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Google Cloud to Establish Startup Hub in Madhya Pradesh Following Rs 3,200 Crore Investment Proposals

By
Garima Bansal
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Google Cloud to Establish Startup Hub in Madhya Pradesh Following Rs 3,200 Crore Investment Proposals

Madhya Pradesh Chief Minister Mohan Yadav announced that Google Cloud has proposed establishing a startup hub and center of excellence in the state. During a two-day visit to Bengaluru, proposals with an investment potential of approximately Rs 3,200 crore were received.

Yadav explained that Google Cloud’s initiative aims to boost the skilled workforce in Madhya Pradesh by setting up these new facilities. His visit also included a meeting with Hindustan Aeronautics Limited (HAL), where discussions took place about establishing a HAL center in Madhya Pradesh, which are expected to produce favorable outcomes.

Additionally, Nvidia has recommended creating a blueprint to position Madhya Pradesh as the ‘Intelligence Capital of India.’ Under the ‘Invest Madhya Pradesh’ initiative in Bengaluru, investment proposals totaling around Rs 3,200 crore were submitted, promising to create about 7,000 job opportunities.

Yadav noted that the visit was a positive step for investment, highlighting the close relationship between Madhya Pradesh and Karnataka, and the goal of the ‘Invest Madhya Pradesh’ program was to provide more space for business and industry growth in Karnataka.

During the visit, Yadav participated in a roundtable discussion with representatives from the space technology sector, NASSCOM, and major companies such as Infosys Ltd, Cognizant, and TCS. These discussions focused on IT development in Madhya Pradesh and future plans, with expectations that many IT companies will establish campuses in the state.

The interactive session saw over 500 participants, including investors from Karnataka and neighboring states. Yadav also held one-on-one meetings with more than 30 leading industrialists. Representatives from various industry bodies and countries including Britain, Poland, Italy, France, Australia, and Switzerland were also present.

MoUs were signed with the India Electronics and Semiconductor Association, the Electronic Industries Association of India, and the Association of Geospatial Industries.

Unicommerce IPO Breaks Records with 168.32x Subscription Rate

By
Garima Bansal
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0
Unicommerce IPO Breaks Records with 168.32x Subscription Rate

The public offering of Unicommerce has generated remarkable interest among investors, becoming the most subscribed startup IPO in India this year. On the final day of bidding, the offer was subscribed 168.32 times, surpassing the previous record set by Awfis IPO with 108X subscriptions. This surge in interest was largely driven by non-institutional and retail investors.

The non-institutional investor category recorded significant interest with 96.9 crore bids, oversubscribing the 38 lakh shares available by 252.44 times. Overall, investors submitted bids totaling more than 237 crore, well beyond the 1.40 crore equity shares offered. The retail segment of the IPO was oversubscribed by 130.86 times, with 33.5 crore bids received against the 25 lakh shares on offer.

The IPO, priced between Rs 102 and Rs 108 per share, saw heightened interest from qualified institutional buyers on the third day of bidding, with this portion subscribed 138.75 times. Additionally, Unicommerce is currently trading at a grey market premium of Rs 50-52.

On its initial day of bidding, the issue was subscribed 2.43 times the number of shares offered. The Delhi-based SaaS company has raised Rs 124.5 crore from anchor investors. Of the 1.15 crore equity shares available at Rs 108 each, 75.75% (87.29 lakh shares) have been allocated to eight domestic mutual funds across 10 different schemes. Key investors include SBI Mutual Fund, Morgan Stanley, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Nippon Mutual Fund, and Kotak Mahindra Trustee.

Unicommerce’s IPO is an offer-for-sale (OFS) of 2.56 crore equity shares, with no new shares being issued. In this OFS, AceVector Ltd (formerly Snapdeal Ltd) will sell up to 94.38 lakh equity shares, while SoftBank will offer up to 1.61 crore equity shares.

Yulu Bikes Targets $100 Million in Series C Funding for Fleet Expansion and New Product Launches

By
Garima Bansal
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0
Yulu Bikes Targets $100 Million in Series C Funding for Fleet Expansion and New Product Launches

Shared mobility services provider Yulu Bikes is seeking to raise over $100 million in its Series C funding round to support expansion plans over the next few years.

Yulu, which has a strategic partnership with Bajaj Auto to develop electric vehicles, aims to more than double its fleet of electric two-wheelers—used for both passenger and cargo transport—to 80,000 by the end of this fiscal year. The funds will also support the launch of new products, expansion of its reach, and further technology development, according to Amit Gupta, co-founder and CEO of Bengaluru-based Yulu Bikes.

