India Home To 13K Startups, Adda247 Rolls Out First ESOP buyback, Bluelearn Is Winding Down and more

India is buzzing with 13,000 startups in cutting-edge tech fields like AI and robotics. Cricketer Hardik Pandya is stepping into the sportswear game with FanCode Shop, while Amazon eyes a stake in Swiggy’s quick commerce arm. Google-backed Adda247 is giving back with its first ESOP buyback, amidst Paytm's stock drop and cautious ratings. Meanwhile, WazirX is offering a $23 million bounty to recover $230 million in stolen crypto, and edtech startup Bluelearn is winding down, returning 70% of its capital to investors.

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

What Matters

“Mujhe Mere Paise Wapis Chahiye”: WazirX Offers $23 Mn Bounty To Recover Stolen Crypto Assets Worth $230 Mn

WazirX has launched a $23 million bounty program to recover $230 million in stolen crypto assets. Active for three months from July 21, the program could be extended or reduced based on progress.

The company is offering two types of bounties to incentivize the recovery effort.

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“Sabka Saath, Sabka Vikaas”: India Home To 13K Startups In AI, IoT, Robotics, Nanotechnology

By the end of FY24, India boasted over 13,000 startups diving into cutting-edge tech like AI, IoT, robotics, and nanotechnology, according to the Economic Survey. Thanks to a NASSCOM report, we know India holds 16% of the world's AI talent, solidifying its status as an innovation hub.

Plus, the generative AI scene in India is thriving with over 100 startups raising $600 million since 2019.

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“Aaj Mai Karke Aaya”: Cricketer Hardik Pandya Joins Hands With FanCode Shop To Roll Out His Sportswear

Cricketer Hardik Pandya has teamed up with FanCode Shop to launch his own sportswear line! Under this partnership, FanCode will design, manufacture, and market gear under the Hardik Pandya brand, featuring items like t-shirts, vests, polos, shorts, and jackets priced between INR 999 and INR 2.2K.

Just last September, FanCode also snagged exclusive streaming rights for AFC competitions for the 2023-24 and 2024-25 seasons.

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“Kyun Na Iss Yaari Ko Rishtedaari Mein Badle”: Amazon Eyes Stake In IPO-Bound Swiggy’s Instamart Business Amid Quick Commerce Boom

Amazon is eyeing a stake in Swiggy's Instamart business just as the quick commerce sector is booming.

While no official offer is on the table yet, Amazon's Seattle HQ needs to act fast to advance talks. This comes as Swiggy prepares for its public listing, having confidentially filed its DRHP with SEBI in April.

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“Kaddu Katega, Sab Mein Batega”: Google-Backed Adda247 Rolls Out First ESOP Buyback

Google-backed Adda247 has launched its first ESOP buyback, benefiting at least 130 employees across various roles. The buyback is averaging an impressive 40 times the initial purchase price.

Founded in 2016 by Nagar and Saurabh Bansal, Adda247 is an edtech startup dedicated to helping aspirants prepare for government job entrance exams.

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“Dukh, Dard, Peeda”: Paytm Shares Fall Over 3% Intraday, Emkay Retains ‘Reduce’ Rating

Paytm shares tumbled over 3% intraday as the company's Q1 FY25 net loss surged 134% year-on-year to INR 840.1 Cr.

Emkay Global retained its "reduce" rating on the stock, despite raising the target price to INR 375 from INR 300. Similarly, JM Financial upheld its "sell" rating but increased the target price to INR 390 from INR 300.

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“Hame Khed Hai”: Edtech startup Bluelearn shuts operations, to return 70% of capital

Edtech startup Bluelearn has shut down, planning to return 70% of the capital to investors. The cofounder, Harish Uthayakumar, explained they couldn't see Bluelearn growing into a large-scale, revenue-generating business but were conservative with funds, allowing the capital return.

He expressed gratitude and respect for the VCs and angels who backed them, appreciating their support for the young founders.

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1. Coworking space startup Incuspaze has secured $8 million in its first funding round led by India Inflection Opportunity Fund. This investment will enhance Incuspaze's ability to offer premium workspace solutions for enterprises, MSMEs, and startups.

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2. Faridabad-based Umwelt.Ai has secured $125K in seed funding from SaaS accelerator Upekkha to enhance its real-time employee engagement solutions. Leveraging AI, behavioral science, and chatbot technology, Umwelt.Ai aims to tap into the booming Indian HR tech market.

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3. nhance.ai, a smart building solutions provider, has raised $1.5 million in seed funding from high-net-worth individuals. This investment will accelerate the company's growth and enhance its platform to better serve its expanding customer base.

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4. NeoGrowth has secured $11 million in debt funding from Symbiotics Group’s AAV Sarl and Masala Investments Sarl. The NBFC will repay the loan with a 12.15% annual interest over five years, following a stellar FY24 with a 313% profit increase and 57% revenue growth.

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