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Innoviti Technologies Secures Rs 70 Crore in Final Funding Round Ahead of Public Listing

By
Garima Bansal
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Innoviti Technologies Secures Rs 70 Crore in Final Funding Round Ahead of Public Listing

Innoviti Technologies, a payments company specializing in merchant solutions, has successfully secured Rs 70 crore (approximately $8.3 million) in a funding round that includes both equity and debt components. This funding marks one of the final major investment rounds for the company before its planned public offering.

Of the total, Rs 60 crore was raised through equity investment, while the remaining Rs 10 crore was acquired through debt. The funding round was led by US-based venture fund Random Walk Solutions, with contributions from existing investors including Bessemer Venture Partners, the Patni family office, and Alumni Ventures.

With this latest investment, Innoviti has accumulated approximately Rs 400 crore in funding since its inception. The company’s valuation has reached $230 million following this round. Rajeev Agrawal, CEO of Innoviti, indicated that the company is preparing to file its Draft Red Herring Prospectus (DRHP) for a public listing within the next three to four months.

Agrawal plans to use the new funds to expand the company’s online merchant payment services. Earlier this year, Innoviti received a payment aggregator license from the central bank. The company primarily serves large organized retailers such as Reliance Retail, Tanishq, and Shoppers Stop in the offline payments sector.

Agrawal also noted that the funds will help address existing debt and drive growth in the online payment space. Currently, Innoviti operates with an annualized run rate of Rs 160 crore and reports an annualized negative earnings before tax, depreciation, and amortization (EBITDA) of Rs 8 crore. The company aims to achieve operational profitability within the next few quarters.

4baseCare Secures $6 Million in Funding Led by Yali Capital to Expand Cancer Care Solutions

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Garima Bansal
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4baseCare Secures $6 Million in Funding Led by Yali Capital to Expand Cancer Care Solutions

4baseCare, an innovative healthcare startup focused on closing the significant genomic data gap in cancer care, has successfully raised $6 million (around Rs 50 crore) in its latest funding round.

This investment, spearheaded by Yali Capital, is set to propel 4baseCare’s mission forward. Founded by Hitesh Goswami and Kshitij Rishi, 4baseCare aims to leverage this new capital to significantly enhance its product offerings and broaden its operational reach.

With the funding, 4baseCare plans to accelerate its growth trajectory by scaling its operations across India and expanding into other key markets in Asia and the Middle East.

The company’s advanced solutions in personalized cancer care are designed to offer more precise and effective treatment options, addressing a crucial need in the healthcare sector. By utilizing cutting-edge genomic data, 4baseCare is committed to making high-quality cancer care more accessible to a larger population.

The support from Yali Capital highlights the confidence investors have in 4baseCare’s vision and its potential impact on the future of cancer treatment. As the company continues to innovate and grow, it aims to play a pivotal role in transforming cancer care through enhanced genomic insights and personalized medical solutions.

Skydo Secures $5 Million in New Funding to Expand Cross-Border Payment Solutions and Target Larger Market Share

By
Garima Bansal
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0
Skydo Secures $5 Million in New Funding to Expand Cross-Border Payment Solutions and Target Larger Market Share

Skydo, a startup specializing in cross-border payments, has secured $5 million in a new equity round led by Elevation Capital, with contributions from several angel investors. This marks the second equity infusion for the company, following its initial $5 million raise in its first institutional round from Elevation Capital in 2022.

Skydo is currently awaiting approval for a payment aggregator cross-border license from the Reserve Bank of India (RBI) and primarily assists small businesses and freelancers in receiving payments from international clients.

The company’s future plans include expanding into outbound payments from India and catering to larger enterprises with comprehensive cross-border payment solutions, as stated by Srivatsan Sridhar, Skydo’s CEO. Additionally, Skydo is considering applying for a payment aggregator license from the central bank to offer domestic merchant payment services, which would allow the company to provide a full suite of payment solutions to its customers.

Skydo addresses the challenges of cross-border payments, which are often costly and difficult to track due to the involvement of multiple jurisdictions. The company offers a dashboard for businesses to monitor their financial transactions across different regions and helps them identify potential savings on hidden fees.

Currently, Skydo processes payments from over 100 countries in 32 currencies, with an annual total payment volume (TPV) run rate of approximately $120 million. The platform has onboarded around 6,000 businesses, with about one-third of them actively using the platform each month. With the recent funding, Skydo aims to achieve a fivefold increase in its TPV by the end of the current financial year.

