📈 VC funding’s big comeback

The most interesting news selected specially for you! 04 July 2024 [View in Browser]( Hello, Koo’s coo goes silent. Once heralded as Twitter’s alternative in India, the social messaging platform has shut its operations after acquisition talks by media firm Dailyhunt fell through. The [micro-blogging platform]( founded by Mayank Bidawatka and Aprameya Radhakrishna in 2020, enabled users to post in regional languages. In other news, [Unacademy’s]( Gaurav Munjal has set the record straight amid reports of a potential merger or sale involving the edtech major. In a post on X, the Co-founder and CEO said the company is here for the “long run”. Meanwhile, [OYO]( has raised Rs 416.85 crore (about $50 million) from InCred Wealth and Investment, and will use these proceeds for growth, global expansion (including acquisitions), and enhanced business plans. The hospitality unicorn is also expected to refile its IPO papers after the conclusion of the ongoing round. Speaking of IPOs, Bain Capital-backed Emcure Pharmaceuticals’ public issue was fully subscribed by the latter half of the first day of bidding, driven by non-institutional investors. The issue, with a price band of Rs 960 to Rs 1,008 per share, will conclude on July 5. A day earlier, it had garnered [Rs 583 crore]( from anchor investors. [ICYMI:]( Sunny side up for breakfast comes by hard in Australia these days, and a nationwide egg shortage has led McDonald’s to trim its breakfast hours by 90 minutes! Lastly, if you are in the US now, we recommend you head over to Washington DC to witness some spectacular [Fourth of July]( celebrations! In today’s newsletter, we will talk about - VC funding’s big comeback - Sustainable travel companions - Supporting deeptech climate ventures Here’s your trivia for today: Which children's author also invented a surgical device? --------------------------------------------------------------- Funding VC funding’s big comeback the first six months of 2024, venture capital (VC) funding into Indian startups showed all the signs of a steady upward trajectory, as it rose by 45% compared to the preceding six months between July and December 2023. Indian startups raised a total of $6.4 billion in VC funding in the first six months of 2024. In contrast, they secured $4.4 billion in the second half of 2023, according to YourStory Research. Steady recovery: - The last two months—May and June—saw VC funding crossing $1 billion, an important benchmark for the ecosystem and an indication that this year’s funding will likely surpass the $10.8 billion figure in 2023. - The first six months of 2024 saw a total of 665 deals, but only eight deals exceeded the total value of $100 million. - Fewer large-value deals are the primary reason for VC funding continuing to remain at a modest level. Given the present funding winter scenario, such high-value deals have become few and far between. [Read More]( --------------------------------------------------------------- Funding Alert 1) Sentient: $85M|Seed 2) OYO: $50M|Series G 3) Bike Bazaar: $3M|Debt --------------------------------------------------------------- Startup Sustainable travel companions luggage market is pegged at about Rs 50,000 crore in India. The sector is dominated by a few players and is utility-driven. Customers care for good quality, smart-looking luggage. Mumbai-based Uppercase knows this, which is why it is making stylish yet durable luggage. Sustainability is an added advantage. Reducing waste: - Uppercase differentiates itself with its hard-backed polycarbonate luggage manufactured using a combination of virgin polycarbonate and recycled polycarbonate. - The company raised $1.5 million in a seed round from Emam Holdings in March 2022, followed by $7 million in a pre-Series A round led by Sixth Sense India Opportunities III later in July 2022. - The company currently manufactures 30,000 units of hard luggage per month and plans to raise production up to 60,000 to 75,000 units per month. [Read More]( --------------------------------------------------------------- Women Entrepreneurs Supporting deeptech climate ventures was the first catalyst for Bengaluru resident Gayathri Kuppendra Reddy’s sustained interest in climate needs. Her family business focused on rainwater harvesting and energy-efficient projects and her non-profit, KReate Foundation, which works on urban planning and water management, laid the groundwork for NOW Venture Studios (No Other World)—a deeptech and deep-science venture studio focused on sustainability and climate tech. Funding climate action: - In 2023, Gayathri was chosen as one of the Davos50 young leaders, bringing a voice to the issues faced by their generation at the World Economic Forum’s Annual Summit - NOW Venture Studio collaborates on developing deeptech sustainability and climate ventures, mitigating risks in the venture-building process and expediting their path to