Startup Digest: Omidyar Network to withdraw from the Indian market, The Good Glam Group becomes part

Startup Digest: Omidyar Network's Exit from India, The Good Glamm Group Joins ONDC, and More

In a significant development, Omidyar Network has announced its decision to cease new investments in India, with a complete exit from the Indian market anticipated by the end of 2024. The impact investor conveyed this decision to CNBC-TV18, revealing that over the next two months, the organization's board and leadership will evaluate the best approach for managing its extensive portfolio, comprising over 90 startups and social enterprises, including prominent names like Vedantu, VerSe Innovation (parent company of Dailyhunt), and DealShare.

Insiders suggest that discussions about exits have commenced with portfolio founders, who have been assured that Omidyar Network will remain in the country until the end of 2024 and possibly beyond if necessary. The exit process, set to conclude by the end of the next year, will impact all 37 members of its India office, who will undergo a transition during this period.

In other news, Nat Habit, the personal care brand, has successfully raised $10.2 million in a Series B funding round led by Bertelsmann India Investments (BII), with participation from existing investor Fireside Ventures. The funds will be allocated to various initiatives, including research and development, product development, brand building, offline expansion, and hiring. Additionally, $2 million will be used to provide exits to early investors, although their identities remain undisclosed.

D2C hair extensions and wig brand HairOriginals has secured $2.75 million in a Series A funding round, closing its pre-Series A funding at this amount. The company plans to expand its presence from three to 12 cities in India in 2023 and utilize the funds for business scaling, establishing advanced experience centers in 25 top cities by 2024, and reinforcing marketing efforts.

Aliste Technologies, a smart home automation startup, has raised $1 million in a fresh funding round led by YourNest Venture Capital and Artha Venture Fund. With the newly acquired capital, the company aims to expand its presence across India, building on its recent entry into the Bengaluru market.

BetterSpace, a mental health tech startup, has secured ₹45 lakhs in its maiden pre-seed funding round led by PedalStart. The funding will be directed towards enhancing existing offline and online services, developing new products, improving marketing and brand visibility, optimizing technology, and attracting talent.

Swiggy, the online food delivery platform, has facilitated the disbursement of loans totaling ₹102 crore to its delivery partners over the last 12 months, with ₹10.1 crore disbursed in November alone. The platform has partnered with Betterplace and Refyne for this initiative, allowing delivery partners to apply for multiple loans, provided they maintain a good repayment history.

The Good Glamm Group, a conglomerate encompassing content creation, commerce, and community, has joined the Open Network for Digital Commerce (ONDC) as a direct seller. The move is expected to enable D2C brands associated with The Good Glamm Group to access a unified digital network, connecting them with a broader consumer base and advanced digital resources.

Cult.fit, a health and fitness brand, has entered into a partnership with e-commerce enabling platform Unicommerce to streamline supply chain operations for its smart fitness products. The collaboration will also involve managing orders and warehouse operations through the Unicommerce platform, enhancing order processing for the brand.

Global Technology & Startup News:

In an antitrust case, Epic Games has emerged victorious over Google regarding its Play app store, potentially disrupting the app store economy. Apple has offered rivals access to its tap-and-go mobile payments systems, aiming to settle EU antitrust charges. Amazon is set to defend its $1.4 billion acquisition of iRobot at a closed EU hearing. Netflix is projected to surpass Disney+ in U.S. advertising revenue in 2024. Microsoft and AFL-CIO have reached a deal on AI and labor neutrality, emphasizing a commitment to collaboration on the future of artificial intelligence and workforce dynamics.

Global Technology & Startup News (Continued):

In a significant development, Epic Games has emerged victorious in its antitrust trial against Google over the Play app store. This ruling, if upheld, has the potential to reshape the entire app store economy. Jurors found in favor of Epic on all counts after a month-long trial, accusing Google of stifling competition and imposing high fees on app developers.

Apple, facing EU antitrust charges, has reportedly offered rivals access to its tap-and-go mobile payment systems, a move that could potentially resolve the charges and avoid substantial fines. The European Commission had accused Apple of hindering competitors' access to its Near-Field Communication (NFC) technology, favoring its own mobile wallet solution, Apple Pay.

Amazon is set to defend its $1.4 billion acquisition of iRobot at a closed EU hearing on December 18. EU antitrust regulators had raised concerns about the deal potentially limiting competition for robot cleaners on Amazon's online marketplace.

In the streaming arena, Netflix is projected to outpace Disney+ in U.S. advertising revenue in 2024. The report suggests that Netflix's ad revenue is expected to surge by 50.3%, reaching approximately $1 billion, driven by price increases and efforts to curb password-sharing. Meanwhile, Disney+ is forecasted to experience a 16.1% rise in ad revenue, totaling around $912 million in 2024.

Microsoft and the AFL-CIO union federation have reached a unique agreement, ensuring Microsoft's neutrality in unionization efforts while fostering collaboration on the future of artificial intelligence and its impact on the workforce. Microsoft President Brad Smith emphasized the commitment to work with the AFL-CIO and its affiliates in case employees or suppliers seek union formation.