Startup news and updates: daily roundup (August 9, 2021)
Higher education startup upGrad has become India's 21st unicorn this year. It is also the third homegrown edtech unicorn after BYJU'S and Unacademy. The Mumbai-based startup is now valued at $1.2 billion after raising $185 million in a continuous round led by Temasek ($120 million), IFC ($40 million), and India Infoline Finance ($25 million).
upGrad founder group consisting of Ronnie Screwvala, Mayank Kumar, and Phalgun Kompalli, continue to own over 70 percent of the company.
Edtech majorhas announced a Rs 2 crore cash reward for Olympic gold medallist Neeraj Chopra.
The company, which is backed by marquee investors like Tiger Global and General Atlantic, will also offer Rs 1 crore each to Mirabai Chanu, Ravi Kumar Dahiya, Lovlina Borgohain, PV Sindhu, and Bajrang Punia.
[Funding alert] Deeptech startup Log 9 Materials raises $8.5M in Series A+ led by Amara Raja Batteries
Log 9 Materials, a Bengaluru-headquartered advanced battery-tech and deeptech startup, on Monday announced an equity partnership and collaboration with Amara Raja Batteries (ARBL), a battery technology leader and one of India’s largest manufacturers of industrial and automotive batteries. The company has raised an investment of $5 million from Amara Raja Batteries during its ongoing Series A+ funding round.
The Supreme Court Monday refused to entertain pleas of ecommerce firms, Amazon and Flipkart, challenging an order permitting the Competition Commission of India to carry out a preliminary investigation into the alleged violation of the competition law. A three-judge bench headed by Chief Justice N V Ramana said that challenging the enquiry is like wanting a notice before the registration of an FIR under the criminal law and asked the ecommerce giants to submit themselves to the probe by the CCI.
Ecommerce major Flipkart and Indian Institute of Management (IIM) Sambalpur on Saturday announced a partnership to support and promote small businesses, artisans and weavers. A Memorandum of Understanding (MoU) between the company and the management institute will be signed in the next few weeks.