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Ola’s Krutrim to Lead India’s AI Revolution with Next-Gen Silicon Chips

By
Garima Bansal
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Ola's Krutrim to Lead India’s AI Revolution with Next-Gen Silicon Chips

Krutrim, Ola’s AI venture, is set to create India’s first AI-specific silicon chips by 2026, designed to handle advanced AI tasks and workloads. This initiative is part of the company’s strategy to enhance its comprehensive AI capabilities, which encompass foundational models, cloud solutions, and silicon technology.

Bhavish Aggarwal, Founder of Ola, emphasized the significance of this development during Sankalp 2024 at Ola Futurefactory in Krishnagiri, Tamil Nadu. He highlighted the transformative era of AI and the necessity for India to establish its own AI infrastructure. The initial chip lineup includes Bodhi for AI applications, Sarv for general computing, and Ojas for edge computing. These chips are expected to drive the creation of faster, more efficient AI systems and contribute to India’s technological independence.

Krutrim plans to introduce Bodhi 2 by 2028, which will be capable of handling over 10 trillion parameters and be scalable to exascale supercomputing levels. Exascale systems are characterized by their ability to process information at speeds far beyond those of current leading supercomputers.

To support these developments, Krutrim aims to expand its data center capacity to 1 GW by 2028 and has formed partnerships with global industry leaders such as Arm and Untether AI for CPU and AI chip development.

Chris Walker, CEO of Untether AI, expressed enthusiasm about the collaboration, highlighting the potential of their At-Memory speedAI architecture to enhance AI inference performance and energy efficiency.

Additionally, Krutrim has launched Krutrim Cloud, offering AI and general-purpose services to support the Indian developer community in creating technology applications more cost-effectively.

Krutrim AI will be integrated into Ola Electric and Ola Cabs to enhance the user experience. As of early 2024, over 25,000 developers are utilizing Krutrim Cloud, which has processed 250 billion API calls. The company has also introduced more than 50 new services on Krutrim Cloud, including Bhashik, a language hub with multimodal translation capabilities, and Customer Experience AI, featuring multimodal AI agents for enterprise mobile apps.

Bharti Group Secures $1.8 Billion for Major Stake Acquisition in BT Group

By
Garima Bansal
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0
Bharti Group Secures $1.8 Billion for Major Stake Acquisition in BT Group

Bharti Group has secured approximately $1.8 billion from Barclays to facilitate its planned acquisition of a 24.5% stake in the UK’s BT Group, according to sources familiar with the situation. Additional funding from various international banks may be pursued depending on the group’s need for further debt to complete the deal, these sources indicated.

The initial 9.99% stake in BT is being acquired through an open market transaction by Bharti Global, the international division of Bharti Enterprises, via Bharti Televentures. The acquisition of the remaining 14.51% is contingent on obtaining the necessary regulatory approvals.

Bharti is purchasing this stake from BT’s largest shareholder, Altice UK. The announcement of the stake purchase has led to a more than 10% increase in BT’s stock, bringing its market capitalization to $18.55 billion. Depending on the valuation, Bharti plans to use a combination of cash and debt to finance the rest of the transaction, which may take additional time.

A subsidiary of Bharti Enterprises (Holding) Ltd, Bharti Enterprises Ltd, has accessed external debt, with adequate liquid assets to maintain a negligible net debt position, according to a March report from a rating agency. As of March 20, Bharti Telecom, the holding company of Bharti Airtel, had external debt amounting to Rs 24,950 crore, while the market value of its investments was Rs 2.75 lakh crore, providing a substantial financial cushion.

While the transaction is still in its early stages, there may be challenges related to the pricing of the remaining loan and the spread over the secured overnight financing rate (SOFR), based on preliminary discussions between Bharti and the banks, according to one of the sources, who requested anonymity.

Earlier this week, Bharti Group released a statement clarifying that it has no intention of making a bid for control of BT, Britain’s largest broadband and mobile provider. Bharti is not seeking a board seat either, as confirmed by chairman Sunil Mittal. Funding for the transaction is being managed by Bharti Global, with Barclays serving as the financial adviser and providing some immediate capital. Mittal expects the deal to be finalized in the coming months.

Aris Infra Files for Rs 600 Crore IPO to Accelerate Growth and Innovation in Construction Material Procurement

By
Garima Bansal
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Aris Infra Files for Rs 600 Crore IPO to Accelerate Growth and Innovation in Construction Material Procurement

Aris Infra, a construction material procurement platform, has submitted a draft red herring prospectus (DRHP) to the Securities and Exchange Board of India with plans to raise up to Rs 600 crore through an initial public offering (IPO). The IPO will consist entirely of newly issued shares, with no existing investors selling their holdings.

