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

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

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.

Innovartan Learning Secures ₹5 Crore in Pre-Seed Funding

Supriya Biswas
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Innovartan Learning Secures ₹5 Crore in Pre-Seed Funding

Innovartan Learning Solutions, an emerging player in the edtech sector, has successfully raised ₹5 crore in its pre-seed funding round, which was co-led by notable investors Gokul Rajaram and Amit Singhal.

The startup plans to utilize these funds to enhance the integration of school education with competitive exam preparation. This initiative aims to transform schools into self-reliant hubs of academic excellence, as stated in a press release from Innovartan Learning.

Established in 2023 by Prashant Sharma, Innovartan Learning is tackling the fragmented education system where students often juggle school for board exams and coaching classes for competitive exams. By providing schools with the essential resources and expertise, Innovartan Learning seeks to incorporate competitive exam preparation directly into school curricula. This innovative approach is designed to improve student performance without requiring additional coaching, while simultaneously enhancing schools’ ability to cater to varied academic needs.

Headquartered in Noida, Innovartan Learning is dedicated to empowering schools to prepare students for competitive examinations within their local settings. This strategy alleviates the financial burden on families and curtails the trend of students relocating to coaching-dominated cities, thereby allowing them to flourish in their own communities.

With Innovartan Learning, schools can deliver a holistic education experience in a single environment, enabling students to remain close to their families, learn in familiar surroundings, and concentrate on their personal development without the distractions and pressures associated with external coaching programs.

Sushain Wellness Secures ₹2 Crore Seed Funding from Prajay Advisors LLP

Supriya Biswas
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Sushain Wellness Secures ₹2 Crore Seed Funding from Prajay Advisors LLP

Sushain Wellness, a pioneering Healthtech platform that integrates traditional healing practices with modern technology, has successfully raised ₹2 crore in its seed funding round from Mumbai-based venture capital firm Prajay Advisors LLP.

The funds will be utilized to bolster the company’s technological framework and to broaden its holistic healthcare offerings, responding to the increasing demand for natural and tech-enabled healthcare solutions.

Established by Vikram Singh Parmar, Sushain Wellness oversees the entire healing journey, from initial consultation to the fulfillment of prescriptions.

The platform serves as a comprehensive resource for natural health, boasting a network of over 1,000 certified Ayurvedic and Homeopathic practitioners, a selection of more than 10,000 natural healthcare products, and guidance from over 100 online yoga instructors and Ayurvedic nutrition experts.

Leveraging cutting-edge machine learning and artificial intelligence, Sushain tailors patient care pathways, enabling users to tackle the underlying issues affecting their health.

Spinny Achieves 14% Revenue Growth to Rs 3,725 Cr in FY24, Slashes Losses by 28%

Supriya Biswas
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Spinny Achieves 14% Revenue Growth to Rs 3,725 Cr in FY24, Slashes Losses by 28%

Spinny, a prominent player in the used car market, has made notable financial strides in FY24, showing a solid revenue increase and substantial reduction in losses. The company reported a 14.3% rise in operational revenue, alongside a 28% decline in its losses, underscoring its focused growth and operational efficiency.

According to the firm’s filings with the Registrar of Companies, Spinny’s revenue from operations climbed to Rs 3,725.02 crore in FY24, up from Rs 3,259.78 crore in FY23. This growth is largely attributed to vehicle sales, along with added services like registration, insurance facilitation, and platform fees. Notably, in FY23, Spinny transitioned to a cash-and-carry sales approach, which led to higher revenue visibility by including full vehicle sale prices rather than solely marketplace commissions. Consequently, Spinny’s revenue now reflects these sale prices, with the purchase cost of stock vehicles categorized under expenses.

Additional income from interest and rentals totaled Rs 96.84 crore, bringing Spinny’s overall revenue to over Rs 3,800 crore, although this represented a 19.9% dip as the company hasn’t raised capital since November 2021. Spinny’s vertically integrated business model handles every aspect of the car sales process, from inspections to refurbishment and documentation, reinforcing its unique full-stack approach.

For FY24, Spinny’s stock-in-trade expenses reached Rs 3,495.21 crore, up by 7.8%. Employee costs remained steady at Rs 391.72 crore, while finance costs grew 33% to Rs 90.12 crore. Depreciation and amortization also saw a 20.3% increase, reaching Rs 62.07 crore. Overall, Spinny’s total expenses rose by a modest 5%, totaling Rs 4,409 crore.

