With funds from SoftBank, Delhivery plans to rapidly scale up its reach from 15,000 pin codes to 20,000 by the June quarter of 2019-20.
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Ola competes with Uber Technologies in India.
With Nikesh Arora's exit from Softbank, India's start-ups have lost one of its biggest supporters.
With a new $100-billion technology fund, SoftBank is likely to go after market leaders.
IPO-bound mobility platform Ola, said it has successfully raised $500 million via a Term Loan B (TLB) from marquee international institutional investors. This term loan has no impact on the valuation of Bhavish Aggarwal-led Ola. The Bengaluru-based firm recently raised $139 million. This is part of a $1 billion funding round for which the company is in talks with investors, increasing its valuation to about $7.5 billion, according to the sources.
Edtech firm Uncademy will lay off 12 per cent or about 350 employees amid a funding crunch as it strives to make the core business profitable, a top company official said. In an internal note, Unacademy co-founder and CEO Gaurav Munjal mentioned that a decision has been taken to meet the goals in the current distressed global economic situation when funding is scarce. "We have taken every step in the right direction to make our core business profitable, yet it's not enough.
'What's sad today is that there are so many people who cannot find work, not because the country is devoid of that opportunity, but because we are not doing enough in the country.'
Unacademy on Monday said it has raised $440 million (about Rs 3,270.8 crore) in funding from a clutch of investors including Temasek, General Atlantic, and Softbank Vision Fund, valuing the edtech major at $3.44 billion. The investment is expected to help Unacademy expand its offerings, deepen its presence and compete more aggressively against rivals such as Byju's in the burgeoning ed-tech space in India that has been witnessing strong uptake amid the pandemic. The series H round was led by Temasek, with super pro-rata participation from General Atlantic, Tiger Global, and Softbank Vision Fund, a statement said.
After raising $2.5 billion from SoftBank's Masayoshi Son and his Vision Fund, Sachin Bansal and Binny Bansal are back in the driving seat at Flipkart, the company they founded over a decade ago.
Walmart is likely to buy stakes of multiple Flipkart investors, including that of Tiger Global Management and Softbank to end up with a significant majority holding
Flipkart Group on Monday said it has raised $3.6 billion (about Rs 26,805.6 crore) in funding led by GIC, Canada Pension Plan Investment Board (CPP Investments), SoftBank Vision Fund 2 and Walmart, valuing the e-commerce giant at $37.6 billion. The company, which competes with Amazon, Reliance Industries' JioMart and others in the burgeoning Indian e-commerce market, said it will continue to make deeper investments across people, technology, supply chain and infrastructure to address the requirements of a rapidly growing consumer base in the country. The current funding round has also seen participation from sovereign funds DisruptAD, Qatar Investment Authority, Khazanah Nasional Berhad as well as marquee investors Tencent, Willoughby Capital, Antara Capital, Franklin Templeton and Tiger Global.
The company did not disclose the valuations at which funds were raised.
Walmart-owned Flipkart will undertake a buyback employee stock options worth about Rs 600 crore, according to sources Earlier in the day, Flipkart announced raising $3.6 billion (about Rs 26,805.6 crore) in funding from a clutch of investors that valued the e-commerce major at $37.6 billion (about Rs 2.79 lakh crore). In an e-mail to employees, Flipkart group chief executive officer Kalyan Krishnamurthy lauded the critical role played by the staff in reaching this milestone.
The final policy may be out only after formation of the new government, according to sources
Unlike many peers in the VC space, LSE grad Juneja doesn't have an entrepreneurial background but is said to be strong in finance skills
Unacademy is conducting another round of job cuts and laying off 350 employees or 10 per cent of its workforce of 3,500, as the SoftBank-backed edtech firm targets profitability and reduces costs, according to an internal note sent by Gaurav Munjal, co-founder and CEO of Unacademy group, to the staff. Munjal said the restructuring exercise would affect about 10 per cent of employees across the group. "I am deeply saddened to share that we will have to say goodbye to some of our extremely talented Unacademy employees," said Munjal in the letter addressed to employees and reviewed by Business Standard.
Cab-hailing service Ola is on the fast track on the back of a $500 million funding.
Unacademy may see a funding dry spell for at least next 12-18 months and even last till 24 months and will cut costs to weather the lean period, said the chief executive of the education technology unicorn that recently laid off more than 600 employees. "This is a test for all of us. We must learn to work under constraints and focus on profitability at all costs. We must survive the winter," said Unacademy's co-founder and CEO Gaurav Munjal in a letter to the employees. "Winter is here. We are looking at a time when the funding will dry up for at least 12-18 months.
Nearly half of the investments by various US-based investors have been made in Reliance subsidiary Jio.
Smaller Singapore- and US-based venture capital funds, retail associations and trader bodies such as the CAIT and SJM are all planning to approach the government to put pressure on the commerce ministry.
From a modest two-bedroom apartment in Koramangala, the Bengaluru-headquarted company now has multiple offices across the country.
According to sources, employees from marketing, ad-tech, category, digital marketing, engineering team, catalogues, have all been asked to leave.
Snapdeal had appointed merchant bankers for listing on an American stock exchange
India is currently home to 52 unicorn startups and one of the fastest-growing startup ecosystems.
Damage from new shenanigans can be contained if regulators move quickly when something does not smell right, counsels Debashis Basu.
Venture capital investments in India's start-ups nearly halved to $1.5 billion in fourth-quarter 2015
Start-ups that did not have a business model and, hence, could not grow or attract new funding, are shutting shop.
Flipkart has not been able to process with its plans of getting into the grocery vertical and is stuck on running pilots in select cities.
Sachin Bansal, who had co-founded Flipkart with Binny Bansal in 2007, would exit the company
Vikramank Singh looks back at the year gone by!
The ban on taxi aggregators can put at risk investments of at least Rs 2,000 crore (Rs 20 billion), made by private equity (PE) and venture capital (VC) investors.
Private labels remain big business for e-commerce marketplaces. They comprise almost 15 per cent of the total business of such firms.
None of the top five start-ups launched by IITians - Flipkart, Zomato, Ola Cabs, Housing.com and Inmobi - were incubated at IITs
If Sachin Bansal sells his stake at a little over 5 per cent and steps down from Flipkart, as reports have suggested recently, either Binny Bansal or Kalyan Krishnamurthy, CEO of Flipkart, could be an option for the leadership position.
Snapdeal delivers to the Dharavi centre, where buyers pick up their orders.
Meru Cabs' founder says they were a traditional company.
OlaCabs' hyper-growth and an ambitious plan to expand to 100 cities by the end of 2015 are perhaps what attracted Japan's richest man, Masayoshi Son, chairman of telecom and media group SoftBank Corp, to announce an investment of $210 million (around Rs 1,260 crore) in the company.
The Chinese billionaire and founder of Alibaba is said to be planning a significant investment in business to business e-tailing as well as payment services and logistics companies.
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