Top Trending StartUps News & Highlights
By issuing bonds, Navi Finserv, owned by Sachin Bansal, raises INR 150 Cr.
SUMMARY: The investors include Rishad Kairus Dadachanji, Pervin Kairus Dadachanji, and Kairus Shavak Dadachanji, the chairman of the Dadachanji Group, who have contributed INR 110 Cr. This occurs months after the loan startup declared its intention to use NCDs to raise INR 600 Cr. Cofounded in 2012 by Sachin Bansal and Ankit Agarwal, Navi Finserv specializes in lending products such as home, auto, and personal loans.Navi Finserv, a fintech unicorn run by Sachin Bansal, reportedly obtained INR 150 Cr through the issuing of bonds from six individual investors, following the company's announcement months earlier of aspirations to fund up to INR 600 Cr through the issuance of Non-Convertible Debentures (NCDs).An hour ago
Published 06 Jun 2024 10:08 AM
WinZo announces selection of 18 gaming startups to represent India at Gamescom Latam
The games that are included come in a variety of categories and genres, such as chess, racing, physics-based challenges, cricket, riddles, and racing games. Eighteen gaming businesses have been chosen by the vernacular skill gaming platform WinZO and the Department for Promotion of Industry and Internal Trade's (DPIIT) Startup India to represent India at Gamescom Latam, one of the biggest games exhibitions in the world. Games from a variety of categories and genres are included on the list, such as chess, racing, physics-based challenges, cricket, riddles, and racing games. According to the organization, these businesses are based in both bigger cities like Nashik and smaller ones like Hyderabad, Chennai, Pune, Kolkata, Bengaluru, Mumbai, and Delhi NCR. The titles that have been chosen include the cross-platform game Gods Of Cricket, the role-playing game Tanhaji The Maratha Warrior, the first-person survival horror game Kamla: Indian Exorcism, the narrative-driven 3D action-adventure game Unsung Empire: The Cholas, and the action role-playing game Frontier Paladin. The list also includes Kurukshetra: Ascension, an epic strategic card warfare game, Mr. Racer, a racing game for cars, Spook-A-Boo, an arcade game, and My Dream House, a casual Match3D+Decor game. Other games include the real-time chess game Tale of Honor, the shooter game Laser Tanks, the tile-matching game Timmy's Toy Rush, the puzzle game DetectiveIQ, the cricket game Bharat Cricket Premier League, the adventure game Mumbai Gullies, the hypercasual action game Elemental Escape, and the simulation game Tea Garden Simulator, which allows users to build and run their own tea empire. WinZO stated that a panel of seasoned industry professionals, including Suresh K Reddy, the Indian ambassador to Brazil, and Rohit Kumar Singh, the former secretary of the Indian government, chose the games from a pool of more than 100 technology and gaming businesses and technological institutes. (Fundação Getulio Vargas' São Paulo School of Business Administration) were also part of the panel. "India is positioned to lead the way in technical innovation because to its foundation of cutting-edge inventions and dedication to developing domestic talent. In a statement, Singh stated, "WinZO exemplifies this trajectory, harnessing the power of Indian creativity and technology to impact the global stage significantly." India's entry into LATAM, propelled by the export of technology and intellectual property, opens up new opportunities for our technology entrepreneurs, according to Rajesh Kumar Singh, Secretary, DPIIT. Developers who participate in this program pursue their goals and help India become a global leader in technology exports."
