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Toys 'R' Us opened a store in Sarath city Capital mall in Hyderabad on March 11 but closed it within 24 hours, two sources with knowledge of the matter said

Toys 'R' Us shuts store within 24 hr of opening in Hyderabad

This company shuts its store within 24 hr of opening in Hyderabad

Toys 'R' Us opened a store in Sarath city Capital mall in Hyderabad on March 11 but closed it within 24 hours, two sources with knowledge of the matter said

American toy and clothing retailer Toys 'R' Us is said to have shut within 24 hours a store it opened in Hyderabad to mark its second entry into India over some legal complexities with the mall owner, sources said.
Toys 'R' Us opened a store in Sarath city Capital mall in Hyderabad on March 11 but closed it within 24 hours, two sources with knowledge of the matter said.
Emails sent to the company, as well as its Indian operator and the mall owners, remained answered.
Quoting sources, Financial Express said a no-compete clause with another global toy retailer is said to be behind the mall pulling the plug on Toys 'R' Us.
Just like cola brands Coke and Pepsi are seldom retailed from the same restaurant, the no-compete clause meant the two competing toy retailers could not operate in the same mall. The other retailer already had a shop in the mall.
Toys 'R' Us has been launched in India in two formats - Toys 'R' Us, which is the world's leading toy store, and Babies 'R' Us, a one-stop destination for baby essentials.
It is run by a Bangalore-based firm, Ace turtle, which entered into a joint venture with the Flipkart Group's wholesale entity in India to acquire the licence for Toys 'R' Us and Babies 'R' Us in June 2021.
The toy retailer had made an unsuccessful entry into India in 2017 when it tied up with Tablez India, a division of Abu Dhabi-based Lulu Group International, for an exclusive master franchise agreement.
It launched the global toy brand in India in October 2017 with plans to open 200-plus stores. But it could managed to open only 14 stores which wound up within three years of operations.

Indore firm sets time tracker on employees' systems to ensure they don't work extra

Indore firm sets shift time tracker on employees' systems to ensure work-life balance

The CEO of the software firm, Ajay Golani told ANI that long working hours and time management are concerns among the employees, looking at which this step has been taken by them

In what can be called a fresh and unique initiative to ensure work-life balance, a software firm in Madhya Pradesh's Indore has started using time trackers that lock office computers and ask employees to 'Please Go Home' once their shift hours are over.
The CEO of the software firm, Ajay Golani told ANI that long working hours and time management are concerns among the employees, looking at which this step has been taken by them.
"We are a mobile application development company. Time management and long working hours are concerns among employees. So we have time trackers in our systems," Golani said
He said that as the shift hours get over, a popup appears on the office computer's screen that reads, "The system will shut down in 10 minutes. Please go Home!!"
Also watch: <a href="https://www.editorji.com/india-news/adani-row-rahul-gandhi-slams-centre-for-creating-monopolies-in-mitr-kaal-video-1676915581443">Adani row: Rahul Gandhi slams Centre 'for creating monopolies' in 'Mitr-Kaal' video</a>&nbsp;

In another round of layoffs, Edtech company Byju's lets go of more than 1000 people, as per reports. This after the company handed out pink slip to atleast 2500 employees in October last year.  

Fresh layoffs at Edtech company Byju's

In another round of layoffs, Edtech company Byju's lets go of more than 1000 people, as per reports. This after the company handed out pink slip to atleast 2500 employees in October last year.&nbsp;&nbsp;

More trouble for edtech company Byju's. After being embroiled in controversy last year over alleged mis-selling and accounting discrepancies, reports say that the company has undertaken another round of layoffs. This comes just months afer 2500 employees were laid off in October last year.&nbsp; The current round of layoffs are reportedly from the engineering, sales, logistics, marketing and communications teams.&nbsp; What makes it worse is that the co-founder Byju Raveendran had sent out multiple emails to employees that the company would not undertake more layoffs after the last round.&nbsp;
A moneycontrol report says that none of the employees were told about the layoffs over mail but were asked to join meetings on Google meet where they were informed. The report also says, Byju's declined to comment on the story.&nbsp;&nbsp; Amidst a funding crunch, Byju's has been aggressively cutting costs after reporting a net loss of over Rs 4500 crore.&nbsp;&nbsp;
&nbsp;

Start up for funeral service: know more about it here

A start-up for funeral services: all you need to know about it

From providing men to carry the body to arranging a pandit, this Mumbai based start-up will give everything that's required to perfom last rites.

A start-up that offers funeral management services is trending on social media.
From providing men to shoulder the body to arranging a pandit, this Mumbai based start-up will arrange everything that is required to perfom last rites.
Sukhant Funeral Management Private Limited became a topic of debate on social media after its stall at the ongoing India International Trade Fair in Delhi caught visitors' eye.
The Mumbai-based firm has displayed a pyre and other cremation essentials at their kiosk.
Diksha Yadav, a Twitter user whose bio says she is journalist who has written for The Hindu and The Statesman, posted a photo of the stall and said that the company charges Rs 38,000 for membership.&nbsp;
The &nbsp;funeral service, as per a Times Now report has already earned profit of over Rs 50 lakhs and is expecting to mint a turnover of more than Rs 2000 crores.&nbsp;
The pictures are now breaking the internet garnering a split reaction from netizens with some lauding the concept while others calling it 'uncultured.'
While such a business may be giving a 'culture shock' to some people in India, it is common in countries like United States.&nbsp;
Also watch: <a href="https://www.editorji.com/lifestyle-news/viral-video-chimpanzee-mum-meeting-newborn-steals-million-hearts-1668947566290">Viral Video: Chimpanzee mum meeting newborn steals million hearts</a>

According to a press release issued by 'VendiGo', this startup will work like a virtual food court where any consumer can order food from different restaurants of their choice on a single bill.

A portal for multi-restaurant food orders on single bill 

According to a press release issued by 'VendiGo', this startup will work like a virtual food court where any consumer can order food from different restaurants of their choice on a single bill.

Three entrepreneurs have jointly started an online portal through which consumers can order food of their choice from multiple restaurants on a single bill.&nbsp;
The startup named 'VendiGo' will work like a virtual food court where any consumer can order food from different restaurants of their choice on a single bill. Later they will be able to pick up the catering items as per their convenience and able to pick up their order from the kiosk box number.&nbsp;
The company said that by visiting VendiGo's portal, the consumer can place the order as well as decide the time and place of pick-up. After the payment of the order, the consumer will be able to pick up their order from the kiosk box number.&nbsp;
Wendigo is co-founded by Manoj Dethan, Anish Suhail and Kiran Karunakaran. Dethan is working as its chief executive officer while Suhail is the chief technical officer. Whereas Karunakaran has invested in it.

