□ Announcements of the program and judges: ➡️ Learn more, apply, or nominate a friend today at □□ Lightspeed and GamesBeat are excited to launch "Game Changers"-an annual list to celebrate and accelerate extraordinary startups in gaming & interactive technology. Also Yaysay is hiring! Hit me up if you're interested.īuilding With Yaysay - Lightspeed Venture Partners If you're curious to read a brief summary of our investment thesis, please check out the blog post below. Digging into the "why?" and Yaysay's "why now?" have been fascinating, and we think Yaysay has a real chance to make an impact here in a way that prior generations off online, off-price have not. There aren't many categories of retail left with $100B+ of sales and <1% e-commerce penetration. Off-price is also an industry we've been studying for many years. Her choice to partner with Philip Krim (founder/CEO of Casper), Gabriel Flateman (founder/CTO of Casper and Tomorrow Health), JD Maresco (c-founder/product leader at Citizen), and others e-comm alumni all stars made us even more excited to back Yaysay to enable its vision of "bringing fun back to shopping." She is simply one of the strongest marketers and business builders that we know. We've been following the career of CEO Lindsay Ferstandig for nearly 7 years now, since she joined Stitch Fix in the early days and helped grow the company from a few million in revenues to $2B+ in revenues post-IPO. We're excited to co-invest with our friends at A-Star Partners, Afore Capital, Shrug Capital, and more. Which just goes to show that startups which are dependent on their investors to fund their losses are vulnerable to such collapses - the moment investors pull the plug on future investments, the entire gravy train can come to a screeching halt.Today we're announcing that Lightspeed is leading a $10.3M seed round in Yaysay, and I am joining the board on behalf of the firm. But Dunzo is now imploding, and could be forced to cease operations entirely. Dunzo then raised funds from Reliance, which is India’s most valuable company. Dunzo was Google’s first investment in India, which saw it being backed by one of the biggest tech companies in the world. It’s a sorry state of affairs, but shows how even storied startups can see their fortunes turn in a matter of quarters. Employees are still waiting for their June salaries, and the company now says it’ll be able to pay them only in February next year. Dunzo has previously fired hundreds of employees, and hasn’t been able to pay salaries. It’s possible that the board members left to protect themselves from any legal proceedings, and could join the board once the dues are cleared.īut the exit of five of its board members hints at the extent of disarray at what was the pioneer in India’s hyperlocal space. Dunzo has been sent legal notices from at least 7 vendors, including Facebook, Google and Koo, over pending dues. The personal liabilities were becoming quite big for the directors,” a person aware of the matter told ET. “The exits are linked to Dunzo’s cash-flow issues and the legal notices sent to the company for pending dues. On 1st September, another Dunzo co-founder Mukund Jha left the baord. It was reported yesterday that he’d also quit the company. On August 29, cofounder Dalvir Suri left the board. Since then, two of Dunzo’s co-founders have also left the board. Lightspeed holds a near 8.6% stake in Dunzo. These exits were followed by the exit of Vaidehi Ravindran, a partner at Lightrock India, who left Dunzo’s board on 21st August. Reliance is the biggest shareholder in Dunzo, and holds a near 26% stake. They were Ashwin Khasgiwala roup chief of business operations at Reliance Retail, and Rajendra Kamath, finance head at Reliance Retail. The exits began on 3rd August, when two of Reliance’s representatives left Dunzo’s board. Two of Dunzo’s co-founders have also left its board. These include representatives from two of its biggest investors, Reliance Retail and Lightspeed Venture Partners. Dunzo isn’t only bleeding employees and co-founders - its board members have exited too.Īs many as 5 of Dunzo’s board members have left the board in the last few weeks.
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