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Pioneering the Future: The Story of FUTR Studios and India’s First Virtual Influencer, Kyra

Garima Bansal
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Pioneering the Future: The Story of FUTR Studios and India’s First Virtual Influencer, Kyra

In the bustling cityscapes of India, amidst the rapidly evolving tech landscape, two visionary minds, Himanshu Goel and George Tharian, embarked on a groundbreaking journey. Their mission: to create India’s first virtual human company, FUTR Studios. This is the remarkable story of their innovative creation, Kyra, and how they navigated the challenges and triumphs of building a digital empire.

Himanshu Goel, a software engineer and management graduate from MICA Ahmedabad, is an Indian author with five novels to his name. With over four years of experience in brand management, digital, and influencer marketing, Himanshu brought a unique blend of creativity and technical acumen to FUTR Studios. When not working, he enjoys playing football or blogging on his Instagram page, where he has garnered a following of 74,500 followers. George Tharian, the Co-Founder and CEO, complements Himanshu’s vision with his strategic leadership, steering the company towards innovative frontiers.

FUTR Studios made a significant mark in the tech world with the launch of Kyra in 2022. Crafted using advanced CGI and AI technology, Kyra quickly became India’s first virtual influencer. She gained immense popularity, amassing over 300,000 followers across social media platforms. Kyra’s digital presence attracted collaborations with renowned brands such as Titan, ITC, L’Oreal, American Tourister, and Amazon Prime Video. Her influence extended beyond social media, gracing the covers of various magazines and becoming a significant digital asset for virtual reality and gaming applications.

However, the journey was not without its challenges. During their appearance on the show Pitch Scan, the founders sought an investment of 1 crore in exchange for 2.5% equity in FUTR Studios. Despite demonstrating lifetime sales of 82 lakhs and achieving 46 lakhs in sales with a profit of 12 lakhs up until September FY23-24, the company faced concerns from potential investors. The sharks expressed apprehensions about the clarity of FUTR Studios’ vision and the need for constant innovation in the rapidly evolving tech space. Aman Gupta, one of the investors, emphasized the necessity of onboarding a co-founder with technical expertise to drive the company’s innovative capabilities. Despite the constructive feedback, FUTR Studios left the show without securing a deal.

Undeterred, FUTR Studios continued to innovate and expand their portfolio. They developed another virtual influencer, Sravya N (AI Human), who acts as Kyra’s manager and has garnered 5,000 followers on LinkedIn. The content production for these virtual influencers is outsourced, while designers work under exclusive contracts with FUTR Studios. The company’s future plans involve developing in-house virtual IPs and brand-owned IPs to enhance their market presence and offer diverse opportunities for brand collaborations and monetization.

With Kyra’s significant following and successful brand collaborations, FUTR Studios has demonstrated the potential of virtual influencers in modern marketing. As they continue to innovate and expand their portfolio, FUTR Studios is well-positioned to lead the virtual influencer market in India. Himanshu Goel and George Tharian’s vision and perseverance are paving the way for a new era of digital influencers, blending technology and creativity to shape the future of virtual human interaction.

Recur Club Launches Recur Scale: A New Era in Debt Financing for Late-Stage Start-ups and SMEs

Garima Bansal
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Recur Club Launches Recur Scale: A New Era in Debt Financing for Late-Stage Start-ups and SMEs

Recur Club, a prominent player in India’s debt marketplace for start-ups, has unveiled its latest financial product, Recur Scale, aimed at providing substantial debt financing to late-stage start-ups and SMEs. This initiative targets companies at Series A, B, and beyond, specifically those with revenues exceeding Rs 40 crore.

Founder Abhinav Sherwal and Eklavya Gupta, emphasized the strategic shift towards supporting larger business segments involved in Series A, B, C funding rounds and beyond.

Recur Scale is designed to significantly boost the average ticket size of loans offered by Recur Club, ranging from Rs 5 crore to Rs 50 crore, with provisions for even larger amounts up to Rs 100 crore. This move underscores Recur Club’s commitment to catering to the evolving financial needs of high-growth companies in India’s entrepreneurial ecosystem.

