VC funding’s big comeback; Sustainable travel companions

Hello,

Koo’s coo goes silent.

Once heralded as Twitter’s alternative in India, the social messaging platform has shut its operations after acquisition talks by media firm Dailyhunt fell through. 

The micro-blogging platform, founded by Mayank Bidawatka and Aprameya Radhakrishna in 2020, enabled users to post in regional languages.

In other news, Unacademy’s Gaurav Munjal has set the record straight amid reports of a potential merger or sale involving the edtech major. In a post on X, the Co-founder and CEO said the company is here for the “long run”.

Meanwhile, OYO has raised Rs 416.85 crore (about $50 million) from InCred Wealth and Investment, and will use these proceeds for growth, global expansion (including acquisitions), and enhanced business plans. The hospitality unicorn is also expected to refile its IPO papers after the conclusion of the ongoing round.

Speaking of IPOs, Bain Capital-backed Emcure Pharmaceuticals’ public issue was fully subscribed by the latter half of the first day of bidding, driven by non-institutional investors. The issue, with a price band of Rs 960 to Rs 1,008 per share, will conclude on July 5.

A day earlier, it had garnered Rs 583 crore from anchor investors. 

ICYMI: Sunny side up for breakfast comes by hard in Australia these days, and a nationwide egg shortage has led McDonald’s to trim its breakfast hours by 90 minutes! 

Lastly, if you are in the US now, we recommend you head over to Washington DC to witness some spectacular Fourth of July celebrations! 

In today’s newsletter, we will talk about 

• VC funding’s big comeback
• Sustainable travel companions
• Supporting deeptech climate ventures

Here’s your trivia for today: Which children's author also invented a surgical device?

Funding 

VC funding’s big comeback

In the first six months of 2024, venture capital (VC) funding into Indian startups showed all the signs of a steady upward trajectory, as it rose by 45% compared to the preceding six months between July and December 2023.

Indian startups raised a total of $6.4 billion in VC funding in the first six months of 2024. In contrast, they secured $4.4 billion in the second half of 2023, according to YourStory Research.

Steady recovery:

• The last two months—May and June—saw VC funding crossing $1 billion, an important benchmark for the ecosystem and an indication that this year’s funding will likely surpass the $10.8 billion figure in 2023.
• The first six months of 2024 saw a total of 665 deals, but only eight deals exceeded the total value of $100 million.
• Fewer large-value deals are the primary reason for VC funding continuing to remain at a modest level. Given the present funding winter scenario, such high-value deals have become few and far between.

Funding Alert

Startup: Sentient

Amount: $85M

Round: Seed

Startup: OYO

Amount: $50M

Round: Series G

Startup: Bike Bazaar

Amount: $3M

Round: Debt

Startup

Sustainable travel companions

The luggage market is pegged at about Rs 50,000 crore in India. The sector is dominated by a few players and is utility-driven.

Customers care for good quality, smart-looking luggage. Mumbai-based Uppercase knows this, which is why it is making stylish yet durable luggage. Sustainability is an added advantage. 

Reducing waste:

• Uppercase differentiates itself with its hard-backed polycarbonate luggage manufactured using a combination of virgin polycarbonate and recycled polycarbonate. 
• The company raised $1.5 million in a seed round from Emam Holdings in March 2022, followed by $7 million in a pre-Series A round led by Sixth Sense India Opportunities III later in July 2022.
• The company currently manufactures 30,000 units of hard luggage per month and plans to raise production up to 60,000 to 75,000 units per month.

Women Entrepreneurs

Supporting deeptech climate ventures

Family was the first catalyst for Bengaluru resident Gayathri Kuppendra Reddy’s sustained interest in climate needs.

Her family business focused on rainwater harvesting and energy-efficient projects and her non-profit, KReate Foundation, which works on urban planning and water management, laid the groundwork for NOW Venture Studios (No Other World)—a deeptech and deep-science venture studio focused on sustainability and climate tech.

Funding climate action:

• In 2023, Gayathri was chosen as one of the Davos50 young leaders, bringing a voice to the issues faced by their generation at the World Economic Forum’s Annual Summit
• NOW Venture Studio collaborates on developing deeptech sustainability and climate ventures, mitigating risks in the venture-building process and expediting their path to market.
• Coming from a real estate background where fewer women participate in the sector, Gayathri says climate, which is a much newer space, will benefit from the empathy and lived experiences of women.

News & updates

• Renewable energy: ACME Solar Holdings, which operates solar and wind energy projects, has filed for an IPO to raise Rs 3,000 crore. ACME Solar will issue fresh shares worth up to Rs 2,000 crore, while its largest shareholder ACME Cleantech Solutions will offer shares worth up to Rs 1,000 crore.
• Crypto: Bitcoin has not reached the top of its current appreciation cycle and is likely to go past its all-time high this year, a research report by CCData said. Bitcoin hit an all-time high of above $73,700 in March but has since been trading within a range between roughly $59,000 and $72,000.
• One year: Meta’s Threads now has over 175 million monthly active users, Mark Zuckerberg said. The announcement comes two days away from Threads’ first anniversary. Zuckerberg revealed back in April that Threads had more than 150 million monthly active users, up from the 130 million reported in February.

Which children's author also invented a surgical device?

Answer: Roald Dahl. In the 1960s, he came up with a cerebral shunt called the Dahl-Wade-Till shunt.

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