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<ul><li>LB Investments co-led the round, with participation from <keyword id="2441277" type="PERSON" weightage="20" keywordseo="Samsung-Ventures">Samsung Ventures</keyword> and others.</li><li><keyword id="8861782" type="UNKNOWN" weightage="20" keywordseo="Trell">Trell</keyword> has raised $62 million since its launch in 2017.</li><li>The company has over 100 million downloads and 50 million monthly active users.</li></ul>Bengaluru-based video-focused discovery platform Trell has raised $45 million in a Series B funding round led by financial group Mirae Asset, clothing and fashion brand H&amp;M Group. LB Investments co-led the round, with participation from KTB Network, Samsung Ventures and Fosun RZ Capital. Trell had raised $11.4 million in Series A funding, in August 2020, as a aftermath of the growth momentum it had gained post the TikTok ban in India. The discovery platform had also launched a <keyword id="623994" type="PERSON" weightage="20" keywordseo="social-commerce">social commerce</keyword> section on its app around the same time to enable users to watch personalised product recommendations across beauty, personal care and wellness categories. Trell, founded in August 2017 by a team of Indian Institute of Technology-Bombay alumni Pulkit Agrawal, Prashant Sachan, Arun Lodhi and NITIE alumnus Bimal Kartheek Rebba, has raised $62 million to date. It will use the latest fundraise to expand its social commerce operations by entering the apparel, home care, mom and baby-care categories in the months to come. The startup claims to have over 100 million downloads on its platform and over 50 million monthly active users (MAU). Its content library features videos in 8 regional languages garnering over 20 billion monthly views, Trell said in a press note. The company is now looking to launch in additional six languages and expand its footprint in over 2000 cities and towns of India. Over the last few months, Trell has on boarded over 500 personal care and beauty brands, including Maybelline, L'Oréal and Garnier. “Trell has become the launchpad for many up-and-coming D2C [direct-to-consumer] brands and advertisers, who are leveraging our community of regional content creators to advertise their products and services on the platform… Our aim is to enable over 2000 brands to penetrate the deeper pockets of the country and communicate with their potential customers through regional content creators by 2022,” the company’s chief operating officer and co-founder Rebba, said. Meanwhile, the company’s chief technology officer and co-founder Lodhi added that they have been leveraging on their artificial intelligence (AI) and machine learning (ML) technology and neural networks to create users’ psychographic profile of customers’ behavioural patterns on the platform. This allows the platform to provide personalised content and product recommendation for the customers. These developments have also led Trell to record 10-15 times year-on-year growth and 30% month-on-month growth since inception, the company said. Social commerce is still at a nascent stage in India, but the players in this segment have been growing at an exponential rate. Earlier in May, Meesho became the <a href="https://www.businessinsider.in/advertising/brands/article/meesho-the-latest-company-to-join-the-unicorn-club-aims-to-build-a-single-ecosystem-to-help-smbs/articleshow/81953840.cms">first social commerce</a> platform to enter the unicorn club. It has raised $515 million to date from <keyword id="163404" type="COMPANY" weightage="20" keywordseo="Softbank">SoftBank</keyword>, FaceBook and <keyword id="270604" type="ENTERTAINMENT" weightage="20" keywordseo="Sequoia">Sequoia</keyword>. DealShare, on the other hand, recently closed a <a href="https://www.businessinsider.in/business/startups/news/social-commerce-startup-dealshare-raises-144-million-from-tiger-global/articleshow/84227890.cms">$144 million round</a>, taking its total fundraise to $183 million to date. Its investors include Tiger Global, <keyword id="678811" type="COMPANY" weightage="20" keywordseo="Westbridge-Capital">WestBridge Capital</keyword>, Alpha Wave Incubation and Z3Partners. Other players in this segment are Glowroad,<a href="https://www.businessinsider.in/business/startups/news/citymall-a-startup-that-helps-budding-entrepreneurs-start-their-ventures-on-whatsapp-has-raised-over-22-million/articleshow/83741383.cms"> CityMall</a> and SimSim. SEE ALSO <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-raises-3-6-billion-at-a-valuation-of-over-37-billion/articleshow/84338594.cms">Flipkart raises $3.6 billion at a valuation of over $37 billion, to focus on ‘millions of small and medium Indian businesses’</a> <a href="https://www.businessinsider.in/business/startups/news/paytm-money-users-can-now-apply-for-zomato-ipo-from-today/articleshow/84334784.cms">Paytm Money now allows investors to apply for an IPO before opening, Zomato being the first</a> <a href="https://www.businessinsider.in/business/startups/news/ola-electric-has-raised-100-million-in-debt-to-start-producing-its-electric-scooters-soon/articleshow/84338315.cms">Ola Electric has raised $100 million in debt to start producing its electric scooters soon</a>

Fashion retailer H&M has led a $45 million round in video discovery and commerce app Trell

