Funding | Business Upturn

Paramount secures $24B Gulf funding for Warner Bros. Discovery takeover

Rashmi Pandey — Tue, 07 Apr 2026 13:17:46 +0000

Paramount Global has finalized nearly $24 billion in equity commitments from three Gulf sovereign wealth funds Saudi Arabia’s Public Investment Fund (PIF), Qatar Investment Authority (QIA), and Abu Dhabi’s L’Imad Holding Co. to support its $110 billion acquisition of Warner Bros. Discovery (WBD). PIF anchors the financing with approximately $10 billion, enabling David Ellison’s Skydance Media-led consortium to close the transformative media merger pending shareholder approval on April 23 and regulatory clearances.

The funding package combines with $54 billion in debt commitments from Bank of America, Citigroup, and Apollo Global Management, alongside equity support from Ellison family interests and RedBird Capital Partners. Structuring ensures each Gulf fund holds minority stakes below 25% without voting rights, sidestepping U.S. regulatory reviews by the Committee on Foreign Investment in the United States (CFIUS) or Federal Communications Commission (FCC). Paramount executives project deal closure as early as July, with quarterly “ticking fees” of 25 cents per share—totaling $650 million—payable to shareholders if delayed past September 30.

This Gulf backing emerges from competitive bidding that saw Netflix withdraw its $83 billion studio/streaming proposal for WBD in December 2025. Warner Bros. Discovery shares rose 0.33% while Paramount gained 3.47% on disclosure of the finalized commitments. The merged entity will control HBO, CNN, Warner Bros. Pictures, Max streaming, Paramount Pictures, CBS, Nickelodeon, and Pluto TV, creating a $120 billion revenue powerhouse rivaling Disney and Comcast.

Saudi PIF’s $10 billion lead investment aligns with its expanding Hollywood portfolio, including stakes in Electronic Arts’ $55 billion take-private alongside Silver Lake Partners and previous Skydance funding rounds. QIA brings Qatar’s $500 billion sovereign wealth expertise in media diversification, while L’Imad Holding—Abu Dhabi’s strategic investment vehicle—bolsters UAE’s global entertainment ambitions post-Image Nation expansions. None of the representatives responded to comment requests, maintaining transaction confidentiality through closing.

Financial engineering underpins the deal’s viability. Equity covers $47 billion required alongside Ellison/RedBird backstop commitments, with debt structured at favorable spreads reflecting Gulf credit enhancements. WBD receives a $7 billion termination fee if regulatory hurdles block completion, protecting Paramount against antitrust risks in streaming and linear TV markets. Shareholder vote timing aligns with Q2 earnings cycles, allowing Paramount to showcase merger synergies including $5 billion annual cost savings and 40 million global streaming subscribers.

The partnerships accelerate Gulf states’ Vision 2030/2040 media strategies. Saudi Arabia targets 5% global entertainment market share by 2030 through PIF’s cultural diversification, investing $7 billion across gaming, film, and sports rights. Qatar leverages QIA’s $450 million Hollywood portfolio spanning Miramax stake to sports media positioning Doha as MENA content hub. Abu Dhabi’s L’Imad extends Mubadala’s media investments, eyeing post-merger production facilities in UAE free zones.

Regulatory pathways clear smoothly. Minority non-voting stakes avoid CFIUS triggers, while FCC broadcast ownership caps remain intact under U.S. citizen control thresholds. DOJ/FTC merger reviews focus on streaming market shares (Max+Paramount+ ≈ 25% U.S.), mitigated by planned asset sales to Allen Media Group. European Commission approvals anticipated by June, with UK CMA already cleared.

Paramount’s transaction catapults David Ellison from Skydance founder to CEO of 30,000-employee media titan, inheriting Warner’s DC Comics alongside Paramount’s Mission: Impossible franchise. Gulf funds gain preferred returns on $24 billion deployment, with exit options via IPO or strategic sales post-stabilization. Shareholder circulars detail pro forma balance sheets projecting $15 billion EBITDA Year 1.

Market reactions position the combined entity for 2027 streaming wars. Gulf capital cushions content spend exceeding $20 billion annually across 100+ original series and theatrical slate led by Avatar sequels via Lightstorm partnerships. Transaction establishes MENA as Hollywood’s third-largest financier after U.S./China, reshaping global production economics.

As Gulf sovereigns anchor Hollywood’s biggest merger, Paramount-WBD integration teams activate 18-month roadmaps targeting $2 EPS accretion by 2028. Voting deadlines approach with institutional holders Vanguard, BlackRock favoring scale against Netflix/Amazon threats. Deal architects celebrate bypassing traditional Wall Street syndication through sovereign partnerships.

smallcase raises $50 million in Series D funding led by Elev8 Venture Partners; aims to expand investment offerings

News Desk — Fri, 28 Mar 2025 04:41:09 +0000

India’s largest model portfolio platform, smallcase, has raised $50 million in its Series D funding round, marking a significant milestone in its growth journey. The round included a mix of primary and secondary investments and was led by Elev8 Venture Partners, with participation from both new and existing investors such as State Street Global Advisors, Niveshaay AIF, Faering Capital, and Arkam Ventures.

Founded in 2016, smallcase provides a platform that allows individuals to invest in model portfolios of stocks and ETFs—referred to as “smallcases”—with a focus on transparency, simplicity, and long-term wealth creation. The platform has facilitated transactions worth over ₹1.2 lakh crore since its inception, positioning itself as a key player in India’s retail investment landscape.

The fresh capital will be deployed to expand smallcase’s investment offerings across various asset classes and deepen its engagement with retail investors and ecosystem partners. In 2023, smallcase extended its product layer by launching an asset management company in a joint venture with Zerodha to introduce index funds and ETFs.

Vasanth Kamath, Co-founder and CEO of smallcase, said the company has always aimed to build “simple and transparent products” that resonate with every investor. He expressed gratitude to the investors for their continued trust and emphasized the company’s commitment to helping millions of Indians shape a better financial future.

Anugrah Shrivastava, Co-founder, highlighted the company’s recent strides in innovation, including scaling its platform to new use-cases like secured credit. He said the team is now focused on expanding smallcase’s reach into mutual funds, fixed income instruments, and new tools that help users optimize their wealth and net worth.

Investors echoed their confidence in smallcase’s vision and execution. Elev8’s Managing Director Navin Honagudi said smallcase has built a world-class platform and continues to innovate to scale its offerings. Faering Capital noted a tenfold increase in smallcase’s assets under management and revenues since its initial investment, while Arkam Ventures praised the company’s product innovation and focus on making sophisticated investment products accessible to the masses.

Other notable investors backing smallcase include Peak XV Partners (formerly Sequoia Capital India), Blume Ventures, Amazon Smbhav Venture Fund (ASVF), Premji Invest, DSP Group, and HDFC Bank.

With this latest funding round, smallcase aims to further consolidate its position in the Indian wealth-tech space and bring a broader array of investment options to the country’s growing base of retail investors.

Allo Health Raises Rs 16 Crore to Expand India’s Largest Sexual Health Ecosystem

News Desk — Mon, 17 Mar 2025 13:40:58 +0000

Allo Health, India’s leading and fastest-growing sexual health ecosystem, has raised ₹16 crore in a Pre-Series A round led by Rainmatter along with existing investors. This investment marks the next phase in Allo’s mission to redefine sexual healthcare in India through technology, deep expertise, and structured patient care.

Since its inception, Allo has treated 200,000+ lakh patients across India, achieving a 85% improvement in patient outcomes. With 35+ clinics across major cities, including Bangalore, Mumbai, Pune, Hyderabad, Chennai, Mysore, and Ranchi, Allo has pioneered a structured, expert-led approach in a space long dominated by misinformation and unregulated practices. Unlike traditional health-tech startups focused on digital-only distribution, Allo has built a hybrid ecosystem that combines physical clinics, AI-powered treatment protocols, and trained medical professionals.

Prior to this round, Allo had raised $4.4 million in seed funding led by Nexus Venture Partners, with participation from some of India’s most prominent startup founders and operators, including Binny Bansal (Flipkart), Deepinder Goyal (Zomato), Rohit MA (Cloudnine), and Sandeep Singhal (Nexus), among others.

“Sexual health in India has been overlooked for too long. We are not just creating a business—we are building an entire ecosystem. Our focus is on patient outcomes, doctor training, and evidence-based care, ensuring that Indians get access to world-class sexual healthcare,” said Pranay Jivrajka, Founder & CEO of Allo Health.

Allo’s proprietary doctor training programs, AI-powered clinical decision support, and research-backed treatment frameworks set it apart in a market that has lacked structured intervention. This round will help accelerate clinic densification, invest in deeper technology capabilities, and enhance patient engagement as Allo continues to scale.

