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Inc42
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OfBusiness Undertakes INR 100 Cr ESOP Liquidation Programme
- IPO-bound OfBusiness has undertaken an ESOP liquidation programme worth INR 100 Cr since the beginning of the year.
- Over 100 employees have benefitted from the ESOP liquidation programme.
- Majority of the liquidation worth over INR 70 Cr took place in the last three months.
- OfBusiness is planning another secondary round before filing its IPO for partial exits and further ESOP liquidation.
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ISN
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'When students of my age were partying, I had sleepless nights working:' Delhi founder who earns $500K annually
- A 23-year-old Delhi-based entrepreneur named Kushal Arora recently shared his journey towards success on social media.
- Arora reflects on sacrificing his social life and working tirelessly while his peers were partying and enjoying themselves.
- His post received praise from some for inspiring his generation, but also faced criticism for creating pressure on young people to achieve similar success.
- Arora clarified that he runs a legitimate marketing company and encouraged those not interested to mute his content.
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Inc42
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iD Fresh Food Turns Profitable In FY24, Posts INR 1.8 Cr PAT
- iD Fresh Food turned profitable in FY24, reporting a net profit of INR 1.84 Cr.
- The company's operating revenue increased by 16% to INR 395.76 Cr in FY24.
- iD Fresh Food sells packaged ready-to-cook and frozen food products.
- The startup's expenses grew at a slower pace than its revenue, with a total expenditure of INR 398.75 Cr in FY24.
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ISN
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Mumbai-based Qure.ai's revenue rises by 83% to Rs 141 crore in FY24, losses decline by 39%
- Qure.ai, a Mumbai-based startup specializing in AI for medical diagnostics, reported an 83% increase in revenue in FY24.
- The company's revenue grew to Rs 141 crore, driven by AI solutions assisting in diagnosing tuberculosis, lung cancer, and stroke.
- AI solutions accounted for 87.23% of Qure.ai's revenue, totaling Rs 123 crore.
- Despite increased costs, the company reduced losses by 38.5% to Rs 48 crore, attributed to effective scaling and cost controls.
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ISN
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4.4k
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Early-stage VC firm 8i Ventures exits M2P Fintech with massive 12x returns
- Early-stage venture capital firm 8i Ventures has fully exited its investment in M2P Fintech, achieving a remarkable 12x return on its initial capital.
- The firm invested Rs 9.7 crore in M2P Fintech in January 2020 and realized a total return of Rs 115.9 crore.
- The exit was part of M2P Fintech's recent $100 million capital raise, which included primary and secondary transactions.
- 8i Ventures' decision to invest in M2P Fintech was based on the company's vision to create a global Banking-as-a-Service platform.
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ISN
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5.3k
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Google engineer rejected for being 'too good' for a job role at a startup; shares rejection letter
- A Google software engineer named Anu Sharma shared a rejection letter from a startup where she applied for a job.
- The reason for her rejection was that she was deemed 'too good' for the role.
- Anu's post quickly gained traction on social media, sparking a conversation with netizens engaging in light-hearted banter.
- Some users shared their own experiences of being rejected for being overqualified or from higher ranking colleges.
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Inc42
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5.7k
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PayU Defers IPO Plans, Eyes Public Listing In FY26 Now
- PayU India, owned by Prosus, has delayed its plans for public listing.
- The company is now aiming to go public in the financial year 2025-26 (FY26).
- PayU has chosen Goldman Sachs as one of the lead bankers for the IPO.
- PayU India has a merchant base of over 5 lakh and generates over $60 billion in total payments volume (TPV).
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ISN
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8.4k
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Women-focused fashion tech startup Anny raises funding led by FAAD Capital, others
- Anny, a women-focused fashion tech startup, has raised an undisclosed amount in a seed funding round led by Faad Capital.
- With the funding, Anny plans to accelerate its expansion by focusing on AI technology, supply chain improvements, and talent acquisition.
- The startup aims to introduce over 500 new products each month and plans to launch a mobile app and physical store.
- Anny aims to offer women a fashion-forward and accessible wardrobe, leveraging technology to stay on top of trends and ensure quality.
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Inc42
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Karnataka To Impose 1-2% Transaction Fee On Platforms Like Zomato, Uber
- Karnataka Labour Minister confirms the imposition of a cess on online aggregator platforms for every transaction.
- The funds collected from the charges will be used for the welfare fund of gig workers.
- The state government plans to levy a 1-2% fee on transactions made through platforms like Zomato, Swiggy, Flipkart, Amazon, Ola, Uber, etc.
- The move is part of the government's efforts to provide social security measures for gig workers.
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Startupreporter
4w
22
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Siddu Reddy Kandakatla Wins 2024 Emerging ISR Leader Award for Educational Initiatives
- Siddu Reddy Kandakatla, founder of KSR Projects, has won the prestigious Emerging ISR Leader Award 2024 for his educational initiatives.
- Siddu Reddy's work focuses on improving access to education for underprivileged children in Telangana.
- He has transformed government schools, provided quality education, and expanded opportunities for those in need.
- Siddu Reddy plans to launch a new girls-only school, Kasturba Gandhi Patashala, to empower young women through quality education.
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Medium
4w
391
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Lacking Shared Vision: How to Solve Co-Founder Conflicts
- Co-founder conflicts in startups can be resolved by understanding motivations and values.
- Identify each co-founder's motivations, whether it's wealth, family, or control.
- Find out each co-founder's values and address value conflicts.
- Establish clear agreements, responsibilities, and visions in a formal document.
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Yourstory
4w
106
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Refurbished phones and the circular economy: closing the loop in tech consumption
- Refurbished phones are emerging as a pivotal solution to address manufacturing waste and e-waste and close the loop in tech consumption.
