India Roundup: Gaming unicorn Dream11 halts Karnataka ops, and more (Updated)

Update (October 11, 8:30 p.m.): Added news about Leap.club

Gaming unicorn Dream11 suspends operations in Karnataka

• The suspension of Dream 11’s operations comes after a first information report was filed against founders Harsh Jain and Bhavit Sheth for offering gaming services despite a ban on online betting games in the state.
• However, Dream11 argues that it is compliant with the new laws. Other gaming platforms like Mobile Premier League, Paytm First Games, and Games24x7, have also deactivated their platforms for users in Karnataka.
• Dream11 joined the unicorn club in 2019 after securing a secondary investment from Steadview Capital.

Urban Company promises better earnings for gig workers in light of protests

• The home services provider has said it will launch programs to increase earnings for independent contractors on its platform after over a hundred female beauticians lodged complaints against the company, alleging “unfair work practices.”
• Over the weekend, dozens of beauticians took to social media to stand up against the Bengaluru-based firm for allegedly charging high commissions, poor and unsafe working conditions, and late-night shifts.
• In June, Urban Company secured US$255 million in a series F funding round at a valuation of US$2.1 billion. Prosus Ventures, Dragoneer Investment Group, and Wellington Management led the financing round.

Conent firm Graphy acquires Unacademy unit for US$25 million

• Graphy’s acquisition of Unacademy unit Spayee will help Graphy increase its user base and optimize its product offerings.
• While Graphy helps content creators expand their audience, monetize their skills, and host live cohort-based courses, Spayee allows content creators to produce customized courses in the form of audio and video tutorials, PDF documents, quizzes, assignments, and live classes.
• After the acquisition, Spayee will operate as a separate entity. In August, Unacademy closed a US$440 million funding round led by Temasek, Singapore’s state-owned investment firm.

Electric scooter maker Ather Energy banks US$17.3 million

• The firm raised the fresh funds from existing investor Hero MotoCorp, according to the former’s filings.
• The company aims to be profitable at an operating level for the financial year ended March 2022 and is also looking to increase the number of its charging stations while expanding its presence in more Indian cities.
• In November 2020, Ather raised US$35 million in a funding round led by Flipkart co-founder Sachin Bansal.

Cred founder backs professional network for women Leap.club in US$810,000 round

• Lead investors: Enzia Ventures, Cred founder Kunal Shah
• Other investors: Whiteboard Capital, Titan Capital, Artha India Ventures
• Stage: Unspecified
• Funds used for: Build engagement, sales and technology teams.
• About the startup: Leap.club’s mission is to propel women in leadership positions through a private and community led professional network.