Startups & Ventures

🔸 India’s MobiKwik surges 82% in market debut

MobiKwik, an Indian digital payments firm, saw its shares surge 82% to ₹507.5 ($6) on its market debut following a $69 million IPO. This increase pushed its market value to $464 million, surpassing its initial target of $250 million, though still below the $924 million valuation from a 2021 fundraising round.

Founded 15 years ago by Upasana Taku and Bipin Singh, MobiKwik has built a popular digital wallet platform but faces intense competition, particularly from the widely adopted UPI payment system. The company claims a user base of 161 million and serves over 4 million merchants. MobiKwik's successful listing highlights the current vibrancy of India's IPO market, with over 20 startups planning to go public next year.

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🚨 The DOJ wants a Perplexity executive to testify in its Google antitrust case

The U.S. Department of Justice (DOJ) is seeking to call Dmitry Shevelenko, the chief business officer of Perplexity, to testify in its antitrust case against Google, which has already been determined to hold a search monopoly. The DOJ aims to explore the relationship between generative AI technologies, like Perplexity, and search access points, such as Google Chrome.

Perplexity, recently valued at $9 billion, finds itself in the middle of this legal dispute, with both the DOJ and Google requesting information from the company. Google has subpoenaed Perplexity for documents to support its claim of viable competition in the search market, but Perplexity has yet to fully comply. The outcome of these proceedings could significantly impact allegations against Google regarding its monopolistic practices.

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⚡️ Hexa, the startup studio behind Aircall and Swan, unveils its next batch of startups

Hexa, a Paris-based startup studio known for launching companies like Aircall and Swan, has unveiled its latest batch of startups. Originally founded as eFounders in 2011, Hexa focuses on B2B software and pairs founding teams with innovative project ideas. The studio retains a 30% stake in its startups after their first funding round.

The new startups include:

1. Annette: A health platform aiding weight loss for individuals with a BMI over 30 or Type 2 diabetes, integrating tech-augmented programs.
2. Basalt: A tool for optimizing prompts for large language models, aimed at enhancing user experience with AI.
3. DermaScan: A service for regular skin cancer screenings, featuring proprietary technology and care centers.
4. FieldX: A voice interface tool designed to streamline administrative tasks for field sales representatives.
5. LegalX: An AI product for law firms to manage large volumes of legal documents efficiently.
6. OpenCertiX: An open-source platform for SOC 2 compliance, expanding beyond current certification offerings.
7. Reki: Aids startups in navigating non-dilutive financing applications using AI.
8. SleepX: A personalized healthcare program targeting insomnia in women, combining therapy with biological data.
9. StandardX: An AI-driven customer support solution to enhance phone interactions.
10. Tandem: Focuses on improving onboarding experiences for new software users through personalized AI recommendations.

Hexa plans to continue expanding into new verticals, including healthcare and AI, and has launched a total of 44 companies to date.

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🛍 Nubank leads $250M round in African digital bank Tyme at $1.5B valuation

Tyme Group, a fintech operating in South Africa and the Philippines, has raised $250 million in a Series D funding round, elevating its valuation to $1.5 billion. The round was led by Nu Holdings, which invested $150 million for a 10% stake, with additional contributions from M&G Catalyst Fund and existing shareholders.

Founded in 2019 and headquartered in Singapore, Tyme operates a hybrid digital banking model, offering checking and savings accounts, debit cards, and credit services. It serves 15 million customers, with its South African brand, TymeBank, having 10 million users, and GoTyme in the Philippines, launched in 2022, amassing 5 million users.

Tyme has raised over $400 million in customer deposits and provided over $600 million in financing to small businesses. It plans to expand into Vietnam and Indonesia next year. The company remains majority-owned by Patrice Motsepe’s African Rainbow Capital (ARC), which holds a 40% stake.

