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00:00 Trouble Brewing at Third Wave Coffee?
02:37 Zomato wants to buy Paytm’s movies and ticketing business
04:36 Unacademy is in talks to merge with K12 Techno Services
05:47 IN-SPACe announces launch of pre-incubation programme
06:24 Ixigo’s successful IPO
07:10 Funding news
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Trouble brewing at Third Wave Coffee?

Just last year, Third Wave Coffee raised a massive $35 million funding round, and shortly after, The Ken published a story titled "Third Wave Coffee is bad news for Starbucks." Many believed Third Wave Coffee would overtake Starbucks in India. However, here we are in 2024, and the reality is starkly different. The company laid off over 100 employees months after their biggest fundraiser, and today, more than 70% of Third Wave Coffee’s stores are operating at a loss.

What's going on? According to a detailed report by The CapTable, the issues stem from the company's business model and management. Back in 2018, Sujeet Kumar, co-founder of Udaan, started working out of Third Wave Coffee in Bengaluru and eventually invested in the company. Today, Sujeet is the third biggest individual shareholder and has taken a significant role in the company's operations, often sidelining the original founders.

Zomato wants to buy Paytm’s movies and ticketing business

Zomato has confirmed discussions with Paytm to acquire their movies and ticketing business in a deal potentially worth between 1,600 to 2,000 crore rupees. This would be Zomato’s largest acquisition since Blinkit.

Why would Zomato make such a move? Paytm's movie and live show ticket sales already generate 300 to 350 crore rupees. Zomato could leverage this by bundling movie tickets with food sales, potentially offering discounts and earning a cut from both ticket sales and food orders. This strategy mimics PVR Inox, where 35% of revenue comes from food and beverages.

In FY23, Zomato made over 50 crore rupees from ticket sales on their platform and announced a 100 crore rupee investment in Zomato Live, their live events and ticketing business.

Unacademy in talks to merge with Orchid Schools owner K12 Techno Services?

Reports suggest Unacademy is in merger talks with K12 Techno Services, which operates over 90 Orchids schools across India. If the deal goes through, they might create a joint venture with a 50% stake each.

Unacademy, which launched its first offline learning center in 2022, sees this as a strategic move towards offline education. A merger would give Unacademy access to 75,000+ school students and K12’s services to 900+ educational institutions, broadening their business horizons.

IN-SPACe announces launch of pre-incubation programme for space startups

The Indian National Space Promotion and Authorisation Centre (IN-SPACe) has launched a pre-incubation entrepreneurship (PIE) programme for early-stage space startups established on or after July 1, 2022. The 21-month-long programme is also open to students interested in space technology, offering guidance to ideate, innovate, and demonstrate prototypes with expert assistance.

Find more details about the programme through the link in the description.

Ixigo’s successful IPO

Ixigo’s parent company, Le Travenues Technology, was listed on the stock market at 138.1 rupees per share, a 48.5% premium on its IPO price of 93 rupees per share. The stock closed at 165.72 rupees on the NSE and 161.99 rupees on the BSE. Ixigo, a business built quietly over 18 years, has finally hit the spotlight.

Funding news

This week, Indian startups raised a total of $176 million, slightly down from last week’s $199.2 million.

Ummeed Housing Finance (Gurugram): $76 million Series F
Bira91 (New Delhi): $25 million
WROGN (Bengaluru): $15 million
POP (Bengaluru): $2.4 million seed round
Prosperr.io (Bengaluru): $1.55 million pre-seed round
Go Zero (Mumbai): $1.5 million pre-Series A
Ayna (Bengaluru): $1.5 million seed round
Stay tuned for more updates and insights!
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