Insights
What's ailing Indian companies' super app dream?
With multiple super app contenders in India, the verdict on who will reach that level first is still open.
9 mins read
Moulishree Srivastava
Journalist • [email protected]
I cover Indian tech, startup, venture capital ecosystems for KrASIA.
Grouping together other sectors with e-retailers has become a source of worry and discontent among e-commerce firms.
Mukesh Bansal, co-founder of Cult.fit, an online fitness startup in which Tata Group recently invested, has been made a key member of the fundraising team.
The total wealth held by Indian ultra-high net worth individuals will also grow to over USD 700 billion by 2024, as compared to USD 440 billion in 2019.
At a USD 4 billion valuation, BrowserStack has emerged as the most valuable SaaS company from India, leaving behind Freshworks, which is preparing to go public in the US.
In 2019, India added over 1,300 new startups. In 2020—amid the COVID-19 pandemic—around 7,000 companies were formed.
The funding deal values Apna at USD 570 million, five times more than what it was valued at just three months ago when it raised USD 12.5 million in its Series A round.
In May, Walmart-owned PhonePe signed the term sheet to acquire an over 90% stake in Indus OS, to boost its super app dream on the back of the latter's content and app discovery platform.
The recent layoffs are expected to help the company stay afloat amid the second wave of COVID-19 and the muted demand for its offline offerings over the next few months.