Byju’s pays January salaries to employees
Byju Raveendran, founder of edtech giant Byju’s, informed employees on February 4 that their salaries for January have been credited earlier than promised in a letter.
As the company struggles with a cash crunch and legal battles, Byju’s top boss shared with employees that he has been moving mountains for months to make payroll, and that this time, the struggle was even bigger.
According to a Moneycontrol report, the company's monthly payroll expenses are close to ₹70 crore. The development comes two days after sources had indicated to Moneycontrol that January salaries have been delayed amid a worsening liquidity crisis.
Vanguard cuts Ola's valuation to $1.88 billion
US-based investment firm Vanguard has reportedly slashed down ride-hailing major Ola's valuation to less than $2 billion.
Vanguard marked down Ola’s parent company ANI Technologies' valuation to $1.88 billion (as of November 30, 2023), as per its regulatory filings with the US Securities and Exchange Commission (SEC).
This valuation is 29% lower than its previous fair value of $2.65 billion (August last year).
Thyrocare buys Think Health Diagnostics to offer ECG services at home
Thyrocare, a diagnostic and preventive healthcare service provider in India, has acquired a 100% stake in Chennai-based Think Health Diagnostics and a related entity.
Thyrocare entered into a share purchase agreement with Think Health Diagnostics and its existing shareholders on February 1, 2024.
This strategic acquisition helps Thyrocare provide ECG services at home and will pave the way for it to tap further into the insurance segment.
DevX raises $7 million for expansion and to develop proptech solution
Managed offices provider DevX has raised $7 million in a mix of equity and debt funding round from investors including banks, non-banking finance companies, family offices, and high net worth individuals (HNIs).
In addition to new investors, existing investors including Urmin family office, Gala family office, Bidiwala family office, and HNIs have participated in the equity round.
The funds raised will be used for national and global expansion, to add more assets across India with more than 2 million sq ft area, and to build a proptech solution for design and build offering, a statement said.
EV ride-hailing startup Snap-E Cabs raises $2.5 million
Snap-E Cabs, an EV Ride-hailing platform, has raised $2.5 million in a Pre-Series A funding round led by Inflection Point Ventures.
The startup intends to allocate funds for talent acquisition to support growth, invest in tech upgrades, and the introduction of new tech-enabled services, and expand operations into additional geographies.
Currently operating with 600 EVs in Kolkata, Snap-E plans to expand its fleet by adding 300-400 EVs by the end of FY24. The company aims to extend services to 2-3 more cities, adding 1500-2000 EVs by FY25.
Aarogya Tech raises $1.8 Million in seed funding
Aarogya Tech, a health-tech startup, has raised $1.8 million in a seed funding round, with $1.5 million in fresh capital led by Hasu P Shah, founder and Chairman Emeritus of Hersha Hospitality Trust. Shah will be joining the Aarogya Tech Board.
Headquartered in the US with operations in Bengaluru, the startup will use funds to accelerate product development, fortify the analytics, and machine learning team, and scale up the company's product and growth teams to 20+ in Bengaluru.
The company provides scalable clinician-led, data-based personalized health management at home and community to aid in disease prevention and early diagnosis of disease.
Merak Ventures invests in B2B commerce SaaS platform Rupyz
Rupyz, an integrated SaaS platform enabling B2B commerce and omnichannel distribution for FMCG and consumer brands, has raised $1.2 million in a seed funding round led by early-stage venture capital firm Merak Ventures. The investment also marks Merak Venture’s maiden investment in the market.
“Rupyz is addressing a critical need by enhancing omni-channel distribution by digitally transforming the B2B businesses of India. These businesses are essential for the economy and for providing access to their products to last-mile consumers,” said Manu Rikhye, Partner at Merak Ventures.
The startup will use the fresh capital to strengthen its core technological offerings, ensuring robust and scalable solutions that cater to the evolving needs of small and medium-sized businesses. Rupyz is aiming to onboard over 3000 businesses in the next 12 to 15 months.
Papa Pawsome secures $400,000 seed funding from IAN
Pet care brand Papa Pawsome has bagged $400,000 in a seed funding round led by the Indian Angel Network (IAN).
The firm claims to have more than 25 SKUs ranging from hygiene essentials like shampoos, serums, massage oils, training sprays to grooming services. The funds raised will be instrumental in scaling operations, expanding offerings, and enhancing the overall customer experience, the company said in a statement.
“The Indian market lacked effective and quality-driven pet hygiene products. Thus began the official journey of Papa Pawsome. Our mission is to strengthen the bond between pet parents and their adorable furry friends by providing products that are wholesome and don’t compromise on quality. This funding will help Papa Pawsome realise its vision to become the platform for pet parents seeking quality and convenient pet care solutions,” said Nishita Agarwal, Co-Founder at Papa Pawsome.
Keus raises ₹100 crores from OAKS Asset Management
Smart home automation company, Keus Smart Home has raised its first external funding securing ₹100 Crores from PE player OAKS Asset Management.
The OAKS Consumer Fund, a mid-market PE fund, led the round with ₹80 crores and the company’s founders, Brijesh Chandwani and Subram Kapoor, participated in the round for the balance.
The company will invest the funds in launching new experience centres in major cities, including Delhi NCR, Bangalore, Pune, and Mumbai, expanding in Tier I and II cities, and consolidating its position as a market leader in Hyderabad. The funds raised will also be utilized to develop new product offerings in home automation and lighting, and strategically position the brand in the premium homes segment.
SportVot gets ₹9.4 crore in a Pre-Series A Round
SportVot, a sports broadcast and talent discovery platform, has raised ₹9.4 crore in a Pre-Series A round led by Omidyar Network India.
The round also saw participation from Anicut Capital, StartupLynk, Ventana Ventures, as well as existing investors Capital A, Ankur Capital, SucSEED Indovation Fund, and Marwah Sports.
“Funds to be utilised to expand SportVot's technology and product offerings to create opportunities and enhance sports participation across India,” a company statement said.
Nium receives prepaid payment instrument, aggregator licences from RBI
Singapore-based payments company Nium has received in-principle approval from the Reserve Bank of India (RBI) for the prepaid payment instrument (PPI) and payment aggregator (PA) licence.
“The two licences will allow the global payments company to offer and improve upon a variety of financial products in the country, from prepaid cards to merchant payment acquiring,” the firm said in a statement.
The PPI license will help the company to issue prefunded, pre-loaded cards within India, and the aggregator licence will allow it to provide merchant onboarding and acquiring services which includes provisioning an online space for merchants, streamlining fund flow processes, and integrating technology into websites for checkout experiences.
