Sunday, October 6, 2024
No menu items!
Home Blog Page 21

Google’s $110 Million Newsroom Deal Faces Backlash from Jouralists and Democrats

0
Google’s $110 Million Newsroom Deal Faces Backlash from Journalists and Democrats

Google has announced that it will give big cash to California legislatures to give to local newsrooms, which has sparked some unease among journalists over AI’s effects on their employment. The transactions are worth millions of dollars and have caused quite a stir among the journalists and some Democrats.

This agreement is part of the Google’s global program to support the media industry, which has been discussed, for example, in the context of Australia and Canada. Such measures have come into force as the media industry faces shrinking circulation and cutbacks in advertising thus laying off thousands of employments globally.

The work of the undertaking pertains to Google and California who are to provide funding over several years for local newsrooms without broadcasters. This funding will be channelled through what is known as a ‘‘News Transformation Fund’’ which will be located at the University of California Berkeley’s journalism school. It also lacks public financing explicitly, even though Google is to contribute $110 million and the state $70 million.

The funding for artificial intelligence has stoked alarm among journalists because the tasks they perform may soon be automated by AI systems. Also, some Democrats have complained about what they refer to as Google using its muscle to gain concessions from Sacramento. Nonetheless, the California News Publishers Association has supported the deal by reckoning the deal as a good start towards fixing the structurally flawed business model of journalism. On the same, the Media Guild of the West, a journalist union however expresses skepticism arguing that the deal is silent on how Google exercises so much control over newsrooms.

Scooping Up Opportunities: Hangyo Ice Creams Secures ₹211 Crore for Nationwide Expansion

0
Scooping Up Opportunities: Hangyo Ice Creams Secures ₹211 Crore for Nationwide Expansion

Hangyo Ice Creams, a manufacturer based in Mangaluru, has been able to finalise approximately Rs 211 crore of funding from private equity major Faering Capital. The company plans on using this new cash to advance the productivity, innovation of new products, and geographical penetration in particular over southern India.

This fundraising occurs at a period when novel ice cream manufacturers are gradually attracting the attention of venture capital firms.

In June, an Ahmedabad-based ice cream brand raised Rs 100 crore ($12 million) in a fresh funding round from its ‘promoter group’ as well as existing investors. Likewise, another new ice cream firm recently launched a $1. $5 million from its existing investors.

Hangyo Ice Creams & Baked Foods started in the year 2003, has carved out a strong market in Karnataka, Tamil Nadu, Kerala, Goa, Andhra Pradesh, Telangana and Maharashtra. Currently, it has around 350 distributors and 30,000 dealers, which provide its products in different flavors and pack sizes cups cones, sorbets, sticks, tubs both in the general trade, modem trade and online.

Having two manufacturing facilities in Karnataka Hangyo Ice Creams makes 120000 liters of ice cream on daily basis.

Being a $5 billion industry in India this year, the market has seen a number of new brands entering the segment in the last few years. These emerging players are fighting for their relevancy in the market that large brands have for a long time dominated.

Lead Group Soars to EBITDA Profitability in Q1 FY25, Boosts Revenue by 25% to Rs 370 Crore in FY24

0
Lead Group Powers Ahead with 25% Revenue Surge, Targets National Expansion in Edtech Revolution

Edtech unicorn Lead Group posted a 25% growth in revenue at Rs 370 crore for the financial year ending March,31March2024. The company asked to delivered EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) positive in the first quarter of FY25 and remains firmly on track to deliver annual EBITDA break-even during fiscal 2024-25. Lead Group managed an operating revenue of Rs 273 crore in the last fiscal year, FY23.

This growth is largely due to growing interest in technology-led holistic solutions aligning with the National Curriculum Framework (NCF) for different school segments. Commenting on the content and their approach, the leadership of this Company believes that they have owed much time to get where it is today leveraging a highly focused commitment towards transforming classroom learning through NCERT 2023 directives. They are stepping on the gas to drive large-scale school transformation using a researched blend of pedagogy, EdTech and School Operating Systems.

Founded in 2011 and headquartered in Mumbai, Lead Group has presence across India through its association with over 8000 schools. Through their Integrated School Edtech System, the solution is present in more than 400 towns and cities around India impacting over 3.5M students with more than 50K teachers using it on daily basis. Punya Publishing, the parent company of LEAD School was founded in 2012 by Sumeet Mehta and featured on a mission to deliver tech-enabled solutions that promote digital learning through online or hybrid classroom models (combination of physical elements with digital intervention).

