<keyword id="4990697" type="General" weightage="20" keywordseo="Burda-Principal-Investments" source="Orion">Burda Principal Investments</keyword>, one of the leading investors in Singapore-based fashion startup <keyword id="3131383" type="General" weightage="20" keywordseo="Zilingo" source="Orion">Zilingo</keyword>, has backed the action against its founder and CEO <keyword id="1341941" type="General" weightage="20" keywordseo="Ankiti-Bose" source="Orion">Ankiti Bose</keyword>, hinting that legal action against the ousted founder may be on the anvil. Burda Principal Investments (BPI), a division of Europe-based Hubert Media Group, said in a statement that "signficiant irregularities in reporting to investors" led to Zilingo's failure. "Kroll Inc was jointly hired by the main investors to examine this case and the investigations on financial irregularities have been completed," said the investment firm. Hinting at impending legal action, Burda added: "As the investors are still considering options for legal action, please consider we cannot comment on any details from the report or share any further information at the moment." The statement came in the wake of a report by leading startup coverage portal Inc42 last week, revealing fresh explosive revelations around the financial wrongdoings undertaken by Bose including $10 million (Rs 80 crore) dubious and unexplained payments, submitting conflicting revenue figures to shareholders and a 10x increase in her salary without Board approval. Bose has also filed a $100 million defamation suit in Bombay High Court against prominent investor and co-founder of Seedfind, Mahesh Murthy, for an article he wrote in a leading business magazine. Bose was quoted as saying that the $100 million lawsuit was filed taking into account her balance of equity in Zilingo and "the losses that statements like this can affect future endeavours." The lawsuit is currently in the pre-admission stage, according to reports. Earlier, Singapore's state-owned investment fund Temasek had backed the action against the founder, saying "We expect our portfolio companies to abide by the sound corporate governance and codes of conduct and ethics. We are, therefore, in support of the board's investigation into the complaint as a part of good governance to safeguard the interests of the company." During the period of investigation, the Board of Zilingo had issued a statement stating, "Contrary to claims that have been circulating in the media, this decision (suspension) was taken jointly by the Board and the relevant shareholders pursuant to pre-agreed shareholder voting rights, and does not reflect the decision of a single shareholder." In March last year, Zilingo suspended 30-year-old CEO Bose over complaints about alleged financial irregularities. Following an investigation led by an independent forensics firm, the startup had decided to terminate Bose's employment. SEE ALSO: <a href="https://www.businessinsider.in/entertainment/news/filmfare-awards-2023-gangubai-kathiawadi-makes-a-clean-sweep/slidelist/99833037.cms">Filmfare Awards 2023: Gangubai Kathiawadi makes a clean sweep</a> <a href="https://www.businessinsider.in/careers/news/these-qualifications-will-help-you-snag-the-best-tech-jobs/slidelist/99838842.cms">These qualifications will help you snag the best paying tech jobs in BFSI sector</a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-19-in-q1-2023-5g-smartphones-share-increases/articleshow/99815120.cms">Three out of five smartphones sold above ₹45,000 in India were iPhones between Jan-March: Counterpoint</a>

Significant irregularities in reporting to investors led to Zilingo's failure: Investor Burda

