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Inflexor Secures First Close on Rs 350 Crore Opportunities Fund

By
Supriya Biswas
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Inflexor, a venture capital firm specializing in early-stage investments, has announced the initial close of its Rs 350 crore Opportunities Fund. HDFC AMC Select AIF FoF I Scheme, managed by HDFC AMC, leads the fund as the primary limited partner (LP), with additional capital contributions from new LPs, including high-net-worth individuals (HNIs), family offices, corporations, and other institutional investors.

The first close, achieved last month, represents approximately 80% of the targeted corpus. Inflexor anticipates the final close by the end of this month.

The firm has reported significant returns and liquidity through this transaction, benefitting existing Fund-I investors like IDFC Limited and the Sumankant Munjal Family Office, along with other prominent backers, through a complete portfolio sale of assets. Inflexor plans to allocate portions of the Opportunities Fund over the next 3-5 years to sustain or expand its stakes in these portfolio companies.

Currently deploying capital from its second fund, raised in 2021, Inflexor has invested in companies such as Kale Logistics, Atomberg, PlayShifu, ClickPost, and BioPrime, among others. Recently, the firm successfully exited its second fund’s portfolio company, Steradian Semiconductors, through a sale to a Tokyo-listed Japanese strategic partner.

Co-founded by Venkat Vallabhaneni, Jatin Desai, and Pratip Mazumdar, Inflexor is a sector-agnostic VC firm with Rs 1,000 crore in assets under management (AUM). It focuses on early-stage tech-driven companies, with a portfolio spanning 26 companies, including startups like Atomberg, Kale Logistics, PlayShifu, Entropik, Bellatrix, ClickPost, and Cloudsek.

Jar’s 5.6X Revenue Surge in FY24 Amid Strategic Cost-Cutting Measures

By
Supriya Biswas
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In a notable fiscal year, Tiger Global-backed Jar, a digital platform focused on gold savings, recorded a 5.6X increase in revenue while strategically cutting its losses by 15%. Interestingly, this surge came despite a 57% reduction in marketing expenditure, reflecting Jar’s efficient approach to growth in FY24.

According to its consolidated financial statement, Jar’s operating revenue reached Rs 49 crore in FY24, up from Rs 8.7 crore in FY23. The platform, which generates income from gold transactions and commission, saw its revenue split between these two streams. The sale of traded gold accounted for Rs 27.24 crore (55.6% of revenue), while commission income contributed Rs 21.78 crore (44.4%). Including earnings from interests and savings, Jar’s total income for FY24 rose to Rs 56.41 crore.

As with many fintech startups focused on growth, employee expenses formed the largest part of Jar’s costs, representing 42.8% of total expenses. Employee benefits expenses jumped by 66.8% year-over-year, totaling Rs 68.7 crore, with a significant Rs 26.8 crore spent on non-cash Employee Stock Options (ESOPs). Marking a shift from FY23, Jar reduced its marketing budget substantially, spending Rs 29.27 crore, a 57% drop. Additional costs, such as Rs 22.7 crore on materials and rent, were also efficiently managed.

Jar’s sharp revenue growth outpaced its spending, as the company’s total expenses grew by just 16.26%, reaching Rs 160.38 crore. With effective cost management, Jar reduced its net losses by 15.47% to Rs 103.97 crore. The startup’s ROCE and EBITDA margin stood at -121.79% and 180.68%, respectively. On average, Jar spent Rs 3.27 to generate a single Rupee of revenue in FY24.

As per TheKredible, a startup intelligence platform, Jar has raised over $60 million to date and is valued at around $325 million. Co-founders Nischay Babu AG and Misbah Ashraf collectively retain a 44.96% ownership stake.

Poised to leverage its strong growth in the current fiscal year, Jar is strategically positioned to capture an expanding base of gold investors, with a focus on building consumer trust. With features like secure vault partnerships and user-friendly investment tools, Jar aligns well with consumer expectations. However, maintaining investor confidence may require a clear path toward profitability, particularly amid competition from other startups and traditional firms in the gold savings space.

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CynLr Secures $10 Million in Series A Round to Accelerate Robotics and AI Innovation

By
Supriya Biswas
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CynLr, an advanced robotics startup specializing in deep-tech AI, has successfully raised $10 million in its Series A funding round, co-led by Pavestone and Athera Venture Partners (formerly Inventus India). This new investment brings the company’s total funding to $15.2 million. The round also saw participation from existing investors, including Speciale Invest and Infoedge (Redstart), along with other strategic backers.

