Zeta Introduces Credit As-A-Service Product for Banks Integrated with UPI

Zeta, a unicorn in banking technology, has launched a digital credit-as-a-service solution for banks. The product leverages the network to expedite the issuing of credit in India and is based on NPCI's credit line on UPI scheme.The company expects transaction volumes on this scheme to exceed $1 Tn by 2030 and aims to capture 50% of this market opportunity with its solution, helping banks create and launch credit products quickly."Credit Line on UPI has hit a home run for banks by completely changing the discovery, access, and cost mechanics of retail lending," stated Ramki Gaddipati, CEO APAC & Global CTO, Zeta.According to Gaddipati, the cost of Zeta's new offering would change based on the particular services that each bank needs."We saw UPI volumes put a strain on core banking systems," he continued. We expect comparable Credit Line volumes on UPI in the near future, necessitating a populace-wide banking infrastructure that can handle hundreds of millions of credit accounts.Zeta, which was founded in 2015 by Gaddipati and Bhavin Turakhia, provides financial institutions with an omni-stack platform for managing fraud and risk, processing and issuing debit and credit cards, and lending. Zeta's cloud-native, next-generation core banking and payments platform powers its extensive services and technology stack, which enables banks to manage digital credit operations from originations to collections. This is known as its digital credit-as-a-service offering. Pre-integrated technologies to speed up launch procedures, packaged services to improve operational effectiveness, and a variety of product blueprints, including EMI loans, merchant loans, and agricultural loans, will also be included in the offering. It will also provide regulatory reporting, compliance, and operations capabilities in addition to process consulting support for integrating Credit Line on UPI with current bank systems.In contrast to a loss of INR 20.7 Cr in FY22, the company declared a profit after tax (PAT) of INR 21.94 Cr in the fiscal year 2022–2023 (FY23). The fintech unicorn based in Bengaluru had an increase in income from operations of about 33% to INR 816.20 Cr in FY23, up from INR 615.05 Cr in FY22. Zeta became a unicorn in May 2021 after raising $340 million in total capital with a $250 million funding round headed by Masayoshi Son's SoftBank. Among its supporters are well-known companies like Mastercard, Sodexo, and Softbank Vision Fund.  

Talks of SoftBank Increasing Its Investment in Software Portfolio Company Icertis

SoftBank is once again making inroads into the Indian startup scene. The global giant is in early talks to increase its investment in Icertis, a company that now manages its software portfolio.According to ET, Pune-based Icertis is presently seeking to raise $150 million (about INR 1,252 crore) through the sale of secondary shares; as part of this transaction, SoftBank may expand its participation.It is important to note that with this new round of funding, SoftBank is not the only investor looking to extend their position in Icertis. Existing investors in the business are also thinking about increasing their stake. This action is being taken as some of the company's original investors look to leave the 15-year-old business.Valuation concerns play a major role in the talks between SoftBank and Icertis.As part of a bigger fundraising round, SoftBank's Vision Fund is completing preparations to invest in the e-commerce platform Meesho. This comeback comes after SoftBank and Tiger Global abstained from transactions for more than a year.Established in 2009 by Monish Darda and Samir Bodas, Icertis focuses on the corporate IT industry. Businesses all around the world may manage, buy, sell, and corporate enterprise contracts with the aid of its product, Icertis Contract Intelligence (ICI).It was previously reported that SoftBank was getting ready to resume investing in Indian businesses following a roughly 18-month hiatus. The Japanese investment company, which had previously taken a wait-and-watch approach, is now aggressively seeking to support cutting-edge businesses and expand its holdings in the Indian market.SoftBank will keep investing, especially in growth-stage companies, as it often does so with over $100 million each round.As of December 2023, SoftBank India's investment portfolio across Vision Funds I and II had a fair value of around $14 billion, an increase of 9%.  