The acquisition of K-12 India business from a British educational services company in January last year had also strengthened Lead Group’s position the market. The acquisition is indicative of a wider trend in the Indian edtech sector, with over a dozen startups having been acquired last year due to difficult funding conditions for smaller firms and resulting industry consolidation

The January 2022 funding appeared to push Lead Group into unicorn status, as the company’s valuation topped $1 billion. Their goal — by January 24, the group is committed to doubling their reach and deliver high quality, integrated school edtech solutions in national level agar more than 60k schools by calendar year-end of 2028.

Venture Catalysts Leads Seed Funding for NxtQube to Revolutionize Drone Infrastructure with Universal Docking Stations

0
Venture Catalysts Leads Seed Funding for NxtQube, Pioneering Drone Infrastructure Solutions

Venture Catalysts, a leading integrated incubator and accelerator platform in India, recently announced its role as the lead investor in a seed funding round for NxtQube, India’s foremost drone infrastructure company. This investment round also saw participation from Pontaq VC (STPI NxtVentures), Ananta Bizcon LLP, Rushikesh Bhandari, and other angel investors, marking a significant milestone in NxtQube’s journey towards transforming drone operations.

NxtQube is the industry leader in April 2022 and provides forward thinking automation solutions to drone manufacturers, service providers and end users. The firm’s proprietary product, the world first universal drone docking and charging station will cut across application market such as surveillance, monitoring or logistics fulfilling expectation of taking pilot off-field for a seamless fully integrated global industrial revolution using drones.

Its drone docking station is an autonomous robotic enclosure that handles important pilot functions like landing and takeoff, flight observance, recharging a battery of drones as well as data gathering. The modular nature of the AGX710 also helps to ensure that it can be easily adapted into a slew of drone segments, across multiple manufacturers.

According to Dr. Apoorva Ranjan Sharma, Co-founder and Managing Director of Venture Catalysts this innovative outlook is well-timed against the back-drop of a rapidly transforming drone market – making NxtQube’s strategy highly strategic in nature while packed with all potential elements under one roof. The company says its universal docking station should help cut operational costs and improve efficiency in drone deployments. This solution is infinitely scaleable beyond drone operations, and NxtQube aims to be the global leader for future-proofing your drones. NxtQube is ready and poised to hold the string as India progresses towards a drone hub.

The Co-Founder and CEO of NxtQube, Nikhil Rajput welcomed the funding highlighting that they look forward to support the existing drone ecosystem. This seed round represents market validation around the integral need for strong foundation of infrastructure to scale drone operations. Backed by Venture Catalysts and other investors, NxtQube aspires to take the lead in the drone infrastructure sector with accelerated product development supported with wide market expansion.

NxtQube’s model combines capital expenditure on docking stations and has software subscription options to perpetual license(access) options Rapid will focus its product sales on the 2 million drones in both defense and enterprise sectors across Asia Pacific, Europe, and US markets especially within applications where an autonomy intervention may be required.

PhysicsWallah Launches $5 Million Startup School to Empower Aspiring Entrepreneurs

0
"PhysicsWallah Launches $5 Million Startup School to Empower Aspiring Entrepreneurs"

PhysicsWallah (PW), a prominent edtech unicorn, has launched the PW School of Startups (SOS) with a $5 million fund to support 100 startups over the next five years. This initiative, under the PW Foundation, aims to nurture entrepreneurial skills by providing aspiring entrepreneurs with practical training, strategic mentorship, and access to capital.

PW SOS offers three tailored programs: Aarambh for beginners, Prarambh for those with some entrepreneurial experience, and Hopes Alive for seed-funded or bootstrapped startups. These programs focus on essential aspects such as business model development, branding, budgeting, and scaling to ensure long-term success.

Alakh Pandey, Founder and CEO of PW, highlighted the potential of startups emerging from Tier 2 and Tier 3 cities in driving India’s economic growth. He emphasized the need for guidance and a supportive community to help these entrepreneurs succeed.

In the coming year, PW SOS plans to enroll 1,000 aspiring entrepreneurs in Aarambh and 100 in Prarambh, offering them opportunities to refine their ideas and access mentorship from experienced founders.

Founded in 2020 and headquartered in Noida, PW has expanded beyond test preparation into various educational segments, including skilling, higher education, and physical schools. With initiatives like PW SOS, the firm aims to continue its mission of being a lifelong learning partner for students.

Shilpa Shetty Becomes Investor and Brand Ambassador for Nutrispray, Championing Accessible Wellness

0
Shilpa Shetty Becomes Investor and Brand Ambassador for Nutrispray, Championing Accessible Wellness

Bollywood actor Shilpa Shetty has joined Nutrispray, a company in the wellness industry, as both an investor and the brand ambassador. Shilpa’s endorsement reflects her belief in Nutrispray’s health approach, which aims to simplify the process of maintaining a balanced lifestyle in today’s fast-paced world.

