In its second markdown in 4 months, Invesco slashes Swiggy's valuation to $5.5B

TechCrunch Newsletter
TechCrunch logo
The Daily Crunch logo

By Christine Hall

Monday, May 08, 2023

Hello, and welcome to a new week. Haje is off today, so it’s just me and you going through the day’s biggest stories. Let’s hit it! — Christine

 image

Image Credits: Richard Drury / Getty Images

The TechCrunch Top 3

  • Price cut in aisle five: Invesco cuts Indian food delivery giant Swiggy’s valuation to $5.5 billion. In October, the valuation was cut to $8 billion. Manish writes, “The recent valuation reductions bring a fresh perspective to the effects of waning global market conditions on Indian startups”; where funding was down, valuations didn’t follow.
  • Bet paid off: Qualcomm acquires Autotalks, reportedly for $350 million to $400 million, to boost Snapdragon’s automotive safety technology. Ingrid writes that this deal didn’t come as much of a surprise, noting, “In the world of advanced automotive technology, safety has become one of the most important issues, but also one of the most lucrative opportunities, in the building of autonomous and driver-assisted systems.”
  • Don’t blink or you’ll miss it: Ingrid also wrote about Go1, which acquired Blinkist, a speed reading app, with plans to expand enterprise learning.

Startups and VC

When my husband and I bought our first house, we were eager to see builders break ground and get it built. Months later, we were still waiting in what the builder said was a municipality holdup — aka, permits weren’t being issued fast enough. After reporting on PermitFlow’s new $5.5 million round, I now know why this is a problem.

Meanwhile, Natasha M spoke to Mayfield’s Navin Chaddha about the VC firm’s new $955 million fund, writing that now that the firm is bigger — and busier— “the capital will be used to ramp up the firm’s investment cadence in a more realistic market. Chaddha also admits that Mayfield has missed out on a lot of opportunities because of high valuations, but that he’s okay with it.”

Now here’s four more for you:

NFX’s James Currier: Where unicorn ideas come from and why founders ‘have to keep pivoting’

Are you a seed-stage founder who’s building a unicorn?

NFX founding partner James Currier would like to save you some time: Startups that grow into billion-dollar companies have three basic forms of defensibility:

  • Network effects: Your product becomes more valuable as more people use it.
  • Embedding: Integrate your services so deeply, customers “cannot rip them out.”
  • Data loops: Gather, process and act on real-time data.

“This is really only talking about world-changing, big-ass businesses with a lot of impact that could be a billion dollars or more in value,” he said at TechCrunch Early Stage last month.

Three more from the TC+ team:

TechCrunch+ is our membership program that helps founders and startup teams get ahead of the pack. You can sign up here. Use code “DC” for a 15% discount on an annual subscription!

Read More

NFX’s James Currier: Where unicorn ideas come from and why founders ‘have to keep pivoting’ image

Image Credits: Haje Kamps / TechCrunch

Big Tech Inc.

Hey, Twitter users, your follower count is about to drop, according to Elon Musk. Sarah reports that Twitter will purge old accounts that haven’t tweeted in a while. The good news is that you might be able to get a better username, depending on which account it is. Happy hunting! Also in bird news, Ivan writes that the social media giant is discussing a cheaper organizational verification plan.

We loved Connie’s story over the weekend about a New York Times reporter’s close encounters with Elizabeth Holmes, who, left to her own devices, apparently can still suck people in.

And here’s four more for you:

Get your TechCrunch fix IRL. Join us at Disrupt 2023 in San Francisco this September to immerse yourself in all things startup. From headline interviews to intimate roundtables to a jam-packed startup expo floor, there’s something for everyone at Disrupt. Save up to $800 when you buy your pass now through May 15, and save 15% on top of that with promo code DC. Learn more.

 image

Read more stories on TechCrunch.com

Newest Jobs from Crunchboard

See more jobs on CrunchBoard

Post your tech jobs and reach millions of TechCrunch readers for only $200 per month.