Gupta highlighted to Business Today the importance of this new offering in enhancing financial accessibility for companies navigating the complexities of scaling operations and achieving new milestones in their growth journeys. With Recur Scale, Recur Club seeks to consolidate its position as a pivotal partner in fueling the ambitions of India’s burgeoning start-up and SME sectors.

As Recur Scale rolls out, it is poised to play a crucial role in shaping the financial landscape for late-stage businesses, supporting their aspirations for sustained growth and market leadership in India and beyond.

Gruner Renewable Energy’s Ambitious Venture: Asia’s Largest Compressed Biogas Plant

Garima Bansal
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Gruner Renewable Energy’s Ambitious Venture: Asia’s Largest Compressed Biogas Plant

Gruner Renewable Energy has embarked on a groundbreaking initiative to establish Asia’s largest Compressed Biogas (CBG) plant in Navsari, Gujarat. This ambitious project, set to cost approximately Rs 220 crore, aims to produce an impressive 44 tonnes of biogas per day, with an annual output exceeding 16,000 tonnes.

Partnering with a leading business conglomerate, the plant will utilize a range of sustainable feedstocks including paddy, pressmud, canetrash, and municipal solid waste (MSW).

This venture is poised to make significant contributions to India’s renewable energy sector by reducing the country’s reliance on fossil fuels. Utkarsh Gupta, Founder and CEO of Gruner Renewable Energy, highlighted the project’s strategic importance in enhancing energy security and environmental sustainability.

The plant’s utilization of diverse biomass and waste materials not only provides a renewable energy source but also addresses critical waste management challenges. By converting potential pollutants into valuable resources, Gruner Renewable Energy aligns with national objectives aimed at promoting sustainable development and reducing carbon emissions.

Beyond its immediate economic and environmental impacts, the Navsari CBG plant sets a precedent for future renewable energy projects across India. As construction progresses, industry observers anticipate that the plant will not only bolster India’s renewable energy capacity but also inspire other enterprises to invest in similar sustainable energy solutions.

The project represents a significant step forward for the renewable energy sector in India, demonstrating how innovation and sustainable practices can drive positive change in the country’s energy landscape.

With the launch of Asia’s largest CBG plant, Gruner Renewable Energy aims not only to meet growing energy demands sustainably but also to contribute substantially to India’s renewable energy goals.

Travel Cloth: Redefining Travel with Innovative Luggage Management

Garima Bansal
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Travel Cloth: Redefining Travel with Innovative Luggage Management

Traveling, whether for leisure or business, often involves navigating the challenges of luggage management. Recognizing these challenges faced by travelers worldwide, Vasudeva Murthy founded Travel Cloth to revolutionize the travel experience through innovative technology-driven solutions.

Universal Need

The inception of Travel Cloth stemmed from Murthy’s observations during travel, where he witnessed individuals such as pregnant women, senior citizens, and families struggling with the physical and logistical burdens of carrying luggage. These experiences underscored a clear market gap for a more convenient and secure luggage management service.

Seamless Luggage Management

Travel Cloth offers a unique service that alleviates the burden of carrying luggage throughout the journey. Upon booking, travelers can arrange for Travel Cloth to collect their luggage days in advance. The service ensures that luggage arrives at the destination before the traveler, providing a hassle-free and seamless travel experience.

Door-to-Door Convenience

What sets Travel Cloth apart is its door-to-door luggage service, eliminating the need for travelers to handle their luggage at airports, train stations, or bus stops. This service particularly benefits senior citizens, families with children, and business travelers seeking convenience and peace of mind.

Ensuring Safety and Security

To guarantee the safety of belongings, Travel Cloth employs stringent measures such as shrink-wrapping or bubble-wrapping luggage and partnering with trusted logistics experts for secure transportation. The startup also offers insurance coverage against loss or damage, further enhancing customer confidence.

Technology Integration for Efficiency

Travel Cloth leverages proprietary technology and software to streamline operations, ensuring efficient order management and timely delivery. This technology-driven approach supports Travel Cloth’s commitment to delivering exceptional service and reliability.

