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Spring Capital recently invested in the sportswear and athleisure venture Agilitas Sports led by former PUMA India and South East Asia Managing Director Abhishek Ganguly, a source confirmed, without disclosing the amount of the investment. Spring Capital will collaborate closely with Agilitas to develop brand and launch strategies based on a deep understanding of consumer behavior and culture.

In April of this year, Agilitas Sports acquired the India license for the Italian shoe brand Lotto for 40 years, at an undisclosed price. Under the partnership with Lotto's parent company, WHP Global, Agilitas, based in Bengaluru, will oversee the manufacturing, design, and sale of Lotto products across India, South Asia, and Australia.

“The investment was made by Spring Capital last week,” said a source familiar with the matter.

Spring Capital has investments in a variety of brand portfolios, including the jewelry brand Giva, the online beauty and grooming platform Purplle, and the organic personal care brand Juicy Chemistry, among others.

In December 2023, Agilitas Sports received Rs 100 crore in funding from Nexus Venture Partners, a venture capital firm that partners with entrepreneurs building product-focused companies in India and the US.

Convergent Finance LLP, an investment management and advisory firm led by Harsha Raghavan, also made a significant investment of over Rs 400 crore in the startup.

Storyboard18 reached out to Abhishek Ganguly, co-founder and CEO of Agilitas Sports, for comment. The story will be updated once an official statement is received from the company.

Spring Capital invests in Agilitas, will help develop brand and launch strategies

In what can be described as a quintessential Bengaluru narrative, a tech intern informed his CEO via a WhatsApp conversation that he would be leaving his position because his own AI startup had successfully secured funding.

This incident was shared by Karthik Sridharan, CEO of Flexiple, on the social media platform X, igniting a spectrum of responses from the online community.

Sridharan's enquiry about the intern's absence on a recent Friday led to an unexpected revelation. The intern, seizing the day off to meet with a venture capitalist, announced his startup's newfound financial backing. "Hey, sorry I took a leave because I had a meeting with a VC. My AI startup got funded. I don't need the internship anymore," the intern texted Sridharan. In light of this, Sridharan humorously noted, "This only happens in Bangalore," while posting the conversation screenshot.

The intern's sudden departure has been met with a mix of admiration and critique on social media. Some applauded his entrepreneurial spirit and successful pitch, while others voiced concern over what they perceived as a lack of professionalism in his abrupt exit.

"Wanna know how big the funding was," commented one user on X, while another user reflected on the broader implications of the scenario. "The intern's exit may have sparked controversy, but the real story here is the incredible marketing exposure his startup received without spending a single penny. This kind of viral attention is a dream for any startup looking to make a mark."

The incident has sparked lively discussions about workplace norms and the dynamic setup culture in Bengaluru. As one social media user put it, "Kudos to you!" Meanwhile, another remarked on the unique local business environment, saying, "Peak Bengaluru moment."


Bengaluru intern quits after securing funding for his own AI startup

Master Blaster Sachin Tendulkar will soon launch a new sports athleisure brand with former Swiggy Instamart head Karthik Gurumurthy, as per media reports. Former Swiggy executive Karan Arora will join as the third co-founder.  Tendulkar is also part of a joint venture for menswear brand True Blue with Arvind Fashions

Incubated by Whiteboard Capital, the venture aims to compete with top brands through affordable, locally-manufactured products. Tendulkar is actively involved in the development of the products, which will include cricket and badminton gear.

According to the report, a holding company has already been registered for the venture. Early-stage venture fund Whiteboard Capital incubated the startup along with Tendulkar. Filings show Tendulkar and Whiteboard Capital are currently on the board of directors of the holding firm named SRT10 Athleisure Pvt Ltd. 

The startup is at an advanced stage to raise capital from a top venture capital fund. Tendulkar is the ambassador for True Blue, he also endorses brands including Spinny, Boost, and BMW.

The brand is likely to compete with existing brands in India such as PUMA, Agilitas, Nike, Adidas, etc. Tendulkar's new venture adds to the growing trends of local as well as global celebrities setting up ventures, some of which have even been sold for $1 billion or more.

Sachin Tendulkar to launch sports athleisure brand in India

In the age of digital disruption, 77% of the startups in India are investing in advanced technologies, including AI, ML, IoT, and blockchain, according to a study by SAP-Dun & Bradstreet.

The study titled, "Value Creation and Sustainable Growth: The Blueprint for Startup Profitability in India," said that startups have proactively integrated advanced technologies to achieve operational efficiency.

