Category: Startup

Online higher education platform upGrad has finalized a term sheet to acquire edtech company Unacademy in an all-stock deal. The exact valuation remains undisclosed until the formal completion of the acquisition.

The term sheet was finalized following earlier discussions between the two companies, which had broken down due to disparities in valuation processes.

upGrad co-founder Ronnie Screwvala revealed that the deal structure involves a share swap and incorporates a break fee in case the transaction falls through. Notably, Gaurav Munjal, the co-founder and CEO of Unacademy, will retain leadership, focusing on enhancing online learning products.

Screwvala commented, ‘We have agreed to acquire Unacademy in an all-stock agreement, with Gaurav Munjal continuing to steer Unacademy towards creating exceptional online educational products.’ He highlighted the potential synergy between Unacademy’s product offerings and upGrad’s comprehensive learning ecosystem, suggesting that upGrad’s integrated model from K12 to lifelong learning could witness enhanced growth post-acquisition.

Munjal confirmed the acquisition plan, emphasizing a 100% share swap execution.

Unacademy recently completed a Rs 50 crore ESOP buyback, with a significant participation rate from former employees. The company currently holds over $100 million in cash reserves.

Financially, Unacademy reported a 16% year-on-year revenue decline to Rs 826.3 crore in FY25. However, backed by SoftBank, the firm managed to reduce its EBITDA loss by 38% to Rs 305 crore and cut net losses by 31% to Rs 436 crore.

Source: Entrackr : Latest Posts

Gurugram-based proptech startup OfficeBanao has announced a $4 million investment as part of a larger $7.7 million funding round. The investment was led by Lightspeed Venture Partners, with additional participation from Mangum II and Medra Family.

Founded in 2022 by Tushar Mittal, Akshya Kumar, and Divyanshu Sharma, OfficeBanao specializes in providing tech-enabled solutions for commercial office interiors and workspace buildouts. The company’s services include design, procurement, project management, and execution for both offices and retail spaces.

OfficeBanao’s platform seamlessly connects various stakeholders, such as architects, contractors, designers, furniture vendors, and material suppliers, through an integrated system that manages workspace creation from the initial planning and 3D design stages to sourcing materials and overseeing construction.

With projects ranging from Rs 10 lakh to over Rs 5 crore, OfficeBanao caters to a diverse clientele, including startups, SMEs, and large enterprises. The company has successfully completed 200 projects across more than 40 cities in India.

OfficeBanao has experienced substantial revenue growth, with figures climbing from Rs 22 crore in FY23 to a projected Rs 138 crore in FY25. The company aims to achieve Rs 225 crore in revenue for FY26 as it expands its market presence.

OfficeBanao operates in a dynamic landscape, competing with rivals like Flipspaces and All Home, all of which are leveraging technology to offer innovative solutions for office and home interiors.

Source: Entrackr : Latest Posts

A group of former executives from Peak XV Partners is launching a new venture capital firm, Ambition Capital. The firm, led by Shailesh Lakhani, Harshjit Sethi, and Mayank Porwal, aims to raise $250 million to invest in seed and Series A startups, particularly in sectors like AI, fintech, deeptech, and consumer technology.

Headquartered in Bengaluru, Ambition Capital plans to fund approximately 26-30 startups from its pool. The fund’s strategic focus includes supporting startups that develop technology solutions for both local and global markets, with a focus on themes of digital sovereignty and fostering India-centric innovation.

Shailesh Lakhani, with over 17 years of investment experience at Peak XV Partners, has a track record of backing successful startups like Minimalist, Ixigo, and Zetwerk. Additionally, other former Peak XV executives, including Ashish Agrawal, Ishaan Mittal, and Tejeshwi Sharma, are also establishing their own venture capital fund.

Source: Entrackr : Latest Posts

Housing finance platform Weaver Services has successfully raised Rs 1,450 crore ($156 million) in funding. This capital injection will be used to acquire a 75.01% controlling stake in Centrum Housing Finance (CHFL), consolidating Weaver’s position in the housing finance sector.

The funding round was led by Premji Invest, an early supporter, and Lightspeed Venture Partners, making its inaugural foray into this domain. The participation of Gaja Capital and seasoned financial services professionals further underlines confidence in Weaver’s growth potential.

This fundraising builds upon a previous $170 million round led by Premji Invest and Lightspeed, with Gaja Capital also contributing. These investments are earmarked for acquisitions, technological enhancements, and geographical expansion into tier II and tier III markets.

Weaver Services has also signed definitive agreements with Morgan Stanley to acquire the remaining 24.99% stake in CHFL, establishing Weaver as the sole institutional owner of CHFL post-regulatory approvals.

The amalgamation of CHFL with People Home Finance, acquired in 2025, will result in a robust financial entity managing assets exceeding Rs 2,000 crore and a network of 140 branches nationwide. This combined entity will offer a range of financial products, including home loans, self-construction loans, home improvement loans, and loans against property, with a focus on enhancing credit accessibility for women.

Founded in 2024 by Satrajit Siva Bhattacharya and Anil Kothuri, Mumbai-based Weaver Services is a fintech-driven housing finance company committed to providing affordable home loans to underserved segments, particularly self-employed individuals in tier II and tier III cities.

Source: Entrackr : Latest Posts