Sunday, October 6, 2024
No menu items!
Home Blog Page 19

Axio Secures $20 Million from Amazon to Power Next-Gen Fintech Lending and Credit Expansion

By
Garima Bansal
-
0
axio

Fintech lending startup Axio has secured $20 million in equity funding from the Amazon Smbhav Venture Fund. This new capital is intended to fuel the company’s growth, scale its lending operations, expand the use cases for checkout finance, and introduce a broader range of credit products to support customers throughout their financial journeys.

This investment comes at a time when equity deals are gaining traction in the digital lending sector, particularly among micro, small, and medium enterprises (MSMEs). Axio, formerly known as Capital Float, operates with a non-banking finance company (NBFC) license, offering loans through its own resources and via co-lending partnerships with banks and other NBFCs. The Bengaluru-based company has reached approximately 10 million credit customers, with an annualized disbursal rate of $1 billion.

Prior to this funding round, Axio had raised $137 million in equity and $671 million in debt. In 2021, the company secured $50 million in equity funding led by Lightrock India, reaching a post-money valuation of $201 million. The company’s investors also include Peak XV, Elevation Capital, and Ribbit Capital.

Axio’s co-founders, Sashank Rishyasringa and Gaurav Hinduja, stated that this investment will help the company scale its loan book, enhance its checkout finance offerings, and expand credit products for existing customers. The company aims to unlock credit access for an additional 200 million customers across India by combining product innovation with strong underwriting and risk controls.

The Amazon Smbhav Venture Fund, launched in 2021 with a $250 million corpus, initially focused on agriculture and healthcare sectors but has since expanded to include direct-to-consumer (D2C) brands, fintech, and gaming sectors. Its portfolio includes brands like Acko, Cashify, Fitterfly, and M1xchange. Amazon’s vice president, Abhijeet Muzumdar, expressed confidence in Axio’s ability to provide accessible and responsible digital credit solutions in India, noting that the investment aligns with their long-term commitment to supporting innovative financial services while maintaining robust risk management.

Swiggy Eyes $15 Billion Valuation in Blockbuster IPO to Fuel Quick Commerce Expansion

By
Garima Bansal
-
0
swiggy

Indian food delivery giant Swiggy, backed by SoftBank, is preparing for an initial public offering (IPO) targeting a valuation of approximately $15 billion. The company aims to raise between $1 billion and $1.2 billion, making it one of the largest IPOs in India this year.

Swiggy competes directly with Zomato in India’s online food delivery market, and both companies have invested heavily in the emerging quick commerce sector, where groceries and other products are delivered within 10 minutes. Swiggy received shareholder approval in April to raise up to $1.25 billion through the IPO. The company is expected to receive regulatory approval from Indian markets within the next month, after which it will file a public prospectus.

Although Swiggy is targeting a $15 billion valuation, the final figure may vary depending on market conditions. Swiggy has not commented on the matter, citing it as market speculation. The company was last valued at $10.7 billion during a funding round led by Invesco in 2022.

Swiggy plans to use the funds from the IPO to expand its quick commerce service, Instamart, and to establish additional warehouses to enhance its competitive edge against Zomato. Currently, Zomato has a market valuation of around $28 billion, with its shares more than doubling since its 2021 listing.

Quick commerce is rapidly growing in India, with Goldman Sachs reporting that this segment accounted for $5 billion, or 45%, of India’s $11 billion online grocery market as of April. The market share of quick commerce is expected to rise to 70% by 2030.

While Swiggy’s food delivery business is profitable, its Instamart grocery delivery service is still operating at a loss. The company currently operates around 550 grocery warehouses across 35 Indian cities, highlighting its significant investment in expanding this service.

