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New Delhi, Quick service restaurant (<keyword id="19907686" type="General" weightage="20" keywordseo="qsr" source="keywords">QSR</keyword>) chain, Wow! Momo, said on Tuesday that it has raised Rs 410 crore (around $49 million) in its Series D round led by <keyword id="20202119" type="General" weightage="20" keywordseo="khazanah" source="keywords">Khazanah</keyword> Nasional Berhad, the sovereign wealth fund of Malaysia, and <keyword id="20210924" type="General" weightage="20" keywordseo="oaks" source="keywords">OAKS</keyword> Asset Management. Khazanah led the round by investing Rs 350 crore, while existing investor OAKS invested the remaining Rs 60 crore, according to the company. Wow! Momo said that the funding will be used to grow and expand the QSR brand. It will also invest in distribution, research and development (R&amp;D). "There is no greater joy for a founder than giving its initial investors (Indian Angel Network and Lighthouse Funds) great partial exits. For us, the Bharat Story has just begun with a huge headway of growth," said <keyword id="20205381" type="General" weightage="20" keywordseo="sagar-daryani" source="keywords">Sagar Daryani</keyword>, CEO and Co-founder of Wow! Momo Foods. "With Khazanah's investment into the business and their long-term approach, we will strive to become the powerhouse of innovation and transformation in the food space while keeping a strong balance between sustainability, growth and backing breakthroughs," he added. Khazanah has backed companies like <keyword id="20006421" type="General" weightage="20" keywordseo="xpressbees" source="keywords">Xpressbees</keyword>, Flipkart, TransUnion CIBIL and others in India. Moreover, the company said that it aims to enter more than 100 cities and increase its footprint to over 1,500 stores in the next three years. At present, the company has 630 outlets across 25 cities. "We aim to encourage the growth of Wow! Momo through enhanced scalability, technological fortification, and focusing on building a strong back-end capability to support its growth," said Dato' Amirul Feisal Wan Zahir, Managing Director, Khazanah.

Wow! Momo raises Rs 410 cr in latest round led by Khazanah, OAKS

<ul><li>D2C brands’ gross merchandise value is expected to grow to $35 billion by 2027.</li><li>They are expected to grow at a CAGR of 40%, faster than retail and eCommerce markets.</li><li>D2C shipments were at half a billion in 2022, and could grow to 3 billion by 2027. </li></ul>India’s direct-to-consumer brands are growing fast, spreading their wings far and wide. As per estimates by Redseer, their gross merchandise value (GMV) will swell to $35 billion by 2027. A large number of brands like <keyword id="4548811" type="General" weightage="20" keywordseo="mamaearth" source="Orion">MamaEarth</keyword>, <keyword id="360663" type="General" weightage="20" keywordseo="kama-ayurveda" source="Orion">Kama Ayurveda</keyword>, <keyword id="211425" type="General" weightage="20" keywordseo="hopscotch" source="Orion">Hopscotch</keyword> and <keyword id="12227756" type="General" weightage="20" keywordseo="the-sleep-company" source="Orion">The Sleep Company</keyword> have been gaining ground for the last few years. Yet, the D2C market itself is at a nascent stage, believes Redseer. “Brand creation is getting easier and incentivized,” it added. But they’re chugging along fast and are expected to exhibit a compounded annual growth rate (CAGR) of 40% for the next four years. Their growth rate will outdo retail market growth as well as the broader eCommerce market. Their growth rate is thrice as fast as compared to the retail growth, and 1.6 times that of the eCommerce market. Their growth will also give a push to third party logistics (3PL) players as D2C brands do not follow the traditional distribution channel. In 2022, the number of D2C shipments stood at half a billion. And, they might grow to 3 billion by 2027. “3PL solutions tie-in well with the D2C segment as demand varies across cities/regions and the required logistics investment is on the higher side. Brands need reliable logistics partners with a wider reach across India to ensure consistency of experience,” said Mrigank Gutgutia, partner at Redseer. Most D2C products have varied requirements like return management, cold storage supply chain, hassle-free claims and more. “The mid-large beauty and personal care brands are also competing on reach and quick delivery. Hence aspects like ability to handle fragile items matter more prominently for them,” said Redseer. Home and general merchandise brands also require high degree of shipment protection to prevent damages. Food brands on the other hand work on lower margins and seek affordable shipping. Brands need quick delivery in cities and dense networks to enable quick delivery. “The keys to success for 3PLs vary widely depending on the category of D2C players, however, tech-enabled reliability, shipment protection and affordable pricing are what the D2C brands in India seek the most, with pan-India reach being a fairly common expectation,” said Gutgutia. <keyword id="2841678" type="General" weightage="80" keywordseo="xpressbees" source="Orion">XpressBees</keyword> and Shadowfax are used by brands that need low-cost shipping. Delhivery and Blue Dart are used by brands that need quick and reliable delivery which is tech-enabled. Ecomm Express is known for wider reach with a larger focus on tier 2 cities and beyond.

