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Truva Secures $3 Million in Funding to Revolutionize the Real Estate Market

By
Garima Bansal
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0
Truva Secures $3 Million in Funding to Revolutionize the Real Estate Market

Truva, a real estate technology platform, secured $3 million in a funding round led by Stellaris Venture Partners, an early-stage venture capital firm. The round also included contributions from notable angel investors such as Mukesh Bansal, founder of Myntra, Ankit Nagori, founder of Curefoods, and Lalit Keshre, founder of Groww, among others.

The newly acquired funds will be directed towards expanding the team, enhancing the product, raising debt for working capital, and scaling operations.

Truva, founded in 2023 by Puneet Arora, Monil Singhal, and Ankit Gupta, is a Mumbai-based startup that offers detailed property listings with comprehensive insights and support for buyers. This support includes assistance with financing, paperwork, and registration. The platform also features unique offerings such as natural light scores, noise ratings, 3D tours, and high-quality photos and videos.

Arora emphasized the company’s focus on improving buyer experiences to simplify the complexities of real estate transactions, thereby speeding up the home-buying process. Since its launch earlier this year, the platform has facilitated transactions worth over Rs 30 crore in Powai, Mumbai, with an average property sale time of 19 days, significantly faster than the market average of nine months.

Currently operating in Powai and Bandra, Truva plans to expand its presence to other areas in Mumbai over the next year.

Ritesh Banglani, a partner at Stellaris Venture Partners, highlighted the increasing housing demand driven by rising disposable incomes and rapid urbanization. He expressed confidence in Truva’s commitment to understanding customer needs and creating a product that offers an exceptional home-buying experience.

Tech-Focused Wealth Platform Infinyte.Club Secures $3.6M in Funding to Expand Services

By
Garima Bansal
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0
Tech-Focused Wealth Platform Infinyte.Club Secures $3.6M in Funding to Expand Services

Infinyte.Club, a wealth creation and management platform designed for tech and startup employees, has secured $3.6 million in a funding round led by Elevation Capital.

The funding round also attracted investments from notable angel investors, including Kunal Shah, founder of Cred; Vidit Aatrey, cofounder of Meesho; Gaurav Munjal, cofounder of Unacademy; Harshil Mathur, cofounder of Razorpay; among others. The capital will be directed towards advancing the platform’s technology and expanding its team.

Founded in 2023 by Ankita Tandon and Joylita Saldanha, the Bengaluru-based platform enables users to track their assets, manage equity portfolios, and utilize their stock options. During its private beta phase, the platform successfully closed over 40 primary and secondary deals.

Infinyte.Club was motivated by the observation that while many individuals are building remarkable tech startups, they often lack access to investment opportunities within these companies. Historically, private equity and startup investment opportunities have been reserved for those with exclusive connections. The platform aims to democratize access to these opportunities.

Looking ahead, the startup plans to attract more investors and broaden its range of asset classes, with a goal of reaching 100,000 customers in the current financial year.

Vaas Bhaskar, principal at Elevation Capital, emphasized that Infinyte.Club’s mission aligns closely with the emerging trends in India’s startup ecosystem. With the country’s potential for significant wealth generation through startups and tech enterprises, there is an increasing demand for platforms tailored to the needs of founders and operators.

Stori Design: Crafting Luxury, One ‘Stori’ at a Time

By
Garima Bansal
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0
Stori Design

In a world brimming with furniture brands, one name is carving out a niche with unparalleled style and craftsmanship—Stori Design, affectionately known as Stori. Launched in 2023 and headquartered in Pune, Stori has quickly made waves in the luxury bespoke furniture market. With opulent showrooms in Pune and Delhi, Stori is redefining the industry by offering architects and interior designers unmatched customization and top-notch quality. On its current trajectory, Stori is poised to challenge even the most established foreign brands, especially those offering limited customization. A key differentiator for Stori is its reliable pan-India delivery, setting it apart from the competition.

Stori’s rapid ascent can be attributed to its four pillars, each a cornerstone of its reputation. The first pillar is the “i” in Stori—a deliberate nod to its Indian roots and a proud symbol of its commitment to the Make in India initiative. As a 100% Made in India brand, Stori is pushing the boundaries of what Indian craftsmanship can achieve on the global stage.

At the heart of Stori’s design brilliance is Jiten Pahuja, the creative force behind its seamless and luxurious furniture. Leading a 50,000-square-foot facility in Manesar, Haryana, Pahuja brings over 25 years of experience and a team of 300 artisans to the table, crafting pieces that are as much works of art as they are functional furniture.