market. - Coming from a real estate background where fewer women participate in the sector, Gayathri says climate, which is a much newer space, will benefit from the empathy and lived experiences of women. [Read More]( --------------------------------------------------------------- From the CapTable Rapido's electric dreams: Inside the startup's EV auto pilot in Bengaluru Earlier this year, The CapTable reported that ride-hailing startup Rapido surpassed its older and larger rival Ola in terms of the number of rides it facilitated. That feat was achieved largely on the back of its thriving two-wheeler hailing business, where it is the undisputed market leader. Now, Rapido is attempting to repeat its two-wheeler dominance in the three-wheeler category as well. Increasingly, Rapido users in its home city of Bengaluru have seen electric autos pulling up when they book three-wheeler rides on the platform. This isn’t an indication of Bengaluru auto drivers transitioning to EV vehicles. Rather, it is the first signs of one of Rapido’s most ambitious pilots so far—a captive fleet of electric autos. According to two executives associated with Rapido, the company has deployed about 200 electric autos in the city, which it has leased from EV infra and services provider Sun Mobility. These vehicles are operated by drivers who are employed directly by Rapido. The pilot, say the two executives, has been running for close to two years now and has gradually been scaled up. Igniting change: - For close to two years now, Rapido has been operating a captive fleet of EV three-wheelers in Bengaluru. It has expanded this service to Delhi-NCR and Hyderabad as well. - Meant to minimise supply shortfalls on its platform, these EVs only get orders if all other drivers on the platform do not accept a ride. - This is the latest experiment by the ride-hailing company to win over customers from rivals Uber and Ola. - Running a fleet, though, is not the easiest of business, and despite running the pilot for a considerable while, Rapido has only expanded its EV fleet to a few cities. [Continue Reading]( --------------------------------------------------------------- News & Updates - [Renewable energy:]( ACME Solar Holdings, which operates solar and wind energy projects, has filed for an IPO to raise Rs 3,000 crore. ACME Solar will issue fresh shares worth up to Rs 2,000 crore, while its largest shareholder ACME Cleantech Solutions will offer shares worth up to Rs 1,000 crore. - [Crypto:]( Bitcoin has not reached the top of its current appreciation cycle and is likely to go past its all-time high this year, a research report by CCData said. Bitcoin hit an all-time high of above $73,700 in March but has since been trading within a range between roughly $59,000 and $72,000. - [One year:]( Meta’s Threads now has over 175 million monthly active users, Mark Zuckerberg said. The announcement comes two days away from Threads’ first anniversary. Zuckerberg revealed back in April that Threads had more than 150 million monthly active users, up from the 130 million reported in February. Here's what else we have for you Building blocks for a better future: Dr Pramod Varma on Joint Innovation Centre and digital public goods In association with AWS | AMD Dr. Pramod Varma of EkStep Foundation and Kanishk Agiwal of AWS take the stage at the AWS Bharat Innovators Series to discuss the future of digital public goods. Learn how these innovations are bridging gaps in access and affordability globally. [Know More]( --------------------------------------------------------------- Buoyed by its tech-focused approach, Flipspaces touches Rs 300 Cr ARRBuoyed by its tech-focused approach, Flipspaces touches Rs 300 Cr ARR In association with Flipspaces Interior design tech venture Flipspaces is tapping technology to enhance the accuracy and speed of project delivery and ensure that the final output aligns perfectly with a client’s vision. Its cutting-edge tech modules are transforming the way commercial spaces are designed and built. [Know More]( --------------------------------------------------------------- Experts reveal how AI Transforms the Future of customer experience and engagement In association with Exotel How can AI offer the right educational loan to a student from a Tier III town? Can GenAI provide confidence to a nervous student, or comfort an irate pet parent? Exotel and speakers from various industries discuss the power of AI to make incredible customer experiences. [Know More]( Did you know? Which children's author also invented a surgical device? Answer: Roald Dahl. In the 1960s, he came up with a cerebral shunt called the Dahl-Wade-Till shunt. We would love to hear from you! To let us know what you liked and disliked about our newsletter, please mail nslfeedback@yourstory.com. If you don’t already get this newsletter in your inbox, [sign up here](. 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