<ul><li><keyword id="3131383" type="General" weightage="20" keywordseo="zilingo" source="Orion">Zilingo</keyword> has fired its chief executive officer (CEO) <keyword id="1341941" type="General" weightage="20" keywordseo="ankiti-bose" source="Orion">Ankiti Bose</keyword> after a brief suspension.</li><li>She was suspended on March 31 due to discrepancies in the company’s accounts.</li><li>The step was taken following an independent forensic audit into complaints of serious financial irregularities.</li></ul>Singapore-based business-to-business (B2B) fashion startup Zilingo has fired its chief executive officer (CEO) Ankiti Bose after a brief suspension. The step was taken following an independent forensic audit into complaints of serious financial irregularities on Bose’s part. "Following an investigation led by an independent forensics firm that was commissioned to look into complaints of serious financial irregularities, the company has decided to terminate Ankiti Bose's employment with cause, and reserves the right to pursue appropriate legal action," Zilingo said in a statement. The eight-year-old startup did not elaborate on the allegations against Bose or the findings of the independent audit. However, Bose has claimed that she was terminated on the grounds of “insubordination”. Ankiti Bose, along with Dhruv Kapoor, <a href="https://www.hindustantimes.com/business/meet-ankiti-bose-the-suspended-ceo-of-singapore-based-zilingo-101649899737716.html">has been running Zilingo since 2015</a>. She left her position as an investment analyst at Sequoia Capital at the age of 23 to launch her own company, Zilingo, and moved to Singapore a year later. She was suspended on March 31 due to discrepancies in the company’s accounts. Bose even disputed these allegations and contested her suspension as well. She alleged that the company’s actions are a ‘witch-hunt’ that was triggered by harassment complaints she raised against an investor in the company. Zilingo, on May 20, addressed these complaints and dismissed Bose’s claim that was suspended for her harassment complaint. "On April 11th, after her suspension on March 31, Ankiti Bose brought to the board's attention, for the first time, certain harassment-related issues pertaining to past time periods, which did not include any harassment complaints against investors or their nominees," the company said. SEE ALSO <a class="tout-title-link" 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" style="">The worst for Indian startups is yet to come — be prepared for layoffs, unicorn slowdown and startup shutdowns in 2022</a> <a href="https://www.businessinsider.in/stock-market/news/emudhra-ipo-checkout-financial-performance-business-outlook-analysts-view-in-10-points/slidelist/91681778.cms" data-type="tilCustomLink" style="">eMudhra IPO: Checkout financial performance, business outlook, analysts view in 10 points</a> <a href="https://www.businessinsider.in/business/startups/news/about-8000-people-have-been-impacted-by-startup-layoffs-in-india/slidelist/91682916.cms" data-type="tilCustomLink" style="">About 8,000 people have been impacted by startup layoffs in India</a>

Zilingo fires CEO Ankiti Bose over financial irregularities

In yet another sensational story of another Indian founder taking his startup for a joyride, Broker Network (operated by 4B <keyword id="50752" type="General" weightage="80" keywordseo="networks" source="Orion">Networks</keyword>) founder <keyword id="536283" type="General" weightage="50" keywordseo="rahul-yadav" source="Orion">Rahul Yadav</keyword> reportedly maintained a luxurious lifestyle such as owning a Mercedes-Maybach and hired a boardroom at the Taj Land's End for Rs 80,000 per day, as employees were left unpaid for months. According to a report in leading startup news portal Inc42, Broker Network burnt over Rs 280 crore in less than 18 months, while over 150 employees have not been paid since November last year. "Yadav turned to his long-time employees to borrow personal loans to pay employee salaries. One such top-level employee lent close to Rs 50 lakh to Yadav. He has filed a criminal complaint against Yadav," the report noted, citing sources. Other employees were also asked to take "advance salary" loans and transfer the amount to Yadav. Employees alleged that all through this, Yadav maintained a luxurious lifestyle. "Yadav told us luxuries such as his Maybach came from his earnings at Anarock," and he was "also looking to buy a Bentley," one employee was quoted as saying. Yadav, who foundedAHousing.com has denied all allegations related to any wrongdoing at the company, according to the report. Allcheckdeals India Private Limited (AIPL), a wholly-owned subsidiary of <keyword id="80004" type="General" weightage="50" keywordseo="info-edge" source="Orion">Info Edge</keyword>, invested Rs 276 crore in Yadav's 4B Networks and provided debt financing of Rs 12 crore. Now, Info Edge has initiated a forensic audit into the prop-tech startup in which it holds a stake, as Yadav "repeatedly failed to provide the information". Founded in 2020 by Yadav, 4B Networks last raised Rs 90 crore in September 2022 at a valuation of $185 million. AIPL sought information, including details and particulars of financial transactions, transactions with related parties and such other aspects, from 4B Networks and its current management. "However, 4B Networks has repeatedly failed to provide AIPL with such information and has also not responded to the information requests by the company on several occasions," according to an exchange filing by <keyword id="3378431" type="General" weightage="50" keywordseo="indo-edge" source="Orion">Indo Edge</keyword>. "AIPL has exercised its contractual rights under the shareholders' agreement and articles of association of 4B Networks and pursuant to the same, is initiating a forensic audit into the affairs of the investee company," the filing further read. The startup ecosystem has been rocked by several such cases in the past, including BharatPe Co-founder Ashneer Grover, Singapore-based fashion startup <keyword id="3131383" type="General" weightage="50" keywordseo="zilingo" source="Orion">Zilingo</keyword> founder Ankiti Bose and financial discrepancies at GoMechanic. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/asus-rog-strix-scar-17-2023-review/articleshow/100695278.cms">Asus ROG Strix Scar 17 2023 review</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/entrepreneurship-dreams-here-is-a-door-to-knock-for-guidance/articleshow/100696303.cms">Entrepreneurship dreams? Here is a door to knock for guidance</a>

