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Finarkein Analytics Secures $4.75 Million in Pre-Series A Funding to Drive Product Development and Expansion

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Finarkein Analytics, a Pune-based data analytics firm, has secured $4.75 million in a pre-series A funding round led by Nexus Venture Partners. The round also saw participation from existing investors IIFL Fintech Fund and Eximius Ventures, along with angel investors such as Nitin Gupta of Uni and Chirag Jain of Ashika Group.

The newly acquired funds will be directed toward product development and the company’s expansion efforts. Finarkein, founded in 2019, is a B2B software startup specializing in data and workflow orchestration. The firm enables enterprises to co-create data products on India’s digital public infrastructure (DPI), including ecosystems like Account Aggregator (AA), Open Network for Digital Commerce (ONDC) Financial Services, and Open Credit Enablement Network (OCEN).

The company was established in response to the Reserve Bank of India’s master circular on the account aggregator framework, which aims to democratize financial data access for regulated entities. Over the past 18 months, Finarkein’s platform has become a key enabler for more than 50 enterprises to publish and consume data on DPIs. To date, over 40 million Indians have used its embedded data products to securely share data through licensed NBFC-AAs.

The funding round comes on the heels of a previous seed round led by IIFL Fintech Fund, where Finarkein raised an undisclosed amount. The company’s growth has been marked by its significant role in accelerating the adoption of DPIs in India, positioning itself as a crucial player in this digital transformation.

Anand Datta, a partner at Nexus Venture Partners, highlighted Finarkein’s impressive progress since winning the Account Aggregator (AA) hackathon in 2020. The firm has successfully scaled its operations and established a new category in the data analytics space.

HCLTech Extends 15-Year Partnership with Xerox, Focuses on AI-Driven Engineering and Digital Process Operations

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HCLTech has extended its longstanding 15-year partnership with Xerox, a leading digital printing company, to further enhance their collaboration in strategic AI-driven engineering services and digital process operations (DPO). This extension is designed to support Xerox’s reinvention efforts, aiming for long-term, profitable, and sustainable growth.

In a filing with BSE, HCLTech revealed that it will utilize automation, product and sustenance engineering, and process operations services through its advanced GenAI platform, HCLTech AI Force. This platform will deliver a unified interface that revolutionizes how Xerox employees and clients interact with the company.

HCLTech will also support the newly established Xerox Global Business Services (GBS) organization in driving key business metrics, including working capital, device connectivity, sales efficiency, and remote problem-solving effectiveness. These efforts will help integrate innovative capabilities into Xerox’s digital transformation roadmap.

Xerox aims to increase enterprise-wide efficiency by centralizing processes, platforms, and capabilities, and the extended partnership with HCLTech is expected to make the company more agile while continuously enhancing both employee and client experiences.

HCLTech is committed to helping Xerox navigate the evolving workplace by enabling a more AI-driven, engineering services-led, and software-enabled organization. The company’s global delivery centers in India, Guatemala, Portugal, Bulgaria, Romania, the Philippines, and Sri Lanka will play a key role in supporting Xerox’s ongoing digital transformation journey.

Invidi Technologies Partners with Hathway Digital and DEN Networks to Revolutionize Targeted Advertising on India’s Digital Cable TV

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Invidi Technologies has formed a strategic alliance with leading Indian multisystem operators (MSOs), Hathway Digital and DEN Networks, to introduce advanced targeted advertisement solutions for digital cable TV in India.

This partnership will enable Hathway Digital and DEN Networks to utilize Invidi Technologies’ state-of-the-art ad tech to deliver highly targeted and personalized advertisements to their diverse viewership. The new solution aims to address the limitations of traditional linear TV advertisements by ensuring that ads are delivered to specific customer segments that match the advertiser’s desired audience profiles.

By adopting this innovative approach, the partnership is set to open new opportunities, improve media buying efficiencies, and allow brands to reach specific viewer segments with tailored messages. This enhancement in targeted advertising is expected to increase the relevance and effectiveness of ad campaigns, optimizing the return on investment for advertisers.

Prasad Sanagavarapu, Chief Operating Officer of Invidi Technologies, emphasized that the collaboration marks a significant advancement for content owners, viewers, and advertisers. By integrating Invidi’s Addressable TV solutions, Hathway and DEN will enable brands to optimize their marketing spend by delivering ads that are more relevant to their target audiences. This partnership highlights Invidi’s commitment to advancing the Indian advertising ecosystem through cutting-edge technology.

