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The dream of almost every startup founder is to turn their venture into a unicorn — a company that boasts a valuation of US$1bn. Yet, only a tiny fraction of startups turn into unicorns, making this lofty goal even more desirable. As of 2024, only 67 unicorns rule the start-up world in India, while the US hosts 703 and China 340. As per the latest report ‘ASK Private Wealth Hurun India Future Unicorn Index 2024’, 152 more startups are on track to turn unicorns over the next five years. These startups — valued at over $200 million — are on the fast track to achieving unicorn status within the next few years. However, these projections only depend on the current position of these companies and the macroeconomic trends that may change drastically over the next few years, affecting the ability of these companies to turn unicorns. Therefore, over the next five years, many of these startups might lose their valuations, while several others could gain, affecting the overall number of unicorns drastically. For example, the post-pandemic boom in investments led to 45 start-ups turning unicorns in 2021, leading to over 100 unicorns in the country by 2022. However, the funding winter that followed since mid-2022 led to many startups losing this coveted valuation, taking down the number of unicorns to 68 in 2023 and 67 in 2024. <cmsannotation type="cmsannotation" annotationid="Future looks bright" comment="subhead" text="Future looks bright">Future looks bright</cmsannotation> Despite challenges, India's startup ecosystem today is buzzing with potential, and the ASK-Hurun report highlights that 38 new startups have been added to the Index this year, signalling a vibrant and evolving ecosystem ready to overcome the obstacles of a funding winter. The Hurun Research Institute classifies only the startups founded after the year 2000 with a valuation of US$1bn as unicorns. Further, it classifies startups that are most likely to go unicorn in the next three years as Gazelles, and those with the potential to turn unicorn in the next five years as Cheetahs. India now hosts 46 gazelles and 106 cheetahs, compared to 51 gazelles and 96 cheetahs in the 2023 index. This year saw a record 25 future unicorns drop out, including 5 gazelles and 20 cheetahs. On the brighter side, 7 gazelles and 31 cheetahs entered this year’s list, making it a total of 38 in and 25 out. "A transformative shift is in progress in the dynamic landscape of India's startups. It is the visionary entrepreneurs and forward-thinking investors who are driving this change, paving the way for a new generation of companies. These emerging companies, fuelled by innovation and resilience, are not just promising to shape India's future but also making a significant contribution to our nation's economic trajectory, thereby reinforcing their significance,” says Rajesh Saluja, CEO &amp; MD, ASK Private Wealth. The year 2024 has so far seen the promotion of startups like Zepto, Porter, and Incred Finance to unicorn status, showcasing the resilience and upward mobility within the sector. <cmsannotation type="cmsannotation" annotationid="Bengaluru: The unicorn hub" comment="subhead" text="Bengaluru: The unicorn hub">Bengaluru: The unicorn hub</cmsannotation> India remains the third-largest startup ecosystem globally, after the US and China. As a key tech hub, Bengaluru continues to reign as the capital of future unicorns in India, with 46 startups from the city making it the Hurun index. Bengaluru’s startups are valued at $18.3 billion, which include 13 Gazelles and 33 Cheetahs that reinforce Bengaluru's status as the Unicorn capital of India. India’s Silicon Valley is followed by Delhi NCR with 29 and Mumbai with 19. These three cities are transforming into breeding grounds for innovation, hosting the majority of India's most promising startups. Together, these three cities account for 61% of the future unicorns in the ASK Private Wealth Hurun India Future Unicorn Index 2024, highlighting their pivotal roles in the country's vibrant startup landscape. <cmsannotation type="cmsannotation" annotationid="Trends among future unicorns" comment="subhead" text="Trends among future unicorns">Trends among future unicorns</cmsannotation> Fintech, SaaS, and e-commerce are leading the charge, making up 43% of the future unicorns. These sectors are revolutionizing financial services, business management solutions, education, and healthcare. Startups like Servify, operating in 42 countries, and LocoNav, in 25, highlight the global reach and ambition of these companies. Among the breeding institutions, IIT Delhi emerges as the birthplace for most founders. The report highlights that most of the Cheetahs and Gazelles Founders graduated from IIT Delhi, post-graduation in IIM Ahmedabad and Wharton/ HBS for international masters. In a significant trend demonstrating the investors' preference towards profitability, 7 Gazelles and 15 Cheetahs from the list made profits in FY 2023. Collectively, the 152 startups that are part of the index employ over 150,000 people, underscoring their impact on the economy. Among investors, Peak XV Partners (formerly Sequoia Capital India &amp; SEA) leads as the top investor with 47 probable unicorns in its portfolio, including Turtlemint and CleverTap. Accel and Tiger Global follow closely, each backing a diverse range of high-potential startups. The ASK Private Wealth Hurun India Future Unicorn Index 2024 offers a fascinating glimpse into the future of India's startup landscape. As they continue to grow and evolve, these startups are a reflection of India’s economic growth story and technological advancement, reinforcing our position as a global startup powerhouse. However, in a race to turn unicorns, India's startups must not forget that the aim is not to increase valuation, but to create sustainable, impactful, and profitable businesses that can thrive in the global market. <meta content="cms.next" name="cmsei" />

Could India host 200+ unicorns in next five years? Hurun index identifies 46 gazella and 106 cheetah startups

<ul><li>‘Ek Ladki Ko Dekha To', a fictional drama on Pocket FM has amassed a revenue of ₹150 crores </li><li>Another audio show on the same platform, "Insta Millionaire", was the first audio hit to surpass ₹100 crores in earnings </li><li>In a recent funding round, the start-up Pocket FM raised $103 million in the largest deals of 2024 so far </li></ul>It has been a tough few years for India’s flagship entertainment industry, Bollywood! Very few movies have managed to break the shackles and amass hundreds of crores, while many films involving the largest stars have performed below expectations. During such a bleak period for the entertainment industry, an underdog content format has started to get attention — audio shows. The audio series platform Pocket FM revealed this week that two of its popular shows, 'Ek Ladki Ko Dekha To' and 'Insta Millionaire,' have crossed the milestone of generating over ₹100 crore in audience revenue. These shows were consistently ranked among the Top 10 series on Pocket FM. 'Ek Ladki Ko Dekha To' is a fictional drama centred around Anika, who embarks on a journey back to her hometown, Manali, accompanied by her daughter, in search of her missing twin child. The series portrays the trials and triumphs of the protagonist. The show has amassed a revenue of ₹150 crores. In India, the series is accessible in Hindi, Telugu, and Tamil, while it has been entirely reimagined for mainstream US audiences under the title 'Saving Nora'. Collectively, it has garnered more than 500 million listens. Earlier, "Insta Millionaire" became the first audio hit to surpass Rs.100 crores in earnings on Pocket FM. It delves into the transformational journey of Laxman, aka Lucky, from a humble individual to a millionaire, all on the night his heart is shattered by his girlfriend. As fortune smiles upon him, Lucky grapples with newfound responsibilities. The series has amassed 1.3 billion listens across various languages including Hindi, Tamil, Telugu, and English, resulting in gross earnings of more than ₹120 crores. Says Suyog Gothi, VP and Country Head of Pocket FM in India, "By seamlessly merging storytelling with the power of audio, we are delivering an immersive experience that brings blockbusters to life in the form of audio.” Pocket FM has introduced an innovative revenue model via its distinctive microtransaction system. This new approach moves away from traditional monthly or yearly subscription fees. While users can access daily free episodes on the platform, they have the option to purchase coin packs to unlock additional content. This system grants users flexibility and choice while enabling Pocket FM to monitor the revenue generated by each series. In a recent Series D funding round, the audio entertainment platform raised $103 million led by Lightspeed Venture Partners — making it one of the chunkiest fundraises of the year yet. With the latest round, the total funding raised by Pocket FM is just short of $200 million. The new funding was aimed at global expansions into the US, Europe and LatAm markets. <meta content="cms.next" name="cmsei" />