Almost 80% of the startups believe that adopting enterprise applications integrated with new-age technologies such as AI is essential for scaling and improving unit economics. Whereas 72% of startups already have or are looking to invest in new-age technologies.

85% of startups in the country said that unit economics is a clear path to profitability and enhancing valuation.

The report noted that Tier-2 and 3 cities have become innovation hubs. As many as 40% of total tech startups originate from these cities, the report added.

"Cities like Chandigarh, Jaipur, Madurai, Indore, Kochi, Warangal, Hubli, Raipur, Vishakhapatnam, and Guwahati, among others, host 15% of the country's tech skill pool," according to the study.

"The rising prominence of Tier II and Tier III cities as innovation hubs has further decentralized economic development. As we navigate the challenges of funding limitations and market volatility, start-ups must focus on unit economics and profitability to build sustainable and profitable enterprises," Avinash Gupta, Managing Director & CEO – India, Dun & Bradstreet said.

Several startups have adopted new-age technologies such as agritech startups have adopted AI-powered drones and IoT devices optimising farming practices, enhancing yield, and reducing labour costs. Fintech startups are using AI algorithms for credit scoring and risk assessment and also detecting fraud.

64% respondents of in the study said that the adoption of enterprise applications is key to measuring rapidly changing customer behavior and making strategic decisions to scale and improve unit economics.

Nearly 80% of Indian startups investing in AI, other advanced technologies: Report

Sports For All (SFA) has appointed Kumar Darpan as Chief Revenue Officer and Rohan Vyavaharkar as Global Head of Partnerships and Strategic Communications. Speaking on the expansion of the leadership team, founder Rishikesh Joshi said, “We are delighted to have Rohan and Darpan join the SFA Leadership team. We believe this will truly boost SFA’s strength & capabilities as a business, propelling our journey to become the strongest sports platform".

Darpan will be the first CRO of the SFA, founded in 2015. Darpan has nearly two decades of expertise in media and entertainment across diverse regions specialising in monetising TV and OTT platforms for companies ranging from Disney Star to Warner Brothers Discovery to Odisha Television Network. Known for his digital marketing, content creation, and AI in media, Darpan has delivered top-tier products and solutions tailored to consumer and client needs.

<a href="https://www.storyboard18.com/brand-makers/pepsico-elevates-adam-warner-to-vice-president-global-sports-entertainment-partnerships-37244.htm">PepsiCo elevates Adam Warner to Vice President - Global Sports & Entertainment Partnerships</a>

"I'm thrilled to be a part of Sports For All's mission to revolutionize sports in India. By creating opportunities for brands to build, own, and benefit from the growing list of participative sporting platforms at SFA, we can collectively have a transformative impact on sports in India. With its experience of nearly a decade, SFA is in a unique position to partner with brands to create unique consumer experiences for athletes, families, parents, and other key stakeholders," Darpan said.

On the other hand, Vyavaharkar has a varied marketing, communications, and sports management background. He was involved in creating content, and campaigns for brands like Red Bull, X India (Formerly Twitter India), Stepathlon, and Omidyar Network India. Vyavaharkar said, “Sports For All is on a mission to change the landscape of Indian sport. We want to build a nation that is healthier, fitter, and with strong values that can be best learned through playing sports. At SFA, we want to build deeper partnerships with all players, from academies to leagues to content platforms, because we believe that the only way to achieve our goals as a company and as a nation is by building a collaborative ecosystem".

<a href="https://www.storyboard18.com/brand-marketing/gcpl-looks-at-gaming-and-esports-ips-for-advertising-opportunities-exclusive-36964.htm">GCPL looks at gaming and esports IPs for advertising opportunities</a>

Separately, SFA has also kicked off its registrations for the SFA School Championships 2024-25 which will take place in 10 locations - Ahmedabad, Bengaluru, Delhi, Hyderabad, Indore, Jaipur, Mumbai, Pune, Uttarakhand featuring up to 31 sports ranging from football and archery to speedcubing and fencing.

SFA runs a tech-enabled multi-sport school championships platform. The SFA Championships showcase competition across 31 sports in sporting venues, empowering athletes and schools to discover and nurture new talent. 

Sports For All appoints Kumar Darpan as its first Chief Revenue Officer

Edtech startup Unacademy has laid off 250 employees in a cost-cutting measure, according to a report by CNBC-TV18. 

The report mentioned that the latest round of layoffs has impacted staff across various functions, including marketing, sales, and product.

Citing sources, the CNBC-TV18 report added that around 100 affected employees were fired due to "sales performance-based exits".

The previous round of layoffs happened in March last year in Unacademy when the startup reduced its workforce by nearly 10-12% following a slowdown in its online business growth.