Lifestyle social commerce platform <keyword id="8861782" type="General" weightage="20" keywordseo="trell" source="Orion">Trell</keyword> has seen another wave of employee exodus as it struggles to pay creators in the country. At least 100 more employees have left the video commerce platform as several creators and influencers wait for their dues to be cleared, sources told IANS on Monday. The Instagram community page of Trell was full of complaints from the creators who requested the company to clear their pending payments. "How about you clear the pending payments of your creators," one such affected creator wrote. Others said Trell is clearing dues of popular creators with large fan following while ignoring small influencers. A query sent to Trell went unanswered. The platform recently asked more than 300 employees to go as it had to do "some right-sizing within the firm". In April, Trell was probed by a forensic team from EY India over financial irregularities amid allegations that its founders siphoned off money. The audit firm's review last month alleged serious financial irregularities at the company. The founders -- Pulkit Agrawal, Bimal Kartheek Rebba, and Arun Lodhi -- were investigated by the forensic team of EY India. The allegations also stalled Trell's $100 million funding round. In July last year, Trell raised $45 million in a Series B round led by financial group Mirae Asset, H&amp;M Group and co-led by LB Investments. With the closing of the Series B round, Trell had raised $62 million. Previous investors, along with KTB Network, Samsung Ventures, and Fosun RZ Capital also participated in the Series B round. In August 2020, Trell launched its social commerce section on the app, enabling users to watch personalised product recommendations across beauty, personal care and wellness categories that they can buy from within the app. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/adani-enterprises-maruti-suzuki-infosys-among-stocks-to-watch-out-for-on-june-27/slidelist/92481042.cms">Adani Enterprises, Maruti Suzuki, Infosys among stocks to watch out for on June 27</a> <a href="https://www.businessinsider.in/stock-market/news/oil-prices-could-slump-to-75-a-barrel-in-a-recession-or-jump-to-150-if-european-sanctions-slam-russian-supplies-bofa-says/articleshow/92474354.cms" data-type="tilCustomLink">Oil prices could slump to $75 a barrel in a recession — or jump to $150 if European sanctions slam Russian supplies, BofA says</a> <a href="https://www.businessinsider.in/international/news/tesla-is-laying-off-workers-who-only-just-started-and-withdrawing-employment-offers-as-elon-musks-job-cuts-begin/articleshow/92470514.cms" data-type="tilCustomLink">Tesla is laying off workers who only just started and withdrawing employment offers as Elon Musk's job cuts begin</a>

Employee exodus at Trell which is struggling to pay its influencers

<ul><li><keyword id="6762469" type="UNKNOWN" weightage="20" keywordseo="TikTok">TikTok</keyword> might have taken a hit with the growing resentment against Chinese apps, but it has also opened up the line of investors with the likes of Microsoft and Oracle in the US and Reliance in India. </li><li>But it’s not just TikTok alone. The ban on the app in India along with several other Chinese apps in late June this year gave its clone apps overnight popularity.</li><li>In August alone, Indian video-sharing apps have closed almost $20 million in funding so far.</li></ul>TikTok doesn’t just have millions of users dancing to its tunes, it also has marquee investors around the world picking up a tune to sing along with the Chinese giant. From Microsoft and now, <a href="https://www.ft.com/content/272cfc69-b268-45ac-88d6-d55821f27e78">reportedly Oracle</a> looking to buy TikTok in the US, to India’s richest man Mukesh Ambani looking to buy the Indian business, the company has investors looking to cash in on its popularity. But it’s not just TikTok alone. The ban on the app in India along with several other Chinese apps in late June this year gave its clone apps overnight popularity. It even saw Facebook pushing out its new Instagram update and TikTok lookalike – <a href="https://www.businessinsider.in/tech/news/instagram-reels-is-being-quietly-tested-in-india-just-days-after-the-tiktok-ban/articleshow/76768337.cms">Instagram Reels,</a> just days after the ban. While TikTok’s real number of users aren’t reported by the company, the app was high up on the top downloads charts in India and had seen over<a href="https://www.newindianexpress.com/business/2020/aug/13/reliance-likely-to-acquire-tiktok-in-india-for-5-billion-2182978.html"> 611 million downloads</a>. And with these users looking to move to newer video destinations, Indian <keyword id="9777126" type="UNKNOWN" weightage="20" keywordseo="video-sharing-apps">video sharing apps</keyword> wanted to ride on the ban and the country’s AtmaNirbhar initiative. So evidently, venture capital money has also made its way to its India clone apps. In August alone, the Indian video-sharing apps have closed almost $20 million in funding so far, and as reports say, there are bigger ones on the cards. Indian social media startup Sharechat, which had also launched its own video sharing platform Moj, is <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/google-in-talks-with-sharechat-as-latter-scouts-for-150-200-million/articleshow/77582440.cms">reportedly</a> in talks with Microsoft and Google for an investment. Sharechat was also Twitter’s first startup investment in India. <keyword id="40682" type="PERSON" weightage="20" keywordseo="Chingari">Chingari</keyword> Chingari, shot to fame overnight, so much so that its founders were tracking the hundreds of thousands of users coming in every hour right after the TikTok ban while working for 48 hours with no sleep. The app also won the best video sharing app in the Indian government’s AtmaNirbhar app challenge. Chingari raised $1.3 million in August from LogX Ventures, iSeed, Village Global along with angel investors like Brian Norgard, the former Chief Product Officer of Tinder, who has invested in SpaceX, AngelList, Notion among others. <keyword id="3961149" type="PERSON" weightage="20" keywordseo="mitron">Mitron</keyword> Mitron, which gained popularity, even before the TikTok, thanks to its name being a word used famously by PM Narendra Modi, has raised two rounds of funding in recent times. Today the company has announced that it has raised $5 million, led by Nexus Venture Partners. 3one4 Capital and Arun Tadanki’s private syndicate on LetsVenture, along with a slew of angel investors like Deep Kalra (MakeMyTrip founder), Amarjit Batra (Spotify India head), among others. The startup said that it has over 33 million downloads on the Play Store and garners 9 billion video views per month. <keyword id="8861782" type="UNKNOWN" weightage="20" keywordseo="Trell">Trell</keyword> Trell raised $11.4 million in a Series A round led by KTB Network. The round also saw participation from Samsung Ventures, Gokul Rajaram (Board Member, Pinterest, Square, DoorDash), Sequoia’s Surge, Fosun RZ Capital, among others. With 75 million downloads, the app claims to have grown over 27 times in the last 12 months and also has 25 million monthly active users. “Since the Chinese App ban, Trell has witnessed 500% growth with over 15 million creators on its platform receiving more than 5 billion monthly views,” the company said. Bolo Indya Another TikTok clone app, Bolo Indya, closed a seed funding round of $500,000 with over 40 lakh monthly active users. The startup’s funding was led by Eagle10 Ventures and India Accelerator. With a focus on vernacular language growth, the company’s founder Varun Saxena had said he aims to “see ourselves to be on at least one smartphone of every Indian household with a non-English user within the span of next 18 months”. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/oyo-byjus-investor-lightspeed-india-closes-its-third-fund-with-275-million/articleshow/77603896.cms">OYO, Byju's investor Lightspeed India closes its third fund with $275 million</a> <a href="https://www.businessinsider.in/stock-market/news/tata-motors-sbi-card-bandhan-bank-ril-britannia-sbi-cards-share-price-are-top-movers-on-dalal-street-today/articleshow/77605529.cms">Top stock movers on Dalal Street today — Tata Motors, SBI Card, Bandhan Bank, RIL, Britannia</a>

