hello,
Fundraising winter continues to rage in the startup ecosystem.
Investment by private equity and venture capital funds will drop by nearly a third to $54.2 billion in 2022, according to a report by IVCA and EY. Meanwhile, exits were also down, down 55% due to the lack of large strategic and secondary deals.
However, it was India’s second best year in terms of betting by long-term investors. EY partner Vivek Soni said his 99 India-focused funds raised his $17.4 billion in 2022, adding, “His PE/VC investments in India in 2023 will be is likely to be significantly above 2022 levels,” he added.
Meanwhile, OYO expects to record revenue of $751 million in fiscal year 23 and post its first full-year operating profit, founder and group CEO Ritesh Agarwal said at a recent town hall meeting. In the first half of the fiscal year, the hospitality company posted an adjusted EBITDA of $8.3 million.
The company’s parent company, Oravel Stays, plans to resubmit a draft listing application by mid-February after market regulator SEBI called for certain updates to be added to the company’s draft IPO.
ICYMI: Amsterdam now has 6,300 private bikes and over 700 underwater bike parks with space for bike sharing.
Oh, and here’s a time-lapse video of the four-year construction of this engineering marvel.
In today’s newsletter,
- Sequoia-backed Flint suspends flagship yields service
- Automotive industry wishlist for the 2023 budget
- Appurv Gupta’s Comedy Business
Here’s today’s trivia: A toy company whose motto is “only the best is enough”?
Cryptocurrency
Sequoia-backed Flint suspends flagship yields service
Decentralized finance (DeFi) app Flint, which is backed by investors including Sequoia Capital and Coinbase, has decided to discontinue its flagship yield offering service amid regulatory uncertainty.
In yield offerings, the app promised users a constant return on deposits in Ethereum, Bitcoin, or some listed options. On average, users deposited $3,100 into the app.
close:
- Users are said to be able to withdraw funds from Flint to their own wallets. However, the withdrawal process may take up to 7 days to execute.
- The company seeks to diversify beyond its core yield. Interest in crowdsourcing for various new products is increasing.
- The company is also considering the possibility of issuing its own native token, according to a conversation on the channel’s official Telegram group.
Top Funding Deals of the Week
Launch: Log 9 Material
Amount: $40 million
Round: Series B
Startup: Ekozen
Amount: $25 million
Round: Series C
Startup: FuelBuddy
Amount: $20 million
Round: Private
automatic
Automotive industry wishlist for the 2023 budget
As governments grapple with challenges related to climate change and fuel prices, the 2023 budget’s promises to the automotive industry will be noteworthy.
Electric vehicle (EV) players are particularly hopeful that the budget will introduce policies to support sector growth.
Be prepared:
- The Association of Electric Vehicle Manufacturers (SMEV), the supreme body representing India’s electric vehicle manufacturers, is seeking an extension of subsidies for EVs under the FAME II scheme.
- As domestic lithium-ion battery manufacturing is still in its early stages, SMEV has asked the government to review tariff rates on batteries used in EV production.
- SMEV called for a flat 5% GST on EV spare parts. Vehicles are charged 5% of his GST, but it’s not clear on spare parts and the industry ends up paying 28% of his (excluding batteries).
interview
Appurv Gupta’s Comedy Business
Comedian and angel investor Appurv Gupta began his journey in 2012, long before Instagram and YouTube creators. At that time, comedy on the internet was limited to things like He AIB and He TVF. But even though he’s been on the Indian stand-up comedy scene for over a decade, Appurv still maintains a loyal following.
He has performed over 2,200 shows in India, Dubai, USA, Australia, Nepal and Thailand.
Act 1:
- Appurv’s videos on social media have been viewed over 350 million times and was featured on Forbes India’s Celebrity 100 Nominees list in 2015.
- He has invested in smart spec company Nimo Planet, social network O’hi, content commerce startup HYPD, language learning platform Clapingo, creator management company CultureX, and Central Club of Comedy.
- The 31-year-old also creates YouTube videos focused on financial education.
news and updates
- Not the chips: The five largest US chip makers lost about $15 billion in market value on Friday after Intel embarrassed Wall Street with dismal earnings forecasts. The company forecast unforeseen losses in the first quarter, and earnings forecasts are $3 billion below expectations.
- The power of AI: BuzzFeed’s share price soared to record highs on news that the digital media company plans to use OpenAI to power some of its content creation. The stock jumped 120% on Thursday, bringing BuzzFeed’s market cap to nearly his $300 million mark, the biggest gain since going public in December 2021.
- Food for thought: Currently, onions are so expensive in the Philippines that people are trying to smuggle them into the country. Locally grown onions are now up to three times more expensive than chicken at 600 pesos or $11 per kilogram.
A toy company whose motto is “only the best is enough”?
Answer: The Lego Group. In Danish, the motto is ‘det bedste er ikke for godt’, which literally means ‘the best is not too good’.
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