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Pulse Secures $1.4 Million in Seed Funding to Enhance AI-Powered Product Management Platform

By
Supriya Biswas
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Pulse, an innovative platform utilizing agentic AI, has successfully raised $1.4 million in seed funding, with Endiya Partners leading the round. The funding round also saw the involvement of a distinguished group of angel investors, including the founders of Zluri and Yellow.ai, alongside several other entrepreneurs and product leaders.

This capital will be directed towards building a talented core team, advancing the platform’s development, and expanding its purpose-built large language models (LLMs) and agentic AI capabilities. A portion of the funds will also support initial market outreach efforts in India and the United States, helping the company to gain early traction and establish a presence in both regions.

Launched in 2024 by Haren Chelle, Vatsal Singhal, and Alok Thatikunta, Pulse has already begun pilot programs with several design partners and is set to roll out its minimum viable product (MVP) in November 2024.

Based in Hyderabad, Pulse revolutionizes product management by centralizing and analyzing real-time customer feedback, giving product managers actionable intelligence that aligns initiatives with customer expectations, strategic goals, and market trends.

Using advanced Agentic AI, Pulse generates data-driven product roadmaps, offers dynamic insights into competitor activities, and provides predictive metrics such as NPS and NRR impact.

Enlog Secures Rs 1.75 Crore in Funding to Drive Growth in Energy Management

By
Supriya Biswas
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Enlog, a startup offering energy management and IoT solutions, has successfully raised Rs 1.75 crore in equity funding, led by Vinners. The investment will support the company’s expansion and help drive its growth in the energy management sector.

Founded in 2019 by Bharath Rankawat and Jharna Saha, Enlog focuses on IoT and AI-powered technologies to optimize energy consumption, reduce carbon emissions, and enhance sustainability practices. The startup aims to revolutionize energy efficiency for businesses across India, responding to the increasing demand for sustainable energy solutions.

To date, Enlog has managed 11,300 MWh of electricity and reduced over 2,000 tons of carbon emissions, contributing to global sustainability efforts. With more than 750 PG properties and 35 hotels in Delhi NCR, including Bloom Hotel and Yourspace, Enlog’s AI-driven solutions have successfully reduced electricity consumption by up to 23%. This has led to lower operational costs, extended appliance life, and reduced overall energy waste for its clients.

The Delhi-based startup plans to direct the new funds toward research and development, focusing on next-generation technologies, including edge computing and advanced chips to further enhance electricity optimization.

Enlog projects a revenue of Rs 12 crore for 2024, with plans to scale this figure to Rs 40-45 crore by 2025. Additionally, the company is expanding its reach to major Indian metro cities, including Bengaluru, Hyderabad, Pune, and Indore.

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Freshworks Restructures Workforce with $400 Million Stock Repurchase, Posts Strong Q3 Growth

By
Supriya Biswas
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Freshworks, the Nasdaq-listed SaaS company, has announced a 13% reduction in its global workforce, impacting approximately 660 employees. The company, which employs over 5,000 individuals across various countries, including India, Germany, France, the US, the UK, and the UAE, is taking this step as part of a broader effort to streamline operations.

The company has projected that the restructuring will result in charges ranging from $11 million to $13 million in Q4 2024, primarily for cash expenses related to severance, employee benefits, and other associated costs. Freshworks expects the restructuring process to be completed by the close of this year.

CEO Dennis Woodside, who took over in May 2024 following Girish Mathrubootham’s departure after 14 years, shared that the company’s recent moves are aimed at prioritizing its rapidly expanding Employee Experience (EX) business. “We began by merging teams focused on Customer Experience (CX) products, including support, sales, and marketing, while reallocating resources to boost the growth of EX. These decisions are part of our strategy to create a solid foundation for the future,” he explained in a company filing.

In addition to the workforce changes, Freshworks announced that its board has approved a stock repurchase plan worth up to $400 million, aimed at purchasing outstanding Class A common stock.

For the third quarter, Freshworks reported a revenue increase of 7.16%, reaching $186.57 million, up from $174.1 million in Q2 2024. Despite the revenue growth, net losses rose by 49%, amounting to $29.96 million, compared to $20.1 million in the prior quarter, when the company had successfully reduced its losses by 13%.

On a year-over-year basis, Freshworks saw a 21.5% increase in revenue, up from $153.5 million in the same quarter of the previous year. The company’s losses narrowed by 3.4%, from $31 million to $29.96 million.

