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Anicut Capital, an investment management firm, announced on Tuesday that it had raised Rs 110 crore to acquire equity holdings in startups across a variety of industries. The Rs 500-crore Anicut Opportunities Fund I has reached its first closure. According to an official announcement, the fund would be used to invest in up to 15 growth stage enterprises. It also stated there is a Rs 250-crore greenshoe option for the newly launched fund, without divulging the details of the Rs 110-crore commitments. The firm also announced the appointment of Dhruv…
Physics Wallah, a self-funded online education startup, has raised $100 million in its first round of funding led by WestBridge Capital and GSV Ventures, making it the newest edtech to join India’s unicorn club. The company is worth $1.1 billion, according to a prepared statement released on Tuesday. Unicorns are startups valued at $1 billion or more that are privately held. Other edtech unicorns include the likes of Byju’s, Unacademy, Eruditus, Vedantu, UpGrad and Lead School. According to a prepared statement, the funds will be used for business expansion, branding, the…
Pristyn Care, a healthcare provider, has acquired health-tech firm Lybrate for an unknown sum in order to strengthen its operations and expand into primary care. Pristyn, which became a unicorn in 2021, offers innovative secondary care operations through a nationwide network of over 800 hospitals. Lybrate will be used to drive synergies with the company’s existing activities, according to the company. “Given the increasing demand for online health services, Lybrate makes a compelling strategic fit to give access to primary care to our patients via online consultation services. We truly…
Start-up for drones Garuda Aerospace announced on Saturday that it will plant 75,000 seedlings to commemorate the country’s 75th anniversary of independence. Garuda Aerospace launched a statewide drone seed planting program on June 5 to commemorate World Environment Day, according to a company statement. The company’s recently introduced ‘Vriksh Vaahan’ drone was used for the task. The drone is a simple approach to boost productivity while avoiding environmental impact, according to the report. “The ‘Vriksh Vaahan’ drones will spray seeds directly over fields on the desired spot with the help…
Gurgaon-based Udayy, an edtech startup focused on students from kindergarten to eighth grade, has decided to shut down its operations as it was unable to maintain sustainable growth in the hyper-competitive edtech market. Following this decision, the edtech startup has laid off its entire workforce. Saumya Yadav, one of the co-founders of Udayy, explains that the platform did not see a viable path toward business profitability with the lifting of COVID-19 norms. The increased number of children returning to school led to requests for refunds and difficulty in acquiring new customers…
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