“Allo is solving a critical healthcare gap in a way that prioritizes patient trust, structured treatment, and sustainable expansion. We believe they are setting new standards for how specialized healthcare should be built in India,” said Dilip Kumar, Investments, Rainmatter.

“Sexual health is a massive but underserved market in India. Most people still hesitate to talk about it, let alone seek help. We are happy to support Allo Health, which is solving for awareness, access, and affordability in this space,” added Nithin Kamath, Founder & CEO of Zerodha & Rainmatter.

Allo will deepen its focus and invest in diagnostics, digital therapy, and private label solutions, strengthening its sexual healthcare ecosystem and driving better patient outcomes. Leveraging its existing capabilities, Allo is also planning to expand into mental health as a potential category, replicating its structured, expert-led model to build a comprehensive healthcare ecosystem—just as it has done with sexual health.

For more information, visit allohealth.com.

Malaysia’s Startup Ecosystem: Is Government Oversight Stifling Innovation?

Prakriti Mitra — Tue, 04 Mar 2025 01:05:22 +0000

The State of Malaysia’s Startup Ecosystem

The startup landscape in Malaysia has been shaped by government-linked agencies such as Cradle Fund, Malaysia Venture Capital Management Berhad (MAVCAP), and Malaysia Digital Economy Corporation (MDEC). These organizations provide funding, mentorship, and policy support, creating a structured yet controlled environment for startups to operate within. While this approach has yielded success stories, it has also sparked concerns about an over-reliance on government support and limited opportunities for independent players.

Oligopoly of Government-Linked Entities

Unlike private-sector-driven ecosystems in countries like Singapore and Indonesia, Malaysia’s startup ecosystem operates under a framework where most funding and accelerator programs are connected to government entities. The intention behind this structure is to nurture early-stage companies and provide financial backing where private investors might hesitate.

Is Government Support Helping or Hindering Growth?

The Malaysian government’s role in the startup ecosystem has both benefits and drawbacks:

Advantages:

Funding Accessibility – Startups have access to grants, low-interest loans, and seed funding, making it easier for early-stage businesses to launch.
Policy and Regulatory Support – Initiatives like Malaysia Digital (formerly MSC Malaysia) offer tax incentives and infrastructure support for tech companies.
Talent Development – Government-backed programs focus on upskilling entrepreneurs and supporting innovation.

Challenges:

Limited Private Investment – With the government dominating the funding landscape, private investors are often sidelined, reducing competition and diversity in funding sources.
Bureaucracy and Red Tape – Entrepreneurs report delays and rigid requirements in accessing grants and support.
Lack of Risk Appetite – Government-backed initiatives often favor lower-risk ventures, discouraging disruptive, high-growth startups.

BluSmart secures Rs 100 crore financing under asset leasing initiative

Aditya Bhagchandani — Tue, 17 Dec 2024 11:04:33 +0000

Electric ride-hailing and charging infrastructure provider BluSmart announced on Tuesday that it has secured Rs 100 crore in electric vehicle (EV) financing under its ‘Assure by BluSmart’ asset leasing initiative.

Key Highlights:

Under the Assure by BluSmart program, partners can purchase electric cars and lease them to BluSmart.
The initiative has achieved Rs 100 crore in book value within its first year, reflecting a 10x growth in monthly financing scale.
The program has successfully onboarded 25+ large partners including green financing institutions, transport and logistics operators, and family offices.
This financing has enabled BluSmart to diversify its fleet with more premium electric vehicles.

Strategic Growth:

Anmol Jaggi, Co-founder of BluSmart, said:

“The success of Assure by BluSmart demonstrates the strong appetite for sustainable investment opportunities in India, and the response to the initiative in its first year by our investors has been reassuring.”

BluSmart’s innovative leasing initiative highlights its growing role in India’s EV ecosystem, promoting sustainable transportation while attracting significant support from investors and institutions.

Ranveer Singh’s SuperYou bags funding from Zerodha’s Kamath Brothers

Aditya Bhagchandani — Sat, 07 Dec 2024 07:12:11 +0000

Bollywood actor Ranveer Singh’s protein supplement brand, SuperYou, has secured Series A funding from Nithin and Nikhil Kamath, the founders of Zerodha. The investment was made through Rainmatter Capital, the venture capital arm of Zerodha, with the amount not disclosed. Nikunj Biyani, cofounder of SuperYou, shared this update with Inc42.

Launched in November 2024, SuperYou was founded under Think9 Consumer, a venture studio. The brand aims to address protein deficiency in India by offering innovative protein-based products. SuperYou currently sells protein wafers in various flavors and plans to expand its product range to include breakfast cereals, biscuits, protein powders, and snacks. The fresh capital raised will be used to scale production and launch additional products.

Biyani emphasized that the startup is targeting aggressive pricing to make protein products more accessible to the masses. “We want India to transform from a protein-deficient to a protein-sufficient country,” he said. The company has ambitious plans to invest INR 40-50 crore over time, aiming to achieve INR 500 crore in revenue within the next five years.

SuperYou’s products are available on its website and on platforms like Amazon, Flipkart, Zepto, Blinkit, and Swiggy Instamart. Additionally, they are sold in offline retail outlets like Reliance Fresh, Noble Plus, WellnessForever, and 7/11.

This investment marks the latest addition to Rainmatter Capital’s growing portfolio in the health and fitness space, which includes brands like Ditch The Guilt, Evolved Foods, and Fittr. The funding comes at a time when health and wellness brands are attracting significant investor interest due to rising awareness of healthy lifestyles.

Zepto raises $350 million from domestic investors; Motilal Oswal Pvt Wealth, Abhishek Bachchan and Sachin Tendulkar invest money

Markets Desk — Fri, 22 Nov 2024 01:14:48 +0000

Zepto, India’s fastest-growing consumer internet company, has announced a landmark $350 million fundraise, marking the largest 100% domestically funded round in the country’s startup ecosystem. This milestone underscores the growing confidence in Indian entrepreneurs and the ecosystem’s ability to drive transformative growth.

The funding round was led by Motilal Oswal’s Private Wealth division and saw participation from prominent Indian high-net-worth individuals (HNIs), family offices, and financial institutions. Key investors included Motilal Oswal AMC, Raamdeo Agarwal, the Taparia Family Office, Mankind Pharma Family Office, RP Sanjay Goenka Group, Cello Family Office, Haldiram Snacks Family Office, Sekhsaria Family Office, Kalyan Family Office, Happy Forgings Family Office, Mothers Recipe Family Office (Desai Brothers), as well as renowned individuals such as Abhishek Amitabh Bachchan and Sachin Ramesh Tendulkar.

This funding arrives as India’s economy shifts toward domestically driven growth, with investors demonstrating significant faith in Zepto’s innovative approach and rapid scalability. The capital infusion is expected to further solidify Zepto’s leadership position in India’s consumer internet landscape and accelerate its growth initiatives across the nation.

Zepto’s achievement highlights the increasing commitment of Indian investors to back homegrown startups with transformative potential, marking a pivotal moment in the evolution of India’s entrepreneurial ecosystem.

SportsSkill secures angel round funding from KP Balaraj to revolutionize sports tech

Aditya Bhagchandani — Wed, 16 Oct 2024 13:46:03 +0000

SportsSkill, a cutting-edge sports technology company, has announced securing an angel investment from renowned investor KP Balaraj, aiming to transform athletic training through advanced artificial intelligence. The funding will help SportsSkill develop its mobile application, which provides real-time data-driven insights, including technique analysis, fitness metrics, and nutrition guidance for athletes.

Co-founders Abhinav Sinha and Chetan Desai, both accomplished athletes, plan to leverage this funding to expand their platform, integrate AI-powered personalized training programs, and scale globally. With KP Balaraj’s strategic support, the company is set to disrupt traditional training methods, empowering athletes from grassroots to professional levels.

“We are excited to support two world-class athletes in their endeavour to build a game-changing sports tech business,” said KP Balaraj. “SportsSkill has the potential to disrupt traditional training methods and empower athletes from grassroots to professional levels. Together, we aim to make a lasting impact on how sports are played, taught, and experienced across the nation.”

Social Hardware raises Rs 3.2 crore in seed round to expand teleoperated robotic systems for hazardous industries

News Desk — Thu, 10 Oct 2024 07:10:17 +0000

Social Hardware, a Bengaluru-based inclusive innovation startup, has raised INR 3.2 crore in a seed round led by Inflection Point Ventures, with participation from Ivyleague Ventures and Soonicorn Ventures. The funds will be utilized to support key growth initiatives, including expanding their R&D facility, enhancing manufacturing capabilities, and building a strong marketing and sales team.

Social Hardware specializes in teleoperated robotic systems, focusing on industries like manufacturing, infrastructure, defense, and aerospace, providing innovative solutions that enhance safety in hazardous operations. The company, co-founded by Abhit Kumar, Cameron Norris, and Raghavendran Arunachalam, aims to revolutionize how industries manage dangerous environments by using teleoperated robots controlled remotely, reducing human exposure to risks while maintaining operational efficiency.

