-usd-2-7-billion-pwc-india-news-229677">two-year low</a> at $2.7 billion in Q3, according to PwC report Startup Deals Tracker-Q3 CY22. However, <a href="https://www.pwc.in/assets/pdfs/services/startups/start-up-perspectives-india-start-up-deals-tracker-q3-cy22.pdf">PwC</a> states “funding in the Indian edtech segment has shown a positive trend in Q3 CY22 compared to the previous quarter (in value terms).” Supernova was started by Anirudh, Nawin and Maharishi in 2021. Targeted towards kids aged 4-12, the edtech firm aims to redefine the current passive forms of learning by making learning more engaging and fun. Supernova makes live quizzes in interactive gaming formats on various subjects of CBSE for students from class 1 to class 8. Live quizzes, “Byte-Sized” lessons and worksheets on CBSE topics can be accessed on Supernova. “Today's kids are born into a world of smartphones and highly engaging digital experiences, so they look for the same levels of engagement from their learning experiences. As a result, education is undergoing a generational shift towards user-centricity,” Maharishi RB, co-founder, Supernova said. Their live quizzes aim to cover subjects through interactive 30-minute sessions. The online education market, which includes K12, higher education and lifelong learning or upskilling in India is presently worth around <a href="https://economictimes.indiatimes.com/tech/technology/higher-education-lifelong-learning-to-drive-edtech-market-growth-says-redseer-report/articleshow/90475148.cms">$1.9 billion</a>. “We believe that systems of play and gaming best practices have the potential to unlock massive disruption in edtech. Supernova is taking a first-principles approach to a massive opportunity with a new platform that re-imagines kids' education by leveraging the power of experiential, game-based “learning by doing”,” Justin Shriram Keeling, founding general partner, Lumikai Fund said. With the amount raised, Supernova will further develop and scale the product to incorporate multiplayer formats, strengthen its leadership team and deploy strategies that will amplify product lead user acquisition over the next 18 months. ”Traditional edtech models characterised by high customer acquisition costs, prohibitively expensive courses, and poor learning outcomes are unsustainable,” <keyword id="15254689" type="General" weightage="50" keywordseo="sunitha-viswanathan" source="Orion">Sunitha Viswanathan</keyword>, Partner, Kae Capital said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/soon-you-wont-be-able-to-fake-your-age-on-instagram/articleshow/94853597.cms">Soon, you won't be able to fake your age on Instagram</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/after-a-credit-card-apple-launches-savings-account-service-in-partnership-with-goldman-sachsheres-what-it-means/articleshow/94852629.cms">After a credit card, Apple launches savings account service in partnership with Goldman Sachs—here’s what it means</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/mindtrees-q2-net-profit-rises-7-9-sequentially-to-509-crore/articleshow/94838575.cms">Mindtree’s Q2 net profit rises 7.9% sequentially to ₹509 crore</a>

Indian edtech startup Supernova raises $1.1 million in pre-seed funding even as Indian startup funding hits a 2-year low