Published 06 Jun 2024 10:07 AM
DroneAcharya's Operating Revenue Soars 90%, Net Profit Doubles To 6.2 Cr in FY24
SUMMARY DroneAcharya's operating revenue climbed from INR 18.56 Cr in FY23 to INR 35.19 Cr in FY24, an almost 90% rise. The firm ascribed this rise to the business's constant and steady expansion as a drone solution supplier and drone-focused training institution. The startup's overall revenue increased to INR 37.35 Cr in FY24 from INR 19.13 Cr the previous year, including other revenues.In the fiscal year 2023–24 (FY24), the drone startup DroneAcharya Aerial Innovations, based in Pune, declared a consolidated profit after tax (PAT) of INR 6.2 Cr, over two times higher than the INR 3.42 Cr recorded in the same period of the previous fiscal year.Operating revenue for DroneAcharya climbed by about 90% from INR 18.56 Cr in FY23 to INR 35.19 Cr in FY24. The company's continuous and consistent growth as a drone solution provider and drone-centric training organization was credited by the startup for this increase.DroneAcharya, established in 2017 by Prateek Srivastava, provides a range of drone solutions for data processing, multi-sensor drone surveys, and pilot training, among other uses. Last year, the business ventured into the production of drones. In July 2023, it entered into a commercial production, assembly, and export agreement for drones and related goods with Gridbots Technologies, a robotics business based in Gujarat.The startup's overall revenue increased from INR 19.13 Cr to INR 37.35 Cr in FY24 when other income was factored in."At the moment, DroneAcharya is the top and most innovative DGCA-certified drone pilot training provider in India for the private sector. The company added in a statement that it has also made great progress in securing several international drone service projects, valuable industrial relationships with drone manufacturers, investments in drone-related businesses, and acquisitions of value-adding enterprises in India and throughout the world. DroneAcharya operated two DGCA-certified drone pilot training facilities in Pune and Gujarat up till last year. The corporation added two more new centers at IIT Ropar in Punjab and Jaipur in FY24, doubling the number. "The introduction of our line of type-certified agricultural spraying drones will be our first rollout for FY25. We are also steadily advancing internationally, emerging as one of India's foremostNoteworthy is the fact that DroneAcharya Aerial Innovations received an order earlier this year from the Adani Group to offer drone pilot training certified by the Directorate General of Civil Aviation (DGCA). Additionally, it obtained a contract in January from the Indian Army to supply advanced drone training and capacity building at the Mechanized Army Courses Group in Ahmednagar. It entered into an agreement with Vimaan Aerospace in February to supply drones, as well as services and training linked to drones.
Published 06 Jun 2024 10:06 AM
India Receives Its Second Space Port, Excitement for Rocket Startups
Today, Prime Minister Narendra Modi will lay the foundation stone for India's second launch site, Kulasekharapatnam, which is situated in the Thoothukudi district of Tamil Nadu. This will significantly advance the nation's spacefaring endeavors. The new launch pad has the small rocket community in India, including ISRO and startups, giddy with anticipation for more efficient small rocket launches.Up until now, all rockets used to launch satellites into orbit were launched from the nation's single spaceport, which was located in Sriharikota, Andhra Pradesh. To date, India has launched 95 rockets from Sriharikota, 80 of which have been declared successful. Renamed the Satish Dhawan Space Center, it began modestly in 1971 with the launch of a sounding rocket, the RH-125. The center is currently getting ready for India's human spaceflight project, Gaganyaan, to launch. Satish Dhawan Space Center has a distinct advantage—it is one of the world's southernmost rocket ports—but it also has a major disadvantage. The land mass of Sri Lanka presents a safety concern for rockets launching in polar or southerly directions because it keeps rocket debris from landing on foreign soil.In order to lessen this, ISRO has traditionally carried out a unique manoeuvre referred to as the "dogleg maneuver" in order to avoid Sri Lanka when conducting direct southward launches. Although there is a penalty for this maneuver, it can be tolerated for larger rockets with sufficient fuel, such as PSLV, GSLV, and LVM-3. But the advantages of using Sriharikota as the preferred launch site become clear as India gains proficiency in the launch of smaller rockets, such as the Small Satellite Launch Vehicle (SSLV), which can carry satellites weighing up to 500 kilograms. According to an ISRO rocket specialist, it becomes almost impossible to launch small rockets from Sriharikota in polar or southern trajectories with payloads weighing between 500 and 700 kg. As a result, Kulasekharapatnam has been chosen as the second launch site to address these issues because of its expanding small rocket market.
Published 28 Feb 2024 05:29 PM
StartUps
StartUps are the backbone of any country and in any Industry as these are the new ventures which entrepreneurs establish and then contribute to the nation growth and progress. The stratups will then grow and become unicorns and create thousands of employments in different sector boosting the economy and take it to the next level.
Uber introduces a boat hailing service on the picturesque Dal Lake in Kashmir
Srinagar: The charming Dal Lake in J&K is now home to Asia's first water transport service, "Uber Shikara." With shikara reservations on its app, Uber launched the first water transportation service in Asia. 'Uber Shikara', Uber's first water transport service, has been launched, making travel to Dal Lake hassle-free for tourists. By combining technology and tradition, this creative project enables travelers to reserve shikara rides in advance via the well-known ride-hailing app.Seven local Shikara owners have collaborated with Uber, and the company expects to grow its fleet in response to user demand. Government-regulated prices will apply to rides, guaranteeing tourists fair pricing. Nehru Park, an island park in the center of Dal Lake, is where the seven shikaras are stationed. Crucially, Uber will not impose any fees on its shikara partners, guaranteeing that the entire fare is paid to the boat operators directly."Anyone who visits Srinagar must take a shikara ride, which is a classic activity on every traveler's bucket list," stated Ruchika Tomar, Director of Communications at Uber. Our service offers travelers a seamless experience by fusing Kashmir's ancient beauty with the enchantment of technology. Up to four people can travel in each Uber Shikara, which is available for one-hour reservations every day between 10 a.m. and 5 p.m. It is possible to book rides 12 hours to 15 days in advance.