The funds raised will help the company scale its operations, including tripling its production capacity from 12 to 36 units by FY 2025-26, with a projected revenue capacity of ₹24.76 crore.

As the global teleoperation and robotics market is expected to grow to USD 22.5 billion by 2026, Social Hardware is well-positioned to play a leading role in the expanding demand for safer, remote-controlled solutions across critical sectors like defense, aerospace, and industrial applications.

Gravita India aims to raise Rs 1000 crore

Aditya Bhagchandani — Fri, 04 Oct 2024 11:15:09 +0000

Gravita India Ltd. has announced several significant decisions following its Board meeting on October 4, 2024. The company aims to raise up to INR 1,000 Crores through various funding options, including equity or debt instruments. This move will allow Gravita India to raise capital through private placements, public issues, or other permissible modes as per regulatory guidelines. The company plans to seek shareholder approval for these fundraising initiatives through a postal ballot.

Additionally, the company has made key changes to its leadership team. Mr. Sunil Kansal has been appointed as the Whole Time Director effective October 4, 2024. Kansal, who also serves as the Chief Financial Officer, brings over three decades of experience in financial management, operations, and strategic planning. Alongside this, Mr. Rajat Agrawal has been promoted from Managing Director to Chairman cum Managing Director, effective October 5, 2024.

Another notable change is the resignation of Dr. Mahavir Prasad Agarwal as Chairman and Whole Time Director of the company, effective from the close of business on October 5, 2024. The decision is due to personal reasons, as communicated by Dr. Agarwal in his resignation letter.

The proposed changes and the fundraising initiative aim to align with the company’s strategic growth plans. Further details regarding the postal ballot and e-voting procedures will be disclosed separately by Gravita India Ltd.

AppsForBharat raises $18 million in Series B funding

Aditya Bhagchandani — Tue, 10 Sep 2024 07:00:55 +0000

AppsForBharat, the parent company of the Sri Mandir devotional platform, has raised $18 million in Series B funding. The funding round was led by Fundamentum, with Susquehanna Asia joining as a new investor. Existing investors Elevation Capital, Peak XV, and Mirae Asset VC also participated in the round.

The funds will be used to expand the Sri Mandir app’s presence in India and internationally. The company aims to onboard new temples, launch additional services, and create a comprehensive digital platform to support the entire devotional experience.

Founded by Prashant Sachan in November 2020, the Sri Mandir app offers devotional content and online access to over 50 temples across India. Users can participate in virtual pujas and offer goods as part of the rituals. Since its launch in 2021, the app has reached over 30 million downloads, with over 5 lakh devotees offering 27 lakh pujas through the platform in the past year alone.

In the next year, Sri Mandir plans to expand its language offerings to five new regional languages and increase its temple base from 50 to 500. The company also plans to expand internationally to markets like the US, UK, and Canada.

AppsForBharat’s success highlights the growing demand for spiritual and astrology apps, especially in the post-pandemic era. With India’s devotional sector valued at $50 billion, investors see a significant opportunity for digital transformation in this space.

Ashish Kumar from Fundamentum remarked that the app’s appeal across generations shows strong potential for long-term growth in both India and global markets.

Uppercase secures $9 million in Series B funding

Aditya Bhagchandani — Mon, 26 Aug 2024 15:53:47 +0000

D2C luggage startup Uppercase has successfully raised $9 million in a Series B funding round led by Accel. This new capital is set to fuel the company’s ambitious expansion plans, particularly in enhancing its retail presence and improving backend operations to meet global standards.

Uppercase has seen remarkable growth, achieving a 7x increase in revenue between last year and this year. Ghose expects the company to close the current financial year with an annual revenue run rate (ARR) of around INR 200 crore and anticipates a growth rate of 50%-70% moving forward. The funding and backend improvements are key to supporting Uppercase’s long-term goal of reaching INR 500 crore in revenue over the next four years.

A significant portion of the funding will also be directed towards strengthening the company’s backend operations. This move is crucial as Uppercase strives to ensure its products meet global quality and pricing standards, positioning the brand for international growth.

In an interview with CNBC-TV18, Uppercase’s Founder and Managing Director, Sudip Ghose, shared how the company plans to allocate the newly raised funds. “We plan to use this fundraise primarily to expand our retail presence, including both company-run and franchisee-exclusive stores,” Ghose said. Uppercase, which currently sells its travel gear online and through 1,800 multi-brand stores across India, aims to open 250 exclusive retail outlets over the next three years.

While the company remains focused on travel-related products, Ghose hinted at broader ambitions within the travel sector, including accessories and smaller bags, to cater to a wider range of customer needs. “As of now, we would like to stick to travel, but when I say travel, it means there are a lot of other things in travel apart from luggage,” he explained.

CtrlS Datacenters to invest ₹2,200 crore in Kolkata Tech Hub

Aditya Bhagchandani — Thu, 27 Jun 2024 13:35:48 +0000

Hyderabad-based CtrlS Datacenters has planned an investment of ₹2,200 crore for its new data centre campus at Bengal Silicon Valley Tech Hub on the outskirts of Kolkata. This investment will be made in phases.

The company has acquired a five-acre plot in New Town Rajarhat area of Kolkata. This plot will house four buildings. The first data centre building, with a 16MW IT load capacity and a built-up area of over 90,000 square feet, is expected to be operational in two months.

Suresh Kumar Rathod, President of Colocation Business at CtrlS Datacenters, stated that the IT load capacity of the entire campus could increase to between 60 and 100MW. He mentioned that four to five service providers are building data centres in the New Town area. CtrlS will be the first to go live in two months. The first customer is an “American giant.”

According to the company, this will be the first Rated-4 data centre in East India. The data centre will be AI-ready with provisions for high-density racks. It will feature modern cooling technologies and aim for LEED Platinum certification.

CtrlS currently has 250MW of live data centre capacity across eight markets in India. By 2029, the company plans to expand to over 600MW of data centre capacity.

Mindspace REIT secures green funding boost from IFC

Aditya Bhagchandani — Tue, 25 Jun 2024 12:15:48 +0000

Mindspace Business Parks REIT has taken a significant step forward in its sustainability journey. The company announced on June 25 that it has secured a Rs 650 crore sustainability-linked bond from the International Finance Corporation (IFC) a member of the World Bank Group.

This seven-year bond marks a milestone for Mindspace REIT making it the first Indian Real Estate Investment Trust to issue such sustainability-linked securities. The bond’s coupon rate is tied to specific environmental social and governance (ESG) targets that Mindspace has committed to achieve.

These targets include reducing greenhouse gas emissions increasing the proportion of green-certified area in existing buildings and lowering overall energy intensity. By meeting these goals Mindspace aims to create a greener more sustainable real estate ecosystem.

Ramesh Nair CEO of Mindspace Business Parks REIT expressed enthusiasm about this development. He highlighted that this bond issue following their maiden green bond in March 2023 brings their total green and sustainability-linked financing to Rs 1860 crore.

This move underscores Mindspace REIT’s commitment to responsible growth and aligns with the growing global emphasis on sustainable business practices. It also demonstrates the increasing appetite among international investors for ESG-linked financial instruments in the Indian market.

Pine Labs weighs $1 billion IPO; Fintech firm might seek $6 billion valuation

Adnan Nasir — Fri, 21 Jun 2024 11:47:18 +0000

Pine Labs Pvt, an Asian digital payments provider backed by Peak XV Partners and Mastercard Inc., is considering raising about $1 billion in an initial public offering in India, people familiar with the matter said, amid increasing investor appetite in the nation’s stock market.

The company might seek a valuation of more than $6 billion in an IPO, the people said, asking not to be identified because the matter is private. As per the reports, the company might issue both new and secondary shares. It might also opt to do a pre-IPO fundraising round ahead of any listing, as per reports by moneycontrol.

At about $1 billion, an IPO of Pine Labs would be the biggest by an Indian fintech firm after One97 Communications Ltd, the operator of Paytm, which raised about $2.5 billion in 2021, as per Bloomberg.

In 2022, the company had filed for a confidentiality with US Securities and Exchanges Commission for its IPO.

Zepto raises $665 million at valuation of $3.6 billion; Eyes IPO soon

Adnan Nasir — Fri, 21 Jun 2024 06:32:21 +0000

Indian grocery delivery startup Zepto is preparing to go public after doubling its valuation at $3.6 billion, as per the reports by Bloomberg. The new investors, including Avenir, Lightspeed, and Avra have joined the company’s cap table by injecting an additional $665 million in fresh funding round. Existing investors Nexus, StepStone, and Glade Brook also participated in the funding round with additional contributions from Goodwater and Lachy Groom.

