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A Silicon Valley-based Artificial Intelligence company has opened an office in <keyword id="30033" type="General" weightage="100" keywordseo="bihar" source="Orion">Bihar</keyword>, making it the first IT company from the US to enter the state. <keyword id="3832067" type="General" weightage="50" keywordseo="tiger-analytics" source="Orion">Tiger Analytics</keyword>, headquartered in Santa Clara, has opened its first office in <keyword id="6358805" type="General" weightage="50" keywordseo="patna" source="Orion">Patna</keyword> this month. "We are hoping that the initial step that we are taking, can lead to a lot of progress down the road," Mahesh Kumar, founder and CEO of Tiger Analytics, told PTI in a recent interview. The company currently has some 4,000 employees in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>, but they are mostly in Chennai, Bangalore and Hyderabad. Kumar, who is himself from Bihar, said during the COVID crisis a large number of its employees went back home to Bihar and started working remotely. "We have close to a hundred people between Bihar and Jharkhand right now. They're working remotely and they were happy there, they didn't want to come back," he said. "So, we realised that they're very good talented people, young people, they want to stay close to home but there are no opportunities in Bihar for them to work. Even when we set up this office (in Patna), a lot of social media responses came. People are looking forward to Tiger (Analytics) growing there (in Bihar) so they can go back and work from there," Kumar said. Kumar, who interacts with other successful entrepreneurs from Bihar in Silicon Valley regularly, said their goal is to encourage more like-minded people to come together and use it as an initial seed to grow a bigger ecosystem in Bihar. Tiger Analytics is primarily a consulting company in the field of artificial intelligence and machine learning. "We hope that taking this lead into account, many more companies will come to Bihar in the same way," Sandeep <keyword id="14554511" type="General" weightage="50" keywordseo="poundrik" source="Orion">Poundrik</keyword>, Additional Chief Secretary, Department of Industries, Bihar told PTI. A delegation of senior Bihar officials travelled to Silicon Valley this summer for meetings with Bihar-origin successful tech entrepreneurs. "We are trying to get IT companies to start their operations in Bihar. .... . It's not a very easy task, especially because right now there are not many IT companies in Bihar," said Poundrik who is also CEO of the Bihar Foundation, a state government-supported body for its diaspora community. Thousands of engineering students from Bihar currently seek opportunities outside the state due to the limited presence of IT companies within Bihar, he said. Responding to a question, Poundrik acknowledged that it's a little more challenging to attract investment in Bihar in the IT sector. "Number one.... I would say their perception of Bihar is not very positive, especially outside India. Because they have never heard of Patna or Bihar. So if any IT company wants to start their unit, they only think about Chennai, Bangalore or Hyderabad. They never think about Bihar," he said. "Second, I think the market is not local as far as IT is concerned. We have created the infrastructure. So in addition to whatever infrastructure the government has created for startups and IT companies, there's a lot of private infrastructure which has come up in Patna. About 12 IT towers are being developed in Patna in various stages of construction in the Patliputra industrial area," he said. Encouraged by Tiger Analytics' move, the Bihar government is now planning to organise a <keyword id="507960" type="General" weightage="50" keywordseo="global-investors-summit" source="Orion">Global Investors Summit</keyword> in Patna on December 13 and 14. "One of the key priority areas in that summit is IT. We will try to get IT companies from India and outside India to come and at least look at the opportunities, the strengths of Bihar," he said. 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Artificial Intelligence company from Silicon Valley enters Bihar

