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Celesta Capital Sells Rs 27 Cr Stake in IdeaForge in Bulk Deal

Celesta Capital, a venture capital firm, has reportedly sold 3.57 lakh shares of drone manufacturer IdeaForge in a bulk deal on June 18, 2024, fetching Rs 27.46 crore. The shares were transacted at Rs 768.08 each, with buyers including Graviton Research, QE Securities, and HRTI, according to media reports.

Founded in 2007 by Ankit Mehta, Ashish Bhat, Rahul Singh, and Vipul Joshi, IdeaForge specializes in UAV systems for inspection, surveillance, and mapping. Having gone public in June 2023, the company recently disclosed a 30% sequential decline in net profit to Rs 10.3 crore for Q4 FY24.

Following the transaction, IdeaForge’s stock surged 6.7% to close at Rs 830.85 on the BSE, reflecting investor confidence amidst the bulk deals executed, including those by Aakraya Research and NK Securities totaling Rs 136.3 crore.

Maxim AI Secures $3 Million Funding Led by Elevation Capital to Launch General Availability Platform

Maxim AI, a platform focused on enterprise-grade evaluation and observability for AI applications, has announced a $3 million funding round led by Elevation Capital.

The funding also included participation from prominent angel investors, including founders from Postman, Chargebee, Groww, Razorpay, and Media.net. With this investment, Maxim AI has launched the General Availability (GA) of its platform.

Founded in 2023 by Vaibhavi Gangwar and Akshay Deo, previously of Google and Postman, Maxim AI aims to bring robust software development practices to streamline AI development workflows.

Their platform sits between the foundational model and application layers of the AI stack, providing end-to-end evaluation across the AI development lifecycle. This includes prompt engineering, pre-release and post-release testing, data management, and fine-tuning.

Akarsh Shrivastava, Principal at Elevation Capital, highlighted Maxim AI’s critical role in addressing the evolving needs of AI developers, ensuring high-quality AI development and deployment. The funding will support Maxim AI in expanding its team, enhancing platform capabilities, and scaling operations to serve more enterprise clients globally.

8X Ventures Achieves First Close of Deeptech-Focused Fund

8X Ventures, an early-stage venture capital firm, has announced the first close of its second VC fund dedicated to deeptech startups. Launched a year ago, the fund has secured Rs 60 crore and aims for a total corpus of Rs 200 crore with a greenshoe option of Rs 100 crore.

This fund targets investments in 18-20 early-stage Indian startups specializing in sectors like water sanitation and hygiene (WASH), Industry 4.0, advanced computing, biotech, and B2B enterprise SaaS.

Chirag Gupta, Managing Partner at 8X Ventures, highlighted the fund’s focus areas and investment strategy, stating, “We intend to invest between Rs 2-5 crore initially per startup, with total investments potentially reaching up to Rs 20 crore per company.”

8X Ventures’ first fund, which also explored opportunities in the Middle East and Singapore, is nearly fully deployed. It boasts investments in 14 deeptech companies including Solinas, Lightspeed Photonics, XYMA Analytics, and Zenpulsar, achieving an impressive internal rate of return (IRR) of approximately 40% and a multiple on invested capital (MoIC) of 2.1X since its deployment in 2022.

The firm’s team, comprising individuals with strong backgrounds in technology, brings both technical expertise and business acumen to support startups in overcoming technological and commercial challenges.

Rockit Secures Rs 6 Crore Pre-Seed Investment Led by Sauce.VC and Rannvijay Singha

Rockit, a burgeoning beverage brand founded by Vedant Garg, has successfully raised Rs 6 crore in a pre-seed investment round. The funding was spearheaded by early-stage consumer investors Sauce.VC and joined by renowned television personality and entrepreneur Rannvijay Singha.

Sauce.VC, a supporter of Rockit since its inception, is actively collaborating with the brand’s management to capitalize on market opportunities and carve out a distinctive niche in the competitive beverage sector. Initially focusing on North Indian states like Uttar Pradesh, Punjab, Rajasthan, and Madhya Pradesh, Rockit aims to establish an omnichannel presence across India.

Future plans for Rockit include a diverse lineup of products such as fruit-flavored beverages and hydration solutions, designed to meet evolving consumer preferences and enhance its market footprint.

Founder Vedant Garg commented, “Indian consumer preferences are evolving towards global standards, and we aim to offer products that blend global appeal with Indian taste and convenience, especially targeting the youth in Tier II and III cities. Leveraging our family’s five-decade legacy in the food business, we recognize the pivotal role of distribution in India. Our strategy begins with major states and expands nationwide through an omnichannel approach.”

To amplify its brand message, Rockit has launched a digital campaign featuring Rannvijay Singha in energetic scenarios that resonate with the brand’s adventurous spirit.