Deepesh Shah is the financial strategist and visionary behind Stori’s business operations and growth. Beginning his journey into the timber and interior industry at just 18, Shah’s 25 years of experience in luxury furniture markets—both Indian and international—are instrumental in propelling Stori onto the global stage.

The operational heartbeat of Stori is ashish charla, whose 20 years of expertise in wood and luxury furniture materials ensure flawless coordination between Stori’s factory and retail outlets. Ashish’s deep understanding of materials and finishes guarantees that every piece of furniture leaving Stori’s facility is a masterpiece.

With an unwavering commitment to quality and attention to detail, Stori is not just meeting but exceeding industry standards. As part of its ambitious growth plans, Stori will soon unveil new experience showrooms in Hyderabad, Indore, and Ahmedabad, offering customers a fully immersive experience of its bespoke luxury offerings.

Looking ahead, Stori aims to broaden its support for architects and interior designers, becoming the go-to partner for ambitious design projects. By fostering a collaborative environment, Stori empowers designers to push creative boundaries, ensuring that the luxury furniture market continues to evolve with innovation and excellence.

Gaana Merges with ENIL in Strategic Move by Times Internet

By
Garima Bansal
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Gaana Merges with ENIL in Strategic Move by Times Internet

After talks with Airtel Wynk didn’t work out, Times Internet decided to merge Gaana with its subsidiary, Entertainment Network India Limited (ENIL), in December 2023. Gaana was bought for Rs 25 lakh, according to ENIL’s filings with the National Stock Exchange (NSE). ENIL, which is backed by Bennett Coleman, runs the popular FM radio station ‘Radio Mirchi.’

Gaana had raised over $200 million in the past and was valued at around $580 million. Times Internet used to own most of Gaana, while Tencent held about 35% until September 2020. To keep Gaana running, Times Internet has been regularly providing funds. In July 2023, they gave Gaana Rs 100 crore as a loan, which was later converted into shares.

Recently, Times Internet agreed to lend up to Rs 10 crore more to Gaana. ENIL’s CEO, Yatish Mehrishi, mentioned that the company also invested Rs 15 crore during the first quarter of FY25. Due to restrictions on investments from neighboring countries, Gaana received loans totaling $90 million in 2020 and 2021.

Gaana’s revenue has dropped significantly, falling by over 80% to Rs 12.5 crore in the last fiscal year (FY24). After the merger, ENIL put Gaana behind a paywall and doubled the subscription fee to Rs 599. This brought in Rs 9.5 crore in revenue in the last quarter of FY24. ENIL’s overall revenue also decreased by 25.79% from the previous quarter to Rs 113.46 crore, and the company reported a loss of Rs 5.45 crore in the first quarter of FY25.

Gaana has also seen changes in its leadership. The long-time CEO, Prashan Agarwal, was replaced by Sandeep Lodha in mid-2021, and Lodha left in July 2023. Currently, Gaana is managed by ENIL’s CEO, Yatish Mehrishi.

Info Edge Reports 47% YoY Net Profit Increase for Q1 FY25 Amidst Strong Financial Performance

By
Garima Bansal
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0
Info Edge Reports 47% YoY Net Profit Increase for Q1 FY25 Amidst Strong Financial Performance

Info Edge, a prominent consumer internet company, reported a 47% year-on-year (YoY) increase in net profit for the first quarter of the current fiscal year. For the first quarter of FY25, Info Edge achieved a net profit of ₹233 crore, up from ₹159 crore in the same period last year. The company’s revenue from operations also saw an 8.1% YoY rise, reaching ₹676.7 crore.

Hitesh Oberoi, CEO of Info Edge, noted that cash losses from non-recruitment sectors decreased by 73% to ₹16.5 crore in Q1 FY25. This improvement was driven by an 18% YoY increase in billings and controlled cost increases.

The recruitment division, a key area for Info Edge, reported a 5.6% YoY revenue growth, totaling ₹487 crore for the quarter. The real estate segment, 99acres, generated ₹98.79 crore in revenue, marking a 19.5% increase.

Oberoi also mentioned that the matchmaking business, Jeevansathi, is approaching breakeven. He highlighted that the core recruitment business, which faced challenges in the previous fiscal year, continued to show growth in the first quarter.

The company’s gross profit, or EBITDA, stood at ₹222 crore for the first quarter, reflecting a 10.4% YoY increase.