Employees unpaid but this startup rents a Taj Land's End boardroom for ₹80K a day

<ul><li>Paul <keyword id="238043" type="General" weightage="80" keywordseo="ravindranath" source="Orion">Ravindranath</keyword>, the head of <keyword id="9998664" type="General" weightage="80" keywordseo="google-accelerator" source="Orion">Google Accelerator</keyword> in India, says that the challenges that women entrepreneurs face go beyond funding. </li><li>The <keyword id="6355629" type="General" weightage="100" keywordseo="google" source="Orion">Google</keyword> Accelerator programme intends to help entrepreneurs with hiring in addition to aiding with team structure, team position and culture. </li><li>The ideas for startups by women entrepreneurs across tier 1, 2 and 3 cities include healthcare startups, PCOS, farm productivity, agritechs that are digital first, says Ravindranath.</li></ul> In spite of success stories of women-led startups like Nykaa, The Good Glamm group, MobiKwik and more, India still has few women entrepreneurs – as they face unique challenges, which their male counterparts are not subjected to. The proof of this lies in the funding numbers. According to <a href="https://yourstory.com/herstory/2022/03/herstorys-funding-report-the-state-of-womens-entrepreneurs-india-startup">a YourStory report</a>, $66.76 billion was raised by startups in the 2018-22 period. Of this, only 6% flowed to startups with female co-founders; and for solo founders, the slice is wafer thin at 0.78%. A community of women founders According to Paul Ravindranath, the head of Google Accelerator in India who has been supporting startups for seven years now, the challenges that women face go beyond funding. “We did a survey amongst the applicants for our accelerators and 48% of women founders said they need a strong mentor to guide them. They are looking for a community that supports funders and a hero story that they can follow,” he told Business Insider India in an interview. Ravindranath says that the number of women applicants to the programme when it started in 2015-16 was 10% of the lot and now it’s at 30-35%. This year, they’re launching a dedicated programme for women. Google for Startups Accelerator - India Women Founders is a three-month mentorship programme that will support stage-agnostic founders and offer support across technology, user experience, marketing and leadership. “The idea is to reduce friction and solve problems that are unique to women founders,” he says. For this year, the programme has already received over 300 applications of which they will select 20 who will go through the programme. After its completion, a demo day which is akin to a graduation ceremony where they can meet investors among others. . A lot of the ideas that come from women entrepreneurs across tier 1, 2 and 3 cities include healthcare startups, Polycystic ovary syndrome (PCOS) and farm productivity. “There are also a lot of ideas around agritech space that are digital first,” said Ravindranath. Most of these founders are either from corporate or engineering backgrounds, between the age group of mid-20s to late 30s, and wanting to solve a problem in a big way. Women founders ecosystem The founder of VC firm Kalaari Capital, <keyword id="1397790" type="General" weightage="50" keywordseo="vani-kola" source="Orion">Vani Kola</keyword> started a programme called CXXO, for which she had earmarked $10 million per annum to invest in startups with female founders. This is in addition to providing them with coaching by f<a href="https://www.womenentrepreneurindia.com/news/venture-capitalist-vani-kola-launches-cxxo-programme-to-invest-in-female-led-startups-nwid-783.html#:~:text=Vani%20Kola%20is%20a%20venture,women%20in%20the%20Indian%20business.">emale trailblazers like Zilingo co-founder</a> Ankiti Bose; and <keyword id="10387" type="General" weightage="50" keywordseo="microsoft" source="Orion">Microsoft</keyword> country head of VC and PE Partnerships Lathika Pai and more. In May this year, the Israel em<a href="https://timesofindia.indiatimes.com/india/6-week-mentorship-programme-for-women-entrepreneurs-on-30th-anniversary-of-india-israel-diplomatic-ties/articleshow/91276879.cms">bassy collaborated with IIT Delhi</a> and Women Entrepreneurship and Empowerment (WEE) Foundation to provide a six-week mentorship programme for women founders. Apart from upskilling and helping them scale up their ideas, the common point for all the programmes is building a network of peers. One of the founders that Google had mentored is Naiyya Saggi, who founded BabyChakra that was later acquired by The Good Glamm Group. Now, Saggi is a unicorn co-founder and a regular contributor to many such forums and Ravidranath says that she has come full circle – she took her idea to turn it into a unicorn and is now guiding others to achieve the same. “It’s an under-represented group and more should show the way,” he says. The right inputs In addition to community support, most women founders lack the right input at the right time. The trouble with women founders starts right at the beginning. “When we asked the female alumni what kept them from applying a year earlier because they were ready, they said they were not ready. This is not true with male founders who start even when they have unfinished projects and hope for the best,” said Ravindranath. Women founders tend to make sure they can invest themselves fully and are highly conscious of the resources available to them, before they sign on to entrepreneurship. Women also find it tough to hire co-founders or team members or a tech team and tend to outsource the tech part to an agency. In fact a lot of ideas fail at the tech stage, and the programme intends to build a good foundation before they take it to the funding stage. Google Accelerator programme intends to help women entrepreneurs with hiring in addition to aiding with team structure, team position and culture. It also intends to help them pitch better, provide them with pitching strategies and convert their ideas into investable businesses. Ravindranath calls it “a slow-burn process which has to be done” considering only 15% of all entrepreneurs are women. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/india-drops-7-spots-in-fixed-broadband-speeds-in-aug-globally/articleshow/94321571.cms">India drops 7 spots in fixed broadband speeds in Aug globally</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/rana-kapoor-the-rise-and-fall-of-yes-banks-former-co-founder-and-ceo/slidelist/94321278.cms">CBI files chargesheet against Rana Kapoor — The rise and fall of Yes Bank’s former co-founder and CEO</a>

