SEBI’s document showed that it issued observation letter to Honasa Consumer on July 28, 2023, almost seven months after Mamaearth filed its DRHP The IPO comprises a fresh issue of shares worth INR 400 Cr and an OFS component of 46.82 Mn equity shares While SEBI’s approval for GoDigit’s DRHP is still pending, OYO parent Oravel Stays Ltd’s IPO document is still in the pre-filing stage Honasa Consumer Ltd, the parent entity of beauty ecommerce unicorn Mamaearth, has received approval from the Securities and Exchange Board of India (SEBI) to float its initial public offer (IPO). In its updated document, SEBI noted that it issued an observation letter to Honasa Consumer on July 28, 2023. In SEBI’s parlance, issuance of an observation letter signifies approval to launch a public issue. SEBI’s nod comes seven months after the company filed its draft red herring prospectus (DRHP) in December last year. Mamaearth’s IPO comprises a fresh issue of shares worth INR 400 Cr and an offer for sale (OFS) of 46.82 Mn equity shares. As per the DRHP, several Honasa investors, including founders, Ghazal and Varun Alagh, Evolvence, Fireside Ventures, Sofina Ventures SA, Stellaris Venture Partners, Snapdeal founder Kunal Bahl, and Bollywood actress Shilpa Shetty Kundra, are expected to dilute their holding in the IPO. Earlier this year, a report emerged that Mamaearth was in a “wait and watch mode” for its IPO due to the persisting volatility in the global stock market. However, the beauty ecommerce brand clarified that it was just waiting for the market regulator’s formal approval.  After receiving SEBI’s nod, the startup now has 12 months to file its red herring prospectus (RHP) and take the company public. Mamaearth’s last publicly reported private valuation stood at around $1.3 Bn.  Shortly after it filed its DRHP, many social media posts claimed that Mamaearth was seeking a valuation of $3 Bn, leading to strong debates around its revenue and profit. However, the startup called the posts as rumours. Mamaearth turned profitable in FY22 with a standalone net profit of INR 19.8 Cr as against a net loss of INR 1,332.2 Cr in FY21.  Inc42 reported in June this year that Mamaearth was shutting its influencer engagement platform Momspresso MyMoney due to its mounting losses. With a revival in the stock market sentiment in the last few months, the Indian public market has witnessed an uptick in the number of companies launching their IPOs.  However, only one new-age tech startup, ideaForge, has gone public this year. The drone startup made a stellar debut on the exchanges last month. However, at least eight other startups that were expected to go public in 2023 are yet to take a step ahead. Meanwhile, GoDigit, which is also expected to launch its INR 3,500 Cr IPO this year, is yet to receive SEBI’s approval. Despite refiling its DRHP with the market regulator in March, SEBI in its latest document categorised GoDigit under the section – draft offer document in relation to which comments sought from other regulators/ government agencies and response awaited. SEBI also noted that OYO parent Oravel Stays Ltd’s IPO document is still in the pre-filing stage and the responses from lead manager to the issue on clarifications sought by the regulator are still awaited. Meanwhile, SEBI also issued observation letters to two other companies – Indegene Limited and Vishnu Prakash R Punglia Limited.

