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Jan 18 • 6 tweets • 2 min read
Go mechanic founder #AmitBhasin has confessed to financial fraud.

A lot is at stake for top VC funds 🧵

#gomechanic
For Chiratae Ventures and Orios Venture Partners, GoMechanic was one of the top portfolio companies

Sequoia holds the maximum stake

As of May 2022 ⬇️
Last year, the company was in talks to raise at a $1.2 bn valuation, which did not materialise.

SoftBank was the latest fund conducting DD, planning to invest about in a $70 mn at a $700 mn val
P&L statement ⬇️
What was the fraud? Sources say some garages operated on paper were fictitious

techcrunch.com/2023/01/17/seq…
Investors in GoMechanic have issued a statement to say the founders “knowingly misstated facts” including but not limited to the inflation of revenue.

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More from @AditiS90

Aditi Shrivastava Profile picture
Jun 30, 2022
🚨Newsbreak: WhatsApp is getting down to business

After facing years of delays from the regulator & slow movement on the product side, Whatsapp is readying a massive war chest - $400 mn worth to enter payments in India

@thecaptableco
WhatsApp India will have to slug it out with heavily against PhonePe, Google Pay & Paytm

@PratikBhakta_89 argues that while the odds appear to be stacked against Whatsapp— because of late entry, there is huge advantage on the customer base
Sensor Tower data:

Whatsapp DAU: 450 mn
PhonePe: 41 mn
Google Pay: 39 mn
Paytm: 17 mn

“If WhatsApp manages to get a significant chunk of payment volumes, NPCI could also look at bringing in the cap next year & ensuring there is parity between UPI apps,” sources
Read 6 tweets
Aditi Shrivastava Profile picture
Jun 29, 2022
Udaan is the latest unicorn to have begun layoffs

Tough liquidity conditions have pushed companies to focus on profitability, over growth

With staff costs being one of the highest fixed costs in the P&L, the impact on people is an unfortunate outcome 🧵
Udaan, last valued at over $3 bn, is in the process of sacking about 800 staffers across the board, including some top executives, @bytesofnews reports:

Staff-related costs form 11% (the biggest chunk of Udaan's expenses)

They stood at $120 mn in FY21

the-captable.com/2022/06/b2b-un…
Bottomline: This virtuous cycle of growth and valuation has come to a pause.

Founders will have to make hard choices

Conserve cash & survive

or

Raise funding at lower valuations
Read 7 tweets
Aditi Shrivastava Profile picture
May 24, 2022
Work from home is done

Startups have started to summon employees to office in phases ahead of the dreaded winter in India’s tech ecosystem.

We spent a month interviewing employees and reaching out to 16 tech companies to gauge the mood and understand plans 🧵
Who?

Of the 16 companies, 13 say they are actively encouraging their workforces to get back (making exceptions where needed)

Flipkart reopened its corporate office in phases and adopted a hybrid model beginning March 2022.
At Unacademy, nearly 50% of eligible employees have started working from the office on a weekly roster basis

At Swiggy, partner-facing roles must come to the office twice or thrice a week and work remotely for the remaining days.
Read 7 tweets
Aditi Shrivastava Profile picture
May 13, 2022
Entrepreneurs across India’s startup ecosystem are facing a sobering new reality

Board meetings called to discuss annual operating plans have been brutal 🧵
Amid global uncertainty, operators are forced to make hard choices like deferring fundraising and tweaking terms at the last minute

Measures being discussed to shield companies include slashing marketing spends, freezing hiring & shunning select high-burn new initiatives
The entire dynamic with new investors is changing as money gets tight

This is compelling founders to reset expectations — basically, forget immediate and large cash infusions and valuation bumps — and prepare for a funding winter.
Read 6 tweets
Aditi Shrivastava Profile picture
May 11, 2022
Delhivery’s decade-long journey has seen a scrappy startup breaking into a tough, fragmented industry.

Some early investors remember calling it the “Blue Dart of online retail” 🧵
But Delhivery has nosed ahead of big names and is an industry-standard:

➡️Blue Dart closed FY21 with $443 mn in revenues, a 3% rise since FY19.

➡️Delhivery has gone past it with a topline of $493 mn, growing at 31% in FY21
That said, Delhivery is yet to make a profit

and

Analysts await further progression on path of achievement of positive cash flows
Read 6 tweets
Aditi Shrivastava Profile picture
May 11, 2022
💰 GoKwik has formally announced its $35 million raise from Think Investments.

Think Investments has backed the likes of Dream11 and Swiggy

You read it first on @thecaptableco in April. 🧵

the-captable.com/2022/04/deals-… Image
GoKwik helps D2C platforms increase sales conversions with faster customer checkouts & reduce the number of order returns.
The competition in the space is growing.

💰Shopflo raised $2.6 mn led by Tiger Global and TQ Ventures

🧑‍🦰Flashmonk, a startup founded by former Flipkart executive Ranjith Boyanapalli, also focuses on enabling faster checkouts

BUT...
Read 5 tweets

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