The funds will be utilized to expand CynLr’s workforce, enhance its supply chain infrastructure, and boost its hardware and software capabilities. The aim is to drive down costs while improving the overall customer experience, as outlined in a press release from the company.

Founded in 2019 by Nikhil Ramaswamy and Gokul N A, CynLr is revolutionizing industrial robotics with its AI-powered vision solutions. The company provides a cutting-edge visual object intelligence platform that allows robotic arms to see, comprehend, and manipulate objects in unpredictable and unstructured environments.

CynLr is also preparing to unveil its new application, Denso, designed to help customers manage demand fluctuations for various parts through a flexible, hot-swappable robot station. This will support advanced plant-level automation.

Additionally, the company has introduced CyRo, a product aimed at transforming production lines by enabling a ‘Universal Factory’ vision—one that can produce custom-fit consumer products at scale, even for low-volume runs. CynLr’s focus is on improving hardware reliability, enhancing software performance, and reducing costs for customers.

Managing a global supply chain of over 400 parts sourced from 14 countries, CynLr plans to expand its manufacturing capabilities, targeting the deployment of one robot system per day. The company has set its sights on reaching $22 million in revenue by 2027.

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GalaxEye Secures $10M in Series A to Advance Spacetech Innovations

By
Supriya Biswas
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GalaxEye, a cutting-edge spacetech startup, has successfully closed its $10 million Series A funding round, primarily led by MountTech Growth Fund.

Earlier in August, GalaxEye secured $6.5 million as the initial portion of this Series A round. The latest funding was joined by notable investors, including Mela Ventures, Speciale Invest, ideaForge, Rainmatter, Navam Capital, Faad Capital, and Anicut Capital.

Launched in 2020 by founders Suyash Singh, Denil Chawda, Kishan Thakkar, Pranit Mehta, and Rakshit Bhatt, GalaxEye is known for delivering highly accurate data from space and aerial platforms through its state-of-the-art multi-sensor payload technology.

The company’s innovation combines Optical MSI and SAR sensors, enabling robust data insights essential for industries such as defense, surveillance, agriculture, insurance, and aquaculture.

GalaxEye has also pioneered India’s first UAV SAR system aimed at the defense market, with the UAV SAR Payload having completed over 300 successful test flights.

In line with the growing support for the space sector, the Union Cabinet recently approved a Rs 1,000 crore Venture Capital Fund to foster around 40 space-focused startups across India, boosting innovation and development within the industry.

MPL Achieves Positive Cash Flow and Revenue Growth Despite Regulatory Hurdles in FY24

By
Supriya Biswas
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M-League, the parent company of Mobile Premier League (MPL), achieved notable financial milestones in the fiscal year ending March 2024, overcoming regulatory challenges. The Bengaluru-based company reported double-digit growth and crossed the Rs 1,000 crore revenue mark for the first time.

During FY24, MPL’s operational revenue increased by 22.2% to reach Rs 1,068 crore ($127.9 million), up from Rs 873.7 crore ($104.63 million) in FY23, according to M-League Ltd’s filings in Singapore. MPL operates an online gaming platform, featuring categories like fantasy sports, adventure, and action. The company also discontinued its sports merchandise line in FY23 to focus on core activities.

The online gaming segment accounted for 99% of MPL’s revenue, with the remaining income derived from ads and other operational activities. Including non-operational income, the company’s total revenue rose to Rs 1,085.17 crore ($130 million) in FY24. MPL’s subsidiaries span across India, Indonesia, Germany, Singapore, and the U.S., all of which are fully owned by M-League Ltd.

India remained MPL’s largest market, contributing 69% of total revenue, followed by Europe (27.9%), the U.S. (2.6%), and Nigeria (0.5%). Interestingly, MPL generated no revenue in Singapore in FY24, a change from FY23 when the country represented 3.5% of total revenue. Revenue in India grew by 35.2% to Rs 737.1 crore, while Europe saw an 11.8% increase to Rs 298.10 crore. U.S. revenue decreased by 11.7% to Rs 27.81 crore, whereas Nigeria contributed Rs 5 crore after generating no revenue the previous year.

Advertising and promotions represented the highest cost at 31.8% of expenses, rising to Rs 442.97 crore in FY24. Following a layoff of 350 employees in August 2023, employee expenses fell by 28% to Rs 429.53 crore, including Rs 121.4 crore in ESOP costs. Additional expenses, such as hosting, IT support, payment gateways, and licensing fees, also contributed to the year’s total expenditure, which grew 2% to Rs 1,393.2 crore.

