Unacademy founders take pay-cut🙁, MFine merges with LifeCell🔬, Razorpay gets approval from RBI💵
Unacademy founders take pay-cut aims to go public in 2 years, MFine merges with LifeCell also raised $80 million, Razorpay gets approval from RBI for payment aggregator licence, Funding Deals and more
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Unacademy founders take pay-cut as the edtech unicorn aims to go public in 2 years📊
As the edtech unicorn Unacademy aims to go for an IPO in the next two years, the company has announced several measures to reduce costs significantly.
In an internal note to employees, Co-founder Gaurav Munjal said even though the firm has more than Rs 2,800 crore in the bank, the startup is not efficient at all. He added the company should embrace 'frugality' as a core value from now as they have to do an IPO in the next two years and for that, they have to turn cash-flow positive.
While founders have already taken a salary cut, management will also take a pay cut.
The firm will also be shutting down certain businesses that have failed to find product-market fit like global test prep. The company is also stopping complimentary meals and snacks at their offices.
MFine merges with LifeCell International's diagnostics arm after laying off over 400 staff🔬
Healthtech startup MFine has announced its merger with Chennai-based LifeCell International’s diagnostic business to create a new entity called LifeWell.
The joint entity has also raised $80 million in a new round from OrbiMed, a healthcare investment firm with $18 billion in assets under management.
LifeCell’s diagnostics business and MFine claim to have a combined user base of more than six million and growing more than 100 percent year over year. With significant strategic investments and acquisitions lined up, LifeWell expects to serve more than 50 million users over the next 4 years, a statement said.
The merger comes after MFine had fired over 400 staff (50 percent) in May to cut costs and extend the runway. The company since then had been eyeing merger and acquisition opportunities.
Biotech startup String Bio has secured $20 million in the first close of its Series B round from Woodside, Ankur Capital, Dare Ventures, Redstart and Zenfold Ventures among others.
Wheelocity, a supply-chain network for fresh commerce, has raised $12 million (about Rs 95 crore) in its Series A round, led by Lightspeed Venture Partners.
Solar financing platform Aerem has raised $2.5 million in Pre-Series A round of funding led by Blume Ventures.
Vernacular e-learning platform Vidyakul has raised Rs 12 crores in a Pre-Series A funding round led by JITO Angel Network.
➡️ Check out our LinkedIn space to read more on the funding deals.
Razorpay gets in-principle approval from RBI for payment aggregator licence💵
Payments gateways and B2B neo banking platform Razorpay has been granted in-principle approval by the Reserve Bank of India (RBI) for a payment aggregator (PA) licence.
Pine Labs and American payments company Stripe are the first few players to bag RBI's in-principle nod. Besides these three companies, fintech startup 1Pay Mobileware, too, received approval from RBI for the licence on July 8, the company said in a statement.
"With the digital payments space coming under direct RBI regulation, we can expect to not only see an immense upsurge in online payment adoption and trust but also witness a magnified surge in digital payment innovations in the coming years," said Harshil Mathur, CEO, and Co-founder of Razorpay.
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