Looking ahead, Freshworks anticipates Q4 revenue to fall between $187.8 million and $190.8 million, reflecting a growth rate of 17% to 19% year-over-year. The company also projects a full-year revenue of approximately $713.6 million to $716.6 million.

The Hosteller Secures $5.7 Million in Series A Funding to Expand Nationwide

By
Supriya Biswas
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0

The Hosteller, a well-known backpacker hostel chain, has successfully raised ₹48 crore (approximately $5.7 million) in its Series A funding round. Existing investor V3 Ventures led the round, contributing ₹32 crore in equity, while Blacksoil supported the initiative with ₹16 crore in venture debt.

This fresh round of funding boosts The Hosteller’s valuation to an estimated ₹200 crore (around $25 million). The company had previously raised a $1 million seed round back in 2021, making this its first major funding update in three years.

The raised capital will be utilized to expand the brand’s reach across India, focusing on high-demand cities such as Rishikesh, Manali, Bengaluru, and Delhi, alongside exploring new travel hubs.

Founded in 2014, The Hosteller has grown to include more than 50 properties nationwide, providing affordable, quality lodging designed for the modern backpacker. For the fiscal year ending in March 2024, the company reported revenue exceeding ₹55 crore and a net profit of ₹4 crore. With plans to add 75 new hostels this year, The Hosteller is positioning itself for significant growth in the coming months.

The company faces competition from other hostel chains like goSTOPS, Wudstay, and Backpackers Panda.

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AstroTalk Records 12-Fold Profit Surge, Hits Rs 100 Crore in FY24

By
Supriya Biswas
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Astrology’s appeal remains strong in India, and AstroTalk has positioned itself as a leader in the spiritual-tech sector. Building on its FY23 success, the Noida-based company recorded over 200% revenue growth for the fiscal year ending March 2024, while net profits climbed nearly 12 times during this period.

AstroTalk’s revenue jumped 2.3 times to reach Rs 651.12 crore in FY24, up from Rs 283.32 crore in FY23, according to its financial report filed with the Registrar of Companies (RoC).

As a digital platform for astrology consultation, AstroTalk links users with professional astrologers via its app and website. Revenue from India doubled to Rs 529.6 crore, and international income surged 4.2 times to Rs 121.44 crore in FY24.

In addition to operational earnings, AstroTalk garnered Rs 8 crore from interest income, bringing the total revenue for FY24 to Rs 659 crore.

Examining expenses, employee-related costs accounted for 5.5% of total outflows, increasing 28.29% year-on-year to Rs 29.61 crore. Spending on advertising and promotion rose by 116% to Rs 162.68 crore, while legal and professional fees, which made up 60% of expenses, rose 103% to reach Rs 319 crore. Additional costs for finance, software, and website maintenance contributed to AstroTalk’s overall expenditure increase of 97.9%, totaling Rs 531 crore in FY24.

AstroTalk’s impressive 11.8-fold profit increase reached Rs 99.99 crore by March 2024. The company’s ROCE and EBITDA margin stood at 40.16% and 19.42%, respectively. Operating expenses per unit revealed that AstroTalk spent Rs 0.82 for every rupee of revenue generated.

Astrology and spiritual tech startups continue to attract substantial investment, even amid economic fluctuations. Recent data from TheKredible indicates that companies like AstroTalk, Vama, Ustav App, DevDham, InstaAstro, and Melooha have collectively secured nearly $60 million over the past 15 months. Puneet Gupta’s AstroTalk itself raised $34 million across two funding rounds this year.

While some might be surprised by the rapid growth of astrology-based apps, these numbers underscore the formalization of sectors previously under the tax radar, adding value to the economy. It’s also a reflection of today’s consumer mindset, where convenience and instant answers drive demand—even in spirituality.

Looking ahead, AstroTalk is poised for strong growth and might not require further funding. The big question remains: will the company pursue an IPO to provide investor exits, or will private buyers step in for acquisition? Perhaps only an astrologer could predict that.

EV Innovator MOOEV Technologies Secures Rs 4 Crore in Seed Round to Accelerate Fleet Electrification

By
Supriya Biswas
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Electric vehicle (EV) startup MOOEV Technologies recently raised Rs 4 crore in seed funding, led by Bizdateup, with additional support from Inflection Point Ventures and Spectrum Impact, an investment arm of Aarti Industries Family Office.

