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Investors pump $7b into Indian startups in first half of 2024

Ana Mary Joseph
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Investors pump $7b into Indian startups in first half of 2024
  • 55 mergers and acquisitions took place during the first half of 2024, a decrease from previous years but still showcasing consolidation in the market.
  • The year 2021 saw more than 250 mergers and acquisitions which declined to 204 in 2022 and further reduced to 145 in 2023 and likely to hover around 100 in total by the end of 2024.
  • Byju’s, ReshaMandi, Swiggy, Ola, Cult.fit, Healthifyme, Scaler and PrepLadder top in terms of laying off employees during the first half.

The Indian startup ecosystem is currently experiencing a phase of recovery, marked by a number of positive trends such as larger funding rounds, an increase in the number of deals, a surge in secondary deals and ESOP buybacks, and a decline in layoffs.

According to data compiled by TheKredible, Indian startups raised almost $7 billion in funding in the first half of 2024 compared to $5.92 billion a year ago but  falling short of the $20 billion raised in first half of 2022, which was considered a golden phase for startups in terms of venture capital inflow.

The $7 billion funding included 182 growth or late-stage deals worth $5.4 billion and 404 early-stage deals worth $1.54 billion. Besides them were 99 undisclosed deals.

A couple of unicorns, Perfios and Krutrim SI Designs, emerged during this period, following a trend where 26 unicorns were created in 2022 and 44 in 2021, compared to only two in 2023.

Bengaluru leads

The increase in startup deals and funding in the first half of 2024 showcases significant growth compared to previous years. Notably, the top 10 startups each raised over $100 million during the first six months of 2024, with late-stage firms such as Zepto, Flipkart, PharmEasy and Lenskart securing hefty funding.

The month of June alone saw nearly $2 billion in funding, more than double the average monthly funding until May. In terms of mergers and acquisitions, there were 55 deals in the first half of 2024, a decrease from previous years but still showcasing consolidation in the market.

The year 2021 saw more than 250 mergers and acquisitions which declined to 204 in 2022 and further reduced to 145 in 2023. It is expected to hover around 100 in total by the end of 2024.

Several stress deals also took place during this period, including acquisitions like ZestMoney by DMI Group and MX Player by Amazon.

Bengaluru continued to lead the pack with 253 startups, raising over $2.83 billion in 2023, followed by Delhi-NCR and other cities contributing significantly to the total funding.

Indian startups

E-commerce startups dominated the segment-wise funding, followed by fintech, healthtech, SaaS, and EV startups. The distribution of funding across different stages of startups in the first half of 2024 showed 266 deals for seed and pre-seed startups, 134 for Series A, and 80 for pre-Series A, along with 58 debt fundings.

Positive trajectory

Despite some sectors seeing a decline in funding, overall, the Indian startup ecosystem appears to be on a positive trajectory in its recovery phase. Segment wise, e-commerce was at the top with 124 startups raising over $1.87 billion.

Fintech, healthtech, SaaS and EV startups were next on the list. Amount wise, EV startups raised more money than SaaS and healthtech. Agritech, foodtech, edtech and proptech saw their downfall during the first half of 2024.

Indian startups saw 3,300 people being laid off during the first half of  2024 which is roughly one-third of the over 9,000 in the second half of 2023 and 15,000 in the first half of 2023.

Byju’s, ReshaMandi, Swiggy, Ola, Cult.fit, Healthifyme, Scaler and PrepLadder topped in terms of laying off employees during the first half. During the first quarter of 2024, five companies – Resso, Rario, OKX India, GoldPe, and Muvin- shut their operations.    

Samsung launches AI-powered laptops in India

Ana Mary Joseph
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Samsung launches AI-powered laptops in India
  • At the heart lies the new Intel Core Ultra 9/7 processor, delivering performance and speed.
  • Samsung has also prioritised security by integrating a state-of-the-art Samsung Knox security chip, ensuring that user data remains protected at all times.

Samsung, the global technology giant, has recently unveiled its latest innovation targeting the tech-savvy consumers in India – the Galaxy Book4 Ultra.

Positioned as a game-changer in the laptop market, this new offering is set to redefine the standards of performance and user experience with its advanced AI-powered technology.

Packed with cutting-edge features and top-of-the-line specifications, the Galaxy Book4 Ultra is poised to leave a lasting impression on the tech landscape.

