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News Roundup: Headlines Today | Indian Startup Ecosystem | 25th October 2022

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Here are some updates about the Indian Startup Ecosystem:

1. Masai School raises nearly $5 Mn led by existing backers

Edtech startup Masai School has raised Rs 38.62 crore or $4.77 million in a pre-Series B2 round co-led by IndiaQuotient and On Mauritius. The fresh funding has come after 12 months for the Bengaluru-based company.

The board at Masai School has passed a special resolution to issue 2,403 pre-Series B2 compulsory convertible preference shares (CCPS) at an issue price of Rs 1,60,707 per share to raise Rs 38.62 crore or $4.77 million, company regulatory filing with the Registrar of Companies (RoC) shows.

2. DeHaat raises $46 Mn in Series E round led by Sofina Ventures

Full-stack agritech platform DeHaat has raised Rs 366.6 crore or $46 million led by Sofina Ventures. The board at DeHaat has passed a special resolution to 2,69,192 Series E preference shares at an issue price of Rs 13,620 per share to raise Rs 366 crore or $46 million, a regulatory filing with the Registrar of Companies shows.

Sofina Ventures led the round with Rs 240 crore while RTP Global Partners, Prosus Ventures (Naspers Ventures) and Lightrock India pumped in Rs 48 crore, Rs 32 crore, and Rs 46.6 crore respectively.

3. CCI Slaps INR 936 Cr Fine On Google, 2nd Penalty In A Week

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The competition watchdog directed the tech giant to ‘not restrict app developers from using any third party billing/payment processing services’. CCI also ruled that Google limited technical development in the in-app payment processing services market via its mandatory billing policy.

This is the second fine slapped on the tech giant in a week. Earlier, the competition watchdog slapped a penalty of INR 1,337 Cr last week.

4. Flipkart unveils Flipverse, a virtual shopping experience in a bid to expand metaverse offerings

Flipverse will offer gamified, interactive and immersive shopping experiences for consumers in a digital world by enabling access to brands, supercoins and digital collectibles.

For this, Flipkart has partnered with eDAO , a Polygon-incubated firm that designs and launches global art, media and entertainment projects at scale in web3.

It will enable access to brands, supercoins and digital collectibles. Brands including PUMA Group, Noise, Nivea, Lavie, Tokyo Talkies, Campus, VIP, Ajmal Perfumes , Himalaya, Butterfly India will be part of Flipverse.

5. Indian Angel Network launches Rs 1,000 Cr worth Alpha Fund

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IAN aims to invest this fund in 500 startups, with Rs 5000 crores and creating 500,000 jobs, it said in a press statement. It will continue to ease fundraising for startups, bring guidance from mentors as well as leverage the global network of the IAN ecosystem, enabling entrepreneurs to build high growth, valuable companies.

IAN Alpha Fund is the second fund in Indian Angel Network’s series of funds. The fund looks to invest in companies with both top and bottom lines OR IP focused.

6. Edtech startup Bodhi AI raises $200K

Edtech startup Bodhi AI has raised $200K from Hyderabad-based The Marwari Angels (MAAN), Founders Angel Network (FAN), JIIF Shark Angels (JSA), UINCEPT, IVY Growth Associates , and POD. Angel investors Harsh Pokharna and Bhola Meena have also participated in this round.

According to BodhAI, the proceeds will be used to help teachers grow their student base and increase their income online. Founded by Prashant Pandey and Piyush Agarwal, Bodhi AI connects teachers and students virtually and offers features like instat doubt clearing and tech solutions for teachers and educational institutes.

7. Silverneedle Ventures launches Rs 100 Cr fund, invests in Knorish

Silverneedle Ventures, an early-stage technology focussed venture capital, has announced the launch of its Rs 100 crore worth new fund. The Hyderabad-based VC firm plans to invest in 30 startups in the next 18 months.

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The fund plans to invest in pre-Series A, Series A rounds with a focus on B2B SaaS, Deeptech, Sustainability, and consumer internet, direct to consumer (D2C) among others.

Founded by Ajay Jain and Deepesh Agarwal, Silverneedle also said that it made its first investment from the new fund in creator monetization platform Knorish. The investment is a part of pre-Series A extension round of the Gurugram-based startup.

8. Nischal Shetty led Shardeum raises $18.2 Mn in seed round

Shardeum India, an Ethereum Virtual Machine (EVM)-based sharded blockchain which enables infinite scalability and atomic cross-shard composability, has scooped up $18.2 million in one of the largest seed rounds.

The round includes over 50 investors with prominent ones such as Jane Street, Struck Crypto, The Spartan Group, Big Brain Holdings, DFG, Ghaf Capital Partners, Foresight Ventures as well as strategic investors such as CoinGecko Ventures, WEMADE, ZebPay, Jsquare, MH Ventures, Nestcoin, Veris Ventures, Tupix Capital, Mapleblock Capital and NetZero Capital.

According to the company, it’s now valued at around $200 million.

9. Drivezy sues Yamaha for starting parallel biz, abandoning acquisition

Drivezy has alleged in court that the Japanese automobile giant Yamaha leveraged the Bengaluru firm’s confidential data to set up a competing business, while saying that it would buy the bike and car rental startup out. In a lawsuit filed before a Bengaluru Additional City Civil and Sessions Judge, the firm further alleged that Yamaha, which is also an investor in Drivezy, induced the firm to provide confidential information about its business.

Moto Business Service India Private Limited, one of the Yamaha subsidiaries sued by Drivezy, said in a statement, “MBSI states that these allegations are completely baseless, the law suit was initiated by Drivezy against MBSI, we wish to make no further comments on this.”

10. SpaceX applies for satellite connectivity license with DoT

Elon Musk’s SpaceX has applied for a Global Mobile Personal Communication by Satellite (GMPCS) license with the Department of Telecommunications ( DOT ), ET reported on Tuesday. The application could allow SpaceX to launch its Starlink service in India, a market it has eyed for years.

SpaceX has argued for loosening of Indian regulations in the past for allowing satellite broadband in places with low penetration of wired broadband and cell towers. In a November 2020 filing with the Telecom Regulatory Authority of India, SpaceX argued that license norms should be relaxed to allow players like Starlink and to enable spectrum sharing.

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Crafted By

Chandni Arya
Chandni Arya
I love writing and reading about Startups. I have written over 6 million words in my career.