A spokesperson from DEN Networks expressed enthusiasm about integrating Invidi’s technology, noting that this partnership is transformative for advertising partners by providing unprecedented precision in audience targeting. For subscribers, it means receiving more relevant and engaging content, which enhances their overall viewing experience. This integration not only improves advertising offerings but also reduces ad clutter for viewers.

Similarly, a representative from Hathway Digital highlighted that this partnership represents a significant milestone in delivering cutting-edge solutions to advertisers. The introduction of targeted advertisement solutions in Digital Cable TV is set to redefine linear TV advertising in India, enabling brands to connect with their audiences more meaningfully.

Diageo and Pernod Ricard Explore Indian Grains Like Millets and Maize for Whisky Innovation

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Two of the world’s largest distillers, Diageo and Pernod Ricard, are pioneering the use of unconventional grains like millets, Bengal gram, and maize in whisky production. This initiative is part of their broader strategy to innovate with locally sourced grains in India, aligning with the growing trend of leveraging indigenous ingredients.

As India continues its journey towards greater affluence, there is a renewed focus on rediscovering and utilizing local ingredients rather than simply mimicking global trends. The US is known for bourbon, and Canada for rye whisky, while India is now exploring a unique blend that reflects its rich agricultural heritage. This approach involves significant innovation in the distillation process to adapt to India’s diverse climate zones, which influence maturation and flavor profiles.

Traditionally, whisky production has relied on specific grains, with Scottish and Irish distillers favoring barley, and North American distillers using corn, rye, and wheat. In contrast, India lacks a dominant global indigenous liquor akin to China’s Baiju or Japan’s Sake. The market is predominantly filled with Indian-made foreign liquor (IMFL), which are locally produced versions of European spirits. However, the current innovations by these distillers aim to go beyond just creating new products, with sustainability playing a central role in their alternative grain strategy.

Pernod Ricard, known for brands like Chivas Regal and Glenlivet, is focusing on sustainable options, such as maize, to reduce water usage, lower methane emissions, and create new opportunities for local farmers. This approach not only addresses environmental concerns but also enriches the flavor profiles of their whiskies.

Diageo has already made strides in this area, launching Godawan whisky, which draws inspiration from Rajasthani craft liqueur makers and is distilled from locally sourced six-row barley. The company is expanding its experimentation with a variety of grains, including ragi, which offers a taste similar to tequila blanco, and Bengal gram, known for its unique flavor. Diageo’s innovation is driven by a desire to use grains that are intrinsic to India, rather than those commonly found globally.

India is the world’s largest producer of millets, with varieties like bajra, sorghum, and buckwheat contributing to about 18% of global millet production. Recognizing this, the United Nations General Assembly declared 2023 as the International Year of Millets. The Indian government has also announced plans to position the country as a global hub for millets, with leading consumer goods companies like Nestle and ITC expanding their millet-based product lines.

As premiumisation in India continues, the whisky industry is increasingly incorporating distinct Indian elements, making the most of the country’s agricultural diversity. This trend is reshaping the Indian whisky market, offering new and unique flavors that reflect the nation’s rich cultural and agricultural heritage.

PFC Commits ₹21,000 Crore Investment for Vadhavan Port Development

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State-owned Power Finance Corporation (PFC) has pledged approximately ₹21,000 crore to support the development of Vadhavan Port, which is set to become India’s largest container port along the western coast. This significant investment follows the union cabinet’s recent approval of the ₹76,220-crore mega port project located in Palghar district, Maharashtra.

The Vadhavan Port Project Ltd, a special purpose vehicle (SPV) formed by the Jawaharlal Nehru Port Authority and the Maharashtra Maritime Board, will spearhead the development of the port. Prime Minister Narendra Modi is expected to visit Maharashtra on August 30 to lay the foundation stone for this major infrastructure project.

PFC, a non-banking financial company traditionally focused on power and renewable energy sectors, is diversifying its asset portfolio to include infrastructure projects like Vadhavan Port. This move aligns with the company’s strategy to expand its infrastructure lending business, creating sustainable revenue streams. As of June 30, PFC’s standalone loan book stood at ₹4.75 lakh crore, with the infrastructure sector accounting for 1.7% of the total, up from 0.24% a year earlier.