The company, which was founded in 2021, has secured the latest funding round after raising $235 million in August 2023, which it achieved its unicorn status at the valuation of $1.4 billion.

Aadit Palicha, the co-founder and CEO, said, “This is dynamics of stores turning profitable faster and faster and has enabled Zepto to grow rapidly while simultaneously achieving near EBITDA positivity at a company level.” He added that if the company is able to achieve scaling to 700 stores from 350 stores, “we will be ready to go public relatively soon.”

POP Raises $2.4 Mn Seed Funding from India Quotient and Others to launch its UPI Play

News Desk — Wed, 19 Jun 2024 08:15:06 +0000

POP, a Bengaluru-based startup, has announced that it has closed a $2.4 million seed funding round led by India Quotient and a few prominent angel investors recently.

The Bengaluru-based startup also announced that it had received approval as a Third-Party Application Provider (TPAP) from the National Payments Corporation of India (NPCI) to offer UPI payments via its POPclub app.

The company, in partnership with financial firms such as Yes Bank and Juspay, has built its UPI stack. The funding will help expedite the implementation of various initiatives, including the POP UPI service that will enable users to earn POPcoins, a shopping currency already used by 200+ online merchants, with every UPI transaction made through the POPclub app.

These POPcoins can be used to buy a wide range of products from all major direct-to-consumer (D2C) brands in categories such as beauty, personal care, electronics, fashion, and home goods- all housed within the POPclub app.

Bhargav Errangi, Founder of POP, said, “POP’s goal is to become the most sought-after go-to platform for payments and shopping for digitally active young Indians. As consumer behaviours evolve, we aim to provide innovative app experiences tailored to their interests in daily consumption.”

Unlike other UPI players, POP emphasises a 2% value back (via POPcoins) for every UPI transaction. “POPcoins-led rewards offer a predictable and consistent reward promise compared to the luck-based and gamified models of other UPI apps. These POPcoins can be effectively used to purchase over 100,000 SKUs our target audience consumes. Our ambition is to position POPcoins as the shopping currency for purchasing the new-age products/services that resonate with evolving new-age Indian consumer’s preferences,” said Errangi, who has a track record of scaling Flipkart Supercoins in his previous role.

POP joins prominent players like Google Pay, PhonePe, WhatsApp, CRED, and Paytm as a third-party app authorised to provide UPI payments. Marketed as ‘Designed to reward,’ the POPclub UPI application is now rolled out with attractive launch offers and is now available to download on Google Play Store and Apple App Store.

Quint Digital acquires 30% stake in Quintype Technologies India

Aditya Bhagchandani — Fri, 31 May 2024 05:37:57 +0000

The Board of Quint Digital, at its meeting held on May 30, 2024, approved the acquisition of a 30% equity stake in Quintype Technologies India.

This stake was previously held by 360 One Seed Ventures Fund- Series 2, now known as IIFL Seed Ventures Fund – Series 2. The acquisition is valued at Rs 25.42 crore.

Quintype Technologies India is a renowned AI-powered digital newsroom growth platform, enabling publishers to create, distribute, and monetize their content.

The platform manages over 1 billion monthly pageviews for more than 200 publishers, including prominent brands such as BQ Prime, The Quint, Fortune India, Karjalainen, and i-mediat.

Vegapay raises $5.5 million in seed round led by Elevation Capital

Adnan Nasir — Thu, 30 May 2024 19:31:38 +0000

Digital lending and card management platform Vegapay has raised $5.5 million in a seed round led by Elevation Capital, with participation from Eximius Ventures. Earlier, in 2023, the startup had secured $1.1 million in pre-seed funding led by Eximius.

Vegapay will be utilising the funds towards enhancing its product suite, focusing on product development and regulatory compliance updates, said the company in a statement. A significant portion of the funds will also be allocated to hire top- tier developers, designers, and engineers to drive innovation, it added.

The firm is expecting that the latest investment will enable them to help banks, NBFCs, and other financial institutions and manage product innovations with hyper configurable, customisable, and flexible credit solutions.

The company was founded in 2022 by Gaurav Mittal, Himanshu Agrawal, Puneet Sharma, and Abhinav Garg, and is building a lending tech stack and a card management system that enables regulated entities and fintech firms to issue and increase penetration of card and lending in India.

TechEagle secures funding to offer drone deliveries to ecommerce platforms

Adnan Nasir — Thu, 30 May 2024 19:24:15 +0000

TechEagle, a drone tech startup, has secured an undisclosed amount as per part of its bridge funding round co-led by Navam Capital and Inflection Point Ventures (IPV).

The round also witnessed participation from Venture Catalysts, Paytm founder Vijay Shekhar Sharma, and a clutch of high net worth individuals (HNIs).

The fresh capital will be used by the startup in expanding its operations and launch higher payload drones for mid mile and inter city deliveries.

“With the support of our investors, we aim to expand our operations across the country, enabling faster and more economical deliveries. This funding will fuel our efforts to launch higher payload drones for mid mile and inter city deliveries, further solidifying our position as a frontrunner in the drone logistics industry,” said Vikram Singh Meena, founder and CEO of the company.

The firm was founded in 2017 by Meena, who is an IIT Kanpur alumni, and Anshu Abhishek. It has been backed by BlueDart Express cofounder Tushar Jani and Gramin Healthcare founder Ajoy Khanderia, which helped TechEagle raised $500K in a seed funding round led by India Accelerator in 2021.

BioNTech raises $145 million funding for African vaccine plants

Adnan Nasir — Thu, 30 May 2024 19:15:48 +0000

BioNTech, a COVID-19 vaccine maker, has raised $145 million in funding from a global coalition against infectious diseases to help build a production network in Africa for shots based on cutting edge messenger RNA (mRNA) technology.

BioNTech along with the Coalition for Epidemic Preparedness Innovations (CEPI) said in a joint statement on Wednesday that the financial support was part of an expanded partnership as the German biotech firm builds an mRNA vaccine factory site in Rwanda’s capital Kigali.

A future African network could produce affordable vaccines to fight malaria, mpox, tuberculosis, and other health threats, they continued.

The partners also said that they intend to work together at much faster pace as they wish to respond to outbreaks on the African continent caused by known viral threats, or an as- yet- unknown pathogen with epidemic or pandemic potential.

The funds pledged by CEPI comes in addition to $90 million that the coalition granted BioNTech in September to support the development of mpox vaccine candidates.

DiFACTO welcomes Stakeboat Capital as investor with Rs. 40 crore in series A funding

Adnan Nasir — Thu, 30 May 2024 13:35:34 +0000

DiFACTO Robotics and Automation Private Limited, a robot automation solutions provider, has secured Rs. 40 crore from Stakeboat Capital in its Series A round.

Ajay Gopalswamy, founder and chief executive officer stated, “We are thrilled to welcome Stakeboat Capital as our key shareholder. This capital will be used to fuel our growth, strengthen our market position, and stand true to our commitment towards innovation. India’s automotive industry is one of the many areas that leverage robotic automation.”

The statement added that by 2026, the CAGR of 12.7% is expected, which will be around $512 billion. It will also contribute 12% to our nation’s GDP.

The company has three factories in Bengaluru and branches in Pune and Gurugram. It was established in 2007 and is headquartered in Bengaluru, and operated globally, including a wholly owned subsidiary in Troy, Michigan, USA. Currently, the firm operates across four different segments: welding systems, material handling systems, foundry and machine tending systems, and fluid dispensing systems.

FarMart raises additional funds from Swiss- based ResponsAbility Investments after gap of two years

Adnan Nasir — Thu, 30 May 2024 13:25:46 +0000

FarMart, a SaaS based food supply platform has raised Rs. 24 crore ($2.8 million) as part of a new round from Swiss asset manager ResponsAbility Investments. The Gurugram based company has received the fresh investment after a gap of more than two years.

The company will be using the fresh proceedings towards building a carbon efficient food supply chain, the company said in a press release. The startup will also leverage responsAbility’s expertise to optimise its solutions.

Post the latest financial injection, FarMart has successfully raised nearly $50 million till date including a $32 million investment secured in Series B round in March 2022 from General Catalyst, Matrix Partners India and Omidyar Network India. As per startup data intelligence platform TheKredible, the company was valued at around $128 million during the last equity round.

Interestingly, it has been claimed by FarMart chief that the firm holds $37 million in the banks as of August last year. It is not clear why FarMart raised a modest amount despite the above claim.

Euler Motors secures additional Rs. 200 crores in series C funding round

Adnan Nasir — Thu, 30 May 2024 13:13:09 +0000

Electric vehicle manufacturer Euler Motors announced that it has raised an additional Rs. 200 crore in the series C funding round.

Existing investors like British International Investment, Blume Venture, and new investors such as Piramal Alternatives India Access Fund led this round’s fresh infusion of funds, the company stated in a statement.