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

<ul><li>Indian filmmakers believe that a ‘big’ Indian superhit movie like Oscar-winning Parasite is waiting to happen.</li><li><keyword id="46758" type="General" weightage="70" keywordseo="RRR" source="Orion">RRR</keyword> and Elephant Whisperers’ Oscar win has helped Indian filmmakers cross the bridge, they believe.</li><li>India has the talent and technicians to tell a story-on-screen that the whole world will wake up to, says producer Guneet Mongia.</li><li>A Parasite-like record-breaking success is waiting to happen, says Vishal Bharadwaj. </li></ul> <keyword id="122490" type="General" weightage="50" keywordseo="film-critic" source="Orion">Film critic</keyword> Anupama Chopra had one thought when she watched the Chinese movie Crouching Tiger Hidden Dragon in 2000, “When will India make a crossover movie like that?” Since the 90s, many Hindi movies have been released in the US and UK, entertaining Indians abroad and bringing in forex. A few even found success at film festivals, but no Indian movie could capture the hearts of people across countries – not the way Ang Lee’s movie did. UK-based Gurinder Chadha too made superhit movies like ‘Bend it like Beckham’ and ‘Bride and Prejudice’ about Indians, but they were told from an immigrant Indian perspective. Even when Mumbai stories like Slumdog Millionaire were told, they were told by US-based directors like Danny Boyle. Desi movies were far from achieving any kind of acclaim or success. Chopra was further disheartened when director Anurag Kashyap told her once that <keyword id="20382" type="General" weightage="90" keywordseo="indian-movies" source="Orion">Indian movies</keyword> were just a comic relief. She never believed that, she shared at Zee5 Global’s panel discussion on ‘Coming of Age of South Asian Entertainment: The Time is Now’ in Mumbai. 2023: The year that changed it all Then Rajamouli’s RRR happened, and its song-and-dance number Natu Natu won an Oscar in 2023. That’s victory for the Indian way of story-telling on-screen that was once made fun of. “RRR changed the way Americans saw <keyword id="35703" type="General" weightage="100" keywordseo="Indian-films" source="Orion">Indian films</keyword>. People in the US were having watch parties for RRR. We were no longer that awkward brown guy with a strange accent. There was a sense of crossover taking place and that got us ambitious,” said Archana Anand, chief business officer of ZEE5 Global. Guneet Monga who also won the Best Documentary Short Film at the Oscars in 2023, believes that the path has been charted, and better things are waiting to happen. “We'll soon have our very own Crouching Tiger, Hidden Dragon. We have the talent and technicians,” she added. The director of Maqbool, Vishal Bharadwaj also chimed in, saying, “At the rate we are going, a Parasite is waiting to happen here. An Indian film that will break all records and make it big all over the world.” Parasite is a South Korean black comedy which created history by becoming the first non-English language movie to win the Best Picture academy award. It swept the awards that year, bagging three more Oscar awards for Best Director, Best Original Screenplay and Best International Feature Film. Movies that went as ‘series’ Before the Oscar wins, Indian movies have been breaking through slowly albeit steadily, reminisced the film-makers. The West started looking at Indian movies differently after the iconic movie-maker Shekhar Kapur’s Bandit Queen which released in 1994. He later went on to make a full-fledged international movie Elizabeth, starring Cate Blanchett. “We’ve had AR Rahman’s success with his music in Slumdog Millionaire. I’ve had my own experience with Maqbool going to Toronto. With humility, I want to say that many people are doing doctorates on my Shakespeare trilogy,” said Bhardwaj. Music composer AR Rahman shared an Oscar for his song ‘Jai Ho’ with song writer Gulzar for the movie Slumdog Millionaire. Distribution is key to taking Indian movies to lands afar, believes Monga, adding that streaming services play a role. “Gangs of Wasseypur was the first Indian five-and-half-hour film that was released as an eight-part miniseries in the US,” she told the audience.

