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The ePlane Company Secures $14 Million in Series B Funding to Propel eVTOL Innovations

By
Supriya Biswas
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Electric aircraft innovator, The ePlane Company, has raised $14 million in a Series B funding round co-led by Speciale Invest and Antares Ventures. Key participants in this round include Micelio Mobility, Naval Ravikant, Java Capital, Samarthya Investment Advisors, Redstart (from Naukri), and Anicut, reinforcing their ongoing support.

Previously, the company secured $5 million in a pre-Series A round in January 2022. This fresh infusion of funds will drive ePlane’s efforts to achieve global regulatory certifications and expedite the commercialization of its electric vertical takeoff and landing (eVTOL) aircraft. The company also plans to enhance its prototyping and testing infrastructure to align with international eVTOL standards.

India’s Ministry of Civil Aviation recently introduced specific requirements for VTOL aircraft to secure Type Certification (TC), adding momentum to innovations in this space.

Founded in 2019 by Satya Chakravarthy and incubated at IIT Madras, The ePlane Company focuses on designing compact and sustainable urban mobility solutions. Its flagship product, the e200x eVTOL aircraft, aims to revolutionize intra-city travel and cargo transport by offering speeds up to seven times faster than traditional options, addressing urban congestion challenges.

As per data from TheKredible, Chakravarthy held a 28.18% stake in the company prior to the funding, while Speciale Invest remains the largest institutional investor with a 12% stake.

Meanwhile, the urban air mobility space in India is witnessing growing interest. Earlier this year, InterGlobe Enterprises and US-based Archer Aviation announced plans to launch an all-electric air taxi service in India by 2026, aiming to reduce commute times, such as a 7-minute journey from Connaught Place to Gurugram.

Zeplyn Secures $3 Million in Seed Funding Led by Leo Capital to Enhance Wealth Management Solutions

By
Supriya Biswas
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Zeplyn, an innovative platform designed to simplify wealth management processes, has successfully raised $3 million in a seed funding round led by Leo Capital, with additional participation from several angel investors and venture capital funds, including Converge.

This new funding comes after the company had previously secured $2.6 million in a round earlier this year in June.

The company plans to utilize the fresh capital to expand its workforce, expedite product development, and boost its sales and marketing initiatives, as stated in a recent press release.

Founded in 2023 by Era Jain and Divam Jain, Zeplyn aims to alleviate the administrative challenges faced by financial advisors by automating routine tasks, enhancing the client-advisor relationship, and making client data more accessible. One of the key features of the platform is its AI-powered Meeting Assistant, specifically tailored for financial advisors and wealth management firms. This tool converts unstructured conversational data into precise notes, improving meeting preparation, note-taking, and post-meeting workflows, all while ensuring compliance standards are met.

Zeplyn’s platform is versatile, offering solutions for both virtual and in-person meetings, as well as dictation. It integrates seamlessly with various tools, including Salesforce and wealth-specific CRM systems like Redtail and Wealthbox, allowing for effortless incorporation into existing advisor tech stacks.

Designed with the unique needs of wealth management professionals in mind, Zeplyn enhances workflow efficiency while ensuring the protection of Personally Identifiable Information (PII) and meeting strict security and compliance requirements.

The company claims that its solution reduces manual work by over 90%, saving financial advisors up to 10-12 hours each week.

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Kovai.co Acquires Floik to Boost AI-Driven Knowledge Management Capabilities

By
Supriya Biswas
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Kovai.co, a leader in enterprise software and B2B SaaS, has announced the acquisition of Floik, a Bengaluru-based B2C SaaS startup. This strategic move is designed to enhance the functionality of Kovai.co’s AI-powered knowledge management software, Document360.

With this acquisition, Kovai.co plans to integrate Floik’s interactive product demos, videos, and guides into its platform, significantly improving the already robust knowledge base features of Document360. These additions will provide the company’s growing global customer base of over 2,500 clients with even more effective tools for managing their knowledge resources.

Floik, founded in 2020 by Vartika Bansal and Vidyasankar Krishnamurthy, has developed an Elevation Capital-backed platform that empowers companies to create engaging product demos and guides. These features allow users to smoothly navigate through software applications, which enhances both user adoption and overall experience. With a user base of over 8,000 worldwide, Floik has raised $3.52 million in funding to date.