In total, the company has raised around Rs. 570 crore from investors in series C funding round.

“This fresh capital injection, coupled with the trust of our investors, will propel us towards our goal of double digit market share. With this momentum, we’re ready to accelerate our growth trajectory and lead the transition to commercial EVs in India,” stated Saurav Kumar, founder and CEO of Euler Motors.

The company added that their latest infusion of capital shall be utilised to expand their presence on pan- India level as they have set target to establish presence in over 40 cities by FY25.

Yali Aerospace secures investment from Zoho to solve medical emergency deliveries

Adnan Nasir — Wed, 29 May 2024 07:04:18 +0000

Sridhar Vembu, founder and CEO of Zoho Corporation, made an announcement that company will be investing in Yali Aerospace. The Tamil Nadu based drone startup has built a fixed wing drone with vertical take off and landing capabilities.

With a payload of 7 kg, range of 150 km, and maximum speed of 155 km/hr, the drone can be utilised into delivering medicines and organs to remote hospitals, thereby bypassing the problems of emergency road transport.

Yali Aerospace, led by husband and wife duo – Dinesh Baluraj and Anugraha – who returned from Netherlands to build startup in their own hometown, Thanjavur. The husband has an engineering background as he studies Aerospace and completed his masters from Technical University of Munich.

Vembu has always been a motivation for pushing rural and local growth and has been continuously working towards growing tier 2 and 3 cities. Zoho has opened up over 25 satellite offices in these tier cities.

Hyundai Mobis to elevate investment for EV components and automotive semiconductors

Adnan Nasir — Tue, 28 May 2024 03:18:05 +0000

Hyundai Mobis, top auto parts maker of South Korea, announced its plan of increasing investment in electric vehicle (EV) parts and automotive chips this year. The announcement was made during the Mobis Mobility Day in Silicon Valley, where the company showcased its technological advancements to business partners.

Mitchell Yun from Mobis Ventures Silicon Valley stated that the firm plans to expand its investment in EV parts in 2024, with these projects accounting to raise the total investment up by 20%, reaching 70% from 50%. Despite a temporary low down in the EV industry, Yun expressed confidence in the industry’s shift towards eco-friendly vehicles.

While Yun did not reveal the investment amounts, he did emphasize the importance of focusing on automotive chips, to ensure a secure and stable semiconductor supply chain amid recent shortages. The company is considering investment in both startups and listed companies.

Zypp Electric secures $15 million funding in series C round

Adnan Nasir — Mon, 27 May 2024 07:47:47 +0000

Zypp Electric on Monday said it has raised $15 million funding from Japanese firm ENEOS. The series C funding compromises $15 million in equity closure, as part of its ongoing $50 million round, which comprises $40 million in equity and $10 million in debt, shared the company in a statement.

The fresh capital raised under Series C, wherein other existing investors 9 unicorns, venture catalysts, IAN fund, WFC, and others also participated, will be used towards expansion of Zypp’s fleet from 21,000 to 2 lakh electric scooter and extend its services to 15 cities across India by 2026.

The co- founder and CEO of Zypp Electric, Akash Gupta said the fresh financial injection will enable the EV- as- a- service platform to last mile delivery space with sustainable EV solutions.

“We are eager to expand our fleet and enhance our tech platform, driving significant growth across India. These funds will be utilised to drive the company towards the full path of growth along with earnings before interest, taxes, depreciation, and amortization (EBITDA) profitability,” he added.

Elon Musk’s xAI valued at $24 billion post fresh funding of $6 billion

Adnan Nasir — Mon, 27 May 2024 07:36:40 +0000

Elon Musk’s AI startup xAI raised $6 billion in series B funding, hence making its post money valuation of $24 billion as investors bet big on competitors to companies such as OpenAI in the intensifying AI race.

The funding round was backed by investors including Andreessen Horowitz and Sequoia Capital, the company said in a blog post on Sunday.

The company’s pre- money valuation was $18 billion, as Musk said in a post on X.

The money will be utilised into taking the startup’s first product to market, build advanced infrastructure and accelerate research and development of future technologies, xAI said.

In another post on his social media platform, the Tesla founder said, “There will be more to announce in the coming weeks.”

There will be more to announce in the coming weeks

— Elon Musk (@elonmusk) May 27, 2024

Tech giants such as Microsoft backed OpenAI and Alphabet’s are among those leading the fierce race for generative AI dominance, driving significant investments and innovation in the rapidly evolving landscape.

ICAI aims to facilitate $200 million funding through startup event in June this year

Adnan Nasir — Fri, 24 May 2024 20:30:31 +0000

The apex body of chartered accountants ICAI on Thursday said it aims to facilitate funds worth over $200 million to startups through an event scheduled to be held in Bengaluru from June 27 to 29.

As per the release, the second edition of the Startup Sphere will be organized and more than 10,000 people from the startup ecosystem are expected to participate in the event.

The Institute of Chartered Accountant of India shared that the first edition of the event last year saw an estimated $100 million commitment being made from 60 pitches presented to the pool of 75 investors.

“The Startup Sphere 2024 is scheduled from 27th to 29th June 2024. We are expecting to arrange more than USD 200 million in funding this year. More than 10,000 people are expected to participate in this three-day event that aims to connect entrepreneurs and investors, wherein startups can share their ideas and get investments,” ICAI President Ranjeet Kumar Agarwal said.

Department for Promotion of Industry and Internal Trade (DPIIT), Software Technology Parks of India (STPI), Ministry of Electronics and Information Technology (MeitY), and Karnataka Innovation and Technology Society (KITS) will be supporting the event.

Elon Musk’s xAI seeks $6 billion in Andreessen Horowitz led funding round

Adnan Nasir — Fri, 24 May 2024 20:15:18 +0000

The artificial intelligence startup by Elon Musk, xAI, is seeking to raise nearly $6 billion in a funding round backed by Silicon Valley heavyweights including Andreessen Horowitz, as per the reports of The Financial Times.

The reports, citing people familiar with the deals, also suggested that the round included commitments from Tribe Capital and Sequoia Capital. Another source have shared that the startup is being valued at $18 billion.

The AI race has been heating and cheques with enormous amounts are being signed to back the startups, which can potentially compete with current market leaders such as OpenAI.

In the first quarter of venture capital funding, AI startups raised $19.15 billion, which is higher than previous year’s $16.36 billion, as per the data acquired from PitchBook.

The representatives for Musk and the investment companies declined to respond to requests being made by news agency for comment.

Earlier this year, the Tesla CEO had denied the news of xAI seeking funding.

India’s new government to be greeted with $25 billion from central bank

Adnan Nasir — Fri, 24 May 2024 19:58:12 +0000

The upcoming government of India, post its ongoing Lok Sabha elections, will be greeted by a $25 billion cheque from the central bank, allowing it the chance to either narrow the fiscal deficit quicker, or boost spending, both of which shall be cheered by the investors.

On Wednesday, the Reserve Bank of India (RBI) announced a record 2.11 trillion rupees dividend transfer to the government, more than double New Delhi’s and street estimates.

The surplus fund will enable the new government to either bring down its fiscal deficit by 0.3% of gross domestic product (GDP) or increase spending on infrastructure or “populist” stimulus, Citi Research’s Samiran Chakraborty said.

During the election campaigns, the opposition party’s star campaigner Rahul Gandhi has promised the loan waiver for the farmers of the country and an annual cash handouts of Rs. 100,000 to poor women. Meanwhile, no such new major welfare measures are announced by Narendra Modi – led Bharatiya Janata Party (BJP).

“Despite higher revenue from the RBI dividend, we doubt the government would opt for more populist expenditure in its budget, if the government is BJP- led,” stated Shreya Sodhani, an economist at Barclays.

EV ride-hailing firm BluSmart Mobility planning to raise $25 million in pre-series B funding

Adnan Nasir — Fri, 24 May 2024 12:36:12 +0000

Electric ride hailing firm Blu Smart is looking to raise $25 million in a pre-series B funding round from new and existing investors to expand its fleet size and enter newer markets.

The development comes roughly four months after the firm announced that Singapore based asset manager responsAbility Investments AG investing up to $25 million, which is around Rs. 208 crore.

Earlier, in December 2023, the firm had managed to secure $24 million in equity round. Moreover, it has also raised long term sustainable EV asset funds worth $200 million, backed by leading development financial institutions.

For the new fundraise, BluSmart has issued more than 1 million pre-series B preference shares at an issue price of Rs. 1,830 each, as per regulatory filings made by the firm with the Registrar of Companies.

Walmart backed Flipkart bring Google on board as minority investor with $350 million

Adnan Nasir — Fri, 24 May 2024 12:27:15 +0000

Walmart owned Flipkart has welcomed Google on board as a minority investor as a part of the funding round led by the US based retail giant. Flipkart stated that Google’s investment deal is subject to regulatory approvals as well as terms that both parties need to agree upon.

