SEQUOIA CAPITALS
Israeli data security firm Cyera raises $540 million, value doubles to $6 billion
Cyera said that over the past 18 months, it posted 353% growth in Fortune 500 companies, expanded to 10 countries and more than doubled its size to nearly 800 employees globally. In that time it has raised $1.3 billion and its valuation has jumped 12 times.
Good Glamm misses payroll again; Uber top-deck reshuffle
Cash-strapped beauty platform Good Glamm Group did not pay wages for the second month in a row. This and more in today’s ETtech Top 5.
Musk kicks off xAI, Neuralink fundraises after DOGE farewell
Elon Musk is shifting his focus back to his businesses, with xAI seeking $5 billion to expand its AI footprint and Neuralink securing $650 million after successful clinical trials of its brain implant devices. X is rolling out XChat, a new direct message service, while Tesla appears hesitant to establish manufacturing in India despite initial interest.
Elon Musk’s xAI to raise $5 billion through debt sale
Elon Musk's xAI is seeking $5 billion in debt financing, with Morgan Stanley managing the offering, to fuel its AI infrastructure expansion, including a massive data centre in Memphis. This move comes as Musk shifts focus back to his businesses after a period of political involvement. The debt package has already seen strong investor demand, exceeding $3.5 billion.
Elon Musk's Neuralink raises $650 million in latest funding round
Neuralink is in the process of testing its implant, which is intended to help people with spinal cord injuries. The device has allowed the first patient to play video games, browse the internet, post on social media and move a cursor on his laptop directly with his brain.
ZET partners with SBM Bank for FD-backed credit card
ZET and SBM Bank (India) have launched an FD-backed credit card to help Indians build a credit score above 750. Targeting credit underserved and unserved populations, the card requires no prior credit history, links to UPI, and offers interest on fixed deposits, providing a secure, accessible path to credit empowerment.
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L Catterton to raise $600 million for debut India-focused fund
L Catterton, backed by LVMH, is launching a $600 million India-focused fund, its first dedicated investment vehicle for the country. The fund will target seven to nine investments in sectors like food and beverage, healthcare, and retail, with cheque sizes ranging from $25 million to $150 million. This move highlights L Catterton's increasing focus on India's growing consumer market.
TCS CEO’s pay hike; L Catterton’s India fund
IT major TCS paid Rs 26.5 crore in remuneration to CEO and MD K Krithivasan in FY25. This and more in today’s ETtech Top 5.
Exclusive: Unacademy founders Munjal, Saini set to exit, shift focus to AirLearn
Unacademy cofounder Gaurav Munjal is stepping down as CEO, with Sumit Jain taking over amid a company reset and focus on AirLearn. Fellow cofounder Roman Saini is also exiting an active role. This leadership change follows internal discussions and a shift from online test prep to physical centers, impacting the edtech's business.
Groww files draft papers for IPO, eyes $700 million to $1 billion listing
Groww's IPO is being filed under Regulation 59C(5) of the Sebi ICDR Regulations, which permits confidential filing ahead of the formal DRHP. This route is increasingly being adopted by tech firms seeking regulatory feedback before making a public submission.
BlackRock could pour ₹500 cr into Bira91's promoter group
BlackRock is reportedly in advanced discussions to invest ₹500 crore in B9 Beverages, the maker of Bira91, through structured debt. The funds will be used by the promoter group to acquire shares from early investors and inject fresh capital into the company.
Sequoia Capital says AI bigger opportunity than prior technology waves
In Sequoia’s AI Ascent 2025 event, partners Pat Grady, Sonya Huang, and Konstantine Buhler said that AI is a market opportunity at least 10 times larger than cloud computing.
Neo Wealth Management appoints Shajikumar Devakar as Co-Founder and CEO
Neo Group has appointed Shajikumar Devakar as co-Founder and CEO of Neo Wealth Management. Shaji's experience includes leadership roles at 360 ONE Wealth, Barclays Wealth, and Deutsche Wealth Management. Neo Group currently manages over Rs 40,000 crore in wealth and Rs 11,500 crore in alternative assets, backed by Peak XV Partners, Mitsubishi UFJ Financial Group, and Euclidean Capital LLC.
States chase chip billions; Porter’s unicorn round
Happy Friday! Uttar Pradesh and Gujarat are moving swiftly to attract major electronic component manufacturers with new incentive schemes. This and more in today’s ETtech Morning Dispatch.