Supported by Tiger Global, Spinny cut its net loss by 28% to Rs 590.37 crore. Its Return on Capital Employed (ROCE) and EBITDA margin stood at -31.22% and -11.38%, respectively, with an expenditure of Rs 1.18 for every rupee earned in operational revenue for FY24.

Headquartered in Gurugram, Spinny competes with industry giants like Cars24, CarDekho, and CarTrade-owned OLX Autos. Spinny has amassed around $500 million in funding from backers including Tiger Global, General Catalyst, and Elevation Capital, positioning Tiger Global as its primary stakeholder.

Yubi Achieves 47% Revenue Growth in FY24, Slashes Losses by 22%

Supriya Biswas
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Yubi Achieves 47% Revenue Growth in FY24, Slashes Losses by 22%

Yubi, previously known as CredAvenue, reported substantial growth in the fiscal year ending March 2024. The debt platform achieved a notable 47.6% increase in operating revenue, reaching Rs 483.7 crore, up from Rs 327.57 crore in FY23. Alongside revenue growth, Yubi reduced its losses by 22.4%, reflecting effective operational efficiency and cost-saving initiatives, as highlighted in its filings with the Registrar of Companies (RoC).

Yubi’s services are integral to the financial sector, providing debt restructuring, credit assessments, and collection solutions to banks, fintechs, non-banking financial companies (NBFCs), and enterprises. The company’s product offerings include a lending marketplace, supply chain financing, and specialized platforms for real estate and infrastructure financing. Platform services, which represented 45.6% of its income, generated Rs 220.54 crore, while collection revenue contributed Rs 133.95 crore in FY24. Additionally, fee-based services and corporate database subscriptions brought in Rs 89.38 crore and Rs 44.46 crore, respectively.

Employee expenses were Yubi’s largest cost category, totaling Rs 379.98 crore—a 12.1% year-over-year decrease. However, depreciation and amortization surged 66.5% to Rs 134.05 crore, and IT and marketing expenses saw a 9.4% rise, amounting to Rs 405.09 crore. Total expenses grew marginally by 1.7%, with the year-end total standing at Rs 938.82 crore.

Despite increased spending, Yubi managed to bring down its losses to Rs 395.8 crore, compared to Rs 509.83 crore in the prior fiscal year. Return on Capital Employed (ROCE) and EBITDA margins were negative, at -29.28% and -39.74%, respectively. The company’s cost to revenue ratio indicated it spent Rs 1.94 for each rupee earned in FY24.

After becoming a unicorn in March 2022, Yubi’s valuation reached $1.5 billion in 2023. CEO Gaurav Kumar reinforced the company’s growth by injecting Rs 250 crore ($30 million) in equity capital in August. Vivriti Capital, Yubi’s NBFC arm, retains a majority stake in the firm, holding just over 50%.

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DeHaat Records Rs 2,675 Cr Revenue for FY24, Reduces Losses by 34%

Supriya Biswas
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DeHaat Records Rs 2,675 Cr Revenue for FY24, Reduces Losses by 34%

Full-stack agritech platform DeHaat has marked a 36% year-over-year growth, surpassing Rs 2,600 crore in revenue for the fiscal year ending March 2024. The company also reported a significant improvement in profitability, cutting its losses by 34% compared to the previous year.

According to DeHaat’s latest financial report filed with the Registrar of Companies, the platform’s gross merchandise value (GMV) rose to Rs 2,674.8 crore in FY24, up from Rs 1,965 crore in FY23.

DeHaat operates a multi-dimensional marketplace for agritech solutions, offering advisory on crop care, weather insights, and mandi prices, with micro-entrepreneurs managing DeHaat Centres to deliver these services. Although initially focused on advisory services, the bulk of its revenue now stems from sales of agricultural outputs.

The company’s growth in FY24 was mainly driven by a 49.2% increase in the sale of agri outputs, contributing Rs 2,121.6 crore and representing 79.3% of total revenue. Sales of agri inputs experienced modest growth, reaching Rs 545.82 crore with a 1.1% increase. Additionally, DeHaat generated Rs 45 crore from interest and other income, pushing total revenue to Rs 2,720 crore.

The cost of materials was DeHaat’s largest expense, amounting to Rs 2,414 crore, which accounted for 81.4% of total costs and reflected a 29.6% rise from the previous year. Transportation expenses surged by 76.8% to Rs 89.42 crore, while employee costs decreased by 13% to Rs 206.86 crore, culminating in total expenses of Rs 2,965 crore for FY24. Notably, the cost calculations excluded fair value adjustments on Compulsory Convertible Preference Shares (CCPS) due to their non-cash nature.

