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Lendingkart Secures Rs 100 Crore Debt from Stride Ventures

By
Garima Bansal
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0

Lendingkart, a digital lending platform focused on small and medium enterprises, has successfully raised Rs 100 crore ($12 million) in debt and Rs 8 crore (approximately $1 million) in equity from Stride Ventures. This marks the second significant debt closure by the Ahmedabad-based firm within the past year.

A board resolution passed by Lendingkart authorizes the issuance of 10,000 non-convertible debentures and 454 Series D5 CCPS, raising a total of Rs 108 crore or $13 million, as revealed in its regulatory filing accessed from the RoC.

According to the filings, the Temasek-backed company has amassed a total of Rs 318 crore ($38 million) in debt thus far. The debt funding will be disbursed in two tranches of Rs 50 crore ($6 million) each, carrying a coupon rate of 14% per annum.

Startup data intelligence platform TheKredible estimates Lendingkart’s post-allotment valuation to be approximately $690 million. Just last month, Lendingkart secured $10 million through external commercial borrowing (ECBs) from a fund managed by BlueOrchard.

To date, Lendingkart has raised Rs 1,050 crore ($126 million) in equity capital from investors including Fullerton, Bertelsmann, Mayfield India, Saama Capital, Sistema Asia, and India Quotient.

Lendingkart specializes in disbursing loans with an average ticket size ranging from Rs 5 lakh to Rs 6 lakh to MSME business owners. According to its website, the platform has disbursed over Rs 18,700 crore to more than 300,000 businesses across 4,100 cities.

The company exhibited strong performance in FY23, witnessing a 33.4% growth in revenue from operations, amounting to Rs 858 crore. During the same period, the firm also reported a profit of Rs 119 crore. Annual financial results for FY24 are yet to be filed.

As per media reports, Lendingkart is gearing up for an initial public offering (IPO) next year. The company aims to surpass Rs 10,000 crore in assets under management before going public.

ACT Fibernet’s Strategic Investment: Pioneering Wi-Fi Revolution with Aprecomm

By
Garima Bansal
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0
Mr Sunder Raju, Founder, ACT Fiber

In a move aimed at revolutionizing home internet connectivity, ACT Fibernet, India’s premier fibre-focused wired broadband ISP, has announced a significant strategic investment in Aprecomm Private Limited, a burgeoning network intelligence solutions startup.

While the financial specifics of the transaction remain undisclosed by both parties, the investment signals a pivotal step for ACT Fibernet in enhancing its capacity to deliver an unparalleled home Wi-Fi experience to its customer base.

At the heart of this strategic investment lies the integration of Aprecomm’s cutting-edge technology into ACT Fibernet’s Wi-Fi product roadmap. Leveraging Aprecomm’s AI-driven, self-optimizing technology and advanced Wi-Fi analytics, ACT Fibernet aims to gain real-time insights into Wi-Fi performance, enabling swift and proactive resolution of last-mile connectivity issues.

Bala Malladi, CEO of ACT Fibernet, expressed his enthusiasm for the collaboration, affirming the company’s commitment to delivering top-notch Wi-Fi experiences. Malladi stated, “Our strategic investment in Aprecomm underscores our dedication to providing our customers with the best in-home Wi-Fi experience. By leveraging Aprecomm’s advanced technology, we can continuously optimize our network and elevate the overall customer experience.”

Echoing Malladi’s sentiments, Pramod Gummaraj, CEO of Aprecomm, highlighted the alignment of visions between both entities. Gummaraj emphasized the transformative potential of the partnership, stating, “This investment further bolsters our mission to revolutionize internet services worldwide. ACT Fibernet’s commitment to innovation aligns seamlessly with our vision, making them the ideal partner to enhance the in-home Wi-Fi experience for broadband subscribers.”

The collaboration between ACT Fibernet and Aprecomm is poised to push the boundaries of technological innovation in network performance. Ghuharajan Sivakumar, CTO of Aprecomm, expressed excitement about the partnership, emphasizing the positive impact on subscriber experience. Sivakumar remarked, “ACT Fibernet’s investment in Aprecomm signifies a mutual commitment to technological advancement. This partnership will enable us to continue innovating and delivering unparalleled experiences to our subscribers.”

With this strategic investment, ACT Fibernet and Aprecomm are set to redefine the standards of home Wi-Fi connectivity, ushering in a new era of seamless internet experiences for customers across India and beyond.