It's not just TikTok, its clone apps in India too have a beeline of investors

Mumbai, Mar 3 () Lifestyle products focused mobile app 'Trell' on Tuesday said it has raised USD 4 million in funding led by Sequoia Capital India's Surge, Fosun RZ Capital and KTB Network.The money raised will be utilised to strengthen machine learning and artificial intelligence efforts, expanding the community to newer cities and languages, an official statement said.With this infusion, the total amount of funds raised by the company now reached USD 5.5 million.The app, launched in AUgust 2017 by IIT-Bombay and NITIE alumni, to enable users to share and discover product reviews across lifestyle interests, and has 15 million downloads and 5 million monthly active users.The company claimed in January 2020 that its community of 5,00,000 content creators published 1.2 million content pieces in Tamil, Telugu, Malayalam, English, and Hindi."Trell solves for the discovery of lifestyle choices for the next half billion population coming online. It is the largest platform in India growing at 25 per cent month-on-month with strong engagement metrics," Fosun's executive director Krishna Vinjamuri said. AA BALBAL

Lifestyle app Trell raises $4 million from Sequoia Capital, others

<ul><li>Indian startups have already laid off over 6,000 employees in the last five months.</li><li>The layoff season is likely to continue in the coming months as investors get cautious.</li><li>So far companies like Ola, Unacademy, Vedantu have laid off over 3,600 employees this year.</li></ul>Indian startups have already laid off around 6,000 employees in the last five months. But this startup firing season will continue, according to several experts that Business Insider spoke to. Archit Garg, co-founder at Glamyo Health, pegs <keyword id="4234518" type="General" weightage="20" keywordseo="startup-layoffs" source="Orion">startup layoffs</keyword> at 10 times the current number at — 60,000. “Unfortunately there is more pain in the ecosystem and funding environment could take 6- 9 months to reverse, so chances are that the actual number will be 10 times of this as I expect there will be more negative news which we will hear about in the near future,” said Garg. Edtech employees could be the biggest victims as students are going back to schools. “With the significant crisis brewing in the Indian edtech sector, a lack of clarity in structure and processes comes as a blockage,” Naveen Jangir, co-founder of HRTech company Incluzon, said. So far companies like Ola, Unacademy, Vedantu have laid off over 3,600 employees this year, according to media reports as well as company’s announcements. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Layoffs </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ola </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2,100 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Unacademy </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">925 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vedantu </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">624 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cars24 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">600 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mfine </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">600 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Trell </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">300 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Lido Learning </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">200 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Furlenco </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">200 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Meesho </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">150 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">OkCredit </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">40 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5,739 </td></tr></tbody><tbody></tbody></table>Source: Company Announcements, Media Reports Read more: <a href="https://www.businessinsider.in/business/startups/news/the-worst-for-indian-startups-is-yet-to-come-be-prepared-for-layoffs-unicorn-slowdown-and-startup-shutdowns-in-2022/articleshow/91681195.cms">The worst for Indian startups is yet to come — be prepared for layoffs, unicorn slowdown and startup shutdowns in 2022</a> <cmsannotation type="cmsannotation" annotationid="Hired too, and now there will be much firing" comment="subhead" text="Hired too, and now there will be much firing">Hired too, and now there will be much firing</cmsannotation> Yogita Tulsiani, the managing director and cofounder at global tech-recruiter provider iXceed Solutions, noted that both low-funded and highly-funded startups would be impacted by this. Most companies hired aggressively during the start of the pandemic and are unable to handle it now. Each company has a long term plan and unprecedented scenarios such as the events happening now can impact their hiring and team sizes, said Sarbojit Mallick, co-founder of advanced hiring platform Instahyre. He noted that the plan would also include consolidation of internal departments, streamlining of operations and tightening of the gaps. Sujata Pawar, co-founder and CEO of menstrual care startup Avni, noted that startups that fail to manage their runway and carefully grow the business will be subjected to such layoffs. “As long as organisations are successful in adapting to the changing market dynamics, retaining talent won't be much of a hassle. In this new world, with the workforce ready to jump into multiple opportunities, consulting, contractual projects and more, these obstacles will not concern either employers or employees." Piyush Raj Akhouri, co-founder and business head at recruitment firm Bridgentech Consulting, said. <cmsannotation type="cmsannotation" annotationid="Startups will keep hiring too" comment="subhead" text="Startups will keep hiring too">Startups will keep hiring too</cmsannotation> Piyush Bhartiya, co-founder and CEO of AdmitKard — which helps with end-to-end career advisory startup for students studying abroad — highlighted that for every company that is laying off employees there are another 100 who are hiring. “Like I said, some companies are laying off, others like ours are hiring. I do not see that will impact the employment ratios too dramatically,” he added. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/vodafone-coal-india-bpcl-among-stocks-to-watch-out-for-on-may-26/slidelist/91801171.cms">Vodafone, Coal India, BPCL among stocks to watch out for on May 26 </a><a href="https://www.businessinsider.in/business/auto/news/vehicle-insurance-premiums-may-increase-from-april-2022/articleshow/90043466.cms" data-type="tilCustomLink"></a><a href="https://www.businessinsider.in/retail/news/biscuits-ghee-and-hair-oil-to-get-cheaper-after-government-duty-cut-but-after-three-months/articleshow/91784809.cms">Biscuits, ghee and hair oil to get cheaper after government duty cut — but after three months</a> <a href="https://www.businessinsider.in/stock-market/news/zomato-to-grasim-to-aditya-birla-capital-here-are-six-stocks-that-brokerages-say-you-should-buy/articleshow/91788937.cms">Zomato to Grasim to Aditya Birla Capital — here are six stocks that brokerages say you should buy</a>

