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Inspeq AI Secures INR 9.1 Crore Investment to Drive Global Advancements in AI Safety and Security

By
Garima Bansal
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Inspeq AI, a leading provider of responsible AI development platforms, has announced the successful conclusion of its pre-Series-A investment round, raising $1.1 million (approximately INR 9.13 Crore). Spearheaded by specialist AI investment firm Sure Valley Ventures, the funding round saw participation from Delta Partners, Plug and Play, and several eminent angel investors, including Gaurav Singh Kushwaha (Founder and CEO of BlueStone), Prateek Dixit (Founder of Pocket FM), Rick Kelly (Former MD of Meta Ireland), Cyril Treacy (Former VP of Salesforce), and other notable tech executives.

Established in 2023 by veteran tech leaders Apoorva Kumar and Ramanujam Macharla Vijayakumar, Inspeq AI has developed an enterprise-ready LLM Ops platform aimed at assisting developers in evaluating and enhancing their enterprise AI applications. This platform boasts the capability to accelerate Gen AI app development by up to 4X and slash development costs by up to 70%.

“This investment will significantly bolster Inspeq AI’s growth trajectory as we endeavor to advance AI safety and performance on a global scale,” remarked Apoorva Kumar, Co-Founder, and CEO of Inspeq AI. “Securing the support of such prestigious investors also brings us closer to realizing Inspeq AI’s vision of emerging as the global leader in safe and reliable AI.”

Inspeq AI’s all-encompassing AI Ops platform spans the entire spectrum of AI development and production phases. It streamlines Gen AI deployment from testing and evaluation to monitoring and performance enhancement, substantially mitigating security vulnerabilities and hallucination issues by up to 80%. Notably, Inspeq AI has achieved a remarkable 90% improvement in the performance of Large Language Models (LLMs), setting a new benchmark for AI excellence.

Recent incidents involving production-grade Gen AI applications have underscored the challenges encountered by businesses in scaling AI. “By leveraging Inspeq AI as an ops layer, businesses can surmount these bottlenecks, ensuring trust, safety, and ethical standards. We are excited to collaborate with major global enterprise companies, such as HCL, in developing production-grade Gen AI applications that greatly benefit their clientele,” added Apoorva Kumar.

Ramanujam Macharla Vijayakumar, Co-Founder, and CTO of Inspeq AI emphasized the platform’s seamless integration with existing data tools and its steadfast focus on data security. “We have engineered an enterprise-grade platform that seamlessly integrates with existing data tools, prioritizing data security through cutting-edge research and aiding companies in reducing their manual verification tasks, thereby achieving accurate output at scale. With the burgeoning global regulations surrounding AI, Inspeq is poised to spearhead AI compliance for DevOps practices.”

Barry Downes, Managing Partner of SVV, expressed unwavering confidence in the founding team. “Following our initial meeting with Apoorva and Ramanujam, we were immediately impressed by their profound understanding of the AI landscape and their dedication to ensuring that companies harness AI in a positive and constructive manner. We eagerly anticipate collaborating with our co-investors to support Inspeq on their exhilarating growth journey for years to come.”

Inspeq AI recently graduated from the ‘Founders’ program at Dogpatch Labs, a platform that aids startups through a unique talent accelerator and initial funding. The company intends to utilize the investment to expand its product development team and broaden its marketing and sales operations across India, Ireland, and the UK.

Holani Group Raises Rs 184 Crore for SME-Centric Venture Capital Fund

By
Garima Bansal
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Ashok Holani, Director, Holani Group

Holani Consultants, a distinguished merchant banker and stockbroker headquartered in Jaipur, has triumphantly secured Rs 184 crore for its latest SME-focused venture capital fund. The fund, with a total target of Rs 300 crore, was inaugurated in late April this year, following approval from the Securities and Exchange Board of India (SEBI) for its Alternate Investment Fund (AIF) earlier in the year. This marks the Holani Group’s foray into fund management and investment.

