Zomato Acquires Paytm Insider to Take on BookMyShow - Indian Startup News 223
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00:01 Zomato acquires Paytm’s entertainment ticketing business
02:25 RBI curbs P2P lending
04:22 MobiKwik turns profitable for the first time
05:36 VC Fund News
07:06 Funding News
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Zomato acquires Paytm’s entertainment ticketing business
Deepinder Goyal’s Zomato has made a significant move by acquiring Paytm’s entertainment ticketing business popularly known as Paytm Insider for ₹2,048 crores ($244 million). This acquisition includes Paytm Insider and TicketNew, which generated ₹297 crores in revenue in FY24. While this might seem unrelated to Zomato’s core food delivery business, it aligns with their broader strategy of expanding into the going out segment. Zomato's CEO, Deepinder Goyal, envisions a lifestyle shift in India where going out experiences will be a massive market. With the launch of their new app, District, Zomato aims to create a super brand for dining, entertainment, and staycations, challenging industry leader BookMyShow. Can Zomato's District become the next big player in this space?
RBI curbs P2P lending
The Reserve Bank of India (RBI) has imposed restrictions on P2P lending platforms, banning practices that allowed early withdrawals and masking the true risk of these unsecured loans. This move of RBI has caused disruption in the P2P lending industry, with some platforms like India P2P pausing new investments and withdrawals. The RBI's intervention highlights the growing concerns around P2P lending and its impact on the financial ecosystem. Even Kunal Shah's Cred and Shashvat Nakrani’s BharatPe have P2P lending products like Cred Mint and 12% Club in partnership with Liquiloans and LenDenClub.
MobiKwik turns profitable for the first time
Bipin Preet Singh’s and Upasana Taku’s ****MobiKwik has reported its first profitable year in FY24, posting a ₹14 crore profit, a significant turnaround from a loss of ₹80.6 crores in FY23. MobiKwik’s revenue grew to ₹890 crores, driven by their focus on Tier 3 markets and efficient cost management. As MobiKwik gears up for its IPO, this profitability milestone positions them well against fintech giants like Paytm and PhonePe.
VC Fund News:
AJVC launches maiden fund
Aviral Bhatnagar, formerly of Venture Highway, has launched a ₹100 crore fund under the name AJVC, targeting pre-seed stage startups. With commitments pouring in on launch day, the fund has already attracted 1,000 applications within just two days. The AJVC fund promises quick responses to founders, reflecting the strong demand in the market.
Volt VC launches maiden fund
Volt VC, a micro VC firm based in Ahmedabad, has launched its first fund with a target of ₹45 crore. The firm plans to invest in 20-25 pre-seed consumer-centric startups over the next three to four months.
Chiratae Ventures launches third cohort of Chiratae Sonic
Chiratae Ventures, an established VC firm, has kicked off the third cohort of its Chiratae Sonic seed investment program. Targeting deeptech, generative AI, climate tech, and manufacturing tech startups, the program offers investments ranging from $500,000 to $2 million, with a promise of quick decisions.
Funding News:
This week, Indian startups raised nearly $182 million. Highlights include:
BlueStone (Bengaluru): $107 million raised in a Pre-IPO round
Hangyo (Mangaluru): $25 million raised
Even Healthcare (Bengaluru): $20 million raised
InvestorAI (Bengaluru): $10 million raised in Series A round
Uppercase (Mumbai): $9 million raised in Series B round
Zoff (Raipur): $4.8 million raised in Series A round
TransBnk (Mumbai): $4 million raised in Series A round
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