Move over Bollywood, audio shows are starting to enter the coveted ‘100 Crores Club’

New Delhi, BharatPe co-founder and former MD Ashneer Grover is set to launch a new app called 'ZeroPe' that will provide loans for healthcare. According to the apps' Google Play Store listing, ZeroPe is presently in the testing phase and has been developed by Third Unicorn, which was founded by Grover after his exit from BharatPe. The app will provide instant pre-approved medical loans of up to Rs 5 lakh to users to cover their medical expenses. The company has partnered with Delhi-based Non-Banking Financial Company (NBFC) Mukut Finvest to provide instant loans. Users can only avail the service at partnered hospitals, according to the ZeroPe app website. To apply for a medical loan with ZeroPe, users will need to download the app, complete a quick application, and then they will receive instant loan approval. "ZeroPe ensures a straightforward process by directly paying the approved loan amount on behalf of the user to the chosen hospital," ZeroPe wrote on its website. Grover, along with his wife Madhuri Jain Grover and entrepreneur Aseem Ghavri, launched Third Unicorn in January 2023. The company started out with CrickPe in order to compete with Dream11, Mobile Premier League (MPL) and My11Circle. <meta content="cms.next" name="cmsei" />

Ashneer Grover set to launch app for medical loans 'ZeroPe'

Cornerstone Ventures, a venture capital firm focusing on B2B Enterprise technology investments, has launched its second fund, with a target size of $200 million. It will include a green-shoe option which permits underwriters to sell additional shares beyond the original offering size, providing flexibility to meet investor demand. The fund seeks to generate substantial value for entrepreneurs, extending beyond mere capital infusion. It offers access to an extensive enterprise customer network, strategic funding from subsequent round investors, and a vast array of mentors and go-to-market collaborators. The fund's investment strategy is characterised by a multi-stage approach, primarily focusing on early growth stage VC investments. It offers flexible ticket sizes ranging from $5 million to $15 million, allowing for the exploration of diverse investment opportunities. By leveraging vertical specialisations, Cornerstone Ventures aims to seize opportunities with scaled B2B innovators that are poised for significant value creation and have a well-defined path to liquidity events. This fund will prioritise investments in emerging B2B technology prospects spanning software platforms and marketplaces across various industries like financial services and insurance, retail, consumer goods and e-commerce, distribution and supply chain, healthcare products and services, and sector agnostic core technology innovations. It aims to focus on early growth stage companies capable of reshaping enterprise operations and fostering sustainable growth in an ever-changing technology environment, poised for numerous inflection points. Says Abhishek Prasad, Managing Partner, Cornerstone Ventures, “Our second fund builds on the success of Fund-I, and underscores our commitment to supporting emerging B2B Enterprise Tech opportunities. We aim to back some of the largest value creators in this space of ‘Next Generation Enterprise Technologies’, whether building in India for the world or building exclusively for the domestic market.” Cornerstone Ventures Fund’s predecessor, Fund-I, launched in 2019 with a size of approximately $50 Million, has been deployed across 21 portfolio companies. <meta content="cms.next" name="cmsei" />

Cornerstone Ventures launches second fund with $200 million target for investment in emerging B2B enterprise technology opportunities

Mumbai, AI cloud and platform-as-a-service (PaaS) startup Neysa on Wednesday said it has raised $20 million (nearly Rs 166 crore) led by Matrix Partners India, Nexus Venture Partners and NTTVC investment firms. The funding will help drive the Generative AI cloud platform as a service and observability for companies in India and global markets, said the startup, co-founded by Sharad Sanghi (CEO) and Anindya Das (CTO). "Our goal is to leverage this funding to push the limits of innovation, assisting our clients with the power of our end-to-end Generative AI PaaS ecosystem and our AI-engineered Observability Platform", said Sanghi. Neysa is planning to release its services in the third quarter (Q3) this year. "This funding boosts our mission to democratise AI, empowering companies of all sizes to ignite innovation and drive growth," said Das. Neysa said it will help enterprises keep control of their data and intellectual property. "Enterprises globally, and even more so in India, are eager for expertise in helping them transition to AI native cloud computing and there is no better and more experienced team in India for them to partner with," said Avnish Bajaj, MD, Matrix Partners India. <meta content="cms.next" name="cmsei" />

AI startup Neysa raises $20 mn from Matrix Partners, Nexus Venture Partners & more

New Delhi, Ride-hailing company Ola on Tuesday said it has decided to shut down all of its existing global markets, namely the UK, Australia and New Zealand amid rising competition. The company mentioned that it will be focusing on the Indian market as it sees an "immense opportunity for expansion" in the country. "The future of mobility is electric -- not just in personal mobility but also for the ride-hailing business, and there is immense opportunity for expansion in India," an Ola spokesperson said in a statement. "With this clear focus, we've reassessed our priorities and have decided to shut down our overseas ride-hailing business in its current form in the UK, Australia and New Zealand," it added. The company operates in hundreds of locations and provides several modes of transportation, including two-wheelers. Meanwhile, Ola's mobility business in the country has reported a profit of Rs 250 crore in FY23 against a loss of Rs 66 crore in FY22. Its revenue rose 58 per cent to Rs 2,135 crore in FY23 from Rs 1,350 crore in FY22. "In FY23, we challenged ourselves -- to not just grow and scale, but to do this profitably. While our revenue continued to grow at a strong clip of 58 per cent, we became EBITDA positive in the India mobility business," the company said. <meta content="cms.next" name="cmsei" />

