Technology
Peak XV has made $1.2 billion in the year since separating from Sequoia
Peak XV Partners, the largest enterprise capital fund operating in India, has realized about $1.2 billion in profits since separating from Sequoia last year, two sources accustomed to the matter told TechCrunch.
The investor has sold stakes in nearly a dozen portfolio corporations that went public in the past year, including food delivery company Zomato, cosmetics retailer Mamaearth and anti-spam company Truecaller.
It has also sold stakes in some private startups, including K12 Techno, Pocket Aces, and PingSafe, through secondary deals and M&A. The company’s current funding totals $2.85 billion.
Peak XV declined to comment.
The wave of exits comes as the Indian stock market hits record highs and the country’s stocks are trading at a big premium to other emerging markets. Macquarie analysts said in a recent note that India’s price-to-earnings ratio is about 21 times, compared with 10 times for emerging markets overall, 14.5 times for global markets, 17 times for the U.S. and eight times for China.
The IPO window has also opened in the country, whilst the market for brand spanking new listings stays subdued in the U.S. and far of the world. Indian corporations have raised about $9 billion through IPOs this year, and more are expected to list before the end of the year, Bank of America analysts estimate.
The $500 million block trade in Peak XV portfolio company Five-Star Business Finance, which was initiated on Thursday, was accomplished at mid-11.30 am (India time).
Peak XV’s dominance in the region has generated a variety of interest and has piqued interest as a result of its scale and aggressive approach to investment. The company’s Surge program, which offers favorable terms and extensive resources for early-stage startups, has turn out to be a coveted entry point for young startups in India and Southeast Asia, somewhat eclipsing the appeal of Y Combinator.
Earlier this year, Peak XV informed its partners about the launch of an endowment fund supported by its own partners, which is an expression of great confidence in the company’s long-term strategy and the potential of the region.
The company’s journey, which began greater than a decade ago under the Sequoia banner, has culminated in a staggering $9 billion in assets under management, with a further $2 billion waiting to be distributed. Its portfolio includes greater than 400 corporations, greater than 50 of that are unicorns, and about 40 of which have annual revenues in excess of $100 million.
Peak XV has also facilitated more IPOs than another India-focused enterprise capital fund. Since 2020 alone, 15 corporations from its portfolio have gone public.
Last year, Sequoia split its China and India-Southeast Asia funds amid geopolitical tensions between the U.S. and China. The firms said they agreed to the split to avoid “increasing market confusion” and “portfolio conflicts between entities.”
The move sent shockwaves through the industry. Peak XV has since expanded beyond India and Southeast Asia, and has also expanded its team to the U.S.
In June this year, enterprise capital firm Matrix said it might also change the names of its subsidiaries in India and China.
Technology
Hit-Boy and D’USSÉ partners in a limited AR edition
D’USSÉ’s limited edition makes Grammy Award-winning producer Hit-Boy a presence at your holiday parties.
D’USSÉ Cognac has partnered with Grammy Award-winning producer Hit-Boy to create a special AR experience that can bring the “SICKO MODE” hitmaker to your front room this holiday season.
This augmented reality (AR) experience, called “The Set”, allows anyone who purchases a D’USSÉ VSOP holiday gift box access an exclusive AR DJ performance by Hit-Boy so as to add splendor to the vacation celebrations. This marks D’USSÉ’s first step into technology and its largest investment thus far in technology-enabled experiences.
The D’USSÉ VSOP Holiday Gift Box includes a 750 ml bottle of D’USSÉ VSOP and a QR code that unlocks access to “The Set” AR experience. After scanning the code with a smartphone, recipients can activate Hit-Boy’s realistic AR filter behind the DJ booth, directly in the event space.
From there, users can select a cocktail to match the mood of the party – whether it’s a D’USSÉspresso Martini or a Spicy Sidecar – and Hit-Boy will respond with custom playlists it’s curated for every drink. With a new-age digital experience, “The Set” brings Hit-Boy to the center of this 12 months’s holiday celebrations.
“Music is the universal spirit of the holidays,” Hit-Boy he said in a statement. “You can’t celebrate without it. But just like collaborating with artists, it’s about finding the right energy.”
