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BriskPe Secures $5 Million Seed Funding from PayU to Revolutionize Cross-Border Payments

Garima Bansal
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BriskPe Secures $5 Million Seed Funding from PayU to Revolutionize Cross-Border Payments

BriskPe, a rising star in the fintech world, has successfully raised $5 million in seed funding from PayU, a major player in digital payments and fintech. This substantial investment is set to fuel BriskPe’s mission to streamline and enhance cross-border payment solutions for Indian businesses aiming to expand globally.

Founded in Mumbai, BriskPe has swiftly positioned itself as a crucial platform for micro, small, and medium enterprises (MSMEs), helping them manage international transactions efficiently. The startup’s innovative approach addresses the unique challenges faced by these businesses, offering cost-effective and rapid payment processing services.

The fresh capital will be pivotal for BriskPe, enabling it to strengthen its product and service offerings, expand its team, and scale its operations. This strategic infusion is expected to significantly bolster its capacity to support more Indian enterprises in navigating the complexities of global payments.

BriskPe’s impressive growth trajectory includes a robust customer base of over 1,000 exporters. By simplifying global payments and ensuring rigorous compliance and tracking, the platform aims to make international business transactions more accessible and efficient. Additionally, BriskPe has partnered with Yes Bank to facilitate transactions in over 36 foreign currencies across more than 180 countries, demonstrating its extensive reach and operational capabilities.

This seed funding marks BriskPe’s first institutional investment round, reflecting strong confidence from PayU in the startup’s potential. PayU’s backing is part of its broader strategy to create a comprehensive payments platform that spans both domestic and international markets. This partnership is expected to significantly enhance PayU India’s offerings in the cross-border payments sector.

Sanjay Tripathy, Co-Founder and CEO of BriskPe, expressed enthusiasm about the partnership, stating, “This investment represents a pivotal step in simplifying cross-border transactions for MSMEs. Our goal is to bridge the gap between domestic and international trade, empowering local businesses with innovative solutions to thrive globally.”

PayU’s Chief Investment Officer, Vijay Agicha, echoed this sentiment, highlighting BriskPe’s alignment with PayU’s cross-border payment strategy and its focus on compliance. “We are excited to actively participate in shaping BriskPe’s future growth. Their expertise in digital-first business models and banking systems is crucial for driving economic growth in India,” Agicha remarked.

As BriskPe continues to evolve, its commitment to making global payments more efficient, cost-effective, and compliant positions it as a key player in the fintech landscape, competing with other innovators like PayPal, Razorpay, and Skydo. With PayU’s support, BriskPe is well on its way to revolutionizing the cross-border payment experience for Indian businesses.

Foxtale Secures $18 Million in Funding Led by Panthera Growth Partners

Garima Bansal
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Foxtale Secures $18 Million in Funding Led by Panthera Growth Partners

Foxtale, a Mumbai-based direct-to-consumer (D2C) skincare brand, has recently achieved a significant milestone in its growth journey by securing $18 million (about Rs 150 crore) in its Series B funding round. The funding round was spearheaded by Panthera Growth Partners, a distinguished investor based in Singapore, marking a substantial endorsement of Foxtale’s vision and potential within the competitive skincare market.

Alongside Panthera Growth Partners, the funding round saw continued support from existing investors, including Matrix Partners India and Kae Capital.

IndigoEdge acted as the financial advisor to Foxtale throughout this transaction, as stated in the official press release. Foxtale’s post-allotment valuation stands at approximately Rs 790 crore or $96 million. With this latest infusion of capital, Foxtale’s total funding to date exceeds $22 million, a testament to investors’ belief in the brand’s potential to disrupt the skincare industry.

Founded by Romita Mazumdar in 2021, Foxtale has carved a niche for itself as a low-cost skincare brand catering specifically to Indian skin types. Its product range addresses common concerns such as acne, aging, and hyperpigmentation, offering tailored solutions to a diverse customer base.

Foxtale’s products are not only available on its website but also across various popular marketplaces, including Nykaa, Amazon, Blinkit, Flipkart, and Myntra, ensuring accessibility and convenience for consumers.