Ola to shut global operations, to focus on Indian market

New Delhi, Embattled edtech platform Byju's finally started disbursing salaries to its thousands of employees for the month of March after arranging an alternative line of credit. In a letter to employees seen by IANS, the company said the salary disbursement has commenced and will be completed over the next 10 days. "Unfortunately, despite our efforts, we haven't yet secured approval to access the rights issue funds, because of the action of four foreign investors," the communication read. However, it has now arranged an alternative line of credit to ensure "timely payments." "We sincerely appreciate your patience and understanding throughout this period", the company told the staff. Reports surfaced last week that the edtech company has begun to lay off employees amid a severe cash crunch, as it enters the "final stages of a business restructuring exercise." "We are in the final stages of a business restructuring exercise announced in October 2023 to simplify operating structures, reduce the cost base, and better cash flow management," according to Byju's, which struggles with limited funding amid legal battles with investors and other stakeholders. Byju's had to delay salaries for thousands of its employees for the second successive month, as it faces restrictions over the usage of the funds raised through the rights issue. <meta content="cms.next" name="cmsei" />

Byju's begins disbursing March salaries to employees after 2nd successive delay

<ul><li>With 307 PE deals totalling $8.1 billion – it’s their best quarter since April-June of 2023.</li><li>This quarter marks a significant shift in investment trends in the PE landscape, says Grant Thornton.</li><li>While the number of M&amp;A deals dropped 16%, their values rose by 38% due to the mega Reliance-Disney merger. </li></ul>The private equity deals in India have picked up pace in the January-March 2024. With 307 deals totalling $8.1 billion – it’s their best quarter since April-June of 2023, says a report by Grant Thornton. In terms of deal volumes, Jan-March is seeing its best quarter in 18 months. This marks a significant shift in investment trends in the PE landscape, Grant Thornton’s Q1 Deal Tracker. “Private Equity funds stood at a crossroads at the end of 2023: to wait for clearer market signals or to deploy the substantial dry powder accumulated from a year rich in exits. The data from Q1 2024 indicates a decisive tilt towards the latter, as evidenced by a noticeable uptick in PE deals, underscoring renewed commitment to nurturing growth across pivotal sectors,” says Vishal Agarwal Partner and Private Equity Group &amp; Deals Tax Advisory Leader Since Q4 of 2024, PE deals have seen a 10% increase in volumes and a 51% increase in values. The country also minted two unicorns, Krutrim SI Designs and Perfios, in the first quarter of the year. “Following a period primarily focused on exits through IPOs and block deals, Q1 witnessed a robust pivot in strategy, with keen interest across sectors such as consumer goods, financial services (particularly insurance and technology), telecom, and infrastructure,” says the report. The big deals are back too as the quarter saw two billion dollar deals and eight deals over or at $100 million. The top deal of the quarter was Data Investment Trust’s investment of $2.5 billion in ATC India Tower Corporation. “The uptick in PE activity, highlighted by the emergence of two unicorns and high-value deals across traditional sectors, provides hope for continued growth and investment opportunities. With upcoming events such as the elections, coupled with a strong pipeline of deals and increased attention from private capital, the outlook for 2024 remains optimistic," said Shanthi Vijetha, partner growth at Grant Thornton Bharat. Disney boost to M&amp;A deals While the number of M&amp;A deals dropped 16% from 143 to 120, values rose by 38% to $12.3 billion —- all thanks to the Reliance-Disney merger. It also pushed up outbound deals which saw a 9x surge. The market showcased resilience amid changing dynamics. Notably, while domestic M&amp;A volumes experienced a decline over the past year, cross-border activity surged to its second-highest quarterly level in five years. In Q1 of 2024, as many as 24 initial public offers amounted to $2 billion — the second-highest quarterly count in recent times. These IPOs were spread across 11 sectors, with manufacturing and pharmaceuticals emerging as the frontrunners, collectively capturing one-third of the issues. Companies also raised a similar amount — $2 billion — spread over 18 issuances. Despite a slight decrease in both the volumes and the amount raised, it’s the second-highest quarter in terms of deal volumes since 2018. “This highlights a resilient market environment, reflective of diverse investor interest across sectors and continued opportunities for capital raising,” the report says. Overall, the quarter saw 469 deals amounting to $24.5 billion, marking the highest level of activity since Q2 of 2022. <meta content="cms.next" name="cmsei" />

PE deals activity at a 15-month high in India, marking a shift trend: Grant Thornton

<ul><li>Nivara was founded in 2015 and provides affordable housing finance to micro-entrepreneurs, and salaried customers.</li><li>They provide loans with ticket sizes generally ranging between ₹5-7.5 lakh.</li><li>It has 63 branches across five states - Karnataka, TN, AP, Telangana, and Maharashtra. </li></ul>Bengaluru-based Nivara Home Finance raised $10 million from Baring Private Equity India in an entirely primary round, it said on Thursday. The proceeds from the round would be used to fund the company’s expansion. The company was founded in 2015 and focuses on affordable housing finance for micro-entrepreneurs and salaried customers. It was founded by CV Rao along with his co-founders, Sunil Rohokale and Monik Koticha. The promoters bootstrapped it in the initial stages and infused ₹100 crore in the business to date. They provide loans with ticket sizes generally ranging between ₹5-7.5 lakh. The company says that this is an underserved segment since most affordable housing finance peers cater to a ticket size of ₹9-10 lakh or higher. “There is a large underserved market in the ticket size we operate in Tier 2, 3, and 4 markets, and we have found a partner who shares our vision for the segment. This funding round will enable us to cement our position in this segment further and leapfrog our growth plans,” said CV Rao, MD &amp; CEO of Nivara. Nivara serves customers across five states, namely Karnataka, Tamil Nadu, Andhra Pradesh, Telangana, and Maharashtra, through its network of 63 branches. It has assets to the tune of ₹500 crore under management. Its gross non-performing assets were at 0.58% as of February 2024. “The affordable housing finance space is poised for significant growth. Nivara’s focus on asset quality, its commitment to underserved segments, and the experience, expertise, and exceptional governance practices of the management team, will propel the franchise for a long time to come,” said Debanshi Basu, senior principal at Baring Private Equity India. Ernst &amp; Young acted as the exclusive financial advisor to Nivara for this transaction. <meta content="cms.next" name="cmsei" />

