City Elevation Financial News

funding climate for Indian technology startups deteriorated year-over-year, with $29.7 million deployed across 6 funding rounds in the week from November 13 to 17. In the comparable week in 2022, startups had raised $189 million across 34 funding rounds. The deals in the 2023 week averaged at about $4.95 million per deal, versus $5.6 million per deal in 2022.

MUMBAI : Early-stage investors are increasingly backing CXOs who left established startups to pursue their entrepreneurial dreams, relying on their wealth of experience to steer business in challenging times. On Monday, Farid Ahsan, the co-founder of Sharechat who quit six months ago, said he has launched General Autonomy, a startup to help automate factories.

Elevation Capital and McKinsey India suggests. The report, shared with ET, estimates that by FY30, the number of affluent Indians will grow to around 30 million from around 10 million now, in turn doubling the revenue pool in this space to $80-100 billion.

₹665 crore) from Teachers’ Venture Growth (TVG), the late-stage investment arm of the Ontario Teachers’ Pension Plan (OTPP). The firm said it would use the fresh capital to drive growth and support its management team's ambitions. “We believe the logistics sector is at the cusp of technological disruption and this is the right time to expand service offerings to address the growing needs of businesses and consumers," said Amitava Saha, founder and chief executive officer at Xpressbees.

₹3,200 per share in the unlisted market, up from ₹2,750 a share a year back, according to analysts and investment bankers, owing to low supply and high demand. PE funds that invested in the stock even four years back at a price of ₹1,100 a share have already made 3x returns on their investments, investment bankers said. Even investors, mostly HNIs and neo rich who bought at ₹2,200 a share two years back have managed to get their capital back with the high dividend the company paid.

Created with creators and their communities in mind, GapUp promises to: Bridge the Knowledge Gap As the digital tide swells, consumers find themselves navigating through an ocean of information. The democratisation of content creation by social media has intensified the quest for authentic knowledge amidst the cacophony of the digital realm.

funding drought for Indian technology startups continued as a total of 16 deals were announced totalling $86 million in the week, down 11% by volume and 74% in value terms over the last week. Year-over-year, the week from September 16 to September 22, fared even more poorly. By volume, it was a 58% drop, and in terms of value, 71%.

Paytm, Acko, Swiggy and Mintifi, is increasing its focus on the sector." In an interview, Elevation Capital partner Mridul Arora spoke about his fintech portfolio and upcoming IPOs, besides sharing Elevation’s overall fintech investment strategy. Edited excerpts: We are kind of done for this year. As a focused investor, we do usually 2-3 investments across sectors in a year, but it’s not a hard cap.

Atlys on Wednesday said it has raised $12 million in a Series A funding round led by Elevation Capital and Peak XV Partners, formerly Sequoia Capital India. The round also saw participation from existing investors Andreessen Horowitz (a16z), musical duo Chainsmokers, South Park Commons, Pinterest Founders, among other investors, as per a statement.

Rathi, senior vice president (SVP) of revenue and growth at food delivery major Swiggy, on Thursday confirmed that he had resigned from the firm. ET had first reported on Rathi’s imminent departure from the firm on May 29.

startups, unless there is no one with a CEO designation. The women up for this year's award run a diverse set of startups.Founder: Ayushi Gudwani

The sector will tap into a revenue pool of around $70 billion, out of the overall financial services revenue pool of $620 billion by FY2030, according to The Bottomline: Elevation Fintech Report 2023. With over 9,000 fintech startups, India now has the world’s third largest fintech ecosystem after the US and UK, it added. The report, published by Elevation Capital and consultancy major McKinsey India on Wednesday, was compiled after interviews with over 20 industry leaders and a survey of more than 70 fintech founders and industry experts. Elevation Capital, earlier known as Saif Partners, has invested in startups like payment major Paytm, insurtech unicorn Acko, lending startup Axio (previously Capital Float), neobank Fampay, buy now pay later player Uni and others. Around $70 billion to $80 billion each have been pumped into retail lending and digital payments. SME lending as a sector has attracted around $55 billion while wealth management has brought in $40 billion to $45 billion, the report said. Between 2018 and 2022, equity infusion has gone up to $6 billion from around $2 billion, the report found.

Salary hikes for tech employees and leadership teams at startups in India cooled in FY23 after a two-year boom period as companies started to trim costs to stave off a broader funding winter, a survey by Elevation Capital showed. During the year, average salary hikes handed out to employees were between 8% and 12%, the survey of over 200 startups by the venture capital firm revealed.

MUMBAII, NEW DELHI : Ant Group transferred about 44% of its stake in One 97 Communications Ltd, which runs Paytm, to founder and chief executive Vijay Shekhar Sharma, a move seen as an effort to reduce the Chinese company’s ownership in the Indian fintech giant. Paytm said Resilient Asset Management BV, an overseas entity owned by Sharma, will acquire the ownership and voting rights of 10.3% of the stake in the company held by Antfin (Netherlands), a unit of Ant Group, formerly known as Ant Financial. Upon successfully completing this transaction, Sharma’s Paytm holding will increase to 19.42%, making him the company’s largest shareholder.

analytics software provider to business-to-business (B2B) marketing teams, said on Tuesday it has raised $3.6 million in funding led by Stellaris Venture Partners. Returning investors in this pre-Series A funding round included Elevation Capital and Emergent Ventures. Both had co-led a $2 million seed funding round in August 2021.

Polygon Labs, the developer company behind leading sidechain Polygon [MATIC], announced on 21 February that, at the beginning of the year, the company consolidated multiple business units, which resulted in a 20% reduction in its team.

CoinSwitch has announced to launch Web3 Discovery Fund, the company’s corporate venture capital initiative. The aforesaid fund will invest in and incubate early-stage startups building blockchain solutions for the rapidly evolving Web3 landscape. The Web3 Discovery Fund will curate portfolio startups and provide single-window access to marquee investor partners Tiger Global, Ribbit Capital, Coinbase Ventures, Sequoia Capital India, Woodstock Fund and Elevation Capital (ex-SAIF partners), and incubation partner Buidlers Tribe.

Polygon has partnered with technology management firm Lumos Labs to launch PolygonLEAP 2021 Accelerator. This partnership will support Indian startups that want to start their Web3 journey, build innovative token economies, and get access to mentorship, ecosystem and marketing support.