Google Accelerator hopes to solve the unique problems of women entrepreneurs

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

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

New Delhi, Dec 17 () Singapore-based fashion start-up Zilingo on Tuesday said it has acquired nCinga Innovations in a USD 15.5 million (about Rs 110 crore) cash and stock deal.
 The acquisition will drive the adoption of the manufacturing execution system (MES) software across Zilingo's global network of 6,000 factories and 75,000 businesses, enabling access to previously untapped markets, according to a statement.
 An addition to Zilingo's technology stack, the MES software automates operations on the factory floor by enabling access to real-time data on the go, it added.
 "The acquisition will bring added features to the company's customers in the United States, Europe and Australia, where brands traditionally lack transparency over supply chain and manufacturing processes," it said.
 Founded in 2015 by Ankiti Bose and Dhruv Kapoor, Zilingo has developed software solutions to allow vendors to access factories in different countries, and also help with cross-border shipping and inventory management.
 "What excited us about the nCinga product was their ability to dramatically improve efficiency and drive insights by digitising the shop floor -- we have partnered with them for a long time and their work has been crucial to our mission of creating a transparent, sustainable, economically viable and socially responsible apparel supply chain," Ankiti Bose, co-founder and CEO of Zilingo, said.
 The statement said Zilingo plans to leverage its global manufacturer network to increase distribution of the software -- specifically for core fashion manufacturing markets such as Bangladesh, India, Vietnam, Indonesia, Thailand and Turkey, among others. SR HRS