Nivara Home Finance raises $10 million from Baring Private Equity

Mumbai, Global private equity major Blackstone Group is confident of investing USD 2 billion annually in India, a top official said on Wednesday. Its chief operating officer Jonathan D Gray pitched for a slew of measures to improve the ease of doing business for firms like it in India, including quicker approvals on mergers and acquisitions, easier privatisation of listed companies, and improvements in dispute resolution in commercial matters. The New York-based group, which has been operational in India for nearly two decades, said Indian PE investments have delivered the highest return for it worldwide, and the investment in realty, which made it the largest landlord in the country, has also delivered well. "We plan to invest around USD 2 billion every year in India," its senior managing director Amit Dixit told reporters here. The firm has invested a total of USD 50 billion in the country till now, and the value of its assets, after accounting for the exits, stands at USD 30 billion. It has an investment team of 75 people based in Mumbai who scout for assets across sectors. Dixit said over the next five years, the value of assets is seen rising by USD 25 billion, including USD 17 billion in fresh bets and up to USD 7.5 billion value creation across portfolio companies, where it has already invested but is yet to exit. Gray suggested some reforms while appreciating the work already done by the government, including the Insolvency and Bankruptcy Code and the Goods and Services Tax. A merger and acquisition deal takes up to two years to go through in India, while the same in its home market of the US gets done in weeks, he told reporters here. In the case of privatising a listed entity, Indian regulations require the nod of over 90 per cent of all shareholders making a deal "mathematically impossible", he said, adding that it is because of challenges on this front that India has 7,000 listed entities, which is double that of the US, but their market capitalisation is just a tenth of the US. "One thing that can help unlock the market here is the ability to take companies private to help improve them, then bring them back to the market with more scale. It's just one of the reforms," he said. There is also more work to be done on dispute resolution in matters of commercial disputes, he said, adding that all these aspects will help attract more capital into the country. He also said that some reforms like allowing public funds to invest in real estate investment trusts -- the group was a sponsor to three of the four listed REITs -- can also be helpful. The economic momentum is building in India and not slowing, Gray said, adding that this is attracting a lot of global investors into the country. Blackstone's favourites for the future will include the infrastructure sector, where it has not been as active in India as it has been in Europe and the US, Gray said, adding that there is also a possibility of it starting a credit fund like many of its peers have done. Apart from that, it is keen to invest in real estate, logistics, data centres, hospitality, value-added exporters, energy transition and themes playing on the growing middle class in the country, including sectors like healthcare, financial services and travel, Gray said.<meta content="cms.next" name="cmsei" />

Blackstone to invest $2 bn every year in India; wants quicker M&A clearances

Bengaluru, Leading venture capital firm Accel on Thursday announced eight early-stage startups in India which are part of the third cohort of its accelerator programme called 'Atoms'. The cohort receives up to $500,000 in funding, access to perks worth more than $5 million from Accel's network partners, personalised mentorship, and the opportunity to collaborate with a strong peer community of founders from past cohorts and portfolio founders. The 24 startups, which were part of the two previous Atoms cohorts, have raised over $200 million in funding since the launch of the programme, the VC firm said in a statement. "We believe we have found the next wave of disruptors in AI and Industry 5.0, and the proof of this has been witnessing the growth of each of these startups since joining the programme," said Prayank Swaroop, Partner at Accel. "As part of Atoms 3.0, founders are also learning how to build that muscle for resilience and agility," Swaroop added. The four AI startups that are part of Atoms 3.0 are: Tune AI, a GenAI stack for enterprises; Skoob, a generative AI platform for reading; Meritic, a storytelling co-pilot for financial planning and analysis; and Arivihan, India's first AI-based, fully automated learning platform. The two industry 5.0 startups in this cohort are: Spintly, an IoT platform for smart buildings; and Asets, a multidisciplinary CAD, simulation and engineering design platform. The two remaining startups from the cohort are in stealth mode. Barath Shankar Subramanian, Partner at Accel, said that the 6-month 'Atoms 3.0' journey is giving founders "insight into critical zero-to-1 areas like hiring, getting your first 10 customers, or tuning your pitch for investors". "Through one-on-one sessions with their domain leaders, the founders also get clarity on how to action those learnings and lay out their roadmap for each month," Subramanian added. Accel has been the first partner to many of India's most successful startups, including Flipkart, Freshworks, Swiggy, Urban Company, Zetwerk and Cure.fit. <meta content="cms.next" name="cmsei" />

VC firm Accel to nurture eight early-stage startups in India

New Delhi, SuperK, a franchised grocery retail chain for small towns, on Wednesday said it has raised USD 6 million (around Rs 49 crore) in a funding round, led by Blume Ventures. The Series A funding round also saw participation from Silver Needle Ventures, Veltis Capital, Atrium Angels, and some angel investors and syndicates, according to a company statement. "The funding will be used for investing in technology infrastructure, hiring, and scaling the platform to connect digital native brands with SuperK customers," it said. SuperK is currently operating in more than 80 Tier 3, 4, 5 towns of Andhra Pradesh. "We were tracking this space for a couple of years and while the market was hot for Tier 3-4 towns, retail enabled by a tech supply-chain backbone, we saw SuperK's dense approach in AP paying off dividends and delivering store level profitability - we think it's the right way to build modern trade for Bharat. "We are excited to back the next phase of scale before we eventually tackle most of South India," Karthik Reddy, Co-founder of Blume Ventures, said.<meta content="cms.next" name="cmsei" />

Grocery retail chain for small towns SuperK raises $6 million

<ul><li>This latest round brings Pocket FM’s total funding to date to $196.5 million.</li><li>The new funding will aid its plans to expand into Europe and LatAm markets in 2024.</li><li>Pocket FM, founded in 2018, has a repository of over 100,000 hours of content. </li></ul>Audio entertainment platform Pocket FM announced on Wednesday that it has raised $103 million in Series D funding — making it one of the chunkiest fundraises of the year yet. The new funding will strengthen Pocket FM's push into the US market and also support global expansion as the company plans to expand into Europe and LatAm markets in 2024. This latest round brings Pocket FM’s total funding to date to $196.5 million, the company said in a release. The latest round was led by Lightspeed with participation from Stepstone Group. Pocket FM, founded in 2018, has been hailed as the ‘Netflix for Audio’. It has built a repository of exclusive audio series. It has over 100,000 hours of content, including over 2,000 exclusive audio series and more than 400,000 episodes across genres and languages. “What sets Pocket FM apart is its vision to set up a sustainable and profitable business, backed by its unique pricing strategy. It emerges as a great reference for the entertainment landscape, with its capability to demonstrate strong unit economics. They are not just building a new category but democratizing the entertainment landscape with a tech-driven approach,” said Harsha Kumar, Partner at Lightspeed. The company said that it has surpassed $150 million in annual recurring revenue (ARR), and is growing at 57% quarter on quarter (QoQ). It has clocked over 20 million transactions in 2023. Pocket FM has put up an AI-led strategy for automation, content curation, production, and distribution. The company plans to leverage generative AI to scale its entertainment content offerings and build AI-powered personalized recommendations that enhance the overall user experience. “We identified an unexplored space in the entertainment industry driven by an increasing demand for audio fiction and crafted a playbook to address this opportunity across every key market," said Rohan Nayak, CEO and co-founder of Pocket FM. The company announced its US entry in Q4 of 2022 and its revenue has surpassed $100 million ARR in the US market. The platform has approximately 10 million registered users in the US. "Our robust content library of audio series and a strong consumption behaviour on the platform is shaping the future of entertainment. Our focus remains on tapping into unique and exclusive stories to solidify our leadership in this emerging category and create a strong IP playbook. This latest funding validates our vision and the possibilities we bring to disrupt the industry,” said Nayak. It’s raining VC deals Apart from Pocket FM’s over $100 million fundraising deal, fintech Perfios raised $80 million to turn into a unicorn recently. VCs have been writing large-sized cheques this March. On Wednesday, yet another startup – homegrown wearables startup Ultrahuman said that it raised $35 million in a series B funding round. Lithium-ion battery pack maker Lohum also raised $50 million, while personal care brands The Ayurveda and Cureskin raised $27 million and $20 million, respectively. Social media discovery app Hunch too raised as much as $23 million. Apart from Perfios, yet another company, Krutrim AI also turned into a unicorn earlier this year. Sector experts believe that the funding winter <a href="https://www.businessinsider.in/business/startups/news/a-thaw-in-startup-funding-winter-as-two-unicorns-emerge-within-a-quarter/articleshow/108585420.cms">that was set in 2022 is thawing</a>.<meta content="cms.next" name="cmsei" />