Skydo was founded in 2022 by former PhonePe senior executive Movin Jain and Srivatsan Sridhar, who previously worked with the gold loan startup Rupeek. Mridul Arora, a partner at Elevation Capital, highlighted Skydo’s strong focus on governance and compliance, which is expected to enhance the startup’s credibility with larger businesses. Arora also mentioned that with the RBI’s cross-border payments license and a robust product offering, Skydo is well-positioned to capture a significant share of India’s large international payments market.

Ather Energy Joins Unicorn Club with $71 Million Funding, Eyes Growth in Electric Scooter Market

By
Garima Bansal
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0
Ather Energy Joins Unicorn Club with $71 Million Funding, Eyes Growth in Electric Scooter Market

Ather Energy, a prominent electric scooter manufacturer, has entered the unicorn club following a successful Rs 600-crore ($71 million) funding round from its existing investor, the National Investment and Infrastructure Fund (NIIF). This latest round of funding has pushed Ather’s valuation to $1.3 billion, or approximately Rs 10,900 crore.

This development marks Ather as the fourth unicorn in India this year and the second within the mobility sector, following Rapido, which recently secured $120 million in funding from WestBridge Capital, reaching a post-money valuation of $1 billion.

NIIF, India’s sovereign wealth fund, initially invested in Ather in May 2022. At that time, Ather’s valuation stood at around $740-750 million. Hero MotoCorp, Ather’s largest backer with a 40% stake, had also made a secondary investment of Rs 124 crore in June, which implied a valuation of $671 million (Rs 5,636 crore).

In April, it was reported that Ather was in the process of finalizing a $70-90 million (approximately Rs 750 crore) primary funding round from existing investors. This followed the exit of Flipkart founder Sachin Bansal, who sold his remaining stake in Ather to Zerodha founder Nikhil Kamath. Bansal had previously held around 10% of the company, where he was an early angel investor.

Ather’s new family scooter, Rizta, recently launched and is seen as a significant product for the company, which held about 9% market share in the electric scooter segment last month. Ather trails behind industry leaders like Ola Electric, Bajaj Auto, and TVS, which hold market shares of 39%, 16%, and 18%, respectively. Ather plans to manufacture the Rizta at its third plant in Aurangabad, targeting the family scooter market in western and northern India. Meanwhile, its flagship 450 series caters to the performance scooter segment.

In June, Ather Energy transitioned into a public limited company, indicating plans for an initial public offering (IPO) in the near future. Despite this, the company reported a 22% increase in losses, amounting to Rs 1,059 crore in fiscal 2024, while its revenue remained steady at around Rs 1,789 crore.

Jai Kisan Secures NBFC License, Expands Financial Offerings for Rural India

By
Garima Bansal
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0
Jai Kisan Secures NBFC License, Expands Financial Offerings for Rural India

Rural-focused fintech startup Jai Kisan has secured a non-banking finance company (NBFC) license following its acquisition of a majority stake in Kushal Finnovation Capital, an NBFC specializing in supply chain financing. Arjun Ahluwalia, cofounder and CEO of Jai Kisan, also serves as a non-executive director at Kushal Finnovation Capital.

With this new NBFC license, Jai Kisan will be able to offer customized financial products, including loans from its own portfolio. The company can now enter co-lending partnerships with financial institutions, including public sector banks in India.

Previously, Jai Kisan’s financial offerings were limited to products provided by its partner banks and NBFCs through its platform. The new license enables Jai Kisan to directly create and deliver tailored financial solutions to farmers and rural businesses.

Ahluwalia commented on the development, noting the transformative effect of positive government reforms and the availability of affordable data and smartphones in rural India. The NBFC license will allow Jai Kisan to offer credit products to farmers and rural businesses in a more tailored and accessible manner.

Jai Kisan, founded in 2017 by Ahluwalia and Adriel Maniego, is a technology-driven financial services platform serving rural businesses, individuals, and farmers. The company has built a digital ecosystem that connects corporates, rural intermediaries (distributors, retailers, and suppliers), and financial institutions (banks and NBFCs) to facilitate supply chain financing and buy-now-pay-later (BNPL) options for agricultural inputs and equipment.

Since its inception, Jai Kisan has partnered with over 350 corporates, served more than 100,000 rural businesses, assisted over 800,000 farmers, and facilitated the disbursal of over Rs 6,000 crore.

The company has also expanded its advisory board with senior bankers such as Arvind Kathpalia, former group president and chief risk officer at Kotak Mahindra Bank, as a senior credit risk advisor, and Ravi Duvvuru, former president and chief compliance officer at Jana Small Finance Bank, as a senior advisor on governance and regulatory compliance.

