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<ul><li><keyword id="1552189" type="General" weightage="20" keywordseo="pine-labs" source="Orion">Pine Labs</keyword>’ former CTO Sanjeev Kumar will now head the research and development (R&amp;D) vertical.</li><li>Kalagara has spent 12 years working with PayPal, three years at Flipkart and about 8 years working in the USA.</li><li>Pine Labs is expected to file the preliminary paperwork for its public listing by the end of October.</li></ul>Payments company Pine Labs, which is expected to file for its initial public offering (IPO) soon, has appointed former Flipkart executive <keyword id="12347953" type="General" weightage="20" keywordseo="phanimohan-kalagara" source="Orion">Phanimohan Kalagara</keyword> as its chief technology officer (CTO). Sanjeev Kumar, former CTO of Pine Labs, will now move to a new role within the company and head the research and development (R&amp;D) vertical. Phanimohan Kalagara has over two decades of experience in the field of technology having worked in ecommerce, financial technology, and computer-aided design &amp; computer-aided manufacturing (CAD/CAM) industries. He also has expertise in emerging technologies like virtual reality. “With Pine Labs, I see a massive opportunity to make a substantial difference to the future of merchant commerce in Asia. Looking forward to being part of this team that is set to shift the fintech landscape in Asia," Kalagara said in a press note. He has previously worked as the senior vice president of product and engineering at Flipkart, senior director of engineering PayPal and director of software development at Advanced Interactive Systems. He spent 12 years working with PayPal and three years at Flipkart. “We have made several new appointments in the past one year to bolster our technology capabilities. Phani [Kalagara] comes with a wealth of experience in product and engineering and is the right man to lead our Technology team during this exciting phase of growth for the company,” Amrish Rau, chief executive of Pine Labs, said. Pine Labs is expected to file the preliminary paperwork for its public listing by the end of October. The company is expected to list in Nasdaq listing in the US and plans to raise over a billion dollars from this issue, as per media <a href="https://www.livemint.com/market/ipo/pine-labs-may-file-for-nearly-1-bn-nasdaq-ipo-by-oct-end-11633888624007.html">reports</a>. The company has reportedly hired investment bank Morgan Stanley to manage the proposed IPO. The Noida-based fintech startup has raised $838 million to date from marquee investors like IIFL Asset Management, Fidelity Management and Research Company, Neuberger Berman Loan Advisers Holdings and more. Pine Labs had raised $100 million from Invesco Developing Markets Fund in September, and it is now valued at $3 billion. SEE ALSO <a href="https://www.businessinsider.in/tech/enterprise/news/facebook-plans-to-rebrand-itself-to-a-metaverse-company-with-a-new-name/articleshow/87150303.cms" data-type="tilCustomLink" style="">Facebook plans to rebrand itself to a metaverse company with a new name</a> <a href="https://www.businessinsider.in/tech/apps/news/whatsapp-rolls-out-redesigned-icons-working-on-done-and-undo-buttons-for-media-editing/articleshow/87131523.cms" style="">WhatsApp rolls out redesigned icons, working on “Done” and “Undo” buttons for media editing</a> <a href="https://www.businessinsider.in/tech/news/facebook-tests-new-feature-that-will-allow-users-to-cross-post-their-videos-and-photos-on-instagram/articleshow/87131315.cms" style="">Facebook tests new feature that will allow users to cross-post their videos and photos on Instagram</a>

IPO-bound Pine Labs appoints former Flipkart, PayPal exec Phanimohan Kalagara as CTO

