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Economic Times
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Image Credit: Economic Times
Passion over profit drives Zepto's $5-billion success: founder Aadit Palicha
- At the NDTV World Summit, Zepto co-founder and CEO Aadit Palicha emphasized that the company’s $5 billion valuation stems from a passion for building a transformative platform, not merely financial gain.
- Despite working 80-100 hours weekly, the team is driven by excitement for their mission. Palicha, a Stanford dropout, believes Zepto can reshape India’s startup landscape and add significant value to the ecosystem.
- The company is integrating AI to personalize search results and enhance customer support, aiming to improve user experiences by providing relevant product recommendations and faster, AI-driven assistance.
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Yourstory
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Zepto to shift domicile back to India, initiates process with NCLT
- Quick commerce unicorn Zepto is planning to shift its domicile back to India from Singapore.
- Zepto's parent company Kiranakart has filed an application with the National Company Law Tribunal (NCLT) for the shift.
- The move is part of Zepto's plan to become an Indian majority-owned firm.
- Other companies, such as Pine Labs, Razorpay, and Flipkart, have also shifted their bases to India recently.
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VC Cafe
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Q3 2024 Quarterly Emerging Sector Analysis
- Q3 2024 sector-specific reports reveal media & entertainment, gaming, generative AI, crypto, and spatial computing topped the innovation spectrum.
- M&A activity in the media & entertainment sector is up 51% YoY for the 3rd consecutive quarter, with an increasing convergence of content generation, data & identity, and marketing automation, driven by AI.
- In gaming, there has been little growth YoY. Private funding in gaming reached $811 million in Q3 2024, marking a 15% increase from the previous quarter; AI-related companies attracted 22% of total funding in Q3.
- Generative AI has become the talk of the town, enterprises have recognized its value and are investing more heavily. However, concerns around data management, risk mitigation, governance, and value measurement slow down its adoption.
- Cryptocurrency usage and activity have reached all-time highs, indicating growing mainstream adoption and increased utility of blockchain technologies; stablecoins and Defi are the most popular uses for crypto today.
- Spatial computing is experiencing an upturn due to increased availability of head-mounted devices, and the market is expected to reach USD 280.5 billion by 2028, growing at a CAGR of 23.4% from 2023.
- Apple and Meta emerged as market leaders of the spatial computing space; Meta has the most affordable and popular VR headset, the Meta Quest, and is working on project Orion, revolutionary new AR glasses.
- The convergence of these sectors, particularly through AI integration, creates unprecedented opportunities for ambitious founders.
- Remagine Ventures is excited to back early-stage founders building at these intersections and welcomes innovative startups in the space to partner with.
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Hackernoon
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Image Credit: Hackernoon
Meet Exohood Labs, Startups of the Year 2024 Nominee
- Exohood Labs has been nominated for the annual Startups of The Year awards in Sutton, England.
- Their work revolves around Artificial Intelligence, Quantum Computing, and Blockchain.
- They aim to use these technologies to improve education and research.
- Exohood Labs has successfully set up a decentralized research platform for secure data sharing.
- They have published several papers on AI applications in scientific research.
- Their focus on collaborative, transparent research is making an impact.
- Exohood Labs is honored by the nomination and sees it as a validation of their mission and approach.
- They aim to keep pushing forward to create a future where knowledge is shared more freely and research can make a real difference in people's lives.
- Vote for Exohood Labs to contribute to their goal of creating impactful and relevant research.
- Their nomination for the Startup of The Year award serves as a reminder of their responsibility to continue their work with integrity and purpose.
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Inc42
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Image Credit: Inc42
Zomato To Acquire 8% Stake In Kitchen Appliance Maker Byondnxt
- Foodtech major Zomato is acquiring an 8% stake in kitchen appliances maker Byondnxt.
- Zomato has received board approval to subscribe to 600 equity shares of Byondnxt for INR 6,000.
- Byondnxt was founded by Eshwar Vikas, the founder of Mukunda Food.
- Zomato's investment in Byondnxt does not dilute its economic interest or rights in Mukunda.
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22 Likes
TechCrunch
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Image Credit: TechCrunch
Socket lands a fresh $40M to scan software for security flaws
- Socket, a startup that provides tools to detect security vulnerabilities in open source code, has raised $40 million to address software supply chain security.
- The software supply chain has become precarious, with outdated open source components and the risk of software supply chain attacks.
- Socket's solution is a scanner that detects malicious code and alerts developers when dependencies and packages are updated or added.
- Socket's impressive list of backers and clients, along with its ability to catch harmful code missed by other tools, contribute to its success.
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Inc42
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Image Credit: Inc42
Blinkit Q2 Revenue More Than Doubles YoY To INR 1,156 Cr
- Zomato's quick commerce arm Blinkit reported a revenue of INR 1,156 Cr in Q2 FY25, a 2X increase YoY.
