B2B food and agritech platform Waycool targets operational break-even in FY24, with claimed revenues of Rs 1,600 crore. The company’s FY23 revenue grew by 62% to Rs 1,251 crore from Rs 772 crore in FY22, driven primarily by sales of goods, with additional income from commissions and interest.
FAAD Capital Invests $121,000 in Four Agritech Startups Through AgriManch Program
Early-stage venture capital fund FAAD Capital invested $121,000 in four agritech startups—Godaam Innovations, VedaFit Foods, Aqin Biotech, and Mkelly Biotech—as part of their AgriManch accelerator program. FAAD will also provide post-funding support to enhance revenue generation and networking within the agriculture sector.
Qatar Investment Authority Moves to Block Byju’s Asset Transfers
Qatar Investment Authority (QIA), a key backer of Byju’s, has approached the Karnataka High Court to prevent founder Byju Raveendran from selling, pledging, or transferring assets. QIA seeks to claim Raveendran’s personal assets up to $235.19 million and demands disclosure of his personal assets. This move coincides with Byju’s ongoing insolvency issues and legal battles over a $1.2 billion loan.
Auxilo Secures Rs 100 Crore in Debt Financing
Education-focused NBFC Auxilo has raised Rs 100 crore ($12 million) through non-convertible debentures. Dezerv Securities contributed Rs 26.39 crore, while MAS Financial Services and CredAvenue Securities each invested Rs 25 crore. This funding follows Auxilo’s recent $33.6 million round led by LeapFrog Investments.
Nykaa to Raise Rs 125 Crore via Non-Convertible Debentures
Union Budget 2024-25 Proposes Abolishment of Angel Tax
PhonePe and Google Pay See Slight Dip in UPI Transactions for June
Swiggy Instamart Expands Leadership Team
Swiggy Instamart has appointed Himavant Srikrishna Kurnala as SVP and head of product, and Mayank Rajvaidya as VP of the fruits & vegetables vertical. Additionally, Manu Sasidharan and Kumar Rahul have joined as AVPs. The quick commerce arm aims to strengthen its market position and enhance fresh produce offerings.
Adda247 Announces First ESOP Buyback for 130 Employees
Google-backed edtech company Adda247 has launched its first employee stock ownership plan (ESOP) buyback for over 130 employees, averaging 40 times the initial purchase price. This move comes as the company prepares for an IPO in 2026. Recently, Adda247 acquired CA test prep platform Ekagrata Eduserv.