TiE Smashup 2024: Promoting Development and Creativity in the Startup Sector

May 7, Jaipur, Rajasthan, India: The flagship event of TiE Rajasthan, TiE Smashup, is back for its eighth iteration, giving startups a special chance to network with more than 25 institutional investors from across India. Thanks to the success of the previous year's event and the Rajasthan Government's Istart initiative, five entrepreneurs were able to get immediate cash commitments: Indeed, Madam, you succeeded in securing Rs 75L from Warmup Ventures; Boba Bhai received Rs 50L from Warmup Ventures; Ratnada Ventures awarded Strangify USD 60000; and Realtime Angel Fund gave each of Headfox Innovation Pvt Ltd. and Cellverse Pvt. Ltd. Rs 50L."Many start-ups are reaching notable milestones with their innovative ventures, supported by TiE Rajasthan." "Smash Up" has established a national brand presence today and has evolved from a Chapter event to an ecosystem partners event, providing the ideal venue for start-ups to be noticed by global venture capitalists. said TiE Rajasthan President Dr. Sheenu Jhawar.Following the Smash Up event of the previous year, Boba Bhai secured noteworthy seed capital of Rs 12.5 Cr at a valuation of Rs 50 CR. Meanwhile, the triumph of Yes Madam, My Body Affairs, and Hexpression on various seasons of Shark Tank India demonstrated their capabilities. The prestigious 500 Global Alberta Accelerator 2023 Batch-5 in Canada has selected InfraHive (Aivinya). Following their participation in SMASHUP, other startups such as The Loom Art, Doctune, Insurance Padosi, Mobirapid/Headfox, VCheck, Thela Gaadi, OLE ROOMS, Kwikfix, Avitron Aerospace, and Tempvision have also made notable progress in their respective fields. Caldor Health Technologies is one such startup.The outstanding contributions of Puneet Mittal (Chair, Startup Screening), Vikram Ahuja (Chair, On-Spot Funding), Nishant Patni (Convenor), and Sharad Bansal (Co-Convenor) are responsible for TiE SMASHUP's continued success. Registrations are now available for TiE SMASHUP 2024, the eighth edition (September 27–28), which promises to be an even more exhilarating experience after the phenomenal success of previous Smash Ups.  

Kareena is pleased to be a national ambassador for UNICEF India.

UNICEF India has named Bollywood star Kareena Kapoor Khan as its national ambassador. Her longstanding affiliation with the organization since 2014, during which she has acted as a Celebrity Advocate, is recognized with this esteemed status.Young Advocates: Supporting a Range of Issues UNICEF India announced the appointment of Kareena along with the introduction of its inaugural class of Youth Advocates, four exceptional persons who will act as peer leaders and advocates for important issues impacting children and youth. The causes that the Youth Advocates are fighting for are: Gauranshi Sharma from Madhya Pradesh, advocating for the right to play and disability inclusion. Uttar Pradesh native Kartik Verma is an advocate for child rights and climate action. Nahid Afrin from Assam, raising awareness about mental health and early childhood development. Vinisha Umashankar from Tamil Nadu, a budding innovator and STEM pioneer.Kareena's dedication to the rights of children Kareena Kapoor Khan's commitment to the rights and wellbeing of children is demonstrated by her affiliation with UNICEF India. She has given her voice to numerous projects as a Celebrity Advocate, bringing attention to topics including child safety, nutrition, and education. As she assumes her new position as National Ambassador, Kareena is well-positioned to further up her efforts and use her powerful platform to make a significant difference in the lives of children in India and around the world.Youth Empowerment and Change-Driven UNICEF India's selection of Youth Advocates is a great step in empowering youth and recognizing their ability to effect positive change. In addition to serving as an inspiration to their peers, these advocates will help shape programs and policies that deal with the urgent issues that young people face. Kareena Kapoor Khan and the Youth Advocates will work diligently to guarantee that every child's rights are upheld and their voices are heard, forming a strong team.Children's Better Future Kareena Kapoor Khan and the Youth Advocates represent a fresh commitment to UNICEF India's great goal, which is to uphold the rights and welfare of children. The group wants to give children a better future where their rights, safety, and growth are respected and valued via their combined efforts. Kareena Kapoor Khan's impact and her passion for children's rights will surely encourage others to join the campaign as she sets off on her new adventure, causing a ripple effect that reverberates throughout the country and beyond.  

According to the report, startup funding fell by 17% in FY24.

The research emphasizes that there have been fewer larger transactions—those valued at more than $25 million—which often occur when a business is expanding. This indicates that overall, fewer funds are being invested in startups, particularly in deals of medium to large scale. Investments in late-stage venture capital have also been severely impacted.In comparison to the previous year, startup funding in India decreased by 17% in FY 24.In comparison to the previous year, startup funding in India decreased by 17% in FY 24. The number of deals that investment professionals received per day on average dropped to three in 2024 from six in 2021.The number of deals that investment professionals received per day on average dropped to three in 2024 from six in 2021. A Wealth 360 One report titled "India Invests" states that there has been a 60% decline in private equity in the USD 100–250 million bracket. Those who invested at least $500 million have also seen a sharp decline of more than 80%. Funds with investments under $100 million USD have also seen a 30% decrease. However, financing of less than $5 million continues to flow in. Visit this link to learn more: https://www.magzter.com/stories/newspaper/The-Business-Guardian/FY24-STARTUP-FUNDING-IN-INDIA-DECLINED-BY-17The research emphasizes that there have been fewer larger transactions—those valued at more than $25 million—which often occur when a business is expanding. This indicates that fewer funds are being invested in startups generally, particularly in deals of medium to large scale. Investments in late-stage venture capital have also taken a severe impact.May 4, New Delhi, India (ANI): In comparison to the previous year, startup funding in India decreased by 17% in FY 24. The number of deals that investment professionals received per day on average dropped to three in 2024 from six in 2021. A Wealth 360 One report titled "India Invests" states that there has been a 60% decline in private equity in the USD 100–250 million bracket. Those who invested at least $500 million have also seen a sharp decline of more than 80%. Funds with investments under $100 million USD have also seen a 30% decrease. However, investment for less than $5 million USD continues to flow in.