D2C brands growing at a much faster clip than ecomm, shift to boost third party logistics

In a bid to increase its presence in India, <a href="http://www.businessinsider.in/searchresult.cms?query=alibaba&amp;sortorder=effectivedate">Chinese giant Alibaba</a> is looking to invest in <a href="http://www.businessinsider.in/searchresult.cms?query=delhivery&amp;sortorder=effectivedate">Delhivery</a> and <keyword id="2841678" type="UNKNOWN" weightage="20" keywordseo="XpressBees">Xpressbees</keyword> Logistics. 
 <keyword id="302749" type="COMPANY" weightage="20" keywordseo="Alibaba">Alibaba</keyword>’s <a href="http://www.businessinsider.in/searchresult.cms?query=jack+ma&amp;sortorder=effectivedate">Jack Ma</a> wants to cement its position in payments and logistics and outpace its rivals in India such as <a href="http://www.businessinsider.in/searchresult.cms?query=flipkart&amp;sortorder=effectivedate">Flipkart</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=snapdeal&amp;sortorder=effectivedate">Snapdeal</a>. 
 
“The Chinese company is also chalking out a plan to get Paytm to spin off its marketplace business and plans to top it up with more capital,” ET quoted a source as saying. 
 
Meanwhile, Alibaba told ET that it sees tremendous opportunities in India and are absolutely committed to developing in this market for the long term. 
 Meanwhile, Alibaba’s investment plans will be decided within six months. It is worth mentioning that <keyword id="1560090" type="UNKNOWN" weightage="20" keywordseo="Delhivery">Delhivery</keyword> and XpressBees are already on Paytm's marketplace as a third-party logistics and eKYC partner. 
 
Devangshu Dutta, CEO of retail consultancy Third Eyesight, told ET, “Major players such as Amazon, Alibaba, Flipkart have to take direct or indirect control to ensure that their logistics capabilities evolve ahead of their own business growth curve.” 
 
Reportedly, Delhivery is estimated to be valued at Rs 2,000 crore since its last funding round and Xpressbees’ valuation is not known. 
 
"They are putting their strategy in place. Fundamentally, they will buy and start with Paytm's online retail business, because a deal with Flipkart is not happening right now as they feel it is very expensive. They will get a logistics partner to build a network like Amazon, which is very critical," a source told ET about Alibaba's plan. 
 
Alibaba is venturing in India at a strategic time as most of the startups are facing fund crunch.

Alibaba is planning more investments in India and this is the best time to rake in money

Leading venture capital firm <keyword id="10135370" type="General" weightage="80" keywordseo="elevation-capital" source="Orion">Elevation Capital</keyword> on Friday announced its eighth $670 million fund for early-stage startups in <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> and to help their founders realise their dreams. Over the past two decades, the company has invested almost $2 billion of capital in over 150 companies across seven funds, with 13 early-stage investments becoming unicorns. These include category leaders such as Acko, FirstCry, Makemytrip, Meesho, NoBroker, Paytm, Sharechat, Spinny, Swiggy, Unacademy, Urban Company, Xpressbees and several others. With the $670 million Fund VIII, the VC said in a statement that it will once again focus on the seed/Series A stage as its core. According to the company, its investment pace has been accelerating and went up by 100 per cent in the past 12 months. The firm has to date invested in over 150 companies across consumer internet, SaaS, fintech, consumer brands, edtech, healthtech and Web3/Crypto, and has offices in Bengaluru, Gurugram and Salt Lake City in the US. "Fund VIII will allow us to demonstrate a greater commitment to exceptional founders with a larger initial investment and continued support to them until much later in their journeys," said the VC. Elevation (earlier SAIF Partners) first started investing in India 20 years ago. India's equity market capitalisation is already the fifth-highest in the world, at $3.2 trillion, and is expected to approach $10 trillion over the next 10 years. "We have just scratched the surface of India's tech potential. The 100 unicorns in India alone have a combined valuation of $240 billion. We believe that this will grow over 10x over the next decade and Indian tech companies will have more than $2 trillion of market cap," said the company. The firm is led by co-managing partners <keyword id="304089" type="General" weightage="80" keywordseo="ravi-adusumalli" source="Orion">Ravi Adusumalli</keyword> and <keyword id="1700264" type="General" weightage="80" keywordseo="mukul-arora" source="Orion">Mukul Arora</keyword>, along with three managing directors <keyword id="10135369" type="General" weightage="80" keywordseo="mridul-arora" source="Orion">Mridul Arora</keyword>, Deepak Gaur and <keyword id="3039894" type="General" weightage="80" keywordseo="mayank-khanduja" source="Orion">Mayank Khanduja</keyword>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/defense/news/hal-delivers-the-first-made-in-india-dornier-228-aircraft-to-alliance-air/slidelist/90719494.cms">HAL delivers the first made-in-India Dornier 228 aircraft to Alliance Air</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/abu-dhabis-ihc-to-invest-2-billion-primary-capital-in-three-adani-group-companies/articleshow/90725697.cms">Abu Dhabi's IHC to invest $2 billion primary capital in three Adani Group companies</a>

