Top Startup News: BYJU's Zero Value Game & More You Need to Know

The startup world is ever-evolving and full of excitement! Especially within the vibrant Indian startup ecosystem, staying updated on the latest developments can be quite the challenge for enthusiasts. But fret not! TICE has got you covered. Welcome to Startup Spotlight, our weekly startup news bulletin where we gather all the latest updates from the week in one convenient place!

In the past week (1st June - 7th June), the Indian startup ecosystem has been buzzing with activity. From Mamaearth's Ghazal Alagh engaging in a mild dispute with an online influencer to NPCI expanding its global footprint, there's a lot to unpack. Whether you prefer watching the video above or reading the detailed news below, we've got all the hot updates from the Indian startup world right here for you!

Top Startup News Of The Week

NPCI Partners with Peru to Build UPI-Like Payments System

NPCI International has signed an agreement with Peru’s Central Reserve Bank to develop a UPI-like digital payments system. This makes Peru the first South American country to adopt UPI. The collaboration aims to reduce cash transactions and promote financial inclusion in Peru. The initiative is expected to significantly enhance the digital payments landscape in Peru, fostering economic growth and financial accessibility.

Mamaearth’s Ghazal Alagh Responds to Viral Criticism of Products

Mamaearth co-founder Ghazal Alagh responded to a viral post by a woman named Aditi, who shared her allegedly “honest reviews” of the company’s products on the social media platform X, garnering 1.4 million views. Alagh remarked that Aditi “woke up with a lot of hate” and offered to assist her if she specified her issues with the products. Aditi's post suggested that Mamaearth products should be discarded, prompting Alagh to defend the company's quality standards and invite feedback. The exchange has sparked widespread discussion on social media, with many users sharing their experiences with Mamaearth products.

Ixigo is all set to open its IPO on June 10

Online travel agency ixigo’s IPO is set to open on June 10, offering shares between Rs 88-93. The IPO includes a fresh sale of Rs 120 crore and an offer-for-sale of up to Rs 620.10 crore. The funds will support working capital, cloud infrastructure, and potential acquisitions. Market analysts are optimistic about ixigo's growth prospects, given the increasing demand for online travel services.

SEBI Tightens IPO Disclosure Norms for Faster Approvals

SEBI has introduced 31 new disclosure requirements for IPOs to improve transparency and reduce approval times. These changes aim to streamline the process and align India's standards with global best practices, boosting investor confidence and market efficiency. The new norms are expected to accelerate the IPO process, benefiting both companies and investors.

Baron Capital Adjusts Valuations for BYJU’S and Swiggy

Baron Capital has increased Swiggy’s valuation by 25% to $15.1 billion, reflecting its growing market share and profitability. Conversely, Baron Capital slashed BYJU’s valuation by 99%, citing a significant slowdown in business momentum post-COVID. The adjustments reflect the shifting dynamics in the edtech and food delivery sectors, with Swiggy capitalizing on increased demand while BYJU’s faces challenges in sustaining its growth trajectory.

Ola Electric Plans to Cut 400-500 Jobs Ahead of IPO

Ola Electric is planning to lay off 400-500 employees to streamline operations before its IPO. The company aims to reduce costs and maintain market leadership in the electric scooter sector, despite reporting substantial losses in FY23. The restructuring is part of Ola's broader strategy to optimize resources and enhance profitability ahead of its public listing.

DPIIT Encourages Corporates to Set Up Manufacturing Incubators

The Department for Promotion of Industry and Internal Trade (DPIIT) is urging unicorns and corporates to establish manufacturing incubators. These incubators aim to support startups, foster innovation, and enhance India’s manufacturing capabilities. This initiative is part of the government's broader push to make India a global manufacturing hub, leveraging the expertise and resources of established corporations.

Paytm Shares Hit Upper Circuit Amid Adani Acquisition Rumors

Last week, there was a lot of buzz that Adani is Acquiring Paytm! This led Paytm shares to surge, hitting the 5% upper circuit twice. Both Paytm and Adani Group denied the reports. The speculation comes at a critical time as Paytm faces challenges post-RBI restrictions. With the drastic up and down in Paytm share, what will the future look like? Stay connected with TICE to know!.

That's all for this week's startup scoop! If you have any question about the Indian startup scene, you can always comment on our video, we will be more than happy to dig deeper for you.