EV motor & controller startup Attron Automotive raises Rs 4.75Cr led by Venture Catalysts and Anicut Capital

Anicut Capital and Venture Catalysts led a seed fundraising round that brought in Rs 4.75 crore for Attron Automotive, a firm that makes EV motors and controllers. With precision-engineered motor and controller solutions, Attron's purpose is to drive the evolution of electric mobility with the goal of promoting a sustainable future and improving vehicle performance. Other investors' involvement   Notable organizations like Pontaq VC and angel investor Yashovardhan Shah also participated in the round. Increasing the range of products offered Because of its innovative design, the startup is renowned for its efficiency and decreased torque ripple. Attron's controllers, on the other hand, are made to be easily integrated and versatile. They have sophisticated features like real-time monitoring and adaptive algorithms, which guarantee optimal performance in a variety of settings. Increasing output With the additional funding, Attron Automotive intends to expand its business considerably. Attron Automotive's CEO, Mosam Ugemuge, announced that the business intends to establish a new production facility with a monthly production capacity of 8,000 vehicles. With this development, Attron hopes to address the increasing demand in the two- and three-wheeler segments—which include both passenger and load carrier categories—for its motor and controller solutions.The market for electric vehicle (EV) motor controllers is predicted to rise from $7,730.9 million in 2021 to $26,879.75 million by 2031, reflecting the unparalleled growth of the worldwide EV industry. Likewise, the market for electric vehicles (EVs) is anticipated to grow from $8.5 billion in 2022 to $56.95 billion by 2032. Inoorva "The investment in Attron Automotive underscores our commitment to fostering innovation and driving technological advancements in the electric mobility landscape," stated Ranjan Sharma, Director & MD, Venture Catalysts. Pioneering motor and controller solutions from Attron set new benchmarks in the automotive technology industry by exemplifying efficiency, dependability, and precision engineering.

Stanza Living posts Rs 442 Cr revenue and Rs 495 Cr loss in FY23

"Just before FY23, Kotak Mahindra and RBL Bank conducted a $57 million debt raise by managed housing company Stanza Living. The corporation was able to circumvent a four-fold rise in the fiscal year that ended in March 2023 because to the financing. In FY23, Stanza Living's operating revenue increased to Rs 442 crore from Rs 115 crore in FY22, as per the company's consolidated financial statements submitted to the Registrar of Companies. Co-living options are offered by managed housing platform Stanza Living to both students and working people. The company says it is present in 24 locations and has an inventory of over 75,000 beds spread across more than 450 households. Stanza Living's main source of income was rental properties. The Delhi-based company also receives income from food, yearly maintenance fees, and other related services. In FY23, the company additionally received Rs 16 crore in interest from its investments. When we look at costs, emploee benefits show up as the biggest expense, accounting for 27% of total costs. From Rs 223 crore in FY22 to Rs 255 crore in FY23, this expense grew by 14.3%. Its financing and depreciation costs increased to Rs 187 crore and Rs 218 crore, respectively, during the previous fiscal year as a result of the lease. Stanza Living's overall expenses increased by 66.6% to Rs 953 crore in due to overhead related to marketing, legal and professional, safety, electrical, and other costs. from Rs 572 crore in FY22 to FY23.  Stanza Living's losses climbed by 18.71% to Rs 495 crore in FY23 from Rs 417 crore in FY22, but the respectable scale enabled the company contain those losses. Its EBITDA margin increased to -19.7% and ROCE to -21%, respectively. In FY23, it cost Rs 2.16 per unit to earn a rupee. Stanza Living has raised more than $180 million in funding rounds, and its most recent equity transaction valued the company at over $430 million. With 26.62% of the shares, Alpha Wave (previously Falcon Edge) is the top stakeholder, followed by Matrix Partners and Accel, according to the startup data analytics platform TheKredible. Stanza appears well-positioned to grow rapidly right now in a market that is predicted to have considerable growth over the next ten years thanks to a solid base of beds that are readily available, a presence in 24 cities, and presumably a well-oiled infrastructure. Right now, the formula looks to be rather straightforward. Raise the occupancy rate in order to raise the average cost per bed, and continue to carefully rightsize operations in response to feedback."

A Tracxn research states that over 75% of women-led enterprises are still unfunded.