Scaler Ventures into Future Leadership: Injects ₹50 Crore into New Business School

By
Garima Bansal
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0

Scaler has made a significant investment of ₹50 crore into its latest venture, the Scaler School of Business (SSB), signaling its commitment to grooming the next generation of leaders. This substantial funding injection will be utilized to enhance offline infrastructure, develop an innovative curriculum, forge strategic industry partnerships, and attract top-notch faculty members.

A recent study conducted by Deloitte India underscores the pressing need for business schools to evolve in line with the dynamic demands of the modern corporate landscape. Conventional academic programs often fall short in imparting practical skills, leaving graduates ill-prepared for the complexities of today’s business environment.

Recognizing this imperative for change, the Scaler School of Business has been meticulously crafted to bridge this gap. Unlike traditional MBA offerings, the SSB curriculum integrates theoretical learning with hands-on experience, providing students with a holistic understanding of business principles and their real-world applications. Emphasizing industry relevance, the program incorporates rigorous assessments, authentic case studies sourced from leading companies, immersive internships, and exposure to cutting-edge technologies such as artificial intelligence.

Bhavik Rathod, a senior executive at Scaler, emphasizes the importance of equipping future leaders with not only business acumen but also profound technical expertise. He critiques existing MBA programs for their lack of industry alignment and problem-solving orientation, asserting that the SSB curriculum is specifically tailored to address these deficiencies.

The SSB program accommodates the diverse needs of working professionals and recent graduates alike, catering to both technical and non-technical roles. The inaugural cohort, slated to commence in August 2024, will enroll a carefully selected group of 75-100 students. Leveraging Scaler’s extensive network of over 900 corporate partners, including tech behemoths like Google and Microsoft, graduates can anticipate robust career opportunities upon completion of the program.

Strategically situated within Bengaluru’s bustling Electronic City, the SSB campus shares proximity with the Scaler School of Technology, fostering synergistic collaboration between management and technology students. This co-location enhances the interdisciplinary nature of learning, offering students a comprehensive educational experience at the intersection of business and technology.

Kidbea Receives Strategic Investment from Ritesh Malik and Shriram Nene, Sets Sights on Global Expansion

By
Garima Bansal
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0

Kidbea, a pioneering bamboo-based children’s fashion brand, has secured a significant undisclosed investment from notable investors Ritesh Malik and Dr. Shriram Nene. This strategic funding injection aims to propel Kidbea towards its goal of becoming the world’s foremost brand in sustainable children’s wear.

This latest funding announcement follows Kidbea’s successful pre-Series A round in January 2024, where the company raised USD 1 million. The round was led by Venture Catalysts, an early-stage investment firm, with contributions from Agility Ventures, BestVantage Investments, and prominent individuals such as Sandeep Agarwal and Upasana Agarwal, founders of Droom, Ashok Bahadur, and Hiro Mizushima, a celebrated actor in Japan.

Expressing their excitement about the recent investment, the founders of Kidbea highlighted the company’s impressive eightfold revenue growth in FY23. They have set an ambitious target to elevate Kidbea into a Rs 500 crore brand within the next three years.

“We are thrilled to welcome Ritesh Malik and Shriram Nene as our esteemed investors. Their support is crucial as we endeavor to revolutionize the kidswear industry with sustainable and skin-friendly apparel,” said Swapnil Srivastav, Co-Founder of Kidbea. “We eagerly anticipate their guidance and assistance as we work towards transforming Kidbea into the premier bamboo plant-based global kidswear brand.”

Founded in 2021 by Swapnil Srivastav, Mohammad Hussain, and Aman Kumar Mahto, Kidbea has rapidly gained traction for its skin-friendly, comfortable bamboo plant-based clothing for children. The brand is available on major online platforms and in over 30 partnered stores located in premium children’s hospitals. Additionally, Kidbea has established a global presence, reaching markets in the UAE, Bahrain, and Australia.

Transcend Raises $40 Million Series B to Transform Data Privacy

By
Garima Bansal
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0

San Francisco-based Transcend, a leading developer of data privacy platforms, has secured $40 million in Series B funding led by new investor StepStone Group. This round also saw participation from HighlandX and existing investors Accel, Index Ventures, 01 Advisors (01A), Script Capital, and South Park Commons. With this latest infusion of capital, Transcend’s total funding now stands at nearly $90 million.

Transcend has evolved from its initial offering of a “virtual kill-switch for consumers to delete data” to become a comprehensive Privacy and AI Governance suite comprising 12 products. These products aim to revolutionize how enterprises understand and manage personal data, automate privacy tasks, assess risks, and oversee AI systems.