Reportedly, the ecommerce giant has raised $350 million from the tech giant, however, the stake or the valuation at which Google has invested is not yet revealed.

“Google’s proposed investment and its Cloud collaboration will help Flipkart expand its business and advance the modernisation of its digital infrastructure to serve customers across the country,” read statement by Flipkart.

This is a developing story. More updates are awaited.

Kedaara Capital goes beyond folds as it raises over $1 billion

Adnan Nasir — Sat, 18 May 2024 11:33:44 +0000

Kedaara Capital has gone beyond the ceiling as it has managed to raise a record $1.7 billion, and has come at par with the deep pocketed global players that have dominated the space for years.

The fresh capital injection will enable the Indian company to work with firms such as Blackstone Inc. and Carlyle Group Inc., as they are hunting for deals in the world’s fastest growing major economy. Kedaara is now betting its local expertise and deep knowledge of the health, consumer, and finance sectors.

In an interview from Mumbai, Sunish Sharma, the co-founder of Kedaara, stated, “Exits to global sponsors who have so much dry powder but not the same level of deal flow in the segment for larger deals will become a greater option for us.”

Kedaara has broken the mold for the Indian companies with its latest funding, however, this is not the first time that the company has secured such huge bills. Three years ago, it has raised $1.1 billion. Such capital infusion is common among giants like KKR & Co.

With more money being employed, Kedaara’s portfolio investments could be targets for global players looking for majority stakes in fast growing firms. Blackstone alone aims to add $25 billion in Indian assets, while KKR and Goldman Sachs Group Inc. are eyeing deals.

Kedaara is being backed by Clayton Dubilier & Rice LLC that was co-founded by Sharma, Manish Kejriwal, the former India head of Temasek Holdings Pte, and Nishant Sharma.

HDFC Bank secures $500 million IFC funding for micro loans for women

Adnan Nasir — Sat, 18 May 2024 11:08:48 +0000

HDFC Bank on Friday said it has received $500 million from the International Finance Corp (IFC) for on- lending to women microfinance borrowers.

“The bank, with a long- standing history of lending to women, will use IFC’s financing for on- lending as microloans to self help groups (SHGs) and joint liability groups (JLGs) enrolled in sustainable livelihoods initiative (SLI),” stated the lender.

As of now, the non banking financial institutions, including the small finance banks and microfinance institutions, are major lenders to women, who have been seeking loans to generate income. It has approximately reached 47 million clients with an aggregate gross loan portfolio of $31.6 billion as of December 31, 2023.

HDFC Bank said that lower funding costs and extensive distribution network of banks can be used as leverage to increase access to microloans for women, who are currently seeking loans from MFI, which are facing higher funding costs, have limited capacity, and are highly fragmented.

However, Fusion MFI on Friday share that it has entered in a loan agreement with the US International Development Finance Corporation of worth $25 million. The funds will be utilised towards expanding Fusion MFI’s business operations in India.

Adani Ports blacklisted by Norway Central Bank, hence losing onto its government pension funding

Adnan Nasir — Sat, 18 May 2024 05:11:21 +0000

The central bank of Norway has blacklisted three companies, including Adani’s Ports and Special Economic Zone (APSEZ), from its government pension fund citing ethical concerns.

On Wednesday, the Norges Bank said that it has blacklisted the company because of an unacceptable risk that the firm contributes to the serious violations of individuals’ rights in situation such as war or conflict. Apart from India’s Adani Ports, the other two companies, which has been blacklisted are US based L3Harris Technologies and China’s Weichai Power.

The Indian company has been on the radar since March 2022 and the decision of excluding it comes from the recommendation of Council of Ethics of November 21, 2023, said Norges Bank.

According to the Council, APSEZ stated that it has sold its port related operations to Solar Energy Ltd in Myanmar. However, there is no information available on buyer’s part.

“Lack of information means that the Council cannot establish whether APSEZ has links to the enterprise concerned. In a situation in which extremely serious norm violations are taking place, this contributes an unacceptable risk that the GPFG’s (The Government Pension Fund Global) investments in APSEZ may breach its ethical guidelines,” it added.

Zoho plans investment of $700 million to foray into chipmaking: report

Adnan Nasir — Thu, 16 May 2024 10:50:14 +0000

Indian software firm Zoho is planning to foray into chipmaking business and is seeking investment from the federal government, as per the two sources possessing the direct knowledge of the proposal. One of the revealed that the investment plan is of $700 million.

The firm, which was established in 1996 and is currently headquartered in Tamil Nadu, is associated with offering software and related services on subscription to businesses in 150 countries, and is competing with the likes of Salesforce and Microsoft.

Zoho has become the latest company to seek financial sweeteners from the government to set up a chip fabrication plant. Semiconductors are a key plank of India’s business agenda, with a $10 billion package in place, as it plans on to competing with countries such as Taiwan in few years.

The sources, as per moneycontrol, have also revealed that the firm is proposing to manufacture compound semiconductors, which have specialized commercial applications and are made from alternatives to the more- commonly used silicon in chipmaking.

The tech company’s proposal is being studied by the panel that drives the country’s chip initiatives at the IT ministry. The second source has claimed that the panel has requested the firm to share more details regarding the customers they intend to do business with.

U.S. based flexible solar panel firm raises $5.6 million funding

Adnan Nasir — Tue, 14 May 2024 12:20:08 +0000

U.S. based startup Active Surfaces, a flexible solar panel startup spun out from MIT, has secured $5.6 million in an oversubscribed pre-seed funding round. The round was led by Safar Partners, a deep-tech venture capital fund.

Additional participants include QVT, Lendlease, Umami Capital, Type One Ventures, New Climate Ventures, Sabanci Climate Ventures, SeaX Ventures, and others reflects a diverse support base comprising from institutional VCs to corporate backers.

The startup is focused onto creating solar technology with its lightweight and flexible solar panels that can be integrated virtually into any surface. Unlike bulky traditional solar panels, Active Surfaces’ carry the benefit of seamlessly blending into everyday environments, ranging from small consumer products that can go any anywhere to large commercial offices, and even industrial buildings.

Richard Swartwout, an MIT PhD and co-founder and CTO of the startup stated, “We are thrilled to see such strong support from our investors.” He continued that the funding will enable them to expand their R&D efforts, scale up their production, and bring cutting edge solar solutions to market at much faster pace.

The company has been bolstered by recent addition to its team, including Jeremiah Mwaura, a PhD in Materials/Chemistry with more than a decade of experience in advanced roll to roll manufacturing.

Yohan Poonawalla boosts Lion Insurance Brokers’ expansion plans with an investment

News Desk — Mon, 13 May 2024 13:55:39 +0000

In a move set to redefine India’s insurance sector, Lion Insurance Brokers Pvt. Ltd., a leading insurance and strategic services company, has announced a substantial investment from industrialist and investor Yohan Poonawalla. This strategic alliance underscores Lion Insurance Brokers’ commitment to revolutionizing the country’s insurance sector.

With his investment, Yohan Poonawalla, the Managing Director of the esteemed Poonawalla Group, renowned for his astute business acumen and visionary leadership, has brought a substantial boost to Lion Insurance Brokers Pvt. Ltd. His diverse portfolio of investments spans various sectors, including finance, horse breeding, engineering, real estate and pharmaceuticals, highlighting his stature in the global business arena.

With over three decades of experience, Poonawalla’s leadership roles in Intervalve Poonawalla Ltd, El-O-Matic (India) Pvt Ltd, and Poonawalla Financials Pvt Ltd further solidify his credentials as a seasoned leader. Beyond business, Yohan Poonawalla is recognized for his passion for automotive heritage and his commitment to social responsibility and philanthropy.

Commenting on the investment, Poonawalla expressed his excitement, stating, “I am delighted to invest in Lion Insurance Brokers Pvt. Ltd., a company that is poised to redefine the insurance sector in India. With its innovative approach, robust technology infrastructure, and customer-centric philosophy, Lion Insurance Brokers is well-positioned for accelerated growth. I look forward to collaborating with the talented team at Lion Insurance Brokers to drive innovation, expand market reach and deliver unparalleled value to customers.”

Business visionary Yohan Poonawalla invests in a transformative partnership. He is seen here with Kapil Mehra (left) of Lion Insurance Brokers Pvt. Ltd.

Under the leadership of Kapil Mehra, Founder-Director of Lion Insurance Brokers Pvt. Ltd., the company has emerged as a frontrunner in the insurance industry, offering comprehensive solutions tailored to diverse client needs across various industries. Mehra’s vision has played a pivotal role in Lion Insurance Brokers’ success, positioning it as a trusted partner for individuals and businesses alike.