<keyword id="19896956" type="General" weightage="100" keywordseo="Swiggy" source="keywords" meta.keywordsubtype="org" meta.entityname="Swiggy" meta.hostid="261" meta.entityid="Swiggy">Swiggy</keyword>’s stock market debut has been awaited for a long time and recent reports suggest that the Bengaluru-based company is expected to raise more than USD 1 billion through its IPO. Reports also suggest that the company might soon file its draft red herring prospectus (DRHP) with the <keyword id="19901204" type="General" weightage="20" keywordseo="Securities-and-Exchange-Board-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Securities and Exchange Board of India" meta.hostid="261" meta.entityid="Securities and Exchange Board of India">Securities and Exchange Board of India</keyword> (Sebi), potentially launching its IPO as early as this week. Meanwhile, Swiggy has been busy implementing several notable changes across its operations, probably to gear up for its IPO. From changing leadership to expanding Instamart’s reach, let us take a look some changes implemented by Swiggy in the last few months. <h2>Leadership overhaul </h2> One of the most significant shifts has been at <keyword id="19939135" type="General" weightage="20" keywordseo="Swiggy-Instamart" source="keywords">Swiggy Instamart</keyword>, the company's quick commerce arm. Swiggy appointed <keyword id="22954620" type="General" weightage="20" keywordseo="Amitesh-Jha" source="keywords">Amitesh Jha</keyword>, a seasoned executive from Flipkart, as the new CEO of Instamart last month. This move marks the third leadership change for Instamart in just 18 months. As part of this transition, Phani Kishan, the outgoing head of Instamart, was announced to take on a broader role within Swiggy, overseeing the Central Growth unit and working closely with co-founder Sriharsha Majety on new initiatives. <h2>Expanding Instamart’s reach </h2> Swiggy Instamart has also been on an expansion spree, recently launching in 11 new cities across India, including Rajkot, Thrissur, and Kanpur. This expansion marks a strategic push into Tier 2 and 3 cities, broadening its customer base beyond metropolitan areas. The platform, which offers delivery of daily essentials in just 10 minutes, also said in a press release that it has seen encouraging results in these new locations. In Mangalore, for example, a new store achieved 1,000 orders in a single day faster than many larger cities. This localised approach, featuring partnerships with regional vendors, has enhanced Instamart’s appeal and efficiency in serving diverse customer needs. "Users across India already recognise the convenience Swiggy provides," Amitesh Jha said in a press release and added, "The enthusiastic demand from smaller towns and cities has been incredibly encouraging. Our expansion into these new locations marks a significant milestone, allowing even more people to experience the ease of having thousands of products—from everyday essentials to electronics and toys—delivered in just 10 minutes from both national and local brands." <h2>Changes in management </h2> Swiggy has also made notable changes in its management team recently. Himavant Srikrishna Kurnala, previously with Reliance Retail’s JioMart, was appointed as the head of product for Instamart earlier this year. His appointment is part of a broader strategy to strengthen the team ahead of the IPO. Other key hires include Mayank Rajvaidya, who has been named vice president of fruits and vegetables, and Manu Sasidharan, who joined as associate vice president of the FMCG category. These additions come in the wake of several high-profile departures from the company, signalling a recalibration of Swiggy’s leadership structure. <h2>Policy changes for restaurant partners </h2> Swiggy’s founder recently revealed that the decade-old startup partners with over 3 lakh restaurants today. And thus, when a policy change decision was announced that impacted restaurant partners directly, it made headlines. In a move to standardise its service fees, Swiggy extended its gross value service fee policy to restaurants in non-metro areas. This change, effective from August 14, involves charging a service fee on the gross value of orders, including GST and packaging fees. This adjustment was expected to lead to an increased commission for restaurant partners in smaller towns and cities. The policy shift aligns with the fees already applicable to restaurants in larger urban areas and reflects Swiggy’s efforts to streamline its revenue model. <h2>Converting into a public limited company </h2> To facilitate its upcoming IPO, Swiggy also transitioned from a private limited company to a public limited company. Earlier this year, Swiggy updated its name to <keyword id="23191546" type="General" weightage="20" keywordseo="swiggy-limited" source="keywords">Swiggy Limited</keyword>, removing the term 'Private' to better align with its public offering aspirations. This strategic move was intended to prepare the company for public investment and enhance its market presence. As Swiggy readies itself for its IPO, these changes underscore the company's commitment to growth, innovation, and adaptability. The upcoming listing marks a significant milestone in Swiggy’s journey, reflecting its ongoing evolution and strategic realignment in the competitive food delivery landscape.

