Urban Company is the seventh Indian startup to cross $1 billion in valuation this month, and the twelfth this 12 months.
Also on this letter:
📱Smartphone gross sales to take a success
⬆️Data use jumps amid 2nd wave
🚖Toyota buys Lyft’s self-driving unit
Urban Company’s valuation jumps to $2 billion
India’s newest startup unicorn is house providers market Urban Company, which has raised $190 million from investors led by Prosus, valuing the startup at $2 billion. Urban Company was beforehand valued at $933 million when it final raised $75 million in a spherical led by Tiger Global in 2019.
Tiger Global, Steadview Capital, Vy Capital and others additionally participated within the newest spherical. The firm has raised a complete of about $370 million to this point.
Founders Abhiraj Singh Bhal, Varun Khaitan and Raghav Chandra will now personal 8.22% of the corporate every. Elevation Capital (previously Saif Partners) will maintain a 14.56% stake, whereas Accel India may have a 14.40% stake.
Urban Company at present affords house providers throughout 30 Indian cities and International markets reminiscent of Australia, Singapore, Dubai and Abu Dhabi. It clocked revenues of round Rs 216 crore in FY20, up from Rs 106 crore in FY19.
Unicorns of 2021: The firm is India’s twelfth startup unicorn this 12 months, of which seven have been minted in April itself.
The different 11 are Meesho, Cred, ShareChat, Chargebee, PharmEasy, Gupshup, Groww, Digit Insurance, Five Star Finance, Innovaccer, and Infra.market.
Meanwhile, Thiruvananthapuram-based cloud dental software program startup CareStack has secured $22.5 million from current traders SteadView Capital, Accel Partners, Eight Roads, F-Prime Capital and Delta Dental of California. The agency plans to make use of the funds to broaden its operations and double its worker base.
Second Covid wave will hit smartphone shipments
India’s smartphone shipments grew by 23% year-on-year to a record 38 million shipments in Q1, marking its best-ever first quarter, in response to market analysis agency Counterpoint Research. It stated new product launches, promotions and monetary schemes, in addition to pent-up demand coming from 2020, drove the expansion through the quarter.
Who is main the market? Xiaomi led the general smartphone market with a 26% share within the January-March interval, though Samsung grew the best on a yearly foundation, with a 52% progress price.
Apple held on to its main place within the premium section (over INR 30,000) with nearly 48% share. It additionally registered multiple million shipments for 2 consecutive quarters for the primary time in India.
Covid droop coming: But the second Covid-19 wave may break the pattern of three successive quarters of file shipments in India. “Consumer demand will take a hit due to the ongoing Covid-19 wave and subsequent lockdowns,” stated Prachir Singh, senior analysis analyst at Counterpoint.
Tweet of the day
Broadband information use jumps 50-60% amid second wave
Data consumptionhas surged on mobile and broadband networks as households keep indoors amid the pandemic.
Broadband: Industry executives estimate there was a 50-60% surge in broadband information consumption over the previous two months. In March-April 2020, there was a 30% surge in information consumption after the nationwide lockdown started.
Mobile: Airtel’s cellular information consumption is estimated at 16.9 GB per person monthly for the January-March quarter, in response to a report by Emkay, whereas rivals Jio and Vi are at 13.1 GB and 12.4 GB, respectively, for a similar interval.
Metro vs non-metros: States reminiscent of Rajasthan, Uttar Pradesh and Bihar, from the place numerous individuals migrate to cities for work, have seen a 15% enhance in information consumption, whereas metros reminiscent of Delhi and Mumbai are seeing a bounce of about 10%.
Lyft sells self-driving tech unit to Toyota for $550 million
US ride-hailing main Lyft is promoting its self-driving know-how unit Level 5 to Toyota for $550 million, a transfer that would assist the corporate obtain profitability sooner.
Details: Toyota’s newly created autonomous automotive subsidiary Woven Planet Holdings can pay Lyft $200 million upfront and the remaining $350 million in money over 5 years. It will even take up 300 workers who labored in Lyft’s self-driving unit.
Last December, Lift’s rival Uber had offered its self-driving automotive division, Uber Advanced Technologies Group (ATG), to Aurora in a deal that valued the unit round $4 billion. As a part of the deal, Uber had invested an extra $400 million and chief government Dara Khosrowshahi joined the corporate’s board.
- In February 2021, Toyota and provider Denso had partnered with Aurora to develop and construct autonomous minivans for ride-hailing networks. Toyota and Denso have been traders in Uber ATG, together with SoftBank Group.
Satellite web companies ask TRAI to cut back price of providers
Global satellite tv for pc web gamers together with OneWeb, Hughes, Amazon and Viasat have proposed various measures to the Telecom Regulatory Authority of India (TRAI) to cut back the price of satellite tv for pc broadband providers and make them obtainable for mass consumption.
What’s the proposal? The measures sought embody permitting direct, long-term bandwidth capability leasing pacts with overseas satellite tv for pc operators, slashing customs duties on satellite tv for pc gear, and reducing the relevant spectrum utilization expenses (SUC) to 1% of adjusted gross income (AGR).
Breaking up the present regime: They are additionally searching for to interrupt up the roles of licensor, regulator and satellite tv for pc operator, which is at present underneath the regime of the Department of Space.
Instead, these gamers have sought a mannequin much like the telecom one, with the Department of Telecommunications (DoT) as licensor, Telecom Regulatory Authority of India (Trai) as regulator and the Telecom Disputes Settlement & Appellate Tribunal (TDSAT) because the adjudicator for satellite tv for pc communication providers as effectively.
Rollout plans in India: Bharti-backed OneWeb and Elon Musk’s SpaceX plan to launch quick satellite tv for pc web providers in India subsequent 12 months.
Do learn our deep dive into SpaceX’s satellite-powered web service Starllink, its benefits and downsides, and the competitors it faces here.
Today’s ETtech Top 5 was curated by Vikas SN in Bengaluru.