Byju's bankruptcy: Riju Raveendran petitions the NCLT to be included in the case
On Monday, Riju Raveendran, the brother of Byju Raveendran, the founder of the insolvent edtech company, and its largest stakeholder, went to the Bengaluru insolvency tribunal to request inclusion in the case. The tribunal, however, voiced concerns over his involvement in the proceedings.Before the tribunal, Riju's attorney begged for permission to defend himself against claims made by Byju's lenders—specifically, Glas Trust, a US-based lender—about where the Rs 158 crore that was first given to the Board of Control for Cricket in India (BCCI) to pay its debts came from.Byju's US-based lenders had resisted the settlement, arguing that the funds utilized to reimburse BCCI were corrupted because they were included in the $533 million that was purportedly "missing." The tribunal, however, stated that determining the source of funds falls under the jurisdiction of the income tax authorities and the Enforcement Directorate. It directed the lenders to file objections to Raveendran’s plea and adjourned the hearing.However, the panel declared that the Enforcement Directorate and the income tax authorities had the authority to ascertain the source of funds. It postponed the hearing and instructed the lenders to oppose to Raveendran's plea.The appeal panel was earlier informed by Riju Raveendran, a board member of the business, that the funds paid to the BCCI were "clean." His attorney had maintained that the $533 million that the lenders said was "missing" did not include the payment to the BCCI. The US lenders and Byju's parent business, Think & Learn, are at odds over the missing funds.
Uber and Bolt launched a women only service in Paris
Two rival ride-hailing platforms announced on Thursday options allowing Parisian women to order a car driven by a female driver in a bid to ensure "greater safety" for its customers. The "Uber by Women" option, available from Thursday, comes at no extra cost but with potentially longer waiting times. Uber launched a similar scheme in other European countries as the company grapples with a litany of sexual assault or harassment claims against their drivers. The change will ensure "greater safety" for its women customers, said Uber, with some 1,500 female drivers already available in Paris. There is a reminder on the app that the option is for women only, and drivers can cancel if a man tries to use it, the platform told AFP. "Waiting times ... could be higher than with other options, 15 minutes on average compared to four minutes" for a standard order, Uber said. But the ride-share company also hopes the change will attract more women drivers by offering them a "substantial reduction" on the fees charged for each ride. Uber by Women is an "excellent way of increasing the attractiveness of the ride-hailing profession to women who would otherwise not consider it", said Uber's head in France, Laureline Serieys. European rival Bolt also announced the launch of a similar option in France called "Women by Women", set to roll out by the end of 2024. "It is essential to guarantee the safety of all women using ride-hailing services," said France's Bolt director Julien Mouyeket. "The 'Women for Women' category embodies this commitment, meeting the safety expectations of female users while protecting female drivers," he added.
SolarSquare's valuation is expected to increase threefold with new investment.
SolarSquare is currently in detailed discussions to secure $30 million in a new funding round, spearheaded by Lightspeed Venture Partners, with an anticipated valuation of $130 million. Established in 2015, SolarSquare Energy started its journey with business-to-business rooftop solar solutions and shifted to the business-to-consumer segment in 2021. In the fiscal year 2023, SolarSquare reported a net loss of INR 30 crore against an operating revenue of INR 107 crore.Several months after securing $4.2 million from prominent investors, including Zerodha Technology and Nikhil Kamath’s Gruhas Proptech, the rooftop solar solutions company SolarSquare is planning to raise an additional $30 million in a new funding round. Based in Mumbai, the startup is currently engaged in advanced discussions for this round, which is expected to be spearheaded by Lightspeed Venture Partners, according to a report by Mint citing insider information.The funding round, expected to conclude by next month, is projected to value the startup at $130 million — representing a 2.7X increase from its earlier valuation of $47.7 million, according to the report. Inc42 has contacted Shreya Mishra, cofounder and CEO of SolarSquare, for her insights on this development. The article will be updated following her response. SolarSquare is reportedly planning to utilize the new funds to expand its operations and fulfill its capital expenditure requirements.Established in 2015 by Neeraj Jain, Nikhil Nahar, and Shreya Mishra, SolarSquare Energy began its journey by providing B2B rooftop solar solutions but shifted its focus to the B2C market in 2021. The company delivers a comprehensive range of rooftop solar solutions, encompassing the design, installation, and financing of solar systems for residential homes, housing societies, and commercial properties. SolarSquare faces competition from various solar solution providers, including Zunroof, Cleantech, Mysun, Oorjan, and Freyr Energy, among others. As reported by Inc42, SolarSquare has secured over $20.25 million in funding to date. In May, the company successfully raised $4.2 million from investors including Zerodha Technology, Gruhas Proptech led by Abhijeet Pai and Nikhil Kamath, Lowercarbon Capital, and Good Capital.