Swiggy is preparing for its IPO soon: A look at some recent changes in the company

<ul><li><keyword id="6358977" type="General" weightage="20" keywordseo="swiggy" source="Orion">Swiggy</keyword> has decided to establish <keyword id="12193412" type="General" weightage="20" keywordseo="supr-daily" source="Orion">Supr Daily</keyword> as a separate business unit within its parent company Bundl Technologies.</li><li>It had acquired Supr Daily in 2019 from Puneet Kumar, Rohit Jain and Shreyas Nadgawane, who are now exiting the company.</li><li>The Supr Daily entity will be led by Phani Kishan, who was elevated to the position of Swiggy’s co-founder earlier this year.</li></ul>Grocery deliveries was the obvious next step for Indian food aggregator businesses like <keyword id="830092" type="General" weightage="20" keywordseo="Zomato" source="Orion">Zomato</keyword> and Swiggy, which have reached a maturity stage. Both the companies have laid special emphasis on this sector since the last one year and have made strides in this segment. While Zomato has decided to step away from direct competition in the segment for now, Swiggy has made a move in another direction. The Bengaluru-based startup has decided to establish Supr Daily, daily grocery delivery service of Swiggy, as a separate business unit within its parent company Bundl Technologies Private Limited. It had acquired Supr Daily in 2019 from Puneet Kumar, Rohit Jain and Shreyas Nadgawane, who are now exiting the company. Swiggy follows a similar model for its other units of food delivery, InstaMart, private brands and more. The company believes that establishing a separate entity would allow the leadership to keep a closer eye on the operations and “unlock its full potential”. The Supr Daily entity will be led by Phani Kishan, who was elevated to the position of Swiggy’s co-founder earlier this year. He has previously worked as the vice president of strategy and investments at the food aggregation business. “Phani’s involvement with Supr is not new – as part of the Supr board, he has been working closely with the leadership team on the strategy over the last three years. He’s also been engaged with the team over the last couple of months at an operational level,” Sriharsha Majety, co-founder and chief executive officer (CEO) of Swiggy, said in a<a href="https://blog.swiggy.com/2021/09/28/announcing-new-changes-at-supr-daily/"> blog post</a>. The latest development comes as several media reports have highlighted that Swiggy is in talks to raise $500-600 million from US-based asset manager Invesco and others. This round is expected to mark Swiggy’s entry to the decacorn club. Decacorn, in the startup parlance, are companies valued above $10 billion. Swiggy raised<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"> $1.25 billion</a> funding in July 2021, only a few days after Zomato closed its<a href="https://www.businessinsider.in/business/news/zomato-ipo-subscription-status/articleshow/84409991.cms"> $1.3 billion</a> initial public offering (IPO). The Bengaluru-based private company’s round was led by SoftBank and Prosus (formerly known as Naspers). The company, while announcing the funding round, had mentioned that it will use the capital to double down on its core business, make acquisitions and invest in its grocery delivery business Instamart. Zomato had entered the grocery delivery segment last year during the pandemic in order to meet the rising demand for online groceries. The company stepped out of the segment earlier this year, saying that its entry into the groceries vertical last year was just to meet the dean and it will relaunch the operations soon. The company later also invested <a href="https://www.businessinsider.in/business/startups/news/zomato-reportedly-invests-120-million-in-grofers/articleshow/83951631.cms">$100 million </a>in groceries delivery company Grofers to aid this plan. However, it recently decided to <a href="https://www.businessinsider.in/business/news/zomato-co-founder-gaurav-gupta-exits-from-zomato/articleshow/86193568.cms">drop the plan</a> of entering the groceries vertical. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/pine-labs-is-betting-on-these-two-segments-to-make-it-worth-6-billion-dollars/articleshow/86559235.cms">Nearly as old as Google, Pine Labs is betting on these two segments to make it worth $6 billion</a> <a href="https://www.businessinsider.in/business/news/tesla-boss-elon-musk-becomes-the-richest-man-in-the-world-yet-again/slidelist/86552402.cms">Tesla boss Elon Musk becomes the richest man in the world, yet again</a> <a href="https://www.businessinsider.in/business/startups/news/ofbusiness-was-the-only-woman-led-startup-that-entered-the-unicorn-club-this-year/articleshow/86511076.cms">OfBusiness was the only woman led startup that entered the unicorn club this year</a>

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Indian edtech startup Supernova raises $1.1 million in pre-seed funding even as Indian startup funding hits a 2-year low

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Swiggy is preparing for its IPO soon: A look at some recent changes in the company

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Swiggy tightens focus on grocery delivery, as Zomato steps out

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