It would be a long firing season for startups —  experts say 60,000 could lose their jobs

<ul><li><keyword id="982553" type="General" weightage="20" keywordseo="indian-startups" source="Orion">Indian startups</keyword> raised only $1.6 billion in April 2022, which is almost half of the capital raised last year in the same period.</li><li>VerSe Innovation — the parent company of Dailyhunt and Josh — raised the biggest funding round last month.</li><li>Indian startups are currently facing pressure from investors to focus on profitability, We Founders Circle’s Gaurav VK Singhvi added.</li></ul>Things are not as bright for the Indian startup ecosystem as they were last year. The segment which thrived during the pandemic is now facing the brunt of the Russia-Ukraine war, leading to a slowdown in their capital raising ability. According to the latest report by IVCA-EY, Indian startups raised only $1.6 billion in April 2022. This is almost half of the capital raised by the same ecosystem in April 2021. To make matters worse, no company entered the <keyword id="152045" type="General" weightage="20" keywordseo="unicorn" source="Orion">unicorn</keyword> club last month whereas April 2021 had flagged off the momentum of unicorn creation last year with eight new additions. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Month </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Number of Unicorns </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Unicorns Created </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">April 2021 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Meesho, PharmEasy, CRED, Groww, ShareChat, Gupshup, Chargebee, Urban Company, </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">April 2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nil </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source: Media reports <cmsannotation type="cmsannotation" annotationid="Slowdown in unicorn creation" comment="subhead" text="Slowdown in unicorn creation">Slowdown in unicorn creation</cmsannotation> According to several experts Business Insider spoke to, the <a href="https://www.businessinsider.in/business/startups/news/he-slowdown-in-unicorn-creation-may-be-there-for-the-next-two-months-too/articleshow/91116175.cms">slowdown in unicorn creation </a>is likely to continue all through the second quarter till June 2022 but this is not something to worry about. Gaurav VK Singhvi, cofounder of investment firm We Founder Circle, further explained that the startup market has been witnessing an upward trend for the last 18 months and “now for a few months it looks a little slow”. He also specified that the trend would be quite positive in the long term and more unicorns may be created this year. But there is more to it than just the number of unicorns. <cmsannotation type="cmsannotation" annotationid="Even higher valuation may be an issue" comment="subhead" text="Even higher valuation may be an issue">Even higher valuation may be an issue</cmsannotation> The decline in funding in April 2022 is majorly because of the decline in large funding rounds. VerSe Innovation — the parent company of Dailyhunt and Josh — raised the biggest funding round last month when it bagged $805 million at a<a href="https://www.businessinsider.in/business/startups/news/josh-dailyhunt-parent-company-verse-raises-805-million-takes-valuation-to-5-billion/articleshow/90675633.cms"> valuation of $5 billion</a>. This represented nearly half of the capital raised by Indian startups in April. While Dailyhunt has been able to increase its valuation amid this funding slump, not all have been able to do so. According to Media reports, ecommerce company Meesho has been trying to close another funding round at a valuation of around <a href="https://timesofindia.indiatimes.com/business/india-business/meesho-to-raise-1bn-at-valuation-of-8bn/articleshow/87859070.cms">$8 billion</a> but no investor is willing to accord it to the company at the moment. Instead, the investors are unwilling to accord any higher valuation to Meesho — which was valued at $4.9 billion last year — due to its monthly cash burn rate of $46 million. Singhvi of We Founder Circle explained that several startups have ignored their bottom line for a long time and the investors are now putting pressure on these companies to focus on their finances and numbers. “Revenue is all good but now they are looking at profitability and long term sustenance,” he added. <cmsannotation type="cmsannotation" annotationid="Layoffs come off as a rescue plan for several startups" comment="subhead" text="Layoffs come off as a rescue plan for several startups">Layoffs come off as a rescue plan for several startups</cmsannotation> Several companies have already started preparing for the worse. According to Business Insider’s calculations, Indian startups laid off<a href="https://www.businessinsider.in/business/startups/news/indian-startups-have-already-laid-off-over-5700-employees-in-the-last-four-months/slidelist/90980198.cms"> 6,900 employees</a> in the first four months of 2022. In May alone, unicorns like Vedantu and <a href="https://www.businessinsider.in/india/news/cars24-is-the-latest-unicorn-to-lay-off-600-employees-after-unacademy-and-vedantu/articleshow/91660002.cms">Cars24 fired over</a> 1,200 employees. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Layoff </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Better.com </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3000 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ola </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2,100 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Unacademy </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">925 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vedantu </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">624 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cars24 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">600 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Trell </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">300 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Lido Learning </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">200 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Furlenco </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">200 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Meesho </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">150 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">OkCredit </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">40 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8,139 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source: Media Reports, Company Announcements Vamsi Krishna, chief executive officer and co-founder of Vedantu, in a<a href="https://www.businessinsider.in/business/startups/news/after-unacademy-vedantu-has-laid-off-600-people/articleshow/91643403.cms?utm_source=google_newsstand&amp;utm_medium=google_rssfeed&amp;utm_campaign=news_referral"> blog post noted </a>that they had to take this harsh decision since capital may be scarce in the upcoming quarters due to “war in Europe, impending recession fears, and Fed rate interest hikes”. Yogita Tulsiani of iXceed Solutions and Sarbojit Mallick of Instahyre emphasised that there are more layoffs to come in the near future. Tulsiani, the managing director and cofounder at global tech-recruiter provider iXceed Solutions, noted that both low-funded and highly-funded startups would be impacted by this drive as most companies carried out aggressive hiring drives during the start of the pandemic and are not able to handle their workforce now. Each company has a long term plan and unprecedented scenarios such as the events happening now can impact their hiring and team sizes, Sarbojit Mallick, cofounder of advanced hiring platform Instahyre, added. He noted that the plan would also include consolidation of internal departments, streamlining of operations and tightening of the gaps. “The fear [for the workforce] is further mounted by rationalisation in funding which will weed out quality companies and hence lead to winding up of some startups,” Neha Khanna, director at management consultancy firm ValPro, concluded. SEE ALSO <a href="https://www.businessinsider.in/business/news/heatwave-has-turned-acs-from-a-luxury-to-a-necessity-but-margins-remain-muted-for-the-players/articleshow/91655568.cms">Heatwave has turned ACs from a luxury to a necessity — but margins remain muted for the players</a> <a href="https://www.businessinsider.in/tech/news/the-state-of-uttar-pradesh-and-how-its-been-feeding-facebook-ad-revenues/articleshow/91660700.cms">The state of Uttar Pradesh and how it’s been feeding Facebook ad revenues</a> <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/prudent-corporate-advisory-services-surprises-ipo-investors-with-nearly-5-listing-gains/articleshow/91678900.cms">Prudent Corporate Advisory Services surprises IPO investors with nearly 5% listing gains</a>

