Ola Electric Vs MapmyIndia, NCLAT Delays Decision On BYJU’S, Unicommerce Gears Up For IPO and more

Bhavish Aggarwal of Ola Electric slams MapmyIndia as "opportunistic" amid legal tussles, while the NCLAT delays its BYJU'S-BCCI decision following lender objections. Attero makes waves by launching Selsmart, a new e-waste take-back platform, and Unicommerce gears up for its IPO with SoftBank set to offload 1.61 Cr shares. FirstCry adjusts its IPO size to INR 1,666 Cr, and Google introduces an Accelerator Program to boost Indian Android startups.

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What Matters

“Chor Ki Daadhi Mein Tinka”: Ola Electric's Bhavish Aggarwal Calls MapmyIndia "Opportunistic”

In a surprising twist, Ola Electric's Bhavish Aggarwal labeled MapmyIndia "opportunistic" after the latter accused the EV maker of copying its data for the newly launched Ola Maps.

Despite MapmyIndia's legal notice, Aggarwal dismissed the claims, noting that Ola Electric isn't even in the mapping business. On a different note, he expressed optimism about reducing Ola's reliance on Chinese imports in the future.

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“Kasauti Zindagi Ki”: After US-Based Lenders’ Claims, NCLAT Postpones Decision On BYJU’S-BCCI Settlement

In a dramatic turn, the NCLAT postponed its decision on BYJU'S after US-based lenders called the proposed settlement "tainted" and alleged it involved "stolen money."

Founder Byju Raveendran now faces the task of proving the funds' legitimacy and compliance with court orders. This comes amidst reports of BYJU'S transferring INR 50 Cr to the BCCI to settle an ongoing insolvency dispute.

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“Ghar Se Kachra Nikal”: Attero Enters D2C Space With E-Waste Consumer Take-Back Platform Selsmart

In an ambitious move, Attero has stepped into the D2C space with Selsmart, an integrated e-waste consumer take-back platform. The startup aims to revolutionize e-waste recycling and tackle India's e-waste crisis, expected to hit 14 million tonnes by 2030.

With this initiative, Attero, based in Noida, targets an annual recurring revenue of INR 100 Cr by collecting 14,000 metric tonnes of e-waste.

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“Hum Bhi Hai Josh Mein”: Unicommerce Files RHP For IPO, SoftBank To Sell Up To 1.61 Cr

Unicommerce has filed its RHP for an IPO, set to open for subscription on August 6 and close on August 8, with anchor investor bidding starting on August 5. The IPO, featuring only an offer for sale (OFS) component, will see 2.56 Cr equity shares up for grabs, with no new shares issued.

Under the OFS, AceVector Ltd (formerly Snapdeal) and SoftBank will offload up to 94.38 Lakh and 1.61 Cr equity shares, respectively.

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“Ek Hi Naara, Ek Hi Naam”: FirstCry Files RHP With SEBI, Reduces Fresh Issue Size To INR 1,666 Cr

FirstCry has filed its RHP with SEBI, cutting down its initial offer size from INR 1,816 Cr. The company, which reported a 15% revenue increase to INR 6,481 Cr in FY24, plans to use the IPO proceeds to establish modern stores and warehouses both in India and abroad.

This strategic expansion aims to bolster its presence and streamline its operations globally.

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“Viksit Aivam Unnat Bharat”: Google Unveils Accelerator Program Aimed at Enhancing Indian Android Startups

Google has unveiled its Google for Startups Accelerator Apps program, targeting the growth of Indian Android startups. From numerous applicants, 20 promising app companies will be selected for customized support to enhance their product experience, tech strategy, security, and user base.

This initiative promises to bolster India's vibrant startup ecosystem by providing invaluable resources and expertise.

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1. Tracxn's Q1 profit soared to INR 1.27 Cr, with a 3.6% year-on-year revenue increase to INR 20.53 Cr. Despite an 84% rise from Q1 FY24, revenue dipped 10.5% from Q4 FY24, while overall spending rose 2.1% to INR 20.27 Cr.

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2. Nected secured $1.5 Mn in seed funding from Binny Bansal's Three State Ventures and others to streamline business backend operations. The funds will enhance product usability, simplify tech integration, scale operations, and integrate AI-powered features.

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3. The Good Glamm Group reported a net loss of INR 917 Cr in FY23, a 153% increase from the previous year's INR 362.5 Cr loss. Despite the rising loss, the startup's revenue surged 2.8X in the same period.

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4. BharatPe has secured $10 Mn in debt from Trifecta and InnoVen through non-convertible debentures. This marks the second debt infusion for the fintech firm in 2024, following support from Peak XV and Coatue.

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