In 2022, Jai Kisan raised $50 million in equity and debt as part of the first tranche of its Series B round, with new investors including GMO Venture Partners, Yara Growth Ventures, and DG Daiwa Ventures, alongside existing investors Blume Ventures, Arkam Ventures, Mirae Asset, and Snow Leopard Ventures.

Neo Group Raises ₹400 Crore in Equity Round Led by MUFG Bank and Euclidean Capital for Expansion

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Garima Bansal
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Neo Group Raises ₹400 Crore in Equity Round Led by MUFG Bank and Euclidean Capital for Expansion

Wealth and asset management startup Neo Group has secured ₹400 crore (approximately $47 million) in a new equity funding round. This round was led by Japanese lender MUFG Bank and New York-based Euclidean Capital. Peak XV Partners, which had previously invested about $35 million in October of the previous year, also participated in this round. The company announced the funding on Monday.

The new capital will be directed towards expanding Neo’s wealth management division and supporting its asset management operations. Neo has developed a specialized platform tailored for large and sophisticated clients in India, differentiating itself from the more generic wealth management services currently available in the market.

The company manages nearly ₹35,000 crore (over $4 billion) in wealth management assets and more than ₹6,000 crore (around $714 million) in alternative assets.

With this latest funding, Neo’s equity base has reached ₹1,000 crore, according to Nitin Jain, Managing Director of Neo Wealth & Asset Management. Jain expressed enthusiasm about partnering with leading global institutions and reaffirmed the company’s commitment to providing world-class investment products and solutions in an unbiased, transparent, and cost-effective manner.

Founded in 2021 by Jain, who was previously the CEO at Edelweiss Financial Services, Neo offers financial advisory services to clients ranging from high net worth to ultra-high-net-worth individuals and multi-family offices. In addition, Neo is developing a platform for consolidated portfolio reporting across various products, asset classes, and instruments.

Shashank Joshi, Deputy Chief Executive Officer at MUFG India, highlighted that India’s wealth management sector is poised for significant growth, and this investment represents MUFG Bank’s initial foray into India’s wealth management space, supporting Neo’s expansion.

Kazam EV Tech Secures $8 Million Funding Round to Enhance EV Charging Solutions

By
Garima Bansal
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0
Kazam EV Tech Secures $8 Million Funding Round to Enhance EV Charging Solutions

Kazam EV Tech, a company specializing in charging products and services for electric vehicles has raised $8 million in a funding round led by Vertex Ventures.

The round also saw participation from existing investors, including Avaana Capital and Alteria Capital, among others. Kazam plans to utilize the funds to enhance its technology and product teams, expand its offerings, and increase its market presence. Prior to this round, the firm had raised approximately $11 million, according to available data.

As the adoption of electric vehicles (EVs) in India is expected to surge, Kazam’s “charging in a box” solution is seen as a critical component in establishing a reliable EV charging network, according to Nikhil Marwaha, Senior Executive Director at Vertex Ventures Southeast Asia and India.

Founded in 2020 by Akshay Shekhar and Vaibhav Tyagi, Kazam offers a range of EV charging products, including LEVAC Pro for charging stations, Mini for home use, and the Kazam 7.4 kW charger. The company also provides several software solutions for managing charging, fleets, battery swapping, and EV mobile apps.

Kazam collaborates with major companies like BigBasket, Zypp, Mahindra, Bajaj, Ather, TVS, Hero MotoCorp, and Ultraviolette. The company’s software supports a wide variety of vehicles, including two-wheelers, commercial electric three-wheelers, and city buses, serving more than 25,000 charging points. Kazam currently facilitates over 15 million EV kilometers per month, with 10% of its contributions coming from international clients across the Global South.

Government officials, particularly from the Ministry of Power, have been actively consulting with companies in the electric vehicle ecosystem to promote interoperability among charging standards. Additionally, last March, the government announced an Rs 800 crore subsidy for state-run oil marketing companies to establish 7,432 EV charging stations.

Zepto Set to Raise $310 Million, Boosting Valuation to $5 Billion

By
Garima Bansal
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0
Zepto Set to Raise $310 Million, Boosting Valuation to $5 Billion

Zepto is preparing to raise an additional $310 million, bringing its valuation to $5 billion. This represents a 40% increase from its previous valuation, set just over a month ago. With this new funding, Zepto will have secured nearly $1 billion in total over two recent rounds. The company had earlier raised $665 million in late June, significantly boosting its valuation from $1.4 billion to $3.6 billion in just under a year. This rapid increase reflects the strong demand for quick commerce services.

