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The prestigious venture firm Sequoia Capital likes to say all its partners invest in every sector. But more than anyone, the growth-stage partner Grady, part of Business Insider's 2024 AI Power List, has led the firm's AI strategy, making bets on companies including OpenAI, Harvey, and Hugging Face. Along with another partner, Sonya Huang, Grady also wrote a public blog post on Sequoia's website inviting AI founders to email them their ideas and pitches directly. A successful deal for Sequoia is more about investing in the best people rather than at the best price, Grady told Business Insider last year. "We don't make money by getting a good deal," he said.See Business Insider's full <a target="_blank" class="" href="https://businessinsider.com/ai-power-list-2024">AI Power List</a>

Sequoia Capital partner Pat Grady is redefining AI investments

<ul class="summary-list"><li>Health startup Roon is raising $15 million at a $65 million pre-money valuation, BI has learned.</li><li>Sequoia, an existing Roon investor, is set to participate in the round.</li></ul>Health information site Roon is raising a new funding round, Business Insider has learned.The startup is raising $15 million at a $65 million pre-money valuation, according to two people familiar with the efforts.Existing investor Sequoia Capital has recommitted to the funding round, according to those people.Roon aims to replace "Dr. Google" with its website and app for consumers to ask their health questions and get expert answers.The company previously raised a <a target="_blank" class="" href="https://techcrunch.com/2022/08/12/roon-wants-to-educate-patients-with-freshly-sourced-info-on-their-conditions/">$7.5 million</a> seed round in 2022. Firstmark, TMV, and Sequoia Capital led the round, with SV Angel, Maveron, and M13 participating.Terms of the deal are not finalized and could be subject to change. Roon and Sequoia did not respond to requests for comment.Roon pitches itself as a "trusted guide for health" on its website. The company provides accessible medical information to users and partners with trained medical professionals to answer specific medical questions about users' health journeys.Currently, Roon's site says it can help patients navigating fertility and family building, dementia, the neurological disease ALS, or the brain cancer glioblastoma multiforme.The company initially began by providing medical information on glioblastomas, sourcing experts on the specific condition before expanding to additional topics, <a target="_blank" class="" href="https://techcrunch.com/2022/08/12/roon-wants-to-educate-patients-with-freshly-sourced-info-on-their-conditions/">per TechCrunch</a>. Roon also offers to connect users with other people experiencing similar health conditions.Roon CEO Vikram Bhaskaran, a former Pinterest executive, founded Roon in 2021 after struggling to find accessible information about his loved ones' medical conditions. He partnered with his former Pinterest colleague Arun Ranganathan, who serves as Roon's CTO, and Rohan Ramakrishna, a trained neurosurgeon and Roon's chief medical officer.Today, expert <a target="_blank" class="" href="https://www.businessinsider.com/health">health information</a> isn't always easy to find with a simple Google search. Patients may turn to resources like WebMD, forums like Quora, or even social media for advice on their conditions — with unsurprisingly unreliable accuracy.AI platforms, such as Perplexity and OpenAI's ChatGPT, are increasingly becoming a resource for medical questions as well. However, there have been <a target="_blank" class="" href="https://www.cbsnews.com/news/software-developers-want-ai-to-give-medical-advice-how-accurate-is-it/">concerns around the reliability and accuracy</a> of these platforms' outputs.Consensus, a search engine that helps people parse scientific papers, raised a <a target="_blank" class="" href="https://consensus.app/home/blog/announcing-our-11-5m-series-a-fundraise/">$11.5 million</a> Series A led by Union Square Ventures in July to tackle a similar market.Roon aims to differentiate itself with its focus on "medically vetted" information, Bhaskaran told TechCrunch in 2022."There's so much medical misinformation… it's crazy that patients don't have anywhere to go to answer questions," he said.

Exclusive: Health startup Roon is raising $15 million from Sequoia to replace 'Dr. Google'

<ul class="summary-list"><li>Doug Leone wrote on X that he will support Donald Trump for president in this year's election.</li><li>Leone previously rebuked Trump, saying he'd incited the riot at the Capitol on January 6th, 2021.</li></ul>Billionaire venture capitalist Doug Leone, a partner at Sequoia Capital who managed the firm until 2022, reversed his previous critiques of Donald Trump on Monday and said he would support the former president and convicted felon's campaign.He joins a growing list of <a target="_blank" href="https://www.businessinsider.com/sequoia-partner-supports-donald-trump-highlighting-shift-silicon-valley-politics-2024-5">Silicon Valley elites</a> backing Trump."I have become increasingly concerned about the general direction of our country, the state of our broken immigration system, the ballooning deficit, and the foreign policy missteps, among other issues," Leone wrote in a post on X. "Therefore, I am supporting <a target="_blank" href="https://www.businessinsider.com/what-happens-to-ai-regulation-under-another-trump-term-2024-6">former President Trump</a> in this coming election."After the January 6 attack on the Capitol, Leone had previously renounced his support for Trump, saying the former president's behavior during the riots caused him to lose "many of his supporters, including me," Leone said in a statement to Vox's Recode at the time.The re-endorsement adds Leone to a growing list of Silicon Valley elites who have said they will be backing Trump following his recent <a target="_blank" href="https://www.businessinsider.com/trump-guilty-verdict-donors-backing-conviction-2024-5">felony conviction</a> in New York. Among them are Shaun Maguire, a partner at Sequoia, and billionaire venture capitalist David Sacks.Leone and representatives for the Trump campaign did not immediately respond to requests for comment from Business Insider.

