Embattled edtech firm Byju’s has agreed to pay Rs 158 crore to the BCCI, settling a dispute. Byju’s paid Rs 50 crore, with the rest due by August 9. The settlement, led by co-founder Riju Raveendran, follows the NCLAT’s demand for an undertaking to ensure funds are not misused. This comes amid ongoing financial and leadership challenges for Byju’s.
BrainBees Solutions Ltd, FirstCry’s parent company, will launch its IPO from August 6 to 8, seeking a $2.9-3 billion valuation. The IPO includes a fresh issue of shares worth Rs 1,666 crore and an offer for sale of 54.39 million shares. Major shareholders SoftBank, Mahindra & Mahindra, and Premji Invest will sell stakes. FirstCry’s FY24 revenue rose to Rs 6,481 crore with losses reduced by 34%.
CarTrade Tech’s revenue from operations dropped 2.8% to Rs 141 crore in Q1 FY25, with profit falling 8% due to increased employee costs. The Mumbai-based company’s overall income remained steady at Rs 156 crore, but expenses, particularly employee costs, rose 6% to Rs 71 crore.
Oxford-based iotaSciences, a leader in single-cell biology handling solutions, raised an undisclosed amount in an equity funding round. Founded in 2016 and led by Dr. Michael Lutz, iotaSciences’ solutions are crucial for R&D workflows in Cell and Gene Therapy (CGT) and other applications.
Cambridge-based biotech company AIRNA has closed a $60 million financing round, bringing its total Series A funding to $90 million. Led by Forbion with new and existing investors, the funds will advance AIRNA’s lead RNA editing therapeutic into clinical trials and further develop its pipeline.
Fintech firm BharatPe has raised Rs 85 crore ($10 million) through non-convertible debentures, marking its second debt infusion in 2024. The funds were raised by issuing debentures to Trifecta Venture Debt and Innoven Capital. BharatPe opted for debt to avoid equity dilution as it nears break-even.
IIIMA Ventures has launched the Venture Investing Accelerator to support first-time and novice investors. The program equips participants with essential skills, knowledge, and experience for early-stage investing. Featuring a 3-day bootcamp at IIM Ahmedabad from August 8-10, 2024, it offers education, coaching, and networking with industry leaders and IIMA faculty.
Nected, a next-gen low-code platform, secured $1.5 million in seed funding led by Binny Bansal’s Three State Ventures. Other investors included Endurance Capital and Relentless VC. The funds will enhance product usability, simplify integration, and scale operations internationally. Founded by Prabhat Gupta and Mukul Bhati, Nected offers pre-built tech tools to streamline software development.
This week, 22 Indian startups secured $113.39 million in funding, with 5 growth-stage and 8 early-stage deals. Rays Power led growth-stage funding with $15.1 million, while Unimech Aerospace topped early-stage deals. Nine startups did not disclose their funding amounts. Last week, 35 startups raised $261.21 million.
Ather Energy raised Rs 60 crore ($7 million) in debt from Stride Ventures, its second infusion in two months, bolstering funds ahead of its potential IPO. Having raised $450 million to date, Ather recent converted to a public company, signaling progress toward a public listing.
