sequoia capital

Health-tech startup Pristyn Care said on Thursday that it had fired 45 employees of its current 2,000 strong workforce, across functions.The layoffs are part of a regular process that was triggered after a comprehensive performance review to track employee efficiency, it said. “In the last four months, we have hired over 300 employees across the board and hence there have been no layoffs,” a spokesperson told ET.The Sequoia Capital-backed unicorn was responding to media reports that it had laid off 350 employees.The…

Sequoia Capital stepped down from the board of controversial crime-watch app Citizen, telling the company it wouldn’t join its latest funding round, the Financial Times reported.Citizen, which has previously raised about $133 million from backers including Peter Thiel’s Founders Fund, has over 9 million users and operates in 60 cities across the US, according to its website. The app allows users to live-stream crimes and access reports from 911 calls.Sequoia had been among Citizen’s first and largest backers, appointing…

Sequoia Capital has lowered management fees in its two recently-launched venture funds as it braces for a slower investment environment, partner Alfred Lin said on Thursday.The changes in fee structure allow limited partners (LPs) who committed capital to Sequoia's crypto and ecosystem funds launched early last year to pay management fees based on capital deployed, rather than the common model of capital under management that applies to other Sequoia funds.Sequoia launched a $950 million ecosystem fund to back scouts and…

BharatPe’s revenue jumped 169% to Rs 321 crore in the financial year ending March 31, 2022 (FY22), but losses touched Rs 5,594 crore in the same period, the fintech company said on Thursday. The New Delhi-based startup said the widening losses were due to a change in the fair value of its compulsory convertible preference shares (CCPS) worth Rs 4,782 crore. “This is not an operating loss but only a change in the fair value (from Rs 1,342 crore last year). Excluding this, operating loss is Rs 811 crore (against Rs 277…

BharatPe's chief executive Suhail Sameer, who had a fall out with ousted co-founder Ashneer Grover, has stepped down, sending the company scouting for succession planning.In a statement, BharatPe said, "Sameer will transition from chief executive officer to strategic advisor effective January 7, 2023." It did not mention the reason behind Sameer's resignation."This (new role for Sameer) will ensure a smooth transition for current CFO, Nalin Negi, who has been appointed interim CEO to partner with senior executives to…

Health food brand The Whole Truth has raised Rs 90.21 crore, or nearly $11 million, in a Series B funding round led by Sequoia Capital India and Matrix Partners India, according to regulatory filings shared by intelligence platform Tofler. This takes the company’s total fundraise till date to over Rs 142 crore. As per the filings, The Whole Truth’s parent company Fitshit Health Solutions Pvt Ltd, has issued 28,935 Series B compulsorily convertible preference shares to Matrix Partners for Rs 25.37 crore, and 73,944 shares…

Elon Musk’s SpaceX is in talks to raise a funding round that values the rocket-launch and satellite company at more than $150 bn, people familiar with the matter said. Elon Musk's SpaceX is in talks to raise a funding round that values the rocket-launch and satellite company at more than $150 billion, people familiar with the matter said.The transaction being discussed represents a jump from the $125 billion valuation the company commanded earlier this year, the people said, asking not to be identified discussing…

A marquee roster of investors from Silicon Valley and Wall Street swarmed FTX. They invested nearly $2 billion with few strings attached and no oversight on the cryptocurrency exchange’s board, promoting it as a safe bet. Now the backers are nursing a high-profile black eye as the three-year-old company—valued at $32 billion at its peak—teeters. Venture-capital firm Sequoia Capital said on Wednesday it is writing a $150 million investment one of its funds had in FTX down to zero because of solvency risk.…

Beleaguered cryptocurrency platform FTX filed for bankruptcy protection Friday, and Chief Executive Sam Bankman-Fried resigned.FTX and a bevy of affiliates said they had more than 100,000 creditors and tens of billions of dollars in assets and liabilities. It is the largest crypto-related bankruptcy ever, and a demise remarkable for its swiftness as well as its size. Just a week ago, FTX was an industry titan, and Mr. Bankman-Fried its smiling public face. In January, FTX raised money from…

FTX chief executive officer Sam Bankman-Fried told employees he was exploring all options for his firm after a deal with cryptocurrency exchange Binance collapsed. The proposed deal between Bankman-Fried and rival Binance Chief Executive Officer Changpeng Zhao of Binance had been the latest emergency rescue in the world of cryptocurrencies this year, as investors pulled out from riskier assets in the wake of rising interest rates. The cryptocurrency market has fallen by about two-thirds from its peak to $1.07 trillion.…