Elevation Capital announces $670 million fund for early-stage startups

<ul><li>Fourteen Indian companies turned <keyword id="152045" type="General" weightage="20" keywordseo="unicorn" source="Orion">unicorn</keyword> between January and June 1, 2022.</li><li>Forty four companies hit this milestone throughout 2021.</li><li>India currently ranks third in overall unicorns created, with the USA taking a lead.</li></ul>The Indian startup valuations have taken a hit since April this year. Yet India has still managed to create more unicorns in the first five months of 2022 compared to the year before. According to a recent report by market intelligence provider Tracxn, 14 Indian companies turned unicorns — companies valued over a billion dollars — between January and June 1, 2022. Last year, the number stood at 13 during the same time frame. Notably, 2021 was the best year for Indian startups especially in terms of unicorn creation. Forty four companies hit this milestone in 2021, representing a four-fold increase from the 11 unicorns created in 2020. India currently ranks third in overall unicorns created, with the US taking the lead. China ranks second and India has overtaken the United Kingdom, in terms of unicorn creation. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Companies </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;">Sector </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;">Month of unicorn round </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fractal </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SaaS (software-as-a-service) </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;">January 2022 </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;">Lead School </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;">Edtech </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;">January 2022 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">DarwinBox </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SaaS </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;">January 2022 </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;">DealShare </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;">Ecommerce </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;">January 2022 </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;">ElasticRun </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;">Logistics Service </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;">February 2022 </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;">LivSpace </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;">Interior Design </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;">February 2022 </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;">XpressBees </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;">Logistics </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;">February 2022 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Uniphore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SaaS </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;">February 2022 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hasura </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SaaS </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;">February 2022 </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;">CredAvenue </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 </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;">March 2022 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amagi Media Labs </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;">SaaS </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;">March 2022 </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;">Oxyzo Financial Services </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 </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;">March 2022 </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;">Games 24x7 </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;">Gaming </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;">March 2022 </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;">Open Financial Technology </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 </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;">May 2022 </td></tr></tbody></table>Source: Venture Intelligence <cmsannotation type="cmsannotation" annotationid="75 unicorns in 75 weeks" comment="subhead" text="75 unicorns in 75 weeks">75 unicorns in 75 weeks</cmsannotation> Earlier this year, the minister of commerce and industry Piyush Goyal had said that the Indian startup ecosystem should aim to raise 75 unicorns in 75 weeks to the 75th anniversary of Independence. While the target did seem possible as the country witnessed the entry of 10 unicorns in the first 53 days, things have slowed down since then. The ongoing Russia-Ukraine war, impending recession fears, and Fed rate interest hikes caused a <a href="https://www.businessinsider.in/business/startups/news/the-worst-for-indian-startups-is-yet-to-come-be-prepared-for-layoffs-unicorn-slowdown-and-startup-shutdowns-in-2022/articleshow/91681195.cms">funding slowdown in the Indian startup ecosystem</a>. The investors are cautious about spending their money, leading to correction in stock prices. With this, the Indian startup ecosystem has been preparing for a funding winter by increasing their runway. Several companies — including <a href="https://www.businessinsider.in/business/startups/news/about-8000-people-have-been-impacted-by-startup-layoffs-in-india/slidelist/91682916.cms">Ola, Unacademy, Cars24, Vedantu, MFine and others</a> — have laid off a chunk of their workforce. Gaurav Munjal, the co-founder and CEO of edtech unicorn Unacademy, believes that the slowdown in<a href="https://www.businessinsider.in/business/startups/news/unacademy-ceo-gaurav-munjal-asks-employees-to-prepare-for-a-funding-winter-that-could-last-24-months/articleshow/91812288.cms"> funding can last anywhere between 12-24 months</a>. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/ril-maruti-suzuki-tata-motors-bajaj-auto-among-stock-to-watch-out-for-on-june-2/slidelist/91953190.cms" style="">RIL, Maruti Suzuki, Tata Motors, Bajaj Auto among stock to watch out for on June 2</a> <a href="https://www.businessinsider.in/business/corporates/news/infosys-could-remain-the-vendor-of-choice-even-if-recession-comes-say-analysts/articleshow/91952813.cms" style="">Infosys could remain the ‘vendor of choice’ even if recession comes, say analysts</a> <a href="https://www.businessinsider.in/business/telecom/news/mukesh-ambanis-jio-lags-behind-airtel-which-is-the-top-telecom-brand-in-india/articleshow/91935279.cms" style="">Mukesh Ambani's Jio lags behind Airtel which is the top telecom brand in India</a>

India created 14 unicorns in the first half of 2022 — before funding slowdown hit them

