Page 3 - Unicorn Companies

PhysicsWallah FY23 revenue up 3.4x, profitable for third consecutive year

PW's revenue from operations rose to Rs 771.76 crore during the fiscal year ended March 2023, compared to Rs 232.47 crore in the previous fiscal year and Rs 24.6 crore in FY21

InCred becomes 2nd unicorn of 2023 after raising $60 mn in funding round

Fintech firm InCred has turned unicorn after raising USD 60 million in a funding round from new and existing investors. Following the fresh capital infusion, InCred has been valued at USD 1.04 billion and has become the second company to gain unicorn status this year, the company said in a statement. The Series D round was led by Ranjan Pai of MEMG, who invested USD 9 million followed by Ravi Pillai, Chairman at RP Group of Companies, and Ram Nayak, Global Co-Head of the Investment Bank and Head of Fixed Income & Currencies at Deutsche Bank, who invested USD 5.4 million and USD 1.2 million, respectively. The fundraise also saw participation from several large ultra-high-net worth individuals and Family Offices, as well as institutional investors like Varanium Capital Advisors and Sattva Group, it said. "This funding marks a significant milestone in our journey and takes us into the ranks of Unicorns. We are deeply grateful for the overwhelming support our investors have ...

ShareChat's valuation cut to $1.5 bn, lays off 200 employees: Reports

Company sacked 20% of its workforce in January, impacting around 500 employees

Indian startups' funding winter persists, 72% decline in 2023: Report

The report highlighted that the funding declined across all stages, with late-stage funding dropping over 73%. Strong IPO momentum, and investors' interest in space tech were a silver lining

InCred secures commitment to raise Rs 500 crore, to join unicorn club

Latest funding round values company at $1.05 bn

Mamaearth parent eyes pre-Diwali listing, plans Rs 1,700 cr IPO: Report

As per the DRHP filed by Honasa Consumer, the proposed IPO consists of fresh issue of shares worth Rs 400 crore, and an Offer for Sale (OFS) of up to 46.80 million equity shares.

Zomato launches intra-city 'Xtreme' logistics service for merchants

As is the case with Zomato's food delivery service, merchants will be able to livetrack their shipments

India may become Zoho's 2nd-largest mkt in 2-3 years: Sridhar Vembu

Most of our products are now integrated with ChatGPT. We are rolling out integrations every week, he says

Startup action on display amid shift in the Indian smart TV market

According to Counterpoint data, the market share of brands outside the top five sharply increased from 43.2 per cent in 2021 to 57.4 per cent in 2022

Pristyn Care looks to double revenue to Rs 2k cr, turn a profit by FY25

This comes at a time when firm has recently found itself in hot water after facing criticism from patients who claimed that the company forced them to undergo surgeries in a bid to rake in extra cash

Quick commerce unicorn Zepto makes Ankit Agarwal chief product officer

Senior executive will be in charge of company's supply chain and consumer management in new role

Byju's and lenders postpone legal battle, aim for out-of-court settlement

The parties are working on reaching a forbearance agreement, and discussions are still ongoing

Crypto unicorn CoinSwitch lays off 44 employees citing role redundancy

The company has 519 employees, according to its LinkedIn profile. This would mean around 8 per cent of CoinSwitch's workforce has been shown the door

With Zepto becoming first unicorn of 2023, is funding winter about to thaw?

Quick commerce startups hope to race towards better days. Can they crack the execution code?

Weekend Bites: Over the moon, thaw in funding winter, India's chess moment

In which we munch over the week's platter of news and views

Zepto becomes first unicorn this year, raises $200 mn at $1.4 bn valuation

This comes amid a funding slowdown where startups, across the board, have found it challenging to raise capital

Top headlines: MSCI global index shuffle, HCLTech signs deal with Verizon

Business Standard brings you the top headlines at this hour

How Indian unicorns are forging profits out of funding winter's ice

"Given that the market is now demanding disciplined growth, well-run companies should be able to demonstrate profitability with the cash on hand," says Pranav Pai, founding partner at 3one4 Capital

Green shoots of profitability finally emerging among Startups in India

Many companies such as Zomato, Meesho, and MobiKwik have now turned profitable while others like Paytm, Delhivery, and Zepto have showcased a clear path to profitability

Gaming unicorn MPL lays off 350 employees, revisits office infra costs

The move comes at a time when the GST Council has recommended imposing a 28 per cent tax on full deposit value, with no distinction made between games of skill and chance