Page 7 - Start- Ups

India-focused VC funds continue to raise capital despite funding winter

As of December 2023, 185 India-focused VC funds are in the market, aiming to raise a combined capital target of $10.73 billion, according to Preqin

AI makes mark in drug discovery in India; start-up Peptris raises $1 mn

Peptris is revolutionizing drug discovery through the implementation of its state-of-the-art AI platform. It is transforming the traditionally lengthy and costly drug discovery process

Physics Wallah to expand to 100 offline centres in 2024, says co-founder

In May, Physics Wallah opened 50 offline centres, which it branded as 'Vidyapeeth Centers', with an investment of around Rs 82 crore in technologies

China's LandSpace Technology pulls off 2nd methane-fueled rocket launch

The rocket, ZQ-2, took off at 7:39 a.m. Saturday Beijing time from the Jiuquan Satellite Launch Center in the northwestern Gobi Desert, the company said in a statement

OpenAI CEO Sam Altman's ouster was a result of drawn-out tensions

The statement, devoid of any details, was the opening volley in a power struggle that played out almost entirely behind closed doors

Startup funding in 2023 lowest in 5 yrs as big-ticket deals dip: Report

Funding rounds of $100 million+ fall 69% compared to 2022; only two unicorns created after 23 last year

Startup funding in 2023 lowest in 5 yrs as big-ticket deals dip: Report

Funding rounds of $100 million+ fall 69% compared to 2022; only two unicorns created after 23 last year

Airblack raises Rs 33 crore led by Micheal & Susan Dell Foundation

Since starting three years back, over 35,000 students in 300 cities have enrolled in Airblack courses

SenseAI Ventures rolls out Rs 200 crore fund to back AI startups

SenseAI Fund I is poised to invest in 18-20 AI-first startups, focusing on seed and Pre-A stage companies

Bengaluru tops as hub for valued firms by self-made entrepreneurs: Report

Long touted as India's Silicon Valley, Bengaluru has emerged as the biggest hub for most valued companies started by self-made entrepreneurs in this millennium, a report said on Thursday. A majority 129 such industry leaders are from the Karnataka capital, which is ahead of Mumbai (78), and Gurugram and New Delhi (49), as per a report by Hurun India. Radhakishan Damani of Avenue Supermarkets, which runs the D-Mart retail chain, leads the list of top 200 self-made entrepreneurs of the millennium as the 2000-founded company has a market capitalisation of Rs 2.38 lakh crore as of September. Binny Bansal and Sachin Bansal-founded Flipkart from Bengaluru comes second with an equity value of Rs 1.19 lakh crore, while Gurugram-headquartered Zomato founded by Deepinder Goyal comes third with a market capitalisation of Rs 86,835 crore. The list includes both listed and unlisted entities, and Hurun India's founder and managing director Anas Rahman Junaid said they have taken into account the

Our 'Beyond Bengaluru' initiative aims to foster innovation: Priyank Kharge

The government is also focusing on building innovation ecosystems through centres of excellence in various fields

PhiCommerce raises $10 mn in funding led by Singapore-based BEENEXT

Payments solution firm will use financing to expand international business, improve technology

BharatPe turns EBITDA positive, clocks Oct 2023 as first profitable month

Without giving out the actual number, BharatPe in a statement said the financial milestone was attributed to consistent growth across all business lines

Edtech firm BYJU'S appoints Jiny Thattil as Chief Technology Officer

Edtech firm BYJU'S on Monday said it has appointed senior vice president for engineering Jiny Thattil as its Chief Technology Officer. Thattil takes over from Anil Goel, who is leaving the company after three years as Chief Technology Officer (CTO). "We are delighted to promote Jiny Thattil as the CTO of BYJU'S. His extensive experience and leadership skills make him the ideal candidate for this crucial role as we continue to rebuild for greater efficiency and sustainability. We would also like to extend our heartfelt gratitude to Anil Goel for his exemplary work," BYJU'S India CEO Arjun Mohan said. This transition is part of BYJU'S ongoing strategic restructuring and reorientation of its leadership team to enhance operational efficiency, the statement said. With over 25 years of experience, Thattil has an understanding of diverse domains, including e-commerce, advertising, analytics, payments, online banking, personal finance, business intelligence, healthcare, and ...

Nurturing thriving startup ecosystem is priority for Goa: CM Pramod Sawant

Goa Chief Minister Pramod Sawant on Saturday said nurturing a thriving startup ecosystem is a priority for Goa, and the state government's goal is to help turn ideas into high-growth startups and attract funding. Addressing "Goa Innovation and Startup Times" (GIST), an event at the BITS Pilani campus at Vasco, Sawant said the state will focus on its strengths around industries, tourism, and sustainability and leverage various Central schemes to boost startups. Nurturing a thriving startup ecosystem is a priority for Goa. Our goal is to enable ideas to turn into high-growth startups and attract funding, he said, expressing confidence about the state's potential to become a startup hub. Goa can produce the next generation of job creators by providing mentoring, infrastructure, and market access, he said. We must make entrepreneurship more aspirational for the youth of Goa and spotlight local startup success stories to inspire many more, the chief minister said. The state government

Narayana Murthy's Catamaran plans to invest in precision manufacturing cos

Infosys founder Narayana Murthy's venture capital firm Catamaran plans to expand its portfolio by investing in precision manufacturing startups, which can export and make components in deep tech, and automobiles, a senior company official has said. While speaking to PTI on the sidelines of the Digital Acceleration and Transformation Expo (DATE), Catamaran Chairman MD Ranganath on Friday said the valuation expectation in startups have come down in India compared to 2022, but good ideas with good business models will continue to attract investments. "Our current focus, in addition to services, is on precision manufacturing. Now, India is attracting a lot of manufacturing investments. We are trying to invest in those companies which can export and make components in deep tech, and automobiles," Ranganath said. Catamaran has invested in companies like SpaceX, deep-tech energy startup Log 9, B2B e-commerce firm udaan, edtech firm udemy, and fintech firm Acko, among others. "Overall, in

Unicommerce revenue up 52% at Rs 90 cr in FY23, marks third year of profit

Gurugram-based company enables end-to-end management of e-commerce operations

OpenAI leaders' efforts to bring back Altman reach impasse over board role

Altman, who was fired Friday, is open to returning but wants to see governance changes, including the removal of existing board members

Doomed mission behind Sam Altman's shocking firing from OpenAI by board

At the event on Nov. 6, Altman made a number of announcements that infuriated Sutskever and people sympathetic to his point of view, the source said

Physics Wallah may lay off up to 120 employees due to performance issues

Edtech firm Physics Wallah may lay off up to 120 employees due to performance issues, according to the company. The company in a statement said that less than 0.8 per cent of its total workforce will be impacted due to the performance review exercise. "At PW, we regularly assess performance through mid-term and end-term cycles. For the cycle ending in October, less than 0.8 per cent of our workforce, ranging from 70 to 120 individuals with performance concernsmay be asked to transition. "Our primary focus remains on fostering a dynamic, high-performing team. We plan to hire an additional 1,000 employees in the next six months," PW, CHRO, Satish Khengre said in a statement. The company has around 12,000 employees. Several edtech companies, including unicorns like BYJU'S and Unacademy had hired excess staff to meet the sudden spike in demand for online classes during the COVID period. This is the first mass lay-off that has been announced by Physics Wallah (PW). "We deeply value t