Overcoming Challenges and Future Outlook

While navigating the Proof of Concept stage, Murthy encountered challenges in educating travelers about the benefits of luggage-free travel and in forging partnerships with logistics companies to optimize delivery schedules. Looking ahead, Travel Cloth plans to scale its operations through mass advertising and seeks external funding to support its growth trajectory.

Travel Cloth stands at the forefront of transforming travel experiences with its innovative approach to luggage management. By prioritizing convenience, safety, and customer satisfaction, Travel Cloth is poised to redefine travel norms and cater to a growing market demand for seamless travel solutions.

VentureSoul Launches ₹600 Crore Tech-Focused Debt Fund

Garima Bansal
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VentureSoul Launches ₹600 Crore Tech-Focused Debt Fund

VentureSoul Capital, a SEBI-registered Category II AIF, has introduced its inaugural debt fund, VentureSoul Capital Fund I, targeting a corpus of up to ₹600 crore. The fund has secured commitments from diverse investors including Micro Labs Ltd. as anchor investor, alongside prominent figures like E Madhusudan, Founder of Kreditbee, Abhishek Khemka, Promoter of Baazar Kolkata, and Ponnuswami M from Pure Chemicals group.

Focused on companies beyond Series A stage with proven revenue models, the fund remains sector agnostic while favoring fintech, B2C, B2B, and SaaS enterprises. VentureSoul aims to offer specialized debt solutions tailored for the evolving New Economy landscape.

Founded by ex-HSBC bankers Anurag Tripathi, Ashish Gala, and Kunal Wadhwa, VentureSoul Partners aims to leverage their extensive experience in building successful businesses to create value-driven investments.

The launch coincides with India’s growing venture-debt market, which reached $1.2 billion in 2023, marking a 50% increase from the previous year and reflecting robust growth projections for the coming years.

VentureSoul anticipates closing its initial funding phase soon, positioning itself to contribute significantly to India’s tech financing ecosystem amid increasing confidence from founders and investors alike.

Cognizant to Acquire Belcan, Enhancing ER&D Capabilities in $1.3 Billion Deal

Garima Bansal
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Cognizant to Acquire Belcan, Enhancing ER&D Capabilities in $1.3 Billion Deal

Cognizant, a prominent technology company, has announced its acquisition of Belcan, LLC for approximately $1.3 billion in a deal structured with cash and stock components. Belcan, a leading provider of Engineering Research & Development (ER&D) services, is currently under the portfolio of AE Industrial Partners.

The acquisition is strategically aimed at strengthening Cognizant’s capabilities in the ER&D market, particularly in sectors such as commercial aerospace, defense, space, marine, and industrial segments across North America and the United Kingdom.

Belcan’s established reputation and client base will bring over 6,500 engineers and technical consultants to Cognizant, significantly enhancing its technological expertise and market presence.

In terms of financial impact, Belcan is expected to contribute more than $800 million in revenue to Cognizant annually starting from 2024. The acquisition is anticipated to generate over $100 million in annual revenue synergies within three years, along with additional cost synergies over time.

Ravi Kumar S., CEO of Cognizant, highlighted the strategic importance of the acquisition, emphasizing that it will strengthen Cognizant’s position in ER&D services by integrating Belcan’s deep engineering capabilities and domain expertise. The merger is expected to enable Cognizant to offer enhanced technological solutions, including AI, Cloud, and Data technologies, to both Belcan’s and Cognizant’s clients.

Lance Kwasniewski, CEO of Belcan, expressed optimism about the merger, foreseeing significant value creation for customers and opportunities for employees. He noted that the combination with Cognizant will position Belcan to capitalize on increasing outsourced ER&D spending and robust demand in the aerospace sector.

The acquisition is slated to close by the end of September 2024, subject to regulatory approvals and customary closing conditions. The transaction will be financed through a combination of cash reserves and debt, with advisory roles handled by Perella Weinberg Partners and Arnold & Porter for Cognizant, and Jefferies, Solomon Partners, and Kirkland & Ellis for Belcan.

