Startups News: Latest Startups News Today, Top Indian startups – Economic Times
Simplilearn, owned by Blackstone, aims for 35-40% revenue growth in fiscal 2025 after restructuring and focusing on core areas. It targets Rs 950 crore revenue and full-year profitability in FY25. It competes with the likes of Temasek-backed Upgrad, Byju’s-owned Great Learning and Unacademy’s Relevel.
Indian policymakers discussed the impact of the proposed Digital Competition Bill on data and digital markets at the MEITY meeting with industry representatives. Stakeholders had differing opinions on the regulations, with some supporting its provisions while others raised concerns about deterred investments.
CCI approves WeWork Inc’s exit from WeWork India as investors acquire stake. Co-founded by Adam Neumann and Miguel McKelvey, WeWork India reports revenue growth and narrowing losses. Awfis goes public, while other platforms like Indiqube, CoWorks, 91Springboard, and Bhive operate in the coworking space.
Similarweb dat shows You.com received 11 million visitors in May, marking an increase in web traffic for the year. However, this figure remains below its peak of 20 million visitors in February 2023. Following ChatGPT’s role in ignited interest in You.com’s AI-powered search engine in early 2023, some users have since started exploring other options.
IN-SPACe launches pre-incubation entrepreneurship programme to support early-stage space startups, chaired by Pawan Goenka.
Zomato confirmed in a stock exchange filing that it is in talks to acquire fintech Paytm’s ticketing business, as reported by ET on June 16. The company added that “no binding decision” has been taken about the deal at this point. The deal could value the Paytm vertical at around Rs 1,600-1,750 crore.
Oyo fundraise: Hospitality startup Oyo is raising around Rs 1,000 crore from family offices and investors. The fundraise aims to value Oyo at about $2.5 billion, marking a significant decrease from its peak valuation of $9 billion in 2021. Oyo is slated to hold an extraordinary general meeting (EGM) on Tuesday to approve the fundraise.
The government plans to introduce a deep tech startup policy with a fund of funds for companies in the sector. An umbrella framework will guide state governments and startups. The policy will focus on research, development, innovation, intellectual property, and funding access for deep tech startups. Comments have been sought from 18 different ministries and government departments so far.
Firing in first half of 2024 lesser than H2, H1 of ’23, signalling a slight recovery. Ola Electric is in the final stages of laying off over 600 after sister company Ola Cabs fired around 200 workers in late April. Industry executive told ET, even with the slowdown in layoffs, startups are still not out of the woods.
Paytm Payments Bank lost market share in Fastag toll payments, now taken by commercial banks post regulatory action. Market share dropped to 2% in May from 16% in January, as per NPCI data.
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