Startup news and updates: Daily roundup (November 23, 2021)

YourStory presents this daily roundup of the latest startup news and updates from the Indian startup ecosystem and beyond. Here's the roundup for Tuesday, November 23, 2021.

Tuesday November 23, 2021 , 6 min Read

IPO-bound MobiKwik may delay bid for capital markets following valuation decline

Gurugram-based fintech startup MobiKwik could push its initial public offering by two to three months, or to the next financial year as investor scepticism around the valuation and business models of fintech firms grow, the Economic Times reported on Tuesday, citing people familiar with the matter.

The startup has been advised not to go ahead with its IPO because it might be hard to find enough demand from foreign and domestic institutional investors, the ET report said, adding MobiKwik's IPO valuation has declined by as much as 30-40 percent.

Student housing startup Homversity raises $155K from investors to expand operations (Funding)

Student housing marketplace Homversity has raised $1,55,000 to expand its operations. The round was led by Shuru-Up. Other investors who participated in the round include a consortium of their syndicates including Growth-Sense, ValCreators, BeyPar Innovations, and angel investors like Asit Oberoi.

Homversity, which was started in 2017 as a college project in a hostel room in Dehradun by Saurav Kumar Sinha, will be utilising the funds for upgrading technology on all ends, hiring new talent, and expanding services nationwide to over 100 cities.

SoftBank elevates Sumer Juneja to managing partner in busiest year for deals in India

SoftBank Vision Fund has elevated Sumer Juneja to the role of managing partner in the midst of increasing interest in building a portfolio in the country. The year 2021 has been the busiest in terms of number of deals in India for the fund, which has deployed a little over $3 billion across Indian startups.

The $100 billion fund had appointed Sumer to the role of partner and head of India at SoftBank Investment Advisers in 2018.

Test prep startup Toppersnotes raises $1M in seed round led by Inflection Point Ventures (Funding)

Test prep startup ToppersNotes on Monday announced that it has raised $1 million in a seed round led by Inflection Point Ventures. The round also saw participation from LetsVenture, PlanB Capital, Pulkit Agrawal (CEO - Trell), Ashish Sharma, (MD - Innoven capital) and other notable angels.

The fund raised will be used to acquire talent, boost technology, and expand the presence across multiple exams.

Govt encouraging EVs but will not stop registration of ICE vehicles, says Gadkari

The government is encouraging the adoption of electric vehicles and the use of alternative fuels like ethanol, bio-LNG, green hydrogen, but it will not stop the registration of internal combustion engine (ICE) vehicles, Union Minister Nitin Gadkari said on Monday.

Addressing virtually an event organised by industry body Indian Chamber of Commerce(ICC), Gadkari further said he is also trying to encourage the use of 50 percent ethanol in aviation fuel.

Canvaloop raises $200K from Theia Ventures and Social Alpha [Funding]

Canvaloop Fibre, a startup that develops technology for environmentally sustainable fabric, has raised a Pre-Seed investment of $200K from Theia Ventures and Social Alpha.

ICICI Bank launches 'Trade Emerge' platform for exporters and importers

ICICI Bank has launched an online platform 'Trade Emerge' for companies involved in import and export. It is a single platform offering end-to-end digital banking and value-added services to make cross-border trade convenient and comfortable.

NoBroker.com turns unicorn after raising $210M in Series E round (Funding)

Proptech startup NoBroker said it has raised $210 million in its Series E funding round, with its valuation crossing $1 billion and making it the latest entrant to the coveted unicorn club.

The funding round was led by General Atlantic, Tiger Global, and Moore Strategic Ventures.

Myntra enters social commerce amid online shopping boom

Myntra, India's biggest fashion marketplace, has forayed into social commerce at scale amid the ecommerce boom in India and the rise of online shopping.

The digital fashion retailer, which was experimenting with creating more user engagement "since the first lockdown", has launched M-Live for live shopping.

AI-based Haber raises $20M in Series B round led by Ascent Capital (Funding)

Pune-based Haber has closed its Series B round taking its total funding raised to date to $27 million. Ascent Capital is the lead investor in the round and was joined by Accel, Elevation Capital, Beenext, Temasek partner Mukul Chawla and the founders of GreyOrange - SamayKohli and Akash Gupta. Accel had led their Series A funding which took place in 2019.

True Balance raises $30M in debt from India, South Korea investors (Funding)

True Credits, an NBFC and an affiliate of an RBI-authorised lending company, True Balance, operated by Balancehero India Private Limited, the wholly-owned subsidiary of Balancehero Co Ltd Korea, on Tuesday announced a debt fundraise of $30 million from investors across India and Korea. The third round took the total debt raised to $55 million in FY2021.

Vishal Bhatia, Chief Financial Officer, True Balance

RAI appeals to FM over the GST hike for textiles

Retailers Association of India (RAI) on Tuesday urged Finance Minister Nirmala Sitharaman, state governments, and the Goods and Services Tax (GST) Council to reconsider the proposed hike in GST rates on several textiles and apparel items to 12 percent from January saying it will adversely impact 85 percent of the sector.

Fintech firm Recordent raises $400K in angel round (Funding)

Recordent, a fintech startup in the non-banking payment bureau sector, has announced that it has raised $400,000 in angel funding from the Family Office of Kantamaneni and IIM Calcutta Innovation Park and other angel investors from India and the US.

Amazon asked Future to withdraw FEMA violation complaint before CCI: Sources

Ecommerce giant Amazon had asked Kishore Biyani-led Future Group to withdraw its complaint in CCI as the two discussed a possible end to bitter tussle over investments, according to sources.

Officials of Amazon and Future Group had a meeting a couple of weeks back but the US firm maintained that any suggestion of it seeking compensation to end the tussle with Future is "misplaced and motivated".

Licious announces continuous liquidity of ESOPs from 2022

In a creative move to attract and retain talent, direct-to-consumer meat and meat products brand Licioushas announced daily vesting of Employee Stock Ownership Plan (ESOPs) for employees after the mandatory period of one year is over for the employee holding the shares.