Despite the challenges posed by the pandemic, Foxtale has demonstrated remarkable growth, with its scale expanding significantly from Rs 20 lakh in FY22 to Rs 13.8 crore in FY23. However, this rapid expansion has been accompanied by a proportional increase in losses, which surged to Rs 18.59 crore during the same period.

In conclusion, Foxtale’s latest funding round not only signifies a significant milestone in its growth journey but also underscores the immense potential of the D2C skincare segment in India. With the backing of prominent investors and a commitment to innovation and customer satisfaction, Foxtale is well-positioned to redefine the standards of skincare in the country.

Atlan Secures $105M in Series C Funding, Led by GIC and Meritech Capital

Garima Bansal
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Atlan Secures $105M in Series C Funding, Led by GIC and Meritech Capital

Atlan, a groundbreaking data infrastructure company, has announced the successful closure of its Series C funding round, securing a substantial $105 million. Spearheaded by GIC, a prominent Singapore-based sovereign wealth fund, and co-investor Meritech Capital Partners, known for early support of industry giants like Snowflake and Datadog, this round also saw participation from existing investors Salesforce Ventures and Peak XV Partners. Insight Partners and Waterbridge Ventures also contributed, bringing Atlan’s total funding to over $206 million.

Co-founder Prukalpa Sankar underscored the pivotal role of data readiness in today’s rapidly evolving technological landscape, emphasizing the importance of enriching data with business context, trust, and security.

Atlan’s impressive growth trajectory is evident from its substantial revenue increase and remarkable success rate in competitive trials. Experiencing a sevenfold surge in revenue over the past two years and achieving a 75% success rate in competitive trials, Atlan’s enterprise sales skyrocketed by 400% in the first quarter of 2024.

Varun Banka, Atlan’s Co-founder, highlighted the company’s mission to unify diverse data sources, recognizing that diverse approaches to data management are inherent across organizations. Atlan’s solution aims to unify data across warehouses, lakehouses, vector DBs, BI tools, and AI agents.

Rob Ward, Co-founder of Meritech Capital, commended Atlan’s innovative approach to modern data governance, recognizing the company’s efforts in setting a new standard for enterprises with a cloud-first data strategy.

Atlan’s recent recognition as a leader in the Forrester Wave for Enterprise Data Catalogs for DataOps, coupled with its leadership positions in various G2 categories, reaffirms its pivotal role in shaping the future of data management.

Matrix Pharma Acquires Viatris’ API Business for ₹1,445 Crore with Funding from KSSF II

Garima Bansal
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Matrix Pharma Acquires Viatris’ API Business for ₹1,445 Crore with Funding from KSSF II

Matrix Pharma Private Ltd has finalized the acquisition of Viatris’ active pharmaceutical ingredients (API) business for ₹1,445 crore, a deal facilitated by funding from Kotak Strategic Situations Fund II (KSSF II).

This acquisition is poised to elevate Matrix Pharma to the position of the second-largest Indian API player, with a notable global presence in antiretroviral APIs, as highlighted in a statement regarding the development. KSSF II, managed by Kotak Alternate Asset Managers Ltd, played a pivotal role in financing the transaction.

The acquisition grants Matrix Pharma access to valuable research capabilities, with over 185 scientists on board, and a robust portfolio

of over 600 Drug Master Files (DMFs). Additionally, Matrix Pharma aims to leverage its existing relationships with global pharmaceutical companies to further enhance its market position.

Kotak Alternate Asset Managers will support Matrix Pharma in consolidating its presence in the API business by bolstering third-party sales. Furthermore, the company will explore selective opportunities for growth in the pharmaceutical contract development and manufacturing organization (CDMO) space.

Srini Sriniwasan, Managing Director of Kotak Alternate Asset Managers, emphasized that this transaction underscores the firm’s capabilities in the pharmaceutical industry and its capacity to create a platform for building a robust API business through organic and inorganic growth. Eshwar Karra, CEO of Kotak Strategic Situations Fund, noted that India’s chemistry capabilities and cost-competitive manufacturing position it as the third-largest API manufacturer globally, further highlighting the potential for growth and expansion in the pharmaceutical sector.