Gold has been a reliable asset for ages due to its intrinsic worth and historical significance. When it comes to investing in gold, however, individuals frequently confront a critical decision: should they buy actual gold or gold exchange-traded funds (ETFs)? While both choices have advantages, this article will explain why acquiring actual gold versus gold ETFs is a better option for protecting your financial future. photo credit: Michael Steinberg / Pexels 1. Intrinsic and Tangible Value The fact that actual gold is tactile is one of the key reasons why investors choose it. Owning gold in its physical form gives you the ability to hold a genuine, intrinsic asset that you can touch, view, and store safely. Gold ETFs, on the other hand, are essentially paper assets that reflect shares in a trust that holds gold bullion. While ETFs provide exposure to gold price changes, their performance and reliability are still dependent on the issuing institution. Physical gold provides peace of mind during times of economic uncertainty or market volatility because its value is not dependent on third-party entities. 2. Safe Haven Gold has historically proven to be a safe-haven commodity during times of economic turbulence, geopolitical conflicts, and market volatility. During financial crises, investors frequently flock to gold as a store of value, causing its price to climb. Physical gold’s intrinsic worth and restricted supply make it a more stable hedge against currency depreciation and inflation than gold ETFs, which can be impacted by market sentiment and trading dynamics. 3. Protection Against Counterparty Risks Counterparty risk is one of the major hazards connected with gold ETFs. When you buy a gold ETF, you’re putting your faith in the financial organization that created and runs the fund. Any institution failure or insolvency can harm your investment. Physical gold, on the other hand, is free of counterparty hazards because it exists outside the financial system and is owned directly by the investor. 4. Confidentiality and Privacy Investing in actual gold provides privacy and secrecy that gold ETFs do not. When you purchase gold coins or bars, you can keep them privately or store them in a secure facility of your choice. Gold ETF transactions, on the other hand, are market-recorded and may lack anonymity, possibly jeopardizing your financial privacy. 5. No Management Fees Gold ETFs have continuing management costs, which might reduce your returns over time. Administrative expenses, custodial services, and other operating costs are covered by these fees. When you own physical gold, you avoid paying these management fees, allowing you to retain the full value of your investment. Takeaway While gold ETFs have their advantages, physical gold investing has particular advantages that make it an enticing option for many investors. Its tangibility, inherent value, and potential to serve as a safe haven during times of crisis make it a good alternative for people looking to protect their wealth. Furthermore, holding real gold avoids counterparty concerns, increases privacy, and relieves investors of management fees. In the end, the choice between actual gold and gold ETFs is determined by an individual’s financial objectives, risk tolerance, and long-term investing plan. If you prioritize wealth preservation, diversification, and hedging against economic uncertainty, devoting a portion of your portfolio to real gold could be a prudent move toward safeguarding your financial future. Disclaimer: This article is for information purposes only.  Seek advice from your trusted financial advisor for any investment decisions.

Bharti Airtel has announced its quarterly results for 1Q23, recording a net profit of Rs 1,612 crores, almost the same as the profit of Rs 1,607 crores last year. During the first quarter of the current fiscal year, the telecommunications company earned ₹37,440 crore in revenue from operations, a 14% increase compared to the ₹32,850 crore earned in the same period last year.The company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) during the June quarter increased by 19% to ₹19,746 crore, with EBITDA margins growing 277 basis points to 53.7% YoY. By the end of the June quarter, the net debt-EBITDA ratio (annualised), including the impact of leases, was 2.63 times. T The average revenue per user (ARPU) per month, which is an essential metric for measuring revenue generation, increased by 9.28% to ₹200 compared to the corresponding period last year. This was due to the company’s focus on acquiring quality customers and improving realisations through premiumization.In the latest quarter, the India branch of the company generated revenues of Rs 26,375 crore, a 13% increase from the previous year. The mobile services sector of the India branch saw a 12% increase in revenues in the prior year, with a significant contribution from the addition of 4G customers and an increase in ARPU. The Airtel business also saw a 16% increase in revenues year-on-year, driven by strong demand for data and connectivity solutions and emerging competencies.The telco’s customer base reached 38.3 crores at the end of the June quarter, with the highest-ever net additions of 8 lakhs in the postpaid segment. The 4G segment saw an increase of 2.45 crore 4G data customers on the network from the previous year, a 12% YoY increase.In addition, the home business had revenue growth of 25% YoY due to the growing demand for high-speed and reliable broadband in India. The company’s focus on digitization and acquiring high-value customers led to 4,13,000 new customer additions during the quarter, bringing the total base to 65 lakhs.

