Latest news with #Accel
Time of India
5 days ago
- Business
- Time of India
Swiggy adds noon CEO Faraz Khalid to board as SoftBank, Accel step down
BENGALURU: Swiggy has appointed Faraz Khalid, CEO of MidEast ecommerce major noon, as an independent director to its board, while long-time investor nominees from Accel and SoftBank have exited their roles, marking a broader shift toward independent governance after the company's 2024 IPO. Khalid's appointment brings global ecommerce and quick-commerce expertise to Swiggy at a time when the company is scaling its convenience platforms in India. Under his leadership, noon has expanded into food delivery, fintech and quick commerce across the Gulf region. He previously co-founded fashion platform Namshi, which was acquired for $335 million in 2023 by Dubai billionaire Mohamed Alabbar and Saudi Arabia's sovereign fund Public Investment Fund-backed noon. With this move, Accel Partner Anand Daniel and SoftBank Investment Advisers' Managing Partner and head of EMEA & India Sumer Juneja resigned as non-executive, non-independent directors. Both cited professional commitments and confirmed there were no other material reasons for their resignations. The two have been associated with Swiggy since its early funding rounds and have played key roles in its growth over the past decade. Swiggy chairperson Anand Kripalu said the refreshed board structure, which now includes four independent directors, reinforces the company's long-term governance priorities. 'We are delighted to welcome Faraz to the Board… and extend our heartfelt thanks to Sumer and Anand for their invaluable contributions,' he said. Founder and Group CEO Sriharsha Majety described Khalid as a 'visionary leader in ecommerce,' adding that his strategic and operational experience would be crucial as Swiggy enters its next phase of growth. Separately, Swiggy has reappointed chartered accountant Shailesh Haribhakti for a second term as independent director from January 2026, and named Cauveri Sriram, an industry veteran formerly with the Tata group, as the company's new company secretary and compliance officer. The governance overhaul comes six days before Swiggy, which operates food delivery and quick commerce services across more than 700 cities while also expanding newer offerings such as Snacc, Pyng and Scenes, is set to report earnings results of the first quarter of the financial year ending March 2026. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
5 days ago
- Business
- Time of India
Swiggy recasts board following IPO; SoftBank, Accel nominees exit
SoftBank's Sumer Juneja and Accel partner Anand Daniel have resigned from the board, according to regulatory filings. SoftBank and Accel are among Swiggy's early and significant backers. Tired of too many ads? Remove Ads Food delivery platform Swiggy has reconstituted its board of directors following its initial public offering (IPO) last year, with key early-stage investors stepping down and a new independent director coming on board. SoftBank 's Sumer Juneja and Accel partner Anand Daniel have resigned from the board, according to regulatory and Accel are among Swiggy 's early and significant Khalid, chief executive of UAE-based ecommerce company Noon, has joined Swiggy's board as an independent director.
Time of India
6 days ago
- Business
- Time of India
Experts dive into VC ecosystem, spotlighting investor sentiments amid Indian startup resurgence
At the revamped ET Soonicorns Summit 2024 in Bengaluru, top venture capitalists discussed the resurgence of India's startup ecosystem. With the funding winter in the past, panellists noted a renewed investor confidence, early-stage funding revival, and $100 million deals returning, as part of a panel titled 'Surge in Investor Interest: Vision and Outlook of the Indian VC Ecosystem Beyond Hype and Uncertainty'. Amit Somani, Managing Partner at Prime Ventures, highlighted the growing talent pool, while Prayank Swaroop, Partner at Accel, stressed India's rising consumption power and potential to build large, profitable businesses. Ritesh Banglani, Partner at Stellaris Venture Partners, described the current ecosystem as a 'happy median place' poised for sustainable growth. Kanika Mayar of Vertex Ventures and Anand Datta from Nexus Venture Partners also indicated global investors' increasing comfort with Indian startups and India's unique position as a fast-growing, digital-first economy. This panel was moderated by Manu P Toms, Senior Editor, Economic more cutting-edge insights, watch the full discussion. Show more Show less
Entrepreneur
7 days ago
- Business
- Entrepreneur
Bengaluru Tops Karnataka's USD 1.7 Bn Tech Funding in H1 2025: Report