The Vadhavan Port project will involve the development of core infrastructure, terminals, and commercial facilities through a public-private partnership (PPP) model. The port will be well-connected by road and rail, including a dedicated rail freight corridor, and is expected to handle a total capacity of 298 million tons per year, with a container handling capacity of approximately 23.2 million twenty-foot equivalent units (TEUs).

BigBasket Shifts Strategy to Embrace Quick Commerce as Demand for Rapid Deliveries Surges

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Tata-owned BigBasket, a leading e-grocery platform known for its slotted deliveries, is transitioning into a full-scale quick commerce platform. This shift comes in response to the rising demand for rapid deliveries, increasingly blurring the lines between traditional e-commerce and quick commerce. Founded in 2011, BigBasket has witnessed various cycles in the grocery delivery industry and is now focusing on quick commerce through its BB Now service.

BB Now, which has been operational for about 2.5 years, has recently seen a surge in sales, with over 50% of its revenue now coming from the quick delivery vertical. In the coming weeks, BigBasket will exclusively offer a 10-30 minute delivery service through BB Now, marking a complete transition to the quick commerce model. The Bengaluru-based company has been piloting rapid delivery in select locations and plans to roll out this service nationwide. This move is expected to significantly boost the company’s financial performance, with BB Now projected to contribute $1 billion of BigBasket’s $1.5 billion sales target for the current financial year.

To support this expansion, BigBasket plans to operate around 500-600 dark stores while maintaining its large warehouses, which stock a wide range of SKUs, including high-value items. This split delivery model will allow the company to efficiently manage inventory and meet the growing demand for quick delivery services.

As the quick commerce market continues to grow, BigBasket faces competition from other players like Zepto, Blinkit, and Swiggy Instamart. These companies are rapidly expanding their dark store networks and increasing their SKU offerings to capture market share. Despite the challenges, BigBasket is committed to scaling its quick commerce operations, recognizing the significant opportunity in this fast-evolving segment.

PhonePe’s FY24 Revenue Soars 74% to ₹5,064 Crore

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Digital payments giant PhonePe reported a significant revenue increase of Rs 5,064 crore for the fiscal year ending March 2024, marking a 74% growth from the Rs 2,914 crore earned in the previous year. The company also achieved profitability, excluding Employee Stock Ownership Plan (ESOP) costs, with an adjusted net profit of Rs 197 crore for FY24, a substantial improvement from the Rs 738 crore loss recorded in FY23.

The Walmart-backed firm’s financial success is largely attributed to the robust performance of its payments business, which saw an adjusted profit of Rs 710 crore, compared to a Rs 194 crore loss in the prior year. Founder and CEO Sameer Nigam emphasized the importance of disciplined financial management in driving the profitability of their payments division, a notable achievement in the Indian market.

In the first quarter of FY24, PhonePe processed 24 billion transactions across various payment instruments, with a total transaction value of Rs 31.8 lakh crore. The company continues to dominate the Indian Unified Payments Interface (UPI) market, holding around 48% of transaction volume.

Beyond payments, PhonePe has been diversifying its offerings, expanding into insurance, merchant lending, and wealth management. The company is also exploring opportunities to expand its retail payment operations into new regions, including Southeast Asia and the Gulf, as part of a broader strategy to grow its market presence.

These financial results come amid discussions about the potential enforcement of a government-proposed 30% market share cap in the UPI segment, which may not be implemented with just a few months remaining.

Yubi Founder Invests ₹250 Crore to Bolster Digital Lending Platform

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Digital lending platform Yubi has secured a significant equity infusion of Rs 250 crore from its founder and chief executive, Gaurav Kumar. This investment, approved by Yubi’s board of directors in August, will increase Kumar’s stake in the company from around 14% to over 20%. Yubi, previously known as CredAvenue, anticipates reaching breakeven by the end of this fiscal year, with plans to become profitable next year, driven by business expansion and further investment in product development.

This capital boost follows a series of recent leadership changes within Yubi and its associated firms. Notable appointments include Bharat Krishnamurthy as Chief Technology Officer (CTO) for both Yubi and Aspero, and Ramesh Ramanathan as Deputy Chief Financial Officer of Yubi Group. Supported by investors like Peak XV, Lightspeed, Lightrock, and TVS Capital, Yubi raised $137 million in a Series B funding round led by Insight Partners in March 2022, achieving unicorn status with a valuation of $1.5 billion after a secondary share sale that separated it from its parent company, Vivitri Capital.