Sequoia partner Doug Leone once again supports Trump after previously renouncing him

<ul class="summary-list"><li>Elon Musk's OpenAI rival, xAI, says it just raised $6 billion in funding from investors.</li><li>The AI startup is backed by VCs like Sequoia Capital and Saudi Arabia's Kingdom Holding.</li></ul><a target="_blank" href="https://www.businessinsider.com/elon-musk">Elon Musk's</a> xAI just took a critical step in <a target="_blank" href="https://www.businessinsider.com/elon-musk-ai-startup-raising-funding-war-chest-openai-report-2024-1">building up its war chest</a> to take on <a target="_blank" href="https://www.businessinsider.com/sam-altman-chatgpt-openai-ceo-career-net-worth-ycombinator-prepper-2023-1">Sam Altman's</a> OpenAI.The AI startup said in a <a target="_blank" href="https://x.ai/blog/series-b">blog post</a> on Sunday that it had raised $6 billion for their Series B funding round.The company, which is <a target="_blank" href="https://www.businessinsider.com/elon-musk-new-company-xai-website-2023-7">barely a year old</a>, counts among its investors prominent VCs like <a target="_blank" href="https://www.businessinsider.com/andreessen-horowitz-ai-reshuffle-a16z-2023-11">Andreessen Horowitz</a> and <a target="_blank" href="https://www.businessinsider.com/sequoia-capital-generative-artificial-intelligence-boom-venture-capital-2023-5">Sequoia Capital</a> as well as Saudi Arabia's <a target="_blank" href="https://www.businessinsider.com/saudi-arabia-kingdom-holding-500-million-russia-energy-2022-8">Kingdom Holding</a>."There will be more to announce in the coming weeks," Musk said in an <a target="_blank" href="https://x.com/elonmusk/status/1794964816211087660">X post</a> on Monday morning.The mercurial billionaire said in a subsequent <a target="_blank" href="https://x.com/elonmusk/status/1794975702812426595">X post</a> that xAI's <a target="_blank" href="https://www.businessinsider.com/business-valuation-an-introduction-to-prepost-money-valuation-2011-4">pre-money valuation</a> was $18 billion. The financial term refers to the value of a company before any equity investment is made.Sunday's announcement marks the first time xAI has talked about its fundraising efforts. Musk had <a target="_blank" href="https://twitter.com/elonmusk/status/1748528116127912030">repeatedly denied </a><a target="_blank" href="https://twitter.com/elonmusk/status/1750995501560807465?s=46">earlier reports</a> from <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-01-20/musk-s-xai-secures-500-million-toward-1-billion-funding-goal">Bloomberg</a> and the <a target="_blank" href="https://www.ft.com/content/28983bdc-2a38-4103-beae-08d9542ab69d">Financial Times</a> about xAI's outreach to investors.The influx of funding will be essential for Musk, who has envisioned xAI as an alternative to <a target="_blank" href="https://www.businessinsider.com/history-of-openai-company-chatgpt-elon-musk-founded-2022-12">OpenAI</a>, a company he'd cofounded with Altman. Musk <a target="_blank" href="https://openai.com/blog/openai-supporters">left the OpenAI board</a> in 2018.The <a target="_blank" href="https://www.businessinsider.com/everything-you-need-to-know-about-chat-gpt-2023-1">ChatGPT</a> maker was <a target="_blank" href="https://www.businessinsider.com/openai-valued-at-80bn-following-deal-employees-cash-out-report-2024-2">valued at $80 billion or more</a> following a deal that allows staff to cash out their shares, <a target="_blank" href="https://www.nytimes.com/2024/02/16/technology/openai-artificial-intelligence-deal-valuation.html">The New York Times</a> reported in February, citing people familiar with the deal.Musk <a target="_blank" href="https://www.businessinsider.com/elon-musk-sues-sam-altman-betrays-openai-mission-chatgpt-2024-3">filed a lawsuit</a> against OpenAI in February, where he accused the company of violating its nonprofit mission by partnering with Microsoft.A year ago, Musk expressed disappointment in what OpenAI had become, saying that it was "<a target="_blank" href="https://twitter.com/elonmusk/status/1626516035863212034?s=20">not what I intended at all.</a>""OpenAI was created as an open source (which is why I named it 'Open' AI), non-profit company to serve as a counterweight to Google, but now it has become a closed source, maximum-profit company effectively controlled by Microsoft," Musk wrote on X.