Notably, Unacademy has laid off around 2,000 employees in multiple restructuring exercises in the past two years.

A spokesperson told CNBC-TV18, "To streamline operations and enhance business efficiency, we have recently undergone a restructuring exercise. This was necessary keeping in mind the company's goals and vision for the year, as we focus all our efforts on sustainable growth and profitability. Consequently, some roles have been impacted. While this transition won't be easy, we will be supporting all impacted individuals during this transition".

In FY23, the SoftBank-backed firm's revenue grew by 26.15% to Rs 907 crore from Rs 719 crore in FY22. Unacademy also managed to cut down losses by 39% in FY23.

<a href="https://www.storyboard18.com/social-media/byju-raveendran-put-himself-on-a-pedestal-and-stopped-listening-unacademy-ceo-gaurav-munjal-35837.htm">Read more: 'Byju Raveendran put himself on a pedestal and stopped listening': Unacademy CEO Gaurav Munjal</a>


Unacademy lays off 250 employees in cost-cutting move; marketing and sales teams hit

Bollywood actress Deepika Padukone's self-care startup 82°E is reportedly planning to raise Rs 50 crore ($6 million) from both new and existing investors, Entrackr reported.

Citing data from the Registrar of Companies, Entrackr said that the 82°E board had passed a resolution to issue 50 lakh series seed 2 CCPS at an issue price of Rs 100 each to raise Rs 50 crore.

Padukone-led personal care brand raised $7.5 million in its seed round led by DSG PArtner and IDEO Ventures along with her family office in December 2022.

In the latest round of funding, Entrackr mentioned that KA Enterprises LLP, an investment entity owned by Padukone and her family might also participate.

The funding will be allocated for expansion, growth, and corporate purposes.

Padukone and Jigar Shah launched 82°E in 2022 which offers self-care products such as face cleansers, sunscreen, moisturizers, and others for both men and women. The products are a reflection of Deepika’s own routine that she has followed for years.

"I think we reached a place where skincare was extremely overwhelming, complex routines, multiple steps, you know, multiple brands selling you different ideas. And I was actually that person that felt overwhelmed by the amount of information," Padukone told Storyboard18 in an old interview.

The company competes with brands like Mamaearth, mCaffeine, Plum, and others.

According to Tracxn data, 82°E posted revenue from operations of Rs 10.4 crore in FY23.  The startup has followed a D2C approach initially but going forward it may move beyond D2C, the founders revealed in an old interview with Storyboard18.

“D2C will not be the sole channel for distribution, it will coexist with other channels,” Shah told Storyboard18 in November 2023.

Deepika Padukone's 82°E plans to raise Rs 50 crore: Report

MoS IT Rajeev Chandrasekhar has committed to addressing the billing policy concerns faced by startups by engaging with Google to find a lasting solution. Chandrasekhar, spoke to start up founders in a virtual meet on March 4. Those in attendance included the likes of  Ravi Mittal, founder and CEO, dating app QuackQuack, Murugavel Janakiraman, CEO of BharatMatrimony, Anupam Mittal, CEO of the Shaadi.com, Hitesh Oberoi, managing director, InfoEdge and others. 


The minister also put out a post on social media saying, “Today, startups presented their concerns regarding a few policies of  Google. Assured them that MeitY will take it up with Google for a sustainable and long-term solution,” he said in his X post. 


Start up founders also respond to the post. 


“Thank you for a patient ear. Look forward to a continued dialogue for both an immediate fix and a longer-term sustainable solution,” shaadi.com's Mittal posted. 


On March 1, Google said it would start removing 10 Indian app developers from its Play Store in India if developers do not adhere to the platform's billing policies.


<blockquote class="twitter-tweet"><p lang="en" dir="ltr">There has been a deep and decisive transformation in India’s <a href="https://twitter.com/hashtag/startup?src=hash&amp;ref_src=twsrc%5Etfw">#startup</a> ecosystem over the past 10 years. From fewer startups in 2014, we now have more than 1 lakh startups and 113 unicorns, with the potential to add 10 lakh startups and 10,000 unicorns in the coming decade.<br><br>Under… <a href="https://t.co/Qy8JAiXCGR">pic.twitter.com/Qy8JAiXCGR</a></p>&mdash; Rajeev Chandrasekhar ??(Modiyude Kutumbam) (@Rajeev_GoI) <a href="https://twitter.com/Rajeev_GoI/status/1764637364541157740?ref_src=twsrc%5Etfw">March 4, 2024</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>


This move was a part of a three-year-long issue, with 10 companies in India, including some major names not disclosed by Google, allegedly avoiding payment of fees despite benefiting from the platform.
While several of the apps were reinstated, Indian startups believe they face unfair treatment and inferior terms compared to global counterparts.


