Ola’s Cloud Migration, Awfis’ Strong Debut, Avendus Launches INR 3,000 Cr Fund and more

TLB lenders press NCLT to halt BYJU’S share sales, while Ola ditches AWS post-Microsoft squabble. Awfis shines in market debut, Agnikul Cosmos soars with successful test flight, and Avendus fuels late-stage startups with a hefty INR 3,000 Cr fund. Meanwhile, 360 ONE Asset launches a massive INR 4,000 Cr Secondaries Fund, and JioMart gears up to battle in the quick commerce arena.

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

What Matters

“Dadagiri Nahi Chalegi”: TLB Lenders Urge NCLT To Restrain BYJU’S From Selling Shares

BYJU'S is facing pressure from its TLB lenders, who have asked the NCLT to stop the company from selling shares. The creditors argue that BYJU’S is taking on more debt and using shares as collateral, which is detrimental to their interests.

Highlighting ten insolvency petitions and BYJU'S shaky financial health, the lenders are seeking an urgent stay order.

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“Apna Kaam Banta”: Ola Cloud Migration By Shifting IT Workload From AWS After Exiting Microsoft Azure

Ola is moving its IT workload from AWS to its own Krutrim cloud, following a clash between founder Bhavish Aggarwal and LinkedIn over content policies.

The dispute arose when Aggarwal's post on AI using gender-neutral pronouns was flagged by LinkedIn, a Microsoft-owned platform. This led to Ola's decision to exit Microsoft Azure and take control of its cloud operations.

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“Apne Pair Par Khada Hona”: Awfis Makes Strong Market Debut, Lists At 12.8% Premium On BSE

Awfis made a splashy market debut on the BSE, with its share price opening at INR 432.25, a 12.8% premium over the issue price. The company's IPO saw massive enthusiasm, being oversubscribed 108.56 times on the final bidding day.

The IPO included a fresh issue of shares worth INR 128 crore and an offer for sale of up to 1.23 crore shares.

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“Agnikul Ka Jalwa”: Agnikul Cosmos Successfully Completes Maiden Test Flight

Agnikul Cosmos achieved a major milestone with the successful maiden test flight from their private launchpad at SDSC-SHAR in Sriharikota. The controlled vertical ascent flight met all mission objectives and performed flawlessly, according to Agnikul.

This marks a significant achievement for the private space sector in India.

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“Hum Kissi Se Kam Nahi”: Avendus Launches INR 3,000 Cr Fund To Invest In Late Stage Startup

Avendus has launched a new INR 3,000 crore fund aimed at investing in late-stage startups, complete with a greenshoe option of INR 1,500 crore.

The fund plans to make 11-12 investments, with average ticket sizes ranging from INR 200 crore to INR 300 crore, targeting sectors like financial services, technology, and healthcare. This follows their successful raising of INR 375 crore for their first Future Leaders Fund and closing the second fund with INR 1,500 crore in 2022.

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“Waah, Kya Scene Hai”: 360 ONE Asset Launches INR 4,000 Cr Secondaries Fund

360 ONE Asset has launched a robust INR 4,000 crore Secondaries Fund, aimed at investing in late-stage startups through its 'Special Opportunities Fund-12'. Impressively, the company has already raised more than half of the target corpus.

With six investments already made, 360 ONE Asset is swiftly capitalizing on high-potential opportunities.

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“Paisa Hi Paisa Hoga”: Now, JioMart Plans Quick Commerce Foray To Take On Blinkit, Swiggy

JioMart is gearing up to enter the quick commerce arena, ready to compete with Blinkit, Swiggy Instamart, Zepto, and BigBasket. With the increasing popularity of rapid delivery services, Mukesh Ambani-led Reliance Industries Ltd (RIL) sees a golden opportunity.

JioMart's entry promises to shake up the market, leveraging RIL's extensive resources and infrastructure.

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1. TechEagle has secured funding co-led by Navam Capital and Inflection Point Ventures, with contributions from notable investors including Paytm founder Vijay Shekhar Sharma. The startup plans to use the capital to expand and introduce higher payload drones for e-commerce deliveries.

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2. B2B fintech startup Vegapay has raised $5.5 million in a seed round from Elevation Capital and Eximius Ventures. The funds will be used to expand product and technology teams, as well as to invest in operations and compliance.

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3. Ethnic wear direct-to-consumer (D2C) brand Libas secures INR 150 crore in its debut external fundraising round from ICICI Ventures. With this capital infusion, Libas aims to bolster its omnichannel footprint.

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4. OYO achieves a milestone as it reports its first profitable fiscal year in FY24, with a net profit of around Rs 100 crore, as confirmed by founder Ritesh Agarwal. Fitch Ratings' upgrade of Oravel Stays, OYO's parent company, reflects the hospitality giant's strengthened financial position.

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5. Gurugram's SaaS-based food supply platform, FarMart, secures Rs 24 crore ($2.8 million) in funding from Swiss asset manager ResponsAbility Investments, marking its first investment in over two years.

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