The Indian wellness market was ranked 12th among the top 20 global wellness markets in 2020, with a valuation of nearly $78 billion that year. The Asia Pacific region was the largest market within this sector, accounting for an estimated $1.5 trillion during the same period. In this context, Shetty has invested an undisclosed amount in Nutrispray, emphasizing a shared vision of making health solutions accessible to everyone. Her investment aligns with her long-standing belief in integrating wellness into daily life. Nutrispray’s innovative approach offers products that are not only convenient but also ensure the effective absorption of essential nutrients, making a positive impact on how people approach their health.

Nutrispray’s advanced supplement sprays are designed to deliver essential nutrients efficiently. The product range includes formulations that promote immunity with Iron, enhance skin health with Glutathione and Vitamin C, and ensure rapid absorption for maximum effectiveness. The brand’s dedication to making wellness accessible is evident in its easy-to-use sprays, which are perfect for those looking to maintain a healthy lifestyle with minimal effort. Nutrispray’s goal is to bridge the gap between science and everyday wellness, offering products that are both effective and convenient for modern consumers. The launch marks a new chapter in accessible health, with Shilpa Shetty playing a key role in advancing the brand’s mission.

Bluestone Secures Rs 900 Crore in Funding, Doubling Valuation Ahead of IPO

0
Bluestone Secures Rs 900 Crore in Funding, Doubling Valuation Ahead of IPO

Jewellery retailer Bluestone has successfully secured a Rs 900-crore financing round, significantly increasing the company’s valuation to $970 million, or Rs 8,100 crore. The company is preparing to file the draft red herring prospectus for its initial public offering (IPO) with the stock market regulator within this calendar year, following the closure of its pre-IPO round aimed at setting the valuation benchmark.

This funding round saw participation from several notable investors, including Peak XV Partners, Prosus, Steadview Capital, Think Investments, and Pratithi Investments, the family investment office of Infosys cofounder Kris Gopalakrishnan. Of the total Rs 900 crore raised, Rs 600 crore was infused as primary capital, while the remaining Rs 300 crore came from a secondary share sale. Prosus contributed approximately Rs 350 crore, with Peak XV Partners and Steadview Capital each investing over Rs 200 crore.

Kalaari Capital, one of Bluestone’s early investors, made a partial exit by selling about half of its stake, earning around Rs 300 crore. Kalaari held a 12.3% stake in Bluestone after the last funding round in September 2023. Other investors in the company, including Iron Pillar, Saama Capital, RB Investments, IvyCap, and InfoEdge Ventures, collectively hold about 20% of the firm. Founders Gaurav Singh Kushwaha and Ganesh Krishnan own nearly 14%.

The secondary share sale involved a transaction between two investors, with no funds going directly to the company, unlike a primary share sale. This round was primarily aimed at setting the pre-IPO pricing as Bluestone aims to go public as soon as possible, having worked on this process for several quarters.

In terms of financial performance, Bluestone is estimated to have closed FY24 with Rs 1,200 crore in revenue and Rs 3 crore in EBITDA. The company, founded in 2011, reported Rs 788 crore in operating revenue for FY23, an increase from Rs 477 crore the previous year, while reducing its losses to Rs 167 crore from Rs 1,268 crore. The significant loss in FY22 was attributed to an accounting change, with the company growing nearly 90% in that fiscal year following a flat growth period in FY21.

Bluestone is planning a Rs 2,000-crore IPO this year and has initiated discussions with merchant bankers. Founder Gaurav Singh Kushwaha has been engaging with both private and public market investors in preparation for the IPO.

Titan Capital Secures Rs 200 Crore for New Fund to Boost Portfolio Startups

0
Titan Capital Secures Rs 200 Crore for New Fund to Boost Portfolio Startups

Seed-stage investor Titan Capital, established by Snapdeal cofounders Kunal Bahl and Rohit Bansal, has successfully raised Rs 200 crore for a new fund aimed at bolstering its existing portfolio companies. This fund, known as the Titan Capital Winners Fund, marks the first time the Gurugram-based firm has raised external capital, having previously relied on investments from its founders.

Bahl and Bansal, who are anchoring the fund as its largest limited partners, have attracted backing from prominent family offices, top company executives, and venture capital industry leaders. The fund also allows for an optional greenshoe, with a few more limited partners expected to join.

Titan Capital is renowned for its early-stage investments in startups. With the newly secured capital, the firm aims to provide more substantial support to the founders of its portfolio companies during subsequent funding rounds, further solidifying its partnerships with these ventures. Since its inception in 2011, Titan Capital has invested in over 250 companies, including well-known startups like Urban Company, MamaEarth, OfBusiness, Razor, Unicommerce, and Ola Cabs.