Despite escalating revenues, DeHaat managed to shrink its losses by 34%, recording a net loss of Rs 244.68 crore in FY24, down from Rs 371 crore in FY23. The company’s return on capital employed (ROCE) and EBITDA margins were recorded at -143.96% and -39.69%, respectively. For every rupee earned, DeHaat spent Rs 1.11 in FY24.

In the competitive landscape, DeHaat faces rivals such as Waycool, which is targeting Rs 1,600 crore in revenue for FY24, and Ninjacart, which recorded Rs 2,002 crore in revenue last fiscal year.

Data from TheKredible indicates that DeHaat has raised approximately $230 million in funding to date, with a current valuation of over $705 million. Major stakeholders include Peak XV, holding a 13% stake, alongside co-founder Shashank Kumar and Sofina Ventures.

With core expenses remaining firm, DeHaat may require further funding rounds to achieve profitability, as the company scales and adapts to the demands of its investors.

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DeepRoute AI Secures $100 Million to Accelerate Smart Driving Integration

Supriya Biswas
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DeepRoute AI Secures $100 Million to Accelerate Smart Driving Integration

DeepRoute AI is set to introduce over 10 vehicle models in collaboration with its automotive partners by 2025. This expanding fleet is expected to not only generate revenue through technology licensing fees per vehicle but also gather critical data to enhance its artificial intelligence capabilities, enabling it to navigate increasingly complex traffic scenarios.

The Shenzhen-based startup, a prominent player in autonomous driving technology, has announced a successful $100 million fundraising round led by an unnamed Chinese automaker. This financial boost aims to advance the widespread adoption of DeepRoute’s systems, positioning it competitively against Tesla in the Chinese market. CEO Maxwell Zhou indicated that the number of vehicles equipped with their sophisticated assisted driving technology is projected to rise to nearly 200,000 by the end of 2025, a significant leap from the current figure of around 20,000.

DeepRoute’s system is designed to manage urban traffic, akin to Tesla’s Full Self-Driving (FSD) technology, which is anticipated to be launched in China shortly. Zhou noted that the first model featuring DeepRoute’s system debuted in August, with two additional models, including one under the smart brand co-owned by Geely and Mercedes-Benz, set to reach consumers later this year.

As the fleet grows, revenue will be generated through licensing fees associated with each vehicle, while simultaneously collecting valuable data essential for refining the AI technology, enabling it to tackle more intricate traffic challenges, Zhou explained.

Among DeepRoute’s existing investors is the e-commerce powerhouse Alibaba, and the recent funding round’s sole investor is a Chinese automaker whose identity remains undisclosed. The company has not revealed its valuation following this funding initiative.

Automakers are fiercely competing to deliver more sophisticated autonomous driving features, aiming to attract Chinese consumers amid an ongoing intense price competition among numerous models in the world’s largest automotive market. This year’s announcement by Tesla CEO Elon Musk about the launch of the FSD system in China has further intensified interest, prompting other manufacturers to accelerate their development efforts to stay relevant.

Zhou recognizes Tesla’s role as a trailblazer in integrating advanced learning technologies into autonomous driving but emphasizes the need for adaptation to the nuances of the Chinese market. “China’s traffic presents unique challenges, including pedestrians on highways and the rapid movement of millions of scooters making deliveries,” he stated.

Looking ahead, Zhou mentioned that DeepRoute AI is also exploring opportunities in international markets, including Europe, Southeast Asia, and the Middle East, forecasting that demand for advanced autonomous driving technologies may arise around 2027 and 2028.

Founded in 2019, DeepRoute AI has been developing its autonomous driving solutions since 2020 without relying on costly high-definition mapping, a strategy that has provided it with a notable cost advantage. Zhou believes this approach could enable automakers to offer smart electric vehicles priced as low as 150,000 yuan ($21,063.27) in China.

Turtlemint’s Insurance Revenue Climbs to ₹505 Cr in FY24 Amid Rapid Growth

Supriya Biswas
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Turtlemint’s Insurance Revenue Climbs to ₹505 Cr in FY24 Amid Rapid Growth

Turtlemint, an insurtech firm, raised $120 million in its Series E funding round at the onset of FY23, pushing its business closer to unicorn status. This funding influx enabled substantial expansion, with Turtlemint’s scale tripling by the close of FY24. Notably, the company maintained profitability throughout this period.

