Harsh Upadhyay
@upadhyay_harsh1
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@Entrackr | Startup | Infomaniac | #Fintrackr | #Snippets | Follow @thekredible
Joined November 2009
BIG: MapMyIndia sends legal notice to Ola Electric for allegedly copying data . => In the legal notice, MapMyIndia claimed that Ola Electric breached the license agreement which was done in 2021. => In 2022, Ola Electric onboarded MapMyIndia to offer navigation services for
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Ambulance startup StanPlus raises $20 Mn. “In India, grocery is delivered in 10 min but ambulances take 45 min. At StanPlus, we are focusing on the 8-min ambulance paradigm. I like to call it the ‘First Minute, Last Mile’ healthcare," said Prabhdeep Singh, CEO of StanPlus.
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Zerodha posts Rs 1122 Cr profit in FY21. Operating revenue.▪️FY21: Rs 2728 Cr.▪️FY20: Rs 938 Cr. Expenses.▪️FY21: Rs 1260 Cr.▪️FY20: Rs 517 Cr. Profit .▪️FY21: Rs 1122 Cr.▪️FY20: Rs 424 Cr.
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Breaking: PhysicsWallah in talks to acquire Drishti IAS. ◾️The deal could be valued at around Rs 2,500 crore. ◾️Drishti IAS reported Rs 405 crore revenue and Rs 90 crore profit in FY24. => The development comes at a time when PhysicsWallah is all set to launch its IPO.
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Official announcement of 1st unicorn of 2022. 👉 MamaEarth 🦄.
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Microsoft's CEO Satya Nadella invests in fintech unicorn Groww. => Nadella will also act as an advisor for the Bengaluru-based startup.
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When 10 min grocery startups pivot to 10 min ambulance service
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Tata Digital-backed acquires Gold Gym fitness chain across India.
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WhiteHat Jr withdraws defamation suit against Pradeep Poonia.
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The BharatPe board has decided to terminate the services of Ashneer Grover, the company’s co-founder and managing director. Source => Mint.
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Byju's will be the official sponsor of the FIFA World Cup Qatar 2022.
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PhonePe collaborates with LankaPay to promote UPI payment acceptance in Sri Lanka. Perfect feature image:
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2022 seems to be the third wave of layoffs for Indian startups. Meesho: 150 [April].Unacademy: 600 [April].Furlenco: 180 [March].Trell: ~300 [March].OkCredit: ~40 [Feb].Lido: ~200 [Feb].
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Zerodha posts ~Rs 5,000 Cr revenue and Rs 2,094 Cr profit in FY22. ▪️Op revenue: Rs 4,964 Cr [82%⬆️].▪️Expenses: Rs 2,164 Cr [71%⬆️].▪️Profit: Rs 2,094 Cr [86%⬆️]. 👉Zerodha claims that its customers, revenue and profits have grown 5X since March 2022 ( during FY23).
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Web3 and crypto startups shifting their base from Bengaluru to Dubai
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Profit number of bootstrapped companies (FY22). ▪️Zoho [SaaS]: Rs 2749 Cr.▪️Zerodha [fintech]: Rs 2094 Cr.▪️GamesKraft [gaming]: Rs 937 Cr.▪️Gameberry [gaming]: Rs 93 Cr.▪️Wingify [SaaS]: Rs 58 Cr.▪️Noise [D2C]: Rs 36 Cr.
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Breaking: Byju’s in talks to acquire Vedantu for $700-800 Mn.
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Zerodha’s financials for FY20 . ▪️Operating revenue => Rs 1034.8 Cr.▪️Expenses => Rs 500.6 Cr.▪️Profit => Rs 442.3 Cr.
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Some good news amid Covid surge and oxygen crisis. => Russia offers oxygen, Remdesivir to India. => Military importing 23 mobile oxygen generation plants from Germany. => Indian Air Force deploys transport aircraft to airlift cryogenic oxygen containers.
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NEW: CRED raises $80 million in Series F at around $6.5 billion valuation. => The company was valued at $4.01 billion when it raised Series E round in October 2021.
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Nykaa founder Falguni Nayar becomes India's richest self-made female billionaire. => Nayar's net worth rose to $6.5 Bn after today's IPO. Source: Bloomberg Billionaires Index.
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Exclusive: Edtech company FrontRow lays off 75% of its workforce.
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NEW: Online learning platform Physics Wallah set to turn unicorn . => The bootstrapped startup is in talks to raise $100 Mn at around $1 Bn valuation.
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BREAKING: BharatPe MD Ashneer Grover resigns. "I hereby resign as the Managing Director of BharatPe, effective immediately. I also resign as a Director of the Board. I will continue as the single largest individual shareholder of the Company," said Grover in resignation letter.