The Galaxy Book4 Ultra is available in two memory variants – 32GB and 16GB – catering to the diverse needs of users and up to 1TB of on-board storage. Starting at a competitive price point of Rs2,33,990, the laptop can be purchased directly from Samsung’s official website as well as select offline stores across the country.

With a sleek 16-inch display in a sophisticated Moonstone Gray finish, the device exudes elegance and style.

Interactive touchscreen

At the heart of the Galaxy Book4 Ultra lies the new Intel Core Ultra 9/7 processor, delivering performance and speed. Samsung has also prioritised security by integrating a state-of-the-art Samsung Knox security chip, ensuring that user data remains protected at all times.

The inclusion of a dedicated Nvidia GeForce RTX graphics card elevates the device’s visual prowess, making it an ideal choice for multimedia enthusiasts and gamers alike.

One of the standout features of the Galaxy Book4 Ultra is its touchscreen interface, coupled with a Dynamic AMOLED 2X display. Offering a 3K super-resolution and an adaptive 120Hz refresh rate, the laptop guarantees smooth visuals and an immersive viewing experience free from lags or stutters. The interactive nature of the touchscreen interface enhances user engagement and provides a seamless digital interaction.

In a bid to enhance connectivity and versatility, Samsung has equipped the Galaxy Book4 Ultra with a myriad of ports, including the latest HDMI 2.1 interface and Thunderbolt 4 support.

Integration of devices

The inclusion of a large touchpad further amplifies usability, while enabling lightning-fast file transfers that are eight times faster than conventional USB 3.2 connections. This attention to detail underscores Samsung’s commitment to providing a comprehensive and user-centric computing experience.

Moreover, the Galaxy Book4 Ultra offers a unique feature that allows users to harness the power of their smartphones as a connected camera, thereby enhancing video calls and content creation.

The seamless integration of devices underscores Samsung’s commitment to fostering a connected ecosystem that simplifies everyday tasks and boosts productivity.

Interestingly, Samsung has bolstered its Galaxy Book Series with the introduction of the Galaxy Book 4 Pro, Galaxy Book 4 Pro 360, and Galaxy Book 4 360 in the Indian market. Each model is powered by Intel’s latest Core Ultra chips with AI capabilities, underscoring Samsung’s dedication to innovation and pushing technological boundaries.

India’s little yellow bird says final goodbye

Mohammed Fahad
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India’s little yellow bird says final goodbye
  • Platform was struggling to compete with larger players and was in need of a strategic partnership to propel its growth.

In a surprising turn of events, India’s micro-blogging platform Koo has made the decision to discontinue its services to the public following unsuccessful partnership talks.

The announcement was made by Koo founders Aprameya Radhakrishna and Mayank Bidawatka in a LinkedIn post, where they expressed their disappointment in the outcome of the discussions.

According to the founders, Koo had been in talks with several larger internet companies, conglomerates, and media houses in the hopes of forming a partnership.

However, these discussions did not yield the desired results, with many potential partners shying away from dealing with user-generated content and the unpredictable nature of a social media company. Some partners even changed their priorities at the last minute, leading to the collapse of the negotiations.

Faced significant challenges

Despite having secured over $60 million in funding from prominent investors like Tiger Global and Accel, Koo faced significant challenges in expanding its user base and generating revenue over the past year.

The platform was struggling to compete with larger players in the market and was in need of a strategic partnership to propel its growth.

In February, media firm Dailyhunt was reportedly in advanced talks to acquire Koo, but the deal did not materialize. At its peak, Koo had amassed around 2.1 million daily active users and 10 million monthly active users, including over 9000 VIPs from various fields.

The founders believed that they were on the cusp of overtaking Twitter in India in 2022 and were confident that with the right capital backing, they could have achieved this milestone.

However, the founders acknowledged that the prevailing market conditions and the funding winter had taken a toll on Koo’s prospects.

They admitted that the mood of the market had turned against them, making it difficult to secure the necessary resources to sustain their operations. Ultimately, the founders felt that it was in the best interest of Koo to discontinue its services rather than continue to struggle in a challenging environment.

Luxriot appoints Sandesh Kaup to spearhead India growth 

TCN Bureau
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Luxriot appoints Sandesh Kaup to spearhead India growth 

US-based video and data management software provider Luxriot has named Sandesh Kaup as the new Director for the Indian incorporated registered company – Luxriot India Private Limited.

