BYJU’S: A billion dollars in losses for FY22
Edtech unicorn Byju's has filed its FY22 financials today after a delay almost 22 months after the reporting period ended.
In a filing with the Ministry of Corporate Affairs, the company said it clocked a 2.18x increase in revenue from ₹2,428 crore in FY21 to ₹5,298 crore in FY22. Losses ballooned 1.8x from ₹4,564 crore in FY21 to ₹8,245 crore in FY22. This translates into an EBITDA loss of ₹4,599 crore in FY22 from ₹8,370 crore in FY21. Expenses went up 2x from ₹7,027 crore in FY21 to ₹13,668 cr in FY22.
The company has said that WhiteHat Junior (WHJ) and Tangible Play (OSMO) dragged its overall performance “significantly”. WhiteHat Junior continues to bleed, it saw an EBITDA loss of ₹2,877 crore in FY22 and Tangible Play (OSMO) reported losses of ₹924 crore in FY22.
CureFit sacks 120-150 employees in a restructuring exercise: Sources
CureFit, which operates fitness platform Cultfit, has laid off about 120-150 employees in a restructuring exercise and streamlining operations, sources tell CNBC-TV18. Mid to senior level employees were the most impacted by the decision, according to a report by Moneycontrol.
“As part of our regular annual operating planning process, we have reduced some redundant positions with the aim of streamlining operations. This is aimed at improving productivity and setting us up for full profitability in FY25. We have done this with thoughtful consideration and with the interest of creating long term value for our stakeholders,” a company spokesperson told CNBC-TV18.
The platform had improved its financials in FY23, with revenue jumping to ₹694 crore and loss narrowing by 20% to around ₹500 crore. Curefit had raised $150 million in 2021 in a round led by Zomato. Accel, South Park Commons, Temasek and founder Mukesh Bansal had joined the round.
TikTok joins Big Tech layoffs to reduce costs: Report
Chinese short-video making app TikTok has joined the Big Tech layoffs, asking a certain number of employees to go to reduce costs. The job cuts happened mostly in the sales and advertising division, according to a company spokesperson. The affected employees worked in Los Angeles, New York, Austin and some at global locations, reports NPR, which said 60 employees were being asked to go. However, other reports mentioned "at least" 100 workers were laid off at TikTok.
TikTok was set to organise a town-hall meeting in the wake of the layoff announcement, the report mentioned.
Tencent's Riot Games to lay off about 11% of staff
Tencent’s Riot Games plans to lay off 530 employees, or about 11% of its staff globally, the online gaming company said in a blog that included a letter to employees from CEO Dylan Jadeja. Los Angeles-based Riot, whose popular titles include "League of Legends", said teams outside of core development will see the largest impact from layoffs.
The changes will allow Riot to focus on its portfolio of live games "League of Legends", "Valorant", "Teamfight Tactics", and "Wild Rift", according to a separate blog from Jadeja and co-founder Marc Merrill.
Voice AI startup ElevenLabs turns unicorn: Report
Artificial intelligence (AI) startup ElevenLabs has gained unicorn status after it raised $80 million in Series B funding from Andreessen Horowitz along with entrepreneurs Nat Friedman and Daniel Gross, with participation from Sequoia Capital among others.
As per Reuters, the two-year-old firm is valued it at $1.1 billion, making it a unicorn - or billion-dollar startup.
That marks a jump from the $100 million valuation in its previous funding around in 2023, showed data from PitchBook, reflecting expectations for a surge in adoption of AI voice generation by firms as varied as games giants and movie studios.
Namdev Finvest raises $15 million in Series B round
NBFC Namdev Finvest has raised $15 million in a Series B round of funding led by British International Investment and LC Nueva AIF. The round also saw participation from existing investor Incofin India Progress Fund.
The firm provides tailored financial solutions to the underserved segment in rural India, with a primary focus on MSMEs and Green Finance options.
The company claims to have disbursed over 50,000 loans ranging from ₹400,000 to ₹700,000, primarily for income generation, accumulating an impressive AUM exceeding ₹1,000 crore.
SCOPE raises $6 million; expands investment banking footprint with US Office
Startup-focussed networking platform SCOPE, has bagged $6 million from a consortium of investors, including SCG, PVF, and other High Net Worth Individuals (HNIs).
The fresh capital will help fuel the company's strategic expansion plan, focusing on entering new markets and broadening its reach, a statement said.
In addition, the firm also unveiled the establishment of its investment banking arm in the United States and the opening of a new office. With initial plans to hire 30-40 professionals, ranging from Partners to Investment Analysts, the team is projected to be up and running by the end of the second quarter of this year.
AquaExchange gets $6 million in Series A funding round
AquaExchange, an aquaculture technology and fintech startup, has raised $6 million in Series A funding round led by Ocean 14 Capital with participation from existing investors including Endiya Partners and Accion Venture Labs.
The funding will be used to scale adoption of the company’s full-stack business model including farm automation, crop financing and harvest procurement. The company also plans to focus their efforts on a few international markets for device exports, a statement added.
“With this funding round, we aim to equip many more aquaculture farmers with the right technology to reduce costs and increase productivity while enabling global protein sustainability,” said Pavan Kosaraju, Founder of Aqua Exchange.
RagaAI raises $4.7 million from pi Ventures to improve AI testing tools
RagaAI, an automated testing platform which helps enterprises mitigate AI risks and make their models secure and reliable, has secured $4.7 million in a seed funding round.
The funding round was led by pi Ventures with participation from global investors including Anorak Ventures, TenOneTen Ventures, Arka Ventures, Mana Ventures, and Exfinity Venture Partners.
Founded in 2022 by former Nvidia executive Gaurav Agarwal, the firm said it has identified two common challenges while working with AI-first companies — Firstly, a skill set constraint owing to the sparse availability of specialized AI engineers. Secondly, safety and security concerns loom large.
The Kenko Life raises angel funding round
Meal subscription service platform The Kenko Life has raised undisclosed capital in angel funding led by R Raghunathan, Co-Founder of Hitachi Payment and OPC Asset Solutions.
The firm is currently serving 200+ meals a day in Bangalore on a subscription model and is also available on-demand on Swiggy & Zomato.
“We currently serve around 200 plus meals a day across 100 pin codes in the city, plans also include establishing healthy cafes in two upcoming fitness clubs and at some corporate establishments,” said Neeraj Kumar, founder, The Kenko Life.
Co-living startup Union Living to add 1,000 beds in Mumbai in 2023
Co-living startup Union Living is planning to add 1,000 beds across various key locations in Mumbai region. The company will invest ₹10 crore on this expansion and the capital will be largely used for security deposit to landlord and interior works of its new centres.
As per the firm, it will launch 220 beds in Mahalakshmi, 180 beds in Juhu, 100 beds in Khar/Santacruz, 150 beds in Goregaon/Malad, 100 beds in Chembur, and 200 beds in Navi Mumbai.
Among these, a minimum of three properties, comprising approximately 500 beds in total, will be developed as Built-to-Suit (BTS) properties, offering customized facilities to better cater to the needs of occupants. These BTS properties are expected to go live by July this year, a statement added.
