Trending Startup’s News – 1 Aug 2023

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Walmart Buys Out Tiger Global’s Stake In Flipkart For $1.4 Bn

Bengaluru, July 26, 2023 — Walmart, the American multinational retail corporation, has agreed to buy out Tiger Global’s stake in Flipkart for $1.4 billion. The deal, which is still subject to regulatory approvals, will give Walmart a 92% stake in Flipkart. Tiger Global will sell its entire stake in the company, which is currently valued at $24.9 billion.

Funding to Indian Startups Plummets by 77% in Jan-July 2023 Compared to 2022

New Delhi, July 26, 2023 — Funding to Indian startups plunged 77% in the first seven months of 2023 compared to the same period last year, according to data from Venture Intelligence. The data shows that Indian startups raised $6.9 billion in funding in January 2023, down from $29.4 billion in the same period last year. The number of deals also fell by 50%, from 1,583 to 792.

Funding Winter Persists: Over 17,000 Indian Startup Employees Lose Jobs in H1 2023

New Delhi, July 26, 2023 — Funding to Indian startups plunged 77% in the first seven months of 2023 compared to the same period last year, according to data from Venture Intelligence. The data shows that Indian startups raised $6.9 billion in funding in January-July 2023, down from $29.4 billion in the same period last year. The number of deals also fell by 50%, from 1,583 to 792.

Government mulling regulatory measures for startups

New Delhi — The Indian government is mulling a number of regulatory measures for startups, according to sources. The measures are being considered in order to protect the interests of investors and consumers, and to ensure that startups operate in a fair and transparent manner.

AWS and Accel Join Hands to Back Generative AI Startups

Mountain View, CA and Menlo Park, CA— Amazon Web Services (AWS) and Accel, a global venture capital firm, have announced a new partnership to back generative AI startups. The partnership will provide startups with access to AWS’s platform and Accel’s network of investors and mentors.

Mufin Green Finance raises $1 Mn from the Shell Foundation

New Delhi, July 26, 2023 — Mufin Green Finance, an Indian EV financing platform, has raised $1 million from the Shell Foundation. The investment will be used to expand Mufin’s reach and to develop new products and services.

FincFriends raises $3.5 Mn in new round

Gurugram— FincFriends, a captive non-banking financial company (NBFC) of RupeeRedee, has raised $3.5 million in a new round of funding. The round was led by Digital Finance International (DFI), with participation from existing investor Digital Finance Group (DFG).

OYO’s adjusted Ebitda grew 25x to Rs 175 cr in Q1 FY24: CEO

Bengaluru — OYO, the hospitality unicorn, has reported that its adjusted EBITDA grew 25x to Rs 175 crore in the first quarter of financial year 2024 (Q1 FY24). The company’s revenue also grew by 60% to Rs 3,100 crore in Q1 FY24.

upGrad Establishes Advisory Board to Expand upGrad Institute in Singapore

Singapore — upGrad, the global online higher education company, has established an advisory board to expand its upGrad Institute in Singapore. The board will be chaired by Arnoud De Meyer, former president of Singapore Management University (SMU).

Flipkart Co-Founder Binny Bansal and Accel Make Successful Exit with High Returns: Report

Bengaluru– Binny Bansal, co-founder of Flipkart, and Accel, one of the early investors in the company, have made a successful exit with high returns. According to a report by The Economic Times, Bansal and Accel have sold their stakes in Flipkart to Walmart for a total of $1.5 billion. This means that Bansal has made a profit of over 100 times his initial investment in Flipkart.

MietY adds two more MSMEs to its SemiconIndia futureDESIGN DLI scheme

New Delhi — The Ministry of Electronics and IT (MeitY) has added two more MSMEs to its SemiconIndia futureDESIGN DLI scheme. The two MSMEs are:

Aheesa Digital Innovations: Aheesa Digital Innovations is a fabless semiconductor startup based in Chennai, India. The company focuses on telecom, networking, and cybersecurity domains.
Calligo Technologies: Calligo Technologies is a Bengaluru-based semiconductor startup that specializes in high-performance computing (HPC), big data, and artificial intelligence (AI).

AlmaBetter to allocate Rs 50 Cr to newly launched AlmaBetter Innovarsity

Bengaluru— AlmaBetter, a leading edtech startup, has announced that it will allocate Rs 50 crore to its newly launched AlmaBetter Innovarsity. The Innovarsity is a postgraduate institution that offers online programs in data science, artificial intelligence, and software engineering.

SBICAP Ventures-backed Neev II Fund invests in Nutrifresh

Gurugram — Nutrifresh, a leading agri-tech startup, has raised an undisclosed amount of funding from the Neev II Fund, which is backed by SBICAP Ventures. The round also saw participation from existing investors, including Omnivore Partners and Sixth Sense Ventures.

LC Nueva AIF raises Rs 50 Cr from SIDBI

Mumbai — LC Nueva AIF, a sector-agnostic early-stage fund, has raised Rs 50 crore from the Small Industries Development Bank of India (SIDBI). The fund was launched in 2022 by Lighthouse Canton and Nueva Capital.

AWS, Accel to support generative AI startups

Mountain View, CA and Menlo Park, CA — Amazon Web Services (AWS) and Accel, a global venture capital firm, have announced a new partnership to support generative AI startups. The partnership will provide startups with access to AWS’s cloud computing platform, Accel’s network of investors and mentors, and joint marketing and go-to-market support.

Article By CA Pankaj Dara

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