Vistara and Air India Merger Set to Take Off with Final FDI Approval from Singapore Airlines

By
Garima Bansal
-
0
vistara

Singapore Airlines gets final approval to invest in Vistara’s holding company Air India’s merger. The final approval required for foreign direct investment from Singapore Airlines is expected shortly. The final approval of foreign direct investment will enable Singapore Airlines to get a 25.1 percent holding in the merged airline. Earlier Singapore Airlines had a 49 percent holding in Vistara. SIA Investment of ₹2,059 will be worth crore. The merged airline expects Tata Group to hold a 74.9 percent stake. The merged airline has already received all necessary regulatory approvals from the CCI and DGCA . After FDI clearance is granted, the merged airline will start to tell passengers about the new flight details of Air India particularly them who had bookings on Vistara after the merger.

According to sources, the merger could take place following Diwali on November 1 as it is a busy travel season. Between Diwali and fog in the last week of December is seen as an ideal period to clear some initial bumps that might arise from mergers.

The 70 aircraft in Vistara’s fleet will retain their existing branding until they next go under C-check, when the interiors and exteriors of these airplanes would be installed or painted to Air India standards. AMBIENCE PROPOSITION: Vistara grounded its planes only to repaint them (a better cabin experience than Air India’s older airplanes).

Key steps in the merger process have already been implemented, including the transfer of Vistara’s frequent flyer miles to Air India’s loyalty program and the relocation of several Vistara employees to Air India’s new headquarters in Gurgaon. Concerns about potential downgrades of Vistara passengers from premium classes to economy on Air India flights have been raised, but such occurrences are expected to be rare.

Initially, Air India’s management considered delaying the merger until its fleet was upgraded, allowing Vistara to continue operating as a premium carrier. However, this plan was shelved due to concerns from Vistara employees about the filling of key positions in the merged airline by Air India officials. Consequently, the merger is now set to proceed before the end of the year, even as Air India’s broader transformation is still ongoing.

Loan Kuber Secures $3.5 Million to Boost Mortgage Lending Operations

By
Garima Bansal
-
0
Loan Kuber Secures $3.5 Million to Boost Mortgage Lending Operations

Mortgage lender LoanKuber has successfully raised $3.5 million in a recent funding round, which was led by Singapore-based venture capital firm TRTL Ventures and included participation from existing investor Inflection Point Ventures. The round, consisting of both equity and debt, also attracted investments from Auxano, LetsVenture, Mavuca Capital, and several prominent angel investors.

With this latest funding, LoanKuber’s post-investment valuation has reached $27 million. The company plans to use the new capital to expand its assets under management (AUM) from Rs 93 crore to Rs 180 crore over the next year. Additionally, the funds will support the enhancement of LoanKuber’s technological infrastructure and the strengthening of its leadership team.

Founded in 2017 by Saurabh and Saumya Nagpal, LoanKuber is a non-banking finance company (NBFC) that specializes in providing mortgage loans to micro, small, and medium enterprises (MSMEs) and semi-skilled professionals, particularly in underserved regions. The company offers loans ranging from Rs 3 lakh to Rs 8 lakh, with 70% of its customers having a monthly household income of less than Rs 50,000.

LoanKuber aims to use this fresh infusion of capital to scale its operations, open new branches, and deepen its presence in semi-urban communities in Delhi, Uttar Pradesh, and Haryana. By the end of the fiscal year, the company is targeting an annual revenue of Rs 38 crore and a projected net profit of Rs 6 crore.

This latest funding round brings LoanKuber’s total capital raised to over $13 million. In 2023, the company secured $2 million in funding from Inflection Point Ventures.

India’s First Reusable Hybrid Rocket RHUMI-1 Takes Flight, Pioneering Eco-Friendly Space Technology

By
Garima Bansal
-
0
Hybrid Rocket 'RHUMI-1'

India for the first time successfully test fired a reusable hybrid rocket called ‘RHUMI-1,’ built by Tamil Nadu based firm, Space Zone India in association with Martin Group. It was successfully launched from Thiruvidandhai in Chennai which was a key turn in the Indian space missions.