<ul><li>Indian startups have raised $8 billion in the first two months of 2022. </li><li>Indian startups have already cracked 277 deals in January and February 2022. </li><li>The ecosystem has also witnessed the entry of 10 startups into the unicorn club.</li></ul>Indian <keyword id="138263" type="General" weightage="20" keywordseo="startup" source="Orion">startup</keyword>s have raised $8 billion in the first two months of 2022, according to Business Insider’s calculations. This means that nearly $1 billion was invested in the startup ecosystem on a weekly basis in January and February. The ecosystem had raised <a href="https://economictimes.indiatimes.com/tech/funding/indian-startups-raised-42-billion-in-2021-report/articleshow/88875670.cms">$42 billion</a> across 1,579 deals all through 2021 and <a href="https://inc42.com/reports/the-annual-indian-tech-startup-funding-report-2020/">$11.5 billion</a> across 924 deals in 2020. Indian startups have already cracked 277 deals in the first two month of 2022. This includes Reliance-backed Dunzo, Nykaa’s rival Purple, Zomato’s rival Swiggy and others. The data has been based on Entrackr’s weekly <keyword id="6357455" type="General" weightage="20" keywordseo="funding" source="Orion">funding</keyword> <a href="https://entrackr.com/category/weekly-funding-report/">reports</a>. <div type="image" title="Indian startups raised around $1 billion a week in January and February" msid="89890610" hostid="261"></div> The ecosystem has also witnessed the entry of <a href="https://www.businessinsider.in/business/startups/news/total-ten-startups-have-turned-unicorns-till-now-in-2022-in-india/slidelist/89774609.cms">10 startups into the unicorn club</a>, which includes startups valued over a billion dollars. The list of 2022 includes software-as-a-service (SaaS) companies Fractal, DarwinBox, Hasura and Uniphore, edtech company Lead School, logistics company XpressBees, and ecommerce platforms Livspace, Dealshare and ElasticRun. Direct-to-consumer (D2C) Mamaearth too announced its entry into the unicorn club on January 1 this year. However, it was already reported in the media based on regulatory filings of the company. India is currently home to 91 unicorns, according to Venture Intelligence data. This includes companies like BharatPe, Cred, Groww, Zerodha, Upstox, Spinny, Cars24, ShareChat and more. Finance Minister Nirmala Sitharaman, during the budget speech of 2022, <a href="https://www.businessinsider.in/budget/news/budget-for-startups-2022-finance-ministry-proposes-to-extend-tax-holiday-by-another-year/articleshow/89269955.cms">highlighted </a>that “startups have emerged as a driver of growth for our economy”. Commerce and industry minister Piyush Goyal in January said that India should aim to raise 75 unicorns in 75 weeks to the 75th anniversary of Independence. "We have 43 unicorns added in 45 weeks, since the start of 'Azadi ka Amrit Mahotsav' on March 12, 2021,” he said. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/as-long-as-mukesh-ambani-is-there-to-rescue-the-market-doesnt-care-about-future-retails-financial-stress/articleshow/89886569.cms" style="">As long as Mukesh Ambani is there to rescue, the market doesn't care about Future Retail's financial stress</a> <a href="https://www.businessinsider.in/finance/banks/news/what-is-swift-how-does-it-work-why-is-it-important-and-how-nations-are-using-it-to-punish-russia/articleshow/89886091.cms" style="">What is SWIFT, how does it work, why is it important and how nations are using it to punish Russia</a> <a href="https://www.businessinsider.in/stock-market/news/sensex-falls-sharply-on-worsening-russia-ukraine-war-hdfc-bank-axis-bank-eicher-motors-among-biggest-losers/articleshow/89886018.cms">Markets remain worried as energy rich Russia faces harsh sanctions from western countries</a>

Indian startups raised around $1 billion a week in January and February

<ul><li>According to reports, <keyword id="302749" type="COMPANY" weightage="20" keywordseo="Alibaba">Alibaba</keyword> is pausing on its India <keyword id="138263" type="PERSON" weightage="20" keywordseo="startup">startup</keyword> investments. </li><li>It has made big bets on India like <keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword> and Paytm Mall, Zomato, BigBasket, Snapdeal and logistics firm Xpressbees. </li><li>Alibaba was also reported to have been looking at a deal with Reliance Retail.</li></ul>E-commerce giant Alibaba has put a full stop to its investments in India, according to <a href="https://www.moneycontrol.com/news/business/alibaba-hits-pause-on-fresh-india-investments-4370951.html">reports</a>. In a response to Moneycontrol, Alibaba said that it remains committed to the Indian market. Alibaba was also reported to have been eyeing deal with Reliance Retail. However, these deal talks seem to have fallen through. Alibaba has placed big bets in the Indian market with top startups like Paytm and Paytm Mall, Zomato, BigBasket, Snapdeal and logistics firm Xpressbees. However, Alibaba hasn’t exited from any of their investments. In May, Alibaba was<a href="https://www.livemint.com/companies/news/alibaba-looks-to-focus-on-small-deals-in-india-1557082189868.html"> rumoured</a> to be re-evaluating its India strategy to turn its focus to smaller ticket deals in India. This is after having made large investments with great emphasis on big and successful companies. This move comes after Alibaba’s much talked about Hong Kong IPO was delayed, owing to the political unrest. Alibaba’s first IPO in 2014 in the US created history in the market as it raised $25 billion. But investors will have to wait for yet another possibly stellar debut atAsian financial hub – Hong Kong.