RRR a stepping stone — The great Indian crossover film is still a ‘crouching tiger’

Decacorn fintech firm <keyword id="6357886" type="General" weightage="100" keywordseo="phonepe" source="Orion">PhonePe</keyword> has received an additional USD 100 million from <keyword id="6375561" type="General" weightage="80" keywordseo="general-atlantic" source="Orion">General Atlantic</keyword> during its ongoing fundraise round of USD 1 billion at a pre-money valuation of USD 12 billion, the company said on Wednesday. With this fresh funding, the <keyword id="80487" type="General" weightage="50" keywordseo="walmart" source="Orion">Walmart</keyword> group firm has raised USD 750 million till date. "PhonePe confirms a USD 100 million additional tranche of investment from General <keyword id="44121" type="General" weightage="80" keywordseo="atlantic" source="Orion">Atlantic</keyword>, a leading global growth equity firm, and its co-investors as part of our ongoing fundraise. General Atlantic initially invested USD 350 million in PhonePe in January 2023," PhonePe said in a statement. General Atlantic has invested USD 450 million in the ongoing fundraise, Ribbit Capital, <keyword id="526777" type="General" weightage="50" keywordseo="tiger-global" source="Orion">Tiger Global</keyword> and TVS Capital Funds USD 100 million and Walmart has infused USD 200 million in the company. PhonePe plans to deploy these funds to build and scale new businesses like insurance, wealth management, lending, stockbroking, ONDC-based shopping and account aggregators. The fundraise will also help PhonePe turbo-charge the next wave of growth for UPI payments in India, including UPI lite and Credit on UPI. Recently the company also announced its foray into hyperlocal e-commerce through new platform Pincode. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/markets-extend-rally-to-the-eight-consecutive-day-led-by-it-healthcare-and-auto-stocks/articleshow/99434724.cms">Markets extend rally to the eight consecutive day, led by IT, healthcare and auto stocks</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/how-omicron-sub-variants-escape-our-bodys-immune-system/articleshow/99433429.cms">How Omicron sub-variants escape our body's immune system</a>

PhonePe gets additional USD 100 million fund from General Atlantic

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

<keyword id="526777" type="General" weightage="100" keywordseo="tiger-global" source="Orion">Tiger Global</keyword> marked down the value of its investments in private companies by about 33 per cent across its venture-capital funds in 2022, according to The <keyword id="6384660" type="General" weightage="80" keywordseo="wall-street-journal" source="Orion">Wall Street Journal</keyword>. The markdowns erased USD 23 billion in value from Tiger's giant holdings of startups around the globe, one of the people familiar with the firm said. Its private portfolio includes big bets on hundreds of companies including TikTok parent ByteDance and payments company <keyword id="944108" type="General" weightage="80" keywordseo="stripe" source="Orion">Stripe</keyword>. In the fourth quarter, Tiger's newest venture funds lost between 9 per cent and 25 per cent. While substantial, the markdowns -- including USD 9 billion in the second half of the year--highlight the lag in private markets compared with similar fast-growing public companies. Tech stocks fell sharply last year, yet large venture-capital investors have so far reported more modest declines, <keyword id="51124" type="General" weightage="80" keywordseo="wsj" source="Orion">WSJ</keyword> said. According to the Wall Street Journal, SoftBank Group reported its USD 48 billion Vision Fund 2 saw a roughly 30 per cent drop in valuations of its private investments between April and December, compared with a more than 50 per cent drop in its publicly traded holdings. The disconnect is partly explained by the tricky process of valuing private companies. WSJ said managers have wide discretion; they typically rely on recent transactions, fundamentals like revenue and the performance of comparable companies. They also often hold preferred stock, which gives investors protections if a company sells at a discount and often decreases in value at a slower rate than common stock. Managers generally say they hew to consistent valuation processes, regardless of market cycles, that involve independent assessments of companies' worth, according to WSJ. Some question if public markets are a valid benchmark, contrasting the volatility of public markets with the longer-term nature of their investments in private companies. Still, the lag in private-market valuations during a rout in technology stocks has drawn the attention of investors including Harvard University's endowment, whose chief suggested in his annual letter last fall that venture managers hadn't written down their private investments sufficiently. That could create a blind spot for investors deciding whether to invest in new funds managers are raising, WSJ said. The recent write-downs at Tiger changed some of its performance stats significantly since it began raising a new USD 5-billion venture fund last fall, according to WSJ. WSJ said when it initially sought investors for the fund, PIP 16, it reported that a USD 5 billion fund it raised in 2020, PIP 12, had generated a 22 per cent internal rate of return for investors--a well above-average figure--through June 30. That figure has fallen to 9 per cent, people familiar with the matter said. Similarly, PIP 11's internal rate of return has fallen to 13 per cent from 23 per cent over the same time frame. PIP 10's decreased to 35 per cent, from 39 per cent. Tiger subsequently shared updated performance metrics with prospective investors after taking additional losses in the third quarter, a person familiar with the matter said. Tiger regularly provides performance and portfolio data to existing and potential investors, the person said, regardless of the market backdrop, according to WSJ. All of Tiger's largest investments have taken a hit, according to people familiar with the firm. When it began fundraising last fall, the firm told investors that its stake in payment processor Stripe was worth USD 1.6 billion as of June 2022, WSJ said. On Wednesday, Stripe said it raised USD 6.5 billion in a deal that valued it at USD 50 billion, nearly half of where it was in its last funding round two years ago. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/tcs-is-an-integral-part-of-who-i-am-ill-be-a-part-of-tcs-too-as-it-soars-rajesh-gopinathan/articleshow/98722638.cms">TCS is an integral part of who I am, I’ll be a part of TCS too as it soars: Rajesh Gopinathan</a> <a href="https://www.businessinsider.in/finance/banks/news/time-to-move-on-from-ceo-extension-debate-for-indusind-bank-and-focus-on-the-fundamentals/articleshow/98693999.cms">Time to move on from CEO extension debate for IndusInd Bank and focus on the fundamentals</a> <a href="https://www.businessinsider.in/stock-market/news/analysts-remain-optimistic-about-indias-top-100-stocks-most-popular-5-stocks-deliver-double-digit-returns/articleshow/98648739.cms">Analysts remain optimistic about India’s top 100 stocks: Most popular 5 stocks deliver double digit returns</a>