The funding will enable MOOEV to deploy an initial fleet of 15 electric heavy-duty trucks, bolstered by the development of high-voltage charging infrastructure specifically tailored to support the fleet’s needs.

Founded in 2021 by Ennarasu Karunesan, Raghavendra Mysore, and Ramesh Kumar VG, MOOEV takes a comprehensive engineering approach to address critical hurdles in electrifying heavy-duty commercial vehicles in India. Their services facilitate the conversion of freight fleets to electric through robust solutions in engineering, operations, and management, aimed at sustainable short-haul transportation.

Headquartered in Chennai, MOOEV is already in discussions with over five prominent corporate groups seeking to incorporate electric trucks into their logistics frameworks. In line with its vision, the company also plans to grow its EV Fleet-as-a-Service and EV Charge-as-a-Service offerings, further expanding its charging network to support additional electric vehicles.

As per industry forecasts, India’s electric truck sector is expected to expand to between 4,000 and 6,000 units by March 2025, positioning MOOEV to make a significant impact in this growing market.

AppsForBharat Unveils First-Ever ESOP Buyback Benefiting 25 Employees with ₹2.1 Crore Payout

By
Supriya Biswas
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AppsForBharat, the developer behind the popular devotional app Sri Mandir, has introduced its inaugural ESOP (Employee Stock Option Plan) buyback, enabling 25 employees to monetize part of their vested stock options, totaling ₹2.1 crore in value.

This buyback initiative, organized in partnership with Infinyte Club—a wealth management platform tailored for tech startups—provides employees with an immediate financial advantage, allowing them to liquidate their shares without waiting for a later liquidity event.

Recently, AppsForBharat secured $18 million in a Series B funding round led by Nandan Nilekani’s Fundamentum, with exclusive reporting on this round provided in May.

Founded by Prashant Sachan, the Sri Mandir app grants users virtual access to over 50 temples, offering features such as virtual pujas, online offerings, and a range of devotional content. It also provides consultations with astrologers and priests, enhancing user engagement with devotional practices from home.

Since its launch in 2021, Sri Mandir has achieved over 30 million downloads. Over the past year, more than 500,000 users have conducted 2.7 million online pujas and offerings through the app.

Sachan highlighted future plans to enrich the app’s services, including spiritual tourism, access to special darshan tickets, and Prasad delivery, along with other devotional offerings over the coming years.

Industry data from TheKredible reveals a growing trend in ESOP buybacks, with over 100 startups distributing around $1.7 billion through various liquidity and payout initiatives since 2020. In 2024 alone, 18 startups have contributed $188 million to this total.

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AnyMind Unveils ‘AnyLive’: A Gen AI-Driven Live Commerce Solution for Global Expansion

By
Supriya Biswas
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0

AnyMind Group, a leading BPaaS company specializing in marketing, e-commerce, and digital transformation, has introduced its cutting-edge live commerce platform, AnyLive. Powered by generative AI, this platform aims to revolutionize how businesses engage with customers across borders by offering a seamless, multi-language live commerce experience without being constrained by time or geography.

AnyLive leverages advanced generative AI technology to create virtual streamers that accurately represent a brand’s persona. These AI-driven avatars are capable of hosting live streams in various languages, including English, Chinese, Bahasa Indonesia, Thai, Bahasa Malaysia, Vietnamese, and Tagalog, with plans to expand further. This innovation helps businesses to continuously present products, promote sales, and engage audiences without the need for human hosts.

The platform was specifically designed to tackle key challenges in the APAC e-commerce landscape, such as language diversity, cultural nuances, and regulatory hurdles. By utilizing AI, AnyLive enhances the live commerce experience, supporting brands in overcoming obstacles like talent shortages and limited production facilities when expanding internationally.

Beyond virtual hosts, AnyLive integrates AI-generated live-stream scripts and dynamic, real-time product responses, streamlining content creation. The platform seamlessly connects with major e-commerce and social media networks such as Amazon, Shopee, TikTok, and Instagram, enabling brands to simultaneously broadcast across various platforms to amplify their reach.

To ensure comprehensive support, AnyMind Group is also assembling specialized teams that will assist with data-driven analytics, including monitoring viewership, audience comments, and sales performance, to fine-tune live streams. Additionally, the platform’s synergy with AnyTag, AnyMind’s influencer marketing service, provides access to a vast network of over 790,000 influencers. This allows brands to collaborate with human live streamers for added authenticity and engagement.