Elon Musk's xAI says it just raised $6 billion in funding, pulling in big bucks from Sequoia Capital and Saudi Arabia

<ul class="summary-list"><li>Shaun Maguire announced he'd be <a target="_blank" href="https://www.businessinsider.com/trump-guilty-verdict-donors-backing-conviction-2024-5">backing Donald Trump after the former president's felony conviction</a>.</li><li>The Sequoia partner's support highlights a political shift among some in Silicon Valley.</li></ul>Shaun Maguire, a partner at the prominent <a target="_blank" href="https://www.businessinsider.com/sequoia-capital-distributed-10-billion-in-2023">venture capital firm Sequoia</a>, announced he'll be cutting a $300,000 check to Donald Trump — just minutes after the former president was <a target="_blank" href="https://www.businessinsider.com/trump-hush-money-trial-verdict-2024-5">found guilty of 34 felony counts</a>. The timing, Maguire said, was not a coincidence.In a lengthy screed on <a target="_blank" href="https://x.com/shaunmmaguire/status/1796293774794268747">X</a>, Maguire, who said he voted for Hilary Clinton in 2016 and did not vote in 2020, outlined his reasoning — including a take about the "double standards and lawfare against Trump."He also acknowledged that it may not be the most shrewd move for business."I know that I'll lose friends for this. Some will refuse to do business with me," he wrote. "The media will probably demonize me, as they have so many others before me. But despite this, I still believe it's the right thing to do."Maguire, who did not respond to a request to comment from Business Insider, may be less alone than he thinks.Following his conviction, <a target="_blank" href="https://www.businessinsider.com/trump-fundraising-felony-conviction-manhattan-senate-republicans-2024-5">Trump's campaign reported raising</a> a record $34.8 million. And while that amount was mostly from small donors, per the Trump team, some big-money donors and Silicon Valley titans have signaled their support for the former president — and the guilty verdict doesn't seem to have stopped them.Billionaire venture capitalist David Sacks, who is co-hosting a fundraiser for Trump next week, called the trial a "sham." Elon Musk replied in agreement with Maguire. Investor Keith Rabois reposted various takes that criticized the verdict.While Silicon Valley has long been a liberal hub, <a target="_blank" href="https://www.businessinsider.com/trump-biden-silicon-valley-election-fundraising-gop-cash-gap-2024-5">Trump has been courting the big-pocketed tech executives</a> and venture capitalists there.Chamath Palihapitiya, another venture capital billionaire and Sacks' podcast partner, will also cohost next week's Trump fundraiser at Sacks' home, despite donating six figures to Biden in 2020. <a target="_blank" href="https://www.businessinsider.com/elon-musk-could-be-donald-trump-advisor-wsj-reports-2024-5">Musk has reportedly been in talks with Trump</a> regarding an advisory role, should he win.Others, like <a target="_blank" href="https://www.businessinsider.com/marc-andreessen-plan-use-ai-save-the-world-regulation-startups-2023-6">venture capitalist Marc Andreeson</a> and Rabois, have not announced their support for Trump but have criticized Biden.The current administration's stance on regulation — particularly the FTC's approach to Big Tech companies — and calls for increased taxes on the wealthy has turned some former Democrats against the party.The members of the monied West Coast class throwing their support behind Trump are mirroring some Wall Street counterparts. Last week, <a target="_blank" href="https://www.businessinsider.com/blackstone-ceo-steve-schwarzman-endorses-donald-trump-2024-5">Blackstone CEO Steve Schwarzman</a> announced he'd be backing the former president. <a target="_blank" href="https://www.businessinsider.com/bill-ackman-trump-endorsement-reports-2024-5">Hedge fund giant Bill Ackman</a> is reportedly leaning toward endorsing him, too.Of course, the growing number of influential Silicon Valley voices supporting Trump — Sacks and Palihapitiya have their popular podcast, Musk has his an entire social media platform — are not representative of many of the area's wealthy inhabitants.For example, earlier this month, former Yahoo CEO Marissa Mayer and <a target="_blank" href="https://www.businessinsider.com/openai-investor-vinod-khosla-says-he-works-80-hour-weeks-2023-12">venture capitalist Vinod Khosla</a> hosted fundraising events for Biden.Correction: May 31, 2024 — An earlier version of this story misstated the amount of money Trump's campaign raised following the verdict. It raised $34.8 million, not $34.8 billion.

