60% of Haryana-based start-ups may not invest in the state following the law which stipulates 75% job reservation for locals with a monthly salary of up to Rs 50,000 in the private sector. Nasscom, in a survey, said that the law which comes into effect from May 1, is going to hit hard to start-ups as 67.3% of their workforce earn below Rs 50,000 per month. Besides, startups involved in deeptech, edtech need high-end AI and ML skill resources, which is hard to find locally.
Clubhouse, as per media reports, is in talks with investors to raise funds at a valuation of about $4 bn. The deal, if and when happen, would quadruple the start-up’s value from Jan and would reflect the high expectations of investors from the audio app. The reports, however, did not reveal how much Clubhouse is seeking to raise or named the investors who may participate. Clubhouse didn’t respond to the media queries.
Bangalore, India based social commerce startup Meesho has raised $300 mn in a round led by SoftBank Vision Fund 2. The new round, which also included existing investors Facebook, Prosus Ventures, Shunwei Capital, Venture Highway and Knollwood Investment, values the five-year-old startup at $2.1 bn. The firm operates an online marketplace that connects buyers and sellers on WhatsApp, Facebook and Instagram and has a network of 13 mn entrepreneurs, mostly women.
AWS in collaboration with a London-based investment group Seraphim has launched a four-week business support programme “Space Accelerator” to help space startups take the next level of growth. Startups planning to use AWS to help solve the challenges in the industry can apply for the programme which is already open and will continue till April 21. AWS and Seraphim will provide technical, business, and mentoring to space startups across the world.
Coursera opened 18% above the IPO price in its NYSE debut in the USA on Wednesday valuing the e-learning platform at $5.08 bn. The stock opened at $39, higher than the IPO price of $33 per share. During the latest fundraising round in July 2020, Coursera was valued at $2.57 bn. The US-based firm on Tuesday priced 15.7 mn shares at the upper end of the $30 to $33 range it had announced, raising around $519 mn.
Amazon has acquired Perpule, a four-year-old Indian startup helping offline stores to go online. The e-comm firm paid $14.7 mn to acquire the startup in an all-cash deal. Amazon will spend an additional around $5 mn to compensate the employees of Perpule. The startup, which had raised $6.36 mn, provides a mobile payments device to offline retailers for accepting digital payments and help them to have a presence on various mini-app stores — Paytm, PhonePe and Google Pay.
Purplle, an Indian e-comm platform for beauty products, has raised $45 mn in a new financing round led by Sequoia Capital India and existing investors Verlinvest, Blume Ventures, and JSW Ventures at a valuation of $ 300 mn. The eight-year-old startup has raised $95 mn to date. IvyCap Ventures, having an investment of $2 mn in the firm, partially exited at a 22X return. Purplle.com sells nearly 50,000 products from over 1,000 brands and have 7mn MOU.
One MobiKwik is planning an IPO before Sept to raise $200– $250 mn, at a valuation of around $ 1 bn. The digital payment startup is planning to process its first draft IPO prospectus by May in Mumbai. The Gurgaon-based firm also plans to have pre-IPO funding round at a valuation of about $700 mn. Founded in 2009, the company has received investment from Sequoia Capital and Bajaj Finance among others.
West Bengal based start-up Magitronix EComm is targetting small-town buyers and providing a platform to local electronics shops not able to get into the network of big e-com players. The startup has, recently, received approval from the commerce ministry and will soon start transactions on its portal ‘Ononya.com.’ “We do not have any warehousing facility. Neighbourhood electronics shops will act as sellers,” Magitronix CEO Indrajit Ghosh said.