In one of the largest deals of 2024, Pocket FM raises $103 mn to strengthen its global push

New Delhi, Homegrown wearables startup Ultrahuman on Wednesday announced that it raised $35 million in a series B funding round to accelerate growth and research in the health monitoring space. The round saw participation from venture capital firms Blume Ventures, Steadview Capital, Nexus Venture Partners, Alpha Wave and Zomato founder Deepinder Goyal. "This funding round marks a pivotal step forward in our journey to dominate the smart rings space, bringing us closer to our goal of being the market leader," Mohit Kumar, co-founder of Ultrahuman, said in a statement. The Ultrahuman product suite includes a continuous glucose monitoring wearable called M1 Live, a smart ring called Ring Air, a home health device called Ultrahuman Home and a preventive blood testing product called Blood Vision. Their platform integrates glucose, sleep, movement, blood markers, and HRV, offering a comprehensive approach to health monitoring. The company said that Ultrahuman has seen remarkable growth over the past 12 months, becoming the second-largest player in the smart ring market while maintaining profitability. "Our vision of being the top player in terms of both active devices and geographic presence is within reach, thanks to our rapid expansion and the love we've received from our users," said Kumar. The company expanded into over 150 retail outlets worldwide, including locations like -- London's Selfridges on Oxford Street, Changi Airport in Singapore, and the Virgin megastore in Dubai. Moreover, the company mentioned that it is on track to surpass $100 million in annualised revenue run rate (ARR) by the end of 2024. "Our ability to make long-term manufacturing investments, supported by our profitability, is unique in the smart rings market," the co-founder noted. <meta content="cms.next" name="cmsei" />

Wearables startup Ultrahuman raises $35 million to accelerate growth

New Delhi, Businesses should not be built on a model or channel but rather out of a problem or passion, Lenskart co-founder and CEO Peyush Bansal said on Monday. Responding to a question on omnichannel business strategy, the famous Shark Tank investor said that he does not believe in all these buzzwords. "I feel that industry picks up these things. Now the buzzword is omni channel, when we opened stores, we didn't even know the word omni channel. Now, the buzzword is AI (artificial intelligence), now everybody is talking about AI. "Now somebody says deep tech...I was trained at Microsoft and they only know customers. Customers don't walk away with a channel, they walk away with a product," he said at the Startup Mahakumbh 2024. Know what business you are in, Bansal said, and what is the service that you are providing, telling entrepreneurs to cut out the rest. One needs to observe what is needed in their product's category, he added, saying that businesses should not be built from the model, but from a problem, or a passion. "Ask yourself two simple questions, why are people who are buying, buying? And why are people who are not buying, not buying? Then go ten layers deep into understanding, and then try solutions, then you may build the next buzzword for the next ten years," he further noted. Channels will change, he said. Entrepreneurs should not become slaves to channels but instead remain in touch with the customer to know what is happening and adapt, he said. Talking about the zero-to-one journey of building a consumer brand, Bansal said, "The initial journey at least for me particularly was not so much about chasing an ARR (Annual Recurring Revenue)... I didn't go to an MBA school, so my business wasn't driven so much by a business plan, as much it was driven by love for consumers. The zero-to-one journey, he said, was not so much about hitting a target, but it was about serving the customer. "The journey was not about: okay, we have to hit this target this month, I think all that corruption happens later, where your mind gets polluted. Talking about premiumisation and Indian consumers wanting to spend more, Bansal said people want to elevate their quality of life and it's not a new phenomenon. People have aspirations, and aspirations in India are high, thanks to the government. "We have to understand that a brand is not advertising. A brand is a promise. It's a trust, or it's some proposition of design. A lot of times you feel now that I'm advertising I should be able to charge a premium. But that's not necessary". Asked what it takes to succeed in Shark Tank, Bansal said the founder should well articulate the problem that they are solving and the solution. "You should know your business well in terms of economics. "And you have to be humble enough to listen... it should come across as coachable. Because you have come to Shark Tank not for money, but for someone to help you. If you are demonstrating that you cannot be helped, then there is no point," he said.<meta content="cms.next" name="cmsei" />