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Kunal Shah's CRED spent Rs 727 to earn Re 1 in FY20. FY20.=> Expenses: Rs 378.4 Cr.=> Operating revenue: Rs 52 lakh.=> Losses: Rs 360.31 Cr. FY19.=> Expenses: Rs 64 Cr.=> Operating revenue: Nil.=> Losses: Rs 60.87 Cr.
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Another startup with woman co-founder turns unicorn 🦄.
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7 Indian startups turned Unicorns in 2020 [so far]. ▪️Razorpay [Oct].▪️Unacademy [Sept].▪️Zerodha [June].▪️Postman [June].▪️Nykaa [April].▪️FirstCry [Feb].▪️Pine Labs [Jan]. ➡️In 2019, Bigbasket, Delhivery, Druva, Icertis, Ola Electric, Dream11 and Rivigo got the Unicorn status.
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NEW: Zomato pilots new service for last-mile deliveries across corporate parks. => In Gurugram, Zomato has set up a micro hub at an office premise where the delivery partners can deliver the food. Then, a “walker” picks up the parcel and hands it over to a customer.
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Just in: Google removes Info Edge-owned Naukri and 99acres apps from Play Store. => Kuku FM, Shaadi, Matrimony, Bharat Matrimony, Altt and Quack Quack already delisted from the Play Store.
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Bihar jail inmate cracks IIT masters entrance, ranks 54
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Edtech company Unacademy will cut unnecessary expenses to focus on profitability
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NEW: Blinkit set to launch Urban Company-like services such as plumbing, electrician, beautician & AC repairing. =>Deepinder Goyal has resigned from UC’s board. As per sources, he resigned as the new vertical will compete with UC and there would be a direct conflict of interest.
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Valuation game: Private Vs Public company.▪️Swiggy: $10.7 billion.▪️Zomato: ~$9.5 billion.
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Hero MotoCorp to invest up to Rs 420 Cr in electric scooter manufacturer Ather Energy.
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Swiggy turns decacorn!. => Raises $700 Mn in new funding led by Invesco at over $10 Bn valuation.
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PhysicsWallah (PW) joins the unicorn club . => Raises $100 million in Series A funding from Westbridge and GSV Ventures.
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Edtech company Byju's raises $800 Mn at $22 Bn valuation. => Founder Byju Raveendran made a personal investment of $400 Mn in this round.
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GoMechanic lays off 70% of employees and asked its remaining workforce to work without pay for 3 months. Sequoia Capital has started a forensic audit of the car servicing startup. Report => The Morning Context.
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SaaS company Zoho posts Rs 1918 Cr profit in FY21. Operating revenue .▪️FY21: Rs 5230 Cr .▪️FY20: Rs 4274 Cr. Expenses .▪️FY21: Rs 3024 Cr.▪️FY20: Rs 3370 Cr. Profit.▪️FY21: Rs 1918 Cr.▪️FY20: Rs 800 Cr.
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SCOOP: Zerodha directors’ salary nears Rs 200 Cr in FY23. The company's co-founders and whole-time directors including Nithin and Nikhil Kamath collectively withdrew Rs 195.4 crore as annual remuneration.
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Reliance Retail acquires 54% stake in robotics startup Addverb for $132 Mn.
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Tiger Global is the new Santa Claus for Indian startups.
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Kota-based institutes see admissions drop by 31% in 2024, says Allen founder Rajesh Maheshwari. => According to Maheshwari, medical quota saw 46,000 admissions, down 33% from the previous year. => Similarly, IIT category saw 24,000 admissions compared to 33,000 last year. =>
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BREAKING: Byju’s acquires Toppr and Great Learning.
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Just in: Cars24 says it laid off 600 employees. => The SoftBank-backed company had raised $400 Mn at $3.3 Bn valuation in Dec.
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Interesting trend: The first 3 IPOs will be of NCR companies and not Bengaluru in the startup space . => Zomato, Mobikwik, Paytm. Upcoming: PolicyBazaar, Delhivery. => Mumbai will be the next.▪️CarTrade .▪️Nykaa.▪️PharmEasy.
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Google-backed neobanking startup Open becomes 100th unicorn from India.
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Binance says the company doesn't own any equity in WazirX 😮
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The Viral Fever (TVF) turns profitable in FY22. ▪️Revenue: Rs 76.8 Cr [138%⬆️].▪️Expenses: Rs 73.43 Cr [44%⬆️].▪️Profit: Rs 5.72 Cr [ Rs 14.31 Cr loss in FY21].
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Breaking: Reliance in talks to acquire WOW Skin Science.