Traditional privacy platforms often rely on manual workflows, involving interviews with data owners, manual data entry, and assigning operational tasks across teams. In contrast, Transcend focuses on embedding privacy controls directly into business systems. Its approach revolves around the full privacy lifecycle of personal data, including data discovery and classification, consent and preference management, and automation of operational workflows such as responding to data deletion and access requests.

CEO Ben Brook emphasized the urgent need for modern privacy solutions in today’s regulatory landscape, citing the sixth anniversary of GDPR and the introduction of new legislation such as the EU AI Act and a draft U.S. federal privacy law. He highlighted the inadequacy of legacy platforms in addressing these challenges and stressed the importance of solving privacy issues at the data system level.

Brook further explained that Transcend’s platform is designed to orchestrate personal data directly across all business systems, addressing privacy challenges comprehensively. He expressed confidence that the latest funding round will enable Transcend to meet the growing demand for modern privacy technology.

John Avirett, Partner at StepStone Group, commended Transcend’s innovative approach to data privacy, particularly its focus on tackling privacy issues at the code level. He also noted the company’s success in migrating companies with complex data requirements away from legacy platforms onto its next-generation platform, signaling strong prospects for future success.

100X.VC Bolsters Startup Ecosystem with $2.7 Mn Investment in 17 Startups

By
Garima Bansal
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0

Venture capital firm 100X.VC has made significant strides in the startup ecosystem with a $2.7 million investment in 17 startups as part of its 11th cohort. With this latest round of investments, 100X.VC has now completed a total of 161 investments since its inception in July 2019. Utilizing iSAFE notes for these investments, the firm has consistently supported early-stage startups across various sectors.

Operating on a class-based investment model, 100X.VC identifies and invests in startups even before the formal commencement of each class. For its 11th cohort, the firm meticulously selected 17 companies out of 307 shortlisted candidates from a pool of over 1500 startups. These startups are spread across 8 cities including Mumbai, Bangalore, Delhi, Pune, and Gurgaon. The announcement of the new portfolio companies was made at the in-person VC Pitch Day held in Mumbai on June 1st, 2024.

Ninad Karpe, Founder & Partner at 100X.VC, expressed excitement about the latest cohort, highlighting the groundbreaking nature of the selected startups. He emphasized the diverse sectors represented by these startups, including B2B SaaS, API, Healthtech, ClimateTech, Food & Beverage, and Pet Tech. Karpe emphasized the transformative potential of India’s early-stage startup ecosystem, with the startups in Class 11 exemplifying promising opportunities.

The 17 startups selected for investment in Class 11 are Anyway.ai, Baylink, Deepvue.tech, EasyReplenish, FUTR Studios, GoCodeo, Hummsa Biotech, Kroto, Openleaf, Origgo, Orbit Wallet, Pet Chef, Pettle, The Naturik Co, Whitetable, Zircle, and Zafo Technologies.

Notably, 100X.VC stands as the first VC to invest in early-stage startups using India SAFE Notes. Founded in 2019 by Sanjay Mehta, Ninad Karpe, Shashank Randev, Yagnesh Sanghrajka, and Vatsal Kanakiya, the fund is sponsored by Mehta Ventures, the Family Office Investment arm of Sanjay Mehta.

With its consistent support for early-stage startups and a keen eye for transformative potential, 100X.VC continues to play a pivotal role in fostering innovation and growth within the Indian startup ecosystem.

L’Oréal Launches Major Beauty Tech Startup Competition to Revolutionize Marketing for Digital Natives in Asia and MENA

By
Garima Bansal
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0

L’Oréal has introduced the Big Bang Beauty Tech Innovation Program, the largest beauty sector startup competition across South Asia Pacific, Middle East, and North Africa (SAPMENA). This initiative aims to discover and nurture marketing innovations tailored for digital natives, with the potential to impact 35 markets in the region, including India.

This expansive open innovation competition focuses on the co-creation and development of cutting-edge beauty technology and marketing solutions. Participating startups are challenged to innovate within five key themes: Consumer Experience, Content, Media, New Commerce, and Tech for Good. Successful startups will have the opportunity to collaborate with commercial and digital leaders, strategic partners, and mentors, gaining insights to test new ideas and scale their innovations.

Originally launched in China in 2020, the competition now extends its reach to the dynamic startup ecosystems and vast consumer bases of Asia and MENA. These regions, which have rapidly evolved from a handful of investors and companies into bustling hubs with significant deal flow, represent a rich opportunity for innovation in the beauty sector.

The SAPMENA region is home to 40% of the world’s population, with 35 markets that include some of the globe’s fastest-growing, most populous, and youthful economies. The average age in this region is 28 years, compared to the global average of 33, and over 60% of these consumers purchase online every week. To engage these young, digitally-savvy consumers, innovative e-commerce and social commerce models and technologies are essential.

