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Ummeed Housing Finance Secures $76 Million to Expand Operations in Central and Southern India

Garima Bansal
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Ummeed Housing Finance Secures $76 Million to Expand Operations in Central and Southern India

Ummeed Housing Finance has successfully raised approximately USD 76 million in its Series F funding round from A91 Partners LLP, Mirae Asset Venture Investments (India), Anicut Capital, and existing investors Norwest Venture Partners. This equity infusion aims to support Ummeed’s strategic expansion into central and southern regions of India.

Founded in 2016 by Ashutosh Sharma, Ummeed Housing Finance specializes in providing affordable housing loans and small-ticket business loans to self-employed individuals in the low and middle-income segments.

Operating from Gurugram, the company currently operates across seven states in North and Central India, boasting a workforce of 1300 employees and 115 branches. With this funding, Ummeed aims to further expand its footprint into the southern region of the country.

Ashutosh Sharma, Founder and Managing Director of Ummeed Housing Finance, expressed confidence in the company’s growth trajectory, emphasizing their commitment to inclusive financial solutions. He highlighted Ummeed’s strong asset quality and steady portfolio growth, focusing on enhancing its liability franchise and serving underserved communities.

Ummeed Housing Finance has reported a robust growth rate of over 60% CAGR since inception, supported by a diverse funding base comprising 31 lenders, including National Housing Bank (NHB), PSU banks, private sector banks, and development finance institutions (DFIs) like the United States International Development Finance Corporation.

As Ummeed Housing Finance embarks on its expansion journey into new geographic markets, the company remains focused on maintaining high standards of growth, asset quality, and customer service. The funding round reflects investor confidence in Ummeed’s vision and operational capabilities to drive financial inclusion and sustainable business growth in India’s diverse economic landscape.

Distil Secures $3.1 Million in Seed Funding to Enhance Specialty Chemicals Platform

Garima Bansal
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Distil Secures $3.1 Million in Seed Funding to Enhance Specialty Chemicals Platform

Distil, a pioneering platform specializing in specialty chemicals, has successfully raised $3.1 million in a Seed funding round led by Jungle Ventures and India Quotient. Several other prominent investors and operators also participated in this funding round.

Founded by Atanuu Agarrwal, Karan Hirani, and Viraj Shah, Distil offers customizable and scalable solutions through its tech-enabled platform for the procurement of specialty chemicals. These solutions include formulations and custom manufacturing tailored to meet specific performance and regulatory requirements.

Distil’s platform streamlines the purchasing process with technology, ensuring consistent product quality, meeting quantity demands, and reducing lead times and minimum order quantities (MOQs) through a robust network of distribution points nationwide.

The specialty chemicals industry has historically grappled with inefficiencies throughout its value chain. Distil addresses these challenges comprehensively, leveraging the deep expertise of its founding team across specialty chemicals, supply chain management, and finance.

The company targets expansion across various segments within the life sciences industry, including flavours, fragrances, food ingredients, pharmaceuticals, and personal care products. Its strategic focus spans key markets in India and international regions such as the United States, European Union, and the MENA region.

Distil’s commitment to enhancing efficiency and reliability in specialty chemicals procurement positions it favorably amidst increasing demand for quality-driven solutions across global markets. As the company advances its technological capabilities and expands its market presence, it aims to redefine standards and drive significant advancements in the industry.

Metis Intellisystems Raises 1.3 Crores to Advance AI/ML Solutions in BFSI Decision-Making

Garima Bansal
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Metis Intellisystems Raises 1.3 Crores to Advance AI/ML Solutions in BFSI Decision-Making

Metis Intellisystems Pvt Ltd, a pioneer in leveraging Artificial Intelligence and Machine Learning for enhanced decision-making in the BFSI (Banking, Financial Services, and Insurance) sector, has successfully secured 1.3 Crores in funding led by Inflection Point Ventures.

This capital infusion aims to accelerate the development of innovative AI/ML solutions, optimize strategic applications, and support global expansion initiatives.

Led by CEO Khushru F. Doctor, who brings over three decades of industry expertise, Metis Intellisystems focuses on transforming traditional decision-making processes with advanced AI/ML technologies.

The company aims to replace outdated methods prevalent in the fintech industry, addressing the critical need for intelligent, automated systems that can handle complex data integration and analysis across diverse sources.

Amit Saraswat, the Chief Product Officer (CPO) at Metis, adds substantial technical depth with his extensive background in advanced statistical methods and experience at notable financial institutions.

Vikram Ramasubramanian, Partner at Inflection Point Ventures, highlighted the importance of robust credit decision-making in fueling economic growth, underscoring Metis’s role in enhancing credit quality through advanced analytics and early warning systems.