Chintan Thakkar, CFO of Info Edge, reported that the company generated approximately ₹174 crore from operations in Q1 FY25, marking a YoY growth of over 20%. Thakkar also pointed out that the company’s cash balance at the end of the first quarter was ₹4,225 crore.

He emphasized that this consistent cash flow generation underscores Info Edge’s strong financial health and provides a solid foundation for future investments and returns to shareholders.

Namma Yatri’s ‘Yatri’ Introduces Zero-Commission Cab Services, Elevates Competition in Delhi NCR

By
Garima Bansal
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0
Namma Yatri’s 'Yatri' Introduces Zero-Commission Cab Services, Elevates Competition in Delhi NCR

Ride-hailing platform Namma Yatri has introduced zero-commission cab services under the brand ‘Yatri’ in the Delhi NCR region, aiming to heighten competition with Uber and Ola in this bustling market. The platform will not impose subscription fees or commissions for its electric auto rickshaws and cabs in Delhi NCR until March 2026, according to Shan MS, co-founder of Moving Tech Innovations, which operates Namma Yatri.

Yatri provides autorickshaw, AC mini, AC sedan, and AC XL cab services at competitive prices, featuring a lifetime zero-commission policy.

Namma Yatri, along with its suite of mobility apps—including Yatri, Mana Yatri, and Yatri Sathi—functions as an open mobility platform on the Open Network for Digital Commerce (ONDC), adhering to a zero-commission model. This zero-commission approach is also utilized by Ola and Uber for their auto rickshaw services, as well as by Rapido, which is backed by WestBridge Capital, for its cab and auto-rickshaw offerings.

In this model, driver partners pay a subscription fee for accessing the platform’s rider discovery service rather than a per-ride commission fee, which typically ranges from 25% to 30%.

Moving Tech was established by Shan M S, the former chief growth officer of fintech platform Juspay, and Magizhan Selvan, the former chief product officer. Juspay holds a majority stake in Moving Tech, with its founders and senior managers also owning shares. In April, Moving Tech was spun off from Juspay into a standalone entity.

The company, known for pioneering the subscription model in India’s ride-hailing sector, competes with rivals such as Ola Cabs, Uber, and Swiggy-backed Rapido. It officially launched its cab services in Bengaluru, its largest market, in April and is also considering expansion into rental and inter-city rides.

Last month, Moving Tech secured its first external funding of $11 million, valuing the company at $55 million. The funding round was led by venture capital firms Blume Ventures and Antler.

Honasa Consumer Reports Strong Q1 FY25 Performance with 33% Profit Surge and Record Revenue Growth

By
Garima Bansal
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0
Honasa Consumer Reports Strong Q1 FY25 Performance with 33% Profit Surge and Record Revenue Growth

Honasa Consumer Limited, the parent company of the D2C brand MamaEarth, announced its financial results for the first quarter of the fiscal year 2025 (Q1 FY25) on Friday. The company experienced a 17.6% increase in revenue quarter-on-quarter (QoQ), along with a 33.3% rise in profit during the quarter ending June 2024.

According to its unaudited consolidated quarterly report filed with the National Stock Exchange, MamaEarth’s revenue from operations grew to Rs 554 crore in Q1 FY25, up from Rs 471 crore in Q4 FY24.

The sole revenue source for Honasa Consumer was the sale of personal and beauty care products. The company also generated Rs 19 crore from financial activities, bringing its total income to Rs 573 crore for Q1 FY25.

For the fiscal year ending March 2024, the company reported a revenue of Rs 1,920 crore, reflecting a 28.7% year-on-year growth, with a net profit of Rs 147 crore.

In Q1 FY25, the cost of material procurement for the D2C brand accounted for 30% of total expenses, rising by 11.3% to Rs 157 crore. Employee benefits, advertising, freight, legal, and other overhead costs pushed the overall expenditure to Rs 520 crore during the same quarter.

Ultimately, the profits of the Peak XV-backed company grew by 33.3% to Rs 40 crore in Q1 FY25, up from Rs 30 crore in Q4 FY24. This marks the most profitable quarter for MamaEarth since its public listing. Notably, the company achieved a significant gross margin of 71% during this period.