“D’USSÉ and I wanted to spread the right atmosphere and had a lot of fun playing with AR technology to provide fans with a unique experience,” he added. “After scanning the QR code, the AR filter will allow me to go to your holiday pendants and separate my favorite songs for the celebration. We hope you enjoy “The Set” wherever you and your family members are this holiday season.”
Partygoers can interact with “The Set” by positioning themselves “beside” or “behind” the DJ booth in AR mode. The filter also lets you take photos, so you’ll be able to quickly share the fun together with your family members or on social media. With the added option of connecting speakers, this immersive visual and audio experience makes Hit-Boy the last word headliner for any holiday party this season.
The D’USSÉ VSOP Holiday Gift Box is offered now in stores nationwide and at dusse.com (MSRP $50).
Technology
Bluesky claims that 1 million people have registered on the platform in the last 24 hours
Bluesky said this on Thursday night Over 1 million people have registered on the platform over the last 24 hours, making this one among the busiest days for the company. This also meant that the social network crossed the overall mark of 16 million users.
The platform’s announcement comes hours after Instagram chief Adam Mosseri said Threads had seen greater than 15 million registrations in November. He added that over the last three months, the Meta-owned platform has recorded 1 million registrations per day.
Bluesky also had teething problems Thursday as some users were unable to make use of services because one among the company’s ISPs had a cable issue that combined with other network problems, in accordance with Bluesky developer.
Over the past few months, the decentralized social network has seen a gradual influx of users amid various events reminiscent of the X ban in Brazil, moderation issues at Threads, and the recent US election results. After the announcement of the results of the US presidential election, over a million recent people registered on the platform inside per week, the company said on Tuesday.
At the time of writing, a surge in Bluesky sign-ups over the past 24 hours has put the app at the top of the list of free apps in the US App Store, followed by ChatGPT and Threads.
Bluesky might be smaller than Threads, which has over 275 million energetic users, and Elon Musk’s X. However, the platform’s CEO Jay Graber published earlier this week that Bluesky has more involvement than X.
(*1*) she said separate post.
Last month, Bluesky said it had raised $15 million in Series A funding led by Blockchain Capital with participation from Alumni Ventures, True Ventures, SevenX, Darkmode’s Amir Shevat and Kubernetes co-founder Joe Beda. On the product front, the company said it plans to launch subscriptions.
Technology
Black creative technologists showcase films and art concepts at Torrents BPMplus shows
Black public media absorbing The BPMplus program will include two presentations of creative technological productions at “Torrents: New Links to Black Futures” on Saturday, November 16.
Headquartered in Harlem, New York, Black Public Media is a national nonprofit media arts organization supports the event and distribution of black filmtelevision and immersive projects from Black creators who use technology to create content related to the worldwide Black experience.
On Saturday at 12:00, filmmakers and artists will meet at Songbyrd Music House to speak in regards to the art of making artificial intelligence, augmented reality, projections and video projects. The 2024 event’s featured artists, moderated by BPM Emerging Media Director Lisa Osborne, will engage with attendees by sharing their workflow and creative processes, revealing the intentions behind their designs, delving into concept art, and showcasing clips of accomplished work.
Launched in 2018, the BPMplus project offers manufacturers and technologists access to grants, scholarships, workshops, demonstrations and networking opportunities as they create projects using augmented reality, motion capture, artificial intelligence and other technologies.
“As artificial intelligence and other emerging technologies become more embedded in our daily lives, it is important that access to these tools is available to everyone in the liminal or pre-commercial phase,” Osbourne said in a press release.
Creators even have access to artist residency programs and the national PitchBLACK Immersive forum.
CulturalDC once more welcomed BPMplus for its annual presentation on Torrents as an interdisciplinary series celebrates the progressive way forward for visual artstechnology, music, film and performance.
“For decades, technology training, grants and other opportunities have been funneled into the hands of a few, essentially injecting biases that existed in old or traditional media into new storytelling tools long before their mass adoption,” Osbourne said. “Our BPMplus programs strive to counter this larger trend in the worlds of technology, film, art and philanthropy by giving our immersive filmmakers and artists a seat at the table to ensure a future where all communities are represented.”
“Torrents: New Links to Black Futures” will run from November 14 to 17. BPMplus Art & Tech Showcase I starts at noon on the last day; Showcase II will happen at 2:00 PM EST. There will likely be a net mixer with a money bar from 3:30-4:30 p.m
Registration is accessible we recommend collaborating free events.
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