As funding and startup winter sets in another company is frozen out, ShopX. Backed by Nandan Nilekani and Fung Investment this kirana connect e-commerce platform has filed for bankruptcy.Since the business model has not succeeded, it has not been able to generate enough cash flow from operations or raise new capital and is therefore unable to meet its various payment obligations and has ceased to be a going concern,” according to the regulatory filings.Entrackr reports Nilekani alone invested $18 million in the company which has raised more than $56 million since its inception. Founded in 2015 by Amit Sharma and Apoorva Jois ShopX started as a platform that enabled local kirana stores and small retailers to manage transactions on a single platform. It then went onto offer an assisted e-commerce solution which included sourcing, supply chain and credit line for five years.This model clearly did not work as the startup laid off half its employees within the last one year. 

Nandan Nilekani-backed ShopX shuts shop, files for bankruptcy

Funding winter, startups start to freeze

Move comes over a year after the company reportedly laid off half its workforce.&nbsp;

As funding and startup winter sets in another company is frozen out, ShopX. Backed by Nandan Nilekani and Fung Investment this kirana connect e-commerce platform has filed for bankruptcy. Since the business model has not succeeded, it has not been able to generate enough cash flow from operations or raise new capital and is therefore unable to meet its various payment obligations and has ceased to be a going concern,&rdquo; according to the regulatory filings. Entrackr reports <a href="https://www.editorji.com/business-news/nasscom-tech-leadership-forum-2022-cut-the-clutter-with-nandan-nilekani-1645185836608">Nilekani</a> alone invested $18 million in the company which has raised more than $56 million since its inception.&nbsp; Founded in 2015 by Amit Sharma and Apoorva Jois ShopX started as a platform that enabled local kirana stores and small retailers to manage transactions on a single platform. It then went onto offer an assisted e-commerce solution which included sourcing, supply chain and credit line for five years. This model clearly did not work as the startup laid off half its employees within the last one year.&nbsp;
Read More:- <a href="https://www.editorji.com/business-news/nasscom-tech-leadership-forum-2022-cut-the-clutter-with-nandan-nilekani-1645185836608">Nasscom Tech &amp; Leadership Forum 2022: Cut the clutter with Nandan Nilekani</a> &nbsp;

After making millions in the celebrity spotlight, an increasing number of Bollywood divas are becoming smarter by investing in startups.From Athiya Shetty investing in social commerce startup Stage3 to Anushka Sharma investing in alternative meat, Editorji looks at some recent celebrity investments in the startup world:1. In the most recent, famous Bollywood actor Kriti Sanon has now turned Entrepreneur by launching a fitness startup --The Tribe -- along with three other Co-founders.Sanon took to Twitter to announce her startup. She wrote, ''I am thrilled to announce my journey as an Entrepreneur with my 3 super talented Co-founders Anushka Nandani, Karan Sawhney and Robin Behl as we launch “The Tribe”." Elaborating on her venture, Kriti added that The Tribe App will be launched later this year.2. Anushka Sharma Bollywood actor Anushka Sharma, who in the lastest has joined Wholsum Foods as an investor and brand ambassador has invested an undisclosed amount in the company’s flagship brand Slurrp Farm.
Prior to this in February this year, the actress along with her husband Virat Kohli made an investment in plant-based meat startup Blue Tribe- a homegrown plant-based meat company that raised an undisclosed sum.
Earlier to this, the duo had invested Rs 2.2 crore in Canadian billionaire Prem Watsa-backed insurance startup Digit Insurance in February 2020.3. Sara Ali Khan In March 2022, Indian Actor Sara Ali Khan joined the pop-culture brand, The Souled Store, as an equity partner.Founded in 2013, the Mumbai-based The Souled Store is an online marketplace for pop culture merchandise. Its products range from t-shirts, boxers, backpacks, and mobile covers, to socks, pins, badges, and a whole lot more.4. Athiya Shetty Following the footsteps of her father Suniel Shetty, Bollywood actor Athiya Shetty invested an undisclosed amount in Delhi NCR-based social commerce startup Stage3.Founded in 2016, the Delhi-based startup is an online space that lets designer outfits for weddings and festive occasions on rent at a fraction of their retail prices5. Deepika Padukone The Cannes 2022 queen, Deepika Padukone had raised an undisclosed amount in a Mumbai-based cleantech startup Atomberg Technologies in Sep 2021, but this is not the only startup where she has invested. Padukone also has investments in many startups such as Epigamia which FMCG brand of yoghurt products, Furlenco- a furniture rental platform, FrontRow - a hobby based ed-tech startup, Blu Smart - an electric taxi startup and even Bellatrix Aerospace which is an Indian space tech startup.6. Alia BhattActor Alia Bhatt has many entrepreneurial interests. Her most recent role as an investor has been with IIT Kanpur-backed D2C startup Phool.Founded in 2017, the startup focuses on flower cycling innovations to upcycle cellulose waste and concentrates on manufacturing charcoal-free incense and other wellness items.
Alia has previously invested in omnichannel lifestyle retailer Nykaa, and fashion-tech startup StyleCracker. Additionally, Alia started her entrepreneurial journey with the launch of 'Ed A Mamma," a kids' clothing line, in November 2020.7. Malaika Arora Celebrity and fitness queen Malaika Arora turned strategic investor after investing an undisclosed amount in a Mumbai-based homegrown D2C Ayurvedic brand, Kapiva.
Founded by Ameve Sharam in 2016, Kapiva began manufacturing Ayurvedic products and has a portfolio of more than 40 food products. It claims to be backed by a 100-year-old legacy.Malaika has earlier invested in Indian yoga wellness startup SARVA. In September 2021, the actor announced the launch of her own venture, ‘Malaika Arora Venture’ (MVA), to invest in health, wellness, and lifestyle brands.8. Shilpa ShettyYoga queen Shilpa Shetty had reportedly invested around ₹1.6 crore in the fastest growing FMCG brand MamaEarth in 2018. With the promise of goodness inside all products, Mamaearth claims to bring the best of nature and traditional recipes in hassle-free formulations.Shilpa also launched a holistic wellness and health app named Simple Soulful, which is designed by experts in Yoga, Exercise, Immunity and Diet Programs.9. Katrina Kaif, who had put in substantial amounts in Nykaa founder Falguni Nayar’s firms a few years ago, has seen hefty, 10X-plus gains in their investments after the listing of the company in the Indian stock markets.Kaif entered a joint venture with the company in 2018 to set up Nykaa-KK Beauty, which retails her cosmetic brand Kay Beauty. She had invested Rs 2.04 crore in the company. Her shares were worth Rs 22 crore on November 10.10. Priyanka ChopraApart from setting screens afire in Bollywood, In 2015 she and her mother launched Purple Pebble Pictures, a film and TV studio to promote regional filmmakers. In 2018, she made her first big investment in Bumble, a dating app, following up with an investment in Holberton School for software engineering—a coding education start-up. In 2021, she invested in the US-based rental marketplace- Apartment List; and in Genies, a virtual avatar firm, along with Camila Cabello and Paris Hilton. She also opened a restaurant—Sona—in New York and released her own line of sustainable hair care products titled Anomaly.11. Shraddha KapoorThis Bollywood actress is also among the ones bitten by the startup bug. In 2021, she invested in the D2C beauty brand MyGlamm, besides endorsing its products too. The brand sells most of its products through its own website, app and retail touchpoints through various stores.Earlier, Shraddha Kapoor has invested in Power Gummies, a nutraceutical startup that offers chewable vitamin gummies as a nutrition substitute.