Khushru F. Doctor reiterated Metis’s commitment to revolutionizing the fintech industry with cutting-edge AI/ML technologies, aiming to fill existing gaps in high-tech decision-making processes prevalent even among large fintech players.

The digital lending sector, where Metis operates, is poised for substantial growth, reflecting a market shift towards technology-driven solutions. With the support of Inflection Point Ventures and a strong market demand for AI-powered fintech solutions, Metis Intellisystems is well-positioned to capitalize on these opportunities and drive innovation in BFSI decision-making.

OrbitShift Secures $7 Million in Funding to Propel Growth and Innovation

Garima Bansal
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OrbitShift Secures $7 Million in Funding to Propel Growth and Innovation

OrbitShift ,founded by Swapnil Saykar and Saurabh Mishra , an AI-powered sales intelligence startup, has secured $7 million in a recent seed funding round led by Peak XV’s Surge accelerator program and Stellaris Venture Partners. Founded in 2022, OrbitShift has swiftly carved a niche in the sales ecosystem, particularly within technology and IT services sectors. The platform leverages advanced AI models to deliver comprehensive sales insights and operational efficiencies, serving large enterprises across the US, European Union, and Asia Pacific.

The funding infusion will fuel OrbitShift’s expansion efforts in the US market and enhance its technological capabilities. The company’s subscription-based model aims to streamline sales processes, significantly reducing research and planning times for clients. By harnessing AI-driven analytics, OrbitShift seeks to optimize client outreach strategies and boost overall productivity.

Alok Goyal, partner at Stellaris Venture Partners, highlighted the transformative potential of AI in enterprise applications. He emphasized OrbitShift’s role in redefining sales and customer engagement strategies for large businesses, underscoring the company’s commitment to delivering high-accuracy solutions.

This funding round follows OrbitShift’s initial pre-seed financing of $1.5 million in 2023, bringing its total funds raised to $8.5 million. With plans to expand its technology and product teams, OrbitShift aims to further innovate in AI-driven sales intelligence and solidify its position as a leader in the industry.

As part of Peak XV Partners’ Surge program, OrbitShift joins a distinguished portfolio of innovative startups focused on deep tech and AI solutions. This latest funding milestone not only reflects investor confidence in OrbitShift’s growth trajectory but also highlights the increasing role of AI in transforming global sales strategies and operational efficiencies.

Asaya Secures ₹12 Crore in Seed Funding to Expand Melanin-Focused Skincare Line

Garima Bansal
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Asaya Secures ₹12 Crore in Seed Funding to Expand Melanin-Focused Skincare Line

Asaya, a skincare brand dedicated to creating products for melanin-rich skin, has successfully raised ₹12 crore in seed funding. This funding round was led by OTP Ventures and Huddle Ventures, with additional investments from Eternal Capital and Neeraj Biyani, the co-founder of Asaya. The newly acquired funds will be strategically invested in melanin-centric research to develop new products tailored to the specific needs of melanin-rich skin. Currently, Asaya offers 12 products and 31 SKUs and plans to introduce 12 additional products within the year. Co-founder Neeraj Biyani highlighted the brand’s commitment to enhancing market reach and increasing awareness of melanin-specific skin requirements.

“This funding round is part of Asaya’s larger strategy to secure more investments as the company grows,” Biyani said. He emphasized the goal to expand product availability across various marketplaces and pin codes, ensuring broader access to their specialized skincare solutions. Asaya has established a strong online presence, retailing through its website as well as major e-commerce platforms such as Nykaa, Amazon, Flipkart, and Myntra. Currently, 40% of the brand’s revenue comes from its website, with the remaining 60% generated from these marketplaces. The brand boasts a 30% repeat sales rate and an average order value ranging between ₹1,200 to ₹1,400. The customer acquisition cost (CAC) stands at ₹600 to ₹700.

Launched in September 2023 by Neeraj Biyani, Mandeep Bhatia, and Eeti Sharma, Asaya started with an initial investment of ₹5 crore. The brand plans to close its first year of operations with a revenue of ₹18 crore. In addition to their robust online presence, Asaya is looking to venture into offline retail within the next year and a half. Since its inception, Asaya has rapidly expanded its product line and customer base. Co-founder Biyani shared ambitious growth plans, aiming to increase their consumer base from 20,000 to over 250,000 within the next 12 months. Suhail Sameer, former CEO of BharatPe and managing partner at OTP Ventures, played a pivotal role in securing this funding. OTP Ventures is also in the process of closing its debut fund at ₹400 crore by June and recently led a $1 million round in CirclePe. Asaya’s focused approach to melanin-rich skincare and its strategic use of seed funding are poised to drive significant growth and innovation in the beauty industry.

