Aditya Birla Group enters roll-up space👗, Udayy shuts down🔒, Binance's $500 Mn fund💰
Aditya Birla Group launches House Of Brands ‘TMRW’, Edtech startup Udayy shuts down, Binance raises $500 mn, Funding Deals & more.
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Aditya Birla Group launches House Of Brands ‘TMRW’ to back New-Age Digital Businesses👗
The Aditya Birla Group has announced the launch of its new ‘house of brands’ entity, Tmrw. Over the next three years, it will acquire and incubate more than 30 brands in the fashion and lifestyle segment.
The group has appointed former Facebook, Bain and Kalaari Capital executive Prashanth Aluru as cofounder and CEO of Tmrw. It said it would leverage the networks of Aditya Birla Group and Aditya Birla Fashion and Retail Ltd to build the venture.
Tmrw will be entering an already crowded ecommerce roll-up space in India. On Tuesday we reported that Mensa Brands, founded by former Myntra CEO Ananth Narayanan, is aggressively expanding into international markets including the US, Middle East and Canada.
Edtech startup Udayy shuts down, lays off entire staff🎓
Edtech startup Udayy has fired 100-120 employees and shut down after its business slowed following the reopening of schools offline.
“We had enough capital in our books, but the business no longer made sense in the offline world, customer acquisition cost became very expensive,” cofounder Saumya Yadav told.
Founded in 2019 by Karan Varshney, Mahak Garg and Yadav, the Gurugram-based startup offers learning and education services for students in the kindergarten to eighth class and was catering to around 5,000 students each month.
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MoEngage, the insights-led customer engagement platform, has raised $77 million in Series E funding led by Goldman Sachs Asset Management and B Capital.
Math tutoring startup Cuemath has raised $57 million in a fresh round of funding led by Alpha Wave.
Card-based lending and payment solutions provider Slice has raised $50 million as part of a larger Series C round led by existing investor Tiger Global.
Orange Health, a healthtech startup has raised $25 million in Series B funding round, led by Bertelsmann India Investments and co-led by General Catalyst.
GoSats, a crypto on-ramp platform has secured $4 million from multiple private investors in their Pre-Series A funding round.
Dvara E-Dairy Solutions, an agri-fintech company has raised $2 million in a Pre-Series A round of funding from Axilor and Dvara Venture Studio.
Revamp Moto, an electric two-wheeler manufacturer, has raised over $1 million in pre-seed funding round led by Veda VC and Venture Catalysts.
➡️ Check out our LinkedIn space for more on the funding deals.
Binance raises $500 million to make Web3, blockchain investments💰
Binance Labs, the venture capital and incubation arm of crypto exchange Binance, has closed a $500 million fund from investors such as DST Global, Breyer Capital and others.
The new fund will invest in projects that aim to extend the use cases of cryptocurrencies and increase the adoption of Web3 and blockchain technology.
Launched in 2018, Binance Labs has incubated over 100 crypto projects from more than 25 countries. Its portfolio includes popular projects like Polygon and Axie Infinity.
Just a few days ago, VC giant Andreessen Horowitz had also announced a $4.5 billion crypto fund, signalling strong demand for digital currencies among investors despite the recent Terra crash.
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