The worst for Indian startups is yet to come — be prepared for layoffs, unicorn slowdown and startup shutdowns in 2022

Another <keyword id="1464841" type="General" weightage="80" keywordseo="edtech" source="Orion">edtech</keyword> startup <keyword id="4248184" type="General" weightage="100" keywordseo="udayy" source="Orion">Udayy</keyword>, backed by <keyword id="80004" type="General" weightage="50" keywordseo="info-edge" source="Orion">Info Edge</keyword>, has shut shop, laying off all 100 employees as schools, colleges and physical tuition centres reopen. Udayy's co-founder <keyword id="6553566" type="General" weightage="50" keywordseo="saumya-yadav" source="Orion">Saumya Yadav</keyword> said that the startup was witnessing the post-pandemic world for the first time as "as the kids went back to school, we faced roadblocks in growing the original model of online, live learning". "After a lot of deliberation, we decided that it's better to shut down the business than to spend more time and capital on it,a Yadav said. The development was first reported by startup news coverage portal Entrackr. The startup has paid employees severance packages and helped them find new jobs. "We are returning the remaining capital, around $8.5 million back to our investors," Yadav was quoted as saying in media reports. The live-learning platform catered to students from Grades 1 to 5. The platform raised $2.5 million in a seed funding round led by Alpha Wave Incubation (AWI), managed by <keyword id="4675626" type="General" weightage="50" keywordseo="falcon-edge-capital" source="Orion">Falcon Edge Capital</keyword> and <keyword id="12772224" type="General" weightage="50" keywordseo="infoedge-ventures" source="Orion">InfoEdge Ventures</keyword>. Udayy is the second edtech startup after Lido Learning to completely shut operations. Led by the edtech platforms, over 8,000 start-up employees have been recently hit by layoffs In India. This includes more than 1,000 employees at WhiteHat Jr, over 600 at Unacademy, over 424 at Vedantu and over 150 at Lido Learning. Another edtech firm FrontRow laid off nearly 150 full-time and contractual employees earlier this week. The Bengaluru-based non-academic upskilling startup fired almost 30 per cent of its workforce, owing to fund crunch and the market downturn. Apart from edtech firms, startups that have laid off employees in the past few months include social commerce platforms Trell (more than 300) and Meesho (150), used cars platform Cars24 (More than 600) and digital health platform Mfine (more than 500), among others.

Edtech startup 'Udayy' lays off all 100 employees as schools, and colleges physically reopen

'm very excited about this new collaboration. <keyword id="868697" type="General" weightage="100" keywordseo="plum" source="Orion">Plum</keyword> has been one of my favourite brands - it does what it says," states actress <keyword id="3677061" type="General" weightage="50" keywordseo="rashmika-mandanna" source="Orion">Rashmika Mandanna</keyword> who joins the joins vegan skincare brand Plum as an investor and brand ambassador. Adding, "I am excited to represent and also invest in a brand that is passionate about adding genuine goodness to the world we live in! Plum has experienced tremendous growth in recent years, and I am confident that the brand will soon become the "go-to" vegan brand. The brand creates no-nonsense products that our skincare desperately needs right now, given our hectic lifestyles and exposure to sun and pollution. I've been using Plum's products for a while now and I absolutely adore them. I am beyond thrilled to bring some skincare love and goodness into everyone's homes!" Plum is one of India's leading vegan, cruelty-free, and toxin-free beauty and personal care brand. This collaboration between the Pushpa: The <keyword id="6405795" type="General" weightage="50" keywordseo="rise" source="Orion">Rise</keyword> star and one of the fastest-growing beauty and personal care brands is expected to further solidify the brand's position as a fan favourite and open up new channels for customer acquisition, particularly among India's <keyword id="159493" type="General" weightage="50" keywordseo="gen-z" source="Orion">Gen Z</keyword> and millennial audiences. It has grown 15x since its first funding round in late 2018, thanks to a strong leadership and investor team focused on creating value for - People, the Planet, and Profit-sharing participants. Because of its high-quality product lines, lovable brand personality, and strong Omni-channel presence, it remains one of the fastest-growing brands in the new-age beauty space. Commenting on the announcement, <keyword id="232375" type="General" weightage="50" keywordseo="shankar-prasad" source="Orion">Shankar Prasad</keyword>, CEO, and Founder at Plum said, "We are delighted to have Rashmika on board as we look forward to reinforcing our brand connect with consumers. She is a popular youth icon and fits very well with the brand ethos of Plum, with her real, approachable persona. This partnership is an important milestone as we continue to build Plum into a lovable brand that stands for keeping things clean, real and good." Rashmika's investment comes after A91 Partners' $35 million funding round in March 2022. Plum has raised over $50 million from consumer-focused institutional investors to date, indicating its future growth as the category leader in the new-age, direct-to-consumer beauty space. ALSO SEE <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/google-invests-in-indian-fintech-startup-progap-which-provides-credit-to-smes/articleshow/92509038.cms">Google invests in Indian fintech startup Progap which provides credit to SME</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/employee-exodus-at-trell-which-is-struggling-to-pay-its-influencers/articleshow/92483791.cms">Employee exodus at Trell which is struggling to pay its influencers</a>