A Sequoia partner announced he's backing Donald Trump following his felony conviction, highlighting a political shift in Silicon Valley 

<ul><li><keyword id="7716660" type="General" weightage="100" keywordseo="pristyn-care" source="Orion">Pristyn Care</keyword>, a Gurugram-based health-tech startup, has reportedly laid off 300 employees.</li><li>The company has recently fired 45 employees, citing underperformance.</li><li>Pristyn Care is backed by investors such as <keyword id="122716" type="General" weightage="50" keywordseo="sequoia-capital" source="Orion">Sequoia Capital</keyword> and <keyword id="526777" type="General" weightage="50" keywordseo="tiger-global" source="Orion">Tiger Global</keyword>.</li></ul>Gurugram-based health-tech startup Pristyn Care is the latest to join the list of companies laying off its workforce. In its latest round of layoffs, the company has fired 45 employees. The layoff wave has been arriving in ripples across the Indian companies after affecting thousands in the global market, including big names like <a href="https://www.businessinsider.in/tech/news/elon-musks-twitter-laid-off-more-than-90-of-staff-in-india-now-only-about-12-employees-remain-report-says/articleshow/95383606.cms">Twitter</a>, <a href="https://www.businessinsider.in/tech/news/meta-says-it-will-lay-off-more-than-11000-employees/articleshow/95405068.cms">Meta</a>, among many others. According to a<a href="https://inc42.com/buzz/exclusive-healthtech-unicorn-pristyn-care-trims-workforce-gst-officials-seek-clarity-on-biz-model/"> report</a> by Inc42, the Sequoia Capital and Tiger Global-backed health-tech firm has fired around 300 employees across departments in the last two months. <cmsannotation type="cmsannotation" annotationid="What does Pristyn Care do?" comment="subhead" text="What does Pristyn Care do?">What does Pristyn Care do?</cmsannotation> Pristyn Care is a health-tech company founded in 2018 by Dr <keyword id="345234" type="General" weightage="50" keywordseo="vaibhav-kapoor" source="Orion">Vaibhav Kapoor</keyword>, Dr <keyword id="12305824" type="General" weightage="50" keywordseo="garima-sawhney" source="Orion">Garima Sawhney</keyword>, and <keyword id="11127890" type="General" weightage="50" keywordseo="harsimarbir-singh" source="Orion">Harsimarbir Singh</keyword> that offers advanced secondary care surgeries across 800 hospitals, 200 clinics, and over 400 super-specialty surgeons. The company has so far <a href="https://www.businessinsider.in/business/startups/news/surgical-care-startup-pristyn-care-is-the-42-startup-to-be-valued-over-1-billion/articleshow/88157965.cms">raised</a> $177 million from Sequoia Capital, Tiger Global, Winter Capital and others. <cmsannotation type="cmsannotation" annotationid="15% of employees laid off" comment="subhead" text="15% of employees laid off">15% of employees laid off</cmsannotation> The fired employees make up around 15% of the company’s total workforce. The fired employees were junior and mid-level employees working in sales, administration, city teams, and others. The company has claimed that it has fired only 45 employees, and they were let-go due to underperformance. "We have a comprehensive performance evaluation process that helps us understand the efficiency levels across the board. This is a regular process and we found around 45 employees across the organization who were performing consistently below expectations and we had to part ways," a Pristyn Care spokesperson told Inc42. The company has, however, denied claims about a mass layoff and has claimed that it has hired over 300 employees in the last four months. The layoffs come at a time when the company is<a href="https://yourstory.com/2023/03/sequoia-backed-pristyn-care-lays-off-300-employees-shuts-medical-tourism-vertical"> reportedly</a> scaling down its international expansion segment focused on medical tourism. The segment reportedly failed to generate sufficient revenue. Pristyn Care is not the only healthcare startup that has laid off employees. Companies like PharmEasy, MediBuddy, and Innovaccer have recently announced layoffs. SEE ALSO: <a href="https://www.businessinsider.in/science/health/news/you-are-not-safe-from-air-pollution-anywhere-in-the-world-finds-a-new-study/articleshow/98471370.cms">You are not safe from air pollution anywhere in the world, finds a new study</a> <a href="https://www.businessinsider.in/business/auto/news/wedding-bells-ring-in-16-rise-in-february-auto-sales-2-wheeler-sales-yet-to-hit-pre-pandemic-levels-fada/articleshow/98443213.cms">Wedding bells ring in 16% rise in February auto sales, 2 wheeler sales yet to hit pre-pandemic levels: FADA</a> <a href="https://www.businessinsider.in/tech/gadgets/news/noise-and-fire-boltt-entered-in-top-five-in-global-smartwatch-shipments/articleshow/98171390.cms">These two Indian brands have together sold more smartwatches than Samsung in 2022</a>

