Welcome to our latest edition of the Startup Spotlight, where we bring you the hottest updates and developments from the dynamic world of startups! From groundbreaking innovations and government schemes to funding and new hirings in the startup space, our news bulletin dives into the heart of the startup ecosystem, keeping you informed and inspired.
TICE News | Startup News Of The Week
BlackRock Slashes BYJU's Valuation by 95%, Reduces it from $22 Billion to $1 Billion!
Asset manager BlackRock has dropped BYJU's valuation by 95%, from $22 billion to $1 billion! In October 2023, BlackRock had valued BYJU's shares at $209.6. Let us tell you that BYJU's was once one of the most valuable startups in India! However now it is facing big financial challenges. In 2021-22, BYJU's had acquired nearly half a dozen companies globally with an expenditure of more than $2.5 billion!
Indian Startups Rally in Support Amid India-Maldives Tensions
EaseMyTrip and InsuranceDekho take a stand against the Maldives government by canceling all flight bookings. The move comes as a gesture of solidarity with India amidst ongoing tensions. CEO Nishant Pitti states, "We stand united with the nation," announcing the suspension of all bookings to the Maldives.*
SoftBank to End Funding Winter for Indian Startups
SoftBank, a major investor in the technology sector, is ready to resume investing in Indian startups. Despite a year-long hiatus in 2023 due to a lack of opportunities in late-stage startups, SoftBank is now gearing up to inject funds into growth-stage startups.
Layoffs Hit Tech Giants Google and Amazon, Continuing the Trend
Google announces job cuts in its digital assistant, hardware, and engineering teams, aiming to reduce expenses. Amazon follows suit with fresh layoffs in its Prime Video and MGM Studio division, affecting 'several hundred' employees.
Discord Initiates Second Round of Layoffs, Letting Go of 17% of Workforce
Popular game chatting platform Discord is laying off approximately 170 employees, following a previous round of layoffs in August. Discord, having raised nearly $1 billion in funding, plans to provide affected employees with a five-month salary and benefits.*
Former Twitter CEO Parag Agrawal Set to Launch New Startup
Parag Agrawal, ousted from Twitter in 2022, secures $30 million funding for his new venture. The Indian-origin entrepreneur, focusing on artificial intelligence, embarked on the startup journey after leaving Twitter at the end of 2022.*
Singapore Partners with India for UPI Payments, Facilitating Transactions
Singapore collaborates with India in a partnership between NPCI and PayNow, enabling UPI payments for Indians residing in Singapore. This cross-border linkage allows users to transfer funds directly from their Indian bank accounts using services like BHIM, PhonePe, and Paytm.*
Inflection Point Ventures Launches Accelerator Program IPB Ideaschool Batch 1
InflectionPoint Ventures announces the launch of its nationwide accelerator program, designed for entrepreneurs looking to take their businesses from the idea stage to MVP. Out of 2000 applicants, 100 will be shortlisted for the program, with the final 40 becoming active participants.
Community-Driven Platform Amealio Secures Undisclosed Pre-Seed Funding
Amealio, a food and entertainment platform, receives pre-seed funding in an undisclosed amount led by SucSEED Indovation Fund and ISF Angels. The startup has partnerships with platforms like Dunzo and PetPooja, expanding its reach to Tier II and Tier III cities.*
Insurtech Startup Riskcovry Raises $4.5 Million in Bridge Round
Riskcovry, an insurtech startup, secures $4.5 million in funding in a bridge round led by Dubai's B2B fund Morphosis Venture Capital. With participation from IIFL, Riskcovry aims to utilize the funds to enhance profitability and achieve a 5% higher revenue than the previous financial year.
Slurp Farm Raises $7.2 Million in Funding, Valued at Approximately $62 Million
Snacking startup Slurp Farm, supported by actress Anushka Sharma, secures $7.2 million in funding. The investment, led by the Investment Corporation of Dubai, will be used to strengthen long-term financial resources, valuing the startup at around $62 million.*
Mental Health Startup Amaha Receives ₹50 Crore Funding from Fireside Ventures
Amaha, a mental health startup, secures ₹50 crore in funding from Fireside Ventures. CEO Dr. Amit Malik states that the funds will be used to expedite strategic planning. Amaha focuses on addressing mental health issues such as anxiety, depression, bipolar disorder, ADHD, and OCD.
Fashion Jewelry Brand Salty Secures ₹5.4 Crore Funding
Fashion jewelry brand Salty raises ₹5.4 crore in funding from investors including Anicut Capital, All in Capital, Suashish Diamonds, and JK Group. The fresh funding will be utilized for team expansion and launching new product ranges.
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