In the latest funding round, voice cloning startup ElevenLabs secured an impressive $80 million, reaching unicorn status with a valuation exceeding $1 billion. The Series B round was co-led by prominent investors, including Andreessen Horowitz and former GitHub CEO Nat Friedman. Founded in 2022, ElevenLabs aims to dominate the global voice AI research and product deployment space with its AI-powered tools for synthetic voice creation. Despite its success, the startup faces scrutiny for misuse of its technology on platforms like 4chan, prompting efforts to enhance safety measures. Additionally, ElevenLabs introduces a marketplace for voices, currently in alpha, offering compensation to creators when their voices are used. As the company plans to expand its team and infrastructure, it remains a key player in the rapidly growing synthetic voice market.
In a recent development, the Madras High Court has dismissed appeals by Indian startups challenging Google’s app billing policy. However, the court has granted interim relief, preventing Google from delisting the startups’ mobile applications from the Play Store for the next three weeks. This decision follows the court’s stance in August 2023, asserting that the matter falls under the purview of the Competition Commission of India (CCI). Notably, companies like Bharat Matrimony, Shaadi.com, and Unacademy were among those opposing Google’s in-app billing policy. The court’s formal order is anticipated on Monday, providing further details on the decision.
High net worth individuals (HNIs) and the ultra-high net worth individuals (UHNIs) are increasingly turning to Indian startups, providing crucial financial support amid a funding slowdown. The report by LetsVenture reveals that over 9,000 tech HNIs/UHNIs are low risk-takers, favoring pre-seed and Series A rounds, while around 2,500 are high risk-takers participating in seed and pre-series rounds. India boasts 10,000 to 12,000 tech HIs and UHNIs, with their portfolios distributed across assets like corporate FDs, venture debts, and AIFs. The report highlights their impact on the startup ecosystem, emphasizing their role as investors, mentors, and contributors to ecosystem development.
In a substantial setback, startup funding in India plummeted by over 62% in 2023, reaching Rs 66,908 crore compared to Rs 1,80,000 crore in the previous year, as reported by PrivateCircle Research. The funding deal volume experienced an even sharper decline of 72%, totaling 1,444 deals in 2023, a significant drop from 5,114 deals in 2022. This downturn is the most significant one since 2018. Notably, only two startups, Incred and Zepto, have achieved unicorn status in 2023, starkly contrasting the 23 new unicorns in 2022. However, companies with robust fundamentals, like Lenskart, still secured substantial funding rounds, demonstrating resilience amid the funding slowdown.
WeWork Labs has unveiled Jumpstart 2024, an initiative designed to empower early-stage startups. The program, led by WeWork Labs, the investment and acceleration arm of WeWork India, offers mentorship, access to investors, subsidized workspaces, and a pre-seed capital infusion of $200,000. The two-day flagship event kicked off at WeWork’s Salarpuria Symbiosis campus in Bengaluru, featuring investor connections, fireside chats, panel discussions, and startup stalls. Jumpstart 2024 includes the Growth Campus program, providing subsidized global workspaces and potential pre-seed capital to startups. WeWork Labs plans to focus on sectors like construction & property tech, healthcare, fintech, consumer services & retail, and SaaS for pre-seed investments.