This funding marks a resurgence in investor interest in fintechs after a slowdown due to rising global interest rates. Tyme aims for a New York listing by 2028 and a secondary listing in South Africa. Nubank's investment aligns with its strategy to diversify into emerging markets, where digital financial services are underpenetrated. Nubank's CEO, David Vélez, expressed confidence in Tyme's potential as a leader in Africa and Southeast Asia.

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🔸 Ranked: The World’s 20 Largest Economies, by GDP (PPP)

The G7, formed during the 1970s oil crisis, consists of major high-income economies, while BRICS emerged in the 2000s as a group of growing economies from the Global South, now competing with the G7. Both are part of the G20, which represents 70-85% of the global economy.

China has been the largest economy by PPP-adjusted GDP since 2014, while the U.S. is close behind. India ranks third, with its PPP-adjusted GDP significantly exceeding its nominal GDP. Collectively, BRICS is performing better than the G7, largely due to India's growth.

PPP-adjusted GDP accounts for price level differences, providing a clearer picture of economic output for low and middle-income countries. However, it faces criticisms regarding assumptions about a common basket of goods and potential reliance on outdated data, while actual currency exchange rates remain crucial for trade and investment.

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🔵 The founders of SlideShare are making sharing docs more social with their new platform, Jaunt

Jaunt, a new social document-sharing platform launched by the founders of SlideShare, aims to leverage advancements in generative AI and the growing demand for innovative document sharing. Officially released to the public, Jaunt allows users to upload various file types, interact through comments, and follow creators, with an enhanced focus on social engagement.

The platform features a vertical feed showcasing diverse content, such as presentations and educational resources, organized into categories like Business and Science. Users can explore trending topics using hashtags, and AI tools assist in generating summaries, titles, categories, and hashtags when files are uploaded. Future AI capabilities will include document translation and summarization.

While Jaunt is still developing and competing against established platforms like SlideShare and Google, it plans to introduce additional features like direct messaging and video support. Currently bootstrapped, the company is exploring monetization options, including a premium tier and advertisements, and is seeking venture capital investment. Jaunt is optimized for mobile web use and plans to launch a dedicated mobile app within the next year.

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🔸 Activate and The Engine Accelerator team up to train scientists to become founders 

The journey from scientist to founder is challenging, prompting the emergence of programs aimed at supporting technical founders. Two prominent initiatives, Activate and The Engine Accelerator, have decided to collaborate to enhance their offerings. Emily Knight, CEO of The Engine Accelerator, emphasized that closer cooperation could increase the success rate of "proto-founders" transitioning to entrepreneurs.

The Engine focuses on scientists and engineers at the early stages of commercializing their research, while Activate provides two-year fellowships for more refined ideas, preparing founders for fundraising. Many participants from The Engine's recent Blueprint program have successfully transitioned to Activate fellowships, indicating a beneficial relationship between the two programs.

Currently, the partnership is in its early stages, with no financial exchanges or plans to merge. They aim to share insights on their curricula and may develop a unified application process in the future. The ultimate goal is to expedite the journey for technical founders, especially in addressing pressing issues like climate change, as both leaders believe a faster pathway to success is essential.

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🚀 GM ‘blindsides’ Cruise by giving up on robotaxis

General Motors has decided to cease funding its commercial robotaxi business and will instead integrate Cruise, its self-driving car subsidiary, into its broader efforts to develop driver-assistance features and fully autonomous vehicles.

This decision surprised many Cruise employees, as GM had invested over $10 billion in the company since acquiring it for $1 billion in 2016.

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⚡️ Sam Altman and Jeff Bezos are the latest billionaires to donate $1M to Trump fund

OpenAI CEO Sam Altman and Amazon's Jeff Bezos plan to donate $1 million each to President-elect Donald Trump's inaugural fund, according to reports from Fox and The Wall Street Journal. TechCrunch has confirmed Altman's personal commitment, stating that the donation is not from OpenAI itself. This follows a similar pledge from Mark Zuckerberg's Meta, which is also donating $1 million.