<ul><li>Edtech company Byju's is now <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>'s most valuable unicorn startup with a valuation of $16.5 billion, surpassing fintech company <keyword id="6357120" type="COMPANY" weightage="20" keywordseo="paytm">Paytm</keyword>'s $16 billion valuation.</li><li>Byju's is the 11th most valuable startup in the world.</li><li>The total number of unicorns worldwide is 708 with a valuation of $ 2319 billion. Chinese company Bytedance, the parent company of TikTok, is the most valuable startup in the world with a valuation of $140 billion.</li></ul>Edtech company Byju's is now India's most valuable unicorn startup with a valuation of $16.5 billion, surpassing fintech company Paytm's $16 billion valuation. As per CB Insights data, as of June 2021, Byju's is the 11th most valuable startup in the world. The total number of unicorns worldwide is 708 with a valuation of $ 2319 billion. Chinese company Bytedance, the parent company of TikTok, is the most valuable startup in the world with a valuation of $140 billion. Byju's investors include Tencent Holdings, Lightspeed India Partners and Sequoia Capital India. It has recently raised $350 million from UBS, private equity giant Blackstone, Abu Dhabi state fund ADQ, Phoenix Rising and video conference firm Zoom's founder Eric Yuan. One97 Communications, the parent company of Byju's, has a valuation of $16 billion with investors like Intel Capital, Sapphire Ventures and Alibaba Group. A unicorn company, or unicorn startup, is a private company with a valuation over $1 billion. As of June 2021, there are more than 700 unicorns around the world. Popular former unicorns include Airbnb, Facebook and <keyword id="6355629" type="COMPANY" weightage="20" keywordseo="google">Google</keyword>. The variants include a decacorn, valued at over $10 billion, and a hectocorn, valued at over $100 billion, CB Insights said. Oyo Rooms is valued at $9 billion with investors like SoftBank Group, Sequoia Capital India and Lightspeed India Partners. The National Stock Exchange is valued at $6.5 billion with investors including TA Associates, SoftBank Group and GS Growth. Ola Cabs is valued at $6.3 billion and has investors like Accel Partners, SoftBank Group and Sequoia Capital. Zomato is valued at $5.4 billion with investors including Sequoia Capital and VY Capital. Another food delivery chain, Swiggy, is vaued at $5 billion and its investors include Accel India, SAIF Partners and Norwest Venture Partners. Internet software company Dream11 is valued at $5 billion with investors including Kaalari Capital, Tencent Holdings and Steadview Capital. Logistics company Udaan is valued at $ 3.1 billion and has investors including DST Global, Lightspeed Venture Partners and <keyword id="10387" type="COMPANY" weightage="20" keywordseo="Microsoft">Microsoft</keyword> ScaleUp. Fintech company Razorpay is valued at $3 billion with investors like Y Combinator, Tiger Global Management and Matrix Partners India. Fintech company Pine Labs is also valued at $3 billion with investors namely MasterCard, Temasek and PayPal Ventures. Logistics company Delivery is another firm that is valued at $3 billion with investors including Times Internet, Nexus Venture Partners and SoftBank Group. Policybazaar is valued at $2.4 billion, Renew Power at $2.28 billion, fintech company CRED at $2.2 billion, consumer company FirstCry at $2.1 billion, software company Meesho at $2.1 billion, while <keyword id="3358959" type="COMPANY" weightage="20" keywordseo="ShareChat">Sharechat</keyword> is also valued at $2.1 billion. Edtech copany Unacademy is valued at $2 billion, ecommerce company Urban Company is valued at $2.1 billion, BillDesk at $1.9 billion and DigitInsurance at the same number. Lenskart is valued at $1.5 billion, Five Star Business Finance at $1.4 billion, Rivigo at $1.07 billion, Snapdeal at $1 billion as also Inmobi, Ola Electric, Cars 24, Daily Hunt, Infra Market and Groww. (Sanjeev Sharma can be reached at Sanjeev.s@ians.in) --IANS san/arm

Byju's most valuable startup in India and 11th in the world with a valuation of $16.5 billion