Stars and Startups| 11 Bollywood divas and their investments

Stars and Startups| Where are Bollywood divas putting their money

Flurry of stars have invested in startups and even started their own.&nbsp;

After making millions in the celebrity spotlight, an increasing number of Bollywood divas are becoming smarter by investing in startups. From&nbsp;Anushka Sharma investing in alternative meat to Sarah Ali Khan's fashion fix&nbsp;Editorji looks at some recent celebrity investments in the startup world: Meet Kriti&nbsp;Sanon's&nbsp;Tribe Bollywood actor Kriti Sanon has now turned Entrepreneur by launching a fitness startup --The Tribe -- along with three other Co-founders. Sanon took to Twitter to announce her startup. She wrote, ''I am thrilled to announce my journey as an Entrepreneur with my 3 super talented Co-founders Anushka Nandani, Karan Sawhney and Robin Behl as we launch &ldquo;The Tribe&rdquo;." Elaborating on her venture, Kriti added that The Tribe App will be launched later this year. Anushka Sharma's&nbsp;Diet Fix Bollywood actor Anushka Sharma, who in the lastest has joined Wholsum Foods as an investor and brand ambassador has invested an undisclosed amount in the company&rsquo;s flagship brand Slurrp Farm.
Prior to this in February this year, the actress along with her husband Virat Kohli made an investment in plant-based meat startup Blue Tribe- a homegrown plant-based meat company that raised an undisclosed sum.
Earlier to this, the duo had invested Rs 2.2 crore in Canadian billionaire Prem Watsa-backed insurance startup Digit Insurance in February 2020. Sara Gets 'Souled' Sara Ali Khan In March 2022, Indian Actor Sara Ali Khan joined the pop-culture brand, The Souled Store, as an equity partner. Founded in 2013, the Mumbai-based The Souled Store is an online marketplace for pop culture merchandise. Its products range from t-shirts, boxers, backpacks, and mobile covers, to socks, pins, badges, and a whole lot more. Shetty's&nbsp;Social Scene Athiya Shetty Following the footsteps of her father Suniel Shetty, Bollywood actor Athiya Shetty invested an undisclosed amount in Delhi NCR-based social commerce startup Stage3. Founded in 2016, the Delhi-based startup is an online space that lets designer outfits for weddings and festive occasions on rent at a fraction of their retail prices Deepika's&nbsp;Deep Dive In Startups The Cannes 2022 queen, Deepika Padukone had raised an undisclosed amount in a&nbsp;Mumbai-based cleantech startup Atomberg Technologies in Sep 2021, but this is not the only startup where she has invested. Padukone also has investments in many startups such as Epigamia which FMCG brand of yoghurt products, Furlenco- a furniture rental platform, FrontRow - a hobby based ed-tech startup, Blu Smart - an electric taxi startup and even Bellatrix Aerospace which is an Indian space tech startup. Alia Bhatt's&nbsp;bets from Flowers to Fashion Actor Alia Bhatt has many entrepreneurial interests. Her most recent role as an investor has been with IIT Kanpur-backed D2C startup Phool. Founded in 2017, the startup focuses on flower cycling innovations to upcycle cellulose waste and concentrates on manufacturing charcoal-free incense and other wellness items.&nbsp;Alia has previously invested in omnichannel lifestyle retailer Nykaa, and fashion-tech startup StyleCracker. Additionally, Alia started her entrepreneurial journey with the launch of 'Ed A Mamma," a kids' clothing line, in November 2020. Malaika Arora's Ayurveda Celebrity and fitness queen Malaika Arora turned strategic investor after investing an undisclosed amount in a Mumbai-based homegrown D2C Ayurvedic brand, Kapiva.
 Founded by Ameve Sharam in 2016, Kapiva began manufacturing Ayurvedic products and has a portfolio of more than 40 food products. It claims to be backed by a 100-year-old legacy.
 Malaika has earlier invested in Indian yoga wellness startup SARVA. In September 2021, the actor announced the launch of her own venture, &lsquo;Malaika Arora Venture&rsquo; (MVA), to invest in health, wellness, and lifestyle brands. Shilpa Shetty's&nbsp;Mind Body Soul Investments Yoga queen Shilpa Shetty had reportedly invested around ₹1.6 crore in the fastest growing FMCG brand MamaEarth in 2018. With the promise of goodness inside all products, Mamaearth claims to bring the best of nature and traditional recipes in hassle-free formulations. Shilpa also launched a holistic wellness and health app named Simple Soulful, which is designed by experts in Yoga, Exercise, Immunity and Diet Programs. Katrina's Beauty Bet Katrina Kaif, who had put in substantial amounts in Nykaa founder Falguni Nayar&rsquo;s firms a few years ago, has seen hefty, 10X-plus gains in their investments after the listing of the company in the Indian stock markets. Kaif entered a joint venture with the company in 2018 to set up Nykaa-KK Beauty, which retails her cosmetic brand Kay Beauty. She had invested Rs 2.04 crore in the company. Her shares were worth Rs 22 crore on November 10. Pee Cee's&nbsp;VC Avataar Apart from setting screens a fire in globally, In 2015 she and her mother launched Purple Pebble Pictures, a film and TV studio to promote regional filmmakers. In 2018, she made her first big investment in Bumble, a dating app, following up with an investment in Holberton School for software engineering&mdash;a coding education start-up. In 2021, she invested in the US-based rental marketplace- Apartment List; and in Genies, a virtual avatar firm, along with Camila Cabello and Paris Hilton. She also opened a restaurant&mdash;Sona&mdash;in New York and released her own line of sustainable hair care products titled Anomaly.