Alibaba won't be making any fresh investments in India: Reports

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

<ul><li><keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword> has outrightly denied reports that one of its majority shareholders <keyword id="9541717" type="UNKNOWN" weightage="20" keywordseo="Ant-Group">Ant Group</keyword> may sell its entire 30% stake in the startup. </li><li>A Reuters report stated that amid growing tensions between India-China, Ant Group was mulling a possible exit from the Vijay Shekhar Sharma-led company. </li><li>With rising border tensions between India and China, Indian startups with Chinese investments have come under a lot of scrutiny. </li></ul>Indian digital payments leader Paytm has denied reports that one of its majority shareholders Ant Group may sell its entire 30% (worth $4.8 billion) stake in the startup. A <a href="https://in.reuters.com/article/ant-group-paytm/exclusive-chinas-ant-considers-paytm-stake-sale-amid-tensions-with-india-sources-idINKBN28C17R">Reuters report</a> citing sources stated that amid growing tensions between India-China, Ant Group was mulling a possible exit from the Vijay Shekhar Sharma-led company. The Indian government has so far banned almost <a href="https://www.businessinsider.in/tech/apps/news/indian-government-has-banned-220-chinese-apps-so-far-including-pubg-mobile-aliexpress-tiktok-shareit-and-more/articleshow/79390031.cms">220 Chinese apps</a> this year. However, a Paytm spokesperson denied the report. "The information is absolutely false and misleading. There has been no discussion with any of our major shareholders ever, nor any plans, about selling their stake or becoming the controlling shareholder. Our mission is to empower half a billion Indians with digital financial services and pursue the vast opportunity presented by the digital financial revolution in our country. We are seeing a dramatic increase in revenues and acceleration of our path to breakeven,” a Paytm spokesperson told Business Insider. The rising tension between India and China at the Ladakh border has led the government in New Delhi to crack down on foreign direct investments (FDI) from China. Paytm had earlier <a href="https://www.businesstoday.in/current/corporate/paytm-founder-vijay-shekhar-sharma-hails-ban-on-59-chinese-apps-faces-backlash/story/408416.html">faced backlash</a> on Twitter as well for its investments from the Chinese giant. Chinese investors have pumped in an estimated $4 billion into India’s tech startups, which includes bets on 18 out of the country’s 30 unicorns, according to a Gateway House report. The scepticism around Chinese investments in India has been rising, which affects some of the biggest startups in India like Paytm, Ola, Byju’s and more. China’s biggest funds and their bets in India <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;">Tencent </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;">Byju’s, Ola, Dream11, Flipkart, Hike, Swiggy, Udaan, Niyo, Gaana, Doubtnut, Khatabook, MX Player, Pine Labs, Pocket FM, Practo, MyGate. </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;">Alibaba </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;">Paytm, Bigbasket, Paytm Mall, Snapdeal, Zomato, Healofy, Ticketnow, Rapido, Vidooly, Xpressbees </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;">Xiaomi </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;">Hungama, Sharechat, Rapido, ZestMoney, Oye! Rickshaw, City Mall, Marsplay Internet </td></tr></tbody></table> SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/breather-for-flipkart-as-supreme-court-stays-order-for-cci-probe-over-alleged-abuse-of-dominant-position/articleshow/79528982.cms">Breather for Flipkart as Supreme Court stays order for CCI probe over alleged abuse of dominant position</a> <a href="https://www.businessinsider.in/business/corporates/news/burger-king-in-india-isnt-competing-with-just-dominos-or-mcdonalds-the-roadside-chola-bhatura-vendor-is-a-peer-too/articleshow/79526057.cms">INTERVIEW: Burger King in India isn’t competing with just Domino's or McDonald’s⁠, the roadside chola bhatura vendor is a peer too⁠</a>

Paytm denies report that Ant Group may dump its stake worth almost $5 billion as India-China tension escalates