- The circular economy is an economic model designed to minimize waste and promote the continual use of resources.
- Refurbished phones, also known as pre-owned or recycled phones, undergo a rigorous process of testing, repair, and upgrades before being offered for resale.
- By opting for refurbished devices, consumers are helping reduce the demand for raw materials like gold, copper, and cobalt.
- Traditionally, tech consumption followed a predictable cycle leading to a massive buildup of electronic waste (e-waste) containing hazardous materials like lead, mercury, and cadmium.
- Manufacturers are increasingly embracing refurbishment and trade-in programs to promote device reuse.
- Despite the many benefits, the refurbished phone market faces several challenges, including consumer confidence and product design.
- To overcome these challenges, companies can offer warranties, certifications, and transparent information about their refurbishment processes.
- Additionally, manufacturers need to prioritize modularity and repairability in their designs, ensuring that components can be easily replaced or recycled.
- By incorporating these principles, manufacturers can create devices that are more compatible with the circular economy and reduce barriers to refurbishment.
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Yourstory
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369
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Breaking the menopause taboo; Eruditus prepares to shift base to India
- Gold surpasses $2,700 amid safe-haven demand and monetary easing expectations; early-stage VC firm 8i Ventures earns 12x return on investment in M2P Fintech; BYJU’S founder admits overestimating company growth potential; biotech firm 23andMe on verge of bankruptcy; Worldcoin rebrands as World, shifting focus to biometric eye-scanning tech; online education platform Eruditus raises $150m amid upskilling demand, plans shift to India; KPR Mill's unconventional approach to business prioritises compassion and gender diversity.
- On World Menopause Day, we examine the physical, emotional, and social challenges presented by perimenopause and menopause, the experience of which is being addressed by Indian startups with supportive communities and products, and the engagement of workplaces.
- Female-founded femtech startup Miror offers communities on WhatsApp to facilitate discussion and advice-sharing in regards to the mental and physical challenges faced by women during menopause.
- Eruditus seeks acquisitions in enterprise solutions and study abroad programmes with funds raised by Series F funding round, largely led by TPG’s The Rise Fund. The company also plans to relocate to India; CEO and Co-founder Ashwin Damera aims to have India contributing 40-45% of revenue within the coming years.
- KPR Mill founder KP Ramasamy promotes a culture of compassion and gender diversity, with 95% of the company’s 30,000 workforce being women. The company also provides career development initiatives, indirectly aiding over one million women.
- The top US automotive safety regulator opens a new investigation into Tesla’s Full Self-Driving (Supervised) software after four reported crashes involving the programme and following a fatal accident with a pedestrian.
- All live sports streamed by the newly merged Disney-Reliance business on its app, including IPL cricket, will now only be available on Disney's Hotstar app.
- Trivia Question: In which country is the active volcano Popocatepetl located? Answer: Mexico.
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StartupDaily
4w
218
Drone delivery startup Swoop Aero stalls, lands in administration
- Drone delivery startup, Swoop Aero, has been placed in administration as co-founder Eric Peck claimed pressure from investors placed the business in that position.
- The business continues to trade under the administrator’s control as it looks for a new investor or buyer.
- Peck claimed to the AFR that the Melbourne business had been under pressure from a key investor while being unable to secure a modest sum, described as “just a few hundred thousand dollars” to complete production of its Kite drones.
- The Series B was led by CSIRO-backed VC fund Main Sequence, with support from Melbourne impact fund Giant Leap and US investor In-Q-Tel, the defence tech investment arm of the CIA.
- Peck declined to name the investor responsible, but said they were “stuck in a loop where we needed to ramp up manufacturing to ramp up revenue, but we needed capital”.
- Founded in 2017 with a focus on delivering urgent supplies, especially medicines, to remote areas, Swoop also partnered with governments and healthcare organisations across the Pacific and Europe.
- The Kite drone was developed Swoop’s Australian-based engineers to travel at up to 200km/h across a range of more than 180km on a single battery charge, with a 5kg payload.
- Mike Nicholls of Main Sequence said his team will work with the administrator to ensure the best outcome for stakeholders.
- Giant Leap managing partner Will Richardson said it was “incredibly regrettable” that Swoop was placed in voluntary administration.
- Administrator Simon Nelson will hold the first creditors meeting in Melbourne on Thursday, October 24.
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VIE Stories
4w
8
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Parimatch Bangladesh Uncovered: An All-Inclusive Review of Betting Platform
- Parimatch BD is an online betting platform that caters to a diverse audience of gamblers and sports enthusiasts.
- The platform offers a variety of sports betting markets, including football, basketball, and tennis, alongside an extensive selection of casino games.
- With an emphasis on providing a secure and enjoyable gambling experience, Parimatch Bangladesh employs advanced encryption technologies to protect users’ data and transactions.
- Creating an account on Parimatch is a straightforward process that allows you to dive into the world of online betting with ease.
- Placing a bet on Parimatch in Bangladesh is a straightforward process that allows users to engage with a wide array of sports and gaming options.
- The user interface of Parimatch site is designed with a focus on accessibility and ease of use, ensuring that both novice and experienced bettors can navigate the platform effortlessly.
- The sportsbook on the Parimatch Bangladesh website offers a comprehensive and dynamic betting experience that caters to a wide range of sports enthusiasts.
- The online casino section of Parimatch Bangladesh offers an exhilarating range of games, catering to all types of players with diverse tastes.
- Parimatch offers a variety of convenient payment methods to ensure that users can easily deposit and withdraw funds.
- Parimatch prioritizes customer satisfaction by providing robust support services to assist users with any inquiries or issues they encounter.
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