Founded in 2020, Yubi operates as a comprehensive technology-driven debt platform, connecting banks and non-banking financial companies (NBFCs) with corporations seeking debt, fintechs interested in co-lending opportunities, and NBFCs looking to securitize their assets. The company has expanded its offerings through multiple acquisitions, including Spocto, a digital debt collections solution, and Corpository, a SaaS-based credit assessment tool. Additionally, Yubi launched Aspero, a platform that facilitates investment in fixed-income securities for retail investors and wealth partners. To date, Yubi has facilitated over Rs 1.4 lakh crore in debt transactions, serving more than 17,000 enterprises and 6,200 investors and lenders.

Convin Raises $6.5M to Scale AI-Powered Conversation Intelligence and Expand Market Reach

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The AI powered conversation intelligence platform known as Convin has closed its Series A funding round at $6. 5 million in their current funding of Seed round led by India Quotient. This venture is meant to enable this professionally-managed company based in Bengaluru, India compound its core team and distribution networks. The funding round also included new comer investor JSW Ventures along with other investors like Kalaari Capital, Titan Capital, Winners Fund, Sparrow Capital, and 9 unicorns.

Started in 2021 by Ashish Santhalia, Bharat Patidar, Atul Shree & Durgesh Choudary all from IIT Delhi, Convin helped businesses with AI tools to improve conversion rates, customer experience, and other factors such as verticals like banking, Insurance, E-commerce, edtech, retail, etc. The above platform has already captured the good market and has served more than 80 clients like Reliance Nippon, Puravankara, Titan, Thyrocare, and Lazypay etc.

With this new funding, Convin wants to increase the focusing on making the departments more predictable and consistent in their performance, especially when it comes to sales and growth as well as account management and product development. Also, it aims at constructing a new senior leadership team for the growth of the organization in the next phase. Convin has forecasted the level of new customers’ addition at 200 percent higher and aims to achieve three times the current revenues within the financial year, 2024-25.

Speaking about the role of artificial intelligence for the call center industry, Gagan Goyal, the general partner of India Quotient, which is the investor of Convin, remains rather optimistic after having analyzed the company’s work and its main goal – to increase the efficiency of agents and customer loyalty. Likewise, JSW Ventures’ managing partner, Sachin Tagra, echoed Convin’s impressive growth and solid market fit noting that the investment will enable the company to set new heights in product creation, technological enhancements, and sales and firmly establish Convin for an ambitious growth trajectory in the AI driven contact centre market.

HouseEazy Secures $7 Million in Funding Round Led by Chiratae Ventures

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The Platform that specializes in resale homes known as HouseEazy was able to secure $7 million in Series A round fundraising to support its growth. The round was equity and debt with Chiratae Ventures being the leading investor with Alteria Capital and existing investors Antler being the others. This funding comes exactly seven months after its seed round that it closed in December 2023.

The fresh funds will help the company to new geography of coverage within NCR, boost brand image, improve team and widen product portfolio of HouseEazy. The first-hand property market already has anchors in terms of developers, but no single entity in the resale market was serving both sides of the buying-selling spectrum, co-founder Tarun Sainani said. Thanks to this process, HouseEazy has enabled customers to directly purchase or sell resale homes within the shortest time, usually within 15 days here on the platform, and with much enhanced security.

The launched HouseEazy platform has already provided services to more than one thousand clients, providing sellers with instant price quotations with the help of a special machine learning algorithm based on over 1. 5 million data points. This enables sellers to close deals within the shortest time possible at the most favorable prices thus reducing on numerous meetings and price haggling. The latter is bolstered by the availability of selective, remanufactured merchandise for buyers, as well as the use of state of art tools such as AR/VR for 3D walk through and virtual staging. Further to that, HouseEazy also provides packages of services like mortgage, legal, and registry services hence becoming a one-stop center for resale home buyers.

Co-founder Deepak Bhatia stated that HouseEazy was now commanding a gross merchandise value (GMV) annualised run rate of Rs 425 crore and that NCR market alone should see GMV ARR of Rs 1,800 crore in the next 15-18 months. Currently the company operates out of Noida and Ghaziabad and has recently entered Gurgaon and is eager to expand in to other Tier 1 cities like Pune, Mumbai, and Bengaluru.