The objective of the bill is to provide for the processing of digital personal data in a manner that recognises both the right of individuals to protect their personal data and the need to process such personal data for lawful purposes There was an uproar at the time of the tabling of the Parliamentary standing committee’s report on ‘Citizens’ Data Security and Privacy’ on Tuesday A draft version of the bill was first released by the Ministry of Electronics and Information Technology (MeitY) in November 2022 The Digital Personal Data Protection (DPDP) bill was tabled in Parliament on August 3. The bill was introduced by Minister for Electronics and Information Technology Ashwini Vaishnaw in the Lok Sabha for consideration. The objective of the bill is to provide for the processing of digital personal data in a manner that recognises both the right of individuals to protect their personal data and the need to process such personal data for lawful purposes. A draft version of the bill was first released by the Ministry of Electronics and Information Technology (MeitY) in November 2022. After several rounds of consultations, where various types of stakeholders were invited to give their feedback on the draft legislation, the much-awaited bill has finally been introduced as a financial bill. “MeitY has developed this bill after extensive consultations which I, personally, led with all stakeholders,” the Minister of State for Electronics and Information Technology, Rajeev Chandrasekhar, said on Twitter. “This new bill after it is passed by Parliament, will protect the rights of all citizens, allow the innovation economy to expand and permit the government’s lawful and legitimate access in national security and emergencies like pandemics and earthquakes etc.,” the minister added. Before the bill was introduced, Parliament saw an uproar during the tabling of the Parliamentary standing committee’s report on ‘Citizens’ Data Security and Privacy’ in Rajya Sabha on Tuesday (August 1). A drama unfolded as the Standing Committee for Information Technology and Communication submitted its report on the Digital Personal Data Protection Bill in Parliament, which was approved by the Union Cabinet earlier last month. The previous iteration of the bill was withdrawn by the government last August. Subsequently, the Centre revamped the draft and released it again in the public domain as the Digital Personal Data Protection (DPDP) bill in November last year.

By Market Capitalisation.Net Sales.Net Profit.Total Assets.Excise.Other Income.Raw Materials.Power & Fuel.Employee Cost.PBDIT.Interest.Tax.EPS.Investments.Sundry Debtors.Cash/Bank.Inventory.Debt.Contingent Liabilities. Screen Crit AbrasivesAerospace & DefenceAgricultureAir ConditionersAirlinesAluminium & Aluminium ProductsAmusement Parks/Recreation/ClubAquacultureAuto AncillariesAuto Ancillaries – Air Conditioning PartsAuto Ancillaries – Auto, Truck & Motorcycle PartsAuto Ancillaries – Axle shaftsAuto Ancillaries – BearingsAuto Ancillaries – BrakesAuto Ancillaries – Bus BodyAuto Ancillaries – Castings/ForgingsAuto Ancillaries – ClutchesAuto Ancillaries – Diesel EnginesAuto Ancillaries – Engine PartsAuto Ancillaries – GearsAuto Ancillaries – Head lamps & lightsAuto Ancillaries – OthersAuto Ancillaries – PistonsAuto Ancillaries – Seating covers & partsAuto Ancillaries – Sheet MetalsAuto Ancillaries – Shock absorbersAuto Ancillaries – Spare Parts & AccessoriesAuto Ancillaries – SpringsAuto Ancillaries – Tyres & Rubber ProductsAuto Ancillaries – WheelsAuto AncillaryAutomobile – 2 & 3 WheelersAutomobile – Auto & Truck ManufacturersAutomobile – Dealers & DistributorsAutomobile – LCVS/ HVCSAutomobile – Passenger CarsAutomobile – TractorsAutomobile – Trucks/LCVsBank – PrivateBank – PublicBatteriesBeveragesBiotechnology & Medical ResearchBPO/ITeSBreweries & DistilleriesCable & D2HCablesCarbon BlackCementCement & Construction MaterialsCeramics/Marble/Granite/SanitarywareChemicalsCigarettes/TobaccoCoalCommodity ChemicalsCompressors / PumpsComputer PeripheralsConstruction – InfrastructureConstruction – Real EstateConstruction – Residential & Commercial ComplexesConsumer FoodContainers & PackagingCourier ServicesCyclesDefenceDetergents & SoapsDiamond & JewelleryDiversifiedDiversified ChemicalsDomestic AppliancesDyes & PigmentsEducational InstitutionsElectric EquipmentElectric Equipment – Boilers / TurbinesElectric Equipment – SwitchgearsElectric Equipment – TransformersElectrodes & Electrical EquipmentsElectrodes & Welding EquipmentElectronic GoodsElectronics – ComponentsEngineeringEngineering – ConstructionEngineering – Industrial EquipmentsETFFastenersFerro ManganeseFertilizersFilm Production, Distribution & EntertainmentFinance – HousingFinance – InvestmentFinance – NBFCFinance – OthersFinance – Stock