RHUMI-1 was planned to lift to a suborbital orbit 3 Cube Satellites and 50 PICO Satellites with the help of mobile launcher. These satellites are to be used to collect data for use in global warming and climate change research. First, RHUMI-1 incorporates a dual-mode propulsion system which uses generic propellant and an electrically fired parachute release mechanism. There are no pyrotechnics used in the rocket, itself, nor is there any TNT, making for a safer, green launch.

It was spear headed by the enthusiast and the founder of Space Zone India Anand Megalingam with the guidance of Dr. Mylswamy Annadurai, the former Directorate of ISRO Satellite Centre (ISAC). The Multipurpose RHUMI-1 rocket has integrated the features of both liquid and solid fuelled rocket making the operation smooth and less costly.

In 2023, Space Zone India initiated an educational programme known as ‘Dr. APJ Abdul Kalam Students Satellite Launch’ in which more than 2500 students from government, tribal and public schools participated in the design and construction of a student satellite launch vehicle which is enabled to carry 150 PICO satellite research experiment cubes.

ETtech Deals Recap: Startup Funding Skyrockets 505% YoY, Hitting $289 Million This Week

By
Garima Bansal
-
0
ETtech Deals Recap

Startups raised approximately $288. 7 million between August 17 and August 23, 2024, this being a big 505 percent increase in their custom. Raise the gross profit by 3% in comparison with the same period of the year 2012. This week’s total also follows a 21. From the previous week funding of $238, 2% increase in funding. 1 million. This funding has been raised through 16 such rounds as against 26 such rounds during the same period last year when $47. The total funding since the start of the project is approximately $7 million.

The biggest funding of the week was by Bluestone jewelery retailer that raised Rs 900 crore taking its total value to Rs 8,100 crore. Bluestone will be filing its DRHP with the stock market regulator later this year.

Other significant funding rounds included:Other significant funding rounds included:

These funding activities can well be used to underscore the fact that the greenfield is filled with a host of burgeoning funding activities happening in the Indian startup ecosystem, particularly in retail, technology, and healthcare domain.

Kenko Health Shuts Down Amid Funding Crunch, Leaving Employees Unpaid and Investors in Deadlock

By
Garima Bansal
-
0
kenko

Established in 2019, Kenko Health has been accused of not paying its employees for several months, let alone that last year, it dismissed its workers, accounting for 20% of its total staff. Information was not shared with the employees about their company’s financial situation which caused anxiety and disappointment among them. Sen attributed this silence to the expectation of some sort of resolution of the issue which did not happen.

The insurtech Kenko Health, created in Sao Paulo by Aniruddha Sen has shut down and is no longer operating due to a lack of funds. Founded by Peak XV Partners and Orios Venture Partners, a company could not find the equity capital on time and was on the verge of financial troubles; as a result, the business shut down. The startup has also faced legal actions from a debt fund that had provided a loan to the company where it has been taken to the National Company Law Tribunal.

This led to the shareholder dispute over an investment by Hero Group that further compounded the company’s demise. Investors however rejected the deal despite the initial agreement, citing consequences of massive dilution of their stakes which lead to deadlock. This situation made Kenko’s investors start writing off their investments to the extent that they created crisis.

Kenko Health, which offered a subscription service for healthcare expenditures, had elicited $13. undefined But even more problems arose – the Insurance Regulatory and Development Authority of India has raised its requirements, and the startup has a net loss of $ 8 million. 5 million on the sales revenue of $10. 9 million in the fiscal year ending in 2023. Co-founders, Sen and Dhiraj Goel, own a 36% stake in the company while Peak XV, Beenext, and Orios have substantial stakes in Meru.

Cred Becomes BBPS-Certified, Pioneers Fast and Guaranteed Credit Card Bill Payments

By
Garima Bansal
-
0

Bengaluru-based fintech firm Cred has received certification from NPCI Bharat Billpay, enabling it to function as a customer operating unit (COU) on the Bharat Bill Payments System (BBPS). This certification allows Cred to expand its partnerships with major billers and banks, enhancing the speed and efficiency of credit card bill payments made through its platform. Users will now have the ability to process bill payments across all billers available on the BBPS network.

