CAIT’s Alarm Call, Trillion Dollar Ventures’ New Fund, Oncare’s Fundraise for Cancer Care

Confederation of All India Traders (CAIT) has raised alarms over perceived inaction from the CCI regarding Amazon and Flipkart, while RING celebrates the elevation of Neha Shivran to cofounder. Trillion Dollar Ventures has launched a new INR 50 Cr fund to invest in emerging startups, and Zomato is boosting employee incentives with the allocation of 1.2 Cr stock options.

WazirX is forming a committee of creditors following a massive $234 Mn hack, as Delhivery also expands its ESOP pool with 50.1K stock options. In leadership changes, Rediff appoints Infibeam founder Vishal Mehta as chairman, and Delhivery partners with Truecaller to enhance logistics communication.

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What Matters

“Dal Kaali Hai”: CAIT Alleges Inaction In CCI's Probe Against Amazon & Flipkart

The Confederation of All India Traders (CAIT) has accused the Competition Commission of India (CCI) of inaction in its ongoing investigation into Amazon and Flipkart. In a letter to Finance Minister Nirmala Sitharaman, CAIT raised concerns over delays in addressing alleged violations of India’s FDI policies by the two ecommerce giants.

CAIT claims that Amazon and Flipkart have been bypassing regulations through proxy sellers to control inventory and monopolize listings, undermining the spirit of fair competition.

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“Aaiye Aapka Intezaar Tha”: Trifecta-Backed RING Elevates Neha Shivran To Cofounder

RING, a fintech company backed by Trifecta, has elevated Neha Shivran to cofounder, alongside her new role as chief data and growth officer. Shivran, who joined the company in 2019 as head of data science, will now play a critical part in shaping RING’s growth.

Founded in 2015, RING helps consumers access credit at digital points of sale, both online and offline, expanding its influence in the digital payments space.

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“Badhai Ho Badhai”: Rupicard, Spintly Backer Trillion Dollar Ventures Floats INR 50 Cr Fund

Trillion Dollar Ventures, backer of Rupicard and Spintly, has launched a new INR 50 Cr fund aimed at pre-seed and seed-stage startups.

With average investments ranging from INR 1-2 Cr, the VC firm, founded in 2021 by Ujwal Sutaria, seeks to support early-stage companies in finding product-market fit and securing funding. The fund will target startups across sectors like spiritualitytech, fintech, gaming, and the creator economy, among others.

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“Kaddu Katega, Sab Mein Batega”: Zomato Expands ESOP Pool, Allots 1.2 Cr Stock Options

Zomato has expanded its ESOP pool, allotting 1.2 Cr stock options valued at INR 328.91 Cr based on the last opening price.

This marks yet another move by the food delivery giant to retain top talent and attract executives from global startups. Back in August, Zomato had also allotted over 35.17 Lakh equity shares as part of its ongoing strategy to boost employee retention and growth.

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“Hume Khed Hai”: WazirX To Set Up Committee Of Creditors After $234 Mn Hack

Following a massive $234 Mn hack, WazirX is forming a committee of creditors (CoC) to help restructure its liabilities.

The 10-member committee, comprising affected users, will provide advice and feedback on WazirX's recovery plan. This move comes shortly after a Singapore court granted the Indian crypto exchange a conditional four-month moratorium to address its financial challenges.

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“Khushi Ka Mahaul Hai”: Delhivery Expands ESOP Pool, Allots 50.1K Stock Options

Delhivery has expanded its ESOP pool, allotting 50.1K stock options valued at over INR 2.09 Cr, based on its last closing price.

The options will vest gradually over four years, with 10% vested after the first year, 30% after two years, and the rest at 15% every six months. This strategic move aims to reward long-term commitment and attract top talent to the logistics giant.

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“Swag Se Karenge Sabka Swagat”: Rediff Ropes In Infibeam Founder Vishal Mehta As Chairman

Rediff has appointed Infibeam and Avenues founder Vishal Mehta as its new chairman and managing director.

In this role, Mehta will focus on expanding Rediff’s presence in consumer-facing digital payments and financial services. The decision, made by the company’s board on October 2, marks a strategic step in Rediff’s efforts to revitalize its business.

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“Janmo Ke Saathi”: Delhivery Partners with Truecaller to Revolutionize Logistics Communication

Delhivery has teamed up with Truecaller to enhance communication efficiency in logistics. By integrating Truecaller's Customer Experience Solution, Delhivery aims to streamline customer interactions, ensuring verified and trustworthy communication while minimizing unwanted disruptions.

This partnership promises a smoother, more secure experience for Delhivery's customers across the country.

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1. Emobility startup ZEVO has secured $2 Mn in funding from BizDateUp and others to upgrade technology and deploy over 5,000 electric vehicles across key locations. The New Delhi-based company aims to expand into new cities, focusing on Tier II and III markets, to bring sustainable mobility solutions to a wider audience.

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2. Furniture retailer Furnishka has raised INR 27 Cr ($3.25 Mn) in a Pre-Series A funding round led by IndiaQuotient, with participation from Sparrow Capital and several angel investors. Notable backers include Udaan cofounder Sujeet Kumar and Livspace cofounder Ramakant Sharma.

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3. Groww's net operating income surged to Rs 2,900 crore in FY24, with profit after tax (PAT) quadrupling to Rs 297.8 crore. The parent company, Billionbrains Garage Ventures, boasts a net worth of Rs 2,224 crore with minimal debt as of March 31, 2024.

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4. Str8bat has raised $3.5 Mn in a Series A funding round led by Exfinity Venture Partners to provide real-time data insights for cricketers. The startup aims to revolutionize athlete training and performance tracking, enhancing the way players analyze and improve their game.

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5. Oncare, a cancer care startup, has secured $1 Mn in a seed round led by Huddle Ventures, with participation from notable VCs like TRTL Ventures and Cloud Capital. The funding will be used to expand operations to 10 new centers in Delhi NCR, Bangalore, and Jaipur over the next two years.

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