OYO Withdraws IPO, Noise Acquires SocialBoat, NCLT Issues Notice To Byju’s and more

SoftBank-backed OYO has withdrawn its IPO documents, while Noise, backed by Bose, has acquired SocialBoat to develop AI for wearables. Paytm is making moves as well, with plans to exit postpaid loans and pausing small personal loans indefinitely. Snapchat's parent company is expanding its India leadership team with key appointments, while Dunzo faces a crisis as key investor Lightbox steps down from the board.

All that and more news about Captain Fresh, NCLT and BYJU’S and ThinKuvate’s India venture.Grab your simmering cup of StartupChai and unwind with our hand-brewed memes.

What Matters

“OYO Darr Gayi”: SoftBank-Backed OYO Withdraws IPO Documents

Things aren't looking great for OYO's IPO dreams. They just pulled their IPO filing, despite a recent $450 million fundraise.

On top of that, they're looking for more cash from investors, but at a lower valuation than before. This IPO withdrawal suggests that OYO might be facing some tough times.

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“Swasth Ki Baat Hai”: Bose-Backed Noise Acquires SocialBoat To Develop AI For Wearables

Noise, the Indian wearables brand backed by Bose, just bought an AI startup called SocialBoat. Looks like Noise is getting serious about health trackers.

SocialBoat's AI smarts were focused on women's health, so expect to see some cool features on Noise wearables to help you track your cycle or manage PCOS.

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“Ye Kathin Drishya Hai”: Paytm To Exit Postpaid Loans; Pauses Small Personal Loans Indefinitely

Paytm is hitting the brakes on their small loans business. Looks like they're seeing too many borrowers struggling to repay.

This means no more Paytm Postpaid and a pause on those smaller personal loans. Paytm says they'll be back in the game eventually, but only for borrowers with a super-strong credit history.

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“Lambi Race Ka Ghoda”: Snapchat Parent Expands India Leadership Team With Key Appointments

Snapchat's on a hiring spree in India.  They're bulking up their teams in major cities to compete for a bigger slice of the growing digital ad market.

With over 200 million monthly users in India, it's no surprise Snapchat wants a piece of the action.  This looks like a sign Snapchat's here to stay in India for the long haul.

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“Bura Waqt, Buri Kismat”: Dunzo Crisis As Key Investor Lightbox Steps Down From Board

A major investor just jumped ship, leaving the company's board with only two members. This follows a string of departures last year from other big investors.

Dunzo is facing some financial struggles, and this exodus from the boardroom isn't a good sign.  They'll need to turn things around fast to regain investor confidence.

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“Yahan Ke Hum Sikandar”: Captain Fresh On Boards Mathew George As CFO; Eyes Public Listing

Captain Fresh just brought Mathew George on board as their CFO. They're really going big with this move, especially since they recently raised over $25 million from investors.

The CEO, Utham Gowda, mentioned how important George's role will be as they aim for a public listing. And to expand their reach, they even acquired CenSea Inc, a frozen fish and seafood importer in the US.

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“Kangali Mein Aata Geela”: NCLT Issues Fresh Notices To BYJU’S Over Unpaid Vendor Dues

BYJU'S just got hit with fresh notices for unpaid vendor dues. The notices were issued on May 22, and the hearing for all three cases is set for July 3.

Seems like publishing company McGraw Hill, BPO service provider Cogent E-services, and automation control products supplier AG Automation have filed the cases. BYJU'S owes McGraw Hill around INR 1.43 crore and Cogent about INR 6 crore.

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“ThinKuvate Ke Haseen Sapne”: Singapore-based ThinKuvate launches Rs 100 Cr maiden India

ThinKuvate, a Singapore-based angel investment network, just launched its first-ever fund focused on India. They're calling it the ThinKuvate India Fund - I, and it's got Rs 100 crore in its kitty.

This fund is all set to invest in tech startups across various sectors, starting with an initial amount of up to Rs 3 crore. Besides, ThinKuvate plans to back around 12 to 15 startups each year through this fund. They're even going to announce the launch through investor roadshows in different cities.

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1. NoPo Nanotechnologies has secured $3 million in funding from Micelio Fund, Inflexor Ventures, and other investors. With this fresh injection of funds, the Bengaluru-based company plans to ramp up its production capacity.

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2. Paytm saw a 53% drop in merchant loans in the fourth quarter of FY24. They disbursed loans worth INR 1,671 Cr, which is way lower than the INR 3,579 Cr they disbursed in the previous quarter.

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3. SuperKalam, the UPSC test prep platform, just secured $2 million (INR 16.6 Cr) in a seed funding round. Y Combinator and Fundersclub led the round, joined by GoodWater Capital, Nurture Ventures, SuperCapital, Pareto Ventures, and Y Combinator partner Puneet Kumar.

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4. In Q4 FY24, Nykaa’s saw a 48% drop in net profits, coming in at INR 9 Cr, compared to last quarter's INR 17.45 Cr. Additionally, its operating revenue also declined by 6% sequentially to INR 1,667.9 Cr from the previous quarter's INR 1,788.8 Cr.

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5. WOW Skin Science is reportedly in talks to raise up to $75 million from both new and existing investors, without any increase in valuation. However, the company did report a significant increase in net loss, with a 15.5X jump to INR 135.83 Crore in FY22.

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6. UnifyApps just announced that they have raised $11 million in a seed round, with Elevation Capital leading the investment along with angel investors. With this funding, UnifyApps plans to develop a unified integration platform powered by generative AI.

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