This acquisition is expected to amplify Kovai.co’s knowledge management offerings by seamlessly integrating Floik’s tools into Document360, reinforcing the company’s dedication to innovation and supporting customer success. Kovai.co anticipates a 35% year-over-year revenue growth in its knowledge management segment following this strategic move.

Additionally, Kovai.co has welcomed six former Floik employees to its team, who will continue to drive product innovation and support the integration of the tools into Document360’s platform. Under the leadership of Vidyasankar Krishnamurthy, the team will focus on enhancing the product’s capabilities and ensuring smooth deployment for Kovai.co’s expansive customer network.

Founded in 2009 by Saravana Kumar, Kovai.co has established itself as a leading provider of enterprise software solutions, serving both the enterprise and B2B SaaS sectors with scalable products designed to accelerate revenue growth.

Ennoventure Secures $8.9 Million in Series A Funding to Expand Brand Protection Solutions

By
Supriya Biswas
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Ennoventure, a leading provider of brand protection and authentication solutions, has successfully raised $8.9 million in its Series A funding round. The round was led by Tanglin Venture Partners, a Singapore-based venture capital firm, with support from existing investors including Fenice Investment Group and additional SAFE investors.

The funding will be directed towards enhancing Ennoventure’s product offerings and advancing its mission to deliver superior brand protection on a global scale, according to a statement from the company.

Founded in 2018 by Padmakumar Nair and Shalini V. Nair, Ennoventure specializes in AI-driven cryptographic signature solutions for product packaging tracking. By utilizing cutting-edge technologies such as AI and blockchain, the platform enables businesses to track the packaging of products, authenticate them, and manage their supply chains. Consumers can scan product packaging and access information on a web-based platform, which includes interactive features such as videos, augmented reality (AR), and virtual reality (VR). Ennoventure serves various sectors, including pharma, FMCG, agriculture, and more.

Ennoventure’s patented invisible signature technology has become indispensable for industries such as FMCG, automotive, and industrial spare parts. It enables businesses to authenticate products in real-time, safeguarding them from counterfeit risks. The company leverages AI and cryptographic techniques to authenticate billions of products worldwide.

Green Frontier Capital Unveils Rs 1,500 Cr Climate Opportunities Fund to Drive India’s Sustainability Goals

By
Supriya Biswas
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Green Frontier Capital (GFC), an early-stage climate-tech venture capital firm, has launched its first SEBI-approved Category 2 Alternative Investment Fund (AIF), the Green Frontier Capital India Climate Opportunities Fund, with a target size of Rs 1,500 crore.

The fund is dedicated to advancing India’s transition to a low-carbon economy through strategic investments in transformative climate technologies. GFC aims to empower local climate-tech innovators, aligning with India’s sustainable development objectives by focusing on Seed to Series A stage companies offering cutting-edge solutions in decarbonization, digitization, and disruptive technologies.

In its approach, GFC intends to prioritize sectors like IoT, big data, and AI to enhance resource efficiency and promote sustainable growth. The firm’s vision includes identifying technologies that minimize emissions across key industries and fostering emerging solutions in areas like biological intelligence, sustainable food systems, and life sciences.

The AIF is positioned to tap into global sustainability trends while addressing local priorities, targeting early-stage ventures ready to revolutionize their sectors. The fund’s dual mission is to achieve substantial financial returns and support a greener future for India.

Green Frontier Capital has already made significant strides in this domain, leading a $3 million pre-Series A investment in EV-focused super-app ElectricPe.

Founded by Sandiip Bhammer, GFC has consistently championed early-stage Indian startups with a focus on climate innovation. The firm has supported ventures such as Battery Smart, BluSmart Mobility, E-Motorad, and Nutrifresh, demonstrating its commitment to fostering breakthrough solutions in emissions reduction and sustainable energy.

WebEngage’s FY24 Financials: Revenue Growth Stalls, Losses Triple

By
Supriya Biswas
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Marketing automation leader WebEngage experienced a modest uptick in revenue but saw its losses balloon threefold in the fiscal year ending March 2024. Interestingly, the company had been edging closer to profitability during FY20-22.