Based in Mumbai, Aris Infra is supported by prominent individuals and family offices, including the CEO of PharmEasy, Siddharth Shah, San Francisco-based Think Investments, and partners from private equity firms such as TPG Capital and BlackRock.

Aris Infra plans to use the funds from the IPO to repay and prepay outstanding borrowings, support its working capital needs, and invest in its subsidiary, Buildmex-Infra Pvt Ltd, for its working capital requirements. The company also intends to purchase partial shareholdings from existing shareholders of its subsidiary, ArisUnitern Re Solutions, while allocating funds for general corporate purposes and potential acquisitions.

Founded in February 2021 by Ronak Morbia and Bhavik Khara, Aris Infra utilizes artificial intelligence and machine learning to optimize the procurement of construction materials. The platform connects property developers and vendors, digitizing the supply chain within the construction industry.

To date, the company has secured Rs 160 crore in equity and an equivalent amount in debt. Its most recent funding round in January 2022 valued the company at approximately $100 million.

Aris Infra’s clientele includes major companies such as the Tata Group, JSW, UltraTech Cement, ACC, Dalmia, Godrej, Larsen & Toubro, Apco Infra, SP Singla Constructions, and Lafarge. JM Financial, IIFL Securities, and Nuvama Wealth Management are serving as the book-running lead managers for the proposed issue.

Syfe Secures $27 Million to Boost Indian Tech Hub and Expand Global Reach

By
Garima Bansal
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Syfe Secures $27 Million to Boost Indian Tech Hub and Expand Global Reach

Singapore-based investment platform Syfe has secured $27 million in equity funding from existing investors, including Valar Ventures, led by Peter Thiel, and London-based investment firm Unbound, along with two UK-based family offices.

Although the startup is licensed and operates in Singapore, Hong Kong, and Australia, and has customers from over 60 countries, its technology center is located in India. The newly raised funds will be used to accelerate the development of its engineering and product teams in India. The company also plans to introduce new products and innovations in additional markets. With this latest round of funding, Syfe has raised a total of $79 million.

Syfe was founded in 2019 by Dhruv Arora, a former senior executive at Grofers (now Blinkit), which was acquired by Zomato. The platform focuses on meeting the wealth management needs of individuals by offering diversified proprietary portfolios, cash management solutions, and brokerage services.

Arora emphasized Syfe’s commitment to investing in Indian talent and expanding its team in the country. He noted that the funding will allow the company to reach more customers and assist them in growing their wealth. The increased investment in development will facilitate the introduction of more innovative products while continuously enhancing the Syfe user experience. Syfe has been profitable in Singapore since early 2024, with average client assets more than doubling since 2023.

Shravin Bharti Mittal, founder and CEO of Unbound, praised the company’s ability to scale and achieve profitability in a key market like Singapore, describing it as a testament to the strength of Syfe’s business model and team. He expressed excitement about continuing to support Syfe in its next phase of growth and innovation.

Flexiloans Eyes $35 Million Equity Raise to Bolster Small Business Lending

By
Garima Bansal
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Flexiloans Eyes $35 Million Equity Raise to Bolster Small Business Lending

Flexiloans, a digital lending platform specializing in small business financing, is currently engaged in discussions with both international and domestic investors to raise approximately Rs 300 crore ($35 million) in a new equity round. Sources familiar with the negotiations have indicated that potential investors may include Accion, a US-based nonprofit dedicated to financial inclusion, and Fundamentum, an investment firm co-founded by Infosys cofounder Nandan Nilekani. This round of funding is expected to significantly boost Flexiloans’ valuation, potentially bringing it to around Rs 1,200 crore ($140 million), up from its previous valuation of Rs 700 crore.

Founded in 2016 by Indian School of Business alumni Deepak Jain, Ritesh Jain, Manish Lunia, and Abhishek Kothari, Flexiloans focuses on providing loans to small businesses through digital channels. The company, headquartered in Mumbai, competes with other digital lending platforms such as Indifi and Lendingkart. Sanjay Nayar, who led KKR in India for nearly a decade, is one of Flexiloans’ notable backers. Abhishek Kothari, one of the co-founders, later moved on to become the CEO of fintech platform Pepper Money India.

The fresh capital raised in this funding round is expected to be primarily utilized to strengthen Flexiloans’ lending business and support the acquisition of additional debt. This follows a significant equity infusion in 2022 when the company raised $30 million from Denmark-based MAJ Invest and other investors. The influx of funds comes at a critical time for the digital lending sector, which has been navigating numerous challenges following the Covid-19 pandemic.