Despite cost control efforts, MPL’s losses rose by 21.2% to Rs 374.9 crore ($44.9 million), mainly due to a fair value loss on financial instruments amounting to Rs 92.93 crore. Excluding this, adjusted losses were Rs 282 crore.

MPL’s operational efficiency also improved, with operating cash flows turning positive at Rs 157 crore compared to Rs -531.8 crore in FY23. Its EBITDA margin and ROCE were reported at -21.39% and -32.88%, respectively, with MPL spending Rs 1.3 to generate every rupee of operating revenue in FY24.

Amid evolving GST and legal frameworks, MPL discontinued its Web3 fantasy platform, Striker, in December.

To date, MPL has secured $395 million in funding from investors like Peak XV Partners, SIG Global, GV Games, RTP Global, Moore, and Beenext, achieving a valuation of approximately $2.3 billion following its Series E round in September 2021.

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Cuemath Achieves 5% Revenue Growth and Cuts Losses by 43% in FY24

By
Supriya Biswas
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Cuemath, backed by Google, reported a 5% increase in operating revenue for the fiscal year ending March 2024, following a slight dip in FY23. The 11-year-old company also successfully reduced its losses by nearly 43% during the same period.

According to its recent financial disclosures, Cuemath’s operating revenue reached Rs 126.42 crore, up from Rs 120.45 crore in FY23. The company, focused on math education for the K-12 segment, supports students with school curriculum and competitive exam preparation.

Revenue from teaching services rose 5.5% year-over-year to Rs 125.63 crore. However, income from franchise fees fell by 38.3%, reaching Rs 79 lakhs, while revenue from teacher onboarding fees and book sales remained steady. Non-operating income, derived from investments and other sources, recorded a slight decline of 2.68%, totaling Rs 5.45 crore.

Employee benefits remained Cuemath’s largest expense, though these costs were reduced by 34.2%, totaling Rs 114.2 crore. Additional savings were seen in business support, foreign exchange, and office expenses, contributing to an overall cost reduction of 29.9%, with total expenses falling to Rs 252.6 crore in FY24 from Rs 360.38 crore in FY23.

Despite revenue gains, Cuemath closed FY24 with a 42.7% reduction in losses, now at Rs 134.47 crore. The company’s return on capital employed (ROCE) and EBITDA margins remained negative, at -178.79% and -100.12%, respectively, with Cuemath spending Rs 2 for every rupee of revenue generated.

Having raised approximately $126 million across several funding rounds, Cuemath’s recent restructuring included workforce adjustments, with 200 employees affected. During this period, former CEO Manan Khurma resumed his role as chief executive, while Vivek Sundar continued as co-founder.

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Intel Gamer Days 2024: Bridging Brands and Gen Z Gamers Through Innovative Collaboration

By
Supriya Biswas
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In an exciting move to connect with the elusive Gen Z audience, Intel has teamed up with Dentsu Gaming and prominent gaming community platform StreamO for the 2024 edition of Intel Gamer Days. This annual gaming festival aims to engage young gaming enthusiasts who often evade traditional advertising methods.

The campaign strategically harnesses the power of over 350 gaming influencers across India, pushing beyond conventional advertising limits. By delivering engaging and tailored content, the initiative caters to Gen Z’s preferences for immersive and interactive media experiences.

Entitled ‘Intel Gamer Days X Dentsu Gaming X StreamO 2024,’ this year’s effort unites key players in the gaming hardware sector, including well-known brands like ASUS, Acer, Dell Technologies, HP, Lenovo India, MSI, GIGABYTE, and ASRock Inc. With an impressive roster of 278 gaming influencers producing content in eight regional languages, the campaign successfully reached around 5,000 gaming enthusiasts via popular platforms such as YouTube Live, Twitch, and Discord.

Sanchayeeta Verma, CEO of Carat India, noted the challenge of engaging Gen Z, who increasingly reject traditional advertisements through ad-blockers. “StreamO’s technology provides brands with a unique opportunity to connect with this audience on their preferred platforms through scalable and interactive campaigns,” she explained.

Intel Gamer Days, which now operates in 35 countries, reflects Intel’s dedication to nurturing the gaming market in India. Apurva Jani, Marketing Director at Intel India, highlighted the initiative’s evolution, stating, “Intel Gamer Days has adapted to align with the interests of India’s vibrant gaming community, showcasing Intel-powered innovations that enhance the gaming experience.”