To encourage technological innovation, Rajasthan will host an IT and startup summit.
OVERVIEW To establish the state as a center for innovation and technology, the Rajasthani government will hold the "Information Technology & Startup Pre-Summit" on November 12. The "Rising Rajasthan Global Investment Summit 2024," which intends to double the state's GDP and exports by 2030, will be preceded by the pre-summit. The state government will sign Memorandums of Understanding to promote partnerships and strengthen Rajasthan's tech sector at the pre-event.Rajasthan is positioned as a vibrant center for innovation and entrepreneurship and is about to undergo a technological revolution. The 2018 Information Technology & Startup Pre-Summit, with the theme "Building a Resilient Future – Lessons from Leading Innovators," is expected to be a crucial event in the state's efforts to develop a strong startup ecosystem. The Confederation of Indian Industry (CII) and iStart Rajasthan are collaborating to arrange this summit, which is set for November 12, 2024, in Jaipur from 9 am to 5 pm. The Potential of AI and Technology Artificial intelligence (AI) and technology are key forces behind change in today's rapidly changing world. The importance of using AI and technology breakthroughs to enhance Rajasthan's sectors and provide opportunities for innovation and economic resilience will be emphasized at this summit. Rajasthan's potential as a tech-driven state can be strengthened by utilizing AI to not only expedite procedures but also develop innovative answers to challenging problems in a variety of industries.
In FY24, cashless losses increased by 2.17% while revenue increased by 4.19%.
OVERVIEW In the fiscal year 2023-24 (FY24), Cashfree Payments' net loss increased by 2.17% to INR 136 Cr from INR 133.1 Cr in the prior fiscal year. In the meantime, the company's operational revenue climbed from the reported INR 613.6 Cr in FY23 to INR 639.3 Cr in the year under review, a 4.19% rise. The Reserve Bank of India recently granted the business a prepaid payment instrument (PPI) license, enabling it to make purchases and transfer funds against a preset value.CashfreeCashfree Datalabs_in-article-icon Fintech platform In the fiscal year 2023-24 (FY24), Payments' net loss increased by 2.17% to INR 136 Cr from INR 133.1 Cr in the prior fiscal year. From the reported INR 613.6 Cr in FY23 to INR 639.3 Cr in the year under review, the startup's operating revenue grew by 4.19%.A full-stack digital payments solution platform, Cashfree was founded in 2015 by Akash Sinha and Reeju Datta. It provides API banking solutions and makes it possible for companies to collect payments. The majority of the startup's revenue comes from commission income, which is derived mostly from the sale of services. With support from Y Combinator, State Bank of India, Apis Partners, and other investors, the firm has raised more than $40 million in total capital to date. It faces competition from companies like PayU, Bill Desk, and Razorpay. The Reserve Bank of India recently granted the business a prepaid payment instrument (PPI) license, enabling it to make purchases and transfer funds against a preset value.
INR 1,000 Cr Space Sector Venture Capital Fund Approved by the Cabinet
OVERVIEW A venture capital fund under IN-SPACe with a corpus of INR 1,000 Cr was authorized by the Union Cabinet after being first announced by Finance Minister Nirmala Sitharaman in her budget speech. FY26 to FY30 have been designated by the Center as the years for the deployment of funding. Depending on the company's stage, growth trajectory, and possible influence on the national space arena, the typical investment would be between INR 10 Cr and INR 60 Cr. The establishment of a Rs. 1000 crore venture capital fund for the space industry under the auspices of IN-SPACe has been approved by the Union Cabinet, which is led by Prime Minister Shri Narendra Modi. S.No. About 40 businesses are anticipated to be supported by the fund based on the funding range mentioned above.
Russia is debating whether to host the SCO Startup Forum.
The Shanghai Cooperation Organization Startup Forum facilitates the exchange of innovative best practices and the beginning of collaborative ventures. We are exploring the potential of hosting it in Russia the following year. In close consultation with the Indian side, we are developing the agenda. Aspiring businesspeople and investors from our nations will find the event fascinating, Mishustin stated.Nine member states—the Republic of India, the Islamic Republic of Iran, the Republic of Kazakhstan, the People's Republic of China, the Kyrgyz Republic, the Islamic Republic of Pakistan, the Russian Federation, the Republic of Tajikistan, and the Republic of Uzbekistan—make up the Shanghai Cooperation Organization (SCO), a permanent intergovernmental international organization. In order to maintain and ensure peace, security, and stability in the region, the SCO works to build mutual trust and neighborliness among its member states, encourage effective cooperation in politics, trade, economy, research, technology, and culture, as well as in education, energy, transportation, tourism, and environmental protection, among other areas. It also works to establish a new international political and economic order that is democratic, equitable, and logical.