BrokingFinance Term LendingFish/Poultry & Meat ProductsFood & Drug RetailingFood ProcessingFootwearGas DistributionGlass & Glass ProductsGoldGold ETFGround Freight & Logistics ServicesHospital & Healthcare ServicesHotel, Resort & RestaurantsHousehold & Personal ProductsInfrastructureIron & SteelIT – EducationIT – NetworkingIT Services & ConsultingLabs & Life Sciences ServicesLaminates/DecorativesLeatherLeisure ServicesLife & Health InsuranceLogisticsLPGLubricantsMediaMedical Equipment/Supplies/AccessoriesMetals & MiningMetals – Castings/ForgingsMetals – Non FerrousMisc. Commercial ServicesMiscellaneousMultiline Insurance & BrokersOil Exploration and ProductionOnline Servicesother agriculture productsOther Construction MaterialsOthers-Industrial Gases & FuelsOthers-ManufacturingPackaging – FilmsPackaging – Packaging MaterialsPackaging – PolyfilmsPackaging – Sacks and BagsPackaging Materials-Containers & PackagingPackaging Materials-Plastic ProductsPaintsPaper & Forest ProductsPaper & Paper ProductsPesticides & AgrochemicalsPharmaceuticals & DrugsPhotographic ProductsPlastic ProductsPlastic Products – OthersPlastics – Moulded Articles and FurnituresPlastics – Pet Bottels, Jars & ContainersPlastics – Self Adhesive TapesPlastics – ThermoplasticsPlastics – Tubes/Pipes/Hoses & FittingsPortsPower Generation/DistributionPrinting & PublishingPrinting & StationeryPrinting And PublishingRailways WagonsRatingsReal Estate OperationsReal Estate Rental, Development & OperationsRefineriesRefractoriesReinsuranceRenewablesRetailingRubber ProductsShip BuildingShippingSoftwareSolvent ExtractionSpeciality ChemicalsSpeciality RetailersSpecialty Mining & MetalsSugarTea/CoffeeTelecommunication – EquipmentTelecommunication – Service ProviderTelecommunications ServicesTextile – MachineryTextile – SpinningTextilesTextiles & ApparelTradingTransmission Towers / EquipmentsTransport InfrastructureTravel ServicesTV Broadcasting & Software ProductionVegetable Oils & ProductsWatches & AccessoriesWood & Wood Products Screen Code

Apple Cards’ savings account, backed by Goldman Sachs has amassed $10 billion in deposits since its introduction in April. The savings account, linked to the Apple Card credit card, allows cardholders to save their daily rewards and earn a 4.15% interest per annum. According to the company, 97% of Savings customers have opted to receive their Daily Cash automatically deposited into their account since its launch.When using their Apple Card for transactions, customers can receive cash back on all purchases. By default, a 1% cash reward is granted for all purchases, while using Apple Pay for transactions earns a 2% cash reward. Certain merchants offer a 3% cash reward for purchases made with the Apple Card. Additionally, there is no limit on how much daily cash can be earned daily Asides the cashback, customers can also deposit extra funds into their savings account from a linked bank account or their Apple Cash balance.In the first four days of the launch, users deposited a billion dollars in Apple’s savings account, as reported by Forbes.“With each of the financial products we’ve introduced, we have sought to reinvent the category with our users’ financial health in mind. That was our goal with the launch of Apple Card four years ago, and it remained our guiding principle with the launch of Savings,” said Jennifer Bailey, vice president of Apple Pay and Apple Wallet. “With no fees, no minimum deposits, and no minimum balance requirements, Savings provides an easy way for users to save money every day, and we are thrilled to see the excellent reception from customers both new and existing.”Goldman Sachs says ‘pleased’ with Apple’s savings account amid break-up talksOver the last few weeks, reports have surfaced stating Goldman Sachs is considering ending its partnership with Apple as they shift its focus away from consumer finance. But for now, the partnership remains in place, and the company has been pleased with the success of the Apple Card Savings program.“We are very pleased with the success of the Savings account as we continue to deliver seamless, valuable products to Apple Card customers, with a shared focus on creating a best-in-class customer experience that helps consumers lead healthier financial lives,” said Liz Martin, Goldman Sachs’s head of Enterprise Partnerships.Goldman Sachs’ Q2 2023 financial results show a 17% revenue increase from its Apple Card business, but the division also recorded a net loss of $672 million due to credit loss provisions and operating expenses.The bank is in talks with American Express about acquiring Apple credit card and other linked services, as per a report from The Washington Journal. However, The Information reports that Amex is unlikely to take the deal, and it could be a lesser-known bank instead.

