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Maino.ai Secures ₹15 Crore Funding, Led by Quotient Advisers LLP

By
Garima Bansal
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0

Maino.ai, a digital marketing platform leveraging AI and ML technologies, has raised ₹15 crore in a funding round led by Quotient Advisers LLP. Investors Karan Bedi, Janhavi Parikh, and other shareholders also participated in the investment.

The capital infusion will be allocated towards building and scaling teams across various domains, including technology, product development, design, and strategy. Maino.ai aims to bolster its market position and drive sustained growth by developing a cost-effective technology platform in the digital marketing sector, which boasts a market worth over $500 billion.

Gagan Goyal, Partner at India Quotient, commented on the investment, stating, “Marketing operations and optimizations even today are heavily reliant on manual processes limiting growth, scalability & leading to a subpar ROI. The pain is deep & poses a huge Total Addressable Market (TAM), waiting to be unlocked.”

Abhijeet Kunwar, Rishabh Kumar, and Vikas Keshri, Co-founders of Maino.ai, highlighted the strategic significance of the funding, emphasizing its role in enhancing the company’s capabilities and expanding its reach. Additionally, Maino.ai aims to venture into new geographies, aligning with its vision to cater to a broader audience and explore untapped markets. Maino.ai has already garnered interest from brands across various sectors, including media tech, direct-to-consumer (D2C) brands, hospitality, and edtech, underscoring its growing traction and relevance in the digital marketing landscape

Wealthy Secures Rs 45 Crore in Funding Led by Alpha Wave Incubation Fund

By
Garima Bansal
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Wealth management platform Wealthy has successfully raised Rs 45 crore ($5.4 million) in its latest funding round, marking the company’s first capital infusion of the year. The investment was led by Falcon Edge’s Alpha Wave Incubation Fund, showcasing continued investor confidence in Wealthy’s growth trajectory.

According to regulatory filings accessed from the Registrar of Companies (RoC), Wealthy’s board approved a special resolution to issue 47,222 compulsory convertible preference shares at an issue price of Rs 9,556 each, resulting in the Rs 45 crore funding round. Alpha Wave spearheaded the investment with Rs 20.7 crore, followed by contributions from Savrola Lakshmi LLC (Rs 16.38 crore), Good Capital, and several individual investors.

The capital infusion comes at a crucial juncture for Wealthy, enabling the company to fuel its expansion initiatives and bolster its general working capital. With a focus on scaling operations and enhancing its suite of wealth management solutions,  Startup data intelligence platform TheKredible estimates Wealthy’s post-money valuation to be approximately Rs 278 crore or $33.5 million. This valuation underscores the company’s steady growth trajectory and its ability to attract significant investor interest.

Founded in 2015 by Prashant Gupta and Aditya Agarwal, Wealthy has emerged as a leading player in the wealth management space, offering comprehensive investment management and tracking tools to retail investors. Additionally, the platform provides advisory services and access to wealth management professionals, catering to the diverse needs of its user base.

With over Rs 4,500 crore of investments facilitated through its marketplace, Wealthy has established itself as a trusted partner for retail investors seeking personalized wealth management solutions. Following the latest funding round, existing investor Alpha Wave retains the largest external stake in Wealthy, holding 24.16% of the company. Good Capital, another prominent backer, maintains a 9.69% stake. Meanwhile, co-founders collectively command a significant ownership stake of 36.64%.

Despite experiencing losses in FY23, Wealthy’s revenue surged by 57.2% to Rs 11.82 crore during the same period. While specific financial details for FY24 are yet to be disclosed, Wealthy remains committed to driving value for its stakeholders and delivering exceptional experiences to its growing user base. With the support of Alpha Wave and other investors, Wealthy is poised to capitalize on emerging opportunities and solidify its position as a market leader in wealth management technology.

