Trending Startup’s News – 19 July 2023

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Indian startups experienced 70% funding drop in FY23, amounting to $15 billion

Indian startups experienced a 70% funding drop in FY23, amounting to $15 billion. This is a significant decline from the $50 billion raised in FY22. The decline in funding is due to a number of factors, including the global economic slowdown, the war in Ukraine, and rising interest rates. These factors have made investors more cautious about investing in startups.

RenewBuy secures $40M in Series D funding from Dai-ichi Life Holdings

RenewBuy, an insurtech startup in India, has secured $40 million in Series D funding from Dai-ichi Life Holdings. The round was led by Dai-ichi Life Holdings, with participation from existing investors Apis Partners, Stride Ventures, and InnoVen Capital.

Factors.ai raises $3.6M in funding led by Stellaris Venture Partners

Factors.ai, a B2B analytics software provider, has raised $3.6 million in funding led by Stellaris Venture Partners. The round also saw participation from returning investors Elevation Capital and Emergent Ventures. Angel investors such as Vetri Vellore, founder of Microsoft-acquired Ally.io, Sreedhar Peddineni, co-founder and chief executive of GTM Buddy, and Khadim Batti, cofounder and CEO of Whatfix, also contributed to the funding.

Fraud and Identity Platform Bureau Closes Series A Funding at $16.5M

Bureau, a fraud and identity platform, has closed a Series A funding round of $16.5 million. The round was led by GMO VenturePartners and GMO Payment Gateway, with participation from existing investors Nexus Venture Partners, Ratio Ventures, Better Capital, and January Capital.

Indian entertainment and media industry to reach $73.6B by 2027: PwC report

The Indian entertainment and media industry is expected to reach $73.6 billion by 2027, according to a report by PwC. The report, titled “The Indian Entertainment and Media Industry: A Strategic Perspective,” found that the industry is growing at a compound annual growth rate (CAGR) of 12.1%.

Infosys wins $2B deal for AI and automation services

Infosys, a global IT consulting and services company, has won a $2 billion deal to provide artificial intelligence (AI) and automation services to a large financial services company. The deal is expected to be completed in the next few months.

India’s online B2B marketplaces set to reach $200B GMV by 2030: Bessemer

Bessemer Venture Partners, a venture capital firm, has released a report that projects India’s online B2B marketplaces to reach $200 billion in gross merchandise value (GMV) by 2030. The report, titled “The Emergence of B2B Marketplaces in India,” found that the Indian B2B marketplace market is currently worth $20 billion and is growing at a compound annual growth rate (CAGR) of 30%.

Redseer predicts the growth of profitable unicorns from 30 to 55 by FY27

Redseer, a strategy consulting firm, has predicted that the number of profitable unicorns in India will grow from 30 in FY22 to 55 by FY27. The firm’s report, titled “The State of Indian Unicorns,” found that the number of unicorns in India has grown at a compound annual growth rate (CAGR) of 50% over the past five years.

Dunzo seeks additional $20M funding from Reliance Retail

Dunzo, a Bengaluru-based quick commerce startup, is seeking additional funding from Reliance Retail. The company is reportedly looking to raise $20 million from Reliance Retail, which is a subsidiary of Reliance Industries.

SoftBank reduces its stake in Paytm to 9.15% with another 2% offload

SoftBank, the Japanese investment firm, has reduced its stake in Paytm, the Indian digital payments company, to 9.15%. The company sold 2% of its stake in Paytm through open market transactions.

Swiggy introduces the ‘Network Expansion Insights’ tool for partner restaurants

Swiggy, the Indian food delivery platform, has introduced a new tool called ‘Network Expansion Insights’ for its partner restaurants. The tool provides restaurants with data and insights to help them make informed decisions about expanding their network.

Instagram’s Threads Reaches 20% of Twitter’s Weekly Active Users

Instagram’s Threads, a close friends-only messaging app, has reached 20% of Twitter’s weekly active users. This means that there are now more people using Threads than there are people using Twitter’s own direct messaging (DM) app.

Decentro Acquires Neowise Technologies to Expand Banking-as-a-Service Stack

Decentro, a banking-as-a-service (BaaS) platform, has acquired Neowise Technologies, a provider of embedded finance solutions. The acquisition will allow Decentro to expand its BaaS stack and offer a wider range of financial services to its customers.

PhonePe Launches Health Insurance Platform With Monthly Subscriptions

PhonePe, the Indian digital payments company, has launched a health insurance platform with monthly subscriptions. The platform, called PhonePe Health, offers a variety of health insurance plans that can be subscribed to on a monthly basis.

Bira 91 Collaborates with Accenture to Drive Digital Transformation and Innovation

The collaboration between Bira 91 and Accenture is a sign of the growing importance of digital transformation in the beer industry. The beer industry is facing increasing competition from new entrants and changing consumer preferences. By collaborating with Accenture, Bira 91 is well-positioned to meet these challenges and continue to grow its business.

Article By CA Pankaj Dara

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