Even though the number of startups in the ed tech space like Unacademy, Frontrow and Vedantu resorted to lay-offs, UpGrad has raised $225 million in funding, doubling its valuation. 
According to reports, the Mumbai-based startup has raised funding from the billionaire James Murdoch’s Lupa Systems LLC and US testing and assessment provider Educational Testing Service. 
The five-year-old UpGrad, whose initial target was the K-12 segment, might shift to college students and working professionals as ETS develops and administers standardized tests including the TOEFL (Test of English as a Foreign Language) and Graduate Record Examination (GRE).
Early this month, upGrad's chairperson and co-founder Ronnie Screwvala also told that the company will increase its workforce to around 6,500-7,000 by August this year.
 
 

This Ed tech raises $225 million, doubles its valuation 

Mumbai-based startup has raised funding from the billionaire James Murdoch’s Lupa Systems LLC and US testing and assessment provider Educational Testing Service

upGrad also&nbsp;plans to increase its workforce to around 6,500-7,000 by August this year

Even though the number of startups in the ed&nbsp;tech&nbsp;space like Unacademy, Frontrow and Vedantu resorted to lay-offs,&nbsp;UpGrad&nbsp;has raised $225 million in funding, doubling its valuation.&nbsp;
According to reports, the Mumbai-based startup&nbsp;has raised funding from the&nbsp;billionaire James Murdoch&rsquo;s&nbsp;Lupa Systems LLC&nbsp;and US testing and assessment provider&nbsp;Educational Testing Service.&nbsp;
The five-year-old UpGrad, whose initial target was the K-12 segment, might shift to&nbsp;college students and working professionals as&nbsp;ETS develops and administers standardized tests including the TOEFL (Test of English as a Foreign Language) and Graduate Record Examination (GRE).
Early this month,&nbsp;upGrad's chairperson and co-founder Ronnie Screwvala&nbsp;also told that the company will increase its workforce to around 6,500-7,000 by August this year.
&nbsp;
&nbsp;

As the Indian short video market experience massive growth, vernacular social media start-up ShareChat raise nearly $300 million from Alphabet Inc's Google, media giant Times Group and Singapore's Temasek Holdings. 
Following the funding, the valuation the social media firm at nearly $5 billion. 
This is Google's second key investment in India's short video space, having previously backed Josh, which competes with ShareChat's sister firm Moj.
ShareChat currently has 180 million monthly active users. Moj, along with Mohalla's recently acquired MX TakaTak, has a combined user base of 300 million, according to one of the sources.
ShareChat was last valued at $3.7 billion in a $266 million funding round from investors including Alkeon Capital and Temasek.  
Indian short-video apps have become popular since New Delhi banned ByteDance's TikTok and some other Chinese apps in 2020 following an India-China border clash.

Google backs India's ShareChat in $300 mn funding round

ShareChat raises $300 million, Google backs funding 

Short video apps like Moj and Josh shot up in popularity after India in 2020 banned ByteDance's TikTok and some other Chinese apps following a border clash with China

ShareChat&nbsp;has raised nearly $300 million in a fresh funding round and has got marquee backers ranging from&nbsp;Alphabet Inc's Google, media giant Times Group and Singapore's Temasek Holdings.&nbsp;Following the funding, the valuation the parent company, Mohalla Tech valued&nbsp;nearly $5 billion.&nbsp; According to reports,&nbsp;ShareChat&nbsp;currently has 180 million monthly active users. Moj, along with Mohalla's recently acquired MX TakaTak, has a combined user base of 300 million.&nbsp; ShareChat&nbsp;was last valued at $3.7 billion in a $266 million&nbsp;funding&nbsp;round from investors including Alkeon Capital and Temasek.&nbsp;&nbsp;
Also read/watch| <a title="Bitcoin jumps above $30,000 after four days" href="https://www.editorji.com/business-news/bitcoin-jumps-above-30-000-after-four-days-1653897663481">Bitcoin jumps above $30,000 after four days</a>
This is Google's second key investment in India's short video space, having previously backed Josh, which competes with ShareChat's sister firm Moj.
 Evolution of Short-Video Industry
Indian short-video apps have become popular since New Delhi banned ByteDance's TikTok and some other Chinese apps in 2020 following an India-China border clash.
The market is predicted to grow to 650 million users by 2025, according to a new report by Bain &amp; Company.

After a record $20.5 billion loss SoftBank is sharply shaving what executive make at the fund. As per reports even founder Masayoshi Son kept his pay unchanged top management had 15%-40% chopped out of their compensation. The world’s largest tech fund has been facing a market rout that hammered the valuations of public and private tech companies. As per filings with the local market regulator Chief Financial Officer Yoshimitsu Goto made 293 million yen, down almost 40% from the previous year. Ken Miyauchi, chief of SoftBank’s domestic telecom operation, made 539 million yen, down 15%. The fund has also scaled  back it's investment dramatically, putting out  just $2.5 billion in the January-to-March quarter. That’s a drop from $10.4 billion a quarter earlier and far below the peak of $33.3 billion in one single quarter in fiscal 2018.

SoftBank slashes pay after historic loss at fund

Founder Masayoshi Son kept his pay unchanged top management had 15%-40% chopped out of their compensation.&nbsp;

After a record $20.5 billion loss SoftBank is sharply shaving what executive make at the fund. As per reports even founder Masayoshi Son kept his pay unchanged top management had 15%-40% chopped out of their compensation.&nbsp;
Also read/watch| <a title="India GDP: The slowdown starts to seep in firmly" href="https://www.editorji.com/business-news/economy/india-gdp-the-slowdown-starts-to-seep-in-firmly-1653894328260">India GDP: The slowdown starts to seep in firmly</a> The world&rsquo;s largest tech fund has been facing a market rout that hammered the valuations of public and private tech companies. As per filings with the local market regulator&nbsp;Chief Financial Officer Yoshimitsu Goto made 293 million yen, down almost 40% from the previous year. Ken Miyauchi, chief of SoftBank&rsquo;s domestic telecom operation, made 539 million yen, down 15%.&nbsp; The fund has also scaled&nbsp; back it's investment dramatically, putting out&nbsp;&nbsp;just $2.5 billion in the January-to-March quarter. That&rsquo;s a drop from $10.4 billion a quarter earlier and far below the peak of $33.3 billion in one single quarter in fiscal 2018.