<ul><li><keyword id="6947922" type="UNKNOWN" weightage="20" keywordseo="chiratae">Chiratae</keyword> plans to invest in 50 startups with this fund over the next couple of years.</li><li>It will look to make bets in 20 startups annually, working across seed stage to late stage.</li><li>Chiratae is also an investor in PolicyBazaar, which has recently filed preliminary papers to go public.</li><li>Its portfolio includes 100 companies such as Lenskart, Firstcry and Cure.fit.</li></ul>Investment firm <keyword id="6891457" type="UNKNOWN" weightage="20" keywordseo="chiratae-ventures">Chiratae Ventures</keyword> has announced the final close of its fourth fund at $337 million on Friday, August 6. The Mumbai-based venture capital (VC) firm will use this capital to invest in about 50 companies over the next couple of years. It plans to close about 15-20 deals on an annual basis, Chiratae Ventures’s executive director and partner Karthik Prabhakar told Business Insider. These investments would range from early-stage to later stage rounds. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></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;">Stage </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;">Average Investment Size </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;">Seed </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-$1.5 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;">Series A </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;">Up to $5 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;">Series B </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;">Up to $7 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;">Later Stages/Larger Cheques </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;">Up to $40 million </td></tr></tbody><tbody></tbody><tbody></tbody></table> Though the closure of Chiratae’s Fund IV was delayed by over 10 months due to COVID-19, it was oversubscribed by 25%. The fund is backed by marquee investors such as World Bank’s investment arm International Finance Corporation (IFC), Infosys’ Kris Gopalakrishnan, Asian Paints FO, Unilever, ITC, Premji Invest, Nippon, and others. Chiratae Ventures (formerly known as IDG Ventures India) was founded by <keyword id="145348" type="PERSON" weightage="20" keywordseo="Sudhir-Sethi">Sudhir Sethi</keyword> and <keyword id="3092057" type="PERSON" weightage="20" keywordseo="TC-Meenakshisundaram">TC Meenakshisundaram</keyword> in 2006. The investment firm — which has $950 million as assets under management (AUM) — has invested in more than 100 companies in India. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></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;">Investments </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;">100 </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;">Exits </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;">38 </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;">Key Investments </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;">Agrostar, Bizongo, Bounce, Cropin, Emotix, GoMechanic, HealthifyMe, PlayShifu, Pyxis, and Vayana </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;">Key Exits </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;">CloudCherry, Flipkart, Manthan, Myntra, Newgen, PlaySimple, and Xpressbees </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;">Unicorns* </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;">Firstcry, Lenskart, PolicyBazaar </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;">Soonicorns** </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;">Curefit, Uniphore </td></tr></tbody><tbody></tbody><tbody></tbody></table>*Unicorns are companies valued at or above $1 billion. **Soonicorns are companies are going become unicorn soon Its portfolio companies include Yatra and Newgen, which went public in 2016 and 2018 respectively. The company currently has three initial public offering (IPO)-bound companies in its portfolio. This includes online insurance aggregator PolicyBazaar, which recently filed its <a href="https://www.businessinsider.in/business/news/policybazaar-ipo-all-you-need-to-know-the-details-of-sixth-largest-fintech-startup/articleshow/84967042.cms">preliminary papers </a>with market regulator Securities and Exchange Board of India (SEBI) to go public. Although the investment firm claims to have two more publicly-listed companies in making over the next three years, it has refused to share any more details about them. Chiratae has big plans with startups going public The Indian startup ecosystem was busy churning out unicorns in the summer of 2021, but the monsoons are all about IPOs. Over the last months, several <a href="https://www.businessinsider.in/business/startups/news/these-are-some-of-the-highest-paid-founders-of-indian-startups-tapping-capital-markets-this-year/slidelist/85005261.cms">companies</a> like Nykaa, Mobikwik, Paytm, Fino Payments Bank, and CarTrade have filed their papers for IPO. Meanwhile, Zomato and EasyMyTrip have already listed publicly. The way things are going, Chiratae expects to have more IPO-bound or listed companies in its portfolio. The investment firm has not pitched to sell any of its shareholdings in PolicyBazaar, the fintech startups’s <a href="https://www.businessinsider.in/business/news/policybazaar-ipo-all-you-need-to-know-the-details-of-sixth-largest-fintech-startup/articleshow/84967042.cms">draft red herring prospectus (DRHP)</a> has revealed. Talking to Business Insider, Chiratae Ventures’ founder and chairperson Sudhir Sethi said, “We've exited 35 or 38 companies. Some have died, so the active portfolio is around 60. We invest in 15 every year. Will there be some who will become unicorns? Will there be some who won't last out longer? The answers are very big yes. The three numbers going to ten, don’t be surprised because scaling is happening.” Meanwhile, Meenakshisundaram added that IPOs are going to be a big trend as companies in the last decade have grown to scale. There have been a lot of exits — both in secondary market or in IPO — which has given the investors the confidence to come into this asset class, he added. Meanwhile, Sethi added that decade old companies are going public now and the cycle will continue forward. “I think the world of unicorns is a given, right? It's the world of decacorns, which is now being thought of,” he added. “Compared to yesterday, today, obviously, is a lot more exciting, and the best time to be an entrepreneur and a VC,” Prabhakar added. SEE ALSO <a href="https://www.businessinsider.in/tech/news/google-is-now-using-chrome-as-another-security-layer-for-account-sign-ins/articleshow/84975356.cms" style="">Google is now using Chrome as an added security layer for account sign-ins</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-allotment-status-of-glenmark-life-sciences-ipo/articleshow/84978486.cms">Glenmark Life Sciences IPO: How to check allotment status, listing date and more</a>

PolicyBazaar investor Chiratae closes another fund at $337 million, with three portfolio startups ready to go public

