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Follow UsIn the bustling world of Indian startups, where risks meet dreams head-on, there's always something electrifying happening. This week's journey through the startup landscape brings forth blockbuster funding updates, unexpected IPO turns, and a tax showdown that could reshape the realm for online gamers. Whether you're a seasoned investor sniffing out the next big opportunity or a hopeful entrepreneur nurturing your own vision, get ready for an adventure. Keep reading as we delve into the pulsating heart of India's startup ecosystem in Startup Spotlight!
Weekly Startup News
Mumbai and Bangalore: Rising Stars of Startups!
Bid farewell to Silicon Valley's monopoly, for India proudly boasts its own innovation hubs! Mumbai and Bangalore have proudly secured positions among the Top 50 Global Startup Cities, as per PitchBook's 2024 Venture Capital ecosystem rankings. This ascent speaks volumes about the burgeoning innovation and investment permeating the Indian startup sphere.
Ixigo Takes Flight & Oyo Hits Pause | Latest IPO News
In the realm of travel tech, ixigo is poised for an exhilarating journey with its IPO approval from SEBI! With a hefty ₹120 crore offering in the pipeline, they're set to enhance your booking experience to unprecedented heights. Keep your eyes peeled for the official launch date announcement. Meanwhile, hospitality behemoth Oyo has surprisingly pumped the brakes on its IPO aspirations, opting instead to explore alternative funding avenues. But fear not, as the IPO momentum continues unabated for others! TBO, Awfis, and Digit Insurance have all garnered SEBI's nod and are now officially gracing the stock exchanges.
Pine Labs Makes a Powerful Ghar Wapasi |
The fintech titan Pine Labs is making a triumphant return to its roots! Armed with approval to merge its Singapore entity with its Indian headquarters, Pine Labs joins the ranks of fintech players like PhonePe and Groww in their homecoming (Reverse Flipping). Offering merchants a suite of innovative tools including point-of-sale systems and credit solutions, Pine Labs might even be eyeing an IPO in the not-so-distant future!
Disney+ Hotstar fires up ad game with new platform
Disney+ Hotstar is revving up its advertising prowess with the launch of a revamped self-serve platform. Tailored to empower advertisers with enhanced control and reach, this upgrade couldn't have come at a better time, coinciding with the ICC Men's T20 World Cup 2024. With support for five languages and catering to businesses of all sizes, the new platform promises a seamless and inclusive experience.
The Online Gaming Tax Battle Heats Up
Attention all gamers! The Supreme Court is poised to enter the fray of online gaming, with hearings scheduled to address challenges against the hefty 28% GST slapped on online bets since July. With the industry eagerly awaiting a definitive ruling on both the tax rate and its retrospective application, the outcome of this legal tussle could have far-reaching implications.
Dunzo Faces a Bumpy Road Due to Investor Exit
For hyperlocal delivery platform Dunzo, the road ahead appears fraught with challenges. A significant setback comes in the form of Lightbox, a key investor, exiting their board, following a series of similar departures in 2023. Amidst financial woes and missed deadlines, Dunzo finds itself in dire straits, reportedly scrambling to secure fresh funding to navigate the turbulent waters ahead.
That's all for this week's startup scoop! To read latest news from Indina Startup Ecosystem, keep watching TICE TV