Facebook Twitter Youtube Instagram Flipboard

View this email online in your browser

Privacy Policy | Terms of Service | Unsubscribe

© 2023 Yahoo. All rights reserved. 110 5th St, San Francisco, CA 94103

Key phrases

Older messages

Max Q - A lawsuit? Over Starship? I'm shocked

Monday, May 8, 2023

TechCrunch Newsletter TechCrunch logo Max Q logo By Aria Alamalhodaei Monday, May 08, 2023 Hello and welcome back to Max Q! There was a lot of Starship news this week, thanks in part to an informative

🔒 Identity theft prevention, Disrupt happenings & more this week at TechCrunch | May 8

Monday, May 8, 2023

What's happening at TechCrunch this week TechCrunch events roundup Last week, we had a little mix up - TechCrunch Live did indeed go down with Cambrian Biopharma, who discussed their unique

The Station - Waymo doubles its robotaxi footprint, Joby lands $180M and the latest sign generative AI has reached peak hype

Sunday, May 7, 2023

TechCrunch Newsletter TechCrunch logo The Transportation logo By Kirsten Korosec Sunday, May 07, 2023 Welcome back to The Station, your central hub for all past, present and future means of moving

Week in Review - Amazon launches free channels, check marks come to Gmail and OpenAI raises more moolah

Saturday, May 6, 2023

TechCrunch Newsletter TechCrunch logo Week in Review logo By Kyle Wiggers Saturday, May 06, 2023 It's that time of week again, folks — Week in Review (WiR) time. For those new to the scene, WiR is

New AI model DeepFloyd IF offers 'advanced text-to-image generation techniques'

Friday, May 5, 2023

TechCrunch Newsletter TechCrunch logo The Daily Crunch logo By Christine Hall and Haje Jan Kamps Friday, May 05, 2023 Fri-Yay! If you've got some time on your hands today, get your Disrupt tickets

You Might Also Like

SBF gets 25 years 

Thursday, March 28, 2024

Sam Bankman-Fried is sentenced View this email online in your browser By Christine Hall Thursday, March 28, 2024 Welcome back to TechCrunch PM! The editorial team spent a chunk of the day discussing

💎 Issue 410 - Being laid off in 2023-2024 as an early-career developer

Thursday, March 28, 2024

This week's Awesome Ruby Newsletter Read this email on the Web The Awesome Ruby Newsletter Issue » 410 Release Date Mar 28, 2024 Your weekly report of the most popular Ruby news, articles and

💻 Issue 403 - Microsoft defends .NET 9 features competing with open source ecosystem

Thursday, March 28, 2024

This week's Awesome .NET Weekly Read this email on the Web The Awesome .NET Weekly Issue » 403 Release Date Mar 28, 2024 Your weekly report of the most popular .NET news, articles and projects

💻 Issue 410 - Node.js TSC Confirms: No Intention to Remove npm from Distribution

Thursday, March 28, 2024

This week's Awesome Node.js Weekly Read this email on the Web The Awesome Node.js Weekly Issue » 410 Release Date Mar 28, 2024 Your weekly report of the most popular Node.js news, articles and

💻 Issue 410 - JSDoc as an alternative TypeScript syntax

Thursday, March 28, 2024

This week's Awesome JavaScript Weekly Read this email on the Web The Awesome JavaScript Weekly Issue » 410 Release Date Mar 28, 2024 Your weekly report of the most popular JavaScript news, articles

📱 Issue 404 - Dependency Injection for Modern Swift Applications Part II

Thursday, March 28, 2024

This week's Awesome iOS Weekly Read this email on the Web The Awesome iOS Weekly Issue » 404 Release Date Mar 28, 2024 Your weekly report of the most popular iOS news, articles and projects Popular

💻 Issue 328 - My new open-source repository to schedule all your content!

Thursday, March 28, 2024

This week's Awesome React Weekly Read this email on the Web The Awesome React Weekly Issue » 328 Release Date Mar 28, 2024 Your weekly report of the most popular React news, articles and projects

📱 Issue 407 - Apple just announced WWDC24. The keynote for WWDC24 will be held on Monday, June 10th.

Thursday, March 28, 2024

This week's Awesome Swift Weekly Read this email on the Web The Awesome Swift Weekly Issue » 407 Release Date Mar 28, 2024 Your weekly report of the most popular Swift news, articles and projects

💻 Issue 405 - 2024 Edition Update

Thursday, March 28, 2024

This week's Awesome Rust Weekly Read this email on the Web The Awesome Rust Weekly Issue » 405 Release Date Mar 28, 2024 Your weekly report of the most popular Rust news, articles and projects

🤖 What to Expect From Google I/O 2024 — How to Stop Apps From Leaking Your Data

Thursday, March 28, 2024

Also: The Best Camera Straps of 2024, and More! How-To Geek Logo March 28, 2024 📩 Get expert reviews, the hottest deals, how-to's, breaking news, and more delivered directly to your inbox by