New Delhi, <keyword id="9769347" type="UNKNOWN" weightage="20" keywordseo="cloud-major-oracle">Cloud major Oracle</keyword> on Monday announced that <keyword id="10468571" type="UNKNOWN" weightage="20" keywordseo="several-indian-businesses">several Indian businesses</keyword> like Polycab, Religare Broking and Mphasis have moved on to its second-generation cloud services in the country, amid the rising demand for secure, enterprise-grade Cloud services. Other Indian firms subscribing to Oracle's Cloud applications and infrastructure include <keyword id="438553" type="PERSON" weightage="20" keywordseo="Omega-Healthcare">Omega Healthcare</keyword>, Nippon Life India Asset Management, GTPL Hathway, IFFCO, Lipi Data Systems, Infocepts, RXIL and ARCIL. "Over the last 4-5 years, we have doubled our overall customer base and have nearly 1,000 strategic partners in our network. All this is a reflection of Oracle emerging as the cloud provider of choice for our customers," said Shailender Kumar, Regional Managing Director, Oracle India. Oracle offers enterprise-grade security and performance out of two local Cloud regions in Hyderabad and Mumbai, as well as 29 others worldwide, seen as critical by Indian organisations wanting to accelerate their digital journey and future-proof their business. "We are fully geared up to help organisations of all sizes and from all industries, unlock new value from their data in the New Year, aiding faster innovation and growth recovery, while enhancing their end customer experience," Kumar said in a statement. Oracle said its nearly 1,000 channel partners in India now play a key role in driving growth in the country, as part of the modernised <keyword id="3679824" type="COMPANY" weightage="20" keywordseo="Oracle-PartnerNetwork">Oracle PartnerNetwork</keyword> (OPN 2020) which is enabling channel partners to prepare for a Cloud-first world. "With our cloud migration capabilities and investments in Cloud Adjacent Data Centres, Sify is making it easier for customers to embrace Oracle <keyword id="408916" type="PERSON" weightage="20" keywordseo="cloud-infrastructure">Cloud Infrastructure</keyword> led hybrid cloud adoption in India," said Sify's CEO Kamal Nath. In the recent 2020 SaaSPath survey from IDC, Oracle was rated among the most-trusted SaaS vendors, and scored highly on robust data security, high availability, and value. "We have almost minimal spend on maintenance and operations now that we are using Oracle Cloud ERP. We strongly believe that as a long term strategy, this transformation will give us the much needed spur for growth," said Pradeep Paliwal, CTO, Religare Broking. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/heres-what-analysts-say-if-you-should-subscribe-or-not-to-the-300-crore-ipo-of-antony-waste-handling-cell/articleshow/79790998.cms">Antony Waste Handling Cell ₹300-crore IPO opens today — these are the risks and opportunities</a> <a href="https://www.businessinsider.in/business/startups/news/the-founder-of-sugar-cosmetics-explains-how-the-startup-clocked-a-60-growth-in-sales-during-the-pandemic/articleshow/79832966.cms">The founder of SUGAR cosmetics explains how the startup clocked a 60% growth in sales during the pandemic</a> <a href="https://www.businessinsider.in/business/startups/news/pine-labs-valuation-crosses-2-billion-as-it-raises-fresh-funds-from-lone-pine-capital/articleshow/79833738.cms">Pine Labs' valuation crosses $2 billion as it raises fresh funds from Lone Pine Capital</a>

Polycab, Religare Broking and Mphasis move on to 2nd Gen Oracle Cloud to boost growth

<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>

Swiggy tightens focus on grocery delivery, as Zomato steps out

<ul><li><keyword id="263867" type="PERSON" weightage="20" keywordseo="Pravin-Jadhav">Pravin Jadhav</keyword>, the former managing director and chief executive officer of Paytm Money, has launched his own financial services platform – <keyword id="10825312" type="UNKNOWN" weightage="20" keywordseo="raise-financial-services">Raise Financial Services</keyword>.</li><li>Raise will offer financial services across financing, insurance, investments, payments and wealth.</li><li>The startup’s seed funding round is led by <keyword id="110875" type="COMPANY" weightage="20" keywordseo="Mirae-Asset">Mirae Asset</keyword> Venture Investments, which is an India-focussed fund launched by South Korean firm Mirae in January 2021.</li></ul>Pravin Jadhav, the former managing director and chief executive officer of Paytm Money, has launched his own financial services platform – Raise Financial Services. Jadhav, who had <a href="https://www.newindianexpress.com/business/2020/apr/02/paytm-money-founder-md-pravin-jadhav-quits-due-to-growing-differences-with-company-board-2124585.html#:~:text=BENGALURU%3A%20Founder%20MD%20and%20CEO,the%20company%20board%2C%20sources%20said.">reportedly</a> quit Paytm due to growing differences with the founder Vijay Shekhar Sharma, has found his way back into financial services. “This time I am not starting from scratch, I am starting from my experiences. I have done it before, and I aim to do it again – raise the bar! This time even higher with Raise Financial Services,” he wrote in a <a href="http://www.beingpractical.com/2021/02/24/raising-the-bar-with-raise-financial-services/">blog</a>. Jadhav wrote that Raise will offer ‘technology-led consumer products &amp; infrastructure services to serve Indians with financial services (across financing, insurance, investments, payments and wealth).’ The startup has raised investments from Mirae Asset Venture Investments, which is an India-focussed fund launched by South Korean firm Mirae in January 2021. Raise is their first investment through the fund. It has also raised investments from Multi-Act Private Equity, Blume Ventures and US based early-stage investor Social Leverage, among multiple other startup founders. Here are some of the founders and startup leaders who have pooled in to invest in Raise, and interestingly many operate in the financial services space themselves <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></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;">Kunal Shah </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;">Cred, Freecharge </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;">Kalyan Krishnamurthy </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;">Flipkart </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;">Amod Malviya &amp; Sujeet Kumar </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;">Udaan </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;">Sameer Nigam &amp; Rahul Chari </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;">PhonePe </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;"> Amrish Rau </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;">Pine Labs, Citrus Pay </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;">Sandeep Tandon </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;">Freecharge </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;">Anupam Mittal </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;">Shaadi.com </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;">Jitendra Gupta </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;">Jupiter, Citrus Pay </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;">Girish Mathrubootham </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;">Freshworks </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;">Nischal Shetty </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;">WazirX </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;">Kuldeep Dhankar </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;">Clevertap, Microsoft, Nokia </td></tr></tbody></table> The Mumbai-based startup is now hiring aggressively across leadership roles. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/a-candid-kavin-mittal-admits-his-mistakes-as-he-reinvents-hike-and-plans-fresh-fundraising-this-year/articleshow/81204449.cms">A candid Kavin Mittal admits his mistakes as he reinvents Hike and plans fresh fundraising this year</a> <a href="https://www.businessinsider.in/tech/apps/news/carbonwatch-indias-first-mobile-app-to-calculate-your-carbon-footprint-falls-short-of-what-it-is-promising/articleshow/81203364.cms">CarbonWatch — India’s first mobile app to calculate your carbon footprint falls short of its promises</a>

