Today is 6th May and you are watching RizingTv .This is your weekly dose of startup stories Let’s find out what are the latest updates on the entrepreneurship street.Let’s Dive in.
SAAS Startup Plotline raises $2.6M
Plotline a startup, founded by Shubham Jindal and Adarsh Tadimari, who were former leaders at HyperVerge raises $2.6 Million. The (software-as-a-service) startup has raised the amount in a seed funding round from venture capital firm Elevation Capital. The company said that it is going to use it to expand overseas. Plotline helps product teams get real-time app feedback. Jindal emphasized the importance of dynamic app experiences, stating, “Mobile apps are adding a lot more functionality into their apps today,compared to half a decade ago”.
“Strategically deploying its USD 2.6 million seed round to bolster key functions across R&D (research and development), marketing, and sales, Plotline is now looking ahead to drive expansion in the US, the Middle East, Africa, and Asia-Pacific regions,” the company said in a statement.
According to a report, startup funding has declined by 17% in 2024
In 2021, investment professionals were getting,on average,six deals daily but in ,2024, it has declined to three.
According to a report titled ‘India Invests’ by Wealth 360 One, the private equity of value USD 100-250 million range, is down by 60 percent. While those investing USD 500 million or more too have gone down drastically by over 80 percent. The funds investing less than USD 100 million have also registered a decline of 30 percent. But funding under USD 5 million is still happening at a steady rate.
The report highlights that the bigger deals, over USD 25 million, which usually happens when a startup is growing, have also decreased. This means there’s less money going into startups overall, especially in the medium to large-sized deals. Late-stage venture capital investments have been hit hard too. Startups raised nearly USD 8 billion from investors this year, marking a 50% decrease from FY 22-23.
Bhavesh Gupta the chief operating officer of Paytm has resigned from his post.
He joined Paytm in 2020 August from Clix Capital.
“Bhavesh Gupta, President and Chief Operating Officer, who was overseeing the payments and lending businesses, has decided to take a career break due to personal reasons. He will be transitioning to an advisory role, offering guidance for Paytm’s growth initiatives until the end of the year,” the statement said.
As part of a change in leadership structure, fintech firm Paytm has appointed Rakesh Singh as chief executive officer of Paytm Money.
Bhavesh Gupta has congratulated Rakesh Singh “I welcome Rakesh to Paytm Wealth business where we are committed to building world-class technology-led wealth offerings to young Indians,” Sharma said.
EV Startup Pravaig offers jobs to Tesla Interns spurned by Elon Musk
Tech billionaire Elon Musk’s latest cost-cutting victims are summer interns with his flagship Tesla Inc, rescinding offers just weeks before internships were to start.
Tesla revoked offer letters of people weeks before their intended employment
The partner at the EV firm Shivani Bagri said “We understand the importance of feeling valued and supported in your career pursuits. That’s why we want to extend a genuine invitation to those affected by this unfortunate situation.”
She also said that while we may not be able to offer people the same opportunity as Tesla,we can promise a supportive environment where people’s talents are recognized and appreciated . You should choose to move to the Silicon Valley of India and work at Pravaig,”Shivani Bagri partner at Pravaig
