Invact Metaversity Crisis Deepens, OYO IPO Delays - Indian Startup News 122

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This week in Indian Startup News Mfine Fires 600 Employees, Ritesh Agarwal-Led OYO Delays IPO, Flipkart Enters At-Home Services Segment To Take On Urban company, Manish Maheshwari and Tanay Pratap led Invact Metaversity shuts down.

In funding and acquisition news, Edtech Startup Infinity Learn Acquires Majority Stake In Wizklub, Dairytech Startup Country Delight Raises $108 Mn and more.

00:00 Introduction
00:21 Mfine Fires 600 Employees
01:32 Ritesh Agarwal-Led OYO Delays IPO
02:06 Flipkart Enters At-Home Services Segment
03:09 Sponsored Segment (Jungle Ventures)
04:43 Edtech Startup Infinity Learn Acquires Majority Stake In Wizklub
05:30 Founders Spotlight - Manish Maheshwari and Tanay Pratap
07:22 Dairytech Startup Country Delight Raises $108 Mn
07:58 Bird's Eye Funding Analysis

Mfine Fires 600 Employees: Digital health platform MFine fired around 600 employees, which is around 75% of its total workforce. According to the employees, the main reason behind these layoffs is cash crunch and that company has run out of money to pay salaries. Company through an email, informed its employees that they will be only paid for 20 days in the month of May.

Ritesh Agarwal-Led OYO Delays IPO: Oravel Stays Ltd, parent company of hospitality startup OYO, has decided to delay its plans of going public and the company is also looking to lower its valuation by at least 30%. Company is doing this mainly for two reasons - one is the current market conditions, and other is company's losses this year and company wants to show a path to profitability before going to the listing.

Flipkart Enters At-Home Services Segment: Flipkart has announced its plans of entering in on-demand at-home services market, and it will start with offering AC cleaning and repair services to consumers. Till now Urban Company was only big player in this market. This new service by company will be offered by Jeeves Consumer Services - a company Flipkart bought back in 2014.

Edtech Startup Infinity Learn Acquires Majority Stake In Wizklub: Sri Chaitanya Group’s edtech startup Infinity Learn has bought 75% stake in WizKlub - a high order thinking skills platform for children, for $7.5 Million. Infinity Learn till now had its presence in the test preparation segment and with this new acquisition, the company is trying to target students aged 6-14.

Founders Spotlight - Manish Maheshwari and Tanay Pratap: Manish and Tanay led ‘Invact Metaversity’ - a startup which started in December 2021 and promised a 16-week MBA program in Metaverse, for which they also raised $5 Million, has shut down abruptly and the company is now looking to return the remaining money to its investors. Among the many reasons which resulted in this downfall, the most important factor was the difference of vision between Manish and Tanay.

Dairytech Startup Country Delight Raises $108 Mn: Direct-to-consumer (D2C) food essentials brand - Country Delight, has raised $108 million in Series D round taking its valuation to $615 million. With this funding, it is looking to add new categories like pulses, grains, spices, oils, pickles and basic snacking items. Company will also expand its footprint across the country, by moving to new cities.

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