Expressing his enthusiasm, Kapil Mehra added, “We are thrilled to join hands with Mr. Yohan Poonawalla. His investment is a testament to the confidence in our vision and capabilities. With this invaluable support, we are poised to embark on an exciting phase of growth and innovation, empowering individuals and businesses with best-in-class insurance solutions.”

He emphasized the significance of Poonawalla’s investment, stating, “It signifies not only a vote of confidence in the company’s growth trajectory but also reflects his belief in the immense potential of the Indian insurance industry.”

The investment from Yohan Poonawalla represents a significant milestone for Lion Insurance Brokers Pvt. Ltd., reinforcing its commitment to driving positive change within the insurance industry. With a shared vision for excellence and innovation, the partnership between Yohan Poonawalla and Lion Insurance Brokers Pvt. Ltd. is poised to shape the future of insurance in India.

Meesho raises $275 million from existing investors, plans more capital infusion

Adnan Nasir — Sat, 11 May 2024 11:52:54 +0000

E-commerce startup Meesho has raised $275 million from existing investors like SoftBank, Prosus, Elevation Capital, and Peak XV Partners, as per the regulatory filings with Security and Exchange Commission (SEC). The capital infusion is part of a larger ongoing round at Meesho.

Meesho, which was initially in the market to raise $300 million, has seen increased in investors interest and can potentially increase the round size as much as $500 to $600 million. The news were first reported by moneycontrol. The talks are still ongoing and the final amount will be decided in due course.

The round, which is a mix of equity and debt, will also see Tiger Global ending its hiatus and returning to in the startup for the first time. Of the total amount, the primary amount of $300 million will be utilised into paying off the taxes from switching the company base from Delaware to India, ahead of an IPO in India. The remaining amount will be the secondary component, as per the reports by the news outlet.

The round values Meesho at $3.9 billion, 20 per cent lower than the $4.9 billion valuation it commanded during its previous fundraise in 2021. The reduction in value comes after Fidelity cut Meesho’s valuation to $3 billion, as per the media reports in January.

IIT Madras raises ‘historic funding’ of more than Rs. 500 crore for FY 24, contributors include Walmart, FedEx

Adnan Nasir — Wed, 08 May 2024 12:07:43 +0000

IIT Madras has announced its highest round of funding in the history, as the institute has secured Rs. 513.38 crore of funds from alumni corporate enterprises and other donors in FY24. The amount is 135% higher than the institute’s funding last fiscal, which stood at Rs. 23.11 crore.

A release from IIT Madras said that the secured funds will not only be utilised towards advancing the technological research and development, but will also be used to deploy the existing technology built by the institute. Part of the funds, IIT said, would also be used to support student scholarships and infrastructural needs of the institute.

Prof V Kamakoti, Director at IIT Madras, in a conversation to CNBC- TV18 stated, “We set a target of Rs. 300 crore, and we’ve worked very hard along with the IIT Madras Alumni Charitable Trust, to have crossed to Rs. 500- crore mark.” He added that they have been able to manage such whopping amount because of the trust that people has invested in them.

Incidentally, IIT Madras’ Rs. 500 crore fund may well be the highest any institute has secured in funding in a fiscal. However, at the time of the announcement, other IITs were yet to release their funding for FY24.

Innovate UK announces £3 million funding to foster international collaboration

Adnan Nasir — Wed, 08 May 2024 11:56:20 +0000

A funding initiative has been launched by UK Research and Innovation – Innovate UK – and has committed to supporting collaborative research and innovative projects up to £300 million. This initiative is part of the UK Government’s International Science Partnerships Fund (ISPF), which is being managed by Department for Science, Innovation, and Technology (DSIT).

The ISPF, with a substantial pool of £337 million, aims to strengthen the collaboration between UK researchers and innovators and their counterparts globally, focusing on critical themes such as planet, health, technology, and talent.

The competition will particular emphasize on cooperative efforts between UK entities and organizations with the European Union. Its objective is to capitalize on quantum technologies, addressing both technological and market barriers to ensure successful adoption both in the UK and internationally.

In order to be eligible for this funding, the businesses must be registered in UK and must be partner with at least one non- linked organization registered in a European Union Member State. Participants are also motivated to include partners in their project from other countries, however, it has been made clear that international partners will not be entitled to receive any funding from Innovate UK.

Myelin Foundry secures funding of $4 million for Edge AI

Adnan Nasir — Wed, 08 May 2024 11:42:07 +0000

Myelin Foundry, a deep-tech AI startup, has raised $4 million in an equity fundraising round led by SIDBI Venture Capital (SVCL).

The round also saw continued participation of current investors Endiya Partners, Pratithi Investment Trust, and Subh Labh. With this latest funding, the Myelin Foundry aims to strengthen its AI platforms, support its expansion into international markets, and solidify its position in the edge AI space. Edge AI is a decentralized computational process technology that can execute operations at the very edge of a network, drastically reducing turnaround times.

The company is based in Bengaluru, and was founded in 2019 by Gopichand Katragadda and Ganesh Suryanarayanan.

“This investment reaffirms the confidence in Myelin’s growth trajectory and the potential of our Edge AI and Gen AI platforms. We look forward to working closely with our valued partners to accelerate our journey of transforming industries with Edge AI solutions,” said Katragadda, founder and CEO of Myelin Foundry.

The company, which deploys artificial intelligence in real time to provide video and audio experiences and outcomes, has global automotive and OTT players in the customer base.

Adani family injects Rs 6,661 crore into Ambuja Cements to raise its stake to 66.7%

Aditya Bhagchandani — Thu, 28 Mar 2024 06:46:28 +0000

Ambuja Cements, in an exchange filing on Thursday, revealed that the family of Indian billionaire Gautam Adani has raised its stake in the building materials company by injecting 66.61 billion rupees ($799.05 million) in equity.

This investment follows a previous infusion of Rs 5,000 crore by the Adani family through warrants in October 2022. Since assuming control of Ambuja from Holcim, the promoters have injected a total of Rs 11,661 crore into the company.

According to the company statement, this funding will play a crucial role in expanding the group’s cement capacity to 140 million tonnes per annum by 2028.

It will also support strategic initiatives such as debottlenecking capital expenditure to enhance operational capabilities, ensure scalability, and improve efficiencies across resources and the supply chain, Ambuja Cements stated in a regulatory filing.

DBS Bank India announces $250 million lending support for startups, new age companies

Markets Desk — Tue, 19 Mar 2024 11:04:33 +0000

DBS Bank India announced a lending commitment of USD 250 million for new-age startups today. The initiative is part of the bank’s focus on fostering innovation and entrepreneurship within the country’s thriving startup ecosystem.

The Indian start-up sector, a foundational pillar of the country’s development goals, has seen significant expansion over the years with over 90,000 start-ups and more than 100 unicorns as of 2024. Despite their growing resilience, access to capital for these companies in the current dynamic environment presents an ongoing challenge. Recognising the disruptive power of the startup segment, particularly those harnessing emerging technologies, DBS Bank India has earmarked lending support of USD 250 million, focusing on enterprises that are set to redefine industry standards with innovative solutions.

Rajat Verma, Managing Director & Head, Institutional Banking Group, DBS Bank India said, “We are inspired by the ability of new age entrepreneurs to harness innovation to solve real world challenges and hope to play a constructive role in their growth. We believe that our lending commitment of USD 250 million for startups comes at an opportune time as the sector has been demonstrating improved operating metrics and a sharper focus on profitability in recent years. DBS Bank India intends to leverage our advanced digital expertise, deep Asian connectivity, and ecosystem partnerships to offer holistic support, even going beyond banking to empower these innovators to streamline operations, manage logistics and gain access to larger business networks. As a different kind of bank, our overarching objective is to become a trusted partner for startups across sectors and support them throughout the business lifecycle.”

The bank’s advanced risk assessment framework, which combines traditional metrics with modern analytical tools, ensures a balanced approach to financing. The comprehensive evaluation process ensures that DBS Bank India can deliver tailored banking solutions that match the dynamism of the industry innovators it partners with. Given the unique hurdles encountered by startups in the digital economy, DBS goes the extra mile to offer a host of exclusive benefits curated from across partners, which will enable these companies to bolster agility and unlock growth. Through platforms like DBS Businessclass FoundED, the bank celebrates modern-day founders, engaging with over 1000 startups and 50 incubators across India till date.

Dermatology platform Cureskin secures $20 million in series B funding

Markets Desk — Wed, 13 Mar 2024 11:45:55 +0000

Cureskin, an AI-driven dermatology platform that provides clinically validated skin & hair health solutions, has raised Series B funding of USD 20 million. The round was led by India’s leading digital health-focused venture capital fund, HealthQuad along with participation from existing marquee investors including JSW Ventures, Khosla Ventures and Sharrp Ventures. The latest investment brings Cureskin’s total funding to USD 26 million, further fuelling its vision to widen access to quality dermatological care in India.