Zilingo acquires Sri Lanka-based nCinga Innovations for USD 15.5 mn

<keyword id="2988161" type="General" weightage="20" keywordseo="ashneer-grover" source="Orion">Ashneer Grover</keyword>, co-founder and former Managing Director of fintech platform <keyword id="7349800" type="General" weightage="20" keywordseo="bharatpe" source="Orion">BharatPe</keyword>, said that he is planning to start his own venture without seeking funds from the investors. Grover, who along with his wife Madhuri Jain Grover has been stripped of all company titles over alleged "extensive misappropriation of company funds" and using "company expense accounts" to "enrich themselves and fund their lavish lifestyles", said he will not go back to investors again. "I wish to start my own venture with my own money and make it profitable," he said during the recently-held TiECon-2022 start-up and entrepreneurial event in Chandigarh, according to media reports. "I don't want to go to the investors again," Grover told a panelist, adding that his tussle with BharatPe is a "badly fought corporate battle". Ashneer last month threatened a legal action against <keyword id="13101093" type="General" weightage="20" keywordseo="bharatpe-ceo" source="Orion">BharatPe CEO</keyword> Suhail Sameer and the board for his comments on professional networking platform LinkedIn against his sister Ashima Grover, along with seeking a resignation from Chairman Rajnish Kumar. In a letter written to BharatPe Board, Ashneer said that Sameer should be "immediately served a show-cause notice for his despicable public behaviour and immediately put on leave of absence to manage the damage to the Brand of the company". The letter was marked to company investors, along with Chairman Kumar, CEO Sameer and co-founder Shahshvat Nakrani. The Ashneer-BharatPe saga, along with some more such incidents (the latest is Singapore-based fashion-tech startup Zilingo) has brought corporate governance in the Indian startup ecosystem to the fore. Alarmed at the recent fraud allegations at some of its portfolio startups, Sequoia Capital India has said it will continue to respond strongly when it encounters "willful misconduct or fraud", and take tough action wherever needed. Sequoia Capital India has said it will continue to have zero tolerance towards proven wrongdoing. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/its-open-india-now-has-a-century-of-unicorns/articleshow/91254798.cms" data-type="tilCustomLink">It's Open — India now has a century of unicorns</a> <a href="https://www.businessinsider.in/business/news/upi-reached-new-heights-with-5-58-billion-transactions-in-april-2022/articleshow/91250099.cms" data-type="tilCustomLink">UPI reaches new heights with 5.58 billion transactions in April 2022</a> <a href="https://www.businessinsider.in/business/startups/news/byjus-swiggy-and-ten-other-startups-raised-the-biggest-round-last-quarter/slidelist/91251672.cms" data-type="tilCustomLink">Byju's, Swiggy and ten other startups raised nearly $4 billion last quarter</a>

After being ousted from BharatPe, Ashneer Grover plans to start another business without any investors

<ul><li>The undisclosed amount was raised at a valuation of $33 million by diluting less than 15% equity.</li><li>The list also includes entrepreneurs from startups like Zerodha, Razorpay, Snapdeal, CARS24, and others.</li><li>The company plans to use this capital to hire engineers, illustrators and 3D designers.</li></ul>Edtech startup Invact Metaversity — a startup founded by former <keyword id="749437" type="General" weightage="20" keywordseo="twitter-india" source="Orion">Twitter India</keyword> head <keyword id="1546480" type="General" weightage="20" keywordseo="manish-maheshwari" source="Orion">Manish Maheshwari</keyword> — has raised its first round of funding from Future Group’s <keyword id="44950" type="General" weightage="20" keywordseo="kishore-biyani" source="Orion">Kishore Biyani</keyword>, former Infosys director TV <keyword id="6491998" type="General" weightage="20" keywordseo="mohandas-pai" source="Orion">Mohandas Pai</keyword> and others. The undisclosed amount was raised at a valuation of $33 million by diluting less than 15% equity. Innov8 founder Ritesh Malik, former Facebook managing director Kirthiga Reddy and leaders from global companies like Microsoft, Coinbase, Google, Uber, Amazon, Spotify, Softbank, LinkedIn, Disney, Meta, Coinbase and Twitter participated in the round. Overall, 70 global entrepreneurs participated in the round, the company has revealed. The list also includes entrepreneurs from top startups like Zilingo, Zerodha, Razorpay, Sheroes, Snapdeal, Koo, CARS24, Bounce, Leap Finance, Suki, and others. Invact Metaversity was founded in the second half of 2021 by Manish Maheshwari and former Microsoft executive <keyword id="12741314" type="General" weightage="20" keywordseo="tanay-pratap" source="Orion">Tanay Pratap</keyword>. It runs a 3D immersive virtual learning platform, which allows students to communicate with one another and their teachers via animated avatars regardless of their physical location. “With virtual lives playing an equally important role as physical realities, the idea of Metaverse would dominate all aspects of living,” Invact Metaversity said in a statement. The company plans to use this capital to hire engineers, illustrators and 3D designers. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/macquarie-slashes-paytms-target-price-to-700-goldman-sachs-upgrades-it/articleshow/89401105.cms" data-type="tilCustomLink">Macquarie slashes Paytm’s target price to ₹700, Goldman Sachs upgrades it</a> <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/tata-steels-stock-on-a-gaining-spree-led-by-doubling-profits-huge-debt-reduction-and-hopes-from-the-union-budget/articleshow/89398818.cms">Tata Steel is on a gaining spree. Thanks to doubling profits, huge debt reduction, and hopes from the union budget</a> <a href="https://www.businessinsider.in/careers/news/nhpc-is-hiring-133-engineers-with-minimum-salary-29600-check-out-eligibility-criteria/articleshow/89398415.cms">NHPC is hiring 133 engineers with a maximum salary of ₹1,19,500 – Checkout eligibility, last date and other details</a>

