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Quick commerce company Zepto has raised $665 million from new and existing investors. Jupiter's NBFC business, Amica Finance, raised Rs 20 crore in equity funding from Peak XV Partners, Matrix Partners, and others. The funding round included issuance of Series A CCPS at Rs 20.43 per share. Jupiter obtained an NBFC license from RBI and a prepaid payments instrument license.
Investment News
Peak XV is the most active investor in Indian startups with investments in 47 entities, according to the ASK Private Wealth Hurun India Future Unicorn Index 2024. Accel follows Peak XV with investments in 25 companies poised to become unicorns.
Pine Labs is reportedly considering a US IPO that could value the company at over $6 billion. The offering is expected to include both new and secondary shares, and the company may pursue a pre-IPO funding round. Bengaluru's River and International Battery Company's investments in Bengaluru rural district to create jobs and revolutionize electric mobility, supported by global investors.
Business Updates
Unicommerce Esolutions has tagged SoftBank, Snapdeal cofounders Kunal Bahl and Rohit Bansal as promoters in an addendum to its draft IPO prospectus, expanding the list of promoters from the original filing with only AceVector Ltd named. SoftBank, Bahl, and Bansal signed an indemnity agreement to protect themselves from liabilities as promoters of Unicommerce.
Silicon Valley investor General Catalyst has acquired Indian early stage fund Venture Highway.
Industry Insights
The central bank has mandated credit card bill payments through Bharat Bill Payment System (BBPS), but only eight of 34 banks are live on the network, causing concern among payment companies.
Silicon Valley investor General Catalyst has acquired Indian early stage fund Venture Highway.
Technology Trends
According to the ASK Private Wealth Hurun India Future Unicorn Index 2024, India is poised to witness the addition of at least 152 new unicorns (startups valued over $1 billion) from 31 cities over the next 3-5 years. This growth would expand the current count of 67 unicorns.
Project Gameface, is an open source, hands-free, on-device, AI-powered ‘mouse’ developed by Google that allows phones, computers to be controlled with facial expressions.
Employee News
The average pay-out, according to several employees, has dropped to 60% for the final quarter of fiscal 2024. It had announced a variable bonus pay-out of 73% for the October-December period, 80% for the quarter through September and 75% for the first quarter of the fiscal year.