According to a recent Tracxn analysis, India is home to over 8,000 firms that were created by women and have raised a total of about $23 billion in funding to date. Nevertheless, 590 of these firms make more than $30,000 in revenue, while 6,000 of them are still unfunded.The Department for Promotion of Industry and Internal Trade has statistics that shows there are 117,254 startups in the nation right now.According to a recent Tracxn analysis, India is home to over 8,000 firms that were created by women and have raised a total of about $23 billion in funding to date. Nevertheless, 590 of these firms make more than $30,000 in revenue, while 6,000 of them are still unfunded.Gender prejudice is pervasive in India's startup scene, as seen by the over 6,000 startups with female founders that have not received funding yet. Tracxn data indicates that over 8,800 Indian businesses led by women have raised a total of over $23.3 billion in funding. On the other hand, up to 2,300 firms led by women have secured funding thus far. Approximately 1,000 of them are in the Seed stage, 251 are in the Early stage, and 67 are in the Late stage at the moment.Over the last three years, VC financing for firms run by women has decreased by 75%. According to Tracxn data, VC financing for women-led firms peaked in 2021 at $6.5 billion, but by 2023, it had dropped to $1.1 billion.According to data, the tech startup ecosystem in India raised $8.7 billion in 2023. Of that amount, $1.15 billion was raised by companies led by women, accounting for 13% of the total.$112 million in funding has been given to women-led firms so far this year, nearly matching the $123 million raised in the first two months of 2023.

OYO To Launch 13 Self-Operated Hotels Under Premium Brand ‘Palette’ This Year

"SUMMARY Using a format akin to OYO Rooms, the business plans to open Gujarat's Morbi as the first independently run location under the ""Palette"" brand. Last year, Oravel Stays introduced ten hotels under the Palette brand as part of a test program in cities like Mumbai, Hyderabad, and Jaipur. OYO CEO Ritesh Aggarwal said last month that the company has doubled its PAT to INR 30 Cr in Q3 FY24, marking the second consecutive profitable quarter for the firm. By the end of this year, parent company Oravel Stays, a prominent player in the hospitality industry, plans to launch 13 independently run hotels under the upscale ""Palette"" brand. The business said in a statement on Thursday (March 7) that it will launch the concept by building a Palette hotel in Morbi, Gujarat, replicating an OYO Rooms model.  By the end of this year, Oravel Stays, the parent company of Oyo, a significant player in the hospitality industry, wants to open 13 upscale hotels under the Palette brand. The business established ten Palette resorts in Jaipur, Hyderabad, Digha, Mumbai, Chennai, Manesar, and Bengaluru as part of a pilot program last year. With this, there will be 23 hotels operating under the Palette brand overall. Similar to Oyo's hotels, the Palette hotels will run on a ""self-operated"" model. As a result, the corporation won't need to invest much capital in this move. This will be the company's reintroduction of its self-operated concept, which it abandoned in 2020. The company added that it will assume direct operational control of a few Palette hotels in high-growth and potential regions in order to guarantee improved guest experience and service delivery. Morbi, dubbed the city of ceramics in India, is a major economic center in Gujarat, according to Oravel Stays. Ninety percent of India's tile output is produced in the district, which is home to around 800 tile factories with an annual revenue of roughly Rs 50,000 crore. We can't wait to open our first independently run Palette hotel in Gujarat, and Morbi is the ideal place to do it. Morbi is a significant market for us because of its thriving economy and expanding commercial prospects, according to Aditya Sharma, commercial Head, Oravel Stays."

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Accenture to acquire edtech Udacity to accelerate capabilities of Accenture LearnVantage

"Accenture, a technology corporation, recently revealed that it will invest $1 billion over the course of the following three years in Accenture LearnVantage, a new initiative. The goal of the development is to meet the pressing demand for data, AI, and technological capabilities across businesses. The company plans to acquire Udacity, an educational platform, in order to improve its capacity to provide customized, industry-specific training on a large scale.Reducing the skills gap with individualized education LearnVantage is intended to assist businesses in promptly recognizing and closing the skills gap caused by the swift growth of technology. The platform offers a variety of tailored learning experiences and serves a broad clientele, including company executives and board members who want to learn about generative AI and IT workers who require specific training in AI, data science, cloud, and cybersecurity. The tactical purchase of Udacity Accenture made a calculated strategic move when it acquired Udacity, an edtech platform with its headquarters in California that is well-known for its certified job-ready skills. With Udacity's experience with scalable learning technologies, professional services, and exclusive content, the agreement is anticipated to greatly enhance Accenture's learning and training offerings. Accenture will benefit from the addition of over 230 Udacity professionals, expanding its talent pool and capabilities. Putting money into labor forces. Accenture has always been committed to upskilling; the company provides about 40 million training hours annually and spends more than $1 billion on learning and training for its employees. Accenture hopes to further this commitment to its clients by assisting them in becoming independent ""talent creators"" through LearnVantage. It is anticipated that the development will enable clients to fully utilize the opportunities presented by technological transformation, spurring creativity and corporate expansion. Establishing a cooperative learning environment Accenture LearnVantage is going to work with top technology ecosystem partners like Microsoft, Google Cloud, and Amazon Web Services to deliver industry-relevant technology training along with state-of-the-art generative AI material. Additionally, the platform will provide certification services and nanodegrees, guaranteeing that students obtain practical experience and acquire abilities that are immediately useful in the field. "

