MakeMyTrip starts BNPL✈️, Cars24 fires 600 employees🚨, 'Plan for Worst': YC⚠️

MakeMyTrip ties up with fintech players, Cars24 sacks 600 employees, 'Plan For The Worst', Y Combinator tells startup founders, Funding Deals & more.

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May 20

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MakeMyTrip ties up with banks, NBFCs, fintech players for 'book now pay later' option✈️

Online travel firm MakeMyTrip has partnered with 15 banks, NBFCs and fintech players, including HDFC Bank, IDFC Bank, Capital float and Zest Money, for its 'book now pay later' option while booking flight or hotel rooms.

The company's fintech arm TripMoney has established a marketplace attracting 15 banks, NBFCs and fintech players, which also include Kissht, Lazypay and Simpl, among others, to offer easy travel credit to travelers, MakeMyTrip said in a statement.

The book now pay later (BNPL) payment has been introduced on bookings for travel, flight or hotels, on MakeMyTrip as well as on the Goibibo app, it added.

Cars24 sacks 600 employees as startup layoffs continue🚨

Used car market marketplace Cars24 has laid off over 600 employees, or about 6% of its 9,000-strong workforce, with the layoffs put in place across departments and roles.

Cars24, backed by Japan’s SoftBank and Alpha Wave Global, has joined a growing list of startups such as Unacademy, Vedantu, and Meesho that have let go of staff to conserve cash amid a slowdown in funding.

Over the past few weeks, over 2,400 contractual and full-time employees have been fired from ed-tech firm Unacademy, Vedantu, social commerce startups Meesho and Trell, online learning platform Lido Learning and furniture rental startup Furlenco.

Warehouse robotics and automation company GreyOrange has raised $110 million from Peter Thiel’s Mithril Capital and other existing and new investors.
Inflection.io, a B2B marketing automation solution firm, has received $5 million in its seed funding round led by MHS Capital.
SuperBottoms, a D2C brand for baby-care products, has raised $3 million in Series A1 round from Saama Capital, DSG Consumer Partners, and Venture Catalysts.
Hyperlocal performance prediction company GeoIQ has raised $2.25 million from Lenskart, 9Unicorns and Ecosystem Ventures.
Delhi-based fashion retailer High Street Essentials, which owns women’s fashion brands, FabAlley and Indya have raised Rs 40 crore from venture debt firm Stride Ventures.

➡️ Check out our LinkedIn space for more on the funding deals.

'Plan For The Worst', Y Combinator tells startup founders as global markets go into a tailspin⚠️

Y Combinator has asked founders to buckle up and brace for a funding slowdown as venture capital firms start to sweat amid the global markets turmoil.

The Silicon Valley-based startup accelerator, which has backed over 3,000 startups around the world, including India’s unicorns such as Razorpay, Meesho, Groww and others, wrote a letter to founders of startups in its portfolio, with a warning that “future fundraises will be much more difficult”.

“If your plan is to raise money in the next 6-12 months, you might be raising at the peak of the downturn,” the letter said. “The safe move is to plan for the worst.”

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