Schoolnet Acquires Genius Teacher, CCPA Mandates Yatra, Vi Business’s Collab With PayU and more

Paytm secures INR 50 Cr for expansion, Schoolnet acquires Genius Teacher for educational growth, Yatra mandated for INR 2.5 Cr refunds. Vi Business partners with PayU for MSME digital payments, Qarmatek advances in electronics renewal with fresh funding. Delhivery expands ESOPs, ONDC hits 10 Mn transactions boosting retail to 6 Mn.

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What Matters

“Dubte Ko Tinke Ka Sahara”: Paytm Gets Govt Panel’s Nod For INR 50 Cr Investment In Paytm Payment Services

Paytm has received the government panel’s approval for a significant INR 50 crore investment in its subsidiary, Paytm Payment Services. While this clearance marks a crucial step, the final nod from Finance Minister Nirmala Sitharaman is still pending.

Once fully approved, this investment will enable Paytm to apply for an online payment aggregator license from the Reserve Bank of India.

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“Abhi Toh Aur Badhega”: Schoolnet Buys Housing.com’s Advitiya Sharma Cofounded Learning App Genius Teacher

Schoolnet has acquired the learning app Genius Teacher, co-founded by Housing.com’s Advitiya Sharma. This strategic buyout aims to expand Schoolnet’s reach to over 10,000 private schools in the next three years.

With INR 24.6 crore raised from investors, including CRED’s founder Kunal Shah, Sharma will join Schoolnet as the chief growth officer, driving their educational impact forward.

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“Waqt Rehte Sudhar Jaao”: Refund Remaining INR 2.5 Cr For Cancelled Flight Bookings Due To Pandemic, Says CCPA To Yatra

The CCPA has mandated travel tech startup Yatra to refund INR 2.52 crore to customers for 4,387 flight bookings canceled due to Covid-19 lockdowns. Yatra must also deploy five personnel to the NCH to handle calls and inform 4,837 passengers about their refund status.

This comes after the authority issued a show cause notice to Yatra in March 2021, demanding refunds totaling INR 26.25 crore.

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“Hum Saath Saath Hai”: Vi Business, PayU Join Hands To Offer Digital Payment Solutions To MSMEs

Vi Business and PayU have teamed up to offer comprehensive digital payment solutions to MSMEs. This partnership will provide features like customized offers engines, buy-now-pay-later options, and seamless WhatsApp integration.

Additionally, MSMEs will benefit from location tracking, Google Workspace, personal cloud storage, and mobile security solutions, enhancing their digital capabilities.

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“Naya Yug, Nayi Niti”: Qarmatek Seeks To Capitalise On Electronics Renewal And Refurbishment Space With Fresh Round

Qarmatek is set to make waves in the electronics renewal and refurbishment market with a fresh $1 million funding round from various investors. Founded in 2011 by Krunal Shah and Arun Hattangadi, Qarmatek provides end-to-end service management and refurbishment for major electronics and mobile phones.

This follows their earlier success in January 2022, when they raised $3 million in a Series A round led by GVFL and Caspian Debt.

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“Kabhi Khushi, Kabhi Gham”: Delhivery Expands ESOP Pool With Allotment Of 6.49 Lakh Stock Options

Delhivery has expanded its ESOP pool by allotting 6.49 lakh stock options across its various ESOP schemes. With the stock’s opening price on Tuesday, these newly allotted ESOPs are valued at nearly INR 25.45 crore.

Delhivery reported a consolidated net loss of INR 69 crore in FY24, a sharp contrast to the net profit of INR 11.7 crore in the previous quarter.

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“Yahan Ke Hum Sikandar”: ONDC Records 10 Mn Transactions In June, Retail Vertical Crosses 6 Mn

ONDC recorded a milestone of 10 million transactions in June, with its retail vertical driving growth by surpassing 6 million transactions, up from 3.6 million in March.

Despite this surge, ONDC has cut order volume-linked financial incentives for network participants by up to 75% from the second quarter of this fiscal year. ONDC's open protocol-based network continues to enable local commerce across various segments, including grocery and mobility.

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1. Gujarat-based Ricron Panels has secured Series A funding led by Boon Sustainable Technologies to expand marketing, distribution, and boost production to 2,000 tonnes per month. As India's plastic recycling sector is projected to reach 23.7 million tonnes by 2032, Ricron is set to capitalize on this.

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2. GOAT Brand Labs has raised $21 million in debt and equity from investors like BlackRock, Mayfield, and NB Ventures. The funds will fuel expansion across quick commerce, offline stores, and exports, with the startup aiming for EBITDA profitability in H2 FY25.

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3. Mumbai-based wealthtech platform Dezerv has secured $32 million in a Series B funding round led by Premji Invest, showcasing resilience in the funding landscape for wealth management startups.

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4. PhysicsWallah, led by Alakh Pandey, is poised to raise $150 million in its second funding round within two years, setting its valuation at approximately $2.8 billion. This follows a successful $100 million Series A round in June 2022 led by Westbridge and GSV Ventures.

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5. Helium, an AI platform enhancing ecommerce conversions, has secured a pre-seed funding round of Rs 4.5 crore led by Merak Ventures. Angel investor Alok Mittal also participated in this early-stage investment.

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6. Felicity Games, a casual game developer and publisher, has raised $700,000 in pre-seed funding from investors including DeVC, Visceral Capital, and notable angels like Kunal Shah of CRED, former Nazara CEO Manish Agarwal, and Swiggy's co-founders Nandan Reddy and Sriharsha Majety.

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