Pride in unicorns: PM🦄, Swiggy eyes Metro AG’s India ops👀, Freshworks CEO gets $233 Mn💸

Indian startups continued to create value: PM Modi, Swiggy to acquire Metro AG’s India ops, Freshworks grants CEO $233 mn in stock awards, Funding Deals & more.

May 30, 2022

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Indian startups continue to create value, wealth despite pandemic: PM Modi💪🏻

Indian startup unicorns’ average annual growth rate is higher than in the United States, the UK and other countries, and startups here continue to create value despite the Covid-19 pandemic-led economic slowdown, Prime Minister Narendra Modi said.

“It is a matter of pride for every Indian…even during the global pandemic our startups have created wealth and value,” Modi said during his 89th Mann Ki Baat radio address to the nation on Sunday.

Last year was a record-breaking one for startups, with 44 new entrants into the unicorn club, or those privately held companies with a valuation of $1 billion or more.

The Ministry of Commerce and Industry had said at that time that one out of every 10 unicorns globally has been born in India.

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Swiggy in contention for Indian operations of German wholesale retailer Metro AG🧃

Swiggy has emerged as a possible contender for the India operations of German wholesaler Metro AG, executives told. Thailand’s CP Group and Reliance Retail are the other two likely candidates for a possible acquisition of Metro Cash & Carry at the moment.

Metro AG, which set up its first store in the country in 2003, reported a turnover of Rs 6,738.3 crore from its 31 cash-and-carry stores in the India unit in FY21.

The idea is to create a hub-and-spoke model where Metro stores will supply to Instamart stores, which could be delivery-only or even stores where consumers can walk in.

Venture debt marketplace, 8vdx has raised $3 million in a funding round from Silicon Valley’s famed accelerator Y Combinator.
Fintech startup SaveIn has raised $1.1 million in an extended seed round, led by Bayhouse Capital, taking its total investment so far to over $5 million.
Lumos Labs has announced the launch of a metaverse platform for developers to learn, earn, and explore opportunities after raising over $1.1 million in funding led by Web3.0 venture fund Delta Blockchain Fund.

➡️ Check out our LinkedIn space for more on the funding deals.

Freshworks grants CEO $233 million in stock awards💸

Freshworks Inc. has given its founder and chief executive, Girish Mathrubootham, $233.41 million in stock awards that will vest over the next seven years, making it one of the biggest compensation packages received by an Indian business leader in recent years.

The stock award is unrelated to Mathrubootham’s salary, which totaled $611,980 last year.

Freshworks’ reward to its CEO comes at a time its equity-based pay costs totaled $173.4 million, or about 47% of its $371 million revenue last year, making it one of the highest among all companies globally.

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