Top startup and tech news this week

Welcome to the latest edition of ETtech Unwrapped, our weekend newsletter featuring the top stories from this week. Here's a summary:

1. Medikabazaar Reshuffles Leadership and Faces Audit: Medikabazaar, a medtech startup valued at $650 million, is undergoing a management change as cofounder and CEO Vivek Tiwari transitions to a board role. Additionally, an audit by PwC is nearly complete, revealing issues with the company’s revenue recognition among other concerns.

2. Rising Interest in Food Startups: Early-stage venture funds and angel investors are increasingly interested in new food brands, including those specializing in coffee, burgers, and dosas. There is a notable trend towards regional and single-city labels as café and quick-service restaurant businesses grow.

3. Ecommerce Growth Slows Post-Covid: Indian ecommerce sales grew 18-20% year-on-year, reaching around $53 billion in GMV for the first half of 2024. This marks a slowdown compared to the post-Covid surge, with sales at approximately $43 billion during the same period in 2023.

4. Goldman Sachs Eyes MoEngage Investment: Goldman Sachs is close to finalizing a $35-50 million investment in enterprise SaaS company MoEngage through a secondary transaction. This reflects a resurgence in late-stage SaaS deals, with firms like Whatfix, Innovaccer, Icertis, Atlan, and Rocketlane also securing funding or nearing final deals.