Businesses should not be built on model, but out of passion: Peyush Bansal

<ul><li>Perfios and Krutrim AI turned unicorns, while Lohum, The Ayurveda, Cureskin and Hunch raised chunky investments.</li><li>Many PE and VC funds made a killing in the public markets in 2023, which has fuelled optimism in the private markets, say experts.</li><li>Investors are warming up, say experts who are cautiously optimistic that funding winter which was set in 2022 might thaw this year. </li></ul>The year 2024 has been good for many startups, as deal activity is growing at a faster clip. While the funding winter that set in mid-2022 is far from over, there seems to be a thaw, opine experts. Not only did two companies — Krutrim AI and Perfios — turn unicorns, but many more late-stage deals are being closed at impressive valuations. In the last few weeks, VC investors have been writing checks at a feverish pace. Fintech Perfios raised $80 million and Bhavish Agarwal-backed Krutrim AI raised $50 million — each of these funding rounds valuing them at $1 billion. In all of 2023, only two startups — Zepto and InCred Finance — had turned unicorns. Apart from unicorn activity, there have been other large deals too. Lithium-ion battery pack maker Lohum raised $50 million, while personal care brands The Ayurveda and Cureskin raised $27 million and $20 million, respectively. Social media discovery app Hunch too raised as much as $23 million. Signals of revival The emerging trends could be the beginning of the end of a funding winter, say experts. Pratip Mazumdar, partner at Inflexor Ventures says that the noticeable uptick seen in March strongly suggests a warming trend in the investment climate. “This observation indicates a possible conclusion to the previously experienced funding winter. The increased deal flow within our purview further corroborates this optimism, signalling a revitalizing market ready for robust investment and growth opportunities,” he adds. Yet, the Indian startup ecosystem has a long way to go. After spectacular startup inflows of $41.6 billion in 2021, the Indian startup ecosystem made a distinct mark in the global economy. However, funds have been sharply dwindling in the last year and a half. The inflows fell to around $25 billion in 2022 and further dipped to a six-year low of $7 billion in 2023 — one-sixth of 2021 figures — as per a Tracxn report. “These are green shoots for India's large and rapidly growing market. However, more sustained venture capital activity and successful exits over a longer period will be needed for a more definitive end to funding winter. And, the recent developments are encouraging, likely a cautious optimism — a start to a full-fledged thaw,” opines Rajeev Ranka, Partner at Incubate Fund Asia. The exit door opens wide The year 2023 saw the Indian stock market’s bull run, which enthused the primary markets as well. This optimism has flowed into the private markets, explains Anirudh A Damani, managing partner at Artha Venture Fund. “There has been a buoyancy in the India story. For one, SME IPOs have picked up, and there has been a lot of upstream fishing which has triggered the pre-IPO rounds — which has spilled over to Series A,” Damani tells Business Insider India. A lot of high-profile VCs like Softbank, Tiger Global, Bain and TPG exited many companies<a href="https://www.businessinsider.in/business/startups/news/private-equity-vc-players-make-a-killing-as-ipo-rush-yields-them-10000-crore/articleshow/105649221.cms"> via primary deals</a> (IPOs) as well as <a href="https://www.businessinsider.in/business/startups/news/pe-and-vc-investors-make-a-killing-in-the-2023-bull-market/articleshow/104034840.cms">secondary market (bulk and block deals)</a> in 2023. That’s made the India startup story stronger. “These exit events not only underscored the viability and potential for significant returns in venture investments but also contributed to the stabilization of valuations within the market. This has, in turn, created a more predictable and reliable landscape for investors, fostering an environment where confidence can flourish,” says Mazumdar. Cleanups, not cash burns The funding winter has also been a wake-up call for many companies as well as their investors – especially those commanding premium valuations. Many listed as well as unlisted companies pivoted to profits, reduced cash burn, and re-calibrated growth strategies. Many of them even tightened belts by reducing staff and other costs, and also agreed to participate in downrounds. Downrounds are those where a startup raises funds at a lower valuation than it did in an earlier round. Those startups that managed to survive with little or no fundraising also passed the acid test — and that’s attracting more investors into the game. “Founders who understand the drop in valuations are raising money. Those startups with profitability focus, scalability and are also generating good customer revenues with good reporting practices are in demand,” says Damani. In the funding boom period, many companies which were getting easy money were burning cash at a rate much faster than revenue growth. As funds became scarce, these practices went away and many of them shifted to positive unit economics. According to Ranka, these are signs of a more mature ecosystem. “Overcoming the funding winters, many startups pivoted from growth-at-all-costs to profit-oriented growth, and it helped keep the investors' trust. The period of valuation-correction has led to more realistic valuations, ushering the ecosystem to an investor-focused approach to growth,” he adds. Cautious optimism reigns the ecosystem Many funds had raised a large amount of capital during the pandemic, and after funding winter a lot of them have been sitting on massive amounts as well — referred to as dry powder across the industry. Yet, funds looking to raise more capital might be hit by a slower translation of interest rate cuts across the globe, a few economies slipping into recession and prevailing high inflation across economies. All in all, global funds wouldn’t flow as freely as they did during the pandemic. “Limited partners (LPs) are understandably cautious in the current economic climate. While the potential for global rate cuts is a factor, it's not the sole driver of their sentiment. LPs indicate a focus on understanding the underlying fundamentals of businesses seeking investment. LPs are primarily looking for sustainable growth potential and a focus on long-term value creation,” says Ranka. Here too, there is caution that’s seeping into optimism. “LPs are bullish on India as a market as it’s a rare market exhibiting growth and well poised for delivering good performance as an economy. However they are cautious in picking funds and looking for evidence in terms of past track record,” adds Mazumdar. Even as the system improves, the odds of startup funding getting back to its former glory this year remain very limited. Even if achieved, it could be a long and rocky path. But the signs of revival are here, and the sector only hopes that the reforms of the winter continue to boost the entire ecosystem towards greater heights in the coming quarters. <meta content="cms.next" name="cmsei" />

A 'thaw in startup funding winter' as two unicorns emerge within a quarter

New Delhi, Indian startups are expected to raise USD 8-12 billion this year, a top official of venture capital firm Peak XV said on Monday, highlighting that the country's startup ecosystem is the most vibrant in the world. Speaking at StartUp Mahakumbh, Peak XV Managing Director Rajan Anandan said around USD 20 billion of private capital is lying uninvested and is committed for investment in private firms and startups in India. Anandan said that the investment run rate in Indian startups before 2021 and 2022, was about USD 8-10 billion, which increased to USD 60 billion in 2021 and 2022 combined. "Last year, it was USD 7 billion, which people said is low. It could have been zero because basically six years of funding came in two years.This year we are well on track to USD 8-10 or 12 billion. We are going to have an ecosystem which is going to have USD 10-12 billion for few years and it will go at natural pace that it should," Anandan said. He said that USD 10 billion or about Rs 80,000 crore funding per year is enough to build the Indian startup ecosystem. Citing shift in focus of funding in the US to AI and next generation software entities, Anandan said the Indian startup ecosystem is the most vibrant ecosystem in the world. He said that his firm last year made investments in consumer businesses which are no longer getting funded in the US. "India today has 20 startups that are being publicly traded. We think that over the next 7-8 years, there will be 100 startups that will go public," Anandan said. He indicated that growth in funding is coming back across funding stages.<meta content="cms.next" name="cmsei" />

Indian startups on track to raise $8-12 billion this year: Peak XV MD Rajan Anandan

