Crypto Trading down 60%, Zepto enters food delivery - Indian Startup News #117

This week in Indian Startup News, Crypto Industry worried amid uncertainty in rules, Indian SaaS industry to reach $100 bn in revenues by 2026, Zepto launches 10-minute food delivery service 'Cafe', Govt To Bring EV Battery Quality Norms.

In funding news, CoinDCX Bags $135 Mn, Rario raises $120 mn, Loop Health Raises $25 Million, Urbanpiper raised $24 Million.

00:00 Introduction
00:11 Crypto Industry worried amid uncertainty in rules
01:42 Indian SaaS industry to reach $100 bn in revenues by 2026
02:38 Zepto launches 10-minute food delivery service 'Cafe'
04:03 Govt To Bring EV Battery Quality Norms
05:16 CoinDCX Bags $135 Mn
05:46 Rario raises $120 mn
06:12 Loop Health Raises $25 Million
06:46 Urbanpiper raised $24 Million

Crypto Industry worried amid uncertainty in rules: New Indian taxation laws regarding trade in cryptocurrency along with banks reluctance in buy and sell of crypto has resulted in trading volumes across various Crypto Exchanges down as much as 60%. Many founders are worried over uncertainty regarding rules subjecting to Cryptocurrency and are looking for option outside india to continue their businesses.

Indian SaaS industry to reach $100 bn in revenues by 2026: According to a report by VC fund Chiratae Ventures and Zinnov, Indian Saas Industry is set to cross $100 Bn in revenue by the year 2026. The report said, that if current growth sustains, India could surpass China to become second largest Saas Market by 2026.

Zepto launches 10-minute food delivery service 'Cafe': After disrupting quick grocery delivery space, Zepto has decided to make its first move into delivering food items through its new service 'Cafe' which is currently available in few parts of Mumbai. Through this service, Zepto is delivering products like tea, croissants, samosa and coffee in 10 Minutes. Company has tied up with restaurants such as Blue Tokai Coffee, Chaayos, Gurukripa snacks and Sassy Teaspoon.

Govt To Bring EV Battery Quality Norms: After witnessing a series of events of fire involving electric scooters, Indian Govt has now decided to come up with a Battery policy, which will ensure key characteristics like performance testing and manufacturing standards of these batteries, along with their heat resistance capacity.

CoinDCX Bags $135 Mn: Crypto Trading Exchange CoinDCX, has raised $135 Mn in a round led by Pantera Capital and Steadview Capital – raising their valuation to $2.15 billion. Company will use the funds to increase its headcount to over 1,000 by the end of next year from 400 now and hire across functions like engineering, product and compliance.

Rario raises $120 mn: Cricket NFT platform Rario has raised $120 mn in a round led by Dream Capital. The investment will provide Rario access to 140 million users of Dream Sports.

Loop Health Raises $25 Million: Health insurance distribution startup Loop Health has raised $25 Million in a round led by Elevation Capital and General Catalyst, which values them at $120-150 million. Company will use funds for expansion and raising their customer base from 80,000 currently to five million members in next five years.

Urbanpiper raised $24 Million: SaaS/restaurant management platform Urbanpiper has raised $24 Million in a round led by Sequoia Capital, Tiger Global, Swiggy, Zomato. Company will use funds to bolster the platform’s capabilities by scaling its product and engineering teams and expand its offering to over 200,000 restaurant locations across the globe.

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