Health-tech startup Pristyn Care has reportedly fired 300 employees in the last two months

Top VC firm <keyword id="136147" type="General" weightage="50" keywordseo="sequoia-capital-india" source="Orion">Sequoia Capital India</keyword> has sold 17.2 crore shares of <keyword id="830092" type="General" weightage="100" keywordseo="zomato" source="Orion">Zomato</keyword> in two tranches in the open market, lowering down its stake in the online food aggregator to 4.4 per cent from earlier 6.41 per cent. In a fresh filing with the Bombay Stock Exchange (<keyword id="35140" type="General" weightage="50" keywordseo="bse" source="Orion">BSE</keyword>), Zomato said Sequoia Capital India sold some 6.7 crore shares in the September 6-October 14, 2021 period and 10.5 crore shares between June 27-August 25, 2022. The stock sales were performed by <keyword id="14821825" type="General" weightage="50" keywordseo="sequoia-capital-india-growth-investment-holdings" source="Orion">Sequoia Capital India Growth Investment Holdings</keyword> I and <keyword id="13302083" type="General" weightage="50" keywordseo="sci-growth-investments-ii" source="Orion">SCI Growth Investments II</keyword>, according to Zomato. <keyword id="10639596" type="General" weightage="50" keywordseo="sequoia-capital-india-investments-iv" source="Orion">Sequoia Capital India Investments IV</keyword> also received 45,153,346 incremental equity shares on August 10 owing to the acquisition of quick-commerce delivery platform Blinkit, which further has a lock-in period of one year. Sequoia Capital India joins a list of private market investors like Delivery Hero, Moore Strategic Ventures, and <keyword id="526777" type="General" weightage="50" keywordseo="tiger-global" source="Orion">Tiger Global</keyword>, which have sold their shares in Zomato in the past months, either in open market or via block deals, as the online food delivery platform's stock gets hammered. On Friday, Zomato shares closed around Rs 61.85. Earlier this month, ride-hailing platform Uber sold its 7.8 per cent stake worth over $390 million in Zomato. Uber, which suffered around $707 million loss in its Zomato investment in the first half of this year, sold its share in the food delivery aggregator via a block deal on stock exchanges that has been bought by several global and Indian VCs. The Zomato block deal was executed at Rs 50.44 per share equivalent to 612 million or 7.8 per cent of total outstanding shares. In a statement to IANS, Zomato had said that "We are a public company and are not privy to what our shareholders are doing with their shares". According to the company, the losses for Blinkit are coming down every month -- from Rs 2,040 million (about $26 million) in January 2022 to Rs 929 million ($12 million) in July. The 10-minute delivery platform was acquired by Zomato for Rs 4,447 crore (about $568 million). SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indices-end-marginally-higher-after-a-volatile-trading-session/articleshow/93802735.cms">Indices end marginally higher after a volatile trading session</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/heres-everything-you-need-to-know-about-uks-new-scale-up-visa/articleshow/93799259.cms">Here’s everything you need to know about UK’s new Scale-up visa</a>