Bezos's donation comes as he prepares to visit Trump at Mar-a-Lago next week, marking an effort to mend their previously strained relationship. Trump has criticized Amazon and The Washington Post, which Bezos owns, in the past. Recently, Bezos has taken steps to improve ties, including blocking the Post from endorsing Vice President Kamala Harris.

Altman expressed optimism about Trump's leadership in AI, suggesting it will help the U.S. maintain its competitive edge globally. Silicon Valley generally anticipates that Trump will adopt a less restrictive stance on AI regulation. Meanwhile, Altman is currently engaged in a legal dispute with Elon Musk regarding OpenAI's transition to a for-profit model.

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🚨 OpenAI fires back against Musk, claims he wanted an OpenAI for-profit

OpenAI has countered Elon Musk's ongoing lawsuit by disclosing emails and texts that it argues show Musk's claims are misleading. The lawsuit revolves around allegations that OpenAI has deviated from its original nonprofit mission, with tensions rising after Musk's team sought an injunction to halt OpenAI's shift to a for-profit model.

OpenAI contends that Musk's grievances stem from unresolved past disputes. The communications indicate that Musk proposed a hybrid nonprofit and for-profit structure for OpenAI as early as 2015 and later suggested merging with a hardware startup. After OpenAI rejected his demands for majority ownership and control, Musk resigned in 2018 and distanced himself from the organization.

According to OpenAI, it has offered Musk equity in its for-profit division on several occasions, but he declined each time. The company criticized Musk's legal strategy, suggesting he should prioritize competition instead of litigation.

Musk established xAI last year and has since secured substantial funding, including a recent $6 billion round. His lawsuit alleges that OpenAI is hindering competition by coercing investors not to support rivals like xAI and claims there is illegal sharing of proprietary information between OpenAI and Microsoft. OpenAI is under pressure to expedite its transition to a for-profit entity, as investors may reclaim their investments if the conversion does not occur within two years.

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🔻 What failed before might succeed now — and other startup bets

This week highlighted various innovative approaches in technology and investment, emphasizing that past failures don't preclude future successes.

1. Desalination Startups: A new wave of startups is focusing on deep-sea reverse osmosis, promising to produce water with 30% to 50% less energy than traditional methods.

2. Accelerator Shifts: Y Combinator is pivoting from developing markets, creating opportunities for local accelerators in Africa, supported by YC alumni.

3. WaveForms AI: This new audio AI startup aims to create more personable AI models, inspired by the film "Her," while avoiding dystopian outcomes.

4. Acquisition by Automattic: WPAI, a startup providing AI solutions for WordPress, is being acquired by Automattic to enhance WordPress' AI capabilities.

5. Funding Highlights:
Archer Aviation: Raised $430 million for its VTOL aircraft, totaling nearly $2 billion in funding.
Upvest: The Berlin-based startup secured €100 million ($105 million) for its stock-trading API.
Anybotics: This Swiss robotics firm raised $60 million to expand its autonomous inspection robots.
Flare: The Canadian startup closed a $30 million Series B to combat info-stealer malware.
Aqemia: The French AI drug discovery startup raised $38 million to support expansion.
Numia: The Argentine startup raised $3.5 million to integrate customer interaction data.

6. VC News:
The OpenAI Startup Fund raised over $44 million for new investments, despite not having OpenAI as an investor.
Dimension Capital secured a $500 million fund focused on tech and life sciences.
Tiger's 15th fund faced significant losses, reflecting challenges in the venture capital landscape.

Mitchell Green from Lead Edge Capital noted the oversaturation of capital in the market, leading his firm to pursue more controlled investment strategies, moving away from high-risk venture deals.

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🚨 Kalshi CEO admits enlisting influencers to dis Polymarket in a now-deleted podcast segment

Kalshi CEO Tarek Mansour revealed in a podcast that his employees sought social media influencers to promote memes about the FBI's raid on the home of Polymarket CEO Shayne Coplan, aiming to capitalize on the rival company's misfortunes. Both Kalshi and Polymarket operate in the emerging events-betting market, allowing wagers on various outcomes.