The new fund, as outlined by Holani Group, features a green shoe option enabling the retention of an additional Rs 100 crore. Ashok Holani, Director of Holani Consultants, exudes confidence in the fund’s potential impact, affirming, “With our sector-agnostic strategy, meticulous research, and prudent risk management, we aim to foster innovation, entrepreneurship, and economic growth in India while creating long-term value for our clients.”

Managed and sponsored by Holani Capital Advisors LLP, the Holani Venture Capital Fund Category I AIF is open to investments from a diverse array of individuals and entities including high net worth individuals, corporates, institutional investors, financial institutions, family offices, insurance companies, foreign investors, and other alternative investment funds.

Renowned for its comprehensive suite of services encompassing IPO management, business valuation consultancy, financial management and advisory, bank financing, stock broking, and other securities market-related advisory services, Holani Consultants boasts an impressive track record. The company has facilitated valuations for over 100 private placement transactions and has spearheaded SME IPOs on the BSE SME and NSE Emerge platforms.

The introduction of the new venture capital fund by the Holani Group underscores its commitment to bolstering the SME sector, aligning with broader initiatives aimed at supporting small and medium-sized enterprises. Notably, the MSME Ministry currently oversees a Rs 50,000-crore Self-Reliant India fund managed by SBICAP Ventures (SVL), the private equity arm of State Bank of India (SBI), dedicated to equity investment in SMEs.

Furthermore, in March of this year, the Small Industries Development Bank of India (SIDBI) unveiled the $120 million Avaana Sustainability Fund (ASF) designed to invest in early-stage startups and MSMEs. This fund targets technology-driven innovations that promote climate solutions and sustainability in India.

Navi Finserv Secures Rs 150 Crore in NCD Funding: A Strategic Move for Growth

By
Garima Bansal
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Navi Finserv, under the leadership of Sachin Bansal, has successfully raised Rs 150 crore through the issuance of non-convertible debentures (NCDs), marking a significant milestone in the company’s fundraising journey. This round of funding saw participation from six individual investors, including key figures from the renowned Dadachanji Group.

The board of Navi approved the issuance of 15,000 NCDs at an issue price of Rs 1,00,000 per debenture, resulting in a total infusion of Rs 150 crore. Notably, prominent members of the Dadachanji Group, such as Kairus Shavak Dadachanji, Pervin Kairus Dadachanji, and Rishad Kairus Dadachanji, contributed a substantial amount of Rs 110 crore to this funding round. Additionally, Rohit Kapadia, Sandhya Kapadia, and Yash Kapadia collectively invested Rs 40 crore, further bolstering the financial support for Navi.

The Dadachanji Group, led by Kairus Shavak Dadachanji, holds significant interests in various companies, including Kaisha Packaging, Kaisha Lifesciences, and Sovereign Pharma.

This fundraising initiative comes on the heels of Navi’s announcement in February to raise Rs 600 crore through a public issue of NCDs. The company plans to offer NCDs with varying maturities and attractive yields, ranging from 10.47% to 11.19%. The capital raised will be deployed towards advancing Navi’s lending activities, financing initiatives, loan repayments, and general corporate requirements.

Amidst challenges in securing equity capital at desired valuations, Navi has demonstrated resilience by exploring alternative fundraising avenues. Previous successes in raising funds through NCDs, including Rs 600 crore in May 2022 and Rs 500 crore in July 2023, underscore the company’s ability to navigate dynamic market conditions effectively.

Despite postponing its IPO plans due to unfavourable market conditions, Navi remains focused on strengthening its financial position and supporting its growth trajectory. The company’s robust performance, with revenue from operations reaching Rs 421.5 crore in Q2 FY24 and a reported profit of Rs 10.86 crore, reflects its resilience and potential for future expansion.

By strategically raising funds through NCDs, Navi reaffirms its commitment to driving innovation and excellence in the financial services sector. With a clear vision and strong financial backing, Navi is well-positioned to capitalize on emerging opportunities and cement its position as a key player in India’s rapidly evolving financial landscape.

