E-Cell, IIT Indore’s Post

US-based fund manager Invesco marked down the valuations of its portfolio startups, IPO-bound Swiggy and Pine Labs, on its books at the end of April 2024👇 As per its half-yearly shareholder report filed with the US Securities and Exchange Commission (SEC), Invesco pegged the value of its 28,844 shares, or about 1.77% stake, of Swiggy at $219.2 Mn at the end of April 2024. This translates into a valuation of $12.3 Bn for the foodtech major. This valuation represents a decline of 3% from the $12.7 Bn valuation at which a fund of the US-based investor reportedly last valued the foodtech major. However, the latest number of $12.3 Bn is still nearly 15% higher that the $10.7 Bn valuation at which Invesco-led Swiggy’s $700 Mn decacorn round in 2022. Meanwhile, Invesco pegged fintech startup Pine Labs at $3.5 Bn at the end of April 2024, down 8.5% from $3.8 Bn in January 2024. The number is also down more than 27% from $4.8 Bn at which Invesco pegged Pine Labs at the end of December 2023. 📎 To read more in detail, click here: https://lnkd.in/g7pbKNeP #news #invesco #swiggy #pinelabs

TapstartX Shorts 📰Here are some scoops from the ecosystem!📰 📈 B2B Fintech Startup Easebuzz In Talks To Raise INR 200 Cr 💼 ATHERA Venture Partners Nets Funding From HDFC Bank AMC For Its Fourth Fund 🤖 Mili Bags $2 Mn To Offer AI Assistant To Wealth Advisors 📚 Online Learning Platform Seekho Raises $8 Mn From Lightspeed 💰 Warmup Ventures Launches Rs 300 Crore Fund II To Invest In Early-Stage Startups 🔗 Nazara Technologies Limited Ropes In M&A Consultant Arun Gupta As Additional Director 🌌 InspeCity Partners Japanese Startup To Tackle Space Debris 🎨 Paper Boat Apps Partners With Moonbug Entertainment To Expand Kiddopia's Content 📖 Flipkart Partners With NCERT To Enhance The Availability Of NCERT Textbooks 🪑 Furniture-Focused Ecommerce Firm Pepperfry Elevates Madhusudan Bihani To CFO Follow #TapstartX for more!!! Stay tuned and stay connected🙌 #startup #news #linkedin #linkedinnews

💡 Sequoia Capital Eyes India Comeback with Investment in Vance. 📢 Key Development: Sequoia Capital, the California-based venture capital firm, is in advanced discussions to invest in Vance, a Bengaluru-based fintech startup. If the deal goes through, it would mark Sequoia's first investment in an Indian startup since it spun off its operations in India and Southeast Asia and rebranded as Peak XV Partners. 💰 Vance Overview: • Founded in 2022, Vance provides non-residential Indians (NRIs) with a neobanking platform for making cross-border payments to India. • The platform also allows users to invest in India-based mutual funds via its app. • 2.5 Lakh+ NRIs use Vance, moving over $1 billion of capital annually from markets like the UK and the UAE to India. 🚀 Investment Opportunity: • The investment would signal Sequoia Capital’s return to India after its India and Southeast Asia operations were restructured and separated into Peak XV Partners. • This follows Sequoia’s extensive history of backing successful companies such as Zomato, BYJU’S, Ola, Meesho, CRED, and Honasa Consumer. 🔍 Previous Fundraises: • In October 2022, Vance raised $5.8 million in its seed round, led by Hummingbird Ventures, with participation from Global Founders Capital, Y Combinator, Soma Capital, and several prominent angel investors. 🌍 Vance’s Impact: • Vance has successfully attracted a significant user base and is facilitating cross-border investments, positioning itself as a leading player in the NRI fintech space. • With Sequoia Capital’s potential backing, Vance is poised to scale further, continuing to serve the growing demand for financial services among the NRI community. 📅 Future Outlook: • If the deal materializes, Sequoia’s investment will mark a key milestone in its re-entry into the Indian market, strengthening its portfolio in the fintech and cross-border payments sectors. • The funding will likely fuel Vance’s expansion and innovation in providing more solutions for the NRI demographic. #SequoiaCapital #Vance #Fintech #Investment #India #NRI #CrossBorderPayments #Neobanking #PeakXV #TechInvestments

Lightspeed Venture Partners, a leading investor in startups, is undergoing significant changes in its team. Two key individuals, Vaibhav Agrawal and Abhishek Nag, are departing from their roles. Agrawal is pursuing his entrepreneurial aspirations, while Nag is transitioning to a new position in Mumbai, focusing on investing in emerging businesses. This shift reflects a broader trend in the investment landscape, with several prominent professionals leaving their positions across various firms like Nexus Venture Partners and Trifecta Capital. Despite these changes, Lightspeed remains committed to innovation and growth. The company has bolstered its team with new additions and is dedicated to expanding its reach in 2024. While some of Lightspeed's investments, such as Udaan and ShareChat, have faced challenges, the company continues to invest in promising #startups like Pocket FM and Sarvam AI. These efforts underscore Lightspeed's unwavering support for new ideas and its mission to nurture and develop innovative startups. #Investing #Startup #Entrepreneurship #BusinessNews #Innovation #Leadership #TeamChanges #VentureCapital #InvestmentTrends