In FY24, Turtlemint’s insurance business achieved a 3.2x growth in operational revenue, reaching ₹505.05 crore, as detailed in the company’s latest financial filings with the Registrar of Companies. Additional income from interest and financial gains added ₹1.48 crore, bringing the total revenue to approximately ₹506.5 crore for the fiscal year.

This impressive growth reflects Turtlemint’s widening customer base and increased activity in broking services across motor, health, life, and general insurance segments. The Thane-based company claims it facilitated over ₹2,000 crore in premiums during the last year alone.

In addition to its core insurance services, Turtlemint is diversifying into enterprise solutions through its SaaS branch, Turtlefin, which supports banks, NBFCs, and e-commerce firms.

On the expenses side, Turtlemint’s total outlays surged 3.3x, reaching ₹498 crore in FY24. The rise was driven largely by an 11-fold increase in POSP commissions, making up 61% of total expenses at ₹305 crore. Employee expenses also grew by 82%, totaling ₹1,179.8 crore in FY24, compared to ₹65.8 crore the previous year.

Backed by Peak XV, Turtlemint posted a net profit of ₹6.22 crore, slightly down from ₹6.28 crore in FY23.

Founded by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint collaborates with more than 45 insurers, including Reliance General, Bajaj Allianz, Digit, and ICICI Lombard, with competition from direct-to-consumer platforms like Policybazaar and Coverfox. While these competitors focus on direct sales, Turtlemint specializes in agent-centric services.

As per TheKredible, a startup intelligence platform, Turtlemint has raised $190 million in funding to date and was valued near $900 million in its last funding round. Nexus and Peak XV currently hold the largest stakes, with 24% and 20.83%, respectively.

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Foxconn’s Shunsin Plans $80 Million Investment in Vietnam’s Bac Giang Province to Boost Integrated Circuit Production

Supriya Biswas
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Foxconn’s Shunsin Plans $80 Million Investment in Vietnam’s Bac Giang Province to Boost Integrated Circuit Production

Shunsin, a subsidiary of the global electronics leader Foxconn, has unveiled plans to invest $80 million in northern Vietnam. This significant investment, currently under review by Vietnam’s Ministry of Environment, aims to establish a dedicated facility for producing and processing integrated circuits, crucial components in modern electronics.

According to the ministry’s documentation, Shunsin’s planned facility will be situated in Bac Giang province. The project will focus on manufacturing high-quality integrated circuit boards and other essential electronic components, aligning with Foxconn’s strategy to bolster its presence in Vietnam’s rapidly growing tech sector. With this move, Shunsin is positioned to tap into the increasing global demand for integrated circuits, leveraging Vietnam’s strategic location and skilled workforce.

This expansion also signals Foxconn’s confidence in Vietnam as a key manufacturing hub for advanced electronic parts. As global supply chains shift, Foxconn’s investment through Shunsin underscores its long-term vision to enhance production capabilities in the region while supporting Vietnam’s economic and technological growth.

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Viraa Care Secures $108K to Expand Global Reach and Strengthen Infant Nutrition Programs

Supriya Biswas
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Viraa Care Secures $108K to Expand Global Reach and Strengthen Infant Nutrition Programs

Health-tech startup Viraa Care has successfully raised $108,000 in its pre-seed funding round from a group of European angel investors, following an earlier $100,000 investment in January 2024.

The Chandigarh-based platform, co-founded in 2023 by Sonal Babbar-Bhardwaj and Mayank Bhardwaj, will use the funding to expand internationally and further develop its live courses on infant and pediatric nutrition. These courses aim to educate parents on promoting health through fresh, nutrient-rich foods, reducing the dependence on processed baby products containing preservatives and artificial additives.

Viraa Care’s offerings include two core programs: personalized one-on-one consultations and interactive live courses. The three-month one-on-one program provides tailored advice on breastfeeding, introducing solid foods, and infant nutrition, facilitated through individual expert sessions. The live course series covers similar topics and features recorded modules followed by live sessions, allowing parents to engage with professionals directly. Each course generally includes five modules.

To date, Viraa Care has served over 500 families across the US and India, conducting more than 500 sessions and achieving a steady 2x monthly growth rate in its customer base. The company plans to enhance its platform with customized nutrition guidance and introduce new workshops on essential parenting topics, including breastfeeding, infant nutrition, and child development.

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