Swiggy’s IPO Launch, Namma Yatri Expands Its Services, Deepinder Goyal’s A Billionaire Now and more

Swiggy gears up for its IPO with a $65 Mn ESOP liquidity program, while Unacademy undergoes leadership changes. Namma Yatri expands its services, IndusDC and Yali Capital offer substantial funding for startups, and Zomato's surge makes Deepinder Goyal a billionaire. Plus, government initiatives, new incubators, and agritech funding set the stage for innovation and growth across the country.

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What Matters

“Aise Waiso Ko Diya Hai”: Deepinder Goyal Is Now A Billionaire As Zomato Skyrockets By Over 400% In Just Two Years

Deepinder Goyal has officially joined the billionaire club as Zomato's shares soared over 400% in two years. With his 36.95 Cr shares now valued at over INR 8,400 Cr ($1 Bn), Zomato hit a record high of INR 232 on the BSE today.

From its all-time low in July 2022, the stock's impressive fivefold increase highlights Zomato's remarkable market rebound.

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“Swiggy Ka Jalwa”: IPO-Bound Swiggy Initiates Fifth ESOP Liquidity Program Worth $65 Mn

Swiggy, on its path to going public, has rolled out its fifth ESOP liquidity program worth $65 million, ensuring employees at all levels can cash in on their shares. This move brings Swiggy's total ESOP liquidity to over INR 1,000 crore, benefiting more than 3,200 employees.

As Swiggy gears up for its IPO, it's making sure the team that helped build the company shares in the success.

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“Goodbye, Tata, Shabba Khair”: Unacademy COO Jagnoor Singh Quits, Gaurav Munjal & Sumit Jain To Take Charge

Unacademy faces a significant shift as COO Jagnoor Singh steps down, entering a six-month transition period. Instead of hiring a replacement, cofounders Gaurav Munjal and Sumit Jain will take the reins of the offline business.

This leadership change marks a poignant moment for the startup, navigating through evolving management dynamics.

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“Aaja Meri Gaadi Mein Baith Jaa”: Namma Yatri Expands Offerings With Auto And Cab Rentals

Namma Yatri is expanding its services to include auto and cab rentals, currently piloted for Android users in Bengaluru and Chennai. Competing with established players like Ola and Uber, Namma Yatri offers rentals at competitive rates: INR 190 for auto, and INR 250, 285, 320, and 390 for various cab types.

This expansion marks a thoughtful step forward in providing more transportation options to urban commuters.

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“Sochi Samjhi Strategy”: IndusDC Sets Aside INR 100 Cr For Startups Across Industrial And Energy Sectors

IndusDC is making a strategic move by earmarking INR 100 Cr for tech startups in the industrial and energy sectors for FY25 and FY26. Each selected startup will receive up to INR 20 Cr in a mix of grants, equity, and debt, providing robust financial support.

With industry heavyweights like Ashish Gupta and Sri Myneni backing the initiative, IndusDC is poised to foster significant innovation and growth.

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“Kaddu Katega, Sab Mein Batega”: Yali Capital Rolls Out INR 810 Cr Fund To Back Deeptech Startups

Yali Capital has launched an INR 810 Cr fund to support deeptech startups, targeting sectors like chip design, robotics, genomics, smart manufacturing, aerospace, and AI. As a SEBI-approved Category 2 AIF, Yali Capital aims for a INR 500 Cr close, with an extra INR 310 Cr greenshoe option.

With the former CEO of Cadence on board as an advisor, Yali Capital is set to drive innovation in cutting-edge technologies.

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“Aao Invest Kare”: Govt Plans INR 750 Cr Fund For Agritech Startups

The government is set to launch a INR 750 Cr fund named ‘Agri Fund For Startups and Rural Enterprises’, providing equity and debt support to agritech startups.

This announcement, made by Ajeet Kumar Sahu, joint secretary of the Department of Agriculture and Farmers Welfare, during a Mumbai event, highlights the government's continued commitment to agritech innovation.

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“Ek Naya Daur”: Excitel Cofounder Floats Incubator For J&K Startups, Eyes 24 Investments By FY25 End

Excitel's cofounder is launching an incubator for J&K startups, aiming for 24 investments by the end of FY25. Alongside Raina, the initiative is supported by industry leaders like Namrata Kaul from Vivriti Capital and Khalid Wani from Western Digital.

The incubator will provide comprehensive support, including coworking spaces, training, and funding between INR 25 Lakhs to INR 50 Lakhs, guiding startups from ideation to proof of concept.

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1. Udaipur's SkinInspired secures INR 12.2 Cr in seed funding, spearheaded by Unilever Ventures and supported by angel investors, including Arjun Vaidya from Dr Vaidya's.

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2. Hyderabad's Validus raises undisclosed seed funding from AUM Ventures and strategic investors to enhance digital solutions for investors, focusing on product development and business expansion.

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3. BluSmart plans to secure INR 200 Cr in new funding from both new and existing investors, aiming to finalize the round by June. This comes on the heels of its recent $25 Mn funding and a significant revenue surge to over INR 390 Cr in FY24.

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4. Noida's Nurture Well secures Rs 50 Cr from India Inflection Opportunity Fund (IIOF), bolstering its growth as a multi-category biscuit manufacturer. IIOF, focusing on profitable assets-backed firms, continues its active investment streak with this strategic move.

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5. UptimeAI, an AI startup, secures $14 million in its Series A funding round led by WestBridge Capital, with participation from Emergent Ventures and Aditya Birla Ventures, marking a significant milestone for its growth and development.

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