Zoho Corp Invests in Yali Aerospace: A Game-Changer in Drone Technology

By
Garima Bansal
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In a significant move towards revolutionizing medical supply delivery and advancing aerospace technology, Zoho Corp has announced its investment in Yali Aerospace, a Tamil Nadu-based drone startup specializing in drone solutions for medical, surveillance, and logistics purposes.

Founded in 2022 by Dinesh Baluraj and Anugraha Ganeshan, Yali Aerospace has a clear mission: to deliver easy-to-use technology for both civil and military applications. The company has quickly garnered attention for its innovative solutions, particularly in the medical sector.

Zoho Corp CEO Sridhar Vembu expressed his enthusiasm about the investment, highlighting the remarkable work of the husband-and-wife team behind Yali Aerospace. Baluraj and Anugraha have brought their expertise back to their hometown of Thanjavur from the Netherlands, aiming to address critical challenges in medical supply delivery to remote areas.

One of Yali Aerospace’s groundbreaking innovations is the Yali Network Bridge, a drone-based delivery network designed to transport medical supplies throughout India in less than 20 minutes. This technology has the potential to significantly improve patient outcomes by ensuring timely access to essential medical supplies, even in the most remote areas.

In addition to medical supply delivery, Yali Aerospace offers solutions for precision agriculture, infrastructure inspection, disaster response, and more. The company’s SkyBase (YNB) serves as a drone hub that links hospitals and facilitates the transportation of medical supplies, automated external defibrillators (AEDs), and organs.

Furthermore, Yali Aerospace’s ground control station software (YMC) enables a single pilot to remotely operate and supervise multiple drones simultaneously, enhancing efficiency and safety in drone operations.

The strategic investment from Zoho Corp is expected to propel Yali Aerospace into its next phase of growth, enabling the company to further develop its innovative technologies and expand its reach in both domestic and international markets. With a shared commitment to innovation and excellence, Zoho Corp and Yali Aerospace are poised to make significant contributions to the advancement of drone technology and the healthcare sector in India and beyond.

DiFACTO Secures ₹40 Crore in Series A Funding for Robotics and Automation Solutions

By
Garima Bansal
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In a significant development in the robotics and automation sector, DiFACTO Robotics and Automation Private Ltd has successfully raised ₹40 crore in its Series A funding round led by Stakeboat Capital. This substantial investment underscores the growing recognition of DiFACTO’s expertise and potential in delivering cutting-edge automation solutions to various industries.

Established in 2007 and headquartered in Bengaluru, DiFACTO has emerged as a prominent player in industrial robotics-based solutions. The company operates globally, with three factories in Bengaluru and branches in Pune and Gurgaon, along with a wholly-owned subsidiary in Troy, Michigan, USA. DiFACTO’s comprehensive portfolio encompasses welding systems, material handling systems, foundry and machine tending systems, and fluid dispensing systems, catering to diverse automation needs across sectors.

Ajay Gopalswamy, Founder and CEO of DiFACTO, expressed his enthusiasm about the funding, emphasizing its role in fueling the company’s growth trajectory and reinforcing its commitment to innovation. With India’s automotive industry poised for significant growth, DiFACTO aims to capitalize on emerging opportunities in this sector, leveraging its established market dominance and track record of success.

Having delivered over 1,000 projects for 300 customers across 15 countries, DiFACTO has established a strong foothold in the global automation landscape. Its partnerships with industry giants like the Mahindra Group, Tata Group, Maruti Suzuki, and Toyota India underscore its credibility and capability in delivering high-quality automation solutions tailored to the specific needs of clients.

The strategic investment from Stakeboat Capital is expected to propel DiFACTO into its next phase of growth, enabling the company to diversify its market presence and tap into new opportunities in sectors such as home appliances and electronics. With a projected revenue surge and a focus on innovation and excellence under Ajay Gopalswamy’s leadership, DiFACTO is poised to maintain its position as a leader in the robotics and automation solutions industry, driving efficiency, productivity, and growth for its clients and stakeholders.

Avaada Energy Secures ₹315 Crore Financing for Solar PV Project in Karnataka

By
Garima Bansal
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Vineet Mittal, Chairman of the Avaada Group.