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Why do diagnostic charges vary so much?. Prices for 5 similar tests (without any package). ◾️Redcliffe Labs: Rs 1,937.◾️Healthians: Rs 2,079.◾️Modern Diagnostics: Rs 2,750.◾️Lal Path Labs: Rs 3,340. Also, doctors get angry over test reports issued by Redcliffe & Healthians.
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Unicorn startups by city [2021]. Bengaluru [13].CoinSwitch Kuber, Apna, Vedantu, Licious, CRED, Zetwerk, MPL, Zeta, Blackbuck, Groww, ShareChat, Meesho, Digit. Mumbai, MH [9].Rebel Foods,BrowserStack,upGrad,CoinDCX, Eruditus,PharmEasy,GupShup, InfraMarket(Thane), Mindtickle(Pune).
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It's official: Pine Labs acquires API infrastructure startup Setu in a deal worth $70-75 million.
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boAt recorded Rs 48.85 Cr profit in FY20. [Operating revenue].▪️FY20: Rs 700 Cr.▪️FY19: Rs 239 Cr. [Expenses].▪️FY20: Rs 637 Cr.▪️FY19: Rs 228 Cr. [Profit].▪️FY20: Rs 48.85 Cr.▪️FY19: Rs 8.73 Cr.
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NEW: Kota-famed Allen Career Institute set to raise funds at over $1 Bn valuation . => James Murdoch-led Lupa Systems is likely to pick 30-35% stake in Allen.
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Dunzo's financials on a unit level. => Spent Rs 225 to earn Re 1 in FY19.=> Spent Rs 13.09 to earn Re 1 in FY20.=> Spent Rs 5.75 to earn Re 1 in FY21.
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Most valuable Indian startups from Sequoia's Surge program. ▪️Scaler [InterviewBit]: $710 Mn.▪️Khatabook: $600 Mn.▪️Classplus: $200 Mn.▪️Kutumb: $170 Mn.▪️Bijak: $165 Mn.▪️Trell: $120 Mn.▪️Doubtnut: $120 Mn.▪️Pagarbook: $100 Mn.▪️Plum: $87 Mn.
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Razorpay raises $375 Mn at $7.5Bn valuation. => Lone Pine Capital, Alkeon Capital and TCV led the Series F round.
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Indian startups in a nutshell:. ◾50% provide loans. ◾25% are in food/grocery. ◾20% are involved in betting. ◾4% are selling Coffee. ◾1% focus on innovation. Data source: Trust me bro 😅.
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ESOP buyback in Indian startups. ▪️2020: $50 million.▪️2021: $435 million.
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boAt posts Rs 78.6 Cr profit in FY21. Revenue.▪️FY21: Rs 1,511 Cr.▪️FY20: Rs 700 Cr. Expense.▪️FY21: Rs 1,420 Cr.▪️FY20: Rs 637 Cr. Profit.▪️FY21: Rs 78.6 Cr.▪️FY20: Rs 48.8 Cr.
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Zerodha posts Rs 8,000 crore+ revenue in FY24. ◾Profit: ~Rs 4,500 Cr. ◾In FY23: Rs 6,875 Cr rev, Rs 2,907 Cr PAT. ◾Zerodha founder Nithin Kamath anticipates a 30% to 50% drop in revenue due to regulatory changes
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One dozen startups/companies post profits in FY21 so far. ▪️Zoho.▪️Zerodha.▪️Navi.▪️Lenskart.▪️Shiprocket.▪️Mamaearth.▪️OfBusiness.▪️▪️Cashfree Payments.▪️Turtlemint.▪️Fittr.▪️Juicy Chemistry. ➡️ Includes 4 unicorns, 2 bootstrapped and 2 IPO-bound startups.
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Zomato in talks with restaurants, cloud kitchens for 10-minute food deliveries. Report =>ET.
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NEW: 10-minute grocery delivery startup Zepto eyes unicorn status.
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Startup --> Unicorn --> IPO. Freshworks becomes the first SaaS company from India to list on Nasdaq.
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Startups going IPO with profits in FY21. ▪️Ixigo (Rs 7.5 Cr) .▪️Nykaa (Rs 62 Cr).▪️CarTrade (Rs 101 Cr).
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Byju's-owned WhiteHat Jr posts Rs 1690 Cr loss in FY21. Operating revenue.▪️FY21: Rs 484 Cr.▪️FY20: Rs 19 Cr. Expenses.▪️FY21: Rs 2,175 Cr .▪️FY20: Rs 69.7 Cr. Loss .▪️FY21: Rs 1,690 Cr.▪️FY20: Rs 48.9 Cr.
