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BYJU’S in talks to go public via SPAC at $48 billion valuation: Sources
is in advanced discussions for a US public listing in partnership with Michael Klein’s special purpose acquisition company (SPAC), which could value the Indian tech giant at 48 billion dollarssources said.
Discussions are ongoing with Churchill Capital’s SPAC about the deal, which could be completed in the next few months, sources close to the development said.
They added that BYJU’S — India’s most valuable electronics startup — will raise about $4 billion at a valuation of about $48 billion.
Adda247 acquires UPSC test preparation platform Study IQ Education for $20 million
A leading online training platform for central/state government jobs, acquired an edtech platform focused on UPSC Education for approx $20 million (around Rs. 150 crores) in a cash and stock deal.
StudyIQ Education claims to be India’s largest edtech platform targeting the UPSC and State PSC segment. The platform currently has an organic subscriber base of more than 11 million and receives nearly 100 million views per month. Its gross receipts for the financial year 2020-2021 were 33 crore rupees with a growth of 3 times compared to the previous financial year.
Infogain acquires Bengaluru-based SaaS application development startup NNT
Infogain on Thursday acquired the Bengaluru-based Establishment of Nirman Technologies (NNT)a cloud application development startup that helps clients build platforms.
Commenting on the acquisition, Infogain CTO Sumanth Ahuja said the press release, “NNT’s expertise in AWS cloud application development, containerization, microservices, and DevOps deepens our experience across all three hyperscale clouds—Azure, GCP, and AWS.”
Both NNT and Infogain did not disclose the size of the acquisition.
The companies were in talks to collaborate on several projects prior to the acquisition. Rao adds that their synergy is in line with the evolution of each company’s platform and the growth opportunities that Infogain’s customer base provides for NNT’s platform.
Cuemath strengthens leadership team with new appointments ahead of next phase of growth
A platform for math lessons announces several new senior appointments as it continues to reorganize its leadership team.
The company has appointed Samir Kulshrest as CFO, Nisha Popli as CHRO, Janardhan Singh as head of sales and Anushraj Gupta as Chief Product and Technology Officer. Sameer and Nisha have already joined Cuemath, with the appointments of Janardhan and Anushray effective from January 2022. All new hires will report to Vivek Sunder, who was newly appointed as CEO in October.
According to the company’s statement, these key leadership appointments are critical to driving Cuemath’s international expansion as it aims to double the number of students on its platform in 2022.
Paytail launches all-in-one QR code for affiliate merchants
an active and fast growing player in the offline market of BNPL, has launched an all-in-one QR code for all partner retail stores.
With this QR code, merchants can offer zero-cost EMIs on all their products, irrespective of subsidies from brands. They will also receive the payment immediately against the current delays that these stores face from legacy players. Also, for shoppers, the in-app Scan and Pay feature allows converting any transaction with partner stores into zero-cost EMIs.
Paytail is also planning a “Premium Reseller Program” in the coming months. The initiative is focused on providing more free goods to key merchants who sign up for the program to help them attract more buyers.
Indian cricketer R Ashwin joins the BridgeLabz classroom as part of the #TaketheBridge campaign
an AWS-recognized incubator focused on enabling technology employment, recently launched the #TaketheBridge campaign, which focuses on enabling 100 percent technology employment through an experiential learning approach.
R Ashwin, an Indian cricketer, also attended one of the BridgeLabz classroom sessions as part of the campaign. The off-spinner, who is an engineer by education and also has experience working in the IT industry before taking up cricket professionally, shared his experience with the aspirants.
Through the #TaketheBridge campaign, BridgeLabz invites engineers, new IT students, IT and engineering students and professionals who want to transition into high-paying technology jobs. The campaign promotes the platform’s experiential learning approach to groom engineering talent.
Telangana Government, CoinSwitch Kuber, Lumos Labs Launch The India Blockchain Accelerator
After successfully launching and supporting eight innovative startups in the first edition of the T-Block Acceleratoron Telangana District Blockchainanchored by Telangana Govt and crypto unicorn launched the India Blockchain Accelerator today.
This second edition of the accelerator program is aimed at empowering the burgeoning blockchain startup ecosystem in India and sustaining its commitment to foster the creation of a “Blockchain Ecosystem of the Future” in India.
Edtech startup ByteLearn raises $9.5M led by 9Unicorns, Chiratae Ventures, Leo Capital
ByteLearn, an AI-based teaching assistant for students and teachers, announced that 9Unicorns, Chiratae Ventures and Leo Capital led a $9.5 million seed round of funding in the company. The startup will use the funds raised to develop products, expand globally and improve technology capabilities.