Mars Growth Capital, alongside General Catalyst and other existing investors, will be participating in the new funding round. Mars Growth, which is associated with Mitsubishi UFJ Financial Group Inc and Israel’s Liquidity Group, is expected to invest around $50 million, while General Catalyst will contribute approximately $200 million. The round may total up to $350 million, depending on contributions from other investors and wealthy individuals. Zepto is restricted from raising more than $350 million within 90 days of the previous round to prevent dilution of existing investors’ stakes.

The term sheet for this funding was signed recently, and the round is anticipated to close within a few weeks. Notably, Neeraj Arora from General Catalyst will join Zepto’s board as part of this deal. Arora, formerly the Chief Business Officer at WhatsApp, joined General Catalyst after the acquisition of early-stage fund Venture Highway.

Zepto, founded by Aadit Palicha and Kaivalya Vohra, both Stanford dropouts, will have raised a total of $1.5 billion once this round is completed. The company, currently based in Singapore, plans to relocate to India and is preparing for an initial public offering. Recent investors include DST Global, Avenir Growth Capital, Lightspeed Venture Partners, and Avra.

The new funding will help Zepto compete more effectively against rivals like Blinkit, Swiggy Instamart, and Flipkart Minutes. Blinkit, valued at $12-13 billion, plans to expand to 2,000 dark stores by 2026. Zepto aims to set up 700 dark stores by March 2025 and is expanding its store size to 4,000 square feet, while also increasing its product range from 3,000 to 10,000 SKUs.

Garuda Aerospace Expands Operations to Sri Lanka as Part of Global Growth Strategy

By
Garima Bansal
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0
Garuda Aerospace Expands Operations to Sri Lanka as Part of Global Growth Strategy

Drone startup Garuda Aerospace has broadened its operations into Sri Lanka as part of its Global Garuda initiative, which aims to expand the company’s presence in 50 countries. The expansion into Sri Lanka marks the company’s first move under this global strategy, as noted by CEO Agnishwar Jayaprakash.

The Chennai-based company selected Sri Lanka due to its evolving drone regulations and the government’s focus on advancing technology and precision in agriculture and other industries, seeking to lessen its reliance on tourism. Jayaprakash highlighted that with the company’s revenue surpassing Rs 100 crore this year, there has been substantial international interest in their precision agriculture drones, making it an ideal time for cautious international expansion. Sri Lanka, due to its proximity to India and developing drone policies, was seen as a strategic starting point before exploring further regions.

In addition to agriculture, Garuda Aerospace is exploring applications in homeland security and defense, particularly for industrial and structural damage assessments. Sri Lanka’s ongoing infrastructure projects, including ports, airports, and roads, offer significant opportunities for the company’s surveillance drones, which are a cost-effective method for monitoring progress and assessing structural integrity.

Jayaprakash noted that Sri Lanka is approximately three to four years behind India in terms of regulatory frameworks, presenting an opportunity for Garuda Aerospace to leverage its experience from the Indian market. The company has established operations in Sri Lanka, including a local team and office, and has partnered with a local entity to support on-ground activities. They plan to commence drone deployments shortly.

Garuda Aerospace is also aiming to expand into the US, having invested around $10 million in its global expansion efforts. An office has been opened in the US, and the company is in the process of applying for Federal Aviation Administration (FAA) licenses for its drones. Jayaprakash anticipates that operations in the US and Europe will eventually surpass the revenue generated in India, as there is a global demand for drones manufactured in India.

AI-Powered DevRev Raises $100.8 Million, Achieves $1.15 Billion Valuation

By
Garima Bansal
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0
AI-Powered DevRev Raises $100.8 Million, Achieves $1.15 Billion Valuation

DevRev, a customer relationship software firm, has successfully raised $100.8 million in a Series A funding round, with contributions from Khosla Ventures and other investors. This funding comes as the interest in companies leveraging artificial intelligence continues to rise.

The latest investment round has propelled the Palo Alto-based company’s valuation to $1.15 billion, officially making it a unicorn. The surge in AI interest has sparked a renewed wave of venture capital investments, as investors anticipate significant returns from the widespread adoption of AI technologies.

Founded in October 2020 by former Nutanix CEO Dheeraj Pandey, DevRev specializes in AI-driven customer relationship software that connects end users, sellers, support teams, product managers, and developers on a single platform. Khosla Ventures, which began backing DevRev in 2021, has also supported prominent companies like Instacart, DoorDash, and Stripe.

Dheeraj Pandey, CEO of DevRev, emphasized the importance of design in building trust with end users, especially in an environment where the AI hype cycle has led to the emergence of unreliable prototypes and custom GPT solutions that lack long-term viability and security.

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