By Q2 2025, Bluestone plans to launch an INR 2,100 Cr IPO.
SUMMARY At an estimated valuation of $1.5 billion, Bluestone is expected to raise up to INR 2,100 cr through its IPO. Investment bankers Axis Capital and IIFL Securities, among others, have been enlisted by the omnichannel jewelry firm to assist with its public offering. The news follows Bluestone's pre-IPO investment round, in which the company raised INR 900 Cr, almost propelling it into the unicorn club.With new-age digital companies like Swiggy, Ather Energy, and BlackBuck rushing to list on the stock exchanges, the Indian IPO bubble is still going strong. Now, omnichannel jewelry firm BluestoneBluestone Datalabs_in-article-icon is preparing to enter the fray.Bluestone is getting ready to go public by the second quarter of next year, according to Mint. At an estimated valuation of $1-1.5 billion, the Prosus-backed business is expected to generate $200-250 million (about INR 1,681-2,100 crore) through its initial public offering. According to reports, the business helmed by Gaurav Singh Kushwaha and Vidya Nataraj has enlisted the assistance of investment bankers Axis Capital, IIFL Securities, and Kotak Mahindra Capital for its public offering. The company is anticipated to submit its draft red herring prospectus (DRHP) to market regulator SEBI later this year.Bluestone did not respond to Inc42's questions until this story was published. It will be the first initial public offering (IPO) by an Indian new-age jewelry company if Bluestone's intention to go public is successful.According to sources, Bluestone raised INR 900 Cr in August from investors like Peak XV Partners, Prosus, and Steadview Capital in a pre-IPO investment round, almost propelling the business to the unicorn club. Bluestone, an omnichannel jewelry firm founded in 2011 by Gaurav Singh Kushwaha and Vidya Nataraj, boasts over 8,000 designs for rings, pendants, earrings, and other items. The firm uses a franchise arrangement to run the remaining retail locations while owning some of its own. It asserts that it has more than 200 retail locations nationwide. Legacy jewelry brands like CaratLane, GIVA, Melorra, and others are competitors of BlueStone. The business secured INR 100 Cr in debt capital in June.
The Good Bug Secures $3.5 Million from Fireside Ventures and Sharrp
OVERVIEW The startup has already raised INR 20 Cr of the INR 30 Cr. It is anticipated that the final sum will arrive shortly. The new funding will probably be used by The Good Bug to increase the range of products it offers. The Good Bug is a direct-to-consumer company that was established in 2022 by Keshav Biyani and Prabhu Karthikeyan that sells a variety of intestinal health and wellness goods.In its Series A extension round, Mumbai-based direct-to-consumer firm The Good Bug raised $3.5 million, or roughly INR 30 crore, from Sharrp Ventures, the Marcio Group chairman Harsh Mariwala's family office. The startup's previous investors, Fireside Ventures and cofounder Keshav Biyani, also participated in the investment round, according to its RoC filing. To raise money, the business gave the three investors 630 Series A1 and Series A2 compulsory convertible preference shares (CCPS). According to the filing, these CCPS will be converted into equity shares at a 1:10 ratio during the upcoming fundraising event. The startup has already raised INR 20 Cr of the INR 30 Cr. It is anticipated that the final sum will be received shortly. A letter of inquiry to The Good BugThe new funding will probably be used by the firm to increase the range of products it offers. Nearly a year has passed since The Good Bug's $3.5 million Series A fundraising round, which was headed by Fireside Ventures, concluded. Future Group founder Kishore Biyani's daughters Ashni and Avni's Think9 Consumer Technologies also participated in the round. It is important to remember that Kishore Biyani's nephew is Keshav Biyani. The Good Bug, which was founded in 2022 by Keshav Biyani and Prabhu Karthikeyan, provides a line of gut health and wellness products that assist people with chronic lifestyle problems like constipation, bloating, and weight loss through gut health, among others. Financial year 2022-23 (FY23) sales for the startup were INR 2.79 Cr.
Reforms to Indian regulations may expedite the return of firms destined for initial public offerings.