Global investment company Davidson Kempner Capital Management has reportedly issued a legal notice to Aakash Educational Services, the test-prep subsidiary of Byju’s. The legal notice claims alleged covenant breaches on the Rs 2,000 crore loan sanctioned to the company. According to a report in Economic Times, the legal notice said that it reserves the right to invoke Aakash’s pledged shares which were offered as collateral and potentially take control of the company. Incidentally, Byju’s too sent a notice to Aakash’s promoters recently. It has asked the promoters to honour the agreement to close the acquisition of the coaching centre that was first announced in 2021. It is not clear so far if Byju’s too has sent a legal notice to Aakash.Aakash promoters have said no to share swap Sources close to the matter told ET that the equity-swap part of the Byju’s-Aakash deal is still pending. Aakash’s promoters, the Chaudhry family and investment fund Blackstone informed the edtech major recently on the breach of terms and that they will not go ahead with the pending share swap. Sources claimed that there are tax implications to the equity swap because of which the promoters of Aakash have opposed completing the share swap. The resistance from Aakash promoters on equity swap comes at a time when Byju’s is facing increased pressure to furnish audited FY22 financials. Key investor Blackrock has also marked down its valuation to about $8.4 billion from the peak valuation of $22 billion last year. Some media reports also claim that Manipal Group chairman Ranjan Pai is in early discussions to invest in troubled Aakash.Aakash’s promoters and Blackstone hold about 30% in the offline coaching centre unit. The deal constituted 70% cash while the remaining 30% was in equity. As a part of the equity swap, Aakash promoters and Blackstone were allocated a stake in Byju’s parent firm Think & Learn.

BIS Research’s Gaurav Gaggar called for creating a special exchange where shares of deeptech companies could be listed for smaller investors Dhruva Advisors’ Vaibhav Gupta suggested a tax exemption on the licence fee for domestically registered patents in a bid to incentivise the creation of intellectual properties BosonQ Psi’s Aditya Singh called for streamlining paperwork and processing of government grants in the country, which take anywhere between six to seven months Industry stakeholders have welcomed the draft National Deep Tech Startup Policy (NDTSP), 2023 but have also raised concerns about its implementation. The draft was released for public consultation by the NDTSP Consortium on July 31. The proposal will be open for public feedback until September 15. The recommendations cover nine themes, which aim to strengthen funding avenues and intellectual property (IP) rights to foster a conducive ecosystem for deeptech startups. The policy also aims to address various complex challenges and suggests necessary policy changes to fuel the ecosystem. “… we welcome the Indian government’s new policy to spur further growth in this space, a move that reflects India’s great potential to blossom into the next global hub for deeptech. This is a natural next step to build upon the groundwork already laid by global tech companies, entrepreneurs, and many other leaders to develop the emerging Indian deeptech ecosystem,” said Arun Kumar, the managing partner of Celesta Capital, a deeptech-focussed VC firm. Deeptech-focussed VC firm Speciale Invest has also welcomed the policy, saying that it holds immense potential to shape the future of technological innovation in India and will provide a strong foundation for deeptech startups to flourish in the country.  Speaking with Inc42, managing partner at Speciale Invest Vishesh Rajaram said that the grant for product development and technology validation is a big plus because there’s not enough risk capital. Noting that the biotech department has been a lot more active in offering grants, he added that a similar offering for the deeptech space would level the playing field and offer more benefits.  “I think we’ll just have to put this policy to play, start going through the implementation and then pick up on the learnings that come from it. The policy is actually very positive, and it takes a lot more attention, care, capital, systems, and guardrails to scale the ecosystem. So, any help is most welcome,” Rajaram added.  Echoing similar sentiments, startup incubator T-Hub’s chief executive officer (CEO) Mahankali Srinivas Rao said, “Startups will reap the benefits of strengthened intellectual property rights, providing them with the confidence to push the boundaries of technology without fear of imitation. Access to funding will become more streamlined, facilitating the translation of groundbreaking ideas into tangible products and services that meet the needs of a dynamic market.” However, quantum computing startup BosonQ Psi‘s Aditya Singh, while lauding the draft, said that the government could be looking at leveraging the deeptech boom to further economic growth and make the country technology-ready via the policy.  