Edtech giant BYJU’S saga of troubles continues unabated. The National Company Law Tribunal (NCLT) has now issued a notice to the decacorn in connection with a petition filed by the Board of Control for Cricket in India (BCCI). In an order issued on November 28, the Bengaluru bench of the insolvency tribunal admitted BCCI’s petition that pertains to a dispute over the sponsorship rights of the Indian cricket team’s jerseys.  The tribunal, comprising Member (Technical) K Biswal and Member (Technical) Manoj Kumar Dubey, directed the edtech major to furnish a reply in connection with the cas ..read more

Venture capital (VC) firm Fireside Ventures plans to offload 1.9% stake in Honasa Consumer, D2C unicorn Mamaearth’s parent, through multiple block deals on Tuesday (December 5).  As per CNBC Awaaz, the VC firm plans to dump 61 Lakh shares at a floor price of INR 368.7 to INR 384.1 apiece. At the upper limit, this translates into a cumulative sum of INR 234 Cr while, at the lower end of the spectrum, this implies a total of INR 224 Cr.  Kotak Securities has reportedly been assigned as the broker for the deal.  With this deal, Fireside could likely be looking to book profits amid ..read more

In 2023, the Indian startup ecosystem experienced steady growth, drawing the attention of actors and celebrities who found it to be a lucrative space for investment. Inc42’s data reveals that over 20 celebrities from the entertainment industry backed a total of 27 startups so far this year. Interestingly, several Bollywood celebrities have not only embraced the role of investors but have also ventured into entrepreneurship as startup founders. Notable names in this category include Alia Bhatt, Deepika Padukone, Akshay Kumar, and Kareena Kapoor. For instance, Kareena Kapoor has taken on the ro ..read more

Troubled edtech giant BYJU’s, which is fighting fires on multiple fronts, has convened an annual general meeting (AGM) to discuss a host of issues, including seeking approval for its much delayed financial statements for FY22.  As per a copy of the notice sent to shareholders and accessed by Inc42, the company has scheduled the meeting on December 20 at 6 PM.  “Notice is hereby given that the 11th AGM of the members of Think & Learn Private Limited will be held on Wednesday, 20th day of December 2023 at 6.00 P.M. (IST) through video conferencing or other audio-visual means…,” st ..read more

Lendingtech startup Fibe (formerly EarlySalary) reported more than a 9X jump in its consolidated net profit to INR 36.3 Cr in the financial year 2022-23 (FY23) from INR 4 Cr in the previous year on the back of a strong growth in business. Operating revenue jumped 135% to INR 414.3 Cr during the year under review from INR 176.3 Cr in FY22. Founded in 2015 by Ashish Goyal and Akshay Mehrotra, Fibe caters to young working professionals through its app. Its offerings include short-term instant cash loans, long-term personal loans, and buy now, pay later (BNPL) plans.  Given the nature of its ..read more

In yet another move by Apple to prop up its manufacturing in India, the Cupertino-based tech giant is bringing its global lithium-ion (Li-ion) battery manufacturer, TDK Corporation, to India. The leading electronic component and device maker from Japan will manufacture the cells for batteries in India to power the iPhones assembled in the country, sources aware of the development told Business Standard. The manufactured cells will be supplied to Sunwoda Electronics, Apple’s Li-ion battery assembler, which imports cells from various global markets. TDK Corporation will set up a 180-acre facili ..read more

The year 2021 will be etched in history as the most fructiferous year for the Indian startup landscape. The entire world was in crisis due to the Covid-19 pandemic at that time, but Indian entrepreneurs shone brightly by embracing innovation. Indian startups shot to fame and investors across the globe wanted to be a part of the country’s startup ecosystem. The result was investors infusing a whopping $42 Bn in Indian startups in 2021, which resulted in the creation of a record 44 unicorns during the year. However, the start of the Russia-Ukraine war in 2022, increase in interest rates by cent ..read more

Indian Angel Network (IAN), which has backed startups like Clensta, Spinny, Sattuz, Astrome and Dhruva Space, announced the first close of its second venture capital fund at INR 355 Cr ($42.5 Mn). The IAN Alpha Fund has a target corpus of INR 1,000 Cr ($119 Mn).  In a statement, IAN said it would invest in early-stage startups across sectors like cleantech, healthtech, fintech, deeptech, spacetech, consumer, agritech, cybersecurity, hardware and robotics from the second fund.  IAN claims to have already invested INR 900 Cr (around $108 Mn) in 250 startups with an overall valuation o ..read more

Construction marketplace Infra.Market, which counts Tiger Global, Nexus Venture Partners and Accel Partners among its marquee investors, has sold a 10% stake in RDC Concrete to public market investors, led by ace investor Ashish Kacholia for about $20 Mn. Infra.Market’s divestment in RDC paves the way for its initial public offering (IPO) plan soon, the company said in a statement on Monday (December 4). In 2021, Infra.Market acquired ready-mix concrete (RMC) company RDC Concrete for $90 Mn, with private equity firm True North, disinvesting its holding in the company.  The current fundra ..read more

The Indian startup ecosystem has been on a rollercoaster ride since the start of the COVID-19 pandemic, oscillating between exhilarating highs and disheartening lows.  While the initial years of the pandemic were marked by a massive capital influx, the prolonged funding winter, since 2022, has forced many startups to re-evaluate their strategies and adapt to the changing landscape.  Indian startups managed to raise a mere $7 Bn in funding between January and September 2023, a figure even lower than the $8 Bn that they secured during the corresponding period way back in 2020. Needles ..read more