Agnikul cancels Maiden Launch, Relief for Byju’s, Amazon to buy MX Player and more

From Paytm's stake saga to Sanjay Nayar's startup fund finale, catch up on the highs and lows of India's entrepreneurial landscape. Learn about Agnikul's rocket setback, BYJU'S legal reprieve, and the impact of Zomato-Swiggy growth on QSR sales. Plus, uncover Zomato's lending revival plans and Amazon's potential MX Player takeover.

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What Matters

“Abhi Toh Khel Shuru Hua Hai”: Paytm denies report claiming Gautam Adani stake talks with Vijay Shekhar Sharma

Despite buzzing reports, Paytm has denied any stake deal with Gautam Adani's conglomerate. Rumors flew after Paytm's CEO Vijay Shekhar Sharma reportedly met Adani at his Ahmedabad office to discuss potential collaboration. Talks have been ongoing, with a recent meeting at Adani Corporate House.

If finalized, this deal would mark Adani's grand entry into the fintech arena.

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“Korbo Lorbo Jeetbo”: Former KKR India Head Sanjay Nayar's Startup Fund Hits Final

Sanjay Nayar, former head of KKR India, has successfully closed Sorin Investments' maiden fund, raising an impressive INR 1,350 Cr.

The fund has garnered support from notable investors such as KKR cofounder Henry Kravis, the Munjal family of Hero Group, and the Banga family of The Caravel Group. This milestone underscores the confidence and backing from industry giants.

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“Payega Jo Lakshya Hai Tera”: Spacetech Startup Agnikul Cancels Maiden Rocket Launch

Spacetech startup Agnikul had to cancel its maiden rocket launch, originally set for 05:45 AM IST, due to a last-minute technical glitch. This isn't the first hiccup for Agnikul, as previous lift-off attempts faced similar technical issues, pushing back India's second privately-built rocket's debut.

The rocket, Agnibaan SOrTeD, boasts a two-stage design capable of carrying up to 300 kg payloads into a 700 km orbit. Despite setbacks, anticipation remains high for Agnikul's eventual breakthrough launch.

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“Chaar Din Ki Chaandi”: Relief For BYJU’S As Karnataka HC Extends Stay On Resolutions Passed At EGM

In a significant relief for embattled edtech giant BYJU'S, the Karnataka High Court has once again extended the stay on resolutions passed by investors at the company's extraordinary general meeting on February 23.

This decision buys BYJU'S more time to navigate its current challenges.

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“Badi Duvidha Hai”: Rapid Growth Of Zomato, Swiggy To Hurt QSR Sales

BNP Paribas reports that the rapid growth of food delivery giants Zomato and Swiggy is expected to fragment QSR sales, impacting the already weak daily sales of the industry. With an increasing number of restaurants joining these platforms, consumer choices have expanded significantly.

Notably, the number of restaurants on Zomato alone has surged to 51 times the total branded QSR stores in FY24, up from 22 times in FY19.

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“Waqt Waqt Ki Baat Hai”: Zomato Mulls Lending Biz Revival, In Discussions With NBFCs For Merchant Lending

Zomato is considering reviving its lending business and is reportedly in talks with NBFCs to facilitate merchant lending, according to Moneycontrol. Operating as a loan service provider, Zomato plans to secure loans from its partners and offer them to potential borrowers for a fee.

This strategic move follows Zomato's voluntary surrender of its payment aggregator license earlier this year.

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“Saare Takht Palte Jaayenge”: Amazon India set to buy MX Player in a distress sale

Amazon India is on the brink of acquiring Times Internet-owned MX Player in a distress sale, sources reveal.

This marks Amazon's second attempt to secure the video streaming platform, with negotiations now in the final stages. If finalized, this acquisition will bolster Amazon's streaming portfolio, signaling a strategic move to enhance its presence in India's competitive digital entertainment market.

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1. Agritech startup FarMart has secured INR 24 Cr in debt funding to enhance its supply chain optimization with backing from General Catalyst, Matrix Partners India, Omidyar Network, and Avaana Capital.

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2. Difacto, a robotics and automation startup, has secured INR 40 Cr in its first financing round from Stakeboat Capital. This investment will fuel Difacto's innovation and expansion efforts in the dynamic robotics sector.

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3. Solinas Integrity, a climate tech startup, has secured funding from Neev Fund II and Rainmatter Capital to advance its mission in water conservation and sanitation. This investment underscores the growing support for innovative solutions addressing environmental challenges.

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4. Euler Motors has raised INR 200 Cr in an extended Series C round, bringing its total funding to INR 570 Cr. The investment will drive the expansion of its market presence, with plans to establish a footprint in over 40 cities by FY25 and enhance servicing infrastructure.

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