Rashmika Mandanna invests in vegan skincare brand Plum

<ul class="summary-list"><li>VC firm <keyword id="13647765" type="UNKNOWN" weightage="60" keywordseo="sequoia-capital-india" source="Orion">Sequoia Capital India</keyword> has spoken out about fraud allegations at multiple <keyword id="6362513" type="UNKNOWN" weightage="60" keywordseo="startups" source="Orion">startups</keyword> it's backed.</li><li>The firm said it was difficult to conduct due diligence on early-stage businesses.</li></ul><keyword id="11904329" type="UNKNOWN" weightage="60" keywordseo="sequoia-capital" source="Orion">Sequoia Capital</keyword> India, a major investor in Southeast Asian startups, has said due diligence on early-stage startups is tough as four of its portfolio companies face fraud or misconduct allegations.<a href="https://india.sequoiacap.com/build/corporate-governance-the-cornerstone-of-an-enduring-company/">In a blogpost not attributed to a particular author</a>, the firm said: "Recently some portfolio founders have been under investigation for potential fraudulent practices or poor governance. These allegations are deeply disturbing."The post added: "It is easy to think of this issue as ascribed to poor due diligence. But let's remember that when investments are made at seed or early stage there is hardly a business to diligence. Even later stage investors can face negative surprises, post investment, if there is willful fraud and intent."<keyword id="12116150" type="UNKNOWN" weightage="60" keywordseo="sequoia" source="Orion">Sequoia</keyword> didn't name check any firms, but one of these negative surprises has been <a href="https://www.businessinsider.com/zilingo-ceo-suspended-accounting-probe-singapore-startup-report-2022-4">Zilingo</a>, a Singapore-based fashion e-commerce startup first backed by Sequoia in 2015 and estimated to be worth $970 million. <keyword id="13616941" type="UNKNOWN" weightage="60" keywordseo="zilingo" source="Orion">Zilingo</keyword> earlier this month suspended its cofounder and CEO Ankiti Bose amid a financial probe into its accounting practices. A lawyer acting for Bose called her suspension "unfair" in <a href="https://www.bloomberg.com/news/articles/2022-04-14/sequoia-s-singh-leaves-zilingo-board-amid-accounting-probe">a statement to Bloomberg</a>.Sequoia and another backer, Temasek, raised their concerns with Zilingo's board. Sequoia's Shailendra Singh subsequently resigned as director of Zilingo's board, Bloomberg reported.Three other Sequoia-backed startups are also under scrutiny.In mid-March, Indian news media reported that EY India was investigating social e-commerce platform <a href="https://inc42.com/buzz/trells-founders-under-scrutiny-for-financial-irregularities/">Trell</a> for alleged financial irregularities. The same month, <a href="https://economictimes.indiatimes.com/tech/startups/tax-officials-raid-zetwerks-offices-founders-homes-suspecting-tax-evasion/articleshow/90293975.cms?from=mdr">Zetwerk Manufacturing</a> was reportedly raided by Indian tax officials over alleged tax evasion concerns. Also in March, financial platform <a href="https://www.businessinsider.in/business/startups/news/ashneer-grover-loses-singapore-arbitration-bharatpe-probe-to-continue/articleshow/89887218.cms">BharatPe's</a> cofounder Ashneer Grover was <a href="https://techcrunch.com/2022/03/01/bharatpe-founder-ashneer-grover-siphoned-off-money-fintech-startup-says/">accused of misappropriating funds</a> by the firm and quit as CEO. Sequoia in its post called for better "guardrails" for the startup ecosystem, such as agreeing new rules around corporate governance, and said startup "boards can only work with the information shared with them" to uncover wrongdoing.Sequoia's post highlights the risks of investing in early-stage startups, where <keyword id="11897927" type="UNKNOWN" weightage="60" keywordseo="venture-capital" source="Orion">venture capital</keyword> firms plow cash into unproven companies, often trusting in a founder's vision more than the solidity of their business model. The firm wrote that a startup's board "is not responsible to investigate on an ongoing basis" for potential bad behavior unless it's explicitly flagged up.But some regional investors shot back at suggestions that the wider ecosystem was at fault."Sequoia India, caught with their pants down with 4 portfolio companies. Decides to blames the 'eco-system,'" wrote Sam Gibb, managing partner of Singapore-based fintech investor Resolution Ventures, <a href="https://twitter.com/samngibb/status/1515837214499827714">on Twitter</a>. He said that bigger investors encourage a "growth-at-all-costs" mentality at startups, leading founders to step "over gray lines" to hit metrics."The interests of career VCs (where a bulk of remuneration is fixed) diverge from founders as status is more important to them than building lasting economic value," he wrote.Sequoia could not be reached over the phone for further comment.