Sequoia Capital offloads 2% of its stake in Zomato

New Delhi, As global layoffs deepen, Indian startups are not far behind and have sacked thousands of employees in the past 3-4 months, with many more to be given pink slips in the coming months amid deepening funding winter. In <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>, more than 21,000 employees have been laid off by more than 70 startups to day, including from unicorns like BYJU'S, <keyword id="6354720" type="General" weightage="80" keywordseo="ola" source="Orion">Ola</keyword>, MPL, Innovaccer, Unacademy, Vedantu, Cars24, <keyword id="2808667" type="General" weightage="50" keywordseo="oyo" source="Orion">OYO</keyword>, Meesho, Udaan and many more. The edtech sector has laid off the most employees, with 16 edtech startups laying off more than 8,000 employees to date. With the onset of January, more and more Indian companies are slashing jobs across the spectrum. The new year has already seen more than 16 homegrown startups sack employees in the country. Social media company <keyword id="3358959" type="General" weightage="80" keywordseo="sharechat" source="Orion">ShareChat</keyword> (Mohalla Tech Pvt Ltd) has laid off 20 per cent of its workforce due to uncertain market conditions. Backed by Twitter, Google, Snap and <keyword id="526777" type="General" weightage="80" keywordseo="tiger-global" source="Orion">Tiger Global</keyword>, ShareChat has about 2,300 employees, and the layoff impacted about 500 people at the company, Healthtech unicorn Innovaccer has sacked nearly 245 employees, or about 15 per cent of its workforce, across teams in India and the US. Innovaccer cofounder and CEO Abhinav Shashank cited an "uncertain macroeconomic environment" as the reason behind the job cuts, according to an internal mail sent to employees and accessed by leading startup news portal Inc42. This was the second layoff at the company in around 4-5 months' time amid the deepening funding winter and recession fears. In September last year, Innovaccer laid off nearly 120 employees, or less than 8 per cent of its workforce. Online food delivery platform <keyword id="6358977" type="General" weightage="50" keywordseo="swiggy" source="Orion">Swiggy</keyword> confirmed that the company is laying off 380 employees as food delivery growth slows. MediBuddy, an end-to-end digital healthcare platform in India, has laid off 8 per cent of its workforce, around 200 people, across all departments as a restructuring exercise. Homegrown online vehicle repair platform GoMechanic, backed by <keyword id="563136" type="General" weightage="50" keywordseo="sequoia-india" source="Orion">Sequoia India</keyword>, has laid off 70 per cent of its workforce as the startup struggles to raise funds amid serious concerns of accounting troubles. The company has asked the remaining staff to work without pay for three months, according to reports. Software-as-a-service (SaaS) voice automation startup Skit.ai has asked more than 115 employees to go, mostly from its India team, as part of the "restructuring process" amid the deepening funding winter. Even IT giant <keyword id="10862" type="General" weightage="50" keywordseo="wipro" source="Orion">Wipro</keyword> has laid off more than 400 fresher employees for poor performance in internal assessment tests. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/budgeting-for-climate-change/articleshow/97378027.cms">Budgeting for the fifth C</a> <a href="https://www.businessinsider.in/business/news/an-app-that-wants-to-turn-fear-of-stock-markets-into-fun-raises-75-lakh-from-sharks/articleshow/97378121.cms">An app that wants to turn fear of stock markets into fun raises ₹75 lakh from sharks</a> <a href="https://www.businessinsider.in/india/news/steps-taken-in-subsidence-hit-joshimath-inadequate-declare-himalayas-eco-sensitive-zone-say-experts/articleshow/97411665.cms">Steps taken in subsidence-hit Joshimath inadequate, declare Himalayas eco-sensitive zone, say experts</a>

70-plus Indian startups show exit door to 21K techies, more pink slips coming

Indian software-as-a-service (SaaS) company <keyword id="4621694" type="General" weightage="100" keywordseo="freshworks" source="Orion">Freshworks</keyword> has laid off nearly 90 employees, or 2 per cent of its total workforce, citing rough global conditions behind the move. The company's Founder and CEO Girish Mathrubootham told employees in an email that this is not a company-wide layoff but "a structural change". "In all the changes we undertook we have deployed and retained the majority of our teammates, however a few around 2 per cent of 5,200 people or approximately 90 employees for whom we do not have a readily available open position," Mathrubootham wrote in the email. The CEO said that Freshworks will help impacted employees by providing them healthcare coverage and outplacement services. "While we have reported a strong quarter, we are not immune to this slower economy. While new businesses picked up, expansion slowed down even as we reduced our growth forecasts and headcount needs," he wrote. Freshworks joins a growing list of tech companies that have laid off employees amid global macro-economic conditions. The Nasdaq-listed firm was valued at $12.2 billion after it opened 21 per cent above the initial offering price of $36 apiece in September last year. Mathrubootham, in interviews with media outlets, highlighted that the IPO created a lot of wealth for its employees as more than 500 of its employees turned crorepatis (millionaires). He further added that about 70, of these 500 employees, are under the age of 30. The company was valued at $3.5 billion when it raised $150 million funding from investors like <keyword id="122716" type="General" weightage="50" keywordseo="sequoia-capital" source="Orion">Sequoia Capital</keyword>, CapitalG and Accel in November 2019. Founded by Mathrubootham and <keyword id="2167964" type="General" weightage="50" keywordseo="shan-krishnasamy" source="Orion">Shan Krishnasamy</keyword> as Freshdesk in Chennai in 2010, the company started its journey as a helpdesk software for customer support. It decided to rebrand itself to Freshworks in June 2017 to incorporate the company's growing software suite. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/honda-to-hike-vehicle-prices-by-up-to-30000-from-jan/articleshow/96271533.cms">Honda to hike vehicle prices by up to ₹30,000 from Jan</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/be-prepared-for-export-tariff-walls-by-nations-undergoing-green-transition-fm-nirmala-sitharaman/articleshow/96270382.cms">Be prepared for export tariff walls by nations undergoing green transition: FM Nirmala Sitharaman</a>

