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Happy 2024! Welcome to the first edition of ETtechs Top 5 in the new year. Tata groups digital payments business, Tata Payments, has secured a payment aggregator licence from the Reserve Bank of India (RBI). This and more in todays edition of our daily evening newsletter.
Roll-up ecommerce startup Mensa Brands saw its total loss for FY23 widen over twofold from a year ago to reach Rs 213.9 crore, while total income grew 150% to Rs 505.1 crore, data from market intelligence firm PrivateCircle showed.
Lightspeed Venture Partners-backed Udaan is among startups trying to tap the rapid growth of Indias economy and consumer market, while meeting investor demands for profitability. Udaan, which at its peak employed thousands, joined fellow Indian startups in slashing jobs last year and tightening internal controls and compliance. It now has about 1,800 staff, and Gupta didnt specify if further job cuts are needed.
The Lightspeed India-backed startup is likely to see a significant drop in its valuation, to under $2 billion during the new financing round compared with its last peak valuation of $3.2 billion, said people aware of the contours of the deal being discussed.
BharatAgri, an advisory-led farming inputs e-commerce platform, has raised $4.3 million in a Series A funding round led by Arkam Ventures. The funds will be used to expand BharatAgri's platform to new areas and improve its last-mile delivery. The company offers smart farming advisory services and an e-commerce platform with over 10,000 agricultural products.