Page 9 - Founder Circle News Today

This feat was achieved within the first year of its inception through swift expansion, a growing demand for effective supply chain solutions, strategic partnerships, and innovation.

Soptle, founded by a 20-year-old entrepreneur, Pravas Chandragiri, enables fast-moving consumer goods and retail companies to distribute their products using its network. Soptle fulfills a market need by providing a seamless and efficient solution for retailers to connect with manufacturers and optimize their supply chain processes.

Swiggy’s valuation was cut by Invesco, BYJU’S valuation was slashed by BlackRock, and Meesho’s valuation was reduced by Fidelity Investments.  This cutback is also going to impact the value of the ESOPs employees at these startups are entitled to.

Surgery care startup Glamyo Health has reportedly laid off most of its employees without clear communication of salary payments, leading to legal action.

Glamyo Health is on the verge of shutting operations and has laid off more than 160 employees over the past few months.

Paytms founder Vijay Shekhar Sharma seems all set to silence his critics by achieving positive operating profit for the fintech. We find out how he managed this turnaround for the unicorn after its anticlimactic IPO listing and uninspiring revenue growth between FY18 and FY21. Read Now.

The Central Board of Direct Taxes (CBDT) announced a list of 21 source countries that will not be subject to the angel tax provisions on Wednesday. The list did not include nations like Singapore and Mauritius, which have established themselves as preferred jurisdictions for investments in India.

Swiggy’s outgoing chief technology officer (CTO) Dale Vaz has reportedly raised $7 Mn-$10 Mn for his wealthtech startup. 

YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Wednesday, May 24, 2023.

We Founder Circle's EvolveX accelerator will fuel early-stage startups with $20,000–$30,000 in seed funding and enable them to raise up to $100,000.