Indian startups raise $148 million; Uber reports $1 billion loss
In the wake of Prime Minister Narendra Modi’s historic reelection, YourStory Research, the research wing of YourStory Media, along with Kalaari Capital, has released an in-depth report titled, ‘India Calling: Modi 2.0 promises stability, growth, returns’. In this report, we analysed how far the government has come in terms of reforms, development, and growth, and how much further it can still go. The report forecasts six milestones that investors need to watch out for from the new government, including a higher number of IPOs, more Indian companies going international, and higher funding for startups.
Fresh food brand iD Fresh Food ventured into the US market with its South Indian-style filter coffee. It had launched the same in India and the UAE last year. The company's filter coffee is now available in leading stores across cities like San Francisco, Los Angeles, Seattle, Phoenix, Chicago, New York, and New Jersey. The filter coffee will soon be available on Amazon as well.
Bengaluru-based hyperlocal delivery platform Dunzo has introduced 'Checkout with Dunzo', a new B2B logistics service for retailers and small business owners. This opens up the possibility to tie-up with any store, which has an online presence through its website or app, empowering any businesses of any size to have hassle-free logistics support.
Ride-hailing company Uber announced its financial results for the first quarter and reported a loss of $1 billion on a $ 3.1billion revenue. Compared to the same quarter last year, the company reported a 20 percent growth. Uber Eats, its food delivery platform grew by 89 percent in revenue, contributing most to the overall growth. In transport, Uber claimed an average of 17 million daily trips.
Since 2017, SMS Organizer has emerged as one of the most compelling messaging apps for Android phones. In fact, iPhone users have often lamented over the app’s non-availability on iOS. The app uses machine learning (ML) models to automatically organise your SMS inbox. It even sets smart reminders about upcoming bill payments, movies and restaurant reservations, and maintains a passbook!
The Indian startup ecosystem raised $148.1 million of equity funding across 17 deals in the last week of May, a strong pickup from the previous week. While more than half of the deals were either Pre-Series A or Series A, these only accounted for 16 percent - $24.3 million - of the total funding. The big deal was electric scooter startup Ather Energy, which raised $51 million led by Sachin Bansal.