Matrix Partners India Renames Itself, Maharashtra And Tamil Nadu Push For More Startups, Nikhil Kamath’s ‘WTF Gaming Fund’ and more

From Matrix Partners India's rebranding to Z47 and WeWork India's strategic move with CBRE's Janak Malkani, the newsletter also covers the extension of digital tax agreements between India and the US. Unacademy's CEO critiques Byju Raveendran's leadership style, while Maharashtra and Tamil Nadu set ambitious goals for startup expansion. Exclusive insights include Park+'s new driver hiring service and Zerodha co-founder Nikhil Kamath's innovative 'WTF Gaming Fund' launch

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

What Matters

“Sabka Saath, Sabka Vikas”: Matrix Partners India Rebrands To Z47 As Part Of A Global Renaming Exercise

Matrix Partners India has rebranded to Z47, reflecting its commitment to India's goal of becoming a developed nation by 2047. This change aims to highlight the firm's local approach and the independence of its regional teams.

Following in the footsteps of Sequoia India and 9Unicorns, Z47 is embracing a new identity while maintaining its dedication to supporting Indian startups.

Read more here

“Swag Se Karenge Sabka Swagat”: WeWork India Ropes In CBRE Asia Pacific Exec Janak Malkani To Lead Managed Office Biz Expansion

WeWork India has brought in Janak Malkani, a seasoned executive from CBRE Asia Pacific, to head its managed office business and lead sales in the West region.

With 24 years of experience in Indian real estate, Malkani's appointment is a strategic move following WeWork Inc's recent exit from the Indian co-working market. This change aims to strengthen WeWork India's position and drive its expansion in the managed office sector.

Read more here

“Hum Saath Saath Hai”: India, US Extend 2% Digital Tax On Ecommerce Supplies Till June 30

India and the US have extended the 2% digital tax on ecommerce supplies until June 30, ensuring that American digital companies must continue paying the levy.

The Ministry of Finance emphasized ongoing communication between the two nations to foster mutual understanding and address any issues. Introduced in 2016, the Equalisation Levy targets income earned by foreign ecommerce companies from Indian transactions.

Read more here

“Kaash Humari Sun Lete”: Byju Raveendran Failed As He Did Not Listen To Anyone As Per Unacademy CEO

Unacademy CEO Gaurav Munjal criticized Byju Raveendran for failing to listen to others and placing himself on a pedestal. Munjal emphasized the importance of founders acting on feedback and remarked that the lofty startup valuations of 2021 were overinflated.

This candid insight sheds light on the pitfalls of ignoring advice in the fast-paced world of startups.

Read more here

“Ek Kadam Unnati Ki Aur”: Maharashtra Looks To Expand Its Startup Portfolio To 50,000 Soon: Industries Minister

Maharashtra aims to boost its startup portfolio from 8,300 to an impressive 50,000, according to Industries Minister Uday Samant. The state plans to provide first-class treatment to all companies, from MSMEs to large corporates.

In 2023 alone, Maharashtra recognized 5,801 startups, marking a 21.8% increase from 2022, showcasing its commitment to fostering entrepreneurial growth.

Read more here

“One Day At A Time”: Tamil Nadu To Set Up Two New Regional Startup Hubs In Coimbatore, Tiruchi

Tamil Nadu is set to establish two new regional startup hubs in Coimbatore and Tiruchi, adding to its existing network in cities like Madurai and Erode.

The state also plans to launch Global Startup Coordination Centers in Singapore and the US to facilitate international expansion for its startups.

Read more here

“Hum Kissi Se Kam Nahi”: After Cars24, Park+ Pilots On-Demand Driver Hiring Services

Park+ is piloting a new on-demand driver hiring service in Gurugram, as revealed by founder and CEO Amit Lakhotia.

With around 2,000 drivers already providing valet and car servicing pick-up and drop services, this expansion aims to enhance convenience for users. The startup reported an impressive operating revenue of INR 140 crore in FY24, signaling strong growth and potential in the market.

Read more here

“Kamath Ka Karishma”: Zerodha Co-Founder Nikhil Kamath Launches ‘WTF Gaming Fund’

Zerodha co-founder Nikhil Kamath has unveiled the 'WTF Gaming Fund,' targeting entrepreneurs and developers in the gaming industry. Announced in a recent post on X (formerly Twitter), this fund aims to support innovative gaming projects.

Read more here

1. Proptech unicorn NoBroker's net loss surged 64% to INR 506.2 crore in FY23, up from INR 309.1 crore the previous year. The Tiger Global-backed startup saw an 87% increase in operating revenue, reaching INR 609 crore in FY23.

   Read more here

2. D2C fashion brand Rare Rabbit secured INR 150 crore from A91 Partners, Nikhil Kamath’s Gruhas, and Ravi Modi’s family trust as part of its INR 500 crore investment round. The first tranche of this substantial funding highlights the brand's growth potential in the fashion industry.

   Read more here