Qiro Finance Secures $1.2M in Pre-Seed Round Led by Alliance

Garima Bansal
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Qiro Finance Secures $1.2M in Pre-Seed Round Led by Alliance

Qiro Finance, a decentralized finance (DeFi) startup, has successfully raised $1.2 million in a pre-seed funding round led by Alliance, an early-stage web3 accelerator. Additional support came from Druid Ventures, Escape Velocity (EV3), Trident Digital, and CMT Digital.

In addition to these investments, Qiro Finance received a 100,000 MATIC grant from Polygon’s Village Build Ideas Program and a $50,000 development grant from the Aptos Foundation.

The raised capital will be channeled towards supporting the development and expansion of Qiro Finance. The startup will focus on product development and ecosystem expansion to realize its vision of revolutionizing the private credit market.

Initially targeting fintech asset originators in Southeast Asian markets, the company has plans for expansion into other emerging markets. By leveraging DeFi and Blockchain technology, Qiro Finance aims to establish a more transparent, efficient, and accessible credit ecosystem.

Qiro Finance was founded by Akshay Poshatwar and Nishikant Bahalkar with the objective of bridging the significant credit gap prevalent in emerging markets. This gap is primarily attributed to the dominance of risk-averse banks in the credit market.

The startup seeks to address this gap by creating a decentralized credit protocol that connects asset originators in emerging markets with global investors using blockchain and stablecoin technology. Headquartered in Singapore, Qiro Finance is poised to revolutionize the credit landscape in emerging economies.

RWA tokenization has emerged as a significant theme in the crypto market, with major firms such as Blackrock and Franklin Templeton launching on-chain funds. This development has propelled the sector to an $8 billion total value locked, according to a Messari Report.

C3 Med-Tech Raises Rs 2 Crore Funding to Launch Telemedicine and AI-Enabled Eye Screening Devices

Garima Bansal
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C3 Med-Tech Raises Rs 2 Crore Funding to Launch Telemedicine and AI-Enabled Eye Screening Devices

Ahmedabad-based healthtech startup C3 Med-Tech has secured Rs 2 crore in funding from Industrial Metal Powders to facilitate the introduction of new telemedicine and AI-driven portable devices for eye examinations.

The integration of telemedicine and AI technology is poised to enable immediate and accurate diagnoses, as well as timely interventions, significantly enhancing the potential to prevent visual impairment and blindness.

Yash Nagarsheth, Founder & CEO of C3 Med-Tech, expressed enthusiasm about the investment’s potential to expedite efforts in expanding access, particularly in underserved communities where the need is most acute.

C3 Med-Tech’s innovative devices include the C3 Vision-Portable Slit Lamp, C3 Smartphone Fundus Camera, and C3 Slit Lamp Imaging System. These US FDA-approved devices offer a revolutionary approach to diagnosing various eye diseases, including cataracts, diabetic retinopathy, glaucoma, and corneal infections, among others.

The upcoming product, the C3 Surgery Recording System, will provide a comprehensive system for recording eye surgeries, covering all aspects of ophthalmic diagnostics from screening to surgical recording.

The capital infusion will be allocated towards expanding C3 Med-Tech’s presence across India and globally. The startup aims to achieve this through intensified marketing efforts, team expansion, and research and development for future products.

Nagarsheth emphasized the strategic significance of partnering with Industrial Metal Powders, citing their expertise and support as pivotal in making a meaningful impact in the fight against avoidable blindness. He also highlighted the reinforcement of C3 Med-Tech’s leadership team with experienced professionals and subject matter expert ophthalmologists to guide product development.

Snapdeal Partners with Bhashini to Drive Digital Inclusion in India

Garima Bansal
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Snapdeal Partners with Bhashini to Drive Digital Inclusion in India

Snapdeal, a leading e-commerce platform, has inked a Memorandum of Understanding (MOU) with Digital India Bhashini, an Independent Business Division established by the Ministry of Electronics and Information Technology (MeitY) within Digital India Corporation (DIC), to address India’s diverse linguistic landscape.The MOU was signed by Bharat Venishetti of Snapdeal and Amitabh Nag, CEO of Bhashini.