The elimination of a laborious compliance procedure by India is expected to hasten the return of overseas-domiciled Indian companies to their home country in order to take advantage of the listing boom. This prediction comes from investors, bankers, and attorneys.A so-called "reverse flip" merger with a domestic subsidiary no longer requires approval from the backlogged National Company Law Tribunal, as of last month. This effectively cuts the process's duration in half, from at least 12 to 18 months to three to four months.Many of the dozens of Indian startups that originally decided to locate overseas in order to have easier access to capital and pay lower taxes are now lining up to return home from financial hubs like the United States and Singapore because of the better prospects for their initial public offerings in a nation that forbids dual listings. According to several sources, Zepto, Eruditus, and InMobi are attempting to complete the merger process in the upcoming months in order to be ready for potential initial public offerings (IPOs), while Razorpay, Pine Labs, and KreditBee are further along in finishing the reverse flip. Because they were not authorized to talk in public, the sources spoke on the condition of anonymity. "We have a home market in India, where people are familiar with and understanding of us. From a listing standpoint, being in India makes sense," Razorpay CEO and co-founder Harshil Mathur stated.With its most recent funding in December 2021, the U.S.-domiciled online payments company was valued at $7.5 billion, and it plans to relocate to India. According to LSEG data, IPOs in India, including those by startups Ola Electric and FirstCry, have raised $9.17 billion in the first nine months of this year, up from $4.68 billion in the same period last year. This makes India a unique bright spot for businesses in the Asia-Pacific region looking to raise equity capital. "A reverse flip makes sense given how well the IPO market is doing. This strategic approach is further supported by the streamlined merger process, which was created to enable quick and easy scheme approvals without the need for court intervention, according to Mehul Shah, a partner at corporate law firm Khaitan & Co.
Grand Anicut's INR 100 Cr Debt Is Captured by WayCool
Waycool, the Chennai-based agriculture supply chain startup, has raised Rs 100 crore (approximately $12 million) in debt funding from Grand Anicut. In the past two years, this is the company's first significant infusion. According to the board's regulatory filing obtained from the Registrar of Companies (RoC), it plans to raise Rs 100 crore or $12 million by issuing 1,000 Series B6 debentures at an issue price of Rs 10,00,000 per. With a duration of 18 months, the debt has an annual coupon rate of 18%. According to the documents, the corporation intends to use the money for continuing commercial activities. For Waycool, this financing deal represents a major victory because the business has had difficulty raising capital in an equity round. Founded by Jayaraman KarthikWith an eye toward profitability by July of this year, the corporation also fired 200 employees across divisions in an effort to reduce costs. In FY23, Waycool's operating revenue increased by 62% to Rs 1,251 crore, but its losses increased by 89% to Rs 685 crore in the same time. It has not yet submitted its FY24 annual report. The lack of equity funding for agritech businesses is emphasized by Waycool's debt financing. Notably, over the previous several years, three companies—Waycool, Dehaat, and Ninjacart—have been on the verge of becoming unicorns. Still, the industry hasn't produced its first unicorn. TheKredible, a startup data analytics platform, reports that in 2024, agritech will continue to be among the least financed industries, with over 30 firms raising just $150 million.
Following the CEO's proposal to invest $100 million in a healthcare venture, PB Fintech gains 4%.
SUMMARY PB Fintech is anticipated to obtain board permission before making a one-time investment of $100 million to acquire a 30% share in a startup healthcare company. With a price target of INR 1,750 per share, brokerage company Bernstein has maintained its "outperform" rating on PB Fintech. In Q1 FY25, PB Fintech reported a consolidated net profit of INR 59.98 Cr, up from a loss of INR 11.9 Cr in the same quarter the previous year.In intraday trading today (September 30), shares of PB Fintech, the parent company of PolicyBazaarPolicyBazaar Datalabs_in-article-icon and Paisabazaar, increased by more than 4% to INR 1,715.40 apiece on the BSE following confirmation by chairman and group CEO Yashish Dahiya that the company is contemplating a move into the healthcare industry.After receiving board permission, PB Fintech is probably going to invest $100 million one time to purchase a 30% interest in a startup healthcare company, Dahiya said CNBC-TV18.A middle-class individual cannot afford to pay INR 78,000 per night for a bed, according to Dahiya, who also explained the company's decision to enter the healthcare industry. She added that PB Fintech's goal is to close the gap between hospitals and insurance providers. Last week, rumors of PB Fintech's intentions to enter the healthcare industry started to circulate. According to a September 27 exchange filing, Dahiya indicated on the most recent analyst call that the business was considering plans to join the healthcare industry.Investors have received enormous profits from PB Fintech since its 2021 public debut. The stock has increased by 42% from its listing price of INR 1,150 per share and by more than 67% from its INR 950 issue price. So far this year, it has increased by more than 107%.With a price objective of INR 1,750 per share, brokerage company Bernstein kept its "outperform" rating on PB Fintech last week. This suggests that the stock may rise by approximately 7% from its previous closing.The brokerage observed that the stock's fast growth, solid business plan, and cash generation had made investors optimistic about it. There's good cause to be optimistic. For the months of April through June, PB Fintech reported its third consecutive profitable quarter. In contrast to a loss of INR 11.9 Cr in the same period last year, the company reported a consolidated net profit of INR 59.98 Cr in the first quarter of the financial year 2024–25 (FY25).
