StartupChai: Kedaara Capital hits it big, Zomato prioritizing deliveries and PhonePe's Pincode undergoes a change

From Kedaara Capital sealing India's largest PE fund at $1.7 billion to Swiggy's green signal for a whopping $1.2 billion IPO, the Indian startup landscape is abuzz with activity. Temasek and Fidelity eyeing Lenskart with a $200 million injection, while Zomato pilots priority deliveries.

Amidst the buzz, Koo stops salaries, and Flipkart explores new frontiers beyond the metaverse. ONDC beckons news media platforms, while PhonePe's Pincode undergoes a makeover.

Grab today’s hot cup of StartupChai and unwind with our freshly brewed memes for you.

What Matters

“Jab Kedaara Ho Saath, Toh Darne Ki Kya Baat”: Kedaara Capital Closes India’s Largest PE Fund At $1.7 Bn

Kedaara Capital has wrapped up its $1.73 billion fund, Kedaara IV, marking a significant milestone in India's private equity landscape. This achievement not only underscores investor confidence but also signals a promising trajectory for Indian businesses amid global uncertainties.

With such substantial backing, Kedaara is poised to catalyze growth and innovation across sectors, a beacon of resilience in the desi economic landscape.

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“Ek Aur Ek Gyarah”: Temasek, Fidelity In Final Talks To Inject $200 Mn Into Lenskart

Temasek and Fidelity are gearing up to pump $200 million into Lenskart, potentially boosting its valuation by 11-12% from its previous $4.5 billion mark. Temasek is spearheading the investment with $125-150 million and Fidelity pitching in the rest.

As Lenskart braces for this influx, early investors like TR Capital, KKR, and Avendus are eyeing a partial exit, reflecting the company's ascent in the eyewear market.

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“Ho Jayeegi Balle Balle”: Swiggy Shareholders Give Nod For $1.2 Bn IPO

Swiggy's shareholders have given the green light for its highly anticipated $1.2 billion IPO, with plans to issue fresh shares worth INR 3,750 crore and an OFS component valued at INR 6,664 crore. In addition, the company is eyeing a Pre-IPO placement worth INR 750 crore.

The excitement builds around Swiggy's public offering, as recent valuation upticks from key investors like US-based Invesco further underscore the company's potential in the competitive food delivery landscape.

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“Kya Hua Tera Vaada”: Koo Halts Salary Payments Amid ‘Talks With Strategic Partners’

Koo, the microblogging platform, has put a temporary halt on salary payments, citing ongoing discussions with strategic partners. Concerns arose among employees as salaries were stopped from April, confirmed by the company in response to Inc42.

With communication limited to a Zoom call, uncertainty looms as Koo navigates through negotiations, leaving employees awaiting updates on their remuneration.

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“Flipkart Ke Haseen Sapne”: Flipkart’s FireDrops Looking To Test New Use Cases Beyond Metaverse, NFTs

Flipkart's FireDrops is venturing beyond the realms of metaverse and NFTs to explore new use cases in collaboration with Polygon for its web3 initiatives. With a diverse lineup of 20 brands across electronics, fashion, beauty, and healthcare, Flipkart is pioneering experiments to elevate brand engagements and effectively track promotional content conversions into sales.

As the e-commerce giant continues to innovate, this expansion underscores its commitment to driving forward-thinking solutions in the digital marketplace.

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“Kamartod Koshish”: ONDC Looks To Onboard News Media Platforms On The Network

ONDC is gearing up to onboard news media platforms onto its network, with Dainik Jagran's digital arm leading the charge in integration. Highlighting the potential for media houses to unlock greater value through facilitating e-commerce transactions, ONDC's pitch underscores a shift towards diversified revenue streams beyond traditional advertising.

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“Mauke Pe Chauka”: Zomato Piloting Priority Deliveries In Bengaluru, Mumbai At Extra Cost

Zomato is piloting priority deliveries in Bengaluru and Mumbai, allowing users to receive their food orders within 16-21 minutes for an extra INR 29. This offering is currently being tested in specific areas of the two cities, signaling Zomato's continuous effort to innovate and enhance user experience, and to increase it’s revenue base before the IPO.

Alongside initiatives like large order and 'Pure Veg' fleets, as well as last-mile deliveries within corporate parks, Zomato remains committed to exploring new avenues to delight its customers and shareholders.

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“Dasvidaniya”: PhonePe-Owned Pincode Exits Fashion, Grocery Categories On ONDC

PhonePe's ecommerce app Pincode bids farewell to fashion, grocery, and electronics categories on ONDC, streamlining its focus solely on food delivery services. Meanwhile, PhonePe's main app shifts its ONDC offerings to ticket booking, reflecting a strategic move to align services with consumer preferences.

With the decision attributed to sub-par customer experiences, Pincode's restructuring aims to enhance user satisfaction and optimize service delivery within the evolving digital landscape.

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Fundraising and Financials

1. Northern Arc, a non-banking lender on the IPO path, secures $80 million from IFC, fueling its expansion plans and enhancing accessibility to end customers.

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2. CloudExtel, a Network-as-a-service provider, secures Rs 200 crore debt funding for expanding its small cell network, alongside earning an A- credit rating from CARE Ratings.

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3. Northern Arc, a non-banking financial firm, secures $80 million funding from World Bank's IFC, split equally between debt and equity components, bolstering its financial prowess and expansion plans.

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4. Clueso, backed by Y Combinator, secures $1.4 million in seed funding to advance its mission of providing AI-powered video creation tools, revolutionizing product videos and documentation for customer education and employee training.

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5. Control One, an AI firm, secures $350,000 in pre-seed funding from notable investors like Kunal Shah of CRED and Chaitanya R. of Wakefit, among others, to develop a fully functional prototype and conduct successful pilot validation.

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