Rannvijay Singha expressed his enthusiasm, stating, “I’m excited to collaborate with Rockit on their dynamic new energy drink launch. The brand’s energy and flavor perfectly embody the spirit of India’s youth, and I look forward to engaging consumers through innovative campaigns.”

Yash Dholakia, partner at Sauce.VC, emphasized, “Rockit combines deep distribution expertise with a high-quality product offering at an attractive price point. We are impressed by the positive pre-launch feedback and believe in the potential to build a significant and profitable brand in the beverage sector. Partnering with Rannvijay, who resonates deeply with the consumer base, adds further value to our investment.”

Genspark Raises $60 Million to Challenge Google with AI-Powered Search Innovation

Genspark, an AI-powered search startup founded by former Baidu executives, has secured $60 million in seed funding in a round led by Singapore-based Lanchi Ventures. This substantial investment values the startup at $260 million, despite currently having no revenue. Headquartered in Palo Alto, California, Genspark utilizes a diverse array of AI models to index and summarize information, distinguishing itself by generating customized pages for each query.
Eric Jing, CEO of Genspark and previously in charge of Baidu’s Xiaodu unit, revealed that the company’s team of 20 is split between Palo Alto and Singapore, with plans to establish an additional office in Seattle. Initially targeting the U.S. market, Genspark operates on a free-to-use model with potential future monetization through subscriptions. The platform harnesses various large language models, including Meta’s Llama and OpenAI’s GPT models, to enhance search capabilities.
The timing of Genspark’s funding round coincides with a heightened competitive landscape in the search engine market, where AI-driven innovations are reshaping how users access and consume information online. Competitors like You.com are also in the process of securing significant funding rounds, underscoring the growing interest and investment in AI-powered search technologies aimed at challenging Google’s dominance.

Aye Finance Secures ₹250 Crore Debt Funding from FMO to Enhance Financial Inclusion Efforts

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Aye Finance, a prominent non-banking finance company, has successfully raised ₹250 crore ($30 million) in debt funding from FMO, the Dutch entrepreneurial development bank. This capital injection aims to stregthen Aye Finance’s mission of promoting financial inclusion by extending affordable loans to underserved Micro, Small, and Medium Enterprises (MSMEs) across India.

The funding, facilitated through non-convertible debentures, underscores Aye Finance’s commitment to addressing the financing challenges faced by micro enterprises. Krishan Gopal, CFO of Aye Finance, highlighted the significance of this partnership with FMO, which began in 2019, in making accessible credit a reality for marginalized business segments in India.

Gopal emphasized, “This latest funding from FMO will enable us to significantly scale our lending operations, reaching grassroots businesses that are integral to the Indian economy but often excluded from formal credit channels.”

Juan Jose Dada Ortiz, Director of Financial Institutions at FMO, expressed enthusiasm about supporting Aye Finance once again in expanding its loan portfolio nationwide. He noted, “FMO is excited to continue our partnership with Aye Finance as they target the ‘missing middle’, bridging gaps in traditional banking systems and empowering more businesses.”

In the fiscal year 2023-24, Aye Finance reported substantial growth with a net profit of ₹161 crore and a revenue increase of 67% to ₹1,072 crore, underscoring its expanding role in the MSME lending sector.

Hyundai Motor India Files for $3 Billion IPO

Hyundai Motor India Limited (HMIL), the Indian subsidiary of South Korea’s Hyundai Motor Company, has initiated the process to go public with a landmark initial public offering (IPO) aimed at raising around $3 billion. The company filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), signaling its intent to offer up to 142,194,700 equity shares at a face value of ₹10 each. This IPO, if successful, would surpass the previous record set by LIC’s $2.7 billion IPO in 2022, making it the largest-ever IPO in India’s history.

The primary objective of the IPO is to facilitate a complete offer for sale (OFS) by the promoter, providing an exit for existing shareholders and enhancing liquidity in Hyundai’s equity shares. Additionally, Hyundai aims to leverage the listing to bolster its brand image, increase visibility in the Indian market, and establish a robust public market for its shares. The move comes amid Hyundai’s strategic growth plans in India, where it holds a significant position as the second-largest passenger car manufacturer after Maruti Suzuki.

Financially, Hyundai Motor India reported substantial performance metrics for the fiscal year 2023, with revenues amounting to ₹60,000 Crore and profits reaching ₹4,653 Crore. These figures underscore Hyundai’s status as the most profitable non-listed car manufacturer in India, driven by the success of popular models like the i20, Verna, Creta, Aura, and Tucson. The Indian market contributed approximately 13% to Hyundai’s global sales in 2023, highlighting its strategic importance in the company’s global operations.

