India's 111th Unicorn: Zepto - Indian Startup News 172

Check out our website: https://towardsventures.com

This week's funding Notion: https://honored-hospital-c65.notion.site/W9-Q2-FY24-6bcafe3864184011ac3b3146ede242b2

FY24 funding notion: https://honored-hospital-c65.notion.site/cea977c397b346af91a022250b7654e3?v=205740096cff4378a51bb0a05bd0ee85

Notion graph: https://docs.google.com/spreadsheets/d/12Gugm80lFfI6jvJsWtDmL138XBFwxyA4560E6nfKtyI/edit#gid=0
------------------------------------------------------------------------------------------------------------------------------------------------

00:00 India's 111th unicorn
02:02 Dunzo troubles
04:16 Byju’s troubles continue
05:05 Galaxeye Space: drone-based SAR system
06:16 Startup of the week
07:54 Funding news

------------------------------------------------------------------------------------------------------------------------------------------------
India's 111th unicorn:

1. They’ve raised a massive round of $200 million from their investors at a valuation of $1.4B.
2. recently as a few months back, the media had declared the death of quick commerce - calling it a bubble, a fad and a hype. And for good reasons.
3. look at Zepto’s competitors - Blinkit got sold for less money than it had raised all these years and Dunzo is struggling to pay their employee salaries.
------------------------------------------------------------------------------------------------------------------------------------------------
Dunzo troubles:

1. Earlier this year, Dunzo had deferred the salary of their 500 employees (or 50% of the workforce) for the month of June to July 20th.
2. But later it was announced that the company won’t be able to meet that deadline either it was deferred till September.
3. Now, the company says that they won’t be able to pay their salaries by September either and the new deadline is October.
------------------------------------------------------------------------------------------------------------------------------------------------
Byju’s troubles continue:

1. This week, first, it was Prathyusha Agarwal, the Chief Business Officer at Byju’s, along with Himanshu Bajaj, Business Head of Byju’s Tuition Centers, and Mukut Deepak, Business Head for Class 4 to 10 - who decided to leave the sinking ship - that is Byju’s.
2. Byju’s-owned WhiteHat Jr’s CEO Ananya Tripathi has also decided to leave the company.
3. US-based asset management company Baron Capital has cut Byju’s valuation by almost half - reducing it from $22B to just 11.7B.
------------------------------------------------------------------------------------------------------------------------------------------------
Galaxeye Space: drone-based SAR system:

1. Galaxeye Space is one of the most ambitious spacetech startups in India that plans to do something that hasn’t been done before.
2. They are planning to launch the world’s first multi-sensor imaging satellite for earth observation purposes.
------------------------------------------------------------------------------------------------------------------------------------------------
Funding news:

1. This was a pretty average week, 49.15 million dollars raised, which seems small compared to last week with Zepto’s 200 million dollar Series E.
2. MediBuddy, a comprehensive healthcare platform based in Bengaluru, and they raised 18 million dollars, this was a bridge round, they raised a 125 million dollar Series C round in Feb of 2022.
3. SatSure, a Bengaluru deeptech satellite startup that raised a 15 million dollar Series A.
4. scrapuncle, a platform where you can sell your recyclables online, really awesome idea, they’re based in Delhi and they raised 3.7 crore rupees in their pre-seed round.
------------------------------------------------------------------------------------------------------------------------------------------------
Media Handles:

Twitter: https://twitter.com/bwmillionaires/
LinkedIn: https://www.linkedin.com/company/backstagewithmillionaires/?viewAsMember=true
Instagram: https://www.instagram.com/backstagewithmillionaires/
Podcast: https://open.spotify.com/show/5rGPalovc6AKsfbOyjh32p?si=a8d14e3221b24af4&nd=1

#startup #business #entrepreneur #zepto