Waycool Aims for Break Even in FY24, Reports 62% Revenue Growth in FY23

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

Nykaa plans to raise Rs 125 crore ($15 million) by issuing 12,500 non-convertible debentures at Rs 1,00,000 each. The funds, raised from an undisclosed foreign investor, will support its UAE subsidiary Nysaa Beauty. Nykaa’s FY24 revenue grew by 24.1%, with a 90.5% profit increase.

Union Budget 2024-25 Proposes Abolishment of Angel Tax

Finance Minister Nirmala Sitharaman announced the abolition of the angel tax in the Union Budget 2024-25, addressing a major concern of Indian startups. This tax, imposing around 30% on external investments, was seen as a barrier to growth. The startup community has widely welcomed this move.

PhonePe and Google Pay See Slight Dip in UPI Transactions for June

Digital payments platforms PhonePe and Google Pay saw a slight decline in UPI transaction volume and value in June, while Paytm’s growth remained flat. UPI overall experienced a 1% drop in total transaction volume to 13.9 billion and a minor decrease in transaction value to Rs 20.07 lakh crore.

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.

Nazara Technologies Acquires 100% Stake in Paper Boat Apps for Rs 300 Crore

Nazara Technologies has acquired an additional 48.42% stake in Paper Boat Apps (PBA) for Rs 300 crore, now owning 100% of the company. Paper Boat Apps, founded by PR Rajendran, R Kalpana, and PR Jayashree, develops the children’s learning app Kiddopia. Most of Kiddopia’s revenue comes from the US.