Indian SaaS firm Freshworks lays off 90 employees

D2C home and sleep solutions platform Wakefit.co on Thursday launched a 'No Questions Asked' wellness leave policy for its employees. The policy extends a no-questions-asked leave to all employees once a month. These wellness leaves can be availed by the workforce to support their physical, mental, or emotional well-being by taking time off to unwind and rejuvenate themselves, the platform said in a statement. The employees can also utilise their wellness leaves to opt for leisurely activities. "With this policy, we hope to encourage our employees to unwind, focus on their health, and spend time with their loved ones by taking their wellness leave with no questions asked," said <keyword id="2800926" type="General" weightage="80" keywordseo="umanath-nayak" source="Orion">Umanath Nayak</keyword>, Head of HR, Wakefit.co. With the onset of the Covid-19 pandemic, the company overhauled its existing policies to mould them into the digital-first world. It unveiled its landmark 'Right to Nap' policy in May 2022 to enable employees to take a power nap between 2 and 2.30 p.m. Additionally, Wakefit.co also launched the flexi work policy for new parents. "These initiatives are impactful steps towards enabling a healthy work-life balance among its workforce," it said. Founded by Ankit Garg and <keyword id="1639108" type="General" weightage="80" keywordseo="chaitanya-ramalingegowda" source="Orion">Chaitanya Ramalingegowda</keyword> in March 2016, the company received Series A funding from marquee investor <keyword id="136147" type="General" weightage="80" keywordseo="sequoia-capital-india" source="Orion">Sequoia Capital India</keyword>, Series B funding from <keyword id="2248588" type="General" weightage="80" keywordseo="verlinvest" source="Orion">Verlinvest</keyword> and Sequoia Capital India, and recently received Series C funding from US-based <keyword id="857014" type="General" weightage="50" keywordseo="sig" source="Orion">SIG</keyword>, while existing investors, Verlinvest and Sequoia Capital India also participated. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/cognizant-closes-q3-with-4-9-bn-revenue-to-acquire-onesource-ld/articleshow/95275456.cms">Cognizant closes Q3 with $4.9 bn revenue, to acquire OneSource (Ld)</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indias-services-sector-recovers-some-growth-momentum-it-lost-in-september/articleshow/95273704.cms">India's services sector recovers some growth momentum it lost in September</a>

Wakefit.co announces 'No Questions Asked' wellness leave policy for staff

<ul class="summary-list"><li>VC firm <keyword id="13647765" type="UNKNOWN" weightage="60" keywordseo="sequoia-capital-india" source="Orion">Sequoia Capital India</keyword> has spoken out about fraud allegations at multiple <keyword id="6362513" type="UNKNOWN" weightage="60" keywordseo="startups" source="Orion">startups</keyword> it's backed.</li><li>The firm said it was difficult to conduct due diligence on early-stage businesses.</li></ul><keyword id="11904329" type="UNKNOWN" weightage="60" keywordseo="sequoia-capital" source="Orion">Sequoia Capital</keyword> India, a major investor in Southeast Asian startups, has said due diligence on early-stage startups is tough as four of its portfolio companies face fraud or misconduct allegations.<a href="https://india.sequoiacap.com/build/corporate-governance-the-cornerstone-of-an-enduring-company/">In a blogpost not attributed to a particular author</a>, the firm said: "Recently some portfolio founders have been under investigation for potential fraudulent practices or poor governance. These allegations are deeply disturbing."The post added: "It is easy to think of this issue as ascribed to poor due diligence. But let's remember that when investments are made at seed or early stage there is hardly a business to diligence. Even later stage investors can face negative surprises, post investment, if there is willful fraud and intent."<keyword id="12116150" type="UNKNOWN" weightage="60" keywordseo="sequoia" source="Orion">Sequoia</keyword> didn't name check any firms, but one of these negative surprises has been <a href="https://www.businessinsider.com/zilingo-ceo-suspended-accounting-probe-singapore-startup-report-2022-4">Zilingo</a>, a Singapore-based fashion e-commerce startup first backed by Sequoia in 2015 and estimated to be worth $970 million. <keyword id="13616941" type="UNKNOWN" weightage="60" keywordseo="zilingo" source="Orion">Zilingo</keyword> earlier this month suspended its cofounder and CEO Ankiti Bose amid a financial probe into its accounting practices. A lawyer acting for Bose called her suspension "unfair" in <a href="https://www.bloomberg.com/news/articles/2022-04-14/sequoia-s-singh-leaves-zilingo-board-amid-accounting-probe">a statement to Bloomberg</a>.Sequoia and another backer, Temasek, raised their concerns with Zilingo's board. Sequoia's Shailendra Singh subsequently resigned as director of Zilingo's board, Bloomberg reported.Three other Sequoia-backed startups are also under scrutiny.In mid-March, Indian news media reported that EY India was investigating social e-commerce platform <a href="https://inc42.com/buzz/trells-founders-under-scrutiny-for-financial-irregularities/">Trell</a> for alleged financial irregularities. The same month, <a href="https://economictimes.indiatimes.com/tech/startups/tax-officials-raid-zetwerks-offices-founders-homes-suspecting-tax-evasion/articleshow/90293975.cms?from=mdr">Zetwerk Manufacturing</a> was reportedly raided by Indian tax officials over alleged tax evasion concerns. Also in March, financial platform <a href="https://www.businessinsider.in/business/startups/news/ashneer-grover-loses-singapore-arbitration-bharatpe-probe-to-continue/articleshow/89887218.cms">BharatPe's</a> cofounder Ashneer Grover was <a href="https://techcrunch.com/2022/03/01/bharatpe-founder-ashneer-grover-siphoned-off-money-fintech-startup-says/">accused of misappropriating funds</a> by the firm and quit as CEO. Sequoia in its post called for better "guardrails" for the startup ecosystem, such as agreeing new rules around corporate governance, and said startup "boards can only work with the information shared with them" to uncover wrongdoing.Sequoia's post highlights the risks of investing in early-stage startups, where <keyword id="11897927" type="UNKNOWN" weightage="60" keywordseo="venture-capital" source="Orion">venture capital</keyword> firms plow cash into unproven companies, often trusting in a founder's vision more than the solidity of their business model. The firm wrote that a startup's board "is not responsible to investigate on an ongoing basis" for potential bad behavior unless it's explicitly flagged up.But some regional investors shot back at suggestions that the wider ecosystem was at fault."Sequoia India, caught with their pants down with 4 portfolio companies. Decides to blames the 'eco-system,'" wrote Sam Gibb, managing partner of Singapore-based fintech investor Resolution Ventures, <a href="https://twitter.com/samngibb/status/1515837214499827714">on Twitter</a>. He said that bigger investors encourage a "growth-at-all-costs" mentality at startups, leading founders to step "over gray lines" to hit metrics."The interests of career VCs (where a bulk of remuneration is fixed) diverge from founders as status is more important to them than building lasting economic value," he wrote.Sequoia could not be reached over the phone for further comment.