"Prepare for a funding winter for startups" that is the warning coming from Gaurav Munjal, co-founder and CEO of online learning platform Unacademy.
"Some people are predicting that this might last 24 months. We must adapt. This is a test for all of us. We must learn to work under constraints. We must focus on profitability at all costs/" Munjal reportedly told employees.
Startups are now singing a different tune where valuations are taking a backseat and cash flow and profitability buckle up in the driving seat. 
Munjal said that the company has "significantly reduced our brand marketing budget," and "we will focus on organic growth channels instead".
Munjal emphasised on the as set out a new strategy "Every test prep category that we run must become profitable in the next 3 months. Unacademy centres should be profitable in FY'23," he added.From Sequoia to Y Combinator, kingmakers of Silicon Valley have raised the red flag for startups as the global dynamic continues to turn dramatically for the worse.

Funding winter is here! Unacademy's co-founder and CEO Gaurav Munjal warns workers

Funding winter is here! Indian starup founder warns workers

"We must learn to work under constraints and focus on profitability at all costs"

"Prepare for a funding winter for startups" that is the warning coming from Gaurav&nbsp;Munjal,&nbsp;co-founder and CEO&nbsp;of online learning platform Unacademy.
"Some people are predicting that this might last 24 months. We must adapt. This is a test for all of us. We must learn to work under constraints. We must focus on profitability at all costs/"&nbsp;Munjal&nbsp;reportedly told employees.
Startups&nbsp;are now singing a different tune where valuations are taking a backseat and cash flow and profitability buckle up in the driving seat.&nbsp;
Munjal said that the company has "significantly reduced our brand marketing budget," and "we will focus on organic growth channels instead".
Munjal&nbsp;emphasised on the as set out a new strategy "Every test prep category that we run must become profitable in the next 3 months.&nbsp;Unacademy&nbsp;centres should be profitable in FY'23," he added. From Sequoia to Y Combinator, kingmakers of Silicon Valley have raised the red flag for startups&nbsp;as the global dynamic continues to turn dramatically for the worse.

The unicorn story is changing from hiring to firing. Somehow the startup bubble has burst and it’s the employees caught in the fallout as ever.Lately, well-funded startups are firing thousands of employees. Here's the list of startups that laid-off employees in 2022: 
Meesho, the e-commerce platform has laid off nearly 150 employees, mostly from its grocery division superstore called Farmiso, as it reportedly plans to merge its online grocery vertical with the main app. 
Meesho isn’t alone. US-based digital mortgage lender Better.com badly botched mass layoffs twice. On December 1, CEO and co-founder Vishal Garg laid off 900 employees via a Zoom call, and made headlines for being cold and insensitive. In March, the company laid off 3,000 of its remaining 9,000 employees in the US and India. 
Back to home again, Unacademy- which saw revenues going up around six times in 2021, laid off nearly 600 employees, contractual workers and educators — about 10 per cent of its 6,000-strong workforce across the group.
Furlenco, the furniture rental startup in March laid off nearly 180-200 employees, mostly from the customer support roles and in the same month, another social commerce platform, Trell asked nearly 300 employees to go, which is close to half of its workforce.
In a nightmare for nearly 1,000 employees, homegrown edtech startup Lido Learning which is backed by top entrepreneur Ronnie Screwvala, apparently shut operations in February, forcing its workforce to seek help via social media platforms. 
Edtech unicorn Vedantu has laid off around 200 employees, a mix of both full-time and contracted employees. 
This is not all. Food and grocery delivery platform Swiggy said it will suspend operations of its subscription-based delivery service, Supr Daily, in five cities, as it is yet to demonstrate profitability. 
Uber CEO Dara Khosrowshahi, for instance, said it will slow down hiring and cut down on marketing and incentive spending to address a “seismic shift” in investor sentiment.
As 2020 and 2021 were all about exuberance, record fundraising and a unicorn being minted every other week, then will 2022 be all about markdowns and layoffs?

Startups Shrink: From unicorns to layoffs, the firing squad is here

From a funding boom to mass layoffs, a look at startups that laid off around 5,700 employees 

From a funding boom to mass layoffs, a look at what has led to around 5,700 employees being rendered jobless

The unicorn story is changing from hiring to firing. India's startup&nbsp;ecosystem seems to be shrinking as new market realities have set in. It may have been Better.com's&nbsp;firing debacle on Zoom that went viral but now the story is hitting home with local startups&nbsp;joining the&nbsp;firing squad.&nbsp; Meesho,&nbsp;the e-commerce platform&nbsp;has laid off nearly 150 employees, mostly from its grocery division superstore called Farmiso, as it reportedly plans to merge its online grocery vertical with the main app.&nbsp;
Unacademy- which saw revenues going up around six times in 2021, laid off nearly 600 employees, contractual workers and educators &mdash; about 10 per cent of its 6,000-strong workforce across the group.
Also read/watch|&nbsp;<a title="Mass layoffs at American companies: Here is who is firing" href="https://www.editorji.com/business-news/mass-layoffs-at-american-companies-here-is-who-is-firing-1652340430753">Mass layoffs at American companies: Here is who is firing</a>
Furlenco, the furniture rental startup in March laid off nearly 180-200 employees, mostly from the customer support roles and in the same month, another social commerce platform, Trell asked nearly 300 employees to go, which is close to half of its workforce.
In a nightmare for nearly 1,000 employees, homegrown edtech startup Lido Learning which is backed by top entrepreneur Ronnie Screwvala, apparently shut operations in February, forcing its workforce to seek help via social media platforms.&nbsp;
Edtech unicorn Vedantu has laid off around 200 employees, a mix of both full-time and contracted employees. And many educators faced the same tune as&nbsp;Byju&rsquo;s owned and operated coding platform WhiteHatJR reportedly axed 1,800 of its employees to cut costs involved in selling and supporting international markets.&nbsp;
Also read/watch|&nbsp;<a title="LIC IPO allotment today: Here is how to check if you got shares" href="https://www.editorji.com/business-news/lic-ipo-how-to-check-allotment-status-1652261636630" target="_blank">LIC IPO allotment today: Here is how to check if you got shares</a>
This is not the end. Food and grocery delivery platform Swiggy said it will suspend operations of its subscription-based delivery service, Supr Daily, in five cities, as it is yet to demonstrate profitability and out Swiggy&nbsp;Genie back in the bottle.&nbsp;
As 2020 and 2021 were all about exuberance, record&nbsp;fundraising and unicorns being minted every other week, 2022 has kickstarted on a different road which seems to have of speed bumps along the way.&nbsp;

Swiggy is suspending its grocery and daily essentials delivery service, Supr Daily and also bottling back it's courier project Genie as the food tech giant restructures its operations.As a part of the restructuring, Supr Daily will suspend operations in Delhi-NCR, Mumbai, Pune, Hyderabad and Chennai. We have a detailed transition and closure plan in place to make it less painful for our users as well as brand and vendor partners. We will continue to serve users in Bangalore and double down on our efforts here,” the Supr Daily CEO said in blog post on the company website. Supr Daily kick-started Swiggy's journey beyond food when it acquired the firm in 2018. Despite large customer base the vertical has not turned profitable.  The company also alerted that Swiggy Genie services in Mumbai, Hyderabad and Bengaluru will suspended as to fulfill partner requirements in high demand segments such as food. 