Taking The Right Steps The draft envisages a minimum grant of INR 2 Cr at the proof-of-concept stage and a minimum of INR 3 Cr grant at the prototype stage.  On this, Singh flagged a slew of concerns saying that government grants in the country take anywhere between six to seven months at the minimum and involve a lot of paperwork. This, as per him, makes the process cumbersome compared to countries like the US and the UK where grants are processed much faster.  Singh noted that deeptech technologies are expensive to build due to high talent cost and steeply-priced embedded hardware and software in prototypes.  This is especially true for deeptech startups operating in the automotive and aerospace industries where the expenditure of a mere launch or building a product may cost millions of dollars. Singh said that it would bode well for the ecosystem if such grants come alongside collaboration with leading enterprises in the segment too.  Speaking to Inc42, deeptech-focussed global market intelligence firm BIS Research’s Gaurav Gaggar termed the policy a step in the right direction. Noting that deeptech startups generally have a long road to commercialisation, Gaggar called on the government to establish a framework to ensure push for deeptech companies is not linked to their financial performance.  “We should create a special exchange where shares of deeptech companies could be listed for smaller investors to partake in these companies, as opposed to waiting for VCs, which generally come very late into the picture,” added Gaggar.  He also called on the government to learn from the mistakes of other countries which have also implemented similar policies.  While highlighting the aspects of the draft related to creating favourable IPR regime in the country, Vaibhav Gupta, partner, Dhruva Advisors, suggested a tax exemption on the licence fee for domestically registered patents in a bid to incentivise homegrown intellectual property (IP) creation and ownership.  “ESOPs (employee stock option plans) form an important part of the compensation and talent retention strategy at such startups. Given the longer road to commercialisation, deferring the tax on ESOPs to the point of sale may help bring in equity for employees,” Gupta added.  He also called for expanding the list of AIFs (alternative investment funds) and investors exempted from Angel Tax for deeptech startups for a limited time frame to further fuel the capital inflow into the ecosystem.  Reacting on the policy, the founder and lead investor at Capital A, Ankit Kedia, said it was important to invest in both hardware and software solutions to achieve sustainable deeptech solutions.  “Investing in both hardware and software solutions should be viewed as a symbiotic relationship rather than a disjointed effort… Investors often overlook the significance of hardware development when allocating resources and investments. By focussing primarily on software solutions, we risk neglecting the foundation upon which these innovations are built,” Kedia added.  At the heart of the development is the recently unveiled draft National Deep Tech Startup Policy. The draft document claims to be aligned to the existing Startup India policies, programmes

The Government e-marketplace (GeM) registered its highest-ever Gross Merchandise Value of Rs 2,01,113 crore during the financial year 2022-23. GeM aims to bring transparency, efficiency, and fairness to the Government procurement process. It benefits stakeholders in several ways, allowing them to participate in a fair and equitable manner. According to the government, it helps encourage fair and equitable participation from all stakeholders in the Government procurement process, fostering a competitive and efficient marketplace. It enhances transparency, promotes inclusivity, and ensures that the best products and services are procured at the most competitive prices for the Government. Earlier this year, the Minister of State in the Ministry of Commerce and Industry Anupriya Patel said in a reply to a parliamentary question that there are 13,18,192 sellers who have registered themselves in the Government e-Marketplace (GeM) to enable them to sell their products directly to various Government departments and organisations. What is a GeM There is no definition of an active supplier on GeM. Registered suppliers decide to participate in any bid depending on their interest, availability of products and other factors. All the registered sellers have equal opportunity to participate in the marketplace and bids. Successful award of an order is contingent on the requirement given by the buyer and the ability of the seller to meet the requirement by offering the most competitive price.GeM is claimed to have achieved a cumulative GMV of more than 4.5 lakh crore until 23 July 2023 (since inception). Hence, considering the saving estimates as reported above, GeM has facilitated savings worth more than Rs 40,000 crore since its start.