Vismay Sharma, President of L’Oréal SAPMENA Zone, commented, “Asia and the Middle East are vibrant markets with a strong, dynamic startup ecosystem. Leveraging Beauty Tech, L’Oréal aims to discover novel ways of connecting with consumers and addressing unmet needs through beauty innovations. We are seeking unique solutions that utilize data and tech, believing that augmented tech, online platforms, and digital services have great potential to enhance the consumer experience.”

Saloni Shah, Chief Digital and Marketing Officer of L’Oréal India, added, “India’s thriving startup ecosystem, marked by its vibrant energy, entrepreneurial spirit, and advanced digital landscape, is a hotbed for innovation. L’Oréal is committed to fostering collaboration within this ecosystem and partnering with innovative startups to shape the future of beauty.”

The Big Bang Beauty Tech Innovation Program aims to identify and support promising startups from the SAPMENA region, encompassing countries like the UAE, Saudi Arabia, India, Singapore, Malaysia, Indonesia, Thailand, the Philippines, and Vietnam. These startups will develop pilots in Beauty Tech innovation across the five challenge themes. The top three winners of the SAPMENA Grand Finale will receive a L’Oréal-funded commercial pilot opportunity and a year-long mentorship program with senior executives from L’Oréal and program partners including Accenture, Google, and Meta.

Successful startups may have the chance to collaborate with L’Oréal globally, leveraging the extensive network and market insights provided by the SAPMENA zone.

The competition will feature three regional online semi-finals for the GCC, India, and Southeast Asia, culminating in an in-person SAPMENA Grand Finale. Up to ten startup finalists will compete for top prizes at the Grand Finale in Singapore on 23 October 2024. Judges will include senior executives from L’Oréal and program partners.

Agnikul Cosmos Launches World’s First Rocket with Fully 3D-Printed Engine, Setting New Milestone for Indian Space Industry

By
Garima Bansal
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0

In a groundbreaking achievement for the Indian space sector, Agnikul Cosmos, an innovative startup incubated at IIT Madras, has successfully launched “Agnibaan – SOrTeD,” the world’s first rocket powered by a fully 3D-printed engine. This historic launch took place from “Dhanush,” India’s first privately-developed launchpad, established by Agnikul at Sriharikota. The mission marks a significant milestone for India’s burgeoning private space industry, showcasing the country’s capability to design and manufacture advanced aerospace technology indigenously.

The rocket, powered by India’s first indigenously designed and manufactured semi-cryogenic engine, lifted off at 7:15 AM IST. While primarily serving as a test flight to gather critical data for Agnikul’s upcoming orbital launch vehicle, “Agnibaan,” the successful launch of “Agnibaan – SOrTeD” (Sub-Orbital Technology Demonstrator) underscores the company’s innovative prowess and technical expertise.

The event was attended by prominent figures in the Indian space community, including ISRO Chairman Dr. S. Somanath and IN-SPACe Chairman Dr. Pawan Goenka. Dr. Somanath congratulated Agnikul, emphasizing that the launch demonstrates the prowess of indigenous design and innovation, highlighting the potential of private players in India’s space ambitions. Dr. Goenka echoed these sentiments, stating that the event marks a significant moment for private players contributing to the growth of India’s space sector.

Lt. Gen. A.K. Bhatt (Retd.), Director General of the Indian Space Association (ISpA), praised Agnikul’s achievement as a historical milestone. He noted that this launch, being India’s first from a private launchpad and the first semi-cryogenic engine-powered rocket launch with a 3D-printed engine, is a proud moment for India’s thriving private space industry. He added that this achievement, along with the recently introduced guidelines for the implementation of the Indian Space Policy 2023 and new FDI regulations, will bolster global confidence in India’s private space industry’s growing capabilities.

Agnikul aims to democratize access to space by offering affordable and customizable launch solutions. The company’s flagship “Agnibaan” rocket, designed for payload capacities ranging from 30 kg to 300 kg, caters to a wide range of mission requirements. With this successful launch, Agnikul is setting its sights on an orbital mission by the end of 2025, marking a new era for private space exploration in India.

OnePlanetCapital Launches SEIS Fund to Propel Green Startups

By
Garima Bansal
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0

OnePlanetCapital, a venture capital firm focused on combating climate change, has announced the launch of a Seed Enterprise Investment Scheme (SEIS) fund aimed at supporting early-stage startups in the UK dedicated to accelerating the transition to net zero and fostering a green economy. The inaugural SEIS fund aims to raise approximately £1 million to invest in climate tech businesses over the next year. This new fund will concentrate on pre-seed and seed-stage companies, continuing the investment strategy of OnePlanetCapital’s flagship Enterprise Investment Scheme (EIS) fund but targeting earlier-stage businesses.

