Agnikul Aiming For Stars, Ola Streamlines Operations, Swiggy Soars With Valuation Hike and more

Agnikul aims for the stars with satellite launches by 2025, while Anant Yardi reshapes WeWork post-bankruptcy. Amid IPO excitement, Ola Electric streamlines operations, and Binance adjusts P2P trade methods. Swiggy soars with a valuation hike, while Battery Smart and Zepto team up for electric revolution. All that plus fundraising and financial news.

Grab your simmering cup of StartupChai and unwind with out hand-brewed memes.

What Matters

“Hum Honge Kamiyaab”: Agnikul eyes to launch satellites by 2025

Chennai-based Agnikul Cosmos, fresh off the successful test flight of its Agnibaan rocket, is gearing up to launch satellites by early 2025, says CEO Srinath Ravichandran.

The recent flight of their Agnibaan Sub-Orbital Technology Demonstrator (SOrTeD) marks a significant step towards achieving orbital precision. With this milestone, Agnikul is on track to start generating revenue by the next fiscal year.

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“Kaafi Zyada Dramatic Twist”: Indian-origin tech tycoon Anant Yardi takes majority stake in WeWork after bankruptcy restructuring

In a dramatic twist for WeWork, Indian-American tech tycoon Anant Yardi has taken a majority stake after the company's valuation nosedived from $47 billion to $750 million by April 2024.

This bold move marks a new chapter for the beleaguered shared office space giant as it emerges from bankruptcy. Yardi's involvement is expected to breathe new life into WeWork's future.

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“Savdhaani hati, Durghatna Ghati”: Govt Warns Users Of Vulnerability In Check Point Gateway Products

The government has issued a warning about a vulnerability in Check Point Gateway products that could let hackers compromise your data. This flaw, affecting internet-connected gateways with IPSec VPN, could give attackers access to specific information.

Fortunately, Check Point has rolled out a solution to safeguard against this threat.

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“Khelo Dimaag Se”: IPO-Bound Ola Electric Plans To Cut 400-500 Jobs To Streamline Operations

In a strategic move ahead of its IPO, Ola Electric, led by founder Bhavish Aggarwal, plans to cut 400-500 jobs to streamline operations and reduce costs. While the exact number of layoffs is still being finalized, various verticals will be affected, and some positions may be filled with lower-cost hires.

Despite these changes, the overall headcount at Ola Electric is set to decrease as the company sharpens its focus on financial efficiency.

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“Watching The Wheels Go Round”: Binance Discontinues Cash Payment For P2P Trades In India

Binance is discontinuing cash payments for P2P trades, a popular workaround for avoiding government crypto taxes. This move follows reports that the FIU has cleared Binance and Kucoin to operate as virtual asset service providers in India.

Earlier this year, India blocked access to Binance and eight other offshore crypto platforms over alleged anti-money laundering violations.

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“Abhi Toh Party Shuru Hui Hai”: Baron Capital Marks Up Swiggy’s Valuation To $15.1 Bn

Baron Capital has bumped up Swiggy's valuation to $15.1 billion, a 25% increase from its previous $12.1 billion valuation in December 2023. Their quarterly report shows Baron Capital's stake in Swiggy now valued at $109 million, up 42% from their original investment.

This comes as Swiggy preps for its mega IPO, having filed its papers via the confidential pre-filing route.

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“EV Ki Sawari”: Battery Smart partners with Zepto to provide access to 1000+ EV battery swapping stations

Battery Smart, a battery swapping network for electric two and three-wheelers, has partnered with Zepto to deploy 10,000 new electric vehicles to its fleet by this financial year.

The collaboration will provide Zepto’s EV delivery partners access to Battery Smart’s nationwide network of 1000+ battery swapping stations, enabling two-minute battery swaps across 30+ cities

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1. Greenday's FMCG brand Better Nutrition has scored big by bringing on badminton star PV Sindhu as an investor and brand ambassador. The Lucknow-based agritech startup will use her investment to expand its NutriFarms project and enhance its biofortification technology.

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2. In a boost before its anticipated IPO, eyewear retailer Lenskart secures $200 million from Temasek and Fidelity. This move underscores Temasek's reaffirmation of its investment in Lenskart, while Fidelity joins the company's roster of backers.

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3. AstroTalk, the online astrology platform, secures $9.5 million in an extension of its Series A round, valuing the company at $300 million. With backing from existing investors Left Lane Capital and Elev8 Capital, AstroTalk is poised for further growth in the mystical realms of digital astrology.

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4. Led by Vamsi Krishna, Vedantu narrows its losses by 46% to INR 372.6 Cr in FY23, yet also experiences a revenue decline, indicating a complex financial landscape for the online learning platform.

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5. Ahmedabad-based Lendingkart bolsters its financial position with a Rs 100 crore debt infusion from Stride Ventures, further fortifying its support for small and medium enterprises. This strategic move marks Lendingkart's second significant debt closure within the past year.

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