More recent exits include an exit from Titan Capital’s portfolio company Urban Company – a brokerage platform for at home services – where it received nearly 200 times of its invested capital back. An early investor in the firm, it had invested Rs 57 lakh in Urban Company in 2015, and exited with Rs 111 crore in total proceeds. Out of the announcements, Titan Capital has also tasted success of 100x or more in Ola Cabs, OfBusiness and Credgenics. While they have completely sold out Ola Cabs, they had a partial sell of Credgenics and still retains share in OfBusiness.

During IPO of MamaEarth parent company Honasa Consumer Titan Capital raised up to Rs 78 crore and currently has stakes of approximately Rs 80 crore in Gurugram based omnichannel retailer. Bahl and Bansal have promised to plough back every bit of their gains from MamaEarth’s IPO towards other exciting ventures.

Zoff Spices Secures INR 400 Million Series A Funding to Expand Product Line and Offline Presence

0
Zoff Spices Secures INR 400 Million in Series A Funding to Drive Expansion and Innovation
Version 1.0.0

Zoff, a prominent Indian spices brand, has successfully raised INR 400 million in a Series A funding round led by JM Financial Private Equity. This significant investment marks a pivotal moment for Zoff, positioning it as one of the first modern e-commerce spice brands in India to attract such a substantial financial backing.

he newly raised capital will be funneled into fueling Zoff’s grand and forthwith expansion plans, including new product lines like ready-to-cook meals, condiments, and cooking pastes. The firm also has its sights on making its offline presence in terms of expanding its network across general trade, modern trade channels, and retail outlets.

With a strong focus on quality, convenience, and a robust online presence, Zoff has recently emerged as one of the key players in the competitive Indian spices market. The money raised definitely is expected to allow the brand to leverage this further and hasten the growth curve so that the urban and countryside markets can also be penetrated to a much larger extent and make it a market leader.

Key Highlights:

  • Major Investment: INR 400 million secured from JM Financial Private Equity
  • Expansion Initiatives: Launching new products, expanding offline networks, and ramping up marketing efforts
  • Market Leadership: Aiming to become India’s top online spices brand
  • Innovation Focus: Leveraging cold grinding technology and advanced packaging for superior quality

Akash Agrawal, Co-Founder of Zoff, expressed the significance of this investment as a validation of the brand’s hard work and commitment to excellence. With this financial support, Zoff is poised to accelerate its growth and strengthen its position in the Indian spices market.

JM Financial Private Equity also shared its confidence in Zoff’s future, highlighting the brand’s strong market presence, innovative product offerings, and the increasing demand for premium-quality spices in India.

TransBnk Secures $4 Million in Funding to Drive Global Expansion and Tech Innovation

0
Fintech Startup TransBnk Raises $4 Million to Accelerate Global Expansion and Tech Innovation

TransBnk, a fintech startup based in Mumbai, has successfully secured $4 million (approximately Rs 34 crore) in a funding round led by 8i Ventures, a prominent investor in the fintech space. This marks the company’s first major institutional funding since raising $1 million in June 2023. The round also saw participation from Accion Venture Lab, GMO Venture Partners, Ratio Ventures, Force Ventures, along with several family offices and angel investors.

With this latest infusion of capital, TransBnk’s post-investment valuation has surged to $15 million, tripling its value from the previous round. CEO Vaibhav Tambe highlighted that the fresh funds will be used to expand the company’s network of banking partners and drive its global expansion, with a particular focus on West Asian and Southeast Asian markets. Additionally, the company plans to strengthen its technology infrastructure and enhance its suite of product offerings.

The company has established partnerships with approximately 25 banks and 100 NBFCs and fintech firms since its inception. TransBnk has supported around 5,000 accounts, including escrows, and has processed close to 50 million transactions to date. Following its seed round last year, the startup has experienced nearly tenfold revenue growth, currently boasting an annual recurring revenue of $1.2-$1.3 million. The company anticipates this figure will increase three to four times in the next six months.

According to Tambe, the transaction banking sector in India, particularly within the $200 billion unsecured lending market, is poised for significant disruption. TransBnk’s deep expertise in banking technology, encompassing lending tech, regulatory tech, and payment tech, positions it to capitalize on this opportunity.

8i Ventures’ founding partner, Vikram Chachra, praised TransBnk’s innovative approach, noting that the company is reshaping India’s trillion-dollar transaction banking sector by empowering banks to offer advanced transaction services and bridging the existing technology gap. This forward-thinking strategy is expected to have a transformative impact on the financial landscape.