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Hello,

Even as the Indian startup ecosystem grapples with an intense funding winter, a select few continue to raise large rounds. 

On Monday, fintech unicorn Perfios raised $229 million in a Series D round from private equity investor Kedaara Capital in one of the largest investments in an Indian B2B SaaS company this year.

In other news, Coinbase is ceasing operations in India. In an email to users, the US-based cryptocurrency exchange said that it would discontinue its services in the country after September 25, and advised them to withdraw any funds held within their accounts, reported The Economic Times. 

Meanwhile, SaaS unicorn Chargebee has reportedly laid off 10% of its workforce, affecting 100-200 employees in various departments. A Chargebee spokesperson told YourStory that this move was “primarily driven by cost structure and making the GTM more efficient”. Last November, the company cut 10% of its workforce, blaming macroeconomic factors and uncertain economic conditions.

ICYMI: Only 9 days to go for TechSparks Bengaluru, the destination for deliberating, deep-diving, and building for The Great Indian Techade. Join brilliant minds from the country’s startup, corporate, government, and investor communities as they catalyse change and fuel India’s transformation.

Lastly, take a look at the kinds of energy sources powering the world.

Spoiler alert: Coal is still king but renewables are catching up.

In today’s newsletter, we will talk about 

• Flipkart gears up for Grand Shopsy Mela
• Inside BYJU’S plan to repay loan
• Meet TN’s oldest panchayat head

Here’s your trivia for today: Where did Starbucks open its first store outside the US?

Ecommerce

Flipkart gears up for Grand Shopsy Mela

Aimed at customers residing in Tier II and III towns and cities, Flipkart’s Shopsy is set to host the third rendition of the Grand Shopsy Mela starting September 12. The event will offer a range of festive season needs including apparel, accessories, beauty, and electronics.

“Our first attempt at the Grand Shopsy Mela last year was for testing the water to understand what shoppers are looking for and how we can make their experience better. The second edition put our lessons to test and it performed very well,” Kapil Thirani, Head of Shopsy, tells YourStory.

Three is the charm:

• Shopsy’s first sale took place during the Rakhi festival in August when it sold across 19,000 pincodes. It held the second Grand Shopsy Mela during Holi in March this year.
• The social ecommerce platform said it will introduce 194 verticals specific to low-ticket items, which remain unacquainted with ecommerce owing to their low cost and high delivery.
• Thirani adds the Shopsy team has added several improvements to its app. Both apps allow users to switch to the other platform.

Funding Alert

Startup: Perfios

Amount: $229M

Round: Series D

Startup: DevDynamics

Amount: $600,000

Round: Equity

Startup: Atypical Advantage

Amount: Rs 1.6 Cr

Round: Seed

Edtech

Inside BYJU’S plan to repay loan

BYJU’S is exploring the sale of two of its assets—Epic and Great Learning—to generate at least $800 million. The development comes as the company strategies to repay the debt associated with a $1.2 billion term loan B (TLB) owed to its lenders, YourStory has learned.

“Between the equity raise and monetisation of assets, BYJU’S could pay the TLB and still be left with some money in hand,” a source noted.

Asset sale:

• BYJU’S expects Epic to potentially yield between $400-550 million, while Great Learning is anticipated to fetch about $350-425 million.
• YourStory confirmed that the company has proposed an accelerated repayment plan to its lenders, offering to fully repay TLB within six months.
• “After the announcement of the FY22 financial results, which are expected by the end of this month, the equity raise will have more momentum and confidence,” the source said.

Women in Governance

Meet TN’s oldest panchayat head

Eighty-nine-year-old Veerammal paati (grandmother in Tamil) is the oldest panchayat president of Tamil Nadu, heading the village of Arittapatti in Madurai. 

“I want to do all I can for my village before my time on this earth comes to an end,” she says.

Age no bar:

• Veerammal contested the panchayat elections twice—in 2006 and 2011—before she finally won the third time in 2020 at the age of 86.
• She has overseen the construction of four water tanks and bridges, helped provide drinking water to 300 homes, and ensured street lights were installed in most places. She is currently working on developing an Anganwadi school.
• For years, she has been trying to build toilets for SC women, roads, and new campuses in place of the dilapidated village primary schools.

<figure class="image embed" contenteditable="false" data-id="525752" data-url="https://images.yourstory.com/cs/4/f9bdfa20c75811ed9569e5d19beae38b/CopyofImageTaggingnoframesEditorialTeamMaster-1694414068460.png" data-alt="Veerammal, Arittapatti Panchayat President with IAS officer Supriya Sahu" data-caption="

Veerammal, Arittapatti Panchayat President with IAS officer Supriya Sahu

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News & updates

• Under scrutiny: Over the next few months, USA’s DOJ and a collection of state attorneys general will make their case for why Google has allegedly violated anti-monopoly law through exclusive agreements with mobile phone manufacturers and browser makers to make its search engine the default for consumers. 
• Shutdown costs: The G20 summit may have ended in success for the Indian government, but businesses in the capital city lost around $120 million in revenues amid the three-day partial shutdown. New Delhi’s streets came to a near standstill as authorities ordered schools, banks, private businesses, and government departments to remain shut.
• AI race heats up: Meta is setting its sights on OpenAI, working on a new AI system intended to be as powerful as the most advanced model offered by OpenAI, the Microsoft-backed startup that created ChatGPT. This new AI model is to be several times more powerful than the one Meta released just two months ago.

Where did Starbucks open its first store outside the US?

Answer: Tokyo, Japan, in 1996.

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