Citynect: Revolutionizing Accommodation Search for Urban Professionals

Garima Bansal
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Citynect: Revolutionizing Accommodation Search for Urban Professionals

In the bustling cities of India, finding suitable, scam-free accommodation remains a daunting task for many working professionals, particularly bachelors. Traditional avenues often prove unreliable, leaving individuals vulnerable to scams and high fees, exacerbated by safety concerns for women.

Hemant Solanki, driven by personal experiences, co-founded Citynect to address these challenges. His journey began when he assisted a dissatisfied friend in search of better housing options than the problematic PG accommodations typically available.

Despite exploring popular portals like Magicbricks and Housing.com, the friend fell victim to brokers’ scams, highlighting a pervasive issue.

Citynect was thus born out of the necessity to create a safe, supportive community for urban bachelors seeking reliable accommodation solutions. Initially faced with market unfamiliarity and skepticism, Hemant and his co-founder Dhruv Mehta persevered, leveraging platforms like WhatsApp to cultivate a trustworthy user base. This grassroots approach proved successful, with membership growing from 3,000 to 10,000 through referrals alone within months.

The startup distinguishes itself by catering specifically to the underserved demographic of working professionals aged 18 to 25. Unlike platforms targeting students or older adults, Citynect facilitates direct connections between tenants and property owners, eliminating brokerage fees and enhancing affordability.

Operating on a subscription-based model, Citynect charges users upfront for access to its comprehensive accommodation listings. Future plans include expanding service offerings to include background verification and rent agreements, enhancing value for users and increasing revenue streams.

Despite starting with minimal capital, Citynect has thrived as a bootstrapped entity, supplemented by an SSIP grant and strategic use of resources like AWS credits. Profitable with over 60% margins, the startup remains committed to organic growth, supported by a dedicated team of interns managing operations.

Looking ahead, Citynect aims to scale nationally and internationally, recognizing similar accommodation challenges globally. Integrating AI technology into its platform is a key strategy to enhance user experience and provide real solutions to everyday problems faced by urban dwellers.

As Citynect continues to expand its footprint, its mission remains steadfast: to redefine how urban professionals find accommodation, fostering a community-driven approach that prioritizes reliability, transparency, and affordability in an increasingly competitive market.

Prosperr.io Secures $1.5 Million Funding from Silicon Valley Investor Gokul Rajaram

Garima Bansal
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Prosperr.io Secures $1.5 Million Funding from Silicon Valley Investor Gokul Rajaram

Prosperr.io, an artificial intelligence-driven startup specializing in income tax solutions, has successfully raised $1.5 million in a pre-seed funding round led by Silicon Valley investor Gokul Rajaram.

The funding round also saw participation from prominent Indian angel investors, including Livspace founder Ramakant Sharma, CEO Saurabh Jain, and Cred founder Kunal Shah.

Founded by Manas Gond and Dev Kumar in March 2022, Prosperr.io aims to streamline income tax management for salaried individuals through its subscription-based services. The startup’s offerings include the Super Saver Product, catering to individual tax planning needs, and Prosperr-FBP (Flexi Benefits Plans), a business-to-business solution that aids employers in providing non-taxable allowances to employees.

The funds raised will primarily bolster Prosperr.io’s technological infrastructure, enhance product capabilities, and bolster sales and marketing efforts. Additionally, the investment will further develop the company’s AI-driven tax advisor platform, aimed at simplifying tax compliance and maximizing savings.

Currently employing 50 professionals, Prosperr.io anticipates achieving an annual recurring revenue (ARR) of $2 million by year-end, a significant increase from its current ARR of $700,000. Gond noted that their B2C product boasts 10,000 paid customers, while the recently launched B2B product has already secured adoption by five companies, potentially increasing employee in-hand salaries by 8-10%.

Prosperr.io competes in a competitive landscape that includes established players like ClearTax in India and TurboTax in the US. With this recent funding infusion, Prosperr.io aims to solidify its position as a leader in AI-driven tax solutions, catering not only to the Indian market but also eyeing global expansion in the future.