Mansour clarified that while Kalshi employees asked affiliates to post memes, they did not pay anyone for this promotion. He also mentioned that Polymarket allegedly employed similar tactics against Kalshi, including false claims of an FBI raid on their company.

The podcast segment discussing these tactics was deleted shortly after airing, but TechCrunch has accessed it. Mansour acknowledged that the social media strategies had gone too far and emphasized that the involved employees recognized it was a mistake. Despite the competitive tensions, Kalshi has remained legally compliant in allowing U.S. trades since 2021, while Polymarket faces legal challenges, including a Department of Justice investigation related to restricted trades.

Kalshi is currently raising over $50 million in a funding round, supported by investors like Sequoia and Y Combinator.

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🔺 Ranked: Top 12 Countries by Millionaire Population Growth

A recent UBS Global Wealth Report forecasts the growth of millionaire populations in the top 12 countries from 2023 to 2028, with several emerging markets and a few developed economies expected to see increases of over 20%. Taiwan leads the ranking, projected to surpass one million millionaires by 2028, largely due to its robust microchip industry and the immigration of wealthy individuals.

Türkiye ranks second, anticipating a 43% increase in millionaires, fueled by its expanding tech sector, which includes six unicorn startups. Conversely, the report highlights that the Netherlands and the UK are expected to lose millionaires by 2028, with projections of a 4% decline in the Netherlands and a 17% drop in the UK. This aligns with estimates suggesting nearly 10,000 millionaires may leave the UK in 2024.

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🔸 Yahoo cybersecurity team sees layoffs, outsourcing of ‘red team,’ under new CTO

Yahoo has laid off approximately 25% of its cybersecurity team, known as The Paranoids, losing around 40 to 50 employees from a total of 200 since the beginning of 2024. This reduction includes the complete elimination of the red team, which conducted cyberattack simulations to identify vulnerabilities.

The layoffs are part of broader changes across Yahoo’s technology unit, as announced by CTO Valeri Liborski in a recent email to staff. Yahoo confirmed the layoffs, stating that they are transitioning offensive security operations to an outsourced model to enhance their security program.

Last year, Yahoo laid off over 1,600 employees, about 20% of its total workforce, with CEO Jim Lanzone indicating that these layoffs would improve the company's profitability and allow for investment in other areas.

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🚨 Fleet Space raises $100M to scale satellite-enabled mineral prospecting tech

Despite a decline in late-stage deals in the space sector, Fleet Space Technologies secured a $100 million Series D funding round. Based in Adelaide, Australia, Fleet aims to enhance its ExoSphere platform for real-time mineral prospecting from space. The company operates two satellites in low Earth orbit that work with ground sensors to provide predictive insights using AI. Additionally, Fleet plans to send a payload to the moon in 2026 to gather seismic data, aiding research on lunar minerals.

The latest funding round, which values the company at $525 million, was led by Teachers’ Venture Growth and included contributions from existing investors like Blackbird Ventures and Horizons Ventures. Fleet's valuation has more than doubled since its Series C round last year.

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💠 Carta is making it too difficult to cancel subscriptions, some founders say

Running a startup can be costly due to numerous subscriptions, including expensive cap table management software. Carta, the leading provider in this sector, faces criticism from founders like Sudarshan Sridharan and Adam Ryan, who claim it is difficult to cancel subscriptions. Sridharan noted that a cancellation meeting was only available after his renewal date, prompting him to dispute the charge with his credit card company. Carta attributed these scheduling issues to a "one-time staffing challenge" and emphasized the importance of these meetings for a smooth cancellation process.

Competitors like AngelList and Pulley allow customers to cancel subscriptions easily, without requiring appointments. Despite the criticism, many founders still praise Carta’s product. However, the company has faced scrutiny in the past, including allegations of mishandling private cap table data.