Big-name investor Sequoia says startup due diligence is hard as 4 of its Asian portfolio companies face allegations of fraud or misconduct

New Delhi, July 1 (IANS) The ban on 59 Chinese apps has given homegrown app developers a once-in-a-lifetime opportunity to create world-class products across chat, short videos, and photo/video sharing segments and led by ShareChat, desi apps are now scouting for fresh finds to invest intelligently into scaling their platforms and handle the upcoming rush. In a country where nearly 300 million people are on Facebook, another 400 million on WhatsApp and over 120 million on Chinese app TikTok -- not to forget the millions who are hooked to Instagram, Twitter and Snapchat -- there has not been a single social media platform to date with its roots in India that has created headlines globally. The time is ripe to rise to the occasion and show that Indian programmers can build top-notch social media apps right here, without going to the US or other countries. The regional language social media platform ShareChat is changing the way in which the next billion users will interact on the internet. With over 1 billion monthly Whatsapp shares, users spend more than 25 minutes daily on the platform. ShareChat has a user base of over 60 million monthly active users spread across the country and available in 15 languages including Hindi, Malayalam, Gujarati, Marathi, Punjabi, Telugu, Tamil, Bengali, Odia, Kannada, Assamese, Haryanvi, Rajasthani, Bhojpuri and Urdu. The Bengaluru-based regional language social platform has become so popular that even Twitter came onboard when the four-year-old company raised $100 million in its Series D round of funding last year. "ShareChat is silently leading a social media revolution with a strong focus on regional outreach keeping its Bharat connect pristine," said Berges Y Malu, Director, Public Policy, ShareChat. "We welcome the move from the government against platforms that have had serious privacy, cyber security and national security risks. We expect the government to continue their support for the Indian startup ecosystem," Malu added in a statement. Public is a video-only social platform and has already registered 50 million users, with more than one million videos being created every month. According to Azhar Iqubal, Founder and CEO of Public, we have immense talent and resources in India and the vacuum created by this ban is a great opportunity for Indian app makers to launch products that have the potential to do well globally. "It will also make users more vigilant in checking what permissions they have given to apps as smartphones store sensitive information," said Iqubal. Public is currently available in five Indian languages: Hindi, Bengali, Gujarati, Tamil and Telugu, and aims to have over 100 million users by the end of the year. Roposo is another leading homegrown short-video making app with more than 65 million downloads in the country. TikTok users, including influencers with huge fan followings, have started switching to Roposo in large numbers after the ban. "We have built Roposo as a clean and ethical platform. The unique idea of channels in Roposo provides every talented Indian with an opportunity to grow rapidly," said Mayank Bhangadia, co-founder of Roposo. Indians have rushed to download social app Chingari, a desi alternative to Chinese TikTok, which is witnessing nearly 1 lakh downloads and over 2 million views per hour since the government banned 59 Chinese apps over national security concerns. Already downloaded over 3 million times, the app which was founded by Bengaluru-based programmers Biswatma Nayak and Siddharth Gautam last year, was trending at the top spot on Google Play Store. "As Chingari is setting new benchmarks, a lot of investors are showing interest in our app. We are holding crucial discussions to get a good investor(s) on board so as to scale up our free-of-cost social platform," informed Nayak. Launched in October 2017, Khabri is another fastest-growing digital audio platform providing content in the regional language. "We urge Indian corporate leaders to come forward and reclaim the country's business ecosystem and consumers through supporting/investing in Indian startups," said Sandeep Singh, co-founder and president, Khabri. "Since the word spread that Indians now have a homegrown and more entertaining alternative to TikTok, we have been recording traffic beyond expectations on our app," said Nayak. Lifestyle community commerce platform Trell has witnessed more than 1 million downloads after India banned Chinese apps. With over 30 million downloads and 9 million monthly active users on its app, Trell has witnessed a 25 times growth within one year. "We welcome all the Tiktok and Chinese apps content creators with open arms to come and engage on Trell. As the largest Indian lifestyle social app, we will continue to ensure that the privacy and data of users will be protected," said Pulkit Agarwal, Co-Founder, Trell. --IANS na/in

