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| Name | Open Source Indian Startup Takes on OpenAI - Indian Startup News 216 |
| Video Uploader | Video From Backstage with Millionaires |
| Upload Date | This Video Uploaded At 06-07-2024 04:30:19 |
| Video Discription | Check out Odoo here: https://www.odoo.com/r/GtSs Notion Dashboard: https://meadow-pillow-7fa.notion.site/BwM-Startup-Funding-Database-303101b874824f4c91fae9fc8ce6d450 This week funding: https://www.google.com/url?q=https://meadow-pillow-7fa.notion.site/W1-Q2-FY25-d293d61acae34bbdb25d811c428a7aa9 Funding chart: https://docs.google.com/spreadsheets/d/10-sWaL38VYz--CqQNMQEwsG9xRBAx3nwOLRKzRD4BkY/edit#gid=0 ------------------------------------------------------------------------------------------------------------------------------------------------ 00:00 Startup Raises $85M to Compete With OpenAI: 02:03 ODOO 04:20 Koo Shuts Down 06:23 Unacademy ‘Shutting Down’ Controversy 07:59 Ather Starts Delivering Rizta 08:28 Zomato Expand Meal Delivery Service “Zomato Everyday” to Mumbai 08:58 Funding News ------------------------------------------------------------------------------------------------------------------------------------------------ Startup Raises $85M to Compete With OpenAI: Sentient, a new company without a functioning website or product, has raised $85 million to develop Artificial General Intelligence (AGI), aiming to surpass human intelligence by 2029. Unlike major players like OpenAI and Meta, Sentient plans to create an open-source AGI using blockchain technology, advocating for community involvement and transparency in AI development. Despite their ambitious goals, Sentient has yet to demonstrate any concrete progress and plans to launch their testnet in the third quarter of this year. There is skepticism about whether they can compete with established giants in the field. Koo Shuts Down: Koo, which was supposed to be India’s answer to X, has instead decided to shut down despite reaching 2.1 million daily and 10 million monthly active users at its peak. The company faced a funding shortfall during a difficult investment period, despite having raised over $50 Million. The founders announced the closure, citing the funding winter as the cause. They maintain that India still needs a native-language social media platform, despite Koo's failure. Unacademy ‘Shutting Down’ Controversy: An article by The Morning Context and news of 250 layoffs sparked rumors of Unacademy's decline. Despite this, Unacademy's CEO, Gaurav Munjal, claims the layoffs were not due to financial trouble but rather market consolidation. Munjal stated in the article that Unacademy has no debt, a five-year runway, and is poised for significant growth and profitability. He also mentioned on social media that the company is set for its best year yet. Ather Starts Delivering Rizta: Ather's CEO Tarun Mehta announced the start of deliveries for their first family scooter, Rizta, in select cities, excluding their headquarters in Bengaluru for now. Mehta assured that deliveries in other cities will begin soon. With a decline in revenue in FY24, Ather is relying on Rizta for growth, especially as they have filed for an IPO. Zomato Expand Meal Delivery Service “Zomato Everyday” to Mumbai: Zomato launched its affordable meal delivery service, "Zomato Everyday," last year in Gurugram, offering home-cooked style meals starting at 89 rupees. The service has expanded to Bengaluru, Hyderabad, Pune, and now Mumbai. Meanwhile, Swiggy introduced a similar service, "Swiggy Daily," in May. Funding News This week, Indian startups raised a total of $234 Million, which is slightly lower than last week’s $245 Million dollars. Purplle (Mumbai): Raised $120 Million, biggest round of the week Oyo (Gurugram): Raised $50 Million at $2.38 Billion valuation Matter (Ahmedabad): Raised $35 Million in series B round Watch Your Health (Thane): Raised $5 Million in series A round Comet (Bengaluru): D2C sneaker brand $5 Million in series A round Fabriclore (Jaipur): B2B fabric sourcing platform raised $1.6 Million in their seed round Cautio (Bengaluru): Raised $780,000 in their pre-seed round ------------------------------------------------------------------------------------------------------------------------------------------------ Connect with us: Twitter: https://twitter.com/bwmillionaires/ Instagram: https://www.instagram.com/backstagewithmillionaires/ Podcast: https://open.spotify.com/show/5rGPalovc6AKsfbOyjh32p |
| Category | People & Blogs |
| Tags | Indian Startup News | Startup Funding | Koo Shutdown | Unacademy Controversy | Unacademy Shutdown | Ather Rizta Delivery | Zomato Everyday |