<ul><li>HiLabs aims to ensure timely access to refined data aligning with the global shift towards data-driven decision-making in healthcare</li><li>The funding round was led by Eight Roads Ventures and Denali Growth Partners, with the involvement of F-Prime Capital</li><li>The infusion of capital will fuel further advancements in technology, recruitment of top talent, and expansion of product teams</li></ul>HiLabs, a provider of AI-driven solutions that aims to assess crude data to unlock meaningful insights and transform healthcare, has secured $39 million in Series B funding. This funding round, led by Eight Roads Ventures and Denali Growth Partners, with the involvement of F-Prime Capital, comes on the heels of substantial adoption of its MCheck™ platform for healthcare data ingestion, purification, and enhancement. The infusion of capital will fuel further advancements in technology, recruitment of top talent, and expansion of product teams. "We stand poised to propel our AI technology forward, empowering healthcare organisations to make swift, informed decisions based on data that's not just clean, but readily available when it matters most," said Amit Garg, Co-founder, and CEO of HiLabs. Established in 2014, HiLabs aims to ensure timely access to refined data for payers, providers, and patients, aligning with the global shift towards data-driven decision-making in healthcare. Its cloud-based MCheck platform ingests, cleans, and enriches critical healthcare data, leading to reductions in operational costs for healthcare organisations and improvements in patient outcomes. “Payers are increasingly looking for innovative technology solutions to make complex and disparate healthcare data actionable. The HiLabs team really impressed us with their vision, best-in-class product suite and strong customer traction, which is testament to their product-market fit,” says Dr. Prem Pavoor, Senior Partner, Head of India and Healthcare Investments, Eight Roads Ventures. As per the statement, Amit Garg and Dr Neel Butala commence the journey of HiLabs at Yale University in the US, accompanied by a small team of interns and two full-time employees based in India. The team laid the groundwork for what would evolve into a network of AI/ML research and development centres in Pune and Bangalore. It now has more than 150 employees and actively recruits from prestigious institutions such as the IITs, IIMs, and ISB. <meta content="cms.next" name="cmsei" />

HiLabs secures $39 million in Series B funding to propel AI-driven data management solutions for healthcare entities

B2B SaaS fintech company Perfios has become India's second unicorn of 2024 as it raised $80 million in a new funding round from Teachers' Venture Growth (TVG), a late-stage venture and growth investment arm of Ontario Teachers' Pension Plan. Perfios now valued at more than $1 billion with the new investment, reports TechCrunch. The company said that it will be using the new capital for international expansion and to explore inorganic growth opportunities. It also plans to go public by next year. "Our business has been seeing steady growth year-on-year, with consistent improvement in the bottom line. I want to extend my heartfelt gratitude to all our partners who have trusted us throughout our journey," Sabyasachi Goswami, CEO of Perfios, was quoted as saying. Bhavish Aggarwal's AI startup Krutrim SI Designs raised $50 million at a $1 billion valuation last month, becoming the first unicorn of this year. Last year, Perfios raised $229 million in its Series D funding from leading private equity investor Kedaara Capital. Founded in 2008, Perfios is serving the banking, financial services and insurance industry in 18 countries, empowering more than 1,000 financial institutions. Perfios delivers 8.2 billion data points to banks and financial institutions every year to facilitate faster decisioning, and processes 1.7 billion transactions a year with an AUM of $36 billion. <meta content="cms.next" name="cmsei" />

Fintech firm Perfios becomes India's second unicorn of this year

New Delhi, Lithium-ion battery pack maker and recycling firm Lohum on Wednesday said it has secured USD 54 million (Rs 450 crore) in a funding round from a bunch of investors. The investors who participated in the series B funding round of capital infusion include Singularity Ventures, Baring Private Equity, Cactus Venture Partners &amp; Venture East amongst other new and existing venture firms, Lohum said in a statement. The company will use these funds to fuel its market expansion, scaling up recycling operations across India, and also expanding to new energy transition materials markets in North America, the EU, the Middle East, Africa, and Asia, it said. "The funds will expedite our international expansion, enable us to hire top professionals from talent pools in India, expand our strength, and provide fresh tailwinds to our industry-leading R&amp;D innovation centre," said Rajat Verma, Founder &amp; CEO of Lohum. Lohum claims to have an integrated battery lifecycle management system with end-to-end in-house ecosystem of battery recycling, battery repurposing, transition materials refining, and Cathode active material. "Battery scrap is a very viable way for India to source the required materials. Lohum has been able to expand into the entire battery lifecycle management with India as a node," said Yash Kela, Founder and Chief Investment Officer, Singularity Ventures.<meta content="cms.next" name="cmsei" />

Battery maker and recycling firm Lohum raises $54 million

New Delhi, The homegrown Indian footwear brand 'Bacca Bucci' failed to impress the sharks in the new episode of 'Shark Tank India' season 3. The business reality show witnessed a pitch of Rs 2.5 crores for one percent equity by Natwar Agrawal and Anuj Nevatia, the founders of 'Васса Bucci', a Gen Z, and youth-focused fast-fashion footwear brand. Васса Bucci offers all possible sub-categories to the youth under one roof- boots for trekking and adventure and sports shoes. They also provide streetwear, and accessories. Started in 2014, they have delivered 30 lakhs plus products till date. Namita Thapar (Executive Director of Emcure Pharmaceuticals LTD) said: "Please tell us about your background. And how did you think of starting this?" "We both have chartered accountancy backgrounds. We were doing jobs. I was in loan syndication. Anuj was in EY. When I was doing a job, I needed shoes. When I compared the prices back in 2014, there was a significant difference between online and offline prices," Natwar said. "In fact, online shoes were expensive and offline shoes were cheap. So we decided to start selling shoes as a side hustle. Gradually, we continued selling and today, we are doing it full-time," he said. Anupam Mittal (Founder and CEO of Shaadi.com): "Have you extended your business?" Natwar replied: "It's a category extension. We launched T-shirts in the month of October." However, after seeing the products, Deepinder Goyal (Founder and CEO of Zomato) was not impressed and said: "There's no consistency in branding. The design language will score two out of ten." Vineeta Singh (Co-Founder and CEO of SUGAR Cosmetics) said: "l like the quality." Anupam shared: "I think it's not a bad product. It's nice, aspirational and has a funky design. We might not get such products at this price point. However, if we observe it closely, it lacks quality. The finishing of the stitching isn't up to the mark." Namita said: "I don't see a USP. Branding... It's important to create a culture. It can't be created on just pricing. I think you should focus on it. But without a clear vision, I'm not excited about this. So I'm out." Anupam also gave a suggestion, adding: "Open offline stores to increase the gross margin and to get direct feedback from customers." 'Shark Tank India 3' streams on SonyLIV. <meta content="cms.next" name="cmsei" />