Skincare Startup CHOSEN Secures USD 1.2 Million in Seed Funding

By
Garima Bansal
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0

CHOSEN, a burgeoning skincare startup based in Chennai, has successfully closed a seed funding round, raising USD 1.2 million from friends and family investors. This milestone follows a significant equity-free grant of USD 100,000 received through the SPARK program by Peak XV Partners, aimed at supporting women entrepreneurs.

Dr. Renita Rajan, the founder of CHOSEN, highlighted its strategic importance in expanding the company’s operations and exploring new avenues for growth. Dr. Rajan outlined plans to forge partnerships with various B2B sectors, including hospitality, health, travel, and leisure, to broaden the distribution channels. She also disclosed the company’s ambition to secure pre-series funding ranging from USD 10 to USD 20 million later in the year.

Founded by cosmetic dermatologist Dr. Renita Rajan, CHOSEN has earned acclaim for its dedication to formulating safe and effective skincare products. With a current portfolio of 34 Stock Keeping Units (SKUs) and 12 additional products in development, CHOSEN is poised to introduce several new offerings over the next 18 months. Notably, the brand caters to specialized segments such as pregnant and nursing mothers, reflecting its commitment to addressing diverse skincare needs.

Dr. Rajan underscored CHOSEN’s overarching mission of creating enduring, safe, and effective wellness solutions. She emphasized the company’s focus on delivering products that offer long-term benefits, a testament to CHOSEN’s unwavering commitment to quality and innovation. Bolstered by a workforce of 130 employees, CHOSEN is on the cusp of significant expansion. The company anticipates a twofold increase in scale within the current fiscal year, positioning itself as a formidable contender in the competitive skincare industry

Swaayatt Robots Secures $4 Million Funding to Advance Autonomous Driving Technology

By
Garima Bansal
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0

Swaayatt Robots, an autonomous driving startup based in Bhopal, has announced the closure of a $4 million funding round, marking a significant milestone in its journey to revolutionize the automotive industry. Founder Sanjeev Sharma revealed that the investment, led by unnamed US-based investors, has positioned Swaayatt at a valuation of approximately $151 million.

This funding round is part of a larger financing endeavor, with plans to secure additional capital to reach a valuation of around $175 million. Sharma anticipates raising an additional $50 million in a pre-Series A round within the next 6-7 months. The influx of funds will fuel Swaayatt’s expansion into key markets such as North America, the UK, and the Middle East, as reported by Analytics Drift.

Swaayatt’s ambitious roadmap includes significant investment in research and development (R&D) to enhance its autonomous driving technology. Sharma articulated, “Going forward, we will be significantly scaling up our R&D in all frontiers of autonomous driving, specifically pushing the boundaries in unsupervised and reinforcement learning to showcase our sustainably scalable Level-5 autonomous driving technology architecture.”

Established in 2015 by Sanjeev Sharma, Swaayatt has distinguished itself through its proprietary algorithms and unparalleled capabilities in autonomous navigation, particularly on the complex and dynamic roadways of India. The startup aims to achieve Level-5 autonomous driving, the highest level of autonomy as categorized by the Society of Automotive Engineers International.

Prior to this funding round, Swaayatt secured $3 million from undisclosed US-based investors in 2021, enabling the startup to conduct over 80 demonstrations of human-less driving vehicles. Sharma’s initial investment of INR 80 lakh during the bootstrapped phase laid the foundation for Swaayatt’s pioneering position in artificial intelligence and autonomous driving technology.

While the concept of driverless cars is yet to reach widespread adoption, industry projections estimate the autonomous driving market to become a $300 billion to $400 billion revenue opportunity by 2035. Sharma emphasizes Swaayatt’s distinctiveness, citing its Level-5 autonomous driving technology capability, which consumes 80% less energy than competitors. As Swaayatt continues its journey towards reshaping the future of mobility, the funding injection will accelerate its efforts in pioneering safer, more efficient autonomous driving solutions.