Future Group’s Kishore Biyani, Mohandas Pai and 68 others invest in former Twitter India head’s latest startup

<ul><li>Over 27 startups have been valued over a billion dollars this year, however, only one of them was led by women.</li><li>Out of the 136 unicorn startup founders in India, five of them are female.</li><li>Mamaearth, Mobikwik and Acko General Insurance are expected to be valued at over $1 billion in the next four years.</li></ul>It has been raising unicorns since the start of this year. So far 27 startups — ranging from diverse segments such as online pharmacy, social commerce, infrastructure-led marketplace, and more — have been valued over a billion dollars this year and entered the unicorn club. However, only one of them is actually led by women. OfBusiness, which offers raw material procurement service and credit to small and medium businesses (SMBs), was founded by Ruchi Kalra, Vasant Sridhar, Bhuvan Gupta and Nitin Jain over six years ago. ALSO WATCH: “45% of our startups are based out of Tier-II and Tier-III cities,” says Aastha Grover from Startup India. <div type="Youtube" id="CyHmMExHgWI" title="The road to becoming an entrepreneur from an executive | #FutureOfWork Summit" thumbUrl="https://i.ytimg.com/vi/CyHmMExHgWI/mqdefault.jpg"></div> The company turned unicorn in July, after the $160 million round led by SoftBank Vision Fund II that valued the company at a whopping $1.5 billion. The business-to-business (B2B) ecommerce startup counts Falcon Edge Capital, Alpha Wave Incubation, and Matrix Partners India, among others. <div type="image" title="OfBusiness was the only woman led startup that entered the unicorn club this year" msid="86511085" hostid="261"></div> “We can look at it as glass half empty or glass half full. There are now more <keyword id="74945" type="General" weightage="20" keywordseo="women-entrepreneurs" source="Orion">women entrepreneurs</keyword> in the start up space than ever before. When I started off as a tech entrepreneur in 2009, we could be counted on one hand. Now there are founders — Phalguni Nayar of Nykaa and Upasana Taku of Mobikwik who are at the helm of taking their companies public with many lining up. The reason for delay in women reaching the mark at the same pace as men is because they started slightly later”- Anisha Singh, founding partner at She Capital, told Business Insider India. Singh has formerly led coupon provider MyDala and content marketing solutions Kinis Software Solutions. She noted that there are several reasons why women got a delayed start in the Indian startup scene. One of those reasons is that there were not enough female role models to prove that women were capable of building and scaling a business, which pushed back investors to invest in women-led businesses. Emergence of strong businesses like Bumble or Nykaa has led investors to believe more in women-led startups now, Singh added. ALSO WATCH: Kiran Majumdar Saw, Vani Kola and Nandini Piramal talk about the lack of women in the workforce and how it can be overcome. <div type="Youtube" id="XZa4lDd9T_Q" title="Hear From The Best In the Industry, What Is Best For The Industry?" thumbUrl="https://i.ytimg.com/vi/XZa4lDd9T_Q/mqdefault.jpg"></div> “Just check out the investments coming from venture capitalists to <keyword id="3377347" type="General" weightage="20" keywordseo="women-startups" source="Orion">women startups</keyword> as compared to the male founders...A maximum number of Venture Capitalists are men. The age-old beliefs somehow dictate the funding in the tech industry too. Men invest in men, for business. Women entrepreneurs have to overcome the scenario,” Rachitta Juneja, Founder, Whide. More female-led companies to enter unicorn club in next four years The year 2021 has been a record breaking year for Indian startups so far — with the new age companies hitting the public market, cracking the biggest funding deals and more companies being valued at over a billion dollars. According to a business intelligence firm Tracxn, Indian startups have raised $23 billion in 2021 till September 1. This is significantly higher than $13 billion raised by the ecosystem in 2020. The massive interest of the investors has increased India’s unicorn tally to 56. The new estimates show that 150 startups will be valued at over a billion dollars in the next four years, by 2025. Of this, Hurun India report estimates the following female-led startups to make it to the list. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"><colgroup></colgroup><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Startup </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Women Entrepreneur </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;">Timeline </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;">Zilingo </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;">Ankiti Bose </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;">By 2023 </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;">Mamaearth </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;">Ghazal Alagh </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;">By 2023 </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;">MobiKwik </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;">Upasana Taku </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;">By 2023 </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;">Pristyn Care </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;">Dr. Garima Sawhney </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;">By 2023 </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;">Ecom Express </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;">Manju Dhawan </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;">By 2023 </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;">Acko General Insurance </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;">Ruchi Deepak </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;">By 2023 </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;">Qure AI </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;">Pooja Rao </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;">N/A </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;">WinZo </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;">Saumya Singh Rathore </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;">By 2025 </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;">MyGlamm </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;">Priyanka Gill </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;">By 2025 </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;">Square Yards </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;">Kanika Gupta </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">By 2025 </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;">Bankbazaar </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;">Rati Shetty </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">By 2025 </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;">Pratilipi </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;">Sahradayi Modi </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;">By 2025 </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;">SirionLabs </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;">Kanti Prabha </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;">By 2025 </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;">Zivame </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;">Richa Kar </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;">By 2025 </td></tr></tbody></table> SEE ALSO <a href="https://www.businessinsider.in/thelife/personalities/freshworks-ceo-girish-mathrubootham-shares-someone-said-i-will-be-nothing-but-a-rickshaw-puller/articleshow/86507840.cms">WATCH: "Someone said I am good enough to be a rickshaw puller," shares Freshworks CEO Girish Mathrubootham in a candid chat</a> <a href="https://www.businessinsider.in/thelife/news/meet-girish-mathrubootham-founder-and-ceo-of-freshworks/articleshow/86453777.cms">Girish Mathrubootham, the son of a retired bank officer who built a $13 billion company in just 10 years</a> <a href="https://www.businessinsider.in/business/startups/news/we-asked-three-spacetech-entrepreneurs-what-it-takes-to-enter-the-field-and-they-listed-out-the-opportunities/articleshow/86484417.cms">We asked three spacetech entrepreneurs what it takes to enter the field and they listed out the opportunities</a>

You Searched For "zilingo founder" and got 9 results

Significant irregularities in reporting to investors led to Zilingo's failure: Investor Burda

IANS

Zilingo fires CEO Ankiti Bose over financial irregularities

Kritti Bhalla

Employees unpaid but this startup rents a Taj Land's End boardroom for ₹80K a day

IANS

Google Accelerator hopes to solve the unique problems of women entrepreneurs

Katya Naidu

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

Weilun Soon

Zilingo acquires Sri Lanka-based nCinga Innovations for USD 15.5 mn

PTI

After being ousted from BharatPe, Ashneer Grover plans to start another business without any investors

IANS

Future Group’s Kishore Biyani, Mohandas Pai and 68 others invest in former Twitter India head’s latest startup

Kritti Bhalla

OfBusiness was the only woman led startup that entered the unicorn club this year

Kritti Bhalla