The broader digital lending market has seen varied activity, with Indifi securing $35 million in equity last year and Lendingkart reportedly exploring a new equity round valued between $30 million and $50 million. Despite the overall slowdown in the unsecured consumer lending sector, small business-focused lenders like Flexiloans are attracting increasing attention. Investors are particularly interested in tech-enabled companies that demonstrate the ability to maintain strong asset quality, making them favorable prospects in a tough funding environment.

Flexiloans’ growth has been further supported by its partnership with the non-banking finance company Epimoney. According to a recent report by India Ratings & Research, Epimoney reported a net profit of Rs 14 crore for the first nine months of the last financial year. This marks a significant improvement from FY23, where the company recorded a net profit of Rs 6.7 crore, recovering from a loss of Rs 10 crore in FY22. The report also highlighted that Flexiloans’ assets under management are close to Rs 2,000 crore.

Veefin Acquires Nityo Tech to Expand Digital Transformation Services Across Banking Sectors

By
Garima Bansal
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Veefin Acquires Nityo Tech to Expand Digital Transformation Services Across Banking Sectors

Veefin Group of Companies has acquired a 100% stake in Nityo Tech Pvt Ltd, which is the Indian subsidiary of Nityo Infotech Singapore, through one of its subsidiaries. Veefin plans to expand its digital transformation services across various banking sectors beyond lending by utilizing Nityo’s existing infrastructure and its expertise in AI and machine learning solutions.

With a strong brand presence, Veefin aims to deliver a comprehensive range of services and solutions within a unified ecosystem, with a focus on product engineering, AI, and data.

Raja Debnath, Chairman of the Veefin Group of Companies, expressed enthusiasm about the acquisition, stating that it aligns with Veefin’s belief in the importance of digitization for growth in the banking sector. He emphasized that this acquisition will enable Veefin to offer an extended product suite to banks aiming to digitize various verticals, positioning the company as a key technology partner for banks.

Nityo Infotech, which operates in over 44 countries and serves more than 3,000 clients, provides AI and ML solutions in the financial services sector. It works across more than 15 verticals, including banking, insurance, telecom, computing software, automotive, consumer electronics, energy, healthcare, media and entertainment, retail, and manufacturing.

Earlier in June, Veefin acquired Mumbai-based Regime Tax Solutions, which specializes in advanced GST compliance and automation for accounts payable and receivable. Veefin plans to integrate Regime’s flagship solutions, TaxGenie and PayInvoice, into its supply chain technology platform designed for banks and financial institutions.

Fresh Bus Secures $10.5 Million in Series A Funding to Expand Eco-Friendly Intercity Travel in India

By
Garima Bansal
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Fresh Bus Secures $10.5 Million in Series A Funding to Expand Eco-Friendly Intercity Travel in India

Bengaluru-based intercity bus startup Fresh Bus has successfully raised Rs 87.5 crore ($10.5 million) through a Series A funding round. This round was led by Maniv, an international early-stage transportation-focused venture capital fund, with participation from Shell Ventures, Alteria Capital, and Riverwalk Holdings.

Fresh Bus currently operates a fleet of 20 electric buses, providing affordable and eco-friendly travel options on its Bengaluru-Tirupati and Hyderabad-Vijayawada routes. The company offers a digital-first customer experience, including online ticketing, real-time bus tracking, and a robust loyalty program.

With the newly acquired funds, Fresh Bus plans to expand its network by adding 15 new routes and launching 150 additional electric buses. The startup intends to use the investment to scale operations, enhance technological capabilities, and strengthen its strategic team to drive further growth.

The startup is supported by industry leaders such as Kunal Shah, Founder & CEO of CRED; Sudarshan Venu, Managing Director of TVS Motors; and Deepak Garg, CEO & Founder of Rivigo. Earlier, Fresh Bus secured an investment of Rs 16 crore from a leading Indian online travel aggregator.

Having served over four lakh passengers with a remarkable 95% On-Time Performance (OTP), which is among the best in the industry, Fresh Bus aims to establish a nationwide network and become the market leader in intercity bus travel in India. The company plans to scale up to 1,000 electric buses across the country over the next four years, creating skilled employment opportunities and offering a green alternative for mass road transportation.

Fresh Bus is showcasing that wide-scale decarbonisation of transportation is not just a future goal but an already viable economic opportunity, according to a partner at the transportation-focused venture fund.

Eco-Friendly Brand Beco Secures $10 Million to Expand Production and Retail Presence

By
Garima Bansal
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Eco-Friendly Brand Beco Secures $10 Million to Expand Production and Retail Presence

Beco, a home and personal care brand, has raised $10 million in a funding round led by Tanglin Venture Partners. The round also saw participation from Titan Capital, Asian Paints promoter Manish Choksi, Rukam Capital, and Synergy Capital. The funds are set to enhance production, fuel research and development, strengthen offline sales, and boost brand awareness.

