Digit’s IPO Delay, Flipkart’s IRIS, CarDekho’s New CFO and much more: Today's StartupChai

From Pine Labs eagerly awaiting India's approval for reverse flipping post-Singapore green light to Digit's IPO allotment delay and Upstox venturing into insurance distribution, the newsletter covers Flipkart's IRIS insights platform launch, CarDekho's new CFO, and investments by Nikhil Kamath and the Manyavar family office in Rare Rabbit. Meanwhile, Matrimony.com and Innov8 join forces backing the Digital Competition Bill, while Byju's grapples with advisory board changes amidst its crisis.

Grab your simmering cup of StartupChai and unwind with our hand-brewed memes.

What Matters

“Pine Labs Ka Jalwa”: Pine Labs Awaits India Nod For Reverse Flip After Singapore Approval

Pine Labs is all set to merge its Singapore and Indian entities, with Singapore already giving the thumbs up! Now, they eagerly await India's nod from the National Company Law Tribunal to complete the reverse flip.

Backed by Peak XV Partners, this fintech unicorn has its sights on a grand IPO in India post-redomiciling.

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“Sahi Waqt Ka Intezaar”: Digit’s IPO Allotment Deferred Till May 21

Digit's IPO allotment has been pushed to May 21 because the BSE and NSE are closed on May 20. But don't worry, Digit shares are set to make their debut on May 23.

This insurtech unicorn plans to raise INR 2,614.6 Cr with shares priced between INR 258-272.

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“Slice of Ad Spends”: Flipkart Launches ‘IRIS’ Insights Platform; Eyes Bigger Chunk Of Ad Spends By D2C Brands

Flipkart has launched 'IRIS,' an insights platform aimed at helping D2C and new-age brands decode consumer behavior on its marketplace. With IRIS, brands can not only boost their online game but also smartly expand offline.

Leading this charge is Sandeep Karwa, the former business head for fashion and softlines, steering Flipkart Ads and IRIS to capture a bigger slice of ad spends.

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“Ab Aayega Maza”: IPO-Bound CarDekho Ropes In Neelesh Talathi As Group CFO

IPO-bound CarDekho has snagged Neelesh Talathi as its new Group CFO, just in time for its big public debut. Talathi, with his impressive resume at Pepperfry, Mensa Brands, and Vedanta Group, steps in for Mayank Gupta.

Meanwhile, CarDekho is branching out with TractorsDekho for farmers and expanding Rupyy into personal loans, gearing up for an exciting future.

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“Saathi Haath Badhana”: Nikhil Kamath, Manyavar Family Office In Fray To Invest In Rare Rabbit

Nikhil Kamath and the Manyavar family office are eyeing an investment in fashion brand Rare Rabbit, involving around INR 250 Cr in primary capital. This deal will also see a secondary share sale from founders Akshika and Manish Poddar.

Founded in 2015 and part of Radhamani Textiles, Rare Rabbit is ready for a stylish boost with backing from these industry bigwigs.

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“Hamam Mein Sab Nange Hai”: Govt Panel Finds Companies Intentionally Defaulted FAME-II Guidelines

A government panel, led by the Additional Secretary, has uncovered intentional defaults on FAME-II guidelines by several companies. After thorough investigation, the committee's initial findings reveal that the scheme's notifications were clear and well-understood.

This FAME-II scam probe is shaking things up, spotlighting the need for stricter compliance in the industry.

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“Nahi Chalegi Dadagiri”: Matrimony.com, Innov8 Among Startups Backing Digital Competition Bill; Urge Action Against Big Tech

Matrimony.com, Innov8, and other startups are rallying behind the Digital Competition Bill, aiming to reshape the Indian startup landscape.

These companies, including TrulyMadly, QuackQuack, Magicbricks, Hoichoi, and Medibuddy, emphasize that the Bill should target the real gatekeepers of the internet - big tech giants with entrenched dominance.

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“Khatam, Tata, Goodbye”: Byju's crisis continues as Rajnish Kumar, Mohandas Pai to step down from advisory board

Byju's is facing a shake-up as industry veterans Rajnish Kumar and Mohandas Pai prepare to exit the advisory board when their one-year tenure ends on June 30.

The decision not to renew their contracts was mutual, according to a statement from Byju's. Formed last October by Byju's top investors, the panel aimed to monitor progress and offer strategic advice, but now the edtech giant must navigate without their seasoned guidance.

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“Ab Humari Baari”: Upstox forays into insurance distribution

Wealth management platform Upstox is stepping into the insurance distribution game, promising a personalized insurance buying experience for its users. Kicking off with term life insurance, Upstox plans to soon add health, motor, and travel insurance to its offerings.

Partnering with HDFC Life, Upstox aims to shake up the insurance landscape with innovative, user-centric solutions.

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1. Tracxn's FY24 results reveal a sharp 80% drop in annual profits, with net profit plummeting to INR 6.50 Cr from last year's INR 33.09 Cr. The market intelligence platform also saw a 36% dip in Q4 net profit and a 3% decline in operating revenue quarter-on-quarter.

   Read more here

2. Varthana secures INR 27 Cr in funding from Triodos Investment Management to bolster its education financing solutions, enhancing access to quality education across India.

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3. GenAI startup KonProz secures $700K in funding led by Dr. Ruchi Parekh, RDB Group, and angel investors, fueling the development of Generative AI solutions tailored for the legal domain.

   Read more here