LogicLadder Secures $2.5 Million in Series A Funding to Drive Global Expansion

By
Garima Bansal
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0

LogicLadder, a leading climate-tech SaaS startup, has successfully closed a $2.5 million Series A funding round. The investment was led by BIG Capital, based in Singapore and Vietnam, along with Rainmatter, a venture fund associated with Zerodha. Notable backers in this round include ONGC, Shell, and IIM Lucknow EIC.

Established in 2011 by Myank Chauhan and Atindra Chandel, LogicLadder has pioneered the development of ‘The Sustainability Cloud,’ a premium platform designed to assist enterprises in managing Environmental, Social, and Governance (ESG) factors. The platform enables businesses to track and account for Scope 1, 2, and 3 carbon emissions, ensure environmental compliance, and generate comprehensive sustainability reports. One of LogicLadder’s core strengths lies in its adherence to global standards such as the GHG protocol, SBTi, GRI, CDP, CSRD, SASB, BRSR, CBAM, and GRESB, among others. By aligning with these established frameworks, LogicLadder’s software facilitates seamless integration into existing sustainability initiatives within organizations.

Moreover, LogicLadder’s suite of products, including TSC Water, TSC Energy, and TSC Enviro, empowers organizations to drive efficiency-led decarbonization and sustainability across their operations, particularly in managing water consumption and waste generation.

With a growing roster of over 1,000 clients, including industry giants like NTPC, BHEL, PVR-INOX, and Mother Dairy, LogicLadder has established itself as a trusted partner in the sustainability space.  The fresh infusion of capital will fuel LogicLadder’s ambitious expansion plans, with a primary focus on scaling its presence in South Asia and North America. By leveraging this investment, LogicLadder aims to broaden its global footprint, penetrate new markets, and continue driving innovation in the climate-tech sector.

In conclusion, LogicLadder’s successful Series A funding round underscores investor confidence in the company’s mission to revolutionize sustainability management through technology. With a robust platform and a diverse portfolio of solutions, LogicLadder is well-positioned to lead the charge towards a more sustainable future.

Gravity Secures $1 Million to Transform B2B Banking Technology

By
Garima Bansal
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0

Gravity, an innovative business-to-business (B2B) banking technology startup, has announced the successful closure of a $1 million funding round. Spearheaded by Kettleborough VC, an early-stage venture fund renowned for strategic investments in tech ventures, the funding underscores Gravity’s potential to revolutionize the banking sector.

Co-founded by Satish Krishnaswamy and Rohit Maroo in March 2024, Gravity has rapidly emerged as a leader in banking technology. The startup’s platform facilitates seamless interoperability between diverse banking software systems, empowering banks to tailor bespoke, context-driven products to meet the evolving needs of their clients. Satish Krishnaswamy  enthusiasm about the funding infusion, stating, “The funds will enhance our engineering capabilities to develop and evolve our product, ensuring we offer the best in product engineering.”

Krishnaswamy emphasized Gravity’s commitment to staying ahead of industry demands, highlighting the need for continuous innovation in banking technology. “As a banking tech company, we need to anticipate industry demands and stay 2 to 3 years ahead,” he affirmed. With a robust engagement strategy, Gravity has gained traction in the banking sector, engaging with 18 commercial banks and completing proof of concept (POCs) with five. The Mumbai-based startup aims to onboard 4-5 Indian banks onto the Gravity platform this year and is poised for international expansion.

Nisarg Shah, founder and managing partner of Kettleborough VC, expressed confidence in Gravity’s potential to redefine the banking landscape. “Gravity aligns with our investment strategy of backing domain specialists. We believe it has the potential to become a category-creator, solving the challenge of siloed banking systems and revolutionizing the industry,” Shah remarked.