Founded in 2019 by Aditya Ruia, Akshay Varma, and Anuj Ruia, Beco specializes in eco-friendly home and personal care products. Their range includes laundry liquids, floor cleaners, dishwashing liquids, tissue papers, and compostable garbage bags. The company is focused on offering plant-based and naturally sourced alternatives to conventional products.

Currently, Beco’s products are available in over 10,000 retail stores across more than 20 cities in India. The company aims to expand its retail presence significantly, targeting up to 40,000 stores in the next year. With more than half of its sales expected to come from offline channels, Beco also maintains a strong presence on e-commerce and quick-commerce platforms such as Amazon, Zepto, and Swiggy Instamart.

This funding round aligns with the increasing consumer demand for eco-friendly and toxin-free products. As more consumers shift towards healthier options, Beco’s emphasis on product innovation and a robust supply chain has positioned it well in the market.

Beco previously secured $3 million in a Series A round in 2022, led by Rukam Capital. The company’s focus on sustainable growth and market expansion is evident as it continues to scale operations and reach a broader audience across India.

Vayana Secures $20.5 Million in Series D Funding to Expand Trade Finance Solutions

By
Garima Bansal
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0
Vayana Secures $20.5 Million in Series D Funding to Expand Trade Finance Solutions

Vayana, a trade finance platform, has successfully raised $20.5 million from investors, led by Sumitomo Mitsui Banking Corporation (SMBC) Asia Rising Fund, to support its plans for launching new products. The Series D funding round also included contributions from existing investors such as the International Finance Corporation (IFC), Chiratae Ventures, Jungle Ventures, and family offices like Quantum State Investment Fund and Emerald Company.

The fresh capital will be allocated towards the development of new products aimed at enhancing Vayana’s trade credit, compliance, and risk management platforms, as per a statement released by the Pune-based company.

Micro, small, and medium enterprises (MSMEs) in India play a crucial role in the economy, contributing 30% to the gross domestic product (GDP) and 62% to employment. Their continued growth is seen as key to leveraging India’s population demographics and promoting equitable growth across the country. Access to affordable and embedded trade credit is considered a vital catalyst for their success, according to Ram Iyer, the founder and CEO of Vayana.

Established in 2017 by Ram Iyer, Vayana offers trade finance solutions to suppliers and small enterprises in various sectors, including automotive, fast-moving consumer goods (FMCG), and manufacturing. The platform reportedly facilitates over $1 billion in financing each month through partnerships with banks and non-banking financial companies (NBFCs), serving more than 3,000 supply chains across 600 cities in India and supporting over 300,000 enterprises.

In addition to its trade finance services, Vayana is also a GST Suvidha Provider (GSP), offering goods and service tax (GST), e-way bill, and online invoicing solutions for corporates and MSMEs.

The company had previously raised $15 million from IFC and PayU, the fintech arm of a Dutch multinational. Overall, Vayana has secured over $67 million in funding to date.

EyeROV Secures ₹10 Crore Funding to Drive Global Expansion and Innovation in Marine Robotics

By
Garima Bansal
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0
EyeROV Secures ₹10 Crore Funding to Drive Global Expansion and Innovation in Marine Robotics

EyeROV, a developer of underwater drones, secured Rs 10 crore (approximately $1.2 million) in a funding round led by Unicorn India Ventures. The funds will be used to expand into international markets and enhance the development of marine robotics products and solutions to complement its current offerings.

Established in 2016 by IIT alumni Johns T Mathai and Kannappa Palaniappan P, the Kochi-based deeptech company collaborates with clients such as the Tata Group, Adani Group, Bharat Petroleum Corp, Defence Research and Development Organisation, and the Indian Coast Guard. The startup has successfully completed over 100 underwater inspections.

With this funding, EyeROV plans to accelerate its sales, research and development, and operations. The company has developed unique and differentiated solutions for underwater infrastructure inspections, which have been successfully validated in the Indian market and are now poised for global expansion.

EyeROV has introduced commercial underwater drones or remotely operated vehicles and launched an unmanned surface vehicle, providing solutions in India and the Middle East and North Africa region. The company aims to triple its revenue by the end of fiscal 2025 by increasing sales in both domestic and international markets, with a turnover of Rs 4 crore in FY24.

Additionally, the company plans to undertake more projects in the oil and gas, maritime, and infrastructure sectors, while advancing its efforts to supply products to the Indian defense sector. The development of a drone to inspect underwater infrastructure requires unmanned technology built with precision, making marine robotics a highly complex subject, as highlighted by Anil Joshi, managing partner at Unicorn India Ventures.

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