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Valuation of VC-funded SaaS startups operating in India. Postman: $5.6 Bn.Icertis: ~$5 Bn.Browserstack: $4 Bn.Chargebee: $3.5 Bn.Innovaccer: $3.2 Bn.Highradius: $3.1 Bn.Druva: $2 Bn.Zenoti: $1.5 Bn.MindTickle: $1.2 Bn.Darwinbox: $1 Bn. Zoho [Bootstrapped], Freshworks [IPO].
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The first profession of all chief ministers of India. Magician, standup comedian, guitarist, dentist, terrorist 🧐
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Swiggy officially launches Pyng, a platform to connect with verified professionals. Pyng targets all at once
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Breaking: Tiger Global-backed digital bookkeeping startup OkCredit has laid off about 40-45 employees.
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Kunal Shah has invested in more than 200 startups so far including 50+ investments this year alone. Number of investment by India's top angels 👇. Source: Moneycontrol
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Sachin Bansal-led Navi posts Rs 71 Cr profit in FY21. Operating revenue.▪️FY21: Rs 779 Cr.▪️FY20: Rs 199 Cr. Expenses.▪️FY21: Rs 673.8 Cr.▪️FY20: Rs 219 Cr. ▪️FY21: Rs 71.2 Cr profit.▪️FY20: Rs 8.07 Cr loss.
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Dream11 posts Rs 327 Cr profit in FY21. Operating revenue.▪️FY21: Rs 2554 Cr.▪️FY20: Rs 1670 Cr. Expenses.▪️FY21: Rs 2210 Cr .▪️FY20: Rs 1544 Cr. Profit .▪️FY21: Rs 327 Cr.▪️FY20: Rs 104 Cr.
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Tata Group to buy 68% stake in BigBasket for $1.31 billion. via ET Now.
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Binance CEO Zhao is worth $96 Bn excluding crypto holdings. Source: Bloomberg.
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OneCard becomes 104th unicorn of India 🦄. => The Pune-based startup raises over $100 Mn in Series D round.
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Byju's lays off 2,500 employees . => Firings will be across product, content, media and technology teams.
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Mass layoffs everywhere. ▪️ Wipro to lay off hundreds of mid-level employees to improve margins. ▪️ Jack Dorsey's fintech firm Block lays off nearly 1,000 employees. ▪️ PayPal laying off about 2,500 employees to 'right-size' the company. Source: Economic Times, IANS.
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Zomato becomes the first Indian startup to join the Sensex . => It has replaced JSW Steel Limited in India’s benchmark index of the top 30 companies. Apart from Zomato, which other Indian startup has the potential to break into the Sensex 30?.
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Who will be elected as the PM of the Indian startup ecosystem if we introduce a voting system?.
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Reliance Jio invests in Silicon Valley-based deep tech startup Two Platforms . => Jio will invest $15 Mn for a 25% stake.
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Stripe acquires Bengaluru-based automated payments reconciliation startup Recko. => This is Stripe's first acquisition in India.
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Zerodha in last 15 months. => Kamath brothers, Seema Patil to get upto Rs 100 Cr salary. => Gets approval to invest upto Rs 1500 Cr from surplus funds in other biz. => Rs 1000 Cr rev, Rs 442 Cr profit in FY20. => Rs 700 Cr fund to combat climate change. => Rs 65 Cr ESOP buyback.
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Fintech startup Slice joins unicorn club 🦄. => Raises $220 Mn in Series B led by Tiger Global and Insight Partners.
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Razorpay becomes the third-most valuable fintech company in India after Paytm and PhonePe. 👉Raises $160 Mn in Series E round co-led by GIC and Sequoia at a valuation of $3 Bn.
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Kirana commerce platform ElasticRun turns unicorn 🦄. => SoftBank led $300 Mn round in the Pune-based startup.
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Out of all unicorns in India to date, only one has a woman CEO. Woman CEO/founders in current unicorn startups. ▪️Falguni Nayyar (Nykaa, CEO, founder).▪️Gazal Kalra (Rivigo, co-founder).▪️Divya Gokulnath (Byju’s, co-founder). Who could be the next?.
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Dunzo posts Rs 54 crore revenue with Rs 464 crore loss in FY22. Revenue: 2.1X ⬆️.Expense: 2X ⬆️.Loss: 2X ⬆️.
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Sachin Bansal-backed Navi Mutual Fund files papers with Sebi to launch an electric vehicles fund.
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Byju's becomes most-valued Indian startup (unicorn). => Raises $350 Mn at around $16.5 Bn valuation. => Paytm was valued at $16 Bn in its last round in Nov 2019.
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Kunal Shah’s investment in startups in last 1 month. AppsforBharat.dezerv. Jar.Curefoods.OTO Capital.Advantage Club.FanPlay.Hike.Winvesta.Digit Insurance.Rapido.Zetwerk.Ultrahuman.Hash.Mudrex.Goodmeetings.Revery. *Source: media reports.
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