Venture Catalysts, Goodwater Capital, Earlsfield Capital, Kettleborough VC, PitchRight Ventures, AdvantEdge VC, Srini Rai (Growthstory), Anand Chandrasekaran (Facebook, F9), Arun Tadanki (Ex-Yahoo), Vikas Choudhury (Jio) also participated in the round. ), Ravi Bhushan (BrightChamps), Giri Malpani (Malpani Family), Abhishek Goyal (Traxcn), Ramakant Sharma (Livpsace), Ravi Garikipati (Ex Flipkart), Saurabh Saxena (Uable), Venkatesh SarvaSiddhi (Springer Nature), Tej Kapoor ( Fosun), Alok Mittal (Ex. Canaan Partners), Ashish Sharma (Innoven), Abhishek Agarwal (Facebook) and others.
NowFloats launches app management app Zadinga for retailers in India
announced the launch of Zadinga app, a platform designed to enable merchants to digitize all aspects of retailer operations from inventory management, multiple payment types, to creating an online store in minutes with a built-in local delivery service.
Users can also monitor their performance in real time; the app gives built-in reports that provide an overview of how the business is doing. It also has an option that allows users to check their daily, monthly and yearly sales and compare them with past results.
The app will facilitate easier payment and payments; merchants can collect payments via debit card, credit card, UPI, mobile wallets or one-time payment links. Digital Receipts also make the process easier, they can receive payment confirmation receipts via SMS and WhatsApp.
MapmyIndia, MoRTH, IIT Madras sign MoU to make road travel a safer bet
Government of India Ministry of Road Transport and Roads, IIT Madras and today signed an MoU to collaborate on driver and road safety technology and jointly launched India’s best and FREE TO USE navigation app service for all over 130 crore Indians.
The MapmyIndia app, enhanced with the support of MoRTH and IIT Madras, provides road safety alerts to users about impending accident hazards while driving.
Using this navigation app, users will receive voice and visual alerts about upcoming accident prone areas, speed breakers, sharp turns, potholes, etc. to ensure that they can drive carefully and avoid accidents. Additionally, through the app, users and authorities can also report and broadcast incidents, danger zones, road and traffic issues on the map to help other users, which will be analyzed by IIT Madras and MapmyIndia and then used by the government of India to improve road conditions in future.
Family offices, UHNIs, are increasing allocations to startup investments, the report said
Indian startups will continue to see increased traction from domestic family offices and ultra-high net worth individuals (UHNIs) who are allocating a larger share of their capital to invest in this segment, according to a report.
The Private Market Monitor report from in partnership with AZB & Partners and EY said that more than 40 percent of family offices have doubled their allocation to private markets in the past five years, and large check issuers prefer to participate directly in the startup capitalization table. This report is a survey of over 100 family offices and UHNIs.
“Family offices in India have evolved over time and now want to make a lot of investments in startups,” said Nimesh Campaignsco-founder and CEO of trica.
D2C startup The Clownfish raises funding from Velocity
Direct-to-consumer (D2C) launch. The clown fish has raised an undisclosed amount of Speed.in, India’s largest revenue-based financier. This is the first round of external funding raised by The Clownfish.
Clownfish, a lifestyle luggage brand, offers customers high-quality bags and purses at affordable prices. Its products range from travel briefcases, messenger bags to trendy backpacks, sling bags, rainwear and much more. The company was co-founded by Mahesh Subbia and Kushal Bhansali — with the goal of creating a brand that resonates with middle-class lifestyles.
Gaming platform Tournafest secures pre-funding of Rs 3.05 Cr
Tournafesta one-stop destination for the gaming community in India is assured pre-seed funding of Rs 3.05 crore from a bunch of investors and angels. The Rajasthan-based startup was founded in April 2021 by fresh graduates from IIT Roorkee. Investors in this round include India Coefficient, FirstCheque, Maninder Gulati (Global CSO Oyo Rooms), Abhinav Sinha (Global CPO and COO Oyo Rooms) and other prominent angels.
The Founding Members and 2021 Graduates of IIT Roorkee — Ayush Agarwal and Kaustubh Trivedi — are assisted by Utkarsh Yadav, Arun Jhajaria and Shubham Bhardwaj to conceptualize and establish Tournafest.
Tournafest is exclusively designed for the rapidly growing gaming community in India. It aims to provide gamers with an opportunity to compete in tournaments and practice battles organized by leading gaming communities in India.
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