Decade for Uber

A Decade for Uber!

Uber has completed 10 years in India with an operational reach spanning across 125 cities in the country. An Uber release said that the app enables 8,00,000 drivers to earn a sustainable income and has helped them earn over 50,000 crore since Uber set up shop in 2013 by facilitating 300 crore trips.

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Spacetech startup SatSure raises $15mn in Series A

Space tech startup SatSure, based in Bengaluru, recently secured $15 million in a Series A funding round led by Baring Private Equity Partners and Promus Ventures. Other participants included Omdiyar Network India and zto10X, along with existing investors. SatSure, founded in 2017 by former ISRO scientists and Abhishek Raju, employs satellite imagery and AI to provide insights for industries like agriculture, banking, and infrastructure. They plan to launch a fleet of four high-resolution optical and multispectral satellites by Q4 2025, expanding operations across the Americas and Asia-Pacific regions. The funding will also support product innovation and their goal of becoming a comprehensive Earth observation data provider.

Financial Assistance of ₹50 Lakhs for Textile Start-up 

The Indian Ministry of Textiles has introduced a new scheme called "Grant for Research and Entrepreneurship across Aspiring Innovators in Technical Textiles" (GREAT). This scheme offers financial assistance of up to ₹50 lakh to startups and individuals engaged in technical textiles. The grant-in-aid, provided over 18 months, aims to support the translation of prototypes into technologies and products, focusing on technical textiles' various applications such as agro-textiles, smart textiles using AI, sustainable materials, and more. Incubators will receive 10% of the grant-in-aid to encourage their participation, and the guidelines seek to boost the technical textiles startup ecosystem. The government has also approved upgrades for 26 institutions in tech textiles.

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Tiger Global exits Zomato, sells off 12.24cr shares (1.44% of Zomato Share)

Tiger Global's Internet Fund III Pte Ltd has exited its investment in Zomato, a major food tech company, by selling its entire stake for ₹1,123.85 crore through open market transactions. The fund sold 12.24 crore shares, constituting 1.44% of its stake, in multiple tranches at an average price of ₹91.01 crore. French bank Societe Generale acquired the majority of these shares, while other buyers included institutions like Morgan Stanley, Goldman Sachs, and Axis Mutual Fund. Zomato recently reported its first quarterly net profit of ₹2 crore for the April-June quarter, surpassing its guidance.

FirstCry Founder Supam Maheshwari caught in a tax tangle

The founder of FirstCry, Globalbees Brands, and Xpressbees, Supam Maheshwari, is under investigation by the Indian tax department for alleged tax evasion. Maheshwari received notices regarding over $50 million in unpaid taxes related to equity transactions within FirstCry. Several other investors, including ChrysCapital Management Co and Sunil Bharati Mittal’s family office, have also been contacted in connection with this matter. Maheshwari is reportedly in discussions with the tax department to resolve the investigation. FirstCry, a profitable unicorn based in Pune, focuses on baby and children's products and plans to debut in the markets after achieving operational profitability. Ranjan Pai of Manipal Group is also considering a ₹250 crore investment in FirstCry.

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Major restructuring incoming at Byju’s with slashed valuation

Byju's, facing a series of challenges, has seen its troubles continue. Baron Capital, a prominent investor, has reduced the valuation of the tech startup, while Byju's itself has announced a major restructuring plan. The plan involves consolidating its main verticals into two business units: one for K-10 education and the other for exam preparations. Several executives are leaving the company as a result of this restructuring. While the move might help in cutting costs and streamlining profitable areas, Byju's business model is still affected by the return of students to offline learning. Baron Capital slashed the valuation to under $12 billion from $22 billion in the previous funding round. BlackRock, another backer, lowered its valuation to about $8.4 billion. Byju's has not provided updates following the negotiation deadline with its $1.2 billion Term B lenders, which passed on August 3rd.