Tiger Global writes down venture funds' bets by 33% in 2022, says Wall Street Journal

Grammy-winning <keyword id="19935312" type="General" weightage="20" keywordseo="singer" source="keywords">singer</keyword> <keyword id="19935467" type="General" weightage="20" keywordseo="Dua-Lipa" source="keywords">Dua Lipa</keyword> is coming back to <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> for her <keyword id="20040346" type="General" weightage="20" keywordseo="concert" source="keywords">concert</keyword> in November. She shared an update about her visit on the social media handle and also mentioned that her earlier visit to the country was a great experience. Taking to her Instagram handle, she shared a series of pictures from her visit to India and wrote, "India, I'm coming back!! my trip at the start of this year was a beautiful reminder of how much I love this place. The warmth and energy I felt from everyone I met there was amazing, and I can't wait to see you again to perform in November!!!!" Dua visited India in late 2023 and spent the last few days of the year in the country. After the visit, Dua shared her experience of spending time in India and said that she feels "so beyond lucky" to end her year "here in India." She shared glimpses of her trip. Her post's visual narrative on her Instagram handle begins with Dua sipping a hot beverage in Rajasthan, followed by a video of traditional folk dancers. She posted photos of herself posing in front of an elephant and a video of a tiger. She also posted photos of herself and her family visiting a temple, embarking on a desert safari, and swinging a leg with folk dancers at a resort. Lipa closed her post with a video of herself riding a horse down the street. The singer wrote in her caption, "I feel so beyond lucky to end my year here in India. Thank you to all the wonderful people here who have shown us so much love, kindness, hospitality and generosity. This experience has been deeply meaningful. I feel lucky to be in and within the magic with my family where we have had the time to explore, regroup, recharge and restart. Ready for the year ahead. What a joy!!!" Earlier, the global singer has surprised her fans with her pictures from her vacations in Rajasthan. In the first photo, Dua was seen posing against the backdrop of a beautiful painting of the Hindu deities Radha and Krishna. The next picture showed her wearing a red and golden dress as she stood near a desk. A group of Indian women were seen in another image. She also gave a glimpse of Umaid Bhawan Palace. "Happy Holidays from me to youuuuu[?] sending love light health and happiness for the year ahead x," she captioned the post, leaving Indian fans wondering when Dua visited India. Dua also did not mention anything about her trip to Rajasthan in the caption. After visiting Rajasthan, she headed to New Delhi and sought blessings at the famous Bangla Sahib Gurudwara and visited the Humayun's tomb. Taking to Instagram, Dua Lipa's father Dukagjin Lipa shared a string of pictures from their outing in the national capital which he captioned, "The Indian journey starts at New Delhi #humayunstomb." The ace singer is coming back to India for her upcoming concert in November.