Gharda Chemicals will create a new foundation to support entrepreneurs.
The foundation, which was established in collaboration with the Anjani Mashelkar Foundation, will support business owners who are committed to producing healthcare and core engineering innovations with a social conscience.The Mumbai-based company Gharda Chemicals, which produces polymers, veterinary medications, and insecticides, announced in a statement that it has established the KHG Innovation Foundation to support innovators developing technology that may close gaps and improve societal results.The foundation, which was established in collaboration with the Anjani Mashelkar Foundation, will support business owners who are committed to manufacturing healthcare and core engineering innovations with a social conscience.According to Nilesh Kulkarni, director of Gharda Chemicals, "the foundation is funded by Gharda's (founding chairman and managing director Keki Hormusji Gharda) personal wealth and the profits from the holding company." Gharda Medical and Advanced Technologies is the holding corporation.The non-profit foundation would have an initial endowment of about ₹30 crore, which will be refilled annually. The foundation has two options: it can invest or give grants to business owners. It will first concentrate on medical technology.mentoring and direction In addition to funding, the foundation will give the entrepreneurs access to mentorship, direction, and strategic counsel from thought leaders and industry professionals. Additionally, the announcement stated that KHGIF would "have tailored programs that support both for-profit and not-for-profit enterprises alike and drive pilot projects to help innovators scale for impact." India has set out to become a global leader in manufacturing and has started the process of becoming a developed nation in the near future. We think that attaining such status will require a strong emphasis on entrepreneurship together with innovation. Gharda, who turned 95 on Wednesday, stated in the statement that "establishing KHGIF is one among several such efforts that would be required as we proceed towards developing that capability."
CoinDCX Launches Web3 Mode To Make Crypto Purchases In INR Easier
OVERVIEW Users will have access to over 50,000 pre-launch, trending, and upcoming DeFi tokens thanks to the Web3 integration. Through the CoinDCX app, it will make it easier to buy and transfer tokens like Ethereum (ETH), MATIC, Tether (USDT), and USD Coin (USDC) in Indian rupees. In addition, CoinDCX has revealed a points airdrop to thank its current users.Moreover, the Web3 mode makes Web3 easily accessible through a simple INR on-ramp. Through the traditional CoinDCX app, users can purchase tokens such as ETH, Matic, USDT, USDC, and more using INR. These tokens can then be transferred to Web3 Mode for the purpose of acquiring assets within Web3.Users will be able to access pre-launch and emerging tokens from big and developing ecosystems including Base, Solana, Binance Smart Chain, Polygon, and ten more chains via the Web3 mode. Moreover, the Web3 mode makes Web3 easily accessible through a simple INR on-ramp.On June 25, cryptocurrency market CoinDCX revealed that its app has integrated Web3 mode, allowing users to access over 50,000 decentralized tokens in an INR-friendly format. According to CoinDCX CEO and co-founder Sumit Gupta, 15 million customers of the exchange can now use Web3 more easily thanks to this connection.Users will be able to investigate and purchase coins that aren't currently listed on centralized exchanges using the Web3 method.The group has been attempting to delve further into Web3. We are adamant about our goal of making Web3 and cryptocurrency more approachable and available to all Indians. This is significant to us since not many businesses or goods have that level of functionality worldwide. Making it is really difficult," Gupta said to Moneycontrol.Using its own SDK, Okto stack, CoinDCX was able to accomplish this integration, he claimed. With this integration, accessing Web3 offerings no longer requires 10 steps—just one click within the app. "We worked on the integration of this feature in the background for three to four months after we finished building it."
Jio Appoints Sidharth Kedia, Former CEO of NODWIN Gaming, To Lead Gaming Vertical
OVERVIEW Kedia left Nazara-backed NODWIN Gaming in October of last year, and in June she became the head of JioGames and senior vice president. Kedia has worked for Reliance Group twice. In order to promote its cloud gaming platform, Jio last year signed a 10-year strategic relationship with the French company Gamestream, whose partners include Ubisoft.Sidharth Kedia, a former NODWIN Gaming CEO, has joined Reliance Jio's JioGames gaming platform as its leader.Kedia left Nazara-backed NODWIN Gaming in October of last year, and in June she became the head of JioGames and senior vice president."I had joined RIL's media division in 2015." Jio was nearing the end of its development. I was asked by the chairman's office to oversee the PMO for the Jio "friends and family" launch in December 2015. Looking back, I'm incredibly proud to have been a part of this historic project, Kedia posted on LinkedIn."After ten years, I'm thrilled to be welcomed back into the RIL family and given the chance to grow Jiogames and create the massive gaming empire that India has been waiting for," he continued.It is important to remember that he left Reliance following his initial term there in 2019 and joined NODWIN Gaming, while listed gaming behemoth Nazara purchased the majority of the former in 2018. During his tenure, NODWIN Gaming expanded to become one of the top esports organizations in the nation, branching out into genres other than only competitions. Given the appointment, JioGames may now actively promote its fresh initiatives in the market. Jio's gaming section, led by Mukesh Ambani, intends to cater to both game producers and players.
