Indian Startup News Ep 73: India’s Largest Crypto Exchange | First Drone Delivery Trial

This week in Indian Startup News, India’s largest crypto trading platform WazirX gets tangled in a money-laundering probe, India’s first official drone delivery trial begins, PhonePe’s acquisition deal with Indus OS turns into a lawsuit, CultFit acquires Tread to foray into at-home fitness hardware and InMobi’s Glance acquires Shop101 to launch live commerce.

In funding news, Byju’s raises $350 million to become India’s most valuable startup, BrowserStack raises $200 million to become India’s most valuable SaaS startup, Vianai Systems raises $140 million and Apna.co raises $70 million.

00:00 Introduction
00:36 India’s first official drone delivery trial begins
02:40 PhonePe’s acquisition deal with Indus OS turns into a lawsuit
05:38 India’s largest crypto trading platform WazirX gets tangled in a money-laundering probe
06:50 CultFit acquires Tread to foray into at-home fitness hardware
07:13 InMobi’s Glance acquires Shop101 to launch live commerce
07:54 Byju’s raises $350 million to become India’s most valuable startup
08:30 BrowserStack raises $200 million to become India’s most valuable SaaS startup
09:30 Vianai Systems raises $140 million
10:11 Apna.co raises $70 million

India’s largest crypto trading platform WazirX gets tangled in a money-laundering probe: India’s financial investigation agency Enforcement Directorate (ED) has issued a notice to WazirX and its directors Nischal Shetty and Sameer Mhatre – seeking an explanation for crypto transactions worth $400 million. ED has accused them of not carrying out proper KYC which led to Chinese nationals operating illegal online betting apps to launder money through their platform by buying cryptocurrencies.

India’s first official drone delivery trial begins: A consortium led by Throttle Aerospace Systems became the first to officially start drone delivery trials to deliver medicines in partnership with Narayana Health.

PhonePe’s acquisition deal with Indus OS turns into a lawsuit: PhonePe was trying to acquire Indus OS for $60 million to strengthen their mini app store Switch but the deal soon turned into a lawsuit between PhonePe and Indus OS’s investor Affle on the difference of valuations. PhonePe has also filed a complaint against another Indus OS investor Ventureast to Sebi for deceiving them and side dealing with Affle to scuttle the deal.

CultFit acquires Tread to foray into at-home fitness hardware: Health and fitness startup CultFit has acquired at-home smart fitness bike maker Tread to give their customers a more comprehensive fitness and training experience at home.

InMobi’s Glance acquires Shop101 to launch live commerce: Glance has acquired social e-ecommerce startup Shop101. The startup will be leveraging its short video platform Roposo along with Shop101’s e-commerce capabilities to launch celebrity and influencer-led live commerce on their platform.

Byju’s raises $350 million to become India’s most valuable startup: Edtech giant Byju’s has raised $350 million in fresh capital from UBS Group, Zoom founder Eric Yuan, Abu Dhabi’s ADQ, Blackstone and Phoenix Rising at a $16.5 billion valuation – leaving behind Paytm to make it India’s most valuable startup.

BrowserStack raises $200 million - India’s most valuable SaaS startup: App and website testing platform BrowserStack has raised $200 million led by BOND Capital at a $4 billion valuation to accelerate their growth via acquisitions.

Vianai Systems raises $140 million: Infosys’ former CEO Vishal Sikka’s new venture Vianai Systems has raised $140 million in fresh capital in a round led by SoftBank’s Vision Fund 2.

Apna.co raises $70 million: Professional networking and job search platform for blue-collar workers Apna has raised $70 million in a round led by Insight Partners and Tiger Global Management at a valuation of $570 million.

Give us a like and subscribe to Backstage with Millionaires if you liked our video. Let us know what you think about this video in the comments below.
Follow Backstage with Millionaires to remain updated with our latest developments.
LinkedIn:   / backstagewithmillionaires  
Twitter:   / bwmillionaires  
Instagram:   / backstagewithmillionaires  
Discord:   / discord  

#startup #news #backstagewithmillionaires