The company’s revenue from operations rose by 9.5%, reaching ₹140.69 crore in FY24 compared to ₹128.46 crore in FY23, as per its consolidated financial filings with the Registrar of Companies (RoC). WebEngage provides a comprehensive customer engagement platform that empowers businesses to automate marketing across multiple channels, including email, SMS, push notifications, mobile apps, and WhatsApp. With over 600 clients, it caters to a wide spectrum of internet-first and new-age enterprises.

Domestic service revenue grew to ₹92.66 crore, while revenue from international services stood at ₹47.8 crore. Additionally, the Mumbai-based company earned ₹9.7 crore through interest and other non-operational sources, bringing its total income to ₹150 crore in FY24.

On the expenditure front, employee benefits emerged as the largest cost, doubling to ₹91.57 crore and accounting for 41% of total expenses. IT and advertising expenses also saw notable increases of 10.4% and 15.5%, amounting to ₹71.11 crore and ₹24.16 crore, respectively. Combined with other operational costs, including technology, legal, and rent, WebEngage’s total expenses surged 40% to ₹221.08 crore, up from ₹158.18 crore in FY23.

This sharp rise in operational costs contributed significantly to the company’s deepening losses, despite steady revenue growth.

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Pikndel Secures $1M Seed Funding Led by VC Grid to Expand Same-Day Delivery Services

By
Supriya Biswas
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Same-day delivery platform Pikndel has successfully raised $1 million in its seed funding round, spearheaded by VC Grid.

This funding round witnessed contributions from prominent investors such as D2C Insider Angels, Breathe Capital, Venture Catalysts, and distinguished industry figures, including Akash Gupta (Zypp), Keshav Bhajanka and Sanjay Agarwal (Century Plywood), and Kanishka Sethia (Western Carriers), alongside family offices based in Kolkata.

Previously, in December, Pikndel had raised $285K in a pre-seed round led by 100X.VC.

Founded in 2022 by Teja Vadlamani, Siddharth Batra, and Tullika Batra, Pikndel specializes in same-day delivery solutions for direct-to-consumer (D2C) and e-commerce brands. The platform enables sellers to utilize shared dark stores for inventory and offers flexible delivery timelines ranging from four-hour delivery to same-day services.

Operating from its headquarters in Delhi, Pikndel is transforming e-commerce logistics with an all-in-one delivery optimization platform. Currently, it offers same-day delivery services across Delhi NCR, Mumbai, and Bengaluru through its network of dark stores.

By providing a range of delivery options from one-hour to next-day services, Pikndel empowers brands to enhance customer satisfaction while optimizing their operational efficiency.

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Cineflicks Introduces Revolutionary ‘Watch-to-Earn’ Streaming Platform

By
Supriya Biswas
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Cineflicks is set to redefine the streaming experience with the launch of its innovative ‘watch-to-earn’ platform, where users are rewarded with cryptocurrency tokens, CNF Tokens, for every minute they spend watching content. These tokens can be retained as digital assets or converted into fiat currency, creating a unique financial opportunity for viewers.

Thomas Caddick, CEO of Cineflicks, emphasized the platform’s mission to merge entertainment and digital finance, providing users with an engaging ecosystem that rewards their screen time. Ahead of its official launch, Cineflicks will conduct a presale of CNF Tokens, offering early investors a chance to acquire tokens at a discounted rate. This initiative aims to foster a dedicated community and generate excitement for the platform’s debut.

The platform will feature an extensive library of popular movies, TV shows, and exclusive content, catering to a wide audience. With a user-friendly interface accessible across multiple devices and regular content updates, Cineflicks is designed to keep viewers engaged with fresh entertainment options.

Unlike traditional subscription models, Cineflicks leverages blockchain technology to create a decentralized, secure, and transparent system. This groundbreaking approach appeals to both entertainment enthusiasts and cryptocurrency users, blending streaming with the potential of digital assets. Cineflicks offers more than entertainment – it’s a gateway into the evolving digital economy.

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Rapido Records Significant Growth with Rs 650 Cr Revenue in FY24; Cuts Losses by 45%

By
Supriya Biswas
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0

Rapido, a leading mobility startup backed by Prosus, has shown remarkable progress over the last two fiscal years. Its operating revenue soared 4.4 times, rising from Rs 145 crore in FY22 to Rs 648 crore in FY24. Strategic cost management helped the company reduce its losses by 45% during the fiscal year ending March 2024.