Footwear brand Bacca Bucci fails to hook investors at Shark Tank India

New Delhi, The campus special episode of 'Shark Tank India 3' witnessed the 21-year-old studentpreneurs and their brand 'Rize', which is the go-to solution for wellness needs. The founders of 'Rize' -- Sahil Manral and Dhruv Verma, strive to promote a healthier and happier lifestyle. The brand offers a range of problem-solving treats crafted with premium ingredients. The journey of Rize began in 2023 when Sahil and Dhruv conceived the idea in March and started experimenting in the kitchen in April. Starting small by making bars every weekend, Rize expanded its product range to include bites. The products are -- energy bars, bliss bites, and dream bites. Although in the pre-revenue stage, the brand has garnered attention, leading to partnerships and support from actress Sunny Leone and her husband Daniel Weber. While initial funding came from their parents, they received a significant boost with an investment of Rs 30 lakh from Daniel and Sunny. In the show, they asked for Rs 45 lakh for 6 per cent equity. Talking about the same, Dhruv said: "Sir, we want to be a health and wellness brand catering to individuals who regularly visit the gym. Our bars offer guilt-free indulgence for those seeking a healthier alternative, and savour chocolates and oats. If anyone is facing sleep issues...To purchase melatonin from a pharmacy, a prescription is required. But we have filled that gap. Because our product is FSSAl-approved. Those who need melatonin can have it without a prescription." He said that their target customers are -- individuals with sleep problems, women experiencing menstrual pain, tourists and travellers, active professionals. "Whether it is kickstarting your day with Rize Energy Bars packed with nutrients like prebiotics, minerals, fibre, and protein, enjoying a restful night's sleep with Rize Dream Bites, containing melatonin powder, valerian extracts, and chamomile extracts, or finding relief from menstrual pain with Rize Bliss Bites, formulated with special herbs, vitamins, potassium, and magnesium, Rize aims to inspire positive lifestyle changes." Despite their promising trajectory, the Sharks ultimately passed on the brand, with Namita Thapar citing concerns about their valuation of Rs 45 lakh for 6 per cent equity. Aman Gupta (Co-Founder and CMO of boAt) said: "I started my first business when I was around 21, and it shut down. But it taught me a lot of things. I think you will learn a lot of things. This business won't thrive. You are still not fit for the market. That's my view. This business will teach you. You will become a player in your industry or another industry. So, as an investor... I cannot invest now." "But I am also in Gurugram. I can give you some time. Meet me. Join entrepreneurship workshops. Gain more knowledge. Learn from others. Study their strategies. Understand their actions. So that you can improve your business skills. I don't think I can feel that now. So, I am out," added Aman. Speaking about his experience on 'Shark Tank India', Sahil said, "Appearing on Shark Tank India for the Campus Special episode was an exhilarating rollercoaster of emotions for Dhruv and me. It marked the culmination of our journey from conception to national television." "As we pitched Rize in the tank, we poured our hearts out, sharing our deep-seated passion for wellness and our vision for the brand. This experience reaffirmed our commitment to Rize's mission of promoting wellness and inspiring positive lifestyle changes. It's not just about the end result; it's about the journey, the growth, and the lasting impact we aspire to create in the realm of wellness," he added. 'Shark Tank India 3' airs on Sony LIV. <meta content="cms.next" name="cmsei" />

Sunny Leone-backed wellness brand Rize fails to secure Shark Tank deal

New Delhi, Healthcare unicorn Pristyn Care has slashed around 120 jobs in a restructuring exercise, impacting employees across teams, the media reported on Friday. According to Inc42, citing sources, the restructuring exercise is part of the company's plans to turn profitable in the financial year 2024-25 (FY25) before going public in 2027. "As part of the transformation, specific adjustments to the workforce structure will be made, affecting less than 7 to 8 per cent of the 1,700 employees, with the majority in entry-level and support functions," a company's spokesperson, was quoted as saying. "These changes are essential to align with the company's strategic vision of efficiency, performance excellence, and long-term sustainability," it added. A severance package based on their notice period will be provided to the employees, and their ESOP vesting will also be accelerated, the report mentioned. The startup has also extended the medical insurance coverage for the impacted workers and their families for the next six months. Last year, Pristyn Care reportedly sacked up to 350 employees across departments and impacted employees from sales, tech and product teams. However, the startup at the time told Inc42 that it fired only around 45 employees based on their performance. Meanwhile, Pristyn Care registered a 45 per cent growth in revenue to Rs 453 crore in FY23, as its losses grew at 38.2 per cent to Rs 383 crore in the last fiscal year. --IANS shs/prw <meta content="cms.next" name="cmsei" />

Homegrown healthtech unicorn Pristyn Care slashes around 120 jobs

New Delhi, Logistics service provider Shadowfax on Tuesday announced the closing of its Series E funding round, securing $100 million in investments. TPG NewQuest led the round, with participation from existing investors, including Mirae Asset Venture Investments (India), Flipkart, International Finance Corporation, Nokia Growth Partners, Qualcomm, and Trifecta Capital. "Our ability to capture a greater share of the market, even in a tough economic climate, is a testament to the core strength of our business," Abhishek Bansal, CEO of Shadowfax, said in a statement. Eight Roads Ventures, the company's first institutional investor having invested in Shadowfax's Series A round in 2015, made a partial exit. "We have been impressed with the tech stack they have built. This helps with the delivery of superior service metrics and allows them to quickly adapt their services to client's changing needs at the lowest price," said Amit Gupta, Partner and Head of India and Southeast Asia, TPG NewQuest. Over the next 18 months, the company said that Shadowfax will utilise the raised funds to reinforce its middle-mile network and extend its last-mile delivery services to cover all 20,000 pin codes across India. Part of the raised funds will be used to develop state-of-the-art services for Direct-to-Consumer (D2C) brands leveraging cutting-edge technologies and further enhancing Shadowfax's express delivery network, it added. <meta content="cms.next" name="cmsei" />

Shadowfax secures $100 mn in Series E funding led by TPG NewQuest

Bengaluru/New Delhi, Key investors in embattled edtech company Byju's on Tuesday argued at the National Company Law Tribunal (NCLT) hearing here that the process adopted by the company for its $200 million rights issue is "in breach of laws". They argued that the board of directors at Byju's needed to call an Extraordinary General Meeting (EGM) of shareholders before the rights issue where they could vote. "The board of directors did not call a general body meeting before rights issues as they are aware that the general body is not in their favour," argued the lawyer on investors' behalf. "Our 25.4 per cent stake will come down to 2.5 per cent if we don't subscribe to the rights issue. If we subscribe, we don't know what happens to our money," the select investors said at the hearing. "There are investigations ongoing and we are given zero information," they claimed. Byju's argued that the investors were "forum shopping" by approaching the NCLT. "If the NCLT passes any order today, it will dilute the order of Karnataka HC," the company's lawyer argued. "The investors are not looking at the interest of 100 million students and the 12,000 employees but only at their value maximisation," the lawyer added. "It's logical that their shareholding will fall if they don't subscribe. The last few months have been tough for the company. In these tough times, we are not hiding from making tough decisions for the company," said Byju's. "It has been 21 months since our last capital raise," the company added. Meanwhile, the government has expedited the inspection of financial books of Byju's and according to the company, it has responded with all necessary responses along with documents to the Ministry of Corporate Affairs (MCA) and is hoping for an early closure of the matter. <meta content="cms.next" name="cmsei" />

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Could India host 200+ unicorns in next five years? Hurun index identifies 46 gazella and 106 cheetah startups

Deekshith Pinto