CHEFLING secures Rs 40 lakh from Shark Tank India judges

"An inventive business called CHEFLING is changing the Indian food scene in the busy alleyways of Mumbai. CHEFLING, a company founded by Rounit Gambhir, is on a mission to introduce international cuisines into Indian homes' kitchens with its distinctive Do-It-Yourself (DIY) cooking kits. These kits are made to make cooking world cuisine easier, enabling everyone to enjoy and participate in gourmet cooking. The founder of CHEFLING, Rounit Gambhir, has a background deeply ingrained in the textile sector. But the collapse of his family's textile business in 2019 gave him the motivation to forge his own route. In 2020, Rounit launched CHEFLING after realizing the potential of DIY meal kits in the Indian market and being inspired by the idea. His vision was driven by his desire to find a simple, affordable, and sustainable answer to the difficulties he had in obtaining foreign goods and recipes. How Does Chewing Operate? CHEFLING uses a straightforward but efficient model. It sells homemade cooking kits that come with everything needed to make a certain cuisine. These kits cover a wide range of different cuisines, such as Mexican (Chalada and Taco), Italian (Lasagna), and Japanese (Sushi and Mochi). To make cooking easy, each kit includes a comprehensive recipe and, occasionally, a QR code that takes users to a video demonstration and enjoyable. The signature item of CHEFLING is their sushi kit, which is well regarded for both its convenience and high quality. The kits are reasonably priced and come in several sizes to suit the needs of singles, couples, and groups. Rounit says that although while the kits seem expensive, they are actually rather affordable when you compare the amount and caliber of sushi they can make to restaurant costs. CHEFLING expansion CHEFLING has reported remarkable sales figures since its founding; Rounit disclosed a total sales amount of more than Rs 60 lakh in a span of three years. Additionally, the firm has added new kits to its catalog, broadening its selection of products and target market. India's DIY food kit market is expected to grow rapidly, potentially reaching an estimated value of Rs 8000 crore by 2025.  Rounit hopes to gain a sizable portion of this market with CHEFLING. His goals are to showcase Indian cuisine to the globe and to make exotic cuisines available in every Indian home. His goals go beyond the available products; he intends to create a do-it-yourself bar kit and investigate other culinary advancements. Pitch to Shark Tank India A gourmet startup called CHEFLING sought Rs 40 lakhs for 10% equity in a compelling episode of Shark Tank India Season 3, valuing the company at Rs 4 crore. The pitch set off a bidding war that resulted in two primary offers: a combined offer of Rs 40 lakh for 25% stock from four investors, and an offer of Rs 40 lakh for 20% equity from Namita, Azhar, and Piyush. "

Shaadi.coms Anupam Mittal pleads with FM Sitharaman to ease KYC paperwork.

"Anupam Mittal, the creator of Shaadi.com, requested the Finance Ministry's help in streamlining the know-your-customer (KYC) documentation process for startups and angel investors, citing his concerns about the drawn-out and tiresome procedure. The Shark Tank India judge emphasized the importance of enacting laws that create an atmosphere that is favorable for Indian companies in his most recent article on X. The Income Tax Department responded to Anupam Mittal's post on X by asking him to send a letter containing a specific concern or question to the department so that the relevant personnel might ""get in touch"" with him. Even as we speak of being a startup nation, we require policymaking that is progressive. Every year, instead of concentrating on creating amazing businesses, the team spends an excessive amount of time providing KYC information to startups, who then work with several angel investors to get the paperwork submitted with @IncomeTaxIndia. ""Why is this harassment happening?,"" Anupam Mittal posted on X, tagging Finance Minister Nirmala Sitharaman and the Income Tax Department. Additionally, Mittal emphasized that extensive documentation is not necessary because the Income Tax department already has all the information on the majority of registered investors. Mittal commented, ""Madamji dekhiye pls, it's an unnecessary waste of time that sucks up countless unproductive hours of our time,"" tagging Finance Minister Nirmala Sitharaman's official X accounts. brightest in the nation at @PMOIndia. "Please write to us with your specific issue/query (along with PAN & your mobile number) via email at orm@cpc.incometax.gov.in so that our team can get in touch with you,"" the IT department said in response to the founder of Shaadi.com's post. Fintech and startups facing KYC issues In response to the I-T department's statement, Mittal stated that his primary concern was the cumbersome process of completing KYC documentation with the I-T department, without highlighting a single problem. The founder of Shaadi.com made these remarks about onerous KYC paperwork at a time when Paytm Payments Bank is being investigated by the Reserve Bank of India for a number of reasons, including complaints about procedural errors in its KYC system. Recently, Nirmala Sitharaman chaired a meeting with start-up and fintech ecosystem organizations to address the digitization and simplification of KYC across all fintech segments. The cost of lending for important locations, ownership and control changes for fintech companies that are listed to help them comply with regulations, and cybercrime concerns were among the other topics covered in the conference."

