Author: Business Matters Editor

Age Care Labs, an innovative elder care platform, recently secured $11 million in funding from prominent investors Rainmatter Capital and Gruhas. This substantial investment reflects growing interest and demand for solutions that address the unique needs of aging populations worldwide. Age Care Labs, founded by a team of healthcare and technology experts, aims to revolutionize the way we care for our elderly loved ones. With an aging global population, the need for accessible, effective, and compassionate elder care services is more critical than ever. The $11 million investment will enable Age Care Labs to expand its services and provide much-needed…

INDIA Alliance Demands Meta’s Neutrality Ahead Of 2024 Indian Elections New Delhi, India – On Friday, October 13, 2023, the INDIA Alliance, a coalition of over 50 civil society organizations, released a report demanding that Meta, the parent company of Facebook, Instagram, and WhatsApp, commit to neutrality ahead of India’s 2024 general elections. The report, titled “Meta’s Role in India’s Elections: A Call for Neutrality,” alleges that Meta has failed to take adequate steps to prevent the spread of misinformation and hate speech on its platforms, which could have a significant impact on the outcome of the 2024 elections. In…

Tiger-Backed Classplus Spent INR 4 To Earn Every INR 1 From Ops In FY23 Tiger-backed Classplus, an edtech startup, spent INR 4 to earn every INR 1 from operations in FY23, according to its financial filings. This means that the startup is still burning cash as it expands its business. Classplus’s operating revenue in FY23 was INR 149.1 Cr, while its operating expenses were INR 405.2 Cr. The startup’s biggest expense was employee benefit expenses, which accounted for INR 228.9 Cr. Classplus also spent INR 51 Cr on advertising and INR 40.3 Cr on IT expenses. Despite its negative unit…

Panasonic Partners 100X.VC To Launch Accelerator, Back Energy Management Startups Panasonic Life Solutions India and Panasonic Corporation have partnered with seed-stage investor 100X.VC to launch a startup accelerator program called Panasonic Ignition. The program will focus on supporting early-stage startups in the energy management space, with the goal of helping them develop and commercialize innovative solutions to address the growing challenges of energy consumption and sustainability. The Panasonic Ignition accelerator program will provide startups with access to a range of resources and support, including: Mentorship from experienced industry leaders and entrepreneursInvestment of up to INR 1 croreAccess to Panasonic’s global…

Cloudtail’s FY23 Revenue Plunges 84% To INR 3,093 Cr After It Stops Selling On Amazon Cloudtail India, once the largest seller on Amazon India, reported an 84% year-on-year plunge in operating revenue in FY23 to INR 2,977.8 crore, as it stopped selling on the platform to fall in line with the regulations. Cloudtail India’s parent company, Prione Business Services, was renamed Amazon Smart Commerce Solutions last year after Amazon acquired a 76% stake from Infosys founder NR Narayana Murthy’s Catamaran Ventures. While Cloudtail India has stopped selling on Amazon, it continues to provide certain services on the platform such as…

Byju’s Lenders Tap Kroll to Protect Great Learning & Singapore Entity Assets Byju’s, the world’s most valuable edtech startup, has been facing financial challenges in recent months. In an effort to protect the assets of its subsidiaries, Great Learning and Byju’s Singapore, Byju’s lenders have appointed risk advisory firm Kroll. Kroll will be responsible for safeguarding the charged assets of Great Learning Pte Ltd and Byju’s Pte Ltd, which means that they will have control over the assets and will be able to sell them if necessary to repay Byju’s debt. The appointment of Kroll is a sign that Byju’s…

Fintech Startup Khatabook Fires Over 40 Employees In A Restructuring Exercise Fintech startup Khatabook has fired over 40 employees in a restructuring exercise, according to reports. The layoffs affected employees across departments, including sales, marketing, and technology. Khatabook is a digital ledger and bookkeeping platform that helps small businesses manage their accounts. The company has raised over $187 million in funding to date, including $100 million in its Series C round in 2021. The layoffs come at a time when the Indian startup ecosystem is facing a funding winter. Many startups have been forced to cut costs and lay off…

Cricketer Yuvraj Singh Invests In F&B Startup Greto Yuvraj Singh, the former Indian cricketer, has invested in Greto, an F&B startup that offers healthy and convenient food options. Singh, who is known for his fitness and healthy lifestyle, said that he was impressed by Greto’s vision and commitment to providing healthy food to people. “I’m always looking for ways to invest in businesses that are making a positive difference in the world,” Singh said in a statement. “Greto is doing just that by providing people with healthy and convenient food options. I’m excited to be a part of their journey…

Swiggy, India’s leading food delivery platform, has launched a cheaper version of its membership program, Swiggy One. The new program, called Swiggy One Lite, offers unlimited free deliveries on orders above Rs 149, as well as 10 free deliveries on Instamart orders above Rs 199. The program costs Rs 99 for three months, which is significantly cheaper than the regular Swiggy One program, which costs Rs 1,299 for three months. Swiggy One Lite is a clear attempt to compete with Zomato Gold, which also offers unlimited free deliveries and other benefits for a monthly fee of Rs 99. Zomato Gold…

Meta, the parent company of Facebook, WhatsApp, and Instagram, is reportedly looking to launch an ad-free subscription plan in India. The plan is said to be in the early stages of development, but it could be a major change for the company, which relies heavily on advertising revenue. There is no word on how much the ad-free subscription plan would cost, but it is likely to be more expensive than the current free version of the app. However, users would be willing to pay for an ad-free experience, especially if it means that they can use the app without being…