Rohit Sharma Invests in Educational Fintech Innovator LEO1

Garima Bansal
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Rohit Sharma Invests in Educational Fintech Innovator LEO1

Indian cricket captain Rohit Sharma has made a significant foray into the fintech arena by investing in LEO1, an educational fintech startup. This marks Sharma’s inaugural venture into the fintech sector. On Wednesday, it was revealed that Sharma has invested in LEO1, a company formerly known as Financepeer. LEO1 focuses on resolving cash flow challenges faced by educational institutions while offering innovative financial solutions to students across India. Over the past three years, the company has successfully raised $35 million (approximately ₹291 crore) through two investment rounds, with contributions from QED Investors, Aavishkaar Capital, Ardent Investors LLC, and 9 Unicorn, among others.

Expressing his enthusiasm, Sharma stated, “I am thrilled to support LEO1 in its mission to revolutionize learning and make quality education accessible to everyone.” This investment aligns with his vision of improving educational accessibility and financial stability within the sector. Rohit Gajbhiye, CEO and founder of LEO1, acknowledged the boost Sharma’s involvement provides, saying, “With his support as our brand ambassador and now as a valued investor, I am confident that we will become even more efficient and motivated.” The endorsement from Sharma is expected to galvanize the team and enhance their performance.

LEO1 recently launched a ‘Financial SAAS’ product, designed to streamline financial transactions within the education sector. This includes the introduction of the LEO1 payment card, which doubles as a Smart card and a Smart ID card within campus premises. The company has partnered with over 31 major institutions nationwide, impacting the financial lives of half a million students. Sharma’s investment not only fortifies LEO1’s financial base but also enhances its brand value, thanks to his widespread popularity and influence in India.

Founded in 2018 by Rohit Gajbhiye, Naveesh Reddy, and Debi Prasad Baral, LEO1 is committed to streamlining fee collection and promoting responsible financial behavior. With the fresh capital infusion and Sharma’s endorsement, LEO1 is well-positioned to expand its impact and innovate further in the educational fintech space. This strategic move by Sharma is set to contribute significantly to the company’s growth and the broader fintech landscape in India.

Ola Electric Receives SEBI Approval for $660 Million IPO

Garima Bansal
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Ola Electric Receives SEBI Approval for $660 Million IPO

Ola Electric has secured approval from the Securities Exchange Board of India (SEBI) to proceed with its much-anticipated initial public offering (IPO), aimed at raising Rs 5,500 crore (approximately $660 million). This approval comes six months after Ola Electric filed its draft red herring prospectus (DRHP) in December 2023.

According to the details outlined in its DRHP, Bhavish Aggarwal holds the largest stake in Ola Electric, owning 36.94% of the shares, followed by SoftBank with 21.98%. Other notable shareholders include Tiger Global, Indus Trust, and Alpha Wave, owning 6.03%, 3.85%, and 3.49% of the shares respectively.

Since filing its DRHP, Ola Electric has raised $62 million in debt across two tranches, with $50 million secured from EvolutionX in April and an additional tranche earlier this month, as reported exclusively by Entrackr. These funds add to Ola Electric’s substantial financial backing, which exceeds $1 billion from both equity and debt rounds, valuing the company at $5.5 billion in its last funding round.

In terms of financial performance, Ola Electric experienced significant growth in FY23, with its operational revenue soaring seven-fold to Rs 2,631 crore. However, the company also reported a substantial increase in losses, rising by 87.76% to Rs 1,472 crore for the fiscal year ending March 2023. Details for FY24 are yet to be disclosed as the company awaits its annual report.

The approval of Ola Electric’s IPO comes amid a promising year for startup listings in India’s public markets. Notable startups like TBO Tech, Digit Insurance, Awfis, and Ixigo have already gone public in 2024, with others such as FirstCry, Mobikwik, Unicommerce, and Swiggy also preparing for their IPOs pending regulatory approval.

Aakash Anand Secures $2 Million for Unikon.ai, Aiming to Revolutionize Connection and Knowledge Sharing

Garima Bansal
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Aakash Anand Secures $2 Million for Unikon.ai, Aiming to Revolutionize Connection and Knowledge Sharing

Aakash Anand, known for co-founding Bellavita, has launched his latest venture, Unikon.ai, with a vision to facilitate meaningful connections and monetize knowledge sharing.