Shares of Mamaearth Parent Honasa Fall 4% Following Significant Block Deal
SUMMARY: After closing at INR 457.70 last time, the shares opened at INR 440.60 per. The price of the shares at 10:00 AM on Tuesday was INR 441.35. Exchange data shows that 66.2 lakh shares, or 2% of the equity, were exchanged in a block deal.After 66.20 lakh shares, valued at Rs 439 each, were swapped in a block deal for Rs 291 crore, the shares of Honasa Consumer, the company that owns Mamaearth, fell 4%. Both Fireside Ventures and Sofina Ventures, who both own sizeable investments in Honasa Consumer, were probably the sellers in the purchase, which amounted to a 2% ownership. Tuesday saw a 4% decline in the value of Honasa Consumer's shares, which operates Mamaearth, following a block transaction involving the transfer of 66.20 lakh shares. A total of Rs 291 crore was transacted in this deal, which was completed at an average price of Rs 439 per share. It is the same as owning 2% of Honasa Consumer, Mamaearth's parent company.According to media sources, Sofina Ventures and Fireside Ventures were most likely the sellers in this deal. According to the most recent holdings data, Sofina Ventures owned 6.16% of Honasa Consumer's shares, while Fireside Ventures Investment Fund held 5.28% of the firm.
India's Semiconductor Hub May Eventually Become Bengaluru-Mysuru Kant, Amitabh
OVERVIEW According to Kant, the geographic belt is the most practical location for semiconductor manufacturing facilities because it provides a consistent supply of materials and electricity. He continued by saying that the current union government's main priority for the next five years will be to train young people in cutting-edge technological fields. According to Inc42, by 2030, the rapidly expanding Indian semiconductor market is expected to surpass $150 billion.The Bengaluru-Mysuru belt of Karnataka, according to former CEO of NITI Aayog and G20 Sherpa Amitabh Kant, provides the "best" ecosystem in India for semiconductor design and manufacture.Speaking on Thursday, June 6, at the India Global Innovation Connect event in Bengaluru, Kant stated that the region is the most practical place to build semiconductor fabrication facilities because it has a consistent supply of minerals and electricity."In India, the Bengaluru-Mysore belt of Karnataka has the best ecology (for semiconductor production) of any place. This requires minerals, water, and a consistent supply of energy, all of which are present in the area. Therefore, the belt might be the ideal location to advance both production and become the global hub for design, Kant continued. The former CEO of NITI Aayog stated that Bengaluru and Hyderabad already accounted for around 30–35% of India's current semiconductor design, and that the region could potentially design semiconductors for businesses worldwide.In response to a query concerning the planned location of the nation's first tech park centered around quantum computing, Kant stated that Karnataka was "no better place" to create a center for the cutting edge technology. According to Kant, the present union government's main priority for the ensuing five years will be equipping young people with skills in cutting-edge technology."This current government's primary focus for the next five years will be fully on apprenticeship and skill development. It won't just focus on the information technology industry; it will also address the creation of new jobs in developing fields, Kant continued.Additionally, he stated that more upskilling startups were required to assist in educating aspiring engineers in fields with great demand and developing technology. "More engineers are needed to help create the next generation of Indian enterprises. We need at least two million engineers with expertise in cutting-edge fields like data analytics and artificial intelligence for that. In order to close the supply gap, engineering colleges' curricula must be reorganized, realigned, and reoriented toward contemporary demands. Kant continued, "And this needs to be done rapidly.With initiatives like the INR 6,000 Cr India's Quantum Computing Mission and the INR 76,000 Cr Production-Linked-Incentive (PLI) scheme for semiconductor manufacturing, the Center hopes to capitalize on emerging technologies to drive the nation's product economy, advance the next stage of innovation, and support the startup ecosystem. The Tata Group recently announced the establishment of a semiconductor ATMP (a mix of assembly, testing, marking, and packaging) unit in Assam, at an estimated cost of INR 27K Cr, in response to these scandals.