Shadowfax raises $100 million Series E round led by TPG New Quest

"Mumbai: Shadowfax, a modern logistics services provider, announced on Tuesday that it has raised $100 million for its Series E round, which is being led by TPG NewQuest, through a combination of primary and secondary funding. Those with knowledge of the situation claimed the deal values the nine-year-old company at $500-550 million, though specifics of the valuation were not made public.According to a press statement from Shadowfax, the round also included participation from current investors Mirae Asset Venture Investments (India), Flipkart, International Finance Corporation, Nokia Growth Partners, Qualcomm, and Trifecta Capital. The news of NewQuest's interest in the business was initially reported by Mint. To date, the company has raised close to $120 million from investors, including Flipkart, Qualcomm Ventures, Eight Roads Ventures, and US investment firm NGP Capital. Eight Roads Ventures, an early investor in the business that has supported it since its Series A in 2015, made a partial exit through this round, according to ShadowFax. In an interview with Mint, cofounder and CEO of Shadowfax Abhishek Bansal stated that the company has been growing profitably over the last four quarters, with an annualized revenue run rate of ₹2,400 crore for FY24. By March 31, 2024, it hopes to have closed its first year with a positive Ebitda. Bansal stated, ""We will be actively looking for more inorganic opportunities, given that we are already profitable."" The company also intends to list on Indian bourses over the next 24 months. Shadowfax intends to use the additional funding over the course of the next 18 months to expand last-mile delivery over all 20,000 Indian pin codes and increase its middle-mile network.  A portion of the money generated will be put toward expanding Shadowfax's express delivery network and creating services for direct-to-consumer (D2C) brands. Due to the rapid growth of trade in the nation, logistics companies now need to operate quickly. We intend to enhance our technology capabilities and develop middle-mile delivery in order to establish ourselves as a fully-fledged courier within the 3PL space,"" Bansal said. The company, which was founded in 2015 by Bansal, Vaibhav Khandelwal, Gaurav Jaithliya, and Praharsh Chandra, provides services to online-first brands that range from pharmacy and food delivery services to larger e-commerce logistics. 30-minute deliveries are available for speedy commerce. ""Shadowfax is transforming India's e-commerce logistics industry. Their developed technology stack has impressed us. According to Amit Gupta, partner and head of TPG NewQuest's India and Southeast Asia, ""this helps with the delivery of superior service metrics and allows them to quickly adapt their services to client's changing needs at the lowest price."" "

Canara HSBC Life Insurance launches iSelect Guaranteed Future Plus digital campaign

"As part of their most recent digital promotion, Canara HSBC Life Insurance has released three distinct films on their own social media channels, each of which highlights a key element of their most recent digital product, ""iSelect Guaranteed Future Plus."" The non-linked non-participating individual savings life insurance plan, created to meet a range of financial needs, guarantees a stable future for loved ones, and the campaign presents poignant tales via various life circumstances. Essential life insurance and guaranteed benefits are provided by iSelect Guaranteed Future Plus to safeguard customers' financial security throughout their entire lives. The program is made to adjust to your evolving milestones, so it will make sure your financial objectives are met on schedule. It offers peace of mind with customized alternatives that offer essential coverage and assured advantages, like as returns on your investment. The future is safe whether you go for stability, daily expense coverage with a complete premium refund, or quick cash assistance. The plan is designed to meet policyholders' financial goals and milestones, reflecting Canara HSBC Life Insurance's commitment to ensuring their customers' financial well-being throughout life's many stages. ""Through our new digital campaign, We aim to portray various life scenarios, illustrating the importance of building a financial plan to fulfil one's bigger promises and aspirations,"" says Canara HSBC Life Insurance Chief Strategy Officer and Distribution Officer Rishi Mathur. Our newest, top-notch product, iSelect Guaranteed Future Plus, offers excellent guaranteed returns and a thoughtful financial tool that ensures income and returns while preserving our clients' financial security. The most important takeaway from this is that you need a plan to assist you get ready to fulfill the larger promises made keeping your word to your loved ones and overcoming obstacles in life. ""As part of their most recent digital promotion, Canara HSBC Life Insurance has released three distinct films on their own social media channels, each of which highlights a key element of their most recent digital product, ""iSelect Guaranteed Future Plus."" The non-linked non-participating individual savings life insurance plan, created to meet a range of financial needs, guarantees a stable future for loved ones, and the campaign presents poignant tales via various life circumstances. Essential life insurance and guaranteed benefits are provided by iSelect Guaranteed Future Plus to safeguard customers' financial security throughout their entire lives. The program is made to adjust to your evolving milestones, so it will make sure your financial objectives are met on schedule. It offers peace of mind with customized alternatives that offer essential coverage and assured advantages, like as returns on your investment. The future is safe whether you go for stability, daily expense coverage with a complete premium refund, or quick cash assistance. The plan is designed to meet policyholders' financial goals and milestones, reflecting Canara HSBC Life Insurance's commitment to ensuring their customers' financial well-being throughout life's many stages. "Through our new digital campaign, We aim to portray various life scenarios, illustrating the importance of building a financial plan to fulfil one's bigger promises and aspirations,"" says Canara HSBC Life Insurance Chief Strategy Officer and Distribution Officer Rishi Mathur. Our newest, top-notch product, iSelect Guaranteed Future Plus, offers excellent guaranteed returns and a thoughtful financial tool that ensures income and returns while preserving our clients' financial security. The most important takeaway from this is that you need a plan to assist you get ready to fulfill the larger promises made keeping your word to your loved ones and overcoming obstacles in life. "  