The ride-hailing firm’s revenue from operations jumped 46.3% to Rs 648 crore in FY24, compared to Rs 443 crore in FY23, as per its consolidated financial reports submitted to the Registrar of Companies (RoC). Transportation services, including two-, three-, and four-wheelers, accounted for 55.9% of the total revenue, generating Rs 362 crore—a 48.4% increase year-on-year. Gross platform income, including customer discounts worth Rs 144 crore, totaled Rs 505 crore for the year.

Additional revenue streams contributed significantly to Rapido’s overall growth. Delivery and subscription services brought in Rs 265 crore and Rs 19 crore, marking growth rates of 39.5% and 171.4%, respectively. Including other allied services and interest income, Rapido’s total revenue reached Rs 695 crore in FY24, up from Rs 497 crore in FY23.

Streamlined Costs Boost Profitability

The company’s primary expenditure—partner incentives—constituted 43% of overall expenses but was effectively reduced by 11% to Rs 460 crore. Employee costs saw a 16.9% decline to Rs 172 crore, while marketing expenses dropped 10.8% to Rs 214 crore. Despite these reductions, technology, legal services, rent, and overheads brought Rapido’s total costs to Rs 1,066 crore for FY24.

These efficiencies led to a substantial reduction in losses, which fell to Rs 371 crore in FY24 from Rs 675 crore the previous year. However, key financial metrics such as ROCE and EBITDA margins stood at -90.7% and -52.5%, respectively, highlighting ongoing challenges. Additionally, Rapido’s bank balance and cash equivalents witnessed steep declines of 88.1% and 75.3%, respectively, while trade receivables doubled from Rs 16 crore in FY23 to Rs 32.06 crore in FY24.

Strengthening Market Position

Following a $200 million Series E funding round led by WestBridge Capital, Rapido achieved unicorn status, amassing over $500 million in total funding. The company has outpaced Ola to secure the second spot in India’s ride-hailing market, trailing only Uber. Internal reports highlight that autorickshaws contribute 40% of Rapido’s GMV, while bikes and cabs contribute 30% each. Notably, bike taxis alone account for over half of Rapido’s total ride volume.

Rapido’s growth trajectory and market positioning reflect its ability to scale operations efficiently while curbing expenses, setting a strong foundation for further expansion in India’s competitive mobility sector.

Jupiter Records 7X Revenue Growth in FY24, Reduces Losses Significantly

By
Supriya Biswas
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0

Neobank startup Jupiter has marked notable financial improvements in FY24, with its operating revenue multiplying by seven times. The Peak XV-backed company also managed to slash its losses by over 23% during the same period.

According to the consolidated financial statements of its parent company, Amica Financial Technologies, and its NBFC subsidiary, Amica Finance, Jupiter’s operating revenue soared to ₹51.2 crore in FY24, up from ₹7.1 crore in FY23. As a digital-first financial services provider, Jupiter specializes in delivering seamless, cost-effective banking solutions for individuals and small businesses, leveraging technology to stand out in a highly competitive fintech ecosystem.

The NBFC arm contributed ₹15.4 crore in revenue, driven primarily by interest income and loan processing fees. Impressively, it also reported a standalone profit of ₹1.27 crore for the year.

In June, Jupiter’s NBFC arm secured its first round of funding from existing investors, showcasing continued confidence in its growth potential.

Employee benefits emerged as the company’s largest expenditure, comprising over half of the total expenses at ₹195.1 crore, which included ₹41 crore attributed to ESOP costs. Other major costs such as software and technology, digital infrastructure, and marketing saw a reduction, bringing operational expenses to ₹330.1 crore, excluding ESOP-related costs.

Despite aggressive investments in technology and talent, Jupiter reduced its losses to ₹233.63 crore, reflecting a 23.1% improvement. On a unit economics level, the company spent ₹6.45 to generate a rupee of operating revenue in FY24.

Jupiter, last valued at $710 million during an $86 million Series C round in December 2021, has raised over $160 million from investors like QED Investors, Peak XV, and Matrix Partners. These financial strides signal its growing potential in the digital banking space.

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