Homegrown social media apps turn restless for big leap

Located eight km from Narmadapuram district in Madhya Pradesh is the small village of <keyword id="14298711" type="General" weightage="80" keywordseo="rohna" source="Orion">Rohna</keyword>. Its 396 households comprise of 1,886 people, including 1,400 voters. Most families here belong to Backward Castes, with some six per cent of the population listed under Scheduled Castes. Agriculture is the main means of livelihood in Rohna, where 14 families live below the poverty line - however, this nondescript village is a matter of pride to its residents. Social worker Lakshman Singh Rajput proudly told 101Reporters, "Our village has no illicit liquor or gambling dens. We are also ahead in agricultural output, with many farmers here into organic farming. Roopsingh Rajput was awarded for his farming efforts. There are many who also breed cattle and produce 2,000l to 2,500l of milk every day." And now, Rohna is in the news for its decision to elect a 'pink', all-women <keyword id="49290" type="General" weightage="100" keywordseo="panchayat" source="Orion">panchayat</keyword>, completely unopposed. How a 'pink' panchayat emerged in Rohna Panchayat elections had not been held in Madhya Pradesh for a while, to finally being organised following court intervention. Women were granted 33 per cent reservation, in keeping with the 73rd amendment, though Madhya Pradesh increased women's reservation to 50 per cent, the first state to make this change. Rajesh Samle, a social worker and local resident who's been working on agriculture and women's empowerment in Rohna as part of the Gram Sewa Samiti, told 101Reporters, "When the reservation formalities for the three-tier panchayat elections were completed, our panchayat seats went to the lot of our women. That's when discussions began about electing an unopposed panchayat for the village, to demonstrate our unity." "As for the candidates, Sharmila Rajput emerged as the front-runner, since she had been active on all village-level issues and had always taken the lead in community matters. Once her name was proposed, there was complete consensus from all quarters." Sharmila Rajput, the new sarpanch, is 48 years old. She was born in Rohna and was married to Rajendra Singh Rajput from the same village after completing Class 10. Under Sharmila and her all-women panchayat, women's empowerment, education and health have emerged as key developmental issues. However, the new village chief said she had not imagined ever being part of the village panchayat, let alone leading it. "I wouldn't have contested if the chief minister had not announced the Rs 15 lakh reward for an unopposed election and the sarpanch's seat had not been reserved for women," Sharmila added. Madhya Pradesh Chief Minister <keyword id="169974" type="General" weightage="50" keywordseo="shivraj-singh" source="Orion">Shivraj Singh</keyword> Chauhan had announced that a women-only gram panchayat would be given Rs 15 lakh for development. He had also announced an award of Rs 5 lakh to those panchayats that would elect their chief unopposed. Moreover, panchayats that elected their sarpanch for two consecutive years unopposed were to be awarded Rs 7 lakh, and gram panchayats that elected an all-women panchayat were to be granted Rs 12 lakh. For those who had elected an all-women panchayat (including a sarpanch) unopposed were to be given Rs 15 lakh. Elaborating on how Rohna got a women-only 'pink' panchayat, Local resident Monu Chouhan added: "Once the sarpanch was elected unopposed, the idea of a panchayat completely run by women emerged. Although a few men had filed their candidature, the idea of a women-only panchayat appealed to them. They immediately withdrew their candidature in favour of the women from their own families. Thus, all 18 wards elected women to the panchayat. This saw Sandhya Malviya, Pushpa, Dipali Yadav, Meena Viswakarma, Sunitabai, Jyoti Samle, Ritu Chauhan, Dhanwati, Rajan, Vidya, Saroj, Kusum Patel, Premvati, Jyoti Surendra Singh, Shobabai, Phula, Kasturi and Vyjanti get elected unopposed. Vidya was elected the panch for the second consecutive year. Her son <keyword id="616050" type="General" weightage="50" keywordseo="veer-singh" source="Orion">Veer Singh</keyword> Chauhan earlier held the position. Chauhan said that in this small village, more than four people filed their candidature for the sarpanch's post, though that could have fuelled enmity within the community and raised their election expenses. "This is why we held a joint meeting and agreed to elect an unopposed panchayat," he added. The irony, however, is that the decision to elect this 'pink' panchayat didn't involve any say from the women in the community. The role of kabaddi While the very prospect of electing consensus candidates to office may seem remarkable, the unified approach to community matters in Rohna can be attributed to the game of kabaddi. According to senior kabaddi player Rajkumar Ginyare, "Coach Harish Malviya introduced kabaddi in Rohna in 1998. The game became so popular here that everyone wanted to play it. Eventually, Rohna produced several national-level players. But the sport's most important contribution was its unifying nature. "Earlier, people were divided among different castes and groups; kabaddi put an end to all that and brought them together. This saw villagers unite to put an end to the tradition of mrityubhoj (a memorial service for the departed wherein a big feast is held for the community), kept youngsters away from intoxicants and instead made them health conscious." In 2017, Rohna hosted the National Professional Kabaddi Championships. The event saw the participation of Air India, Oil and Natural Gas Commission and Indian Railways. National-level players like Ajay Thakur, Rahul Chaudhury and Pradip Narwal Sandeep Narwal visited Rohna and put the small village on India's kabaddi map. The final event attracted some 50,000 people, even forcing road traffic in this sparsely populated region to be diverted! However, the village that's currently celebrating the election of an all-women panchayat hardly sees any women's participation in the sport, their involvement restricted to the bleachers. Prize money and its uses At present, the Rohna panchayat awaits the Rs 15 lakh it is rightfully due, although it's not yet sure how the money will be used for developmental purposes. Panchayats that won the sum following the last local elections saw rules being framed to spend the money on projects. "The gram sabha ought to have the right to utilise the money it's won for electing its candidates unopposed," said Lakshman Singh Rajput, a social activist, while Panchayat Secretary <keyword id="14298712" type="General" weightage="50" keywordseo="vijay-chaurey" source="Orion">Vijay Chaurey</keyword> added, "Since there have been no guidelines issued so far in this regard, we must get to decide how to utilise these funds." Meanwhile, Sharmila is overjoyed at being elected unopposed. "We need to fulfil the expectations of our electorate. Our primary concern is the education and health of girls. I was unable to study beyond Class 10; I do not want this to happen to others. I'd like every girl in the village to go for higher education and earn a living. I wish for all adolescent girls to enjoy good health and to put an end to the prevalent discrimination between boys and girls." "In addition to these, one also has to fulfil the basic developmental responsibilities of the panchayat. We will work for the betterment of the youth, so that the village ultimately benefits in the long run." Panchayat member Jyoti Samle echoes her sarpanch's views: "It's a matter of joy to be part of an entire panchayat represented solely by women. We shall work hard to justify the faith bestowed on us." Acknowledging the role an elected panchayat can play in ushering in progress, local resident <keyword id="349013" type="General" weightage="50" keywordseo="vinod-yadav" source="Orion">Vinod Yadav</keyword> listed the issues that need immediate attention: "Our panchayat wants to prioritise education. The local school offers education up to the higher secondary level, but the building needs urgent repair. We also need to develop the ground for children." Regardless of their motivation, the residents of Rohna have set a precedent by electing a 'pink' panchayat. ALSO SEE: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/employee-exodus-at-trell-which-is-struggling-to-pay-its-influencers/articleshow/92483791.cms">Employee exodus at Trell which is struggling to pay its influencers</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/us-based-vc-firm-backstage-capital-freezes-new-investments-cuts-workforce/articleshow/92484167.cms">US based VC firm Backstage Capital freezes new investments; cuts workforce</a>

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