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.  

Germanys Foundamental and Other Investors Provide Funding for Fashinza Cofounders Proptech Startup Marrfa

"SYNOPSIS: According to Jamil Ahmad, the funds will be utilized for tech innovation, hiring talent from other regions, and expansion throughout the UAE, Singapore, and Europe. Marrfa is a managed real estate marketplace with a comprehensive stack that seeks to democratize global access to high-yield investment possibilities. After serving in that capacity for almost four years, Ahmad resigned as chief business officer of B2B marketplace Fashinza in January of this year. Berlin-based VC company Foundamental led a pre-seed round that saw the undisclosed amount of investment raised by co-founder Jamil Ahmad of Fashinza's proptech startup, Marrfa. Angel investor Prashant Malik, general partner of US-based Tykhe Block Ventures, took part in the round as well. Working capital funding totaling $30 million has been obtained by Fashinza from Mars Growth Capital and Liquidity Group. By automating the whole debt lending cycle, Liquidity Group, a trailblazing technology company, has become the fastest-growing lender to mid-market and late-stage companies internationally. The money will support Fashinza's further development into an international company with major operations in the USA, the Gulf, and Europe. Fashion is always changing, but never more so as it is right now in the era of Instagram and Tiktok, which rapidly affect global fashion choices. Fashion brands need to have extremely effective supply chain management and be very nimble in order to stay ahead of the curve. If they continue to depend just on big manufacturers as they did in the past, this is not feasible. Fashinza offers a creative solution to this issue by putting SMEs in direct contact with leading global fashion brands. Through the development of an online marketplace that facilitates seamless connections between customers and sellers, Fashinza is transforming the fashion industry in the rapidly evolving digital era. ""The global fashion supply chain is changing because to Fashioninza. We were sufficiently confident in their ability to scale this business and sustain in the medium- to long-term based on their performance since inception, the strength of their founding team, and their current global network of manufacturers and customers ""said Navas Ebin, MD of APAC for Mars Growth Capital and Liquidity Group. The money will be used by Fashinza to cover its expanding needs for working capital on a global scale. ""Our capital is non-asset based and will hence support Fashinza to grow their business internationally in the most capital-efficient manner,"" stated Navas Ebin. ""Fashinza is a pre-unicorn with great potential and ambitions for the world. ""Investment Manager Nir Shmueli of Mars Growth Capital and Liquidity Group stated, 'The prospects for a long-term partnership with the company are exciting. We have been helping companies like Fashinza transition into becoming truly global businesses."" "

In light of Paytm and Byjus worries, a government committee is expected to finalize the startup regulatory framework in two months.