Former Paytm Money CEO launches his own financial services platform with an investment from Mirae, and several other major startup founders

<ul><li><keyword id="9665088" type="UNKNOWN" weightage="20" keywordseo="Aroa-Ventures">Aroa Ventures</keyword> is <keyword id="1670338" type="PERSON" weightage="20" keywordseo="Ritesh-Agarwal">Ritesh Agarwal</keyword>’s family office. While Agarwal remains committed to growing <keyword id="2808667" type="PERSON" weightage="20" keywordseo="OYO">OYO</keyword>, Gaurav Gulati heads ScaleX Partners which manages investments for Aroa.</li><li>In an interview with Business Insider, Gulati gives an overview of their investment strategy.</li><li>The firm has disclosed five of their investments exclusively with Business Insider.</li></ul>In the middle of June last year, as the COVID-19 pandemic was at its peak, OYO founder Ritesh Agarwal and Gaurav Gulati, the co-founder of Innov8, were having a chat about <keyword id="6362513" type="UNKNOWN" weightage="20" keywordseo="startups">startups</keyword> striving during the pandemic and what they could possibly do help entrepreneurs in India. While Agarwal continues to concentrate on his hospitality venture OYO, Gulati took charge by launching ScaleX Partners – after selling his co-working space startup Innov8 to OYO in 2019 – which manages investments for Aroa and other family offices. <cmsannotation type="cmsannotation" annotationid="Pandemic year was the best time to start investing" comment="subhead" text="Pandemic year was the best time to start investing">Pandemic year was the best time to start investing</cmsannotation> Aroa Ventures, last year, has made several investments with ScaleX as an advisor, claims Gulati. While it did not disclose details about all its investments yet, the company revealed five of its investments, exclusively to Business Insider. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup></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;">Startup </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;">What they do </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;">Investment amount </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;">Stockal </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;">Investment platform that helps Indians with cross border investment portfolios </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 million </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;">SelFin </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;">Fintech startup that lends working capital to small businesses in India </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 million </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;">Orange Health </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;">On-demand diagnostics lab </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;">undisclosed</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;">Zingbus </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;">Online bus ticketing platform </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;">undisclosed</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;">FWD Learning </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;">Skill training platform </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;">undisclosed</td></tr></tbody></table> The pandemic provided Gulati and Agarwal an opportunity to invest in businesses at a better price. “For us what was most important was identifying those businesses that may be experiencing a temporary glut in sales. But the fundamentals of the business are strong, they're actually addressing or providing a product or service for which demand exists,” he added. <cmsannotation type="cmsannotation" annotationid="Stockal" comment="subhead" text="Stockal">Stockal</cmsannotation> The stockbroking industry has been heating up with more and more millennials <a href="https://www.businessinsider.in/stock-market/news/heres-how-indians-are-buying-tesla-facebook-and-apple-shares-through-brokerage-startups/articleshow/80403004.cms">moving towards</a> investing in the public markets. And the interest has also been towards expanding their investment portfolio to include US stocks. That’s where companies like Stockal come in, which help Indians invest in US stocks as well. Stockal was founded in 2015 and is based out of India and the US. As per Stockal, Indians remitted over $878.8 million (₹5,603 crore) for investments abroad in the fiscal year 2018-19 from $246.9 million (₹1827 crore) in FY15. As of August 2020, the daily transactions at Stockal had gone up from ₹3 crore the year before to ₹10 crore. <cmsannotation type="cmsannotation" annotationid="SelFin" comment="subhead" text="SelFin">SelFin</cmsannotation> SelFin, founded