India grapples with a significant shortage of access to qualified dermatologists, leaving millions without quality skin care. At the same time, there is a significant and growing demand for such a solution in India due to its young and aspirational demographic.

Cureskin is expanding the skin and hair care market by bridging this gap by leveraging AI to scale the reach of dermatologists. Through its mobile app, Cureskin has treated over 15 Lakh customers so far for various conditions such as acne, hyper-pigmentation, post-acne issues, hair loss etc, with over 80% of customers in Tier 2 and 3 regions.

“We are delighted to have earned the backing of HealthQuad alongside our existing partners”, expressed Guna Kakulapati, CEO and Co-founder of Cureskin. “This investment reaffirms the growing demand for accessible expertise and quality care to solve skin & hair problems for people in India. These funds will help further enhance our AI capabilities, accelerate our growth and expand solution offerings. We aim to provide optimal skin and hair health to millions of individuals across the country.”

Louisa AI secures $5 million in seed funding

Markets Desk — Wed, 06 Mar 2024 12:13:41 +0000

Louisa AI, a groundbreaking AI-powered platform has secured $5 million in seed funding to enhance its technology designed to systematise “serendipity” in professional settings. Originating from an innovative concept at Goldman Sachs in 2018, Louisa AI has matured into a powerful tool for sales enablement and deal-making, leveraging network effects to create timely and impactful business connections.

Now operating independently, Louisa AI focuses on eliminating conflicts of interest, enabling the company to form B2B SaaS partnerships across a variety of industries. This strategic autonomy supports Louisa AI’s mission to provide unbiased and effective connections, promoting a new level of collaborative intelligence.

The platform’s inception was inspired by a serendipitous encounter experienced by Founder Rohan Doctor at Goldman Sachs, leading to the realisation that such fortuitous moments could be systematised through AI. This vision has evolved into Louisa AI, a platform that not only prompts deals but also fosters collaborative intelligence within and between companies.

The seed funding round attracted support from Oxford University’s investment arms, a number of early-stage venture capitalists such as Palm Drive VC, Evolution VC, Nucleus VC and Gaingels and finally, ex-Goldman Sachs partners, colleagues, clients, friends and family offices, all of whom have seen the team execute on this innovative concept and trust in Doctor’s ability to scale the business globally.

Motilal Oswal Alternates achieves first close of Rs 1,250 crore for its sixth real estate fun

Markets Desk — Wed, 21 Feb 2024 11:17:18 +0000

Motilal Oswal Alternates (“MO Alts”), the alternative investments arm of Motilal Oswal Financial Services Limited has announced the first close of India Realty Excellence Fund VI (IREF VI), its sixth real estate fund. The Fund, launched with a target corpus of INR 2,000 Cr (including a green shoe of INR 500 Cr) has received commitments aggregating ~INR 1,250 Cr in the first close.

MO Alts, till date, has invested capital in the real estate sectorthrough five real estate funds. The Firm also manages otherstandalone and proprietary investments in the real estate space. MOAlts is a seasoned real estate manager and has till date undertakenmore than 150 investments and funded ~INR 7,500 Cr across 50developers in India. They have also successfully exited more than85 investments and generated an IRR of more than 20% from their pre-approval bets.

IREF VI will strategically focus on early-stage investments pre-dominantly in mid-income/affordable residential projects across India’s top 8 cities, including Mumbai, Delhi-NCR, Pune, Bangalore, Chennai, Hyderabad, Kolkata and Ahmedabad.

This Fund has been raised from high net worth individuals, non-resident Indians and family offices/corporates. The Fund is set up as an alternative investment fund (AIF Category II).

MO Alts is the alternative investments platform of Motilal OswalFinancial Services Limited. The cumulative AUM under MO Alts ismore than USD 2 billion across growth stage private equity and realestate verticals.

Mr. Vishal Tulsyan, MD & CEO, MO Alts, said “This marks thelargest and the fastest first close for our real estate funds to date.This successful fund raise amidst a bullish equity marketunderscores the unwavering confidence our investors have placed in our capabilities. We are very optimistic about the real estate market as we foresee a period of robust growth ahead. Moving forward, we are committed to strengthening our position as aleading capital provider for real estate sector by capitalizing on amyriad of opportunities in the years to come.”

Proptech Crib invests $1 million in Crib Plus

Markets Desk — Mon, 19 Feb 2024 06:51:49 +0000

Crib, a property management app founded by Sunny Garg, Shaifali Jain, and Archit Chauhan in 2021, has unveiled its latest product, Crib Plus, a pro version of their current tool.

Crib made an investment exceeding $1 million to develop Crib Plus. The new version will cater specifically to the needs of large-scale student housing and co-living brands. This strategic move comes as these segments are poised for exponential growth in the coming years. According to last estimates from the International Monetary Fund (IMF), India’s residential rental market surpasses USD 20 billion, with urban areas accounting for 68% of this figure, equating to USD 13.5 billion.

A December 2021 report by Colliers revealed that India’s co-living market is on track to double by 2024. Additionally, a study conducted by Colliers India in June 2023 projected exponential growth in the student housing sector, driven by an anticipated influx of students reaching 31 million by 2036. The study underscored a significant gap between the existing supply of student beds (7.5 million) and the burgeoning demand, indicating substantial potential for growth in this sector.

Crib’s investment in Crib Plus underscores its commitment to addressing the evolving needs of the real estate market, particularly in the dynamic landscape of student housing and co-living.

Crib’s mobile app is currently used by over 1000 landlords managing 2500+ properties managing over 1,50,000 beds and a rental of 2500+ crores.

With the current suite of mobile apps, Crib helps landlords streamline their operations & finances. Whether it’s sending rent reminders, collecting online payments or signing agreements digitally, everything can be done via the Crib app. Crib Plus offers unparalleled advantages to student housing and co-living operators. Its cost is significantly lower, and can bring down the current cost of management by as much 25%. Moreover, users stand to benefit from the collective product intelligence embedded within Crib Plus, ensuring optimal functionality and user experience.

‘We realised that the enterprise customer managing over 1000+ tenants have a more comprehensive expectation from their property management tool like Detailed Financial Reporting, Business Analytics, sophisticated workflows like Asset Management, Visitor/Parcel Management, Expense Management along with personalised customisations & integrations. We are building Crib plus to satisfy these.’ said Shaifali Jain, Co-Founder & CPO, Crib

The new-age Co-Living & Student Housing Companies are heavily investing in their brands. They want to put their brand ahead whether it is on the building front or the mobile app. With Crib Plus, we’ll be able to provide them exactly what they need!” said Sunny Garg, Co-Founder & CEO, Crib

Crib has raised over 2M$ till date from investors like Rebright Partners, We Founder Circle and 50+ renowned founders and tech operators like Vijay Shekhar Sharma (PayTM), Kunal Shah (Cred), Ghazal Alagh (Mamaearth), Ramakant Sharma (Livspace), Sandeep Aggarwal (Droom, ShopClues), Ravi Bhushan (BrightChamps, Housing), Ankur Aggarwal (Dunzo).

Captain Fresh secures $25 million in funding for expansion

Dimple Gehlot — Fri, 16 Feb 2024 11:15:43 +0000

Captain Fresh, a startup specializing in fish and seafood technology, has raised $25 million as part of its ongoing funding round. The extension of the Series C funding round sees participation from Nekkanti Seafoods Group and British International Investment (BII), a UK-based development finance institution and impact investor, along with several family offices.

The funds will be utilized to expand distribution networks in the US and Europe and to enhance its vertically integrated seafood platform, as stated by the company in a press release.

This brings Captain Fresh’s total funding to $45 million across various tranches in its extended Series C round, with $20 million raised in September last year. Strategic Business Innovators (SBI) and Evolvence Fund led the first tranche, with support from Tiger Global, Prosus, Accel, and Matrix Partners India. In January this year, the company raised an additional $13 million, with the extended Series C expected to close at $48 million.

Captain Fresh was valued at approximately $480 million when it secured $13 million in funding and is projected to reach a valuation of $500 million by the end of this round.

Established five years ago, Captain Fresh offers a product portfolio comprising over 100 species of fish and seafood sourced from more than a dozen countries worldwide, serving customers across over 30 countries. The company has offices in India, the US, Dubai, Paris, Oslo, Amsterdam, and Madrid.

Captain Fresh handles over 80,000 metric tonnes of seafood annually, with India accounting for 90% of its operations. Demand also comes from Southeast Asia to some extent.

Recently, Captain Fresh completed the acquisition of Senecrus, a 40-year-old shrimp cooker and distributor based in Paris, as part of its expansion strategy in the EU.

Captain Fresh’s gross revenue surged nearly four times to Rs 817 crore in the fiscal year ending March 2023, while its losses increased 2.6 times to Rs 294 crore in the same period.