BYJU’S, the edtech giant, is set to lay off 3,500 employees in a restructuring effort under the leadership of new India CEO Arjun Mohan. The job cuts will primarily affect employees at the manager, mid-manager, and vertical leader levels. The company is expected to file its earnings for the 2021-22 and 2022-23 fiscal years by early October.
India Sees Lowest Tech Funding in Q3 2023
According to market intelligence firm Tracxn, India experienced the lowest tech funding in the last five years in the third quarter of 2023 (Q3). Tech funding in Q3 2023 reached a total of $1.5 billion, marking a 29 percent decrease from the previous quarter and a 54 percent decline compared to the same period in 2022. Late-stage, early-stage, and seed-stage funding all saw significant reductions compared to the same quarter last year.
Dia Mirza Invests in BabyChakra
Actor and UN Goodwill Ambassador Dia Mirza has made an undisclosed investment in parenting community and babycare brand BabyChakra. As part of her role, Mirza will work with BabyChakra to incorporate sustainable and clean care principles into their product offerings. The brand aims to create products tailored to the evolving needs of mothers, using natural, dermatologically tested, toxin-free, and allergen-free ingredients.
Bright Money Raises $62 Million in Funding
Fintech firm Bright Money has raised $62 million in a funding round from investors such as Encina Lender Finance, Alpha Wave, Hummingbird, and PeakXV. The funding will be used to build teams across product development, technology, analytics, compliance, and customer service. Bright Money’s app leverages AI and machine learning to help consumers get out of debt.
Doceree Raises $35 Million in Series B Funding
Physician-only platform network Doceree has raised $35 million in a Series B funding round led by Creaegis, with participation from Eight Roads Ventures and F-Prime Capital. The funds will be used to accelerate product and technology development and support global expansion efforts. Doceree has experienced significant growth in the last year and aims to reshape communications to healthcare professionals.
QuriousBit Secures $2 Million in Initial Funding
Puzzle gaming studio QuriousBit has raised $2 million in its initial funding round led by Lumikai fund and General Catalyst. The funds will be used to create innovative puzzle games for global audiences and build a high-quality mobile gaming studio based in India.
Zeron Raises $500,000 in Seed Funding
Cybersecurity startup Zeron has raised $500,000 in a seed funding round from Varanium Capital and Yatra Angel Network. The funding will be used for research and development initiatives to advance AI-powered cybersecurity solutions and expand global presence.
Figr Raises $250,000 in Pre-Seed Funding
Product design startup Figr has raised $250,000 in pre-seed funding from Antler India. The funding will be used to develop Figr’s AI-powered platform that streamlines the design process for design teams. Figr also plans to grow its engineering team and invest in training generative design models.
Flow Sports Raises Funding for Expansion
Badminton and football academy Flow Sports Life has raised an undisclosed amount in a seed funding round led by Inflection Point Ventures. The funds will be used to expand the team, improve operations and marketing, develop technology, and enhance infrastructure.
LinkedIn Reveals India’s Top 20 Startups of 2023
Zepto, BluSmart, and Ditto Insurance secured the top three spots in LinkedIn’s annual ranking of India’s top 20 startups, which highlights emerging companies where professionals want to work.
Definitions:
1. Edtech – Education technology, which refers to the use of technology to enhance and support learning and teaching.
2. Fintech – Financial technology, which refers to the use of technology to improve and automate financial services.
3. AI – Artificial intelligence, which refers to the simulation of human intelligence in machines that are programmed to think and learn like humans.
Sources:
– CNBC-TV18 (source article)