The company has raised more than $123 million in equity capital, including $52 million for Yuma, a joint venture with Magna International. Investors include Bajaj Auto, Magna International, Blume Ventures, 3one4 Capital, Wavemaker, Incubate Fund, Rocketship.vc, and various other institutional and angel investors. Additionally, Yulu has secured $12 million in debt financing from the US International Development Finance Corporation and Northern Arc. As of February 2024, Bajaj Auto holds an 18.8% stake in Yulu Bikes.

Currently, Yulu operates a fleet of 35,000 electric two-wheelers across five cities in India. Initially launched as a passenger mobility service, Yulu has adapted to shifting consumer behavior post-COVID, with an increased focus on delivery services driven by the rise in online shopping for food, groceries, and medicines. Now, 85% of Yulu’s revenue comes from goods deliveries.

To capitalize on this potential, Yulu plans to introduce a new mid-speed scooter with a higher payload, designed specifically for quick-commerce deliveries, by the end of 2024. Gupta noted that Yulu will continue to strengthen its leadership in the mobility-as-a-service (MaaS) sector by expanding its existing business and exploring new use cases and markets.

The company aims to finalize its Series C funding round this fiscal year. While Gupta did not specify the exact amount sought, he indicated that the goal is to surpass the $100 million raised in the previous round, citing strong interest from institutional investors both in India and abroad.

Yulu anticipates achieving operational profitability within the next two quarters. Despite having negligible burn rates and adequate capital, additional resources are needed to expand the fleet and continue growth. Yulu plans to offer its services in 15 cities by year-end and explore export opportunities for its co-developed products through Bajaj Auto’s global distributor network, with potential exports starting next year.

Oneiric11 Gaming Raises $1 Million to Elevate India’s Fantasy Sports Experience

By
Garima Bansal
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0
Oneiric11 Gaming Raises $1 Million to Elevate India's Fantasy Sports Experience

Oneiric11 Gaming, an esports and gaming platform backed by actor Rannvijay Singha, has successfully raised $1 million in a pre-Series A funding round. The round was co-led by NG Family Trust and TAC Holdings, with additional contributions from other investors.

The capital will be used to expand the company’s game development team, improve its technological infrastructure, and boost marketing efforts to reach a wider audience. These plans were detailed in a press release by Oneiric11 Gaming.

Founded in 2020 by AVneet Singh, Oneiric11 Gaming is dedicated to creating immersive and engaging gaming content tailored specifically for Indian gamers.

The Chandigarh-based company emphasizes its zero transaction fee feature as a consumer-centric initiative that demonstrates its commitment to responsible gaming. Players on the platform can explore a variety of fantasy sports while enjoying rewards and prizes, positioning Oneiric11 Gaming as a top destination for fantasy gaming enthusiasts.

Other notable startups in this sector include GRID Esports, Gameskraft, EVOS Esports, and JetSynthesys.

Airtel Payments Bank Reports Strong Q1 FY25 Performance with 52% Revenue Surge

By
Garima Bansal
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0
Airtel Payments Bank Reports Strong Q1 FY25 Performance with 52% Revenue Surge

Airtel Payments Bank reported that its quarterly revenue for Q1 FY25 has increased to Rs 610 crore, reflecting a 52% year-over-year (YoY) growth.

The bank’s net profit experienced a 41% YoY rise, reaching Rs 7.2 crore. This growth was significantly driven by an increase in Monthly Transacting Users (MTUs), which surpassed 88 million, leading to a 53% YoY surge in customer deposits, amounting to Rs 2,943 crore, as stated in the bank’s press release.

The gross merchandise value (GMV) of the bank exceeded Rs 3.4 lakh crore on an annualized basis. This achievement was largely fueled by the growing adoption of the bank’s digital savings account and other digital services.

Airtel Payments Bank attributed its industry-leading growth to the strong uptake of its flagship safe daily transaction account designed for India, along with a surge in digital payments across all its business segments. The bank is now well-positioned to leverage India’s expanding digital opportunities and enhance its margins.

This development occurs at a time when one of Airtel Payments Bank’s major competitors, Paytm Payments Bank, is striving for a comeback after its auditor raised concerns about its viability, according to reports.