In a significant development in the renewable energy sector, Avaada Energy, a subsidiary of the Avaada Group, has successfully secured ₹315 crore (approximately $38 million) in financing from Aseem Infrastructure Finance Limited (AIFL) for its solar photovoltaic (PV) power project in Karnataka’s Kalaburagi district. This funding marks a pivotal milestone in Avaada Energy’s journey towards promoting sustainable energy solutions and contributing to India’s renewable energy goals.

The solar project, strategically located in Kalaburagi, is poised to supply power to the Karnataka Cooperative Milk Producers’ Federation Ltd (KMF), a leading entity in the dairy cooperative movement in the state. The project’s long-term captive Power Purchase Agreement (PPA) with KMF underscores its significance in fostering energy self-sufficiency and driving sustainable development within the region.

The 21-year project loan facility extended by AIFL reflects the confidence and trust in Avaada Energy’s robust project development strategy and financial acumen. Vineet Mittal, Chairman of the Avaada Group, expressed his satisfaction with the successful financial closure, emphasizing the enduring partnership between Avaada Energy and Aseem Infrastructure Finance.

Mittal underscored the broader implications of this financing arrangement, highlighting its role in advancing India’s infrastructure debt financing landscape and facilitating the transition towards renewable energy sources. He reiterated Avaada Energy’s commitment to sustainability and its pivotal role in driving national self-reliance while contributing to a greener future for the country.

With the project slated for completion by the third quarter of fiscal year 2025, Avaada Energy is poised to make significant strides towards achieving its sustainability objectives and promoting the adoption of clean energy solutions in Karnataka and beyond. This financing milestone reaffirms Avaada Energy’s position as a key player in India’s renewable energy landscape and underscores its dedication to driving positive change through innovative and sustainable energy initiatives.

Smallstep.ai Introduces ‘Misal’: Empowering Marathi Speakers with AI

By
Garima Bansal
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 In a significant stride towards enhancing accessibility and inclusivity in the realm of artificial intelligence (AI), Bengaluru-based startup Smallstep.ai has unveiled ‘Misal‘, a groundbreaking large language model (LLM) tailored specifically for Marathi speakers. Drawing inspiration from the beloved Maharashtrian delicacy ‘Misal Pav’, this innovative AI model is poised to revolutionize the digital landscape for non-English speakers across India.

Smallstep.ai’s Misal LLM, built atop Meta’s Llama2 model, represents a quantum leap in AI capabilities designed to cater to the burgeoning demand for localized language processing solutions. Founder Sagar Sarkale, cognizant of the dearth of AI models catering to Marathi speakers, embarked on this pioneering endeavor to democratize AI and empower linguistic diversity in the digital age.

Comprising four distinct versions finely tuned for Marathi language processing, Misal LLM offers a versatile toolkit for a wide array of applications, ranging from reading comprehension to sentiment analysis and beyond. Leveraging a custom SentencePiece tokenizer optimized for Marathi text, Misal surmounts the inherent challenges posed by models primarily trained on English data, ensuring superior performance and accuracy.

The developmental journey of Misal was characterized by meticulous attention to detail and a steadfast commitment to overcoming inherent limitations. Sarkale, drawing upon his extensive experience as a data scientist, spearheaded a comprehensive three-step methodology to refine and enhance Misal’s capabilities, culminating in a robust and versatile AI model tailored for Marathi speakers.

A key highlight of Misal’s prowess lies in its ability to outperform established models such as ChatGPT 3.5 in reading comprehension tasks, underscoring its efficacy and potential to drive transformative change in the linguistic AI landscape. While challenges such as sentiment analysis and paraphrasing present ongoing areas of refinement, Misal’s unparalleled performance heralds a new era of AI accessibility and utility for Marathi speakers.

Beyond its technical prowess, Misal embodies a broader ethos of inclusivity and empowerment, transcending linguistic barriers to democratize AI technology for diverse linguistic communities in India. As Smallstep.ai continues to refine and enhance Misal through ongoing iterations and advancements, the vision of a more inclusive and accessible AI ecosystem draws ever closer to fruition.

