Unacademy Cofounder Quits, Sachin Bansal Exits Ather, HSBC Trims Unicorn’s Valuation and more

Unacademy's cofounder Hemesh Singh steps down to an advisory role, while Ola Cell Technologies lines up key suppliers for lithium-ion battery production. Meta Verified is set to enhance WhatsApp Business in India, and Walmart hints that IPOs for Flipkart and PhonePe are still a few years away. In a significant move, Sachin Bansal exits Ather, selling his stake to Hero MotoCorp and Nikhil Kamath. Meanwhile, HSBC slashes ElasticRun's valuation to $800 million amidst rising losses.

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What Matters

“Tum Log Apna Dekh Lo”: Unacademy Cofounder Hemesh Singh Quits, Moves To Advisory Role

Unacademy's CTO Hemesh Singh announced his exit on X, transitioning to an advisory role after a long tenure alongside co-founder Munjal, including their stint at Flatchat. This leadership shift follows the recent appointment of CRED’s Pratik Dalal as CFO of Unacademy's offline venture, Unacademy Centres.

With these changes, Unacademy is poised for its next growth phase, blending seasoned expertise with fresh perspectives.

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“Ab Aayega Maza”: Ola Cell Technologies Identifies Key Suppliers For Lithium-Ion Battery Production

Ola Cell Technologies has zeroed in on key suppliers like Umicore, Epsilon Advanced Materials, and Neogen for its lithium-ion battery production.

From an initial pool of 201, they've selected 28 vital partners to secure commercial offtake contracts. With an investment of around INR 2,249 Cr, the first phase of their factory aims to achieve a robust 5 GWh production capacity, powering the future of electric mobility.

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“Sabko Mauka Milega”: Meta Verified To Be Rolled Out For WhatsApp Business Users In India

Meta is rolling out its Verified subscription for WhatsApp Business users in India, offering perks like a verified badge, impersonation protection, and support across up to four devices. Starting at $14.99 for Business Standard and reaching $119.99 for Business Premium.

By enhancing trust and visibility, Meta Verified helps brands grow and connect with new audiences more effectively.

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“Sabr Ka Phal Meetha Hota Hai”: Walmart Exec Says IPOs For Flipkart And PhonePe Could Take Couple Of Years

Walmart's exec revealed that IPOs for Flipkart and PhonePe could still be a couple of years away, with PhonePe potentially taking the lead despite Flipkart's maturity. Numerous processes need to be established before going public, indicating a thoughtful approach to these major moves.

The decision of listing on Indian exchanges versus others is still under consideration, adding an element of strategic suspense to the upcoming IPOs.

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“Kabhi Alvida Na Kehna”: Sachin Bansal Exits Ather, Sells Stake To Hero MotoCorp & Nikhil Kamath

Sachin Bansal has exited Ather, selling his remaining 7.5% stake to Hero MotoCorp (2.2%) and Zerodha cofounder Nikhil Kamath (5.3%). Having invested nearly INR 400 Cr since 2014, Bansal was among Ather's earliest backers.

Despite fierce competition with Ola Electric and TVS Motor, Ather's net loss soared over 150% YoY to INR 864.5 Cr in FY23, signaling a turbulent phase for the EV maker.

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“Lag Gaye Haaye Lag Gaye”: HSBC Trims B2B Ecommerce Unicorn ElasticRun’s Valuation To $800 Mn

HSBC has slashed the valuation of B2B e-commerce unicorn ElasticRun to $800 million, nearly half of its $1.5 billion valuation from the 2022 funding round. ElasticRun, which saw its net loss surge over 72% to INR 618 Cr in FY23, procures products from FMCG companies and sells them to rural retail stores.

Founded in 2016, this startup's significant valuation dip reflects the financial challenges it faces amidst its ambitious rural expansion.

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1. Autonomous driving startup Swaayatt Robots raised $4 million in its second funding round, pushing its valuation to $151 million. Founder Sanjeev Sharma announced on LinkedIn that unnamed US investors provided the fresh capital to help bring autonomous cars closer to reality.

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2. Ahead of its June 10 debut, ixigo's IPO raised INR 333 Cr from 23 anchor investors, including Nomura, Morgan Stanley, and HDFC MF. The subscription period for this eagerly awaited IPO ends on June 12.

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