Startups start to shrink: Swiggy shuts SuprDaily, genie back in the bottle

Swiggy is suspending its grocery and daily essentials delivery service, Supr Daily and also bottling back it's courier project Genie as the food tech giant restructures its operations.

Swiggy suspends Supr Daily, genie back in the bottle

Supr Daily be suspended in five cities,&nbsp;Swiggy Genie will be temporarily suspended in 3 cities.

Swiggy&nbsp;is suspending its grocery and daily essentials delivery service, Supr Daily and also bottling back its courier project Genie as the food tech giant restructures its operations. As a part of the restructuring, Supr Daily will suspend operations in Delhi-NCR, Mumbai, Pune, Hyderabad and Chennai. We have a detailed transition and closure plan in place to make it less painful for our users as well as brand and vendor partners. We will continue to serve users in Bangalore and double down on our efforts here,&rdquo; the Supr Daily CEO said in blog&nbsp;post on the company website.&nbsp;
Also read/watch| <a title="Terra USD: Stable coin becomes unstable as crypto markets fall" href="https://www.editorji.com/business-news/terra-usd-stable-coin-becomes-unstable-as-crypto-markets-fall-1652243808491">Terra USD: Stable coin becomes unstable as crypto markets fall</a> Supr Daily kick-started Swiggy's&nbsp;journey beyond food when it acquired the firm in 2018. Despite a large customer base, the vertical has not turned profitable.&nbsp; The company also alerted that Swiggy&nbsp;Genie services in&nbsp;Mumbai, Hyderabad and Bengaluru&nbsp;will be suspended as to fulfil partner requirements in high demand segments such as food.&nbsp;

Leading beauty retailer, Nykaa has joined hands with global beauty company Estee Lauder Companies, to launch premium hair care brand - Aveda salons in India. While the contour of the deal was not disclosed, Nykaa has opened a Nykaa-Aveda branded salon in Bengaluru and will follow it up by opening two more in Mumbai and Delhi to start with.According to reports, Aveda will use Nykaa’s distribution network to expand its presence in the domestic market.The salons will be branded ‘Aveda X Nykaa’ and will have a strong focus on offering luxury professional hair care services, among others. 
Founded in 1978 as a cruelty-free brand, Aveda is known for its vegan hair, skin and body products and sold in over 45 countries and territories.

Estee Lauder Salons near you soon, Nykaa partners with Aveda

The first Nykaa-Aveda co-branded salon has been launched in Bengaluru with plans to open two additional salons this year


The first co-branded salon has been launched in Bengaluru with plans to open two additional salons this year.

Leading beauty retailer&nbsp;Nykaa has joined hands with global cosmetic giant&nbsp;Estee Lauder to launch premium hair care brand -&nbsp;Aveda salons in India. While the contour of the deal has not been disclosed, Nykaa has opened a&nbsp;Nykaa-Aveda&nbsp;branded salon in Bengaluru and will follow it up by opening two more in Mumbai and Delhi.
Also read/watch| <a title="Reliance shares at all time high; Morgan Stanley bets bigger&nbsp;" href="https://www.editorji.com/business-news/markets/reliance-shares-on-a-roll-morgan-stanley-bets-bigger-1650514671649">Reliance shares at all time high; Morgan Stanley bets bigger&nbsp;</a> According to reports,&nbsp;Aveda&nbsp;will use Nykaa&rsquo;s distribution network to expand its presence in the domestic market. The salons will be branded &lsquo;Aveda X Nykaa&rsquo; and will have a strong focus on offering luxury professional hair care services, among others.&nbsp;
Also read/watch|&nbsp;<a title="Trending: Infosys non-compete clause and why it is causing a stir" href="https://www.editorji.com/business-news/trending-infosys-non-compete-clause-and-why-it-is-causing-a-stir-1650509556752">Trending: Infosys non-compete clause and why it is causing a stir</a>&nbsp;
Founded in 1978 as a cruelty-free brand, Aveda is known for its vegan hair, skin and body products. It is sold in over 45 countries and territories.&nbsp;

Days after edtech startup Unacademy reportedly laid off 1000 employees, Facebook Backed Social Commerce Unicorn Meesho has laid off around 150 people primarily from its grocery division Superstore (Farmiso). 
In a post on its blog about the layoffs and restructuring, Meesho said, “About 150 full time employees will be impacted by the restructuring of Meesho Superstore which is aimed at bringing in efficiencies. The company is offering severance packages and outplacement assistance to help those impacted secure new opportunities outside the company.”
Founded in 2015 by IIT-Delhi alumni Vidit Aatrey and Sanjeev Barnwal, Meesho last raised funds in September 2021, following a round in April that year as well.
In March, furniture rental startup Furlenco, Edtech company Lido, social commerce platform Trell and bookkeeping startup OkCredit also shrunk a notable chunk of their employees.

Softbank-backed social commerce start-up Meesho laid off 150 employees

Days after edtech startup Unacademy reportedly laid off 1000 employees, Facebook Backed Social Commerce Unicorn Meesho laid off around 150 employees 

Startup Layoff wave | Meesho lays-off 150 employees

Founded in 2015 by IIT-Delhi alumni Vidit Aatrey and Sanjeev Barnwal, Meesho last raised funds in September 2021

Startups&nbsp;seem to be a on sacking spree. Days after edtech&nbsp;firm&nbsp;Unacademy&nbsp;laid off 1000 employees,&nbsp;Facebook&nbsp;backed&nbsp;social commerce unicorn Meesho&nbsp;has laid off around 150 people primarily from its grocery division Superstore, Farmiso.&nbsp;
Also watch/ read | <a title="Unacademy sacks 1000 employees, mass lay-off to cut cost" href="https://www.editorji.com/business-news/markets/unacademy-sacks-1000-employees-mass-lay-off-to-cut-cost-1649386570103">Unacademy sacks 1000 employees, mass lay-off to cut cost</a>&nbsp;
Explaining the lay-offs the Delhi based firm &nbsp;said, &ldquo;As we look to boost efficiencies in the light of the integration, a small number of full-time roles and certain third-party positions on six-month contracts at Meesho Superstore were reassessed to remove redundancies with the core business.&rdquo;
Founded in 2015 by IIT-Delhi alumni Vidit Aatrey and Sanjeev Barnwal, Meesho last raised funds in September 2021, following&nbsp;a round in April that year&nbsp;as well.
In March, furniture rental startup Furlenco,&nbsp;Edtech company&nbsp;Lido, social commerce platform&nbsp;Trell&nbsp;and bookkeeping startup&nbsp;OkCredit&nbsp;also shrunk a notable chunk of their employees.

