Big Raises, IPO Bumps, UPI Game Changer, VC Turns Founder: Today's StartupChai

Tribe Capital injects $75 Mn into Shiprocket, while General Catalyst's Anand Chandrasekaran shifts focus to his AI venture. IPO-bound FirstCry faces a loss, while Cleartrip sees a CFO shake-up. NPCI eyes lower fees to boost UPI credit, and BluSmart zooms past INR 500 Cr ARR. Investcorp grabs NSE's digital arm, and Tamil Nadu Police warn of AI-driven scams.

Dive into today’s issue of StarupChai and unwind with our hand-brewed memes.

What Matters

“Bade Bade Shehro Mein, Aisi Chhoti Chhoti Baatein”: Tribe Capital Doubling Down On Shiprocket With $75 Mn Infusion

Tribe Capital's Arjun Sethi spills the beans on their latest move, where they're not just throwing cash but also diving deep into building and snagging companies in India. And guess who's in their sights? Shiprocket. They're pumping $75 Mn into Shiprocket, a company they're already pretty cozy with.

This whole gig is run by a crew including Sethi, Shiprocket's Vishesh Khurana, and investor Raj Snehil Juneja, all based out of Gurugram.

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“Main Tenu Phir Milangi”: General Catalyst’s Anand Chandrasekaran Steps Down As Partner, To Focus On His AI Startup

Anand Chandrasekaran is shaking things up by stepping down from his partner role at General Catalyst, opting instead to advise ventures. Why the change? Well, he's got his sights set on his own venture, Crescendo, cooking up AI-powered customer service solutions that promise to revamp how businesses handle support.

With a focus on streamlining operations and boosting customer happiness, Chandrasekaran's startup is poised to make waves in the AI scene.

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“Ye Dukh Khatam Kaahe Nahi Hota”: IPO-Bound FirstCry Reports INR 278 Cr Loss In Nine Months Of FY24

IPO-bound FirstCry is making headlines, but not for the reasons they hoped. Despite raking in a hefty INR 4,814 Cr in revenue, they've also posted a whopping INR 278 Cr loss in the first nine months of FY24.

With procurement costs eating up a chunk of their expenses, it's clear they've got some financial hurdles to tackle before hitting the public market.

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“Babul Ki Bidaai”: Cleartrip’s CFO Aditya Agarwal Quits; Akshat Mishra To Lead Business Finance

Cleartrip's CFO, Aditya Agarwal, is bidding adieu after three and a half years, having steered the ship through its merger with the Flipkart Group. Now, stepping into the spotlight is Akshat Mishra, who's taking the reins.

This shake-up follows Cleartrip's recent dive into corporate travel with Out of Office (OOO), setting the stage for some fresh moves in the travel tech scene.

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“Kaddu Katega, Sab Mein Batega”: NPCI Planning Lower Interchange Fee To Boost Credit Adoption On UPI

NPCI's cooking up a plan to lower interchange fees on UPI transactions, aiming to grease the wheels for more credit card usage. They're eyeing a range of 1% to 1.2%, a dip from the current 1.8% to 2% charged on credit card swipes.

With big players like Axis Bank and State Bank of India already onboard, and fintech favorites like Paytm and Google Pay in the mix, this move could shake up the payment game in a big way.

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“Hum Kissise Kam Nahi”: BlackSoil-Backed BluSmart Crosses INR 500 Cr ARR In FY24, Eyes 10,000 EV Fleet By 2024-End

BluSmart, backed by BlackSoil, is hitting it big, crossing the INR 500 Cr annual revenue mark in FY24. With a winning combo of zero cancellations, on-time rides, and eco-friendly cabs, they've zoomed ahead, boasting a whopping 300% CAGR in gross business value.

And they're revving up to expand their EV fleet to a whopping 10,000 rides by the end of 2024.

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“Dus Ka Dam”: Investcorp To Acquire Digital Services Arm Of NSE For INR 1,000 Cr

Investcorp's making moves with an INR 1,000 Cr acquisition of NSE's digital services arm, excluding their edtech business. It's all part of Investcorp's game plan to amp up investments in India's tech and financial sectors while broadening their portfolio.

Established in '99, NSEIT's been a heavyweight in enterprise digital consultancy, serving up solutions to global players in finance and insurance.

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“Aala Re Aala Chhitti Aala”: Tamil Nadu Police Issues Advisory On New Scam Using AI-assisted Voice Cloning

Tamil Nadu Police is sounding the alarm on a sneaky new scam leveraging AI-powered voice cloning. Cyber crooks are mimicking your loved ones' voices to con you into parting with your cash over the phone.

Their advice? Stay savvy, keep an eye out for sketchy calls, and be aware of the latest tricks up scammers' sleeves.

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Fundraising and Financials

1. Charge Zone, an EV charging infrastructure startup, secures a substantial $19 million investment from British International Investment, marking a significant step forward in providing sustainable transportation solutions.

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2. Epharmacy giant, API Holdings, undergoes a significant financial restructuring, raising INR 1,804 Cr through a rights issue at a steep 90% valuation cut from its peak valuation of $5.6 Bn in October 2021.

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