H1 2024 has been a trendsetter in various funding fields as well as IPOs. • Gen AI & Spiritual Tech Deals: AI startups secured 27 deals worth $237 Mn, with startups like Sarvam AI & Ema raising ~$100 Mn. Spiritual tech startups also saw growth, raising over $36 Mn; the sector has several rounds in the pipeline. • Maiden Round of Fashion Brands: Several fashion brands raised their first round in H1 2024. A91 Partners led a $21 Mn round for TechnoSport, Libas raised $18 Mn from ICICI Venture & Rare Rabbit raised $18 Mn. • ESOP & Secondary Deals: Over 10 startups announced ESOP buybacks worth $58 Mn, with Meesho, Urban Company & Pocket FM leading. Secondary transactions increased, benefiting companies like Lenskart.com, Meesho, and Wow! Momo. • Rise in Startup IPOs: Startups like TBO Tech, Digit Insurance, Awfis Space Solutions Limited & ixigo went public in 2024, while others like Unicommerce & Ola Electric received SEBI approval. Companies like Zepto and Flipkart are planning their IPO timelines. • Debt Deals Growth: H1 2024 saw 57 debt-only deals totaling $784 Mn. Combined equity and debt deals might push the total debt to over $1 Bn. Avanse Financial Services Ltd. | MobiKwik | FirstCry.com (BrainBees Solutions Ltd.) | ICICI Venture | A91 Partners | Neysa Networks | KonProz | Vodex.ai | Ema Unlimited | SarvM.AI

🚀 Exciting news! TraqCheck, a New Delhi-based enterprise software startup, has secured an undisclosed amount of funding from notable investors, including Alok Oberoi, former head of Goldman Sachs' international wealth management division; Aakash Anand, founder of Bellavita; and Caret Capital, a venture firm specializing in early-stage startups across mobility, distribution, and employment sectors. Founded in 2020 by Armaan Mehta, Jaibir Nihal Singh, and Rishabh Jain, TraqCheck uses artificial intelligence to provide background verification services, assisting businesses in making confident hiring decisions. The company already serves more than 200 prominent clients, such as Bajaj Capital, Reliance Retail, Piramal Group, Cholamandalam Finance, Yatra, and Grant Thornton. The newly raised capital will be utilized to fuel TraqCheck’s global expansion plans. The founders aim to first enter the United Kingdom, where they see an opportunity to scale their background verification technology internationally. This marks a strategic step in the company’s mission to elevate Indian software on a global stage, with full international expansion expected within the next two to four years. This latest funding round follows a previous investment reported in April, where TraqCheck raised funds from Lenskart founder Peyush Bansal’s family office, Culture Cap, alongside Caret Capital, valuing the startup at $9 million. https://lnkd.in/fzpnPPW #startupgrowth #aiinbusiness #entrepreneurship #globalexpansion #ai #backgroundverification #startups #fundingnews #businessgrowth #innovation #venturecapital #techstartups #investmentnews #vcfunding #globalgrowth #startupecosystem #emergingtech #entrepreneurialsuccess #businessleadership TraqCheck

Prosus, the Dutch-listed investment arm of Naspers, is in advanced talks to lead a funding round in fintech firm Jar, sources said. The Swiggy investor is ramping up deals in India, with this being its third major fintech investment after Mintifi and Vastu Housing Finance. It also backed IPO-bound BlueStone this year. Jar, which helps consumers save small amounts to invest in digital gold, has held talks with investors to raise around $50 million in this round. The startup was last valued at $300 million when it raised $22.6 million from Tiger Global in 2022. While late-stage deals have made a comeback in 2024 for established startups, Prosus’ potential investment in Jar would be among sizable new rounds from a new investor in a growth-stage company. Prosus in talks to lead new funding in fintech Jar; ups ante in new deal-making By Digbijay Mishra Read more at: https://lnkd.in/giDntqYk