Zoomcar Launches First Fulfillment Center in Chennai, Plans to Expand Nationwide with 1,000 New Cars

By
Garima Bansal
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0
Zoomcar Launches First Fulfillment Center in Chennai, Plans to Expand Nationwide with 1,000 New Cars

Zoomcar, a self-drive car-sharing platform, announced on Friday the launch of its first fulfillment center in Chennai, with plans to establish over 100 similar centers within the year. As part of this expansion, the company is also aiming to introduce 1,000 new cars on its platform by December.

These centers, operated by third-party entities, manage the entire process of car listings for hosts who wish to share their vehicles but find it challenging to handle the logistics themselves. Zoomcar, drawing on its extensive experience in the car-sharing industry, supports these fulfillment centers by providing various services to guests.

Hosts pay a nominal fee to access a range of services from these centers, including vehicle management, regular cleaning, secure parking at prime locations, and the delivery and pick-up of cars for customers and service centers.

Vehicles managed through these centers are labeled as “Assured by Zoomcar” on the Zoomcar app, offering guests reliable booking options with 24/7 pick-up and drop-off services.

NuvoRetail Secures $350K to Propel Global Expansion and AI-Driven E-Commerce Innovation

By
Garima Bansal
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0
NuvoRetail Secures $350K to Propel Global Expansion and AI-Driven E-Commerce Innovation

NuvoRetail, a prominent eCommerce marketing and analytics company, has successfully raised $350,000 in funding. This investment is set to accelerate the development of Enlytical.ai, an advanced AI-ML powered platform designed for e-commerce bid automation, insights, and reporting, while also fueling the company’s global expansion efforts.

Vishal Sharma, the Founder and CEO of NuvoRetail, emphasized the significance of this funding as a crucial milestone for the company. He highlighted NuvoRetail’s ongoing mission to provide e-commerce businesses with state-of-the-art tools and strategies. With this investment, the company is positioned to expand its global presence, enhance its AI capabilities, and continue leading innovation in e-commerce marketing.

Enlytical.ai is a sophisticated AI-ML based reporting and ad automation platform that offers a unified dashboard to manage multiple e-commerce platforms across various key performance indicators (KPIs) such as sales, marketing, portfolio, content, supply chain management, pricing, and customer loyalty. The platform enables brands to gain a comprehensive understanding of their business and product performance at a glance.

The platform also features an AI-driven media spend optimization engine that uses advanced AI algorithms to analyze campaign performance and optimize media budget allocation. This helps businesses achieve a higher return on investment (ROI) by reducing unnecessary spending and enhancing audience engagement based on retail readiness indicators.

In addition to digital shelf measurement, Enlytical.ai includes advanced on-shelf analysis and competition benchmarking tools. These features allow businesses to monitor and analyze competitors’ strategies, pricing, and product offerings in real time. The insights gained from these tools enable informed decision-making, helping companies boost their market share and ROI.

With this infusion of capital, NuvoRetail is well-positioned to advance its AI-driven capabilities, drive technological innovation, and solidify its leadership in the e-commerce analytics market.

HCLSoftware to Acquire French Firm Zeenea in €24 Million Deal to Enhance Data Intelligence Capabilities

By
Garima Bansal
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0
HCLSoftware to Acquire French Firm Zeenea in €24 Million Deal to Enhance Data Intelligence Capabilities

HCLTech’s subsidiary, HCLSoftware, is set to acquire a 100% stake in the French software company Zeenea for a valuation of 24 million euros. This move is aimed at expanding its data and analytics business offerings.

The acquisition, structured as an all-cash deal, is anticipated to be finalized by September 2024, as stated in a regulatory filing by HCLTech.

Kalyan Kumar, the Chief Product Officer of HCLSoftware, highlighted that this acquisition will allow the company to provide a unified data intelligence solution. This solution is designed to assist enterprises in discovering, governing, connecting, managing, and making better use of data in their data engineering and GenAI processes.

The filing also mentioned that HCLSoftware’s Actian Data Platform has experienced significant growth in Hybrid Data Management and Integration in recent years. With the addition of metadata management, data catalog, and governance capabilities, customers will be able to enhance their use of the data platform.

Zeenea, founded in 2017 and headquartered in Paris, is known for its intelligent data discovery platform that supports metadata management applications. The company reported a revenue of 2.6 million euros in CY2023.

Marc Potter, CEO of Actian and Portfolio General Manager of HCLSoftware’s Data and Analytics division, emphasized that Zeenea’s data catalog and governance features will expand their portfolio, enabling them to offer a comprehensive, single-vendor solution tailored to the needs of today’s data-driven enterprises.

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