India Cracks Down on Crypto Exchanges | ESOPs Making Startup Employees Rich | Fractal - New Unicorn?

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This week in Indian startup news, Tax department crackdown on crypto exchanges for tax evasion, Good Glamm Group launches influencer marketing venture ‘Good Creator Co’, Curefoods acquires five food brands and ESOPs buyback at an all-time high.

In funding news, Fractal Analytics raises $360 million, Dunzo raises $240 million and Zupee raises $72 million.

00:00 Introduction
00:37 Tax department crackdown on crypto exchanges for tax evasion
02:16 ESOPs buyback at an all-time high
03:09 Sponsor shoutout
04:51 Good Glamm Group launches influencer marketing venture ‘Good Creator Co’
05:53 Curefoods acquires five food brands
06:30 Fractal Analytics raises $360 million
08:15 Dunzo raises $240 million
09:01 Zupee raises $72 million

Tax department cracks down on crypto exchanges for tax evasion: Binance-owned Indian crypto exchange WazirX was investigated by the Goods and Services Tax (GST) department - alleging a tax evasion of ₹40.5 crore by the crypto exchange. The tax department has now recovered ₹49.2 crore from WazirX - which includes the unpaid GST plus interest and penalties. Following this, the tax authorities are now also investigating other crypto exchanges in the country including crypto unicorns CoinSwitch Kuber and CoinDCX, BuyUCoin and Unocoin.

ESOPs buyback at an all-time high: 2021 was the best year for Indian startups in many ways than one - Indian startups funding reached an all-time high of $39 billion - that’s more than 3X of what they raised in 2020. But the entrepreneurs weren’t the only ones who profited from the funding craze - a lot of this money even went into the pockets of the employees of these startups. Thanks to the ESOP buyback conducted by these startups worth $440 million – which is again a record for the ecosystem.

Good Glamm Group launches influencer marketing venture ‘Good Creator Co’: D2C beauty brand Good Glamm Group has acquired influencer marketing platform Winkl and video analytics platform Vidooly - to launch ‘Good Creator Co’ - their influencer marketing platform – clubbing together the products from their latest acquisitions along with MissMalini and Plixxo. This strategy will allow Good Glamm Group to earn money by to helping brands connect directly with influencers to boost the reach of their products.

Curefoods acquires five food brands: Curefoods, a cloud kitchen startup, has acquired five more food brands to add to their growing portfolio. With these acquisitions, Curefoods now has more than 20 food brands under their brand – operating across 20 cities.

Fractal Analytics raises $360 million: AI-based analytics startup Fractal Analytics has raised $360 million in a round led by TPG – making this 22-year-old company a unicorn.
Dunzo raises $240 million: Hyperlocal delivery startup Dunzo has raised $240 million in a round led by Reliance Retail - valuing them at $775 million. This will allow Reliance Retail to access Dunzo’s hyperlocal delivery network for their merchants on JioMart and enable Dunzo to expand into eight new cities and strengthen their quick commerce play.

Zupee raises $72 million: Skill-based real-money gaming platform Zupee has raised $72 million in a round led by Nepean Capital – closing their series B round with $102 million and at a valuation of $600 million.

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