The partnership seeks to harness the power of Artificial Intelligence (AI) to develop products and services centered around voice-first technology for nine vernacular languages. The primary objective is to bolster language translation efforts, thereby fostering greater digital accessibility across India.

Himanshu Chakrawarti, CEO of Snapdeal, expressed enthusiasm about the collaboration, emphasizing Snapdeal’s dedication to advancing digital inclusivity in India. He highlighted the integration of Bhashini’s language expertise with Snapdeal’s robust e-commerce platform as a means to empower individuals from diverse linguistic backgrounds.

Chakrawarti underscored that the initiative resonates with Snapdeal’s mission to enhance accessibility and affordability in online shopping, particularly catering to Tier 3 cities and beyond.

Snapdeal caters to the value price segment in e-commerce, offering merchandise across categories like home, fashion, beauty, and personal care. With more than 90% of products priced under Rs. 1,000 and over 86% of orders originating from non-metro cities, Snapdeal has honed its expertise in serving mid-income users who predominantly access the Internet via mobile phones.

Amitabh Nag, CEO of Bhashini, reiterated their commitment to leveraging technology for societal benefit, aiming to enable inclusive digital experiences for all.

Launched under the National Language Technology Mission by the Indian Prime Minister in July 2022, Bhashini aims to transcend language barriers by providing technology translation services in 22 scheduled Indian languages, ensuring citizens can access digital services in their preferred language.

NODWIN Gaming, a subsidiary of Nazara Technologies, Expands its Footprint with Ninja Global Acquisition

Garima Bansal
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NODWIN Gaming, a subsidiary of Nazara Technologies, Expands its Footprint with Ninja Global Acquisition

NODWIN Gaming International Pte Ltd, a subsidiary of Nazara Technologies, has completed the acquisition of Ninja Global FZCO (Ninja) for $3.57 million (approximately INR 29.8 crore) in a strategic transaction involving both cash and stock components.

The acquisition is strategically aimed at bolstering NODWIN Gaming’s presence and capabilities within the esports and gaming production domains across the UAE and Turkey. Ninja Global, recognized for its substantial influence in the esports and gaming production sectors, will now integrate seamlessly into NODWIN Gaming Private Limited.

Nazara Technologies, the parent company of NODWIN Gaming, recently secured approximately INR 510 crore from a consortium of investors, including Nikhil Kamath, the cofounder of Zerodha, and SBI Mutual Fund. Nitish Mittersain, the CEO, outlined plans to utilize the fresh capital to invest in gaming studios capable of developing high-caliber games tailored for both Indian and global audiences during an interview with Inc42.

The finalized deal, executed on June 7 via a secondary transaction, involved a cash component of $1.32 million, with the remaining stake valued at $2.24 million obtained through the issuance of preference shares of NODWIN Gaming International. According to disclosures made in Nazara’s stock exchange filings, NODWIN Gaming International disbursed $1 million in cash upfront and allocated approximately $2.24 million through the issuance of preference shares.

Nazara emphasized in February that the acquisition of Ninja Global will fortify NODWIN’s global delivery network in emerging markets, enabling the company to offer enhanced solutions to publishers and brands in the Middle East and Turkey.

This strategic acquisition underscores Nazara’s aggressive expansion strategy in the gaming sector. In October of the preceding year, Nazara acquired the games marketing services firm PublishMe for $2 million. Following this, in January, NODWIN Gaming unveiled plans to acquire a 100% stake in Comic Con India for INR 55 crore ($6 million) through a combination of cash and stock transactions, aimed at diversifying its youth-centric portfolio and extending its global entertainment footprint. Furthermore, the company committed to investing €8 million (approximately INR 71.8 crore) in Freaks 4U Gaming GmbH, a marketing services firm based in Germany.