The advisory process for the IPO is being handled by Shardul Amarchand Mangaldas, a prominent Indian law firm serving as the company counsel, alongside international legal support from Latham & Watkins. This collaboration underscores Hyundai’s commitment to navigating the complexities of India’s regulatory landscape and ensuring compliance throughout the IPO process. The IPO announcement reflects Hyundai’s strategic intent to capitalize on favorable market conditions, strengthen its market position in India, and provide enhanced value to its shareholders.

Dvara KGFS Secures $7 Million in ECB Debt for Rural Financial Inclusion Initiatives

Dvara Kshetriya Gramin Financials (Dvara KGFS) has successfully raised $7 million in debt through External Commercial Borrowings (ECBs) from Enabling Qapita, marking its second such initiative.

This funding will support Dvara KGFS’s ongoing lending activities aimed at fostering financial inclusion in rural India. Enabling Qapita (EQ), a regulated Impact Asset Manager, focuses on investments that generate both financial and social returns.

LVLN Murty, Managing Director and CEO of Dvara KGFS, expressed enthusiasm about the repeated debt raise from EQ, emphasizing their shared commitment to expanding sustainable financial inclusion initiatives. He highlighted that the funds will be utilized to create wealth opportunities in deep rural areas of India.

Shilpa Bhatter, CFO of Dvara KGFS, noted that the organization has diversified its funding sources significantly and actively engages with impact investors aligned with their mission.

By accessing global debt markets, Dvara KGFS aims to enhance its funding resilience while advancing its growth objectives in the rural finance sector.

Jindal Stainless Completes Acquisition of Remaining Stake in Chromeni Steels, Strengthening Market Position

Jindal Stainless has completed the acquisition of the remaining 46% stake in Chromeni Steels Private Ltd (CSPL) for Rs 278 crore, making CSPL a wholly-owned subsidiary of the company effective June 15, 2024.

This move follows Jindal Stainless’ earlier acquisition of a 54% equity stake in CSPL through an indirect deal valued at Rs 1,340 crore.

The total investment in acquiring CSPL now stands at Rs 1,618 crore for Jindal Stainless. According to Tarun Kumar Khulbe, CEO of JSL, this acquisition of 100% equity in Chromeni Steels will strategically position the company to enhance its value chain capabilities.

He highlighted that with CSPL’s 0.6 MTPA cold rolling mill in Mundra, Gujarat, expected to commence operations soon, Jindal Stainless aims to capitalize on the strong domestic demand, which has been growing at a rate of 7-9% annually.

This acquisition marks a significant strategic move for Jindal Stainless as it strengthens its presence in the steel sector, leveraging CSPL’s operational capacities and enhancing its competitive edge in the market.

BioCompute Secures Rs 31 Lakh Climate Entrepreneurship Grant at SusCrunch 2024

BioCompute, co-founded by Anagha Rajesh, is a pioneering startup utilizing DNA for data storage to reduce emissions from data centers, has been awarded India’s largest non-equity climate entrepreneurship grant worth Rs 31 lakh. The grant was presented at the SusCrunch 2024 event, organized by the Sustainability Mafia (SusMafia) in collaboration with the Pilani Innovation and Entrepreneurship Development Society (PIEDS).

SusCrunch 2024 brought together over 300 climate decision-makers, including startups, investment funds, and corporations, to foster innovation and investment in climate tech. The event featured pitches from 10 climate action startups, highlighting the potential for scalable solutions in combating climate change. BioCompute emerged as the standout, receiving the prestigious “Big Pie” grant aimed at propelling the startup to the forefront of the global climate action movement.

Priya Shah, General Partner at Theia Ventures and Director of SusMafia, emphasized the importance of the event and the collaborative efforts required to scale impactful solutions. Theia Ventures, the investment partner for SusCrunch 2024, aims to catalyze $100 million in investments into Indian climate tech startups by 2030.

The summit also showcased high-performance electric trucks from Planet Electric, presented by founder Gagan Agarwal, and featured insights from Kuldeep Jain, Founder and Managing Director of CleanMax, on building a large renewable energy company in India.

The SusVentures program, a collaboration between SusMafia and the Birla Institute of Technology and Science (BITS Pilani), graduated its first cohort at SusCrunch 2024. This program mentored early-stage climate entrepreneurs, resulting in the creation of 14 startups across sectors such as the circular economy, energy efficiency, and electric vehicles. BioCompute’s innovative approach to using DNA for data storage positions it as a crucial player in reducing the carbon footprint of data centers, which are significant contributors to global emissions. The Rs 31 lakh grant will support BioCompute in further developing its technology and scaling its operations, contributing to the broader fight against climate change.