TICE News | Startup News Of The Week |
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.
Top General Counsel Roshan Thomas Quits BYJU'S Following High-Profile Exits
Recently, General Counsel Roshan Thomas left BYJU'S, adding to the list of high-profile exits after top-level exits like CEO Mrunal Mohit, CFO Ajay Goyal, CTO Ajit Goyal, and CBO Pratyusha Agrawal in the past. The year 2023 hasn't been smooth for BYJU’s, as it has been consistently in the news for controversies.
Zomato Raises User Platform Fee to ₹4 Per Order
Zomato, the online food delivery company, has increased its platform fee for users to ₹4 per order, up from ₹3 in 2023. The standard flat platform fee was introduced in August 2023, starting at ₹2 per order and gradually increasing to ₹4 in most major markets. Experts anticipate a positive impact on Zomato's shares following the fee hike.
Dhurva Space and Bellatrix Aerospace Successfully Test Under ISRO's POEM Program
Space startups Dhurva Space and Bellatrix Aerospace have successfully conducted tests under ISRO's POEM (Platform for Earth Observation with Multi-sensor) program. Dhurva Space tested its P30 satellite platform, while Bellatrix Aerospace successfully tested its green propulsion system. The POEM platform allows space startups, students, and research institutes to conduct experiments.
Bengaluru-based Zoomcar Makes Public Debut on NASDAQ
Zoomcar, an origin startup from Bengaluru, has recently made its public debut on the American Stock Exchange NASDAQ. To trade in the US, Zoomcar entered into a partnership with Innovative International Acquisition Corp. Despite global expansion plans, the company will maintain a 90% focus on the Indian market, with future expansion expected in Southeast Asia and Latin America.
Tech Startup Frontdesk Initiates Mass Layoffs
On the third day of the new year, tech startup Frontdesk announced mass layoffs. CEO JC Deppito informed employees about the company's decision, revealing that Frontdesk is on the brink of closure. Digital news startup The Messenger is also expected to undergo significant layoffs this week.
EaseMyTrip Plans to Raise ₹1,000 Crores Through Preferential Issue
Online Travel Service Startup EaseMyTrip has unveiled ambitious business plans for the new year. The company's board has approved a preferential issue to raise up to ₹1,000 crores. The company emphasizes that this process will comply with SEBI regulations and other applicable laws.
Flipkart Co-founder Binni Bansal Launches 'Oppdoor' Startup
Co-founder of Flipkart, Binni Bansal, has introduced a new startup called 'Oppdoor.' This startup aims to provide end-to-end solutions for e-commerce companies globally. According to filings, the company is registered in Singapore and was established in May 2021.
One Card Secures ₹95 Crore Funding from Alteria Capital
Mobile-first credit card startup One Card has received funding of ₹95 crores (approximately $11.44 million) from Alteria Capital. Following its Series D funding round of nearly $100 million in 2022, One Card became a unicorn. The company focuses on providing users with digital control over their credit cards.
Captain Fresh Raises $13.25 Million in Extended Series C Funding
B2B animal protein marketplace Captain Fresh has secured $13.25 million in an extended Series C funding round. Captain Fresh operates as a farm-to-retail platform for animal protein, including fish, seafood, and sheep. Apart from India, the company is operational in the United States, Dubai, and Madrid.
Devotional Startup Devdham Raises ₹6 Crores in Seed Funding Round
Devotional startup Devdham has raised ₹6 crores in a seed funding round. Notably, this investment comes from Titan Capital, All In Capital, Veda VC, and TDV Partners. Devdham plans to allocate the funds to temple network development, technological infrastructure enhancement, and strengthening marketing efforts.
Co-living Startup Settl Raises ₹10 Crores in Pre-Series A Round
Settl, a co-living startup, has raised ₹10 crores in a pre-Series A funding round to expand its business. The investment comes from Gruhas and We Founder Circle. Including this latest round, Settl has raised approximately ₹14.9 crores to date. The new funding will be used for team and technology expansion.
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