Edtech startup Unacademy has reportedly laid off 1000 employees as a part of a massive cost cutting exercise. This mass lay off which includes educators as well as contract staff accounts for nearly 10% of Bengaluru based firm's workforce. SoftBank-backed startup last valued at $3.1 billion stated that the downsizing was an 'efficiency' exercise as a spokesperson was quoted as saying ""Based on the outcome of several assessments, a small subset of employee, contractor, and Educator roles were re-evaluated due to role redundancy and performance."As per reports the employees that were given the pink slip  were given just an hour to accept the company’s offer of 2 months severance. 

Unacademy sacks 1000 employees, mass lay-off to cut cost 

SoftBank-backed startup last valued at $3.1 billion stated that the downsizing was an 'efficiency' exercise as a spokesperson was quoted as saying ""Based on the outcome of several assessments, a small subset of employee, contractor, and Educator roles were re-evaluated due to role redundancy and performance."

Upskilling startup Unacademy downsizes

Unacademy lays off about 10% of its workforce

Edtech startup&nbsp;Unacademy has reportedly laid off 1000 employees as a part of a massive cost cutting exercise. This mass lay off which includes educators as well as contract staff accounts for nearly 10% of Bengaluru based firm's&nbsp;workforce.&nbsp;
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/what-is-a-non-dom-status-that-has-been-troubling-rishi-sunak-1649668644279" target="_blank">What is a non-dom status that has been troubling Rishi Sunak</a> SoftBank-backed startup&nbsp;last valued at $3.1 billion stated that the downsizing was an 'efficiency' exercise as a spokesperson was quoted as saying ""Based on the outcome of several assessments, a small subset of employee, contractor, and Educator roles were re-evaluated due to role redundancy and performance." As per reports the employees that were given the pink slip&nbsp; were given just an hour to accept the company&rsquo;s offer of 2 months severance.&nbsp; 
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/ola-and-other-e-scooters-to-be-recalled-1649300162979" target="_blank">Ola and other e-scooters to be recalled?</a>

Business News Live: Bulls and bears both sitting on the sidelines as the war wages on. Big downgrade for Maruti but big bets on bitcoin, get the top headlines from EJ Biz.

Business News Live: Editorji brings you the top 5 market news headlines on March 25

Bulls and bears on the sidelines but big bets on Bitcoin and downgrades on Maruti. Meanwhile startup stirring news: Did Ola rescue Bhavish's brother's failing firm? Here is the trending business news 

Trending Business News March 25

European Union countries rejected Putin&rsquo;s demand that they pay in rubles for natural gas imports.

Business News Live: Bulls and bears both sitting on the sidelines as the war wages on. Big downgrade for Maruti&nbsp;but big bets on bitcoin, get the <a href="https://www.editorji.com/business-news" target="_blank">top business news headlines</a> from EJ Biz:
<h3 style="text-align: justify;">Market Pulse&nbsp;</h3>
Wait and watch mode as Sensex and Nifty remain rangebound&nbsp;with banks holding up the charts. Fuel prices hikes continue, prices up Rs 2.4/lt.&nbsp;
<h3 style="text-align: justify;">Stock Spotting&nbsp;</h3>
Maruti&nbsp;under pressure as CLSA&nbsp;downgrades stock to a SELL and cuts target price to Rs 6430/share. Brokerage firm says spike in commodity costs &amp; loss in market share are major challenges.
<h3 style="text-align: justify;"><a href="https://www.editorji.com/world-news/amid-russia-ukraine-war-chinese-foreign-minister-arrives-in-india-key-details-here-1648144300140" target="_blank">Russia-Ukraine War</a> Latest&nbsp;</h3>
US President Joe Biden called for Russia&rsquo;s removal from the G-20 group and&nbsp;European Union countries rejected Putin&rsquo;s demand that they pay in rubles for natural gas imports.&nbsp;
Also Watch:&nbsp;<a href="https://www.editorji.com/business-news/economy/petrol-diesel-price-hike-for-3rd-time-this-week-how-costly-could-fuel-be-1648183604925" target="_blank">Petrol, diesel price hike for 3rd time this week; how costly could fuel be?</a>
<a href="https://www.editorji.com/business-news/cryptocurrency" target="_blank">Crypto&nbsp;</a>Corner&nbsp;
Bit bets on Bitcon as Russia indicates they will be willing to accept Bitcoin&nbsp;as payment for oil and gas as the Kremlin gears to reject dollars and euros.&nbsp;
<h3 style="text-align: justify;">Startup Spotlight</h3>
Did <a href="https://www.editorji.com/story/gear-up-for-ola-scooter-with-the-big-ev-bet-bhavish-agarwal-gears-to-be-the-tesla-of-india-1625719600719" target="_blank">Bhavish&nbsp;Agarwal</a>&nbsp;get Ola&nbsp;to rescue his brother's firm? Money control reports&nbsp;<a href="https://www.editorji.com/partner/car-and-bike/ola-electric-teases-electric-car-1643293042139" target="_blank">Ola </a>to buy founder Bhavish Aggarwal brother's firm Avail Finance for $50 million in a share swap deal

After plant-based meat and health and fitness, ace cricketer and former captain of the Indian cricket team, Virat Kohli makes his foray into the coffee industry by investing in the startup, Rage coffee. 
As part of the deal, Kohli will also become the brand ambassador of the company.This is not the first investment in Kohli’s portfolio. Along with his wife Anushka Sharma, he invested a small amount in Blue Tribe Food, a home-grown plant-meat brand, in February this year.About Rage Coffee 
Rage Coffee, the Delhi-based manufacturer of packaged coffee products was started in 2018. 
The brand sells a range of plain and flavoured instant coffee mixes apart from coffee in cold brew bags, liquid coffee and sachets. 
Prior to this round, Rage Coffee had raised $5 million of growth capital as part of its Series A funding round that was led by Sixth Sense Ventures in August 2021.
Coffee industry in India The Rs 7,000 crore Indian packaged coffee segment is dominated by incumbents with two players, Nestle and Hindustan Unilever Limited (brands Nescafe and Bru), controlling over 65 per cent market share of the industry.

