Trending Startup’s News – 25 July 2023

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Elon Musk’s Twitter to be Renamed ‘X’ as Part of Rebranding Plan

Elon Musk has announced plans to rename Twitter to “X” as part of a rebranding effort. The change is seen as a way to distance the company from its current identity and to reflect Musk’s vision for the platform.

Byju’s and Lenders Reach Agreement to Restructure $1.2 Billion Loan: Report

Byju’s, the Indian edtech giant, has reached an agreement with its lenders to restructure a $1.2 billion loan, according to a report by the Economic Times. The agreement, which is still subject to final approvals, would see Byju’s extend the maturity date of the loan by two years and reduce the interest rate.

Edtech Giant Byju’s Vacates Largest Bengaluru Office Space to Cut Costs amid Funding Delay

Edtech giant Byju’s has vacated its largest office space in Bengaluru, as it seeks to cut costs amid a delay in securing new funding. The company had leased the 5.58 lakh square feet space in the Kalyani Tech Park in Bengaluru in 2021, but has now asked its employees to work from other premises or from home.

Industrial Automation Startup Ethereal Machines Raises $7.3 Million

Bengaluru-based industrial automation startup Ethereal Machines has raised $7.3 million in a Series A funding round led by Surge, the early-stage venture capital program of Peak XV Partners (formerly Sequoia India and Southeast Asia). The round also saw participation from Blume Ventures, Ganapathy Subramaniam of Celesta Capital, former Blackstone India head Mathew Cyriac, and executive chairman of Cadence Design Systems Lip-Bu Tan.

Faad Network launches accelerator for agritech startups

Faad Network, an agritech platform, has launched an accelerator program for agritech startups. The program, called Faad Agritech Accelerator, will provide startups with mentorship, access to investors, and support in developing their products and services.

PhonePe launches income tax payment feature

PhonePe, India’s leading digital payments platform, has launched a new feature that allows users to pay their income taxes directly from the app. The feature is available to both individuals and businesses.

PayNearby to offer healthcare services in rural areas

PayNearby, a fintech company that provides last-mile payments and commerce solutions, has announced that it will offer healthcare services in rural areas. The company will partner with healthcare providers to offer a range of services, including teleconsultations, diagnostic tests, and medicine delivery.

Zomato begins liquidation of Portugal-based subsidiary

Food delivery platform Zomato has begun the liquidation of its Portugal-based subsidiary, Zomato Media Portugal, Unipessoal Lda. The company announced the decision in a filing with the Bombay Stock Exchange (BSE) on July 21, 2023.

Swiggy begins second tranche of its ESOP liquidity program totaling $50 million: Report

Swiggy, the food delivery giant, has begun the second tranche of its employee stock ownership plan (ESOP) liquidity program. The program will allow eligible employees to sell up to $50 million worth of their vested ESOPs.

Indian startups under high pressure, causing some to fail: Zoho’s Sridhar Vembu

Zoho co-founder and CEO Sridhar Vembu has said that Indian startups are under high pressure, which is causing some to fail. He made the comments in an interview with the Economic Times. Vembu said that the pressure on startups is coming from a number of factors, including the high cost of living in India, the competitive landscape, and the expectations of investors.

Tring India Achieves Impressive 7x Growth and is on the Course of Profitability in FY 23-24

Tring India, a leading provider of cloud-based contact center solutions, has announced that it has achieved an impressive 7x growth in revenue in FY 23-24. The company is also on the course of profitability, with EBITDA margins expected to be in the mid-teens in the current fiscal year.

Article By CA Pankaj Dara

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