“We are delighted to have our new India Director in the Luxriot family! Sandesh comes with a wealth of experience in video and data management software. With our key market differentiators encompassing open platform, scalable solutions, and efficient performance, our security and video surveillance software stands at the forefront of innovation today,” Vitaly Bondarenko, Luxriot’s Executive Director, and CTO said.

At Luxriot, Kaup’s primary objective will be to establish Luxriot as the video and data management software (VDMS) leader; the comprehensive solutions provider of well-designed, top-quality and high-performance VDMS.

Kaup said that his aim is to drive innovation and expand market leadership by harnessing the prowess of cutting-edge technology.

“I look forward to contributing to the transformation of the video and data management software landscape in India by putting our customers at the heart of everything we do.”

Uber launches range of nautical adventures in six tourist hotspots

Ana Mary Joseph
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Uber launches range of nautical adventures in six tourist hotspots
  • Offering is part of Uber’s broader initiative to enhance the travel experience for customers visiting popular European locales.

Uber’s innovative summer travel products are set to enrich tourists’ experiences across Europe. Offering a unique blend of luxury and convenience, Uber is introducing a range of nautical adventures to cater to the wanderlust of travelers in some of the continent’s most sought-after destinations.

The highlight of Uber’s summer lineup is the debut of Uber Yacht in Ibiza, promising an unprecedented level of opulent travel at an affordable price.

For just €200 per head, groups of up to 8 people can embark on an exclusive eight-hour journey aboard a luxurious Sunseeker Yacht, complete with a personal skipper and artisanal snacks.

Stylish transportation

The convenience factor is not overlooked, with seamless transfers provided to and from the yacht from any location on the island.

The offering is part of Uber’s broader initiative to enhance the travel experience for customers visiting popular European locales.

In Venice, travelers can soon summon a ‘Limo Boat’ through the Uber app, providing a unique mode of transport to navigate the city’s iconic waterways. Similarly, Uber Boat services in Greece will expand to connect major coastal destinations, offering stylish transportation to beach clubs and hidden gems.

For those exploring Paris, Uber Cruise presents an enchanting one-hour tour along the Seine River aboard an all-electric boat, offering panoramic views of iconic landmarks such as Notre Dame and the Eiffel Tower.

Exclusive offerings

The introduction of these nautical experiences stems from a notable uptick in demand for Uber’s services among international travelers in Europe.

With customer numbers rising significantly in locations like Greece and Spain, Uber is committed to catering to the evolving needs of tourists seeking unique and unforgettable travel experiences.

Anabel Diaz, Vice President of EMEA Mobility at Uber, expressed excitement about the company’s efforts to enrich customers’ journeys with these exclusive offerings.

“As Uber continues to redefine the boundaries of travel, these new products are poised to elevate the vacation experiences of millions of travelers across Europe this summer.”

While availability for Uber Yacht, Uber Cruise, and other Uber Boat trips is anticipated to be limited and contingent on weather conditions, the prospect of embarking on these tailor-made adventures promises an unparalleled fusion of luxury and adventure for travelers seeking to explore Europe’s maritime wonders.

Adyen ties up with noon to enhance e-commerce payment solutions

TCN Bureau
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Adyen ties up with noon to enhance e-commerce payment solutions
  • Adyen’s single platform offers a suite of services, including point-of-sale, advanced 3D secure and risk configurations, and shopper insights.

Dutch payment company Adyen in a bid to accelerate the region’s digital economy has tied up with Dubai-based e-commerce platform – noon.

Starting in 2017, noon is now a digital ecosystem of products and services created to serve and support local shoppers and businesses in the UAE, Saudi Arabia and Egypt.

noon had developed its in-house payments method but the tie up with noon will enhance payment solutions for merchants and customers in the region.

Adyen’s single platform offers a suite of services, including point-of-sale, advanced 3D secure and risk configurations, and shopper insights.

 “We are proud to empower noon’s ambitions. It’s a pleasure to work with local businesses that have shaped the e-commerce landscape in the MENA region. Our goal is to provide noon with a seamless payment platform that not only meets the current needs of merchants and customers but also anticipates future challenges and opportunities in the rapidly evolving digital economy,” said Sander Maertens, Head of Middle East at Adyen, said.

“noon has rapidly built deep native capabilities on payments to bring the best payment experiences to the market here in the Middle East. We are now onboarding Adyen to help us take our efforts to the next level,” Mosam Gadia, SVP, Payments at noon said.

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