Virat Kohli adds Rage Coffee in his investment portfolio  

After plant-based meat and health and fitness, ace cricketer and former captain of the Indian cricket team, Virat Kohli invests in Rage coffee

Kohli makes a hot new startup investment

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The Rs 7,000 crore Indian packaged coffee segment is dominated by incumbents with two players, Nestle and Hindustan Unilever Limited (brands Nescafe and Bru), controlling over 65 per cent market share of the industry.

After plant-based meat and health and fitness, ace cricketer and former captain of the Indian cricket team, Virat&nbsp;Kohli&nbsp;makes his foray&nbsp;into the coffee industry by investing in the startup,&nbsp;Rage coffee. As part of the deal, Kohli will also become the brand ambassador of the company.
Also read |&nbsp;<a title="Ashleigh Barty announces retirement from professional Tennis at the age of 25" href="https://www.editorji.com/sports-news/others-sports/ashleigh-barty-announces-retirement-from-professional-tennis-at-the-age-of-25-1648006268909">Ashleigh Barty announces retirement from professional Tennis at the age of 25</a>
<h3>About&nbsp;Rage Coffee&nbsp;</h3>
Rage Coffee is a Delhi-based manufacturer of packaged coffee products which started business in 2018.&nbsp;The brand&nbsp;sells a range of plain and flavoured instant coffee mixes apart from coffee in cold brew bags, liquid coffee and sachets.&nbsp;
<h3>Kohli's&nbsp;Startup&nbsp;Pitch</h3>
The former Indian skipper has taken strong&nbsp;startup&nbsp;portfolio. Along with his wife Anushka Sharma, he invested in Blue Tribe Food, a home-grown plant-meat brand, in February this year and is already an investor in over 6 other startups&nbsp;where he is most visible promoting insurance venture Digit.

Days after buying women underwear brands Zivame and Amante, Reliance Retail has now acquired of a majority 89 percent equity stake in the same segment, Clovia. 
According to reports, the transaction has an investment of INR 950 Cr from Reliance Retail and the rest 11% will retain by the founding team of the startup.
Clovia- third acquisition in the same segment
This is not the first time Reliance Retail has picked up an innerwear brand. Prior to this, the retail giant already has acquired Zivame and Amante under its innerwear segment. 
About Clovia 
Clovia, leading brand for women’s activewear, innerwear, loungewear, and personal care was launched in 2013 by the husband-wife duo of Neha Kant and Pankaj Vermani. The startup claims to offer more than 3,500 product styles. It also follows an outsourcing model for its production. 
Innerwear market in India 
The growing number of working women, changing fashion trends, increased awareness about better fits, rising disposable income and level of information have given the women the innerwear industry a new dimension.
A report by consulting firm, RedSeer shows the female innerwear market in India will nearly double to $11-12 billion by 2025 as people become aware of better brands. 
 

Reliance Retail goes shopping at Clovia after Zivame, Amante

Reliance Retail on acquisition spree, buys major stake in Clovia for $125 million

Here's all you need to know about India's innerwear industry

Purple Panda Fashions Pvt Ltd&nbsp;
Clovia for $125 million
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Report:&nbsp;the female innerwear market in India will nearly double to $11-12 billion by 2025 as people become aware of better brands.&nbsp;

Weeks after buying&nbsp;women underwear brands Zivame&nbsp;and&nbsp;Amante, Reliance Retail has now&nbsp;acquired&nbsp;of a majority&nbsp;89 percent equity stake&nbsp;in the same segment, Clovia.&nbsp;
According to reports, the transaction has an investment of INR 950 Cr from Reliance Retail and&nbsp;the rest 11% will retain by the&nbsp;founding team of the&nbsp;startup.
Clovia-&nbsp;third acquisition in the same segment
This is not the first time Reliance Retail has picked up an innerwear brand. Prior to this, the retail giant already has acquired Zivame and Amante&nbsp;under its innerwear segment.&nbsp;
About Clovia&nbsp;
Clovia, leading brand for women&rsquo;s activewear, innerwear, loungewear, and personal care was&nbsp;launched in 2013&nbsp;by the husband-wife duo of Neha Kant and Pankaj Vermani.&nbsp;The startup claims to offer more than 3,500 product styles. It also follows an outsourcing model for its production.&nbsp;
Innerwear&nbsp;market in India&nbsp;
The growing number of working women, changing fashion trends, increased awareness about better fits, rising disposable income and level of information have given the women the innerwear industry a new dimension.
A report by consulting firm,&nbsp;RedSeer&nbsp;shows&nbsp;the female innerwear market in India will nearly double to $11-12 billion by 2025 as people become aware of better brands.&nbsp;
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In the latest startup&nbsp;news that is stirring trouble, the Income Tax department has detected "undisclosed" income of more than&nbsp;₹&nbsp;224 crore after it recently raided Maharashtra-based unicorn start-up Infra.MarketThe Rs 6000 cr start up said it is cooperating with the authorities and is providing all necessary&nbsp;information after the IT department revealed the findings of searches conducted over 23 premises of the B2B e-commerce platform.Read/Watch Also: Startup&nbsp;founder lashes out at investorsThe CBDT said unaccounted cash worth Rs 1 crore and jewellery worth Rs 22 lakh have been seized till now. It also said the&nbsp;group has booked bogus purchases, made huge unaccounted cash expenditures, and obtained accommodation entries, aggregating to the tune of over Rs 400 crore.

Startup scandal! Tax raids reveal undisclosed income at one of the fastest growing unicorns 

Founded by Souvik Sengupta and Aaditya Sharda in 2016, Infra.Market is a business-to-business (B2B) e-commerce firm.

Another startup scandal? Tax raids reveal undisclosed income

Founded by Souvik Sengupta and Aaditya Sharda in 2016, Infra.Market is a business-to-business (B2B) e-commerce firm.&nbsp;

In the latest startup&nbsp;news that is stirring trouble, the Income Tax department has detected "undisclosed" income of more than&nbsp;₹&nbsp;224 crore after it recently raided Maharashtra-based unicorn start-up Infra.Market The Rs 6000 cr start up said it is cooperating with the authorities and is providing all necessary&nbsp;information after the IT department revealed the findings of searches conducted over 23 premises of the B2B e-commerce platform. Read/Watch Also: <a href="https://www.editorji.com/business-news/trell-founder-lashes-out-ashneer-grover-deja-vu-haunts-startup-1647503397734">Startup&nbsp;founder lashes out at investors</a> The CBDT said unaccounted cash worth Rs 1 crore and jewellery worth Rs 22 lakh have been seized till now. It also said the&nbsp;group has booked bogus purchases, made huge unaccounted cash expenditures, and obtained accommodation entries, aggregating to the tune of over Rs 400 crore.

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