"I'm coming back!!" Dua Lipa announces return to India for her concert in November

<keyword id="46431" type="General" weightage="50" keywordseo="india-inc" source="Orion">India Inc</keyword> signed 1,149 deals valued at $104.3 billion in the first half of this year, amid global uncertainties, and the country saw $6 billion from 17 IPOs -- the highest values raised in the first six months, a report showed on Thursday. The figures represent a significant 34 per cent increase in the overall deal volumes, while deal values more than doubled (with a 143 per cent increase) from the same period last year, according to the <keyword id="10410446" type="General" weightage="80" keywordseo="grant-thornton-bharat" source="Orion">Grant Thornton Bharat</keyword> Dealtracker report. Driven by <keyword id="6357149" type="General" weightage="50" keywordseo="hdfc-bank" source="Orion">HDFC Bank</keyword> and <keyword id="83209" type="General" weightage="50" keywordseo="hdfc-ltd" source="Orion">HDFC Ltd</keyword>'s $40 billion merger, LTI and <keyword id="6357902" type="General" weightage="80" keywordseo="mindtree" source="Orion">Mindtree</keyword> merger ($17.7 billion) and Adani Group-Holcim Ltd's $10.5 billion deal, M&amp;A deal values recorded an over two times increase over H1 2021. These three deals alone accounted for 86 per cent of the total M&amp;A deal values in H1 2022. "Amid macro-economic stress, the overall deal sentiment for 2022 is expected to continue given the support from the government on infrastructure spending, supply-side response and key fiscal measures," said <keyword id="12539905" type="General" weightage="80" keywordseo="shanthi-vijetha" source="Orion">Shanthi Vijetha</keyword>, <keyword id="6399933" type="General" weightage="80" keywordseo="partner" source="Orion">Partner</keyword>, Growth, Grant Thornton Bharat. "However, corporates and more importantly PE/VCs may employ a cautiously optimistic approach as the impact of the global economic slowdown on the Indian economy becomes evident," Vijetha added. While private equity deal activity continued to dominate total deal volumes with 3/4th share, deal values were driven by mergers and acquisitions with 76 per cent of the total deal values in H1 2022. Startup, e-commerce and IT sectors led deal activity in H1 2022, driving 76 per cent of all deals followed by retail, education and pharma sectors. The M&amp;A space witnessed a significant increase in the first half, witnessing 284 deals while representing a 27 per cent growth over H1 2021. The banking and financial sector had the highest contribution of 53 per cent in terms of overall deal value in H1 2022, followed by IT and manufacturing sectors. The private equity and venture capital investments saw record volumes and values in the first six-month period with 865 deals at $25.1 billion. However, there was a 12 per cent and 15 per cent decrease in investment volumes and values over H2 2021 (the preceding six months), the report noted. "The drop in the deal values is due to a fall in big-ticket investments coupled with prevailing factors including geopolitical tensions, stock market volatility, concerns about the rise in commodity prices and the impact of inflation," the report noted. Nevertheless, large funds like <keyword id="526777" type="General" weightage="80" keywordseo="tiger-global" source="Orion">Tiger Global</keyword>, Westbridge, Baring PE, TPG, Brookfield, Blackstone and Warburg Pincus, among others, continued to keep pace with their activity. The start-up space attracted the most investment at $5.1 billion across 550 deals, recording a growth of 69 per cent in deal values. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/india-vs-west-indies-heres-the-entire-schedule-for-the-upcoming-odi-t20i-series/slidelist/93024475.cms">India vs West Indies: Here’s the entire schedule</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/strong-corporate-earnings-drive-markets-higher/articleshow/93028512.cms">Strong corporate earnings drive markets higher</a>