In conclusion, the launch of Misal represents not merely a technological milestone, but a profound testament to the transformative potential of AI in fostering linguistic diversity and empowerment. As Misal paves the way for a new era of localized AI solutions, Smallstep.ai emerges as a pioneering force driving positive change and inclusivity in the digital realm, one linguistic innovation at a time

Vegapay Secures $5.5 Million Investment to Broaden Product Spectrum

By
Garima Bansal
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0
vegapay

Vegapay, a burgeoning B2B fintech startup, has recently clinched a significant milestone in its journey with a substantial seed funding round totaling $5.5 million. Spearheaded by Elevation Capital and bolstered by the participation of existing investor Eximius Ventures, this infusion of capital underscores Vegapay’s unwavering commitment to innovation and expansion within the dynamic fintech landscape.

The primary focus of this fresh capital injection is to augment Vegapay’s product offerings, particularly in the realms of product development and regulatory compliance. With an eye towards fostering seamless collaboration with banks, NBFCs, and other financial institutions, Vegapay aims to empower these entities in the launch and management of adaptive credit solutions tailored to diverse consumer needs.

Vegapay’s proprietary product suite epitomizes innovation and customer-centricity, enabling financial institutions to deliver frictionless, customizable products that not only meet but exceed customer expectations. By harnessing cutting-edge technology and a keen understanding of market dynamics, Vegapay is poised to redefine the contours of digital lending and credit card management.

Gaurav Mittal, co-founder and CEO of Vegapay, aptly encapsulates the essence of the company’s mission, stating, “In the credit card space, there are legacy companies, but most of the banks are not liking it for obvious reasons, and therefore new-age players like us are solving the core pain for a bank to offer credit cards or any credit products.”

Indeed, Vegapay’s innovative platform automates a myriad of solutions ranging from card management systems to Unified Payments Interface (UPI) integration on credit lines and cards. This holistic approach underscores Vegapay’s commitment to simplifying and streamlining the lending process, thereby enhancing operational efficiency and customer satisfaction.

Founded in 2022 by a visionary team comprising Mittal, Himanshu Agrawal, Puneet Sharma, and Abhinav Garg, Vegapay has rapidly emerged as a trailblazer in the fintech landscape. Building upon its successful institutional funding round led by Eximius in 2023, Vegapay continues to chart a trajectory of growth and innovation, with a steadfast commitment to driving positive change within the industry.

As Vegapay forges ahead on its journey of transformation and expansion, it remains cognizant of the immense potential inherent within the Indian fintech market. With projections indicating a soaring market valuation of $2.1 trillion by 2030, Vegapay is well-positioned to capitalize on this burgeoning opportunity, with lending technology poised to emerge as a key driver of growth and innovation.

In conclusion, Vegapay’s latest funding milestone not only underscores its resilience and vision but also heralds a new era of innovation and opportunity within the fintech ecosystem. As Vegapay continues to push the boundaries of possibility, it stands poised to redefine the future of digital lending and credit card management, empowering financial institutions and consumers alike in the pursuit of financial inclusion and prosperity.

Expanding Horizons: Libas Secures $18 Million Funding from ICICI Venture

By
Garima Bansal
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0

In a landmark move, the renowned fast fashion omnichannel ethnic wear brand, Libas, has successfully secured a significant investment of $18 million (approx. Rs 150 crore) from IAF Series 5, a fund managed by ICICI Venture. This marks a pivotal moment for Libas, as it embarks on its first external funding round since its inception a decade ago.

With this infusion of capital, Libas is poised to fortify its omni-channel presence and embark on an ambitious expansion strategy, aiming to proliferate its exclusive brand and retail outlets across major metropolises as well as tier I, II, and III cities in the coming years. The company’s vision, as articulated in a recent press release, entails leveraging its brand cachet, design prowess, technological infrastructure, and robust supply chain network to establish a seamless omnichannel business model.

