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Funding chart: docs.google.com/spreadsheets/...
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00:00 Startup Raises $85M to Compete With OpenAI:
02:03 ODOO
04:20 Koo Shuts Down
06:23 Unacademy ‘Shutting Down’ Controversy
07:59 Ather Starts Delivering Rizta
08:28 Zomato Expand Meal Delivery Service “Zomato Everyday” to Mumbai
08:58 Funding News
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Startup Raises $85M to Compete With OpenAI:
Sentient, a new company without a functioning website or product, has raised $85 million to develop Artificial General Intelligence (AGI), aiming to surpass human intelligence by 2029. Unlike major players like OpenAI and Meta, Sentient plans to create an open-source AGI using blockchain technology, advocating for community involvement and transparency in AI development. Despite their ambitious goals, Sentient has yet to demonstrate any concrete progress and plans to launch their testnet in the third quarter of this year. There is skepticism about whether they can compete with established giants in the field.
Koo Shuts Down:
Koo, which was supposed to be India’s answer to X, has instead decided to shut down despite reaching 2.1 million daily and 10 million monthly active users at its peak. The company faced a funding shortfall during a difficult investment period, despite having raised over $50 Million. The founders announced the closure, citing the funding winter as the cause. They maintain that India still needs a native-language social media platform, despite Koo's failure.
Unacademy ‘Shutting Down’ Controversy:
An article by The Morning Context and news of 250 layoffs sparked rumors of Unacademy's decline. Despite this, Unacademy's CEO, Gaurav Munjal, claims the layoffs were not due to financial trouble but rather market consolidation. Munjal stated in the article that Unacademy has no debt, a five-year runway, and is poised for significant growth and profitability. He also mentioned on social media that the company is set for its best year yet.
Ather Starts Delivering Rizta:
Ather's CEO Tarun Mehta announced the start of deliveries for their first family scooter, Rizta, in select cities, excluding their headquarters in Bengaluru for now. Mehta assured that deliveries in other cities will begin soon. With a decline in revenue in FY24, Ather is relying on Rizta for growth, especially as they have filed for an IPO.
Zomato Expand Meal Delivery Service “Zomato Everyday” to Mumbai:
Zomato launched its affordable meal delivery service, "Zomato Everyday," last year in Gurugram, offering home-cooked style meals starting at 89 rupees. The service has expanded to Bengaluru, Hyderabad, Pune, and now Mumbai. Meanwhile, Swiggy introduced a similar service, "Swiggy Daily," in May.
Funding News
This week, Indian startups raised a total of $234 Million, which is slightly lower than last week’s $245 Million dollars.
Purplle (Mumbai): Raised $120 Million, biggest round of the week
Oyo (Gurugram): Raised $50 Million at $2.38 Billion valuation
Matter (Ahmedabad): Raised $35 Million in series B round
Watch Your Health (Thane): Raised $5 Million in series A round
Comet (Bengaluru): D2C sneaker brand $5 Million in series A round
Fabriclore (Jaipur): B2B fabric sourcing platform raised $1.6 Million in their seed round
Cautio (Bengaluru): Raised $780,000 in their pre-seed round
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