Unikon.ai has successfully raised $2 million in funding from a group of prominent entrepreneurs and influencers, including Nikhil Kamath of Zerodha, Peyush Bansal from Lenskart, Vishesh Khurana of Shiprocket, and several others such as Dholakia Ventures, Nitin Jain, Vasant Sridhar of OfBusiness, Gaurav Khatri of Noise, and influential figures like Tanmay Bhatt, Raj Shamani, and Shlok Shrivastava.

The platform, co-founded with Palash Arneja as Chief Operating Officer and Sumit Jha as Chief Technology Officer, aims to enable users to seek and offer practical advice through professional responses, webinars, and workshops. Users can monetize their expertise by setting prices and schedules for one-on-one sessions via chat, audio, or video calls.

With Anand’s entrepreneurial experience and the team’s diverse expertise, Unikon.ai aims to redefine how individuals connect and exchange knowledge, positioning itself as a leader in the burgeoning space of digital networking and mentorship.

The funding round underscores investor confidence in Unikon.ai’s potential to tap into the growing market for online communities and knowledge-sharing platforms. As similar ventures gain traction in the startup ecosystem, Unikon.ai is poised to carve out a niche by offering a blend of user-generated content and personalized advisory services.

Aditya Birla’s TMRW Invests $15 Million in WROGN, Strengthening Fashion Portfolio

Garima Bansal
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Aditya Birla’s TMRW Invests $15 Million in WROGN, Strengthening Fashion Portfolio

Aditya Birla Group-owned TMRW House of Brands has invested $15 million (approximately Rs 125 crore) in WROGN, a leading men’s apparel brand backed by cricketer Virat Kohli. This investment marks TMRW’s acquisition of a 16% stake in WROGN, valuing the Bengaluru-based company at around $105 million.

Founded in 2014 by siblings Anjana and Vikram Reddy, WROGN has carved a niche in the casual wear segment, offering a wide array of casual wear, footwear, and accessories. Leveraging Virat Kohli’s stature, the brand has expanded rapidly through exclusive brand outlets and strategic partnerships with major e-commerce platforms.

According to WROGN’s press release, the partnership with TMRW will not only enhance its presence on fashion platforms like Myntra but also facilitate the expansion of its offline footprint and scaling up of its direct-to-consumer (D2C) business model.

The company aims to assert its leadership in the men’s casual and activewear categories, targeting a revenue trajectory of Rs 1,500 crore over the next five years. WROGN has previously secured approximately $90 million in funding from investors such as Accel, Flipkart, Virat Kohli, and Sachin Tendulkar.

Despite experiencing a flat growth phase in FY23, where revenue increased marginally by 2.3% to Rs 344 crore from Rs 336 crore in FY22, WROGN remains optimistic about its future prospects.

The fashion and lifestyle sector in India, according to a recent TMRW X Bain & Company report, represents the country’s second-largest consumer category, valued at $110 billion. With approximately 10% of this market online, equivalent to $11 billion, the online fashion segment is poised for significant growth, projected to reach approximately $35 billion by FY28 at a compound annual growth rate (CAGR) of 25%.

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General Catalyst and Venture Highway Merge to Strengthen Focus on India

Garima Bansal
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General Catalyst and Venture Highway Merge to Strengthen Focus on India

In a strategic move, Venture Highway (VH), an India-focused venture capital firm, is merging with Silicon Valley-based General Catalyst (GC). This merger aims to create a formidable platform to support the next generation of entrepreneurs in India, signaling a commitment to fostering innovation and growth in the region.

Hemant Taneja, CEO of General Catalyst, emphasized the synergy of combining their US seed team with Venture Highway in India and La Famiglia in Europe. This consolidation aims to enhance their ability to support founders at early stages effectively.

Founded in 2014 by Neeraj Arora, former chief business officer of WhatsApp, Venture Highway has been instrumental in providing early-stage funding to prominent Indian startups such as Meesho, Moglix, MPL, and ShareChat.

General Catalyst, known for backing successful startups including CRED, Spinny, and Orange Health, aims to leverage this merger to deepen Indo-US-Europe collaborations across sectors like AI, technology, and industry. The joint firm plans to implement tailored incubation programs and strategic partnerships to nurture Indian startups into global enterprises.

In parallel developments, Silicon Valley-based South Park Commons (SPC) has also announced its entry into India with the inauguration of its Bengaluru location. Collaborating with Binny Bansal, co-founder of Flipkart, SPC aims to bolster the technical community and early-stage venture funding landscape in India, further enriching the ecosystem for innovation and entrepreneurship.

The merger between General Catalyst and Venture Highway not only strengthens their foothold in India but also signifies a deeper commitment to fostering innovation and driving growth in one of the world’s most dynamic startup ecosystems.

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