Under the dynamic leadership of Sidhant Keshwani, Libas has emerged as a trailblazer in the realm of ethnic wear, offering a diverse array of traditional and fusion silhouettes tailored to the modern woman. Its footprint spans both online platforms such as Flipkart and Myntra, as well as offline channels including Exclusive Brand Outlets (EBOs), large-format stores, and multi-brand outlets, ensuring widespread accessibility to its coveted collections.

A notable portion of Libas’ revenue stream emanates from its direct-to-consumer (D2C) channels, a testament to its robust consumer engagement strategies and resonant brand identity. Bolstering its market presence further, Libas recently announced popular Bollywood actress Kiara Advani as its brand ambassador, amplifying its appeal to a broader audience segment.

The financial trajectory of Libas underscores its remarkable growth trajectory, with reported revenues surpassing the Rs 500 crore milestone in FY24. This upward trajectory appears all the more attainable considering the firm’s impressive operating revenue of Rs 365 crore in the fiscal year ending March 2023, accompanied by a commendable profit margin of Rs 13.8 crore during the same period.

Libas’ successful funding round adds to a burgeoning trend within the fast fashion landscape, with several prominent brands including Newme, DSLR, French Crown, and Virgio securing substantial investments in recent years. Notably, Virgio, spearheaded by former Myntra CEO Amar Nagaram, has garnered attention amidst reports of a strategic pivot following its initial funding endeavors.

This strategic partnership with ICICI Venture heralds a new chapter of growth and innovation for Libas, as it endeavors to redefine the contours of the Indian ethnic wear market through a potent blend of digital innovation, offline expansion, and omnichannel excellence. With a steadfast commitment to quality, creativity, and consumer-centricity, Libas remains poised to captivate the hearts and wardrobes of fashion enthusiasts nationwide, setting new benchmarks of success along the way.

BharatX Ventures into Healthcare Finance with Zenifi Acquisition

By
Garima Bansal
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0

BharatX, a prominent buy now pay later (BNPL) startup backed by Y-Combinator, has made a strategic move into the healthcare finance sector with its recent acquisition of Zenifi, a fintech startup specializing in healthcare financing. While the financial specifics of the deal remain undisclosed, this acquisition underscores BharatX’s ambition to diversify its offerings and tap into the burgeoning medical loans segment in India.

The acquisition sees Padam Kataria, co-founder and CEO of Zenifi, stepping into the role of Head of Business – Healthcare at BharatX. Kataria’s expertise will be instrumental in steering BharatX’s expansion into the healthcare lending space.

BharatX’s decision to venture into healthcare finance comes at a crucial juncture, as the sector grapples with significant challenges, particularly in terms of financing medical services. Mehul Jindal, co-founder and CEO of BharatX, highlighted the pressing need for accessible medical financing in India, especially during emergencies. With healthcare expenses predominantly borne out of pocket by individuals, BharatX aims to address this gap and facilitate greater access to medical facilities through its lending platform.

Having already established itself as a key player in the BNPL market, with financing options available for over 125 brands, BharatX brings considerable expertise and infrastructure to its foray into healthcare finance. The company’s robust growth trajectory, boasting a remarkable 33x expansion over the past five quarters, reflects its strong market positioning and potential for further growth. With over $4.7 million in funding raised to date and loans disbursed to over 200,000 users, BharatX is well-positioned to make a significant impact in the healthcare lending space.

Padam Kataria expressed optimism about the synergies between Zenifi and BharatX, noting the potential to accelerate market capture through their combined strengths. Leveraging BharatX’s established credit infrastructure, coupled with Zenifi’s expertise in simplifying medical lending, the acquisition sets the stage for rapid expansion and innovation in the healthcare finance sector.

The Indian healthcare market presents immense growth opportunities, with projections indicating a compound annual growth rate of approximately 12% through FY2028. The sector, valued at around $180 billion in FY2023, is poised for substantial expansion, driven by increasing demand for medical services and advancements in medical technology. With imports currently dominating the medical technology segment, there exists significant potential for homegrown solutions to play a transformative role in shaping the future of healthcare in India.

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