India sealed M&A deals worth $104.3 bn this year, raised $6 bn from IPOs

<ul><li>The Web3 Discovery Fund will invest in early-stage startups building blockchain solutions for the Indian Web3 landscape. </li><li>The $10 million web 3 fund will also provide technical support to early stage Indian web 3 startups. </li><li>Web3 development and innovation in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> witnessed investments worth over $500 million in 2021 alone. </li></ul> <keyword id="10587326" type="General" weightage="100" keywordseo="coinswitch" source="Orion">CoinSwitch</keyword>, one of India’s largest crypto exchanges, on Tuesday announced the launch of corporate venture capital ‘Web3 Discovery Fund’ worth $10 million. The fund will invest in and incubate early-stage startups building blockchain solutions for the evolving Web3 landscape in India. Despite the ongoing crypto winter, there has been a steady influx of capital for Indian web 3 startups. Web3 development and innovation in India witnessed investments worth<a href="https://www.bain.com/insights/india-venture-capital-report-2022/"> $500 million+</a> in 2021. Coinswitch’s Web3 Discovery Fund, with an initial corpus of $10 million, will provide single-window access to investor partners <keyword id="526777" type="General" weightage="50" keywordseo="tiger-global" source="Orion">Tiger Global</keyword>, Ribbit Capital, Coinbase Ventures, Sequoia Capital India, Woodstock Fund, Elevation Capital, alongside incubation partner <keyword id="13041888" type="General" weightage="50" keywordseo="buidlers-tribe" source="Orion">Buidlers Tribe</keyword>. CoinSwitch Web3 Discovery Fund’s startups can apply for AWS Activate Portfolio and receive AWS credits, technical support, training, and resources. The early-stage portfolio startups will also be able access CoinSwitch's in-house capabilities, ecosystem network, and its 18 million-strong user base. “The venture program is a result of our firm belief that India will be the launchpad for population-scale Web3 projects. To realise this vision of #MadeinIndia Web3, we have to identify and enable entrepreneurs and early-stage startups leveraging the potential of Crypto to solve real-world problems unique to India," said Ashish <keyword id="16058" type="General" weightage="50" keywordseo="singhal" source="Orion">Singhal</keyword>, co-founder and CEO, CoinSwitch. Coinswitch was founded in 2017 by Singhal, Govind Soni and <keyword id="14675613" type="General" weightage="50" keywordseo="vimal-sagar-tiwari" source="Orion">Vimal Sagar Tiwari</keyword> and is backed by blue chip investors including <keyword id="508487" type="General" weightage="50" keywordseo="andreessen-horowitz" source="Orion">Andreessen Horowitz</keyword>, Tiger Global, Sequoia Capital India, Ribbit Capital, Paradigm, and Coinbase Ventures.

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Artificial Intelligence company from Silicon Valley enters Bihar

PTI

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

IANS

RRR a stepping stone — The great Indian crossover film is still a ‘crouching tiger’

Katya Naidu

PhonePe gets additional USD 100 million fund from General Atlantic

PTI

Sequoia Capital offloads 2% of its stake in Zomato

IANS

Tiger Global writes down venture funds' bets by 33% in 2022, says Wall Street Journal

ANI

"I'm coming back!!" Dua Lipa announces return to India for her concert in November

ANI

India sealed M&A deals worth $104.3 bn this year, raised $6 bn from IPOs

IANS

CoinSwitch launches $10 million Web 3 Discovery Fund to invest in early-stage Indian startups

Eetika Kapoor

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