As Gravity continues to innovate and expand its presence, backed by strategic investors like Kettleborough VC, it is poised to reshape the B2B banking technology landscape, driving efficiency and enhancing customer experiences across the sector

Sift Healthcare Raises $20 Million to Expand Payments Intelligence Platform

By
Garima Bansal
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0

Sift Healthcare, a trailblazer in harnessing artificial intelligence (AI) for healthcare payments, has announced the completion of a $20 million Series B funding round, spearheaded by B Capital. The investment is poised to propel the growth of Sift’s cutting-edge Payments Intelligence Platform, which leverages AI to optimize financial operations in the healthcare sector.

Justin Nicols , CEO, Sift healthcare

Justin Nicols, founder and CEO of Sift Healthcare, expressed gratitude for the support from B Capital, emphasizing the company’s commitment to scaling its platform across new and existing markets. Nicols stated, “With the support of B Capital, Sift is well positioned to scale our Payments Intelligence Platform in new and existing markets and expand our impact within the revenue cycle, transforming how providers use their data to optimize payment outcomes.”

At the core of Sift’s Payments Intelligence Platform lies its unique ability to amalgamate clinical and payments data, thereby creating a comprehensive dataset that correlates clinical inputs with financial outcomes. By harnessing this data, the platform predicts adverse payment outcomes, delivers real-time alerts and recommendations, and enhances patient financial engagement.

One of the platform’s key features is its capability to remove variability and opacity surrounding payer reimbursement probability and amount. By accurately determining patient cost responsibility upfront, Sift’s platform takes a significant step towards promoting pricing transparency in healthcare.

Nick Whitehead, Principal at B Capital, expressed confidence in Sift Healthcare’s AI-based platform and its potential to revolutionize revenue cycle processes within the healthcare industry. Whitehead stated, “Our investment underscores our confidence in Sift’s AI-based platform to reshape revenue cycle processes and drive significant advancements in healthcare financial operations, and we are excited to support Sift Healthcare in this next phase of growth.”

The funding comes at a time when consumer interest in AI involvement in healthcare is on the rise. According to PYMNTS Intelligence, 42% of consumers are interested in AI’s role in healthcare, recognizing its potential to reduce errors and improve patient outcomes.

As the healthcare industry continues to embrace AI technologies, Sift Healthcare stands at the forefront of innovation, poised to revolutionize financial operations and drive advancements in healthcare delivery.

Ixigo Closes Rs 176 Cr Pre-IPO Secondary Placement

By
Garima Bansal
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0

Le Travenues Technology Limited, the operating entity behind the travel booking platform Ixigo, is gearing up for its debut on the stock exchanges on June 10th, with a price band set between Rs 88 to Rs 93 per share. The firm recently announced its pre-IPO secondary placement of Rs 176.2 crore ($21 million) at the top-end price of Rs 93 per share, a day ahead of the Anchor Book.

In this pre-IPO transaction, early investor SAIF Partners divested its 1,07,52,689 shares valued at Rs 100 crore ($12 million) to Ashoka India (White Oak), Tata Digital Fund, and Bay Capital. Concurrently, PeakXV sold its 6,989,248 shares worth Rs 65 crore ($7.8 million) to Bay Capital and Steadview Holding.

SAIF Partners will retain a 20.52% stake, while Peak XV and Micromax will hold 13.81% and 5.52% respectively. Ixigo’s co-founders Aloke Bajpai and Rajnish Kumar cumulatively hold a 16.65% stake in the company.

Analyzing the deal, it is revealed that SAIF Partners and Peak XV are set to gain significant returns, with SAIF Partners expected to enjoy a 13X return, while Peak XV anticipates an 8.2X return from their investments in Ixigo. Similarly, Micromax Limited is poised to achieve a healthy 10.88X return from its investment in the Gurugram-based company. Ixigo’s public offering is slated to be open from June 10th to June 12th, with a minimum lot size of 161 for retail investors and 14 lots for small non-institutional investors.

Ixigo has demonstrated notable growth in the first nine months of the last fiscal year (FY24), with operating revenue reaching Rs 491 crore and a significant profit of Rs 65.7 crore during the same period.