ConnectedH cofounder Suresh Singh said that the startup ‘ran into certain market realities’ which could not be addressed Backed by Kalaari Capital and Incubate Fund India, the startup shutdown just two years after raising $2.3 Mn funding from marquee investors Founded in 2018 by Subham Gupta, Rahul Kumar, and Singh, ConnectedH was a full-stack B2B healthtech startup that offered CRM solutions and tools for diagnostic labs Kalaari Capital-backed ConnectedH has become the latest casualty of the funding winter as its founders decided to wind up the healthtech startup’s operations last month.  ConnectedH cofounder Suresh Singh, in a LinkedIn post, said that the startup shut shop and will return the remaining capital to the investors. He said that the startup ‘ran into certain market realities’ which could not be addressed.  “In the course, we ran into certain market realities which couldn’t be changed with the resources we had and our place in the ecosystem, which led to the decision,” added Singh.  On layoffs that occurred at the startup as a consequence of the shutdown, the cofounder noted that his ‘team members’ have been placed in their next roles.  Inc42 has reached out to Singh for a comment on the story. The article will be updated on receiving a response.  Founded in 2018 by Subham Gupta, Rahul Kumar, and Singh, ConnectedH was a full-stack B2B healthtech startup that offered CRM solutions, online report management tools and other services for diagnostic labs.  Reminiscing about his time as the cofounder of the startup, Singh said ConnectedH, over the course of five years, catered to more than 5 Lakh patients of 400-plus healthcare providers across 5 cities. The startup claimed to have built a database of 10 Mn health data points during the course of its run.  Citing numbers that nearly 95% of startups fail, Singh said ConnectedH defied ‘odds for five years’. As per Singh, the startup raised $2.5 Mn in funding during the course of its lifetime. The startup counted marquee names such as Kalaari Capital, Incubate Fund India and angel investors such as CRED’s Kunal Shah, Roman Saini of Unacademy, ShareChat’s Farid Ahsan, and OfBusiness’ Ashish Mohapatra and Ruchi Kalra among its backers. The decision to shut down came barely two years after the healthtech startup bagged $2.3 Mn in a seed funding round. Meanwhile, cofounder Singh, in his post, said he would iron out the idea of a new venture over the course of the next couple of months.  “Having been through the full spectrum of emotions and stages a founder goes through… has put me on a surer footing for what follows next. The journey shall continue. I want to be associated with this ecosystem and would be leveraging the learnings to figure out what shape and form it will take over the next couple of months,” he said.  With this, ConnectedH has joined a growing list of Indian startups that have shut shop in the past few months. Last month, Inc42 reported on how former Zynga India head, Shailesh Chaganlal Daxini, silently shut his startup Vah Vah after mass layoffs at the company.  Earlier, it emerged that Deepika Padukone-backed FrontRow shut shop in mid-June after failing to score an acquisition deal and laying off 90% of its workforce. Prior to that, Accel-backed crypto platform Pillow and coworking space provider Friyey also wound up operations.  The mass shutdowns have largely been attributed to the ongoing funding crunch in the Indian startup ecosystem. With investors focusing on profitability and sustainability now, the ecosystem has been witnessing a revamp of sorts for over the last year or so.