Established in 2016 as a subsidiary of the telecom giant Bharti Airtel, Airtel Payments Bank was the first entity to receive a payments bank license from the Reserve Bank of India (RBI). This banking model, conceptualized by the RBI, enables banks to accept deposits but restricts them from issuing credit, with the aim of enhancing financial inclusion and providing essential banking services to underserved populations.

GenWorks Secures ₹41 Crore Funding Round Led by Evolvence Fund, Valued at $65 Million

By
Garima Bansal
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GenWorks Secures ₹41 Crore Funding Round Led by Evolvence Fund, Valued at $65 Million

Healthcare firm GenWorks has secured ₹41 crore (approximately $5 million) in a funding round led by Evolvence Fund. Somerset Indus Healthcare Fund and key individuals from the Zawawi Group also participated in the round.

The board of GenWorks Health has approved a special resolution to issue 5,12,500 Compulsorily Convertible Preference Shares (CCPS) at ₹800 each to raise this amount, as indicated in its regulatory filing with the Registrar of Companies.

Evolvence Fund and Somerset Indus Healthcare Fund contributed ₹26 crore and ₹8.2 crore, respectively, while Kasiraman Swaminathan and Ramesh Kumar Sivaraman, key individuals from the Zawawi Group, invested a combined ₹8.2 crore. With this new investment, Evolvence Fund now holds a 1.51% stake in GenWorks, Somerset Indus Healthcare holds 4.54%, and the key personnel from the Zawawi Group hold 1.52%.

Originally funded by Wipro GE, GenWorks has raised over $33 million to date, including a $17 million investment round led by Wipro GE and Morgan Stanley in May 2022. Wipro GE is a joint venture between Indian IT major Wipro and American multinational GE Healthcare. The company also secured $4 million from BlackSoil in May 2023.

Founded by S. Ganesh Prasad, GenWorks provides medical devices for cardiology, ENT, IVD, newborn care, radiology, and respiratory diagnosis, among others. The company claims to have reached over 200 million people in India since its inception and impacts 6 million lives annually.

The decade-old company has experienced significant growth in recent fiscal years. For FY23, it reported an operating collection of ₹447 crore, marking a 20% year-on-year growth compared to FY22. However, its losses also increased by 46% to ₹44 crore during the same period. GenWorks has yet to release its financial results for the last fiscal year (FY24).

FlexiBees Secures Pre-Series A Funding to Expand Technological and Market Reach

By
Garima Bansal
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0
FlexiBees Secures Pre-Series A Funding to Expand Technological and Market Reach

Talent marketplace FlexiBees has secured its pre-Series A funding round led by Inflection Point Ventures for an undisclosed amount. The round also included contributions from notable investors such as Shan M S, COO of Namma Yatri, and Reema Mahajan, founder of International Women in Dubai.

The funds will be utilized to expand technological infrastructure, enhance AI algorithms, and increase market presence to better serve both employers and talent.

Founded by Shreya Prakash and Rashmi Rammohan, FlexiBees connects women professionals with part-time, project-based, and remote roles. It serves over 700 businesses globally, including major firms and high-growth startups.

FlexiBees claims to have a network of over 60,000 professionals and has placed over 1,400 women in flexible careers, impacting 20,000 women through returnship preparation and interview coaching.

As of July 2024, FlexiBees has a team of over 30 professionals working remotely, all sourced from their own talent pool.

Nazara Technologies Expands Global Footprint with Acquisition of UK Gaming Studio Fusebox Games

By
Garima Bansal
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0
Nazara Technologies Expands Global Footprint with Acquisition of UK Gaming Studio Fusebox Games

Nazara Technologies, a gaming and sports media company, has acquired the UK-based gaming studio Fusebox Games Limited for Rs 228 crore ($27.2 million) in an all-cash deal.

Fusebox is known for publishing the interactive story game “Love Island” and is currently developing new games based on popular global TV intellectual properties. In the calendar year 2023, the company reported revenues of Rs 87.5 crore ($10.4 million) with an EBITDA of Rs 11.7 crore ($1.4 million). In 2024, Fusebox has demonstrated significant growth, recording year-to-date revenues (January to July 2024) of Rs 116.6 crore ($13.9 million) with an EBITDA of approximately Rs 33.3 crore ($4 million).

Fusebox primarily focuses on developed markets, including the US, UK, Australia, Canada, Switzerland, Sweden, Denmark, Norway, and New Zealand, among others. The company employs 30 people, mainly based in the UK.

Earlier this year, Nazara Technologies announced plans to invest $100 million in mergers and acquisitions over the next 24 months. Since then, the company has invested in several ventures and acquired various assets, including the IP rights of Ultimate Teen Patti and assets of another gaming entity.