Exclusive: Bira maker B9 Beverages delays interest payouts amid liquidity issues
Ankur Jain, founder of B9 Beverages, eyes Rs 800 crore fundraise, in a mix of equity and debt, to boost financial position. Early investors likely to sell stake. Jain in talks to pick up structured debt via D1 Advisors by pledging his shares.
BrowserStack acquires Y Combinator-backed Requestly to strengthen developer tools stack
The terms of the deal have not been disclosed. The acquisition will add to Accel-backed BrowserStack’s efforts to strengthen its developer productivity suite by integrating Requestly’s open-source solution. Requestly has raised a total of $125,000 in funding to date.
Top tech and startup stories this week
Welcome to a new edition of ETtech Unwrapped – our weekend newsletter packed with the most important stories this week. Let’s take a look.
Scoop: Peak XV out to raise $1.2 billion fund, its first since Sequoia split
Peak XV’s $2.85 billion eighth fund under Sequoia Capital was announced in 2022 – for investing in venture, growth and Southeast Asia. Of the total pool, $2 billion was earmarked for India investments, while the remaining was for Southeast Asia. In 2024, the VC firm downsized this fund by 16% with the bulk of the reduction coming in its growth-stage allocation.
Peak XV’s new fund; Sebi’s bond crackdown
Happy Friday! Peak XV Partners is set to raise its new fund, first one after its split from Sequoia US. This and more in today’s ETtech Morning Dispatch
BluSmart’s salary delays; Banks face KYC reset
Happy Wednesday! After ceasing operations, BluSmart now faces a fresh challenge: delayed March salaries for its employees. This and more in today’s ETtech Morning Dispatch.
A91 Partners closes $665 million third fund, its largest yet
Founded by former Sequoia Capital India (now Peak XV Partners) partners Abhay Pandey, VT Bharadwaj and Gautam Mago, A91 Partners focuses on investing in companies across technology, consumer and financial services. The massive fund close by A91 Partners comes in the backdrop of several venture firms adding to their dry powder.
Pixel moves to India; A91's largest fund
In the wake of US tariffs, Google is shifting Pixel manufacturing from Vietnam to India. This and more in today’s ETtech Top 5.
MNC units step up hiring for in-house legal teams
Multinational corporations' Indian subsidiaries are bolstering their in-house legal teams amid a shifting regulatory landscape and increased deal activity. This expansion is fueled by a greater emphasis on ESG, strategic market growth, and the need to navigate complex geopolitical and trade dynamics.
Karnataka tech startups' funding dips to $633 million in March quarter
According to Tracxn's Karnataka Tech Quarterly Funding Report Q1 2025, no new unicorns or funding rounds exceeded $100 million in the quarter ended March.
B2B e-commerce company Moglix appoints Sanjeev Arora its chief financial officer
Moglix, a B2B e-commerce company, has appointed Sanjeev Arora as its chief financial officer to lead financial strategy, capital planning, and long-term growth initiatives, including preparations for a public market entry. Arora brings over two decades of experience from companies like ASK Automotive and Mosaic India.
A16z eyes leading mega round in former OpenAI CTO’s startup Thinking Machines, sources say
Andreessen Horowitz, known as A16z, has made big bets in AI, backing competitors to AI heavyweight OpenAI. It has participated in large funding rounds for AI model startups including Elon Musk's xAI, Sutskever's Safe Superintelligence and France-based Mistral.
Sequoia Capital’s evergreen fund grows to almost $20 billion
Sequoia Capital’s evergreen fund has grown to $19.6 billion, according to a US Securities and Exchange Commission filing, a signal that the prestigious firm continues to grow despite a venture capital funding slowdown.
Sequoia Capital cuts fees for new funds amid VC slowdown
The changes in fee structure allow limited partners (LPs) who committed capital to Sequoia's crypto and ecosystem funds launched early last year to pay management fees based on capital deployed, rather than the common model of capital under management that applies to other Sequoia funds.
Sequoia Capital to restructure funds, becoming more than a VC
Sequoia Capital will remake its investment structure in the US and Europe around a single fund, Sequoia partner Roelof Botha says. The Sequoia Fund, as it’ll be known, will let the firm invest in a range of asset classes.
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