Big-name investor Sequoia says startup due diligence is hard as 4 of its Asian portfolio companies face allegations of fraud or misconduct

<ul class="summary-list"><li>EdTech startup TinyTap raised $8.5 million for staff expansion and product development, Insider has learned.</li><li>The Animoca Brands' subsidiary is backed in the latest round by firms including Sequoia China and Polygon.</li></ul>TinyTap, an educational technology startup and Animoca Brands' subsidiary, has secured an $8.5 million funding round, Insider has learned.The Tel Aviv-based EdTech firm will use the funding for staff expansion and product development. Sequoia China, Shima Capital, Polygon, Liberty City Ventures, Kingsway Capital, and GameFi Ventures are among the backers for the company's latest funding round. Founded in 2012, TinyTap offers a platform for user-generated educational content, dubbing itself as "the world's largest library of games by teachers." Once acquired by investing giant Animoca last year, the startup began doubling down on its Web3 efforts.TinyTap began incorporating blockchain technology into its services with more tokenized content via <a href="https://www.prnewswire.com/news-releases/tinytaps-first-publisher-nfts-sold-out-generating-138-926-eth-us228-000-that-is-shared-with-6-teachers-301670163.html" target="_blank" rel="noopener">non-fungible token</a> collections. Animoca <a href="https://venturebeat.com/games/animoca-brands-acquires-most-of-educational-user-generated-content-firm-tinytap-for-38-9m/" target="_blank" rel="noopener">paid $38.8 million</a> in June for an 80.45% stake in TinyTap.Animoca cofounder Yat Siu says NFTs make it possible for teachers to "better generate equity from their work and link up with co-publishers who can handle the promotion of their courses, all while offering students enhanced learning materials." "Teachers and educators are among the most important content creators and contributors in society, and yet their wages typically do not reflect their critical importance," Siu said in a statement. "This is why we're incredibly excited at the Web3 opportunities that TinyTap is exploring in the field of education."The startup raised their latest round as venture capital investments became harder to come by. VCs and investment firms have pulled back as the technology sector faces economic headwinds amid a higher interest rate environment, looming recession, and bank turmoil stemming from last month's fall of Silicon Valley Bank.While raising capital last year, TinyTap cofounder Yogev Shelly told Insider that the round took longer to close because of fallout and uncertainty in the crypto sector as well. "We started in October and within a month reached 80% of what we aimed for in the round," Shelly, who is also CEO, told Insider. "By November some big investors who had soft committed for a large part of the funding had to fold due to certain fallout and rising uncertainty. As a result, the round took a bit longer to close, and we had more to prove."Shelly added: "After the success of the PublisherNFT Auction, when we sold 80% ownership in 12 courses for 243 [ether] while doubling TinyTap revenue in 2022, investors took notice and we over-subscribed."

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