They Want to Oust Byju Raveendran - Indian Startup News 164
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This week on Indian Startup News, investors want to replace Byju Raveendran,
This week's funding Notion: https://honored-hospital-c65.notion.s...
FY24 funding notion: https://honored-hospital-c65.notion.s...
Notion graph: https://docs.google.com/spreadsheets/...
Rajeev Misra's Interview: https://www.moneycontrol.com/news/bus...
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00:00 Investors want to replace Byju Raveendran
02:35 Unacademy’s offline centres
03:05 We're hiring
03:45 Mojocare is going out of business
04:31 PharmEasy's down round
05:18 India is Soft Bank’s BEST performing market
06:47 Rapid news
08:01 Funding news
------------------------------------------------------------------------------------------------------------------------------------------------
BYJU’S wants to replace Byju Raveendran:
1. Some of its investors actually want to oust Byju Raveendran, the man after whom the company is named.
2. They wanted to know what the $910 million dollars, which was a part of the $1.2 billion raised via Term Loan B, was used for, and what its status was.
3. They had a constructive EGM with its 75-plus shareholders - questions were answered with complete transparency.
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Unacademy’s offline centres:
1. Unacademy’s offline centres may deliver 50% of the company’s revenue by 2024.
2. By the end of 2023, they’ll have gone from 10 locations at the start of the year, to 58 by December.
------------------------------------------------------------------------------------------------------------------------------------------------
Mojocare is going out of business:
1. The startup has raised around $24 Mn since its founding.
2. In May 2023, the founders confessed to selling inventory sold to relatives, creating fake invoices, and inflated revenue.
3. They fired 80% of its workforce, impacting around 150-170 employees.
------------------------------------------------------------------------------------------------------------------------------------------------
PharmEasy's down round:
1. India’s first unicorn to go for a down round.
2. They have plans to raise about Rs 2,400 crore at a 90% lower share price.
3. the new round will peg PharmEasy’s valuation at $500-750 million.
------------------------------------------------------------------------------------------------------------------------------------------------
India is Soft Bank’s BEST performing market:
1. Moneycontrol did a great interview with Rajeev Misra, the CEO of SoftBank Investment Advisers recently.
2. He believes that India's per capita GDP will double along with the overall GDP growth.
3. He also agreed that “startups should be open to reprice their valuations and go through down rounds, as this is the end of the cheap money era?
------------------------------------------------------------------------------------------------------------------------------------------------
Rapid news:
1. Ola Electric is still the market leader in India’s electric two wheeler market, with 40% market share in June.
2. ideaForge IPO went INCREDIBLY well. It has become the first stock since the beginning of 2022 to achieve a 100X subscription mark on the BSE and the NSE.
3. Himachal Pradesh govt signed MoUs worth ₹200 Cr for drone manufacturing in the state.
------------------------------------------------------------------------------------------------------------------------------------------------
Funding news:
1. In Q1 of FY23, Indian startups raised a total of 2.748 billion dollars.
3. This week, Indian startups raised 120 million dollars.
4. Leverage Edu, which is focused on sending Indian students to study abroad, they raised 40 million dollars in their Series C.
5. We have jewellery startup GIVA and EV tech startup Battery Smart both raising 33 million dollars each.
------------------------------------------------------------------------------------------------------------------------------------------------
Media Handles:
Twitter: Twitter: bwmillionaires
LinkedIn: https://www.linkedin.com/company/back...
Instagram: Instagram: backstagewithmillionaires
Podcast: https://open.spotify.com/show/5rGPalo...
#startup #business #entrepreneur
This week on Indian Startup News, investors want to replace Byju Raveendran,
This week's funding Notion: https://honored-hospital-c65.notion.s...
FY24 funding notion: https://honored-hospital-c65.notion.s...
Notion graph: https://docs.google.com/spreadsheets/...
Rajeev Misra's Interview: https://www.moneycontrol.com/news/bus...
------------------------------------------------------------------------------------------------------------------------------------------------
00:00 Investors want to replace Byju Raveendran
02:35 Unacademy’s offline centres
03:05 We're hiring
03:45 Mojocare is going out of business
04:31 PharmEasy's down round
05:18 India is Soft Bank’s BEST performing market
06:47 Rapid news
08:01 Funding news
------------------------------------------------------------------------------------------------------------------------------------------------
BYJU’S wants to replace Byju Raveendran:
1. Some of its investors actually want to oust Byju Raveendran, the man after whom the company is named.
2. They wanted to know what the $910 million dollars, which was a part of the $1.2 billion raised via Term Loan B, was used for, and what its status was.
3. They had a constructive EGM with its 75-plus shareholders - questions were answered with complete transparency.
-----------------------------------------------------------------------------------------------------------------------------------------------
Unacademy’s offline centres:
1. Unacademy’s offline centres may deliver 50% of the company’s revenue by 2024.
2. By the end of 2023, they’ll have gone from 10 locations at the start of the year, to 58 by December.
------------------------------------------------------------------------------------------------------------------------------------------------
Mojocare is going out of business:
1. The startup has raised around $24 Mn since its founding.
2. In May 2023, the founders confessed to selling inventory sold to relatives, creating fake invoices, and inflated revenue.
3. They fired 80% of its workforce, impacting around 150-170 employees.
------------------------------------------------------------------------------------------------------------------------------------------------
PharmEasy's down round:
1. India’s first unicorn to go for a down round.
2. They have plans to raise about Rs 2,400 crore at a 90% lower share price.
3. the new round will peg PharmEasy’s valuation at $500-750 million.
------------------------------------------------------------------------------------------------------------------------------------------------
India is Soft Bank’s BEST performing market:
1. Moneycontrol did a great interview with Rajeev Misra, the CEO of SoftBank Investment Advisers recently.
2. He believes that India's per capita GDP will double along with the overall GDP growth.
3. He also agreed that “startups should be open to reprice their valuations and go through down rounds, as this is the end of the cheap money era?
------------------------------------------------------------------------------------------------------------------------------------------------
Rapid news:
1. Ola Electric is still the market leader in India’s electric two wheeler market, with 40% market share in June.
2. ideaForge IPO went INCREDIBLY well. It has become the first stock since the beginning of 2022 to achieve a 100X subscription mark on the BSE and the NSE.
3. Himachal Pradesh govt signed MoUs worth ₹200 Cr for drone manufacturing in the state.
------------------------------------------------------------------------------------------------------------------------------------------------
Funding news:
1. In Q1 of FY23, Indian startups raised a total of 2.748 billion dollars.
3. This week, Indian startups raised 120 million dollars.
4. Leverage Edu, which is focused on sending Indian students to study abroad, they raised 40 million dollars in their Series C.
5. We have jewellery startup GIVA and EV tech startup Battery Smart both raising 33 million dollars each.
------------------------------------------------------------------------------------------------------------------------------------------------
Media Handles:
Twitter: Twitter: bwmillionaires
LinkedIn: https://www.linkedin.com/company/back...
Instagram: Instagram: backstagewithmillionaires
Podcast: https://open.spotify.com/show/5rGPalo...
#startup #business #entrepreneur
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