Eyebot Raises $6M for AI-Powered Vision Exam Kiosks

By
Garima Bansal
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0

Eyebot has secured $6 million in funding to revolutionize vision exams through its innovative AI-powered kiosks. The investment, led by AlleyCorp and Ubiquity Ventures, with participation from several prominent venture capital firms, underscores the high demand and potential for Eyebot’s disruptive technology.

The concept addresses a prevalent issue faced by many Americans: the need for a current eyeglass prescription to purchase corrective eyewear. With over half of the population relying on glasses or contact lenses, obtaining a vision exam traditionally involves scheduling appointments with optometrists, leading to delays, especially in rural areas experiencing a shortage of eye care practitioners.

Eyebot aims to transform this process by deploying self-serve vision-testing terminals in convenient locations such as shopping centers, grocery stores, and pharmacies. These kiosks utilize advanced computer vision technology to conduct comprehensive vision exams within approximately 90 seconds, eliminating the need for direct optometrist involvement.

Matthias Hofmann, founder and CEO of Eyebot, highlights the evolution of the technology from his previous venture at EyeNetra, where smartphone-based testing methods were explored. Eyebot’s fully automated experience simplifies the exam process, requiring users only to stand in front of the kiosk.

Following the exam, Eyebot-generated prescriptions are finalized by teledoctors within 24 hours. Consumers can opt for a $30 exam fee or receive a complimentary exam when purchasing glasses from Eyebot’s partner brands. The technology is FDA registered, ensuring compliance and safety standards.

Eyebot’s revenue model revolves around partnerships with major eyewear brands, offering them an opportunity to showcase their products in retail locations. The company plans to monetize by taking a commission on eyewear sales facilitated through its kiosks.

With significant interest from investors and partnerships with key eyewear merchants in the pipeline, Eyebot is poised for expansion beyond New England, leveraging the newly acquired funds to introduce its disruptive solution to broader markets.

Sware Secures $6M Funding to Enhance Life Sciences Software Validation Platform

By
Garima Bansal
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0
Ellen Reilly, CEO, Sware

Sware, a leading provider of cloud-based solutions for the life sciences industry, has successfully raised $6 million in a Series B funding round. Spearheaded by First Analysis, this investment aims to propel the development of Sware’s Res_Q platform, specifically designed to streamline software validation processes mandated by the US Food and Drug Administration (FDA).

Since its inception, Sware has garnered a total of $26 million in funding, with notable contributions from LRVHealth, New Stack Ventures, and Insight Partners. This recent influx of capital will facilitate the advancement of Res_Q and bolster Sware’s sales team, enabling wider market reach and adoption.

Res_Q stands as a beacon for innovation in addressing the persistent challenge of validation debt within the life sciences sector. By seamlessly integrating and scaling validation efforts across various domains such as IT, manufacturing, and laboratory systems, the platform empowers medical device, pharmaceutical, and biotechnology companies to automate and manage their validation processes efficiently.

At the core of Res_Q’s capabilities lies its cloud-based architecture, equipped with an open API framework. This facilitates seamless integration with existing systems and enables intelligent risk assessments, thereby optimizing workflows and workload assignments based on risk profiles.

Ellen Reilly, CEO of Sware, underscores the critical importance of automating validation processes to mitigate unforeseen expenses and delays associated with technology adoption and product updates. Reilly remarks, “Automating these processes is the only way to eliminate this validation debt. We have deep experience helping life sciences companies through these processes, and we’ve built everything we’ve learned into the Res_Q platform.”

As part of the investment agreement, Matt Nicklin, managing director at First Analysis, will join the Sware board of directors, offering strategic guidance and expertise to fuel the company’s growth trajectory. With this latest funding round, Sware is poised to revolutionize software validation in the life sciences domain, paving the way for enhanced efficiency and compliance in the industry.

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