According to officials in the Ministry of Finance, the Ministry of Corporate Affairs is taking a close look at big, unlisted companies in the wake of recent regulatory issues at Byju's, Paytm Payments Bank, and BharatPe.To create a regulatory framework for large unlisted startups, the government-appointed Company Law Committee met last month and is set to meet again soon.This program supports the government's objective of encouraging startup expansion in the face of corporate governance and regulatory obstacles that large companies such as Byju's and Paytm Payments Bank must overcome.Supervising businesses not directly under the purview of the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI) is the aim of this regulatory framework."We are speeding up the report and conducting an ongoing inspection against Byju's." If the Reserve Bank of India contacts us about Paytm Payments Bank, we would look into it," the official said.According to the insider, BharatPe recently received a new notification from the Delhi Police's Economic Offenses wing requesting further information on the findings in a status report.According to sources, the committee is also evaluating standards and guidelines for board directors and investors in order to improve control without placing an excessive regulatory burden on them.The Committee, which is led by the corporate affairs secretary, is made up of specialists, government representatives, and members of the business community. Its main goal is to make conducting business easier while ensuring that the Companies Act of 2013 and the Limited Liability Partnership (LLP) Act of 2008 are implemented effectively.A private company incorporated under company law and recognized as such by notification from the Department for Promotion of Industry and Internal Trade (DPIIT) is considered a startup.In the midst of the Paytm Payments Bank Ltd. crisis, Institute of Chartered Accountants of India President Ranjeet Kumar Agarwal announced on Sunday that the fintech company's problems may be discussed by the financial reporting review board (FRRB) soon. The tech-based education unicorn Byju's accounts are presently being reviewed by the statutory body's FRRB due to purported governance concerns, and the process is going smoothly, according to the president of ICAI."We haven't thought about the PayPal issue up to this point, but the FRRB board meeting is coming up, and when it does, it will discuss taking necessary action. In regards to this topic, we haven't made any decisions thus far," ICAI President Ranjeet Kumar Agarwal stated to PTI in an interview.According to him, newly elected ICAI committees, such as FRRB, are anticipated to convene in March. Remarkably, because of purported regulatory concerns, the Reserve Bank of India, which oversees the banking industry, has already placed limits on Paytm Payments Bank Ltd.According to him, the FRRB will decide whether further examination of the books is required in light of the claims of regulatory violations and how they affected the payment bank's accounting. "The board has the authority to decide who gets reviewed and when. Its system is strong," declared the recently elected head of ICAI. When asked if the ICAI was anticipating a complaint about Paytm, Agarwal responded, "The institute has the authority to take action both through complaints and suo motu." It was suo motu in the instance of Byju."Speaking on behalf of Byju, he stated that "the report is expected by the end of this year" and that the board's scrutiny process is "going well." "The board has a three-tier structure—technical, group, and finally the board review," the ICAI chief stated while describing the FRRB organization. He asserts that the FRRB has the authority to examine the financial statements of publicly traded corporations.

Shark Tank judges gave Rs 2 Cr to ReFit Global, a D2C reconditioned marketplace.

ReFit Global is a direct-to-consumer (D2C) marketplace for refurbished items. Anupam Mittal, Vineeta Singh, and Amit Jain are among the Shark Tank judges who have donated Rs 2 crore at a valuation of Rs 200 crore.The funds raised will be used to improve operations, broaden the company's market reach, and fortify its technological foundation. ReFit Global also hopes to enhance its web presence and client satisfaction.Saket Saurav and Avneet Singh launched ReFit Global, which runs a network of over 50,000 stores in nearly 100 locations. The startup intends to become a profitable enterprise worth at Rs 1,000 crore within the next five years."Building a strong alliance with a broad collection of skilled sharks, each offering their own ideas and knowledge, was our main goal. The goal of this opportunity is to provide ReFit a more distinct vision and market positioning, according to ReFit Global CEO and founder Saket Saurav.Saket Saurav and Avneet Singh launched ReFit Global. On Shark Tank India Season 3, the direct-to-consumer (D2C) refurbished marketplace ReFit Global raised Rs 2 crore at a valuation of Rs 200 crore.three days beforehandReFit Global, a well-known direct-to-consumer (D2C) marketplace for refurbished goods, has secured $2 million at a valuation of $200 million from renowned Shark Tank judges, such as Amit Jain, Vineeta Singh, and Anupam Mittal.The organization intends to carefully allocate capital to enhance its technology infrastructure, broaden its market reach, and expedite operational expansion. To further consolidate its place in the market, ReFit Global also hopes to improve client satisfaction and its online presence. ReFit Global, which was co-founded by Saket Saurav and Avneet Singh, has a strong network of more than 50,000 shops in about 100 locations. Within the next five years, the firm is determined to reach a significant milestone: becoming a profitable entity valued at Rs 1,000 crore.ReFit Global's founder and CEO, Saket Saurav, stressed the strategic importance of forging a vibrant alliance with a varied collection of skilled sharks, each of whom brings a special set of views and knowledge. He eagerly took advantage of this chance to improve ReFit's positioning in the industry and sharpen its vision.ReFit Global, a bootstrapped company, takes great pleasure in its extraordinary growth trajectory, having secured Rs 200 crore in FY23 and achieved an amazing 100x year-over-year growth.ReFit Global has reached a major milestone with the successful investment in Shark Tank Season 3, setting the company up for future growth and success in the competitive reconditioned market.One of the leading companies in the Direct-to-Consumer (D2C) refurbished sector is ReFit Global. By obtaining Rs 2 Crore in finance at an astounding valuation of INR 200 Crore, it accomplished a noteworthy milestone. This achievement was made possible by the sharks on the panel during their riveting Shark Tank India Season 3 pitch, where they acknowledged the potential of ReFit's business plan.