Emphasizing the significance of gaming-oriented marketing, StreamO CEO Tushaar Garg stated, “Our four-year collaboration with Intel reaffirms StreamO’s leadership in gaming marketing, enabling brands to authentically engage with India’s Gen Z gamers.”

INA and Granite Asia Forge $1.2 Billion Investment Partnership for Indonesian Tech

By
Supriya Biswas
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Indonesian sovereign wealth fund INA has teamed up with Singapore-based venture capital firm Granite Asia to invest as much as $1.2 billion in Indonesia’s technology landscape and related businesses, the firms announced on Monday. This strategic partnership will encompass both equity and hybrid capital investments. However, the announcement did not disclose the specific contributions from each entity or the timeline for these investments, nor did it identify any target companies.

INA, established in 2020, works in conjunction with both international and local investors to channel funds into various assets across Indonesia. According to the fund’s website, it aims to bolster economic growth through strategic investments.

Recently, INA revealed that its toll road initiative—backed by Dutch pension fund APG and the Abu Dhabi Investment Authority—has made significant investments in parts of the Trans Sumatra Toll Road network.

Granite Asia, which was formerly associated with venture capital firm GGV Capital, boasts assets under management totaling $5 billion, as per their statement. The firm has repositioned itself to strengthen its focus on promising ventures in the region.

Regional OTT Platform Stage Set to Secure $15 Million Investment Round

By
Supriya Biswas
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0

Stage, an over-the-top (OTT) platform focusing on regional languages, is gearing up to raise $15 million in a new funding round. This round is expected to be led by Goodwater Capital, with support from existing investors such as Blume Ventures, according to two insiders familiar with the negotiations who requested anonymity due to the confidential nature of the discussions.

In January 2023, Stage successfully raised ₹40 crore (approximately $4.8 million) in a funding round led by Blume Ventures. Earlier, the platform secured $2.5 million during its pre-Series A funding in January 2022 and raised $1.5 million from Venture Catalysts in November 2020. Notably, the platform also attracted an undisclosed investment from Olympic gold medalist Neeraj Chopra last year. Its valuation stood at ₹290 crore (around $35 million) during the last funding round.

One insider noted, “The valuation of Stage could range between $80 million and $100 million post-money. The deal is nearing completion, and if all goes smoothly, we can expect an announcement shortly.”

Despite multiple inquiries, Stage, Goodwater Capital, and Blume Ventures have yet to respond. We will provide updates should they reach out.

Founded in November 2019 by Vinay Singhal, Shashank Vaishnav, and Parveen Singhal, Stage operates as a hyper-localized OTT service, delivering a range of trending, entertaining, and informative content in various regional dialects, including Haryanvi and Rajasthani.

The platform claims to have amassed over 1.2 million paying subscribers from Haryana alone, gaining approximately 250,000 new subscribers each month.

In the competitive regional OTT landscape, Stage faces rivals such as aha video, Chaupal, Planet Marathi, and OM TV. Recently, Planet Marathi secured $5 million in a funding round led by the US-based private equity firm A & MA Capital. Reports indicate that Chaupal and aha video are also in discussions for new funding rounds.

According to the latest Ficci-EY media report, vernacular content is projected to constitute 55% of total production as regional OTT platforms expand, driven by increased efforts in dubbing and subtitling.

Marut Drones Raises $6.2 Million in Series A Funding to Revolutionize Agriculture

By
Supriya Biswas
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0

Marut Dronetech, a pioneering startup in the drone technology sector, has successfully raised $6.2 million in a Series A funding round led by Lok Capital.

The funds will be allocated towards the creation of specialized agricultural drones, expanding its network of partners and service centers in tier II and III cities to enhance rural accessibility. Additionally, Marut Drones plans to establish hubs for “Drone-as-a-Service” through strategic partnerships.

Founded in 2019 by Prem Kumar Vislawath, Suraj Peddi, and Sai Kumar Chinthala, the Hyderabad-based company is not only focused on agriculture but is also exploring applications in disaster management and surveillance.

With a workforce of over 200 employees, Marut Drones operates a fleet of 750 drones and boasts a network of more than 1,000 drone pilots across 14 Indian states. The startup is set to expand its recruitment efforts across various sectors, promote drone entrepreneurship, and launch 17 new drone academies to train aspiring professionals while boosting its research and development initiatives.

Recently, Marut introduced the AG365H, a medium-category agricultural drone certified by the DGCA. This innovative drone is versatile, capable of fish feeding, broadcasting fertilizer granules, spraying pesticides, and providing comprehensive training for drone operators.

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