Battery Smart Secures $65 Million in Series B Funding Round

Garima Bansal
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Battery Smart Secures $65 Million in Series B Funding Round

Battery Smart, a pioneering battery technology startup, has successfully secured $65 million in its Series B funding round, spearheaded by LeapFrog Investments. The funding round also witnessed enthusiastic participation from both new and existing investors, including MUFG Bank, Panasonic, Ecosystem Integrity Fund, Blume Ventures, and British International Investment (BII).

Although Battery Smart has opted not to disclose its current valuation, it experienced a notable surge in its worth during the initial tranche of its Series B funding, amounting to $45 million. This valuation marked a substantial increase from its pre-Series B valuation of $210 million, recorded in November of the previous year.

The infusion of capital will empower Battery Smart to expand its battery-swapping network nationwide, fostering greater adoption of electric mobility, as highlighted in the company’s recent press release.

Battery Smart specializes in providing cutting-edge lithium-ion batteries designed for electric two and three-wheelers, offering swift and efficient swapping capabilities at any of its numerous swapping stations. The company’s innovative Battery-as-a-Service (BaaS) solution alleviates the burden of high upfront costs for its clientele.

Presently, Battery Smart boasts a network of 1,000 battery-swapping stations spanning across 30 cities, facilitating over 35 million swaps for more than 45,000 active customers. The company has established a notable presence in key regions such as Haryana, the National Capital Region (NCR), Karnataka, Rajasthan, Telangana, Uttar Pradesh, and Maharashtra.

According to insights, Battery Smart witnessed an impressive seven-fold increase in revenue, soaring from Rs 7.95 crore to Rs 55.8 crore in FY22. However, the company also experienced a 4.9-fold surge in losses, escalating from Rs 13.08 crore to Rs 64.51 crore during the same period.

As of the latest available data, Tiger Global holds a substantial 23% stake in Battery Smart, followed by co-founders Pulkit Khurana and Siddharth Sikka, each possessing a 14.28% stake. Additionally, Blume Ventures maintains over a 12% stake in the company. For further details, interested parties can refer to TheKredible platform.

Eternz Secures $1.15 Million in Pre-Seed Funding Led by Kae Capital

Garima Bansal
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Eternz Secures $1.15 Million in Pre-Seed Funding Led by Kae Capital

Eternz, a curated vertical marketplace for jewellery, has raised $1.15 million in a pre-seed funding round led by Kae Capital. The funding round also saw participation from Gemba Capital, IIMA Ventures, TDV Partners, and Venture Lab. This financial boost will help Eternz target urban customers across India and establish partnerships with international brands, according to a company press release.

Founded by Arthi Ramalingam, Eternz aims to transform the jewellery buying experience online through innovative technology. The startup curates designs from high-quality national and international brands, providing a unique and trustworthy platform for jewellery shopping. Eternz caters to a wide array of metals, including fashion/costume, silver, gold, and diamond jewellery, and plans to continue collaborating with brands and designers to enable discovery and growth in this evolving market.

Eternz plans to use the proceeds to expand its selection of jewellery and target urban customers in India. The company also intends to launch an offline experience center, allowing consumers to touch and feel the jewellery, bridging the gap between online convenience and offline authenticity.

Sunitha Viswanathan, a Partner at Kae Capital, highlighted the strong demand for jewellery among millennials and Gen Z for daily wear, not just special occasions. She praised Eternz’s business model, which offers a curated vertical marketplace providing a trusted and unique experience for customers. Viswanathan expressed confidence that Eternz would become the go-to platform for brands looking to scale their online presence.

Eternz’s founder, Arthi Ramalingam, emphasized the company’s mission to address trust issues and discovery challenges that consumers face when shopping for jewellery online. With this funding, Eternz is poised to enhance its product offerings and expand its market presence both online and offline.

Kae Capital manages approximately $250 million in capital, having invested in 85 startups with a portfolio enterprise valuation of $9.88 billion. Its portfolio includes a mix of B2B and B2C startups such as Nazara Technologies, Porter, Healthkart, Zetwerk, Tata 1mg, Traya, and Square Yards.

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