In the fiscal year ending March 2024 (FY24), Nazara’s revenue from operations increased by 4.3% to Rs 1,138 crore, up from Rs 1,091 crore in FY23. The company’s controlled costs and increased other income contributed to a 23% rise in profit, reaching Rs 75 crore in FY24, compared to Rs 61 crore in the previous fiscal year. Earlier this year, the company also raised Rs 250 crore ($30 million) from various investors, further strengthening its financial position.

Scimplify Secures $9.5 Million Series A Funding to Enhance R&D and Expand Market Reach

By
Garima Bansal
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0
Scimplify Secures $9.5 Million Series A Funding to Enhance R&D and Expand Market Reach

Scimplify, a startup specializing in specialty chemical manufacturing, has secured $9.5 million in Series A funding. The round was led by Omnivore, with additional participation from Bertelsmann India Investments and existing investors 3one4 Capital and Beenext.

Based in Bengaluru, Scimplify plans to allocate the new funds to bolster its research and development (R&D) capabilities and to expand into new markets.

Founded in 2023 by Salil Srivastava and Sachin Santhosh, Scimplify operates as a business-to-business (B2B) fulfillment platform for the complete sourcing and manufacturing of specialty chemicals. The company covers the entire product lifecycle, from contract research to commercial chemical manufacturing, and caters to sectors including pharmaceuticals, agrochemicals, and personal and home care products.

Salil Srivastava noted that the backbone of Indian specialty chemical manufacturing consists of mid-sized factories with deep, chemistry-specific expertise developed over decades. Despite this, there is significant capacity available to double national output within the next five years with existing infrastructure. Scimplify aims to harness this capacity by integrating cutting-edge R&D with steady demand from global customers, providing a comprehensive tech-enabled offering for modern, agile clients.

Prior to founding Scimplify, Srivastava led the chemicals vertical at the contract manufacturing company Zetwerk. Santhosh, on the other hand, worked with the B2B vendor management startup Bizongo and began his career at the B2B e-commerce platform OfBusiness.

The global specialty chemicals market was valued at over $800 billion in 2023, with agrochemicals and pharmaceuticals making up more than 60% of this market. India, being the world’s second-largest exporter of agrochemicals, is anticipated to double its chemical output by 2027.

Mark Kahn, managing partner at Omnivore, praised Scimplify for its science-driven platform that delivers cost-effective, sustainable agrochemicals and green chemistry intermediaries. By optimizing R&D and manufacturing processes for sustainable formulations, Scimplify is addressing global demands and enhancing India’s role as a leader in sustainable chemical manufacturing.

Adya.ai Partners with Google Cloud to Boost ONDC Integration for Enterprises

By
Garima Bansal
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Adya.ai Partners with Google Cloud to Boost ONDC Integration for Enterprises

Enterprise technology startup Adya.ai, a technology service partner for Open Network for Digital Commerce (ONDC), has teamed up with Google Cloud to launch a new platform aimed at increasing ONDC’s adoption among enterprises.

The newly introduced platform, ATMA (Aatmanirbhar Technology Marketplace by Adya), will enable businesses to develop and customize ONDC-compliant applications and deploy them on Google Cloud within a day. This platform addresses key challenges such as process complexity, extended deployment timelines, and scalability issues that often accompany ONDC app development. It features pre-configured frameworks and scalable, cloud-based architectures that shorten the app deployment process from 12 months to just 24 hours.

Founded in 2023 by Shayak Mazumder, Archana Mazumder, and Angad Singh Ahluwalia, Adya.ai provides a comprehensive solution for enterprises to create ONDC applications, customize design and user experience, and manage access controls, among other features.

Adya.ai’s toolset includes buyer and seller-side applications, along with a technology marketplace that facilitates rapid ONDC adoption and smooth integration into existing systems. The startup serves various sectors, including retail, mobility, logistics, credit, insurance, and finance, and has established partnerships with notable companies like Canara Bank, Aditya Birla Financial, and Hindustan Unilever.

Earlier this year, Adya.ai secured pre-seed funding of INR 10.5 crore from Indian Angel Network and other investors.

In the food and beverages sector, ONDC holds an 18% market share in Bengaluru and accounts for about 3% of the total food order volumes from Swiggy and Zomato across India. In June, the Centre launched an initiative to onboard 500,000 micro and small businesses onto the ONDC platform.

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