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✨ Upvest, a stock trading API used by N26, Revolut and others, raises $105 million

Upvest, a Berlin-based fintech startup, provides a white-label investment platform used by major European companies like Bunq, N26, and Revolut, reaching over 50 million users. The company has announced a €100 million Series C funding round, led by Hedosophia and joined by Sapphire Ventures, Bessemer Venture Partners, and BlackRock. Although Upvest hasn't disclosed its new valuation, it states it is significantly higher than its previous valuation after a €42 million Series B round.

Upvest's platform allows clients to offer fractional stock trading and access to various financial products, with plans to expand into crypto, derivatives, and bonds. In 2024, Upvest processed 20 million orders, with recent activity averaging about one million trades per week. The startup has also received authorization from the Financial Conduct Authority (FCA) to operate in the U.K.

Recognizing the need for localized investment solutions, Upvest plans to support products like France's PEA and the U.K.'s ISA and SIPP accounts, which offer tax advantages. This focus on geographic customization could create competitive barriers as Upvest aims to attract an additional 50 million customers.

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🟥 Hyundai’s electric air taxi startup Supernal is moving its HQ from DC to California

Hyundai's electric vertical takeoff and landing startup, Supernal, is relocating its global headquarters from Washington, D.C. to Irvine, California, affecting about 35 to 40 employees who are being asked to move. This change impacts most of the 45 employees based in D.C., where Supernal had recently established a new office intended to foster employee comfort and collaboration.

Jaiwon Shin, president of Hyundai Motor Group and CEO of Supernal, stated that the move aims to enhance teamwork, although the D.C. office will continue to focus on policy and regulatory matters. Supernal, which has grown to about 700 employees since its spin-off in 2021, remains committed to launching its eVTOL service by 2028. The eVTOL industry faces challenges, with some companies struggling while others, like Joby Aviation, are receiving significant investments for upcoming launches.

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💠 A new wave of desalination startups argues that deeper is better

Only about 3% of the world’s water is fresh, with an even smaller portion readily accessible. As droughts intensify in arid regions, there is increasing interest in desalination—the process of removing salt from ocean water. While traditional reverse osmosis desalination has been used for over a century, it is energy-intensive, requiring significant electricity to operate.

A promising alternative, deep sea reverse osmosis (DSRO), involves deploying reverse osmosis systems at depths of 1,300 to 2,000 feet, where natural pressure aids the process, reducing energy needs. Although this idea has existed since the inception of reverse osmosis, it has gained traction due to advancements in deepwater technology spurred by the oil and gas industry.

Recent innovations have made powering underwater systems more efficient, transitioning from hydraulic to electric pumps, which are cheaper and easier to operate. DSRO systems are designed to minimize harm to marine life and produce less concentrated brine compared to traditional methods.

Despite high initial costs for installation and infrastructure, companies like Flocean and OceanWell are optimistic about the technology's potential, projecting energy savings of 30% to 50% compared to onshore methods. Recent funding rounds have attracted investor interest, with these companies planning deployments in regions like the Mediterranean and Red Sea. As global water crises worsen, these technologies aim to provide solutions to millions at risk of water scarcity.

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🚨 Amazon is officially in the online car sales business

Amazon has launched Amazon Autos, an online platform for customers to find, order, and buy new cars, trucks, and SUVs from dealerships. Initially partnering with Hyundai, the service is available in 48 U.S. cities, including major locations like New York and Los Angeles. This expansion follows Amazon's announcement to start selling vehicles in 2024, with plans to include more cities and manufacturers in 2025.

Amazon Autos allows shoppers to search for vehicles by various criteria and offers features like financing and e-signing paperwork online. Local Hyundai dealers will act as the sellers, and the platform will also manage trade-ins. Unlike competitors such as AutoTrader and Carvana, which primarily sell used cars, Amazon Autos focuses exclusively on new vehicles.

The service aims to attract consumers with transparent pricing that eliminates negotiation, ensuring the displayed price at checkout includes all taxes and fees.

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