BYJU’s Bankruptcy Case, Ola’s Debt Raise, BLive’s EV Innovation and more

BYJU’s bankruptcy case grabs attention with a US court's hunt for $533 Mn. Huddle Ventures' Fund II oversubscription at INR 150 Cr promises a funding frenzy. IPO-bound Ola Electric charges up with a INR 100 Cr debt raise from Alteria Capital. Zomato spices up Blinkit with INR 300 Cr infusion amidst fierce competition. iSprout elevates business travel with Flyers Club launch at GMR Hyderabad airport. BLive drives innovation with a budget-friendly EV rental program for delivery riders, shaping the future of last-mile delivery.

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What Matters

“Court Ki Kacheri”: BYJU’s Bankruptcy Case As US Court Pushes To Retrieve ‘Missing’ $533 Mn

A US Bankruptcy Judge in Wilmington, Delaware, decided to rescind the arrest warrant for William C. Morton, the founder of Camshaft Fund, amidst the BYJU's bankruptcy saga. The educational tech giant had invested $533 million with Morton's fund last year, only to see the money rerouted through a UK lender to a mysterious non-US entity linked to BYJU's.

The court is now scrambling to trace and retrieve the missing millions, adding another layer of intrigue to the unfolding financial drama.

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“Bach Ke Rehna Re Baba”: Karnataka Govt Extends Exemptions To Startups From Labour Norms

The Karnataka government has given a boost to startups by exempting tech, animation, gaming, and other knowledge-based companies from the Industrial Employment (Standing Orders) Act.

However, these startups must still establish employee grievance panels and committees to prevent sexual harassment, ensuring a safe workplace. Additionally, they must report disciplinary actions like suspensions and terminations to local labor authorities.

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“Rock N Roll Star”: Huddle Ventures' Oversubscribed Fund II To Soon Close At INR 150

Huddle Ventures is on a roll, activating the green shoe option for its oversubscribed Fund II, aiming to close at INR 150 Cr within the next four to eight weeks.

The fund, backed by family offices, founders, and high-net-worth individuals, will offer average ticket sizes of $500K, extendable up to $1M per company. With such robust support, Huddle Ventures is set to fuel the next wave of innovative startups.

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“Set Me On Fire”: IPO-Bound Ola Electric To Raise INR 100 Cr Debt From Alteria Capital

Ola Electric is gearing up for its blockbuster IPO with a fresh INR 100 Cr debt infusion from Alteria Capital, backed by 10,000 NCDs valued at INR 1 Lakh each. This follows an earlier INR 410 Cr debt raise from EvolutionDebt Capital, strengthening its financial muscle.

With SEBI's green light for its INR 5,500+ Cr IPO, Ola Electric is charging ahead to electrify the market.

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“Waqt Waqt Ki Baat”: Zomato To Infuse INR 300 Cr In Blinkit Amid Mounting Competition

Zomato is ramping up its game, injecting INR 300 Cr into Blinkit to fend off fierce competition in quick commerce. Additionally, it's boosting its ticketing arm, Zomato Entertainment, with another INR 100 Cr.

With Blinkit turning adjusted EBITDA positive and doubling its operating revenue to INR 769 Cr in Q4 FY24, Zomato's strategic investments seem to be paying off.

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“One Day At A Time”: iSprout to unveil Flyers Club for conducting business meetings at GMR Hyderabad airport

iSprout is set to elevate business travel with its new Flyers Club at GMR Hyderabad International Airport, providing a seamless solution for corporate meetings on the go.

With a Rs. 1 crore investment, the project will launch in Hyderabad within two months, aiming to expand to major airports in New Delhi, Bengaluru, and Goa. This initiative promises to make business travel smoother and more efficient for jet-setting professionals.

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“Say, You Want A Revolution”: BLive Launches Budget-Friendly EV Rental Program For Delivery Riders

BLive is revolutionizing last-mile delivery with its budget-friendly BLive EZY EV Rental Program, designed to help delivery riders switch to electric vehicles without hefty costs.

Offering flexible rental terms and low weekly rates, this program addresses the financial challenges faced by gig workers. By connecting EV manufacturers, delivery giants like Zomato and Swiggy, and financial and charging solution providers through its AI-enabled platform.

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1. Quick commerce unicorn Zepto is nearing a $300 Mn Series E raise, with DST Global and Lightspeed joining in at a valuation of $2.5 Bn to $3 Bn. Lightspeed's investment will come via its growth-stage vehicle, supporting Zepto's journey towards becoming EBITDA positive.

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2. Bengaluru's Finsall secures Rs 15 crore in bridge funding, spearheaded by Unicorn India Ventures and SEA Fund, to launch an NBFC focused on insurance premium finance, aiming to scale lending operations and bolster partnerships within the insurance ecosystem.

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3. Mumbai's fintech player, CredAble, secures INR 30 Cr in debt funding from SIDBI to expand its reach and offer accessible financing solutions to MSMEs and women-led businesses across India, bolstering financial inclusivity in the sector.

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4. Direct-to-consumer skincare startup Foxtale secures $18 Mn in Series B funding led by Panthera Growth Partners, empowering women with safe skincare solutions and affirming its commitment to holistic beauty.

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5. Purplle secures $100 Mn from ADIA and others, propelling its valuation to approximately $1.2-1.3 Bn, as it aims for further offline expansion. Creaegis, a sector-agnostic PE fund, is poised to join as a new investor in Purplle's journey, amplifying its growth trajectory in the beauty industry.

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6. In an exclusive move, SaaS-based autonomous logistics provider Skye Air secures $4 Mn in Series A funding led by Mount Judi Ventures, reinforcing its position in the drone startup landscape.

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7. Battery Smart accelerates its growth with a $65 Mn injection in an extended Series B round led by LeapFrog Investments, as it aims to expand its EV battery swapping network into tier 2 and tier 3 cities.

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8. Palette Brands, formerly known as White.Inc, secures nearly $2 Mn in a pre-Series A funding round spearheaded by Rockstud Capital, with support from existing investors like Inflection Point Ventures and Dholakia Ventures, alongside several angel investors.

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