Fintech and enterprise applications led sectoral funding, attracting the highest capital. Among investors, Accel topped with the most deals, followed by active participation from Angel List, LetsVenture, and Premji Invest. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Karnataka's tech sector recorded a total funding of USD 1.7 billion in the first half of 2025, marking a significant decline from previous periods, as per the latest semi-annual report. The report, which assesses the state's tech funding activity across stages, sectors, and investor trends, highlights a continued slowdown in investment momentum. However, despite this downturn, some areas such as fintech and enterprise applications showed resilience. Bengaluru remained the dominant contributor to the funding activity, reinforcing its position as the core hub of Karnataka's tech landscape. Tracxn, which released the Karnataka Tech H1 2025 Funding Report, noted that the overall capital raised dropped by 30% compared to the second half of 2024 and 44% compared to the first half of 2024. The report attributes this contraction to reduced activity across most funding stages, with the exception of early-stage rounds, which showed a slight improvement. Seed-stage funding amounted to USD 141 million, registering a sharp fall of 39% from USD 233 million in the previous half and 41% from USD 239 million in the same period last year. Early-stage investments reached USD 611 million, reflecting a modest 15% increase from H2 2024, although still down 3% year-on-year. Late-stage deals dropped significantly, totaling USD 930 million in H1 2025, down from USD 1.6 billion in the previous half and USD 2.1 billion in H1 2024. Fintech emerged as the leading sector, attracting USD 701 million, more than triple the USD 197 million raised in H2 2024. This also marked a 57% growth from H1 2024. Enterprise Applications followed with USD 619 million, representing steady growth. Retail saw USD 542 million in funding, which, although up 27% from the previous half, was down substantially from the USD 1 billion raised in H1 2024. Only two companies managed to raise over USD 100 million this half, a drop from five such rounds in the same period last year. Groww raised USD 202 million in its Series F round, while Jumbotail secured USD 120 million through a Series D fundraise. These large rounds were predominantly seen in the fintech and retail sectors. On the public markets front, Ather Energy was the sole company to go public in H1 2025. Meanwhile, the state saw the creation of two unicorns, up from one in H2 2024 but fewer than the three seen in H1 2024. In terms of mergers and acquisitions, there were 26 deals in H1 2025. This marked a slight dip from 27 in the previous half but was an improvement over the 21 recorded in H1 2024. The acquisition of Fisdom by Groww for USD 150 million stood out as the largest deal in this period. The second-highest was the USD 26 million acquisition of Fintellix by ICRA. Bengaluru-based companies continued to dominate, accounting for a majority of the deals and total capital raised across the state. The city's role as the nerve center of Karnataka's tech investment activity remained unchanged. Among investors, Accel led with the most number of investments at 34 rounds. Angel List and LetsVenture were also active across stages. In the seed-stage category, Antler, and Rainmatter stood out. Accel, Alteria Capital and Peak XV Partners were the most prominent in early-stage deals, while Premji Invest, SoftBank Vision Fund and Creaegis took the lead in late-stage rounds. India-based Z47 added three new startups to its portfolio during this period. The funding landscape in Karnataka has undoubtedly cooled in the first half of 2025. However, activity in sectors like fintech and enterprise applications suggests that investor interest remains strong in targeted verticals. While overall deal volumes and mega-rounds declined, the emergence of new unicorns and sustained early-stage funding reflect underlying resilience in the state's innovation ecosystem.
The Hindu
7 days ago
- Business
- The Hindu
Karnataka tech ecosystem sees funding drop, Bengaluru fares better: Report
The Karnataka tech ecosystem saw a noticeable funding slowdown in the first half of 2025, witnessing a sharp drop of 44% compared to the corresponding period in the previous year, shows the newly released Karnataka Tech H1 2025 Funding Reportby market research firm Tracxn. 'A total of $1.7 billion was raised in Karnataka in H1 2025, marking a significant decrease of 30% compared to $2.4 billion raised in H2 2024, and a drop of 44% compared to $3.0 billion raised in H1 2024. This decline reflects subdued investor activity across several segments when compared to prior periods,' noted the report. Sharp drops Seed stage saw a total funding of $141 million in H1 2025, a drop of 39% compared to $233 million raised in H2 2024, and a drop of 41% compared to $239 million raised in H1 2024. Early-stage funding showed healthier trends with total funding of $611 million in H1 2025, going up by 15% from $531 million raised in H2 2024. Late-stage funding witnessed the steepest fall. The funding amount stood at $930 million in H1 2025, a drop of 44% compared to $1.6 billion raised in H2 2024, and a drop of 56% compared to $2.1 nillion raised in H1 2024. Top performers Bengaluru-based tech firms accounted for the majority of the funding raised by tech companies across Karnataka. FinTech, Enterprise Applications, and Retail were the top-performing sectors in H1 2025. While Fintech and Enterprise Applications recorded an increase of 57% and 3% respectively compared to the corresponding period in the previous year, Retail saw an increase of 27% compared to H2 2024. The first half of the year witnessed two $100 million+ funds as opposed to five in H1 2024 and four in H2 2024. Tech companies in Karnataka saw 26 acquisitions in H1 2025, a drop of 4% compared to 27 in H2 2024, and a rise of 24% compared to 21 in H1 2024. Accel emerged as the most active investor. Despite fewer mega-rounds and only one IPO, the ecosystem still witnessed the creation of two new unicorns and notable acquisitions led by Groww.