<ul><li>E-commerce app <keyword id="6016374" type="UNKNOWN" weightage="20" keywordseo="Club-Factory">Club Factory</keyword> was one of the 59 <keyword id="6022999" type="UNKNOWN" weightage="20" keywordseo="chinese-apps">Chinese apps</keyword> banned by the Indian government.</li><li>The sellers recently got an email from Club Factory that the company will not be releasing their payments until the ban is lifted.</li><li>Sellers are even more worried because in their experience every communication with Club Factory takes a long time, because the company always says all their representatives sit out of China.</li></ul>E-commerce app Club Factory was one of the 59 Chinese apps banned by the Indian government. The pending orders and payments for the sellers on their platform is now stuck. “The last tranche of payments are pending from Club Factory’s side. They told us they are keeping the payments on hold until the ban is lifted,” a seller told Business Insider, whose pending payments with the company run into lakhs. The sellers recently got an email from Club Factory on July 13 that the company will not be releasing their payments until the ban is lifted, evoking the force majeure clause. Not just that, sellers are also worried about the deposits kept with Club Factory in the form of an escrow account, from where the platform used to release money in parts. On Thursday, All India Online Vendors Association (AIOVA) sent a legal notice to the company for non-payment of dues. "Marketplaces are bound by RBI directives to keep money collected on sellers behalf in escrow. No force majeure can be applied to escrow. In case of non-compliance we shall be forced to go to court against this misconduct,” an AIOVA spokesperson told <a href="https://www.cnbctv18.com/retail/chinese-e-tailer-club-factory-gets-legal-notice-from-seller-body-over-payment-default-6342471.htm#:~:text=E%2Dcommerce%20platform%20Club%20Factory,to%20sellers%20on%20its%20platforms.&amp;text=The%20legal%20notice%20was%20sent,India%20Private%20Ltd%20on%20Thursday.">CNBC TV18.</a> Sellers are even more worried because, in their experience, Club Factory takes a long time to respond. The usual reason cited by the officials is that all their representatives sit out of China. “Even when everything was fine, if we had to reach out to them for anything, the communication would take ages because they would always respond that authorities are in China,” said the seller. Club Factory is also currently under the scanner for alleged tax violations. According to <a href="https://entrackr.com/2020/07/club-factory-under-scanner-for-possible-gst-violations/">reports</a>, its offices in India were searched by Directorate General of Goods and Service Tax Intelligence officials, along with the offices of logistics companies hired by Club Factory – Delhivery, XpressBees &amp; EComm Express. SEE ALSO: <a href="https://www.businessinsider.in/business/news/mukesh-ambani-gave-google-and-facebook-a-discount-on-reliance-jio-stake-heres-why/articleshow/77032126.cms">Mukesh Ambani gave Google and Facebook a discount on Reliance Jio stake ⁠— here’s why</a> <a href="https://www.businessinsider.in/finance/banks/news/hdfc-bank-q1-earnings-bad-loans-and-moratorium/articleshow/77033494.cms">HDFC Bank is mum on the loans under moratorium⁠— profit jumps 20%, provision for bad loans spike 49%</a>

Club Factory leaves its sellers in India in a lurch – puts payments worth lakhs on hold

There is a trend of buying things online, so much so that there are several products, especially phones that can only be bought online. However, what if you select a phone to gift to someone, and then receive a cement block instead of a smartphone? 
 The same thing happened with a Nagpur-based advocate <keyword id="3582366" type="UNKNOWN" weightage="100" keywordseo="Ankur-Kapley">Ankur Kapley</keyword>, who ordered a phone from e-commerce site <keyword id="541988" type="COMPANY" weightage="100" keywordseo="SnapDeal">Snapdeal</keyword>, to gift to his younger sister on 'Rakshabandhan,' but received a a cement bar instead. 
 
Kapley has registered a police complaint of cheating and criminal breach of trust against top officials of Snapdeal and courier company xpressbees.com. He now has planned to lodge a Public Interest Litigation for regulating online trade. 
 
Kapley told TNN that on receiving courier, he wanted to open the parcel before paying the cash, but was stopped by the delivery agent who said that it was not allowed. It was when he was unpacking the parcel that the agent left with the money. On finding the concrete bar, Kapley called the agent but he refused to listen to him and cut the call. 
 Kapley has filed a police complaint against <keyword id="219793" type="PERSON" weightage="100" keywordseo="Kunal-Bahl">Kunal Bahl</keyword>, Snapdeal CEO, V Yash Distributors from Ahmedabad in Gujarat, Amitava Saha, CEO of Xpressbees.com and its city manager. 
 
File Image | <a href="https://inc42.com/wp-content/uploads/2015/04/final-2-e1429008878533.jpg">Source</a>

