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Signs of spring?

B2B SaaS fintech startup Perfios’ $229 million Series D funding has provided much-needed momentum to funding in the startup ecosystem. Total venture capital (VC) funding in the second week of September stood at $334 million compared to $165 million last week. 

Also, VC funds such as Artha Group, Kae Capital, and Vertex Ventures also closed fresh funds this week. Will more dry powder mean more funding? Only time will tell.

Speaking of funding, US-based data analytics and AI firm Databricks raised over $500 million in a Series I round at a valuation of $43 billion. 

Databricks has big plans for India—it aims to add specialised roles such as technical specialists, sales and support engineers, and go-to-market resources to support its business growth. The company also plans to establish an R&D hub in Bengaluru later this year.

Meanwhile, public listing plans are underway. 

The Initial Public Offering (IPO) of travel company Yatra Online Ltd was subscribed 11% on the first day of bidding on Friday. The company expects to use the funds to make strategic investments, acquisitions, and inorganic growth as well as on customer acquisition and technology. 

And, healthcare products distributor Entero Healthcare Solutions has also filed preliminary papers with capital markets regulator SEBI to mop up funds through an IPO.

ICYMI: YourStory’s flagship startup-tech conference is starting in Bengaluru in less than a week. From SaaS and EV to AI and Web3—TechSparks 2023 will host innovators shaping The Great Indian Techade! 

In today’s newsletter, we will talk about 

• Licious co-founders debunk rumours
• Festive season sales to touch Rs 90,000 Cr
• Are GenZ women selfish in dating?

Here’s your trivia for today: In which Indian city were the fossils of a 167-million-year-old dinosaur named Tharosaurus indicus found?

Interview

Licious co-founders debunk rumours

Meat delivery company Licious is not looking to raise money currently, co-founders Abhay Hanjura and Vivek Gupta said in an exclusive conversation with YourStory Founder and CEO Shradha Sharma on Friday. 

“We are blessed with very high-quality investors like Temasek, Multiples, etc., and this list goes on. In fact, we announced to our Board six months ago that we want to run Licious in such a way that we will never have to raise any capital ever unless we decide to acquire a company or change the business altogether,” Gupta told YourStory.

Going strong:

• Gupta said the company is not currently engaging with any investor to raise capital, adding that it still has more than $100 million in the bank.
• Hanjura and Gupta also denied rumours that they have fallen out, adding that they are long-time friends and continue to remain strong business partners. 
• Gupta said the company is not in a hurry for an initial public offering (IPO), and that it will opt for a public listing when it ensures a steady dividend after making profits for five continuous years.

Ecommerce

Festive season sales to touch Rs 90,000 Cr

Festive season sales this year are expected to touch Rs 90,000 crore in terms of gross merchandise value (GMV) boosted by meaningful global tailwinds, according to a report by Redseer Strategy Consultants. 

The year 2023 marks the tenth year of ecommerce festive month sales. This year, sales are likely to catalyse consumption demand as the economy emerges from the turbulence of the COVID-19 years, it noted.

Tailwinds:

• Sales in 2023 will be up 18-20% from last year’s festive month sales driven by about 140 million shoppers who are expected to transact online at least once during the season, the report added.
• Direct-to-consumer brands will be more prominent this festive season, which will help them grow 1.6X as fast as the broader e-tailing market in the long run.
• Beauty and personal care (BPC), home and general merchandise, and fashion are likely to contribute more to the overall GMV.

Lifestyle

Are GenZ women selfish in dating?

GenZ women are increasingly challenging outdated and gendered relationship expectations. That’s not all! This generation’s women are also vocal about their needs and priorities, even if it means breaking away from traditional dating and courting norms in a patriarchal society like India.

While experimenting comes naturally to GenZ and they are open to meeting different kinds of people, they have certain non-negotiables when it comes to dating and relationships.

No rules:

• GenZ women are no longer fixated on finding the tall, dark and impossibly handsome Darcy (of Pride and Prejudice fame). Looks aren’t a priority; honesty, respect and authenticity matter more, say women.
• In a survey conducted by Bumble, titled Love Unfiltered 2023, 21% of GenZ respondents said they do not seek partners who don’t align with their political ideology, while 19% of respondents do not wish to be with someone who is not an LGBTQ+ ally.
• GenZ women have been exposed to the concept of self-love at an early age compared to the women of the previous generations, and don’t think they are being selfish by taking care of themselves and their needs.

News & updates

• Location tracking: Google agreed to pay $155 million to settle claims by California and private plaintiffs that the search engine company misled consumers about how it tracks their locations and used their data without consent.
• Radiation row: Apple pledged on Friday to update software on iPhone 12s in France to settle a row over radiation levels, but concerns in other European countries signalled it may have to take similar action elsewhere.
• Trading day: Arm Holdings jumped another 6% on Friday at market open, but those gains cooled off some in its second day of trading after its Nasdaq debut Thursday. The British chip designer’s shares were trading at just over $67 around market open, implying a valuation of more than $72 billion. 

In which Indian city were the fossils of a 167-million-year-old dinosaur named Tharosaurus indicus found?

Answer: Jaisalmer. The dinosaur was named Tharosaurus indicus after the Thar Desert and India.

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