in 2016, lends working capital to India’s thousands of micro, small and medium enterprises. A spokesperson for Aroa broke down their investment strategy behind SelFin and said that the demand for debt and equity finance by MSMEs is already estimated to be north of $1 trillion as per estimates by International Finance Corporation. “SelFin is enabling thousands of MSMEs in India to meet their business financial needs and putting the unbanked on the path to become part of the banking system. For instance, consider small garment shops and snack stores in a smaller city like Panipat. They need money during covid. The founding team knows how to help them grow their business. SelFin's loans are also healthy with a very low delinquency score,” said the spokesperson. <cmsannotation type="cmsannotation" annotationid="Orange Health" comment="subhead" text="Orange Health">Orange Health</cmsannotation> Orange Health operates in the fast growing health tech industry, as an on demand diagnostics lab. Founded in 2020, the startup was also a part of the Y Combinator Summer 2020 batch. “Timely diagnosis and treatment are more crucial than ever – with Orange Health patients can get diagnosed much faster and get better treatment remotely from their own doctor. Small diagnostic centres in India have the massive opportunity to receive an infusion of technology, have the ability to be part of a brand and gain higher revenue growth. A thesis identical to the one behind OYO,” said the Aroa spokesperson. <cmsannotation type="cmsannotation" annotationid="Zingbus" comment="subhead" text="Zingbus">Zingbus</cmsannotation> Online bus ticketing startup Zingbus falls in the travel and tourism category which also comes of interest to OYO. Founded in 2019, by Prashant Kumar, Mratunjay Beniwal and Ravi Kumar Verma, Zingbus was a part of the Y Combinator Winter 2021 batch. Interestingly, the three of them had earlier built online rental startup TipiHomes in 2015, which they ultimately sold to OYO in 2016. “There are over 300 cities/towns in India with a population greater than 100,000 people. India's growing economy and urbanisation have led to a consistent increase in the demand for intercity travel. Zingbus is using technology to standardise the intercity travel experience by making it safe, reliable, and affordable for the masses. Zingbus is an example of how former OYOpreneurs (term used for OYO employees) are building top companies and we want to support them,” said the Aroa spokesperson. <cmsannotation type="cmsannotation" annotationid="FWD Learning" comment="subhead" text="FWD Learning">FWD Learning</cmsannotation> Operating in the booming edtech space, FWD Learning helps people with industry-ready skills and also connects them with mentors and experts in the market. “As per the eighth edition of the India Skills Report (ISR) -- less than half of the Indian graduates are employable. FWD Learning is an innovative tech enabled platform which will help increase employability of individuals entering the workforce as well as allow professionals to remain relevant and ready with industry-ready skill courses,” said the spokesperson about the investment. <cmsannotation type="cmsannotation" annotationid="What else are Agarwal and Gulati looking to invest in?" comment="subhead" text="What else are Agarwal and Gulati looking to invest in?">What else are Agarwal and Gulati looking to invest in?</cmsannotation> While there have been media reports about the fund size being ₹100 crore, Gulati insists that the fund doesn’t have an earmarked number for investments, but instead will have a rolling fund. “In the months and years to come, there'll be other pools of capital. There will be other sources of capital potentially, as well, that will come into play,” he said. The idea behind its investments is to help early-stage startups, along with seed-level and series A investments. The firm hopes that its investments in late stage companies will be a revenue-making opportunity by betting on companies that have already been delivering growth. But a lot of its investments will not be where they have a ‘pure play financial role’, instead it hopes to handhold startups in their journey of growth. And without delving into further details, Gulati said they aren’t taking the usual route of weeks of due diligence, but aiming at faster rollout of cheques to entrepreneurs. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/pine-labs-reportedly-joins-the-long-list-of-indian-tech-startups-heading/articleshow/81760763.cms">Pine Labs reportedly joins the long list of Indian tech startups heading for an IPO</a>

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