BBPS, developed by the National Payments Corporation of India (NPCI), is a unified platform designed to streamline bill payments across India. Recently, the Reserve Bank of India (RBI) mandated that all credit card bill payments made through third-party applications must be processed via BBPS.

In July, Cred processed over Rs 15,000 crore in bill payments through compliant banks, making it the largest agent institution on BBPS for the month. The company contributed approximately 40% to the growth in the value of payments processed on BBPS from June to July.

Cred also introduced the ‘Cred Guarantee,’ a feature ensuring that bills are settled on time, with the company committing to cover any late fees if there is a rare instance of a late settlement. This guarantee applies as long as users have paid their bills in full on or before the due date through Cred.

Additionally, Cred is exploring secured credit disbursals, including two-wheeler, four-wheeler, and home loans, following a market study and discussions with lending partners. The company has also received in-principle approval from the RBI to operate in the payment aggregation (PA) business.

Legends League Cricket Raises Rs 39 Crore at Rs 350 Crore Valuation to Power Expansion and Global Reach

By
Garima Bansal
-
0
LLC

Legends League Cricket (LLC), a cricket league featuring senior cricketers, has secured Rs 39 crore in funding from Brickwork, valuing the league at Rs 350 crore. The funds are set to fuel LLC’s expansion plans.

Founded in 2021 by Raman Raheja and Vivek Khushalani, LLC comprises six franchises, including India Capitals, Gujarat Giants, Bhilwara Kings, Manipal Tigers, Urban Risers Hyderabad, and Southern Superstars. The league is supported by prominent investors like Vikram Singhania, Jayant Davar, Sanjay Gupta, and Arvind Singhania.

The upcoming season, scheduled from September 11 to October 5, 2024, will feature a franchise format with six teams composed of renowned cricket legends such as Ross Taylor, Irfan Pathan, Harbhajan Singh, Aaron Finch, and Chris Gayle. Matches will be held in both India and Qatar.

LLC has already garnered a global viewership of 1.56 billion in the previous year and aims to attract even more fans with its expanded lineup of 34 matches. The league aspires to create a landmark season, further enhancing cricket’s festive spirit in the region.

Acadru Secures $0.5M Pre-Series A Funding to Fuel Market Expansion and Innovative Learning Paths

By
Garima Bansal
-
0
Acadru Secures $0.5M Pre-Series A Funding to Fuel Market Expansion and Innovative Learning Paths

The SaaS startup Acadru has raised around $5 million in a pre-Series A round with AIG Direct LLC as its lead investor and the backing of other participants.

Acadru intends to use this new cash to expand to new markets and to build new paths of content. Launched in the year 2016 by Abhishek Singhal and Kamini Vidisha, Acadru is a unique system of education through online learning tailored for college and senior school students. The platform is aimed at enhancing the successful concentration by students of fundamental academic competencies and self-learning based on extracurricular multicultural activities. These involve project-based activities, mini-modules, and generating learners’ profiles with the help of an artificial intelligence system; all of this is done with the purpose of helping the students to identify the fields they are interested in, gain necessary vocational experience, and demonstrate their accomplishments.

Started in Gurugram, India Acadru emphasises contextual discovery providing learners with an opportunity to take their learning to the next level by solving context based problems. This platform also provides detailed background information, sample project topics, content sequence and source connections suggestions. These are intended as materials for solving individual and team assignments; for grounding research, analysis, and evaluation skills for depth study.

Acadru currently boasts of having over 5000 projects within over 500 topics, and content is updated every week. The system is flexible and can be further customized to fit the needs of schools therefore can be applied in almost any educational situation.

1...181920...89Page 19 of 89