Shopping online? You could be paying thousands for a cement block

<ul><li>The recent standoff at the Indo-China border has already seen a call for ban on Chinese products as well as uninstalling Chinese or Chinese-funded apps in India. </li><li>Experts believe that this will put a hold on further tech investments in India and thus, startups need to prepare themselves.</li><li><keyword id="417650" type="PERSON" weightage="20" keywordseo="Chinese-investors">Chinese investors</keyword> have pumped in an estimated $4 billion into India’s tech startups which includes bets on 18 out of the country’s 30 unicorns.</li></ul>From the India-China tensions at the border to the Indian government’s recent restrictions on FDI stating that prior government approval is required for any investment from a bordering country, the startup ecosystem has a lot to worry about. The rising scepticism about China and its investors affects some of the biggest startups in India like <keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword>, Ola, Byju’s and more. China’s biggest funds and their bets in India <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;">Tencent </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;">Byju’s, Ola, Dream11, Flipkart, Hike, Swiggy, Udaan, Niyo, Gaana, Doubtnut, Khatabook, MX Player, Pocket FM, Practo, MyGate. </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;">Alibaba </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;">Paytm, Bigbasket, Paytm Mall, Snapdeal, Zomato, Healofy, Ticketnow, Rapido, Vidooly, Xpressbees </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;">Xiaomi </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;">Hungama, Sharechat, Rapido, ZestMoney, Oye! Rickshaw, City Mall, Marsplay Internet </td></tr></tbody></table>Source: Gateway House Tensions at the borders and India’s tech ecosystem The recent standoff at the <a href="https://www.businessinsider.in/policy/foreign-policy/news/three-reasons-why-china-showed-aggression-against-india-on-border-according-to-a-former-diplomat/articleshow/76462632.cms">Indo-China border</a> has already seen a call for ban on Chinese products as well as uninstalling Chinese or Chinese-funded apps in India. Experts believe that this will put a hold on further tech investments in India and thus, startups need to prepare themselves. “The immediate impact of this can be observed in business relations as well, with contract cancellations, trade deficit and fundings being put on hold. To mitigate this direct impact on the startup ecosystem, startups will have to scout for other avenues for big-ticket investments while seeking support from investors from newer geographies. Companies which fall under the portfolio of Chinese investors will also have to look for new alternatives as their transactions will get delayed due to these macro events,” said Roma Priya, Founder of Burgeon Law. Chinese investors have pumped in an estimated $4 billion into India’s tech startups which includes bets on 18 out of the country’s 30 unicorns, according to a Gateway House report. And even though some of India’s companies like Sharechat even have ‘<keyword id="3758" type="ENTERTAINMENT" weightage="20" keywordseo="Made-in-India">Made in India</keyword>’ in their Google Play store listing, the funding for the startup is from China. What makes <keyword id="417799" type="PERSON" weightage="20" keywordseo="Chinese-investment">Chinese investment</keyword> attractive? With India having the next big internet users, Chinese funds have been betting on the country’s virgin internet users and the lack of an Indian major investment fund only aids their growth. Most of India’s startups – from Paytm to Ola and Swiggy, Zomato – are still reporting heavy losses, which means they would require investments with minimal investor pressure. “China provides the patient capital needed to support the Indian start-ups, which like any other, are loss-making. The trade-off for market share is worthwhile,” said a report by Gateway House. The damage was done from even before the border clash Earlier in April, the change in FDI regulations said that prior approval of the Indian government will now be required for FDI into India (direct or indirect) by an entity of a country which shares a land border with India, i.e., China, Pakistan, Bangladesh, Nepal, Bhutan, Myanmar and Afghanistan. And this would have a direct impact on India’s startup ecosystem which relies on Chinese investments. “Chinese investors like Alibaba, Tencent and others will be heavily impacted. (i) Rights issuances; (ii) share buybacks; (iii) exits of existing investors from an Indian company which result in an increment in a Chinese investor’s stake will now require prior approval of the Indian government, although there may be no fresh inflow of FDI. Private equity and venture investors may not be able to effectively exercise call options, rights of first offer, anti-dilution or ratchet provisions.” said a report by the law firm Majmudar &amp; Partners. However, China has for long now routed its investments through subsidiary companies. “Chinese funds and companies often route their investments in India through offices located in Singapore, Hong Kong, Mauritius etc.: for example, Alibaba’s investment in Paytm was by Alibaba Singapore Holdings Pvt. Ltd. These don’t get recorded in India’s government data as Chinese investments,” said a report by Gateway House. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/heres-a-look-at-some-of-the-indian-smartphone-companies-that-could-make-a-comeback/slidelist/76465362.cms">Indian mobile companies that Boycott China campaign can bring back</a> <a href="https://www.businessinsider.in/thelife/news/here-are-the-five-books-that-will-help-you-decode-the-india-china-relations/articleshow/76462237.cms">Here are the five books that will help you decode the India China relations — beyond just the border dispute</a>

You Searched For "xpressbees" and got 13 results

Wow! Momo raises Rs 410 cr in latest round led by Khazanah, OAKS

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D2C brands growing at a much faster clip than ecomm, shift to boost third party logistics

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Alibaba is planning more investments in India and this is the best time to rake in money

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Elevation Capital announces $670 million fund for early-stage startups

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India created 14 unicorns in the first half of 2022 — before funding slowdown hit them

Kritti Bhalla

Indian startups raised around $1 billion a week in January and February

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Alibaba won't be making any fresh investments in India: Reports

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

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Paytm denies report that Ant Group may dump its stake worth almost $5 billion as India-China tension escalates

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PolicyBazaar investor Chiratae closes another fund at $337 million, with three portfolio startups ready to go public

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Club Factory leaves its sellers in India in a lurch – puts payments worth lakhs on hold

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Shopping online? You could be paying thousands for a cement block

BI India Bureau

From Paytm to Byju’s to Dream11 ⁠— Chinese investors have big money in India’s biggest startups

Sanchita Dash

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