- Blinkit's adjusted EBITDA loss narrowed to INR 8 Cr from INR 125 Cr in the same period last year.
- Blinkit's gross order value (GOV) surged 122% to INR 6,132 Cr in the September quarter.
- Zomato secured board approval to raise INR 8,500 Cr through qualified institutional placement (QIP).
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Yourstory
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Leadsquared's losses edge up to Rs 162.2 Cr in FY24; revenue up 9%
- SaaS unicorn LeadSquared reported a total loss of Rs 162.2 crore in FY24, compared to Rs 161 crore in the previous fiscal year.
- However, the company's revenue increased by 9% to Rs 279.3 crore in FY24, up from Rs 255.9 crore in FY23.
- Leadsquared experienced a 6.6% increase in total expenses, reaching Rs 486.45 crore in FY24, with a significant portion attributed to employee benefits expenses.
- During the latest funding round, LeadSquared raised $153 million, valuing the company at $1 billion and boasting a customer base of over 2,000 clients.
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Inc42
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Image Credit: Inc42
OYO Enters Corporate Travel Space With B2B Venture
- Hospitality major OYO has launched a new B2B product for corporate travel and event planning in India.
- The B2B arm, called Oravel Travel Solutions, offers corporate rates, comfortable stays, tailored meal plans, conference setups, and event support across 500+ company-serviced accommodations in India.
- OYO aims to streamline corporate travel management by providing dedicated support teams for check-ins, conference arrangements, and event logistics.
- OYO recently acquired US-based G6 Hospitality and reported its first profitable year in FY24.
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9 Likes
Hackernoon
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Image Credit: Hackernoon
Meet Super Duper Studios, Startups of the Year 2024 Nominee
- Super Duper Studios has been nominated in HackerNoon's annual Startups of The Year awards in Toronto, Canada.
- Super Duper Studios is a Gen Z social media agency that optimizes brands for the internet.
- They merge traditional brand strategy with tomorrow's social strategy to transform brands into internet citizens.
- Super Duper Studios has achieved milestones such as launching three Super Bowl ads and being the lead sponsor for the 2023 One Life Gala in Toronto.
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Yourstory
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1k
Image Credit: Yourstory
MPL parent M-League's revenue rises 22% to $130M in FY24
- MPL parent M-League's revenue increased by 22% to $130 million in FY24.
- MPL India's revenue surged by over 35% to $88 million in FY24, with a 60% increase in Gross Gaming Revenue and cash-paying monthly active users.
- M-League achieved breakeven with an Adjusted EBITDA of $0.2 million, significantly improving from the previous year.
- M-League's subsidiary GameDuell experienced 50% revenue growth and shifted focus to Free-to-Play games.
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VIE Stories
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30
Image Credit: VIE Stories
Lenskart Appoints Abhishek Gupta as New CFO
- Lenskart has appointed Abhishek Gupta as its new Chief Financial Officer (CFO), replacing Mukti Hariharan.
- Abhishek Gupta previously served as the CFO at OYO for nine years.
- As CFO, Gupta will be responsible for strategic planning, financial strategy, and corporate governance at Lenskart.
- Lenskart recently secured $20 million in funding from its co-founders.
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Economic Times
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260
Image Credit: Economic Times
Former Oyo exec Abhishek Gupta joins Lenskart as CFO
- Abhishek Gupta, former CFO of Oyo, has joined Lenskart as its CFO.
- Gupta left Oyo in March 2021 and joined Lenskart in August.
- Gupta replaces Mukti Hariharan, who is now VP of finance at Coca Cola India & Southwest Asia.
- Lenskart plans to invest $200 million in a new manufacturing plant and achieved a revenue run rate of $1 billion for the current fiscal year.
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15 Likes
AllTopStartups
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Image Credit: AllTopStartups
ITAD: Everything you need to know
- IT Asset Disposition (ITAD) is the process of retiring, reselling, recycling, or disposing of IT equipment in a secure and environmentally responsible manner.
- ITAD ensures data security by securely erasing sensitive data from decommissioned devices, reducing the risk of data breaches.
- ITAD promotes responsible recycling and disposal of IT equipment, contributing to a more sustainable IT ecosystem.
- Choosing the right ITAD partner is crucial to ensure a smooth and secure process, with certifications in data security and environmental compliance being important indicators.
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ISN
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Image Credit: ISN
Women’s western fashion brand Berrylush partners with GoKwik
- Women’s western fashion brand Berrylush has partnered with GoKwik, an e-commerce enablement platform, to enhance its online presence and accelerate growth.
- The partnership aims to double Berrylush's order volume and revenue by 2025 and expand its D2C footprint across deeper Indian regions.
- Berrylush plans to utilize GoKwik's shopper network and technology to provide an enhanced shopping experience, boost COD GMV, and reduce returns.
- GoKwik, with its market presence and solutions, will support Berrylush's growth plans and help reduce drop-offs and RTO rates in the coming months.
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