Oyo Secures New Funding at $2.5B Valuation Amid Strategic Shifts

Garima Bansal
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Oyo Secures New Funding at $2.5B Valuation Amid Strategic Shifts

Oyo is on the brink of securing a fresh round of funding totaling between $100 million to $125 million, according to sources familiar with the matter. This investment round is set to value Oyo at approximately $2.5 billion, marking a significant reduction from its peak valuation of $10 billion back in 2019.

Oyo has shifted its focus to garnering support from high-net-worth individuals in recent months. Representatives from InCred, a financial firm collaborating with Oyo, emphasized the current attractiveness of the asset, citing profitability and a substantial discount from its previous valuation. They hinted at a potential listing within the next 18 to 24 months.

Earlier reports had indicated that Oyo was seeking a valuation around $3 billion or lower, which the company had previously denied. However, sources now suggest that the new funding round could exceed initial expectations.

Oyo’s decision to pursue additional funding comes shortly after it withdrew its IPO plans last month, marking the second instance in four years that the startup has pulled back from such efforts.

Despite setbacks in its IPO journey, Oyo continues to enjoy backing from major investors including SoftBank, Peak XV Ventures, Lightspeed, Airbnb, and Microsoft. The startup, founded by Ritesh Agarwal, has amassed over $3 billion in funding to date and operates a comprehensive platform aiding hoteliers in managing digital bookings and payments.

Founder Ritesh Agarwal‘s involvement has been notable, particularly his significant personal investment in Oyo. In 2019, Agarwal secured a $2 billion debt to bolster his stake in the company, which was then valued at $10 billion. Details regarding the current status of this debt remain undisclosed by the startup.

The Inspiring Journey of Dr. Bhavesh Bhatia and Sunrise Candles

Garima Bansal
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The Inspiring Journey of Dr. Bhavesh Bhatia and Sunrise Candles

Dr. Bhavesh Bhatia is a man whose life story defies the ordinary. As the owner of Sunrise Candles, a company boasting an annual revenue of ₹350 crore, his journey is nothing short of extraordinary.

Born in a small village of Mahabaleshwar, Maharashtra, Bhavesh was afflicted with a condition known as retina muscular deterioration disease that leads to blindness within a few years, and tragically, Bhavesh lost his sight at the young age of 23.

His early life was marked by adversity. Bhavesh faced relentless bullying during his school days and in his community. Amidst these challenges, his mother provided him with the love, comfort, and strength to see the brighter side of life. She instilled in him a sense of honor and self-respect through creativity, which would later become his guiding light.

Despite the profound loss of his mother to cancer and the difficulties of navigating a world not designed for the visually impaired, Bhavesh found solace in creativity. Drawing from his mother’s teachings, he immersed himself in crafting candles – a medium that allowed him to express himself through shape and scent.

Driven by determination and innovation, Bhavesh overcame the limitations imposed by his blindness. Learning from the National Association for the Blind, he honed his skills using touch and smell to experiment with colors and fragrances. With a borrowed cart, he began selling his handcrafted candles at local markets, marking the humble beginnings of Sunrise Candles.

Love also played a transformative role in Bhavesh’s life. His encounter with Neeta proved to be serendipitous, blossoming into a profound partnership. Despite societal disapproval, Neeta stood steadfastly by Bhavesh’s side, supporting him in both his personal and entrepreneurial endeavors.

The road to success was fraught with challenges. Rejected by conventional lenders due to his blindness, Bhavesh persevered and secured a loan through a specialized program for visually impaired entrepreneurs. With an initial investment in wax, dyes, and a cart, he laid the foundation for Sunrise Candles, investing Rs 50 per day in the cart and Rs 25 in raw materials.

Today, Sunrise Candles stands as a testament to Bhavesh’s vision and resilience. What began as a small enterprise has grown into a thriving business with 71 manufacturing units across 14 states. Remarkably, over 9,500 visually impaired individuals find employment and empowerment through Sunrise Candles, which exports its products to 67 countries worldwide.

More than a manufacturer of exquisite candles, Sunrise Candles represents inclusivity and opportunity. Bhavesh Bhatia’s legacy is not just in revenue figures but in the lives he has touched and the barriers he has shattered. His journey from darkness to light serves as an inspiration to all, proving that with determination, creativity, and unwavering support, anything is possible.

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