𝐍𝐞𝐰𝐬 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬 𝐟𝐨𝐫 𝟐𝟎𝐭𝐡 𝐀𝐩𝐫𝐢𝐥 𝟐𝟎𝟐𝟒   1.Aurionpro 𝐒𝐨𝐥𝐮𝐭𝐢𝐨𝐧𝐬 𝐚𝐜𝐪𝐮𝐢𝐫𝐞𝐬 Arya.ai 𝐟𝐨𝐫 $𝟏𝟔.𝟓 𝐌𝐢𝐥𝐥𝐢𝐨𝐧   Aurionpro Solutions Limited has acquired Mumbai-based PaaS startup Arya.ai in an all-cash deal worth $16.5 million. With Aurionpro securing a 67% stake in Arya.ai, the acquisition bolsters its portfolio with expertise in AI, deep learning, and PaaS for banking and insurance sectors. Arya.ai's offerings include Arya API, Libra, and AryaXAI, catering to over 100 BFSI clients globally. The startup, founded in 2013, has previously raised approximately $2 million from investors like YourNest Venture Capital and VentureNursery. 2.LightFury Games 𝐫𝐚𝐢𝐬𝐞𝐬 $𝟖.𝟓 𝐌𝐢𝐥𝐥𝐢𝐨𝐧 𝐢𝐧 𝐒𝐞𝐞𝐝 𝐫𝐨𝐮𝐧𝐝 𝐥𝐞𝐝 𝐛𝐲 Blume Ventures   Light Fury Games raises $8.5 million in Seed funding led by Blume Ventures, with participation from MIXI, Inc and Gemba Capital. Founded by ex-Unacademy and Tencent Games 𝐞𝐱𝐞𝐜𝐬, the startup aims to develop AAA titles for mobile and console platforms, while also expanding its team and establishing studios in India and the UK. 3.𝐂𝐥𝐢𝐦𝐚𝐭𝐞-𝐟𝐨𝐜𝐮𝐬𝐞𝐝 𝐝𝐞𝐞𝐩𝐭𝐞𝐜𝐡 𝐬𝐭𝐚𝐫𝐭𝐮𝐩 Ecozen 𝐫𝐚𝐢𝐬𝐞𝐬 $𝟑𝟎 𝐌𝐢𝐥𝐥𝐢𝐨𝐧   Ecozen secures $30 million in funding from Nuveen Global Equity Income Fund, InCred Capital 𝐂𝐫𝐞𝐝𝐢𝐭 𝐅𝐮𝐧𝐝, and IDFC Alternatives, expanding its climate-smart solutions. With revenue surging 139% in FY23 to Rs 293.24 crore, the Pune-based startup plans to enter African and Southeast Asian markets. Leveraging solar power, Ecozen aims to decarbonize sectors like milling, mobility, retail, and industry.   4.Wow! Momo 𝐫𝐚𝐢𝐬𝐞𝐬 $𝟗 𝐌𝐢𝐥𝐥𝐢𝐨𝐧 𝐦𝐨𝐫𝐞 𝐢𝐧 𝐒𝐞𝐫𝐢𝐞𝐬 𝐃 𝐫𝐨𝐮𝐧𝐝   Wow! Momo secures Rs 70 crore in extended Series D funding from Z3Partners, totaling Rs 480 crore in Series D. The quick service restaurant plans to utilize funds for brand expansion, distribution strengthening, and FMCG arm research. With 630 outlets across 38 cities, Wow! Momo targets an additional 200 outlets in FY25, aiming for a topline of Rs 650-700 crore in FY24, marking significant revenue growth over the past years. 𝐅𝐨𝐥𝐥𝐨𝐰 Corporate Valuations 𝐟𝐨𝐫 𝐦𝐨𝐫𝐞 𝐬𝐮𝐜𝐡 𝐍𝐞𝐰𝐬 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬 #news #newshighlights #newsupdates #transactions #valuations #businessvaluation #investments #funding #startupvaluation #mergers #acquisitions #equity #funds

A sector-wise breakdown of the mega deals in 2024 showed that the usual suspects, fintech (with 5 deals) and enterprise tech (4 deals) continued to dominate the charts 👇 It has been a rollercoaster ride for the Indian startup ecosystem in 2024. Far from 2021 when it rained capital left, right and centre, the past three years were a reality check as funding became scarce and valuations slumped. Despite the extended funding winter, the year 2024 saw a reversal of sorts with more capital trickling into the startup ecosystem as investors began deploying the dry powder accumulated in the past two years. Investors tilted towards established startups and innovative models in 2024. A case in point was the sharp jump in funding raised by the quick commerce sector. As a result of renewed investor interest in late stage startups, mega deals (funding deals above $100 Mn) witnessed an uptick. Indian startups raised a cumulative funding of over $5.2 Bn via mega deals in 2024 as against $4.2 Bn through 23 such deals last year. Giants such as Zomato and Zepto bagged capital in excess of $1 Bn each this year as quick commerce emerged as the flavour of the season, accounting for nearly half of the total amount raised by Indian startups via mega deals. Meanwhile, segment giants such as PharmEasy, PW (PhysicsWallah) Wallah, Rebel Foods, and Rapido also bagged funding north of $200 Mn each in 2024. To read the in-depth article, click here: https://4-2.co/3VGdfsd #2024YearinReview #Inc42 #startups #funding

Indian startups are making a strong comeback in the IPO market in 2024, with 12 companies listing so far after a slow 2022-2023. This marks a significant rebound in the startup ecosystem.