Brewing Bold Moves: Big Moves at Byju's, Ola’s New Fashion Frontier, and Tata’s Tesla Tie-Up

Today’s morning StartupChai would charge your startup soul. From power moves like Mithun Sacheti and Binny Bansal anchoring Xeed Ventures to Byju's CEO stepping down, the scene's heating up.

Ola's diving into fashion and groceries, Tata Electronics seals the deal with Tesla, and gaming firms are lobbying post-elections for GST cuts. Plus, Droom's innovating, Byju's shareholders green-light a $200 million rights issue, and Nikhil Kamath launches WTFund for young guns.

Unwind with the memes and piping hot news, brought to you by Startupchai.

What Matters

“Time Waits for Nobody”: Mithun Sacheti And Binny Bansal Join Xeed Ventures As Anchor LPs

Mithun Sacheti and Binny Bansal are now the main anchor LPs at Xeed Ventures, a hot spot in the investment world. This fund, initially known as 021 Capital, is hitting it big with Premji Invest also jumping on board.

With a focus on investments under $1 Mn, they're gearing up to make around 20-25 strategic moves. And guess what? They're not wasting any time, already putting 70% of their cash into play and making waves with fresh investments.

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“Tu Apne Raaste, Mai Apne Raaste”: Byju's India CEO Arjun Mohan steps down after just seven months

Arjun Mohan, who took the reins at BYJU’S India just seven months ago, is stepping down. He started as the CEO of their international business and then shifted to lead the India arm.

BYJU'S is reshaping its structure into three key divisions, with founder Byju Raveendran diving into the daily grind to steer the ship. Change is in the air at BYJU’S, and everyone's watching to see what's next.

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“Fashion Ka Hai ye Jalwa”: Ola Eyes Fashion And Grocery Expansion With ONDC

Ola's gearing up for a fashion and grocery spree with the help of ONDC. They're not just about rides anymore, they're looking to offer everything from groceries to trendy threads right on their app.

With Magicpin onboard to power the tech, Ola could end up becoming your one-stop shop for all things essential and stylish.

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“Ye Dosti Hum Nahi Todenge”: Tata Electronics And Tesla Ink Semicon Agreement

Tata Electronics and Tesla just sealed the deal on a semiconductor agreement, putting Tata on the map as a go-to chip supplier. With Tesla eyeing a hefty $2-3 billion investment in India for electric car production, this partnership could spark a major shift in the Indian automotive scene.

Elon Musk's crew might start by rolling out some luxe electric rides before diving into more accessible options right here on Indian soil.

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“Knockin’ on Heaven’s Door”: Gaming Firms To Approach New Govt After General Elections For GST Reduction

Gaming bigwigs are gearing up to knock on the new government's door post-elections, pushing for a GST reduction. They're rallying for a change in tax calculation, arguing that the current hefty 28% tax hits them hard, especially the budding startups.

As offshore gaming companies get added to the mix, it's a battle for fair play in the Indian gaming arena. Let's see if the new government rolls the dice in their favor or not.

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“Dhoom Macha Le”: Droom Unveils New Products For Used Car Industry, Other Sectors

Droom just rolled out four new game-changers for the used car scene and beyond. Celebrating a decade in the game, they're introducing MyDroom, AdReach, goDigital, and Chairman Club to ramp up the car ownership experience.

With these fresh offerings, Droom's not just changing gears, they're steering the industry toward smoother roads ahead.

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“Dubte Ko Tinke Ka Sahara”: Edtech company Byju's shareholders approve $200 million rights issue

Byju's just got the green light from its shareholders for a $200 million rights issue. With over half of the shareholders giving the nod, Think & Learn, Byju's parent company, is set to pump out fresh shares, tackling the liquidity crunch head-on.

Despite a valuation cut of 99%, they've already got takers for the whole shebang.

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“Mauka Pe Chauka”: Zerodha’s Nikhil Kamath launches WTFund for young entrepreneurs

Nikhil Kamath, the brain behind Zerodha, just dropped a bombshell with 'WTFund' - a game-changer for under-25 entrepreneurs.

Offering Rs 20 lakh grants, mentorship, and a boatload of support, it's a dream come true for young go-getters. Plus, with the founder-turned-investor trend on the rise, it's like the startup world just got a turbo boost.

Applications open today, so if you're ready to rock the entrepreneurial scene, this could be your golden ticket.

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Fundraising and Financials

1. RupeeRedee's NBFC arm, FincFriends, secures $7.8 Mn in debt and equity funding, led by InCred Finance, Grow Money Capital, and APV Management, to fuel its growth and expand its product range.

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2. Clientell, an AI-powered SaaS startup, secures $2.5 Mn in a seed round led by Blume Ventures, with backing from Chiratae Ventures, Artha Venture Fund, and Z5 Capital.

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3. Aerospace OEM JJG Aero catapults its manufacturing capacity with a $12 Mn investment from CX Partners, spearheaded by Anuj Jhunjhunwala, targeting a 35% annual growth.

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4. Background verification AI platform TraqCheck receives investment from Peyush Bansal Family Office and Caret Capital, bolstering its capabilities to offer seamless background checks to clients.

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5. ShareChat secures $50 million in debt funding, earmarked to fortify its monetization strategies, aiming to achieve profitability and sustained growth under the guidance of Ankush Sachdeva, CEO and Co-founder of ShareChat and Moj.

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