In India, Google allows app developers to sell in-app content only on the pre-condition that its own payment system, GPBS, is integrated as a payment option within their apps.


As per startup owners there is disparity in Google's insistence on integrating its payment system, GPBS, for in-app content sales in India, unlike the flexibility offered to developers in the European Economic Area (EEA) and the United Kingdom (UK). Indian startups argue for a billing system akin to the EEA and UK, allowing the use of third-party billing systems without mandatory integration with GPBS.


<strong>Read More:</strong> <a href="https://www.storyboard18.com/how-it-works/googles-attack-on-indian-apps-dark-days-say-stakeholders-questioning-googles-inferior-terms-for-indian-developers-25323.htm">Also read: Google's 'attack' on Indian apps; dark days, say stakeholders, questioning Google's 'inferior terms' for Indian developers</a>



MoS IT Rajeev Chandrasekhar addresses startups' concerns over Google's billing policy, assures long-term solution

<strong>By Aishwarya Anand</strong>

Funding for Indian startups has dropped to a five-year low in 2023, with a total of $7 billion having flowed into the ecosystem so far this year, according to data from Tracxn. This marks a significant decline of nearly 73% compared to the $25 billion funding recorded in 2022.

The funding winter has led to a consistent decline in VC investments since mid-2022. There has been a fall in every subsequent quarter, with Q3 2023 being the worst in five years.

Between July and September, Indian startups raised a total of $1.5 billion across 166 rounds, marking a 30% decrease from the previous quarter, as per Tracxn Geo's quarterly report.

And, with just about $957 million raised in October and November, Q4 2023 is headed to be the lowest-funded quarter since Q3 2016. Q4 will be the worst quarter in 7 years.  

This decline is primarily attributed to the collapse in late-stage funding, with startups receiving only $4.2 billion dollars in 2023, a 73% drop from $15.6 billion dollars clocked in 2022. Infact, the number of $100 million plus rounds have been fewer this year — only 17 compared to 55 such deals last year.

What's to be noted is that funding has declined across all stages — about 60-70% in early and seed-stages as well. Given this funding slump, India has dropped from 4th place in 2022 and 2021 to 5th place among the highest-funded geographies globally.

It's fintech, retail and enterprise SaaS that have kept the winter from freezing over — they still found some warmth, attracting VC dollars to become the top-funded sectors.

Fintech, driven by increasing smartphone penetration and government initiatives towards a cashless economy, has received $2.1 billion in funding so far in 2023. The Retail sector has received $1.9 billion in funding.

Enterprise Applications, emerged as the third-highest funded sector in 2023, securing $1.56 billion in funding.

LetsVenture, Accel and Blume Ventures have topped the list of most active investors in 2023 to date, the report added.

However, as we exit 2023, there is a silver lining. Despite the overall funding slowdown, we have seen sectors such as AI, Deeptech, Environment, Climate, and SpaceTech garner investor attention, especially SpaceTech, which has had its best year ever, raising over $120 million in 2023 — skyrocketing on the privatization push from the government.


Indian startup funding hits 5-year low — $7 billion in 2023, down 73 percent from 2022

Ambareesh Murty (51) passed away due to cardiac arrest, as per reports. Murthy was the co-founder and chief executive officer of online furniture retailer Pepperfry. 

An IIM-Calcutta alumnus, Murty launched Pepperfry in 2012 along with Ashish Shah. With over 14 years of general management experience in the FMCG, financial services and Internet industries, Ambareesh has played a pivotal role in establishing Pepperfry as India’s leading eCommerce furniture and home goods company. He specializes in marketing, sales management, and corporate strategy. Ambareesh began his career with Cadbury in sales and marketing, followed by a stint with Prudential ICICI AMC (now ICICI Prudential) as VP of Marketing & Customer Service.

Prior to founding Pepperfry, Murty was the country manager of eBay India, Philippines and Malaysia, where he step-jumped eBay’s growth by tailoring products and processes to local requirements while delivering a superior customer experience. During his tenure with eBay he also served as the Vice Chairman of the Internet & Mobile Association of India (IAMAI).

Previously, he was the brand leader of Levi Strauss India, responsible for product development, marketing, and retail strategies for the brand. His stint with Britannia industries as the marketing manager-mass markets involved him to be responsible for segment P&L and strategy definition.

He was also a trekking enthusiast. Reports of his demise indicate that he was in Ladakh.  

STARTUP