Kosuke Sogo, CEO and co-founder of AnyMind Group, commented on the launch, stating, “Southeast Asia’s e-commerce sector is experiencing massive growth, presenting significant opportunities for both local and global brands. With AnyLive, we’re introducing a fresh approach to social commerce and digital marketing. By leveraging our technological capabilities and our expertise across Southeast Asia, East Asia, India, and the Middle East, we are committed to helping businesses gain a competitive advantage in this rapidly evolving market.”

Air India and Vistara to Complete Merger on November 12 with Enhanced Customer Experience and Expanded Routes

By
Supriya Biswas
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0

On November 12, 2024, Vistara will merge with Air India, creating a unified airline with broader domestic and international connectivity. Air India is implementing a comprehensive plan to ensure a seamless transition for approximately 115,000 Vistara passengers who have pre-booked flights. Vistara’s current aircraft will fly under the Air India brand, identifiable by a distinct four-digit Air India code beginning with “2,” like UK 955, which will be rebranded as AI 2955 on Air India’s booking platform.

The merger will see Vistara’s routes and in-flight services continue as usual, with Air India deploying extra customer service resources at major airports and hubs. New help desks and easily identifiable staff, wearing “How may I assist you?” t-shirts, will assist passengers at key points throughout terminals. Self-service kiosks will display guidance for Vistara ticket holders, directing them to select Air India under the new “AI2” code. International travelers will receive updated instructions at check-in areas, and Vistara’s contact center will transfer calls to Air India for continued support.

In the past few months, around 270,000 Vistara bookings have successfully transitioned to Air India, and over 4.5 million Vistara loyalty members are now part of Air India’s loyalty program. This unified airline will offer travelers access to more than 90 direct domestic and international routes, along with over 800 codeshare destinations.

Additionally, Air India is modernizing its fleet, upgrading narrowbody aircraft with premium features and introducing six new A350 planes to key routes, including Delhi–London and Delhi–New York. Refurbished A320neo aircraft will boast 8 Business, 24 Premium Economy, and 132 Economy seats, each equipped with upgraded amenities such as USB charging ports, PED holders, enhanced lighting, and refreshed interiors. This merger will expand Air India’s global reach while enhancing customer comfort and service quality.

Lenskart’s FY24 Revenue Hits Rs 5,427 Crore Despite Slimmed Losses

By
Supriya Biswas
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0

Omnichannel eyewear giant Lenskart continued its growth momentum in FY24, wrapping up the fiscal year with revenues of Rs 5,427.7 crore. Though growth softened compared to the robust 2.5X surge seen in FY23, the company’s revenue rose by a steady 43% year-on-year, driven by its expanding portfolio of eyewear products and services like eye exams.

Revenue from product sales surged 43.1% to Rs 5,166.2 crore in FY24, making up 95.18% of Lenskart’s total operational income. Service sales contributed Rs 104.5 crore, a 26.4% increase, while other operating sources brought in Rs 157 crore. The company’s non-operational earnings also added Rs 182.17 crore, raising its overall revenue to Rs 5,609.87 crore.

India remained a stronghold for Lenskart, generating Rs 3,154.5 crore or 58% of its revenue. With a network of over 2,500 stores—2,000 of which are in India—Lenskart’s international sales accounted for 42% (Rs 2,273 crore) of revenue, with Japan, Singapore, Taiwan, and Thailand among its top markets.

Despite rising expenses, including a 29.8% increase in material costs to Rs 1,776 crore, a 51.4% spike in employee benefits to Rs 1,086.49 crore, and a 61% uptick in depreciation and amortization, Lenskart limited its net loss to Rs 10 crore in FY24, a sharp reduction from Rs 63 crore in FY23. The company’s ROCE and EBITDA margin closed at 2.28% and 15.25%, respectively, reflecting its efforts to streamline costs.

In terms of funding, Lenskart secured $200 million in June through a secondary funding round, followed by an additional $20 million infusion, with founder Peyush Bansal also participating. With nearly $1 billion in funding over 18 months, Lenskart was valued at $5 billion during this transaction. Recent evaluations by Fidelity have placed the company’s worth at $5.6 billion, further solidifying its standing in the global eyewear market.

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