The SEIS fund will capitalize on recent expansions in the SEIS tax incentive scheme, which now allows startups to secure up to £250,000 in funding with tax reliefs, compared to the previous limit of £150,000. Additionally, companies up to three years old are now eligible, up from the previous two-year limit. The fund aims to deliver a return of £3 for every £1 invested over a 5 to 7-year period, coupled with 50% SEIS income tax relief. The launch is anchored by the capital of OnePlanetCapital’s co-founders, emphasizing their commitment and confidence in the initiative.

This SEIS fund builds on the success of OnePlanetCapital’s EIS fund, which launched in 2021 and has since grown to £10 million in assets under management with 31 investments made. The SEIS fund launch also follows the recent establishment of the OnePlanetCapital angel syndicate, offering a wide range of investment options for investors to support climate tech startups at varying stages of their lifecycle. Over the past year, OnePlanetCapital has invested in 12 businesses, including GT Green Technologies, a wind propulsion technology startup; Kelpi, a leading bioplastics innovator in the UK; and RAD Propulsion, an electric maritime drivetrain manufacturer.

In recent years, OnePlanetCapital has emerged as a market leader in early-stage EIS climate tech investing, earning accolades such as the Best New EIS Fund at the EISA awards and Team of the Year at the Growth Invest awards. Matthew Jellicoe, Co-Founder and Investment Director, expressed the belief that the SEIS fund market is underserved in the UK. He emphasized that introducing an SEIS climate tech fund will resonate with investors seeking to enter this fast-growing sector. The SEIS fund also allows for investments in earlier-stage businesses that the OnePlanetCapital EIS fund cannot accommodate, capturing value for investors in areas such as battery storage and hydrogen technology.

Fintech Unicorn Oxyzo’s Profit Soars 47% to INR 290 Cr in FY24

By
Garima Bansal
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0

Fintech unicorn Oxyzo, the lending arm of OfBusiness, has reported a substantial increase in its consolidated net profit for the financial year 2023-24 (FY24). The company’s profit surged 47% to INR 290 crore, up from INR 197.5 crore in the previous fiscal year. This growth was fueled by a significant rise in operating revenue, which jumped 59% to INR 903.3 crore, compared to INR 569.9 crore in FY23. Including other income, Oxyzo’s total revenue rose 58.5% to INR 904.1 crore from INR 570.4 crore in the previous year.

Founded in 2016 by Ruchi Kalra and Asish Mohapatra, Oxyzo specializes in providing loans to small and medium-sized enterprises (SMEs) in the manufacturing and contracting sectors. The company has seen impressive growth in its financial performance, largely due to an increase in B2B loan disbursals. As of FY24, Oxyzo’s assets under management stand at $350 million.

Financial Performance Highlights

Oxyzo’s financial performance in FY24 reflects robust growth in both revenue and profit. The company’s operating revenue of INR 903 crore represents a 58% year-on-year increase, primarily driven by the rise in loan disbursements. Interest received from loans constituted 96% of the total operating revenue, amounting to INR 866 crore, a 61.3% increase from the previous year. The remaining revenue came from fees and commissions, which grew 50% to INR 36 crore.

Increased Expenditures

Alongside revenue growth, Oxyzo also experienced a significant rise in expenditures. Total expenses increased by 66.3% to INR 514 crore in FY24, up from INR 309 crore in FY23. The largest cost component was finance costs, which surged 73.2% to INR 317 crore, making up 61.67% of the overall expenditure. Employee benefit expenses also rose by 48.7% to INR 115 crore, reflecting the company’s investment in its workforce.

Strategic Expansion

Oxyzo’s strategic focus on providing cash flow and working capital financing for SMEs in sectors such as manufacturing and sub-contracting has been instrumental in its growth. The company’s innovative credit solutions have enabled it to serve a growing number of SMEs and startups, driving its financial success.

The significant increase in both revenue and profit highlights Oxyzo’s strong market position and effective business model. The fintech unicorn’s ability to scale its operations and maintain profitability amidst rising costs underscores its robust operational efficiency and strategic vision.

Future Outlook

Looking ahead, Oxyzo plans to continue expanding its reach and enhancing its service offerings to further solidify its position in the fintech sector. With a strong financial foundation and a growing portfolio of clients, the company is well-positioned to capitalize on emerging opportunities in the SME lending market.

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