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IppoPay Attracts Investment from CaratLane and Jaipur Gems Founders for Strategic Growth

By
Garima Bansal
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0
IppoPay Attracts Investment from CaratLane and Jaipur Gems Founders for Strategic Growth

Fintech startup IppoPay has secured an undisclosed investment from Mithun Sacheti, founder of CaratLane, and Siddhartha Sacheti, CEO of Jaipur Gems. The Chennai-based company plans to utilize the funds to enhance customer experience, expand service offerings, and establish strategic partnerships for further innovation, as stated in a company release.

Mohan Karuppiah, CEO of IppoPay, noted that the experience of Mithun and Siddhartha as successful entrepreneurs would significantly enrich the company’s strategic direction and add considerable value.

Founded in 2020 by Mohan Karuppiah and Jaikumar R, IppoPay provides payment infrastructure for small businesses, particularly in tier II and III cities and rural areas. The company facilitates the acceptance of Unified Payments Interface (UPI) payments via QR codes for small businesses. Additionally, IppoPay focuses on helping micro, small, and medium enterprises (MSMEs) open current accounts and manage fund transfers.

IppoPay holds a third-party application provider (TPAP) approval from the National Payments Corporation of India (NPCI). Recently, TechFini, a subsidiary of IppoPay, received certification from NPCI to operate as a UPI-based payment infrastructure provider for banks and fintech companies.

The company has a strong presence in Tamil Nadu and is expanding into Andhra Pradesh, Telangana, Karnataka, and Kerala.

Earlier this year, IppoPay appointed former Reserve Bank of India (RBI) regional director SMN Swamy as its senior advisor. Siddhartha Sacheti commented that Mohan’s vision and commitment to improving banking, transactions, and investment for MSME households helped solidify confidence in IppoPay’s potential to build a sustainable fintech platform for MSMEs in India.

EtherealX Raises $5 Million to Advance Reusable Satellite Launch Vehicles

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Garima Bansal
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0
EtherealX Raises $5 Million to Advance Reusable Satellite Launch Vehicles

EtherealX, a space technology startup specializing in the development of reusable launch vehicles for satellites, recently secured $5 million in a funding round led by YourNest, an early-stage venture capital firm. The round also saw participation from BIG Global Investments, BlueHill Capital, Campus Fund, and Golden Sparrow Ventures, among others.

The newly raised funds will be allocated to developing engines for EtherealX’s fully-reusable medium-lift launch vehicle. Specifically, the funds will be used to complete their test facility, conduct final tests and qualifications of the 40kN engine for the upper stage, and manufacture the 925kN semi-cryogenic engine.

Manu J Nair, the chief executive of EtherealX, emphasized that this funding will play a crucial role in advancing their technological capabilities. The Bengaluru-based startup, founded in 2022 by Nair, Shubhayu Sardar, and Prashant Sharma, has been making strides in the spacetech sector.

India’s spacetech sector has seen a notable increase in funding, securing $126 million in 2023, a 7% rise from $118 million in 2022, and more than triple the $37.6 million raised in 2021. So far this year, the sector has attracted $10.8 million in investments, according to data from Tracxn.

Ranjeet Shetye, venture partner at YourNest, highlighted the firm’s commitment to India’s deeptech startup ecosystem, stating that EtherealX embodies the qualities they seek in visionary founders who challenge the status quo. Preetinder S Panjrath, chief financial officer at BIG Capital, expressed confidence in EtherealX’s potential to transform the space transportation industry with its rapid turnaround launch vehicles, which could revolutionize fields from agriculture to space mining.

EtherealX previously raised its first institutional funding from investors including Campus Fund, BlueHill Capital, and Riceberg Ventures.

Hyperbots Secures $2 Million Seed Funding to Revolutionize Finance and Accounting with AI-Powered Solutions

By
Garima Bansal
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0
Hyperbots Secures $2 Million Seed Funding to Revolutionize Finance and Accounting with AI-Powered Solutions

Hyperbots, an emerging AI startup specializing in finance and accounting, has secured $2 million in seed funding. The investment round was led by Kalaari Capital and included participation from Sunicon Ventures and Athera Venture Partners.

The funds raised will be allocated towards expanding Hyperbots’ go-to-market strategy and advancing product development, particularly in creating proprietary generative AI models for the finance and accounting sectors.

Established in 2023 by Rajeev Pathak, Niyati Chhaya, and Ram Jayaraman, Hyperbots provides comprehensive AI-driven tools designed to streamline various financial processes, such as accounts payable, accounts receivable, and expense management.

The company has developed unique AI Assistants that possess human-like intelligence, enabling automation of manual, analytical, and strategic tasks within finance and accounting. Hyperbots focuses on the US mid-market, catering to companies with annual revenues ranging from $50 million to $1 billion. Their platform integrates AI into every aspect of processes like procure-to-pay, order-to-cash, and expense management, significantly reducing the need for human intervention by up to 80%.

Unicommerce Esolutions Secures Over Rs 124 Crore in Anchor Investment Ahead of IPO Launch

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Garima Bansal
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0
Unicommerce Esolutions Secures Over Rs 124 Crore in Anchor Investment Ahead of IPO Launch

Unicommerce Esolutions Ltd, an ecommerce software platform backed by SoftBank, has successfully concluded the anchor portion of its initial public offering (IPO). The company allocated shares worth over Rs 124 crore to both domestic and foreign investors, as reported by the firm.

Notable investors in this round include SBI Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Morgan Stanley, Franklin Templeton, and the Prudential Assurance Company. Shares have been allocated at Rs 108 each, which is at the top end of the price band set for the IPO (Rs 102-108).

The IPO will open for public bidding on Tuesday, with the subscription period closing on August 8. The stock is set to be listed on the exchanges on August 13.

The IPO will consist of an offer-for-sale (OFS) of up to 25.6 million shares, excluding a fresh issue component. This OFS amount has been reduced from the previously planned 29.8 million shares. SoftBank and the promoter, AceVector Group (formerly Snapdeal), will be selling their stakes through this OFS.

B2 Capital Partners, a promoter entity through which Snapdeal cofounders Kunal Bahl and Rohit Bansal hold a stake in Unicommerce, has withdrawn from the OFS. B2 Capital had initially planned to sell up to 2.2 million shares. Currently, SoftBank holds a 29.2% stake in Unicommerce, AceVector controls 38.2%, and B2 Capital holds approximately 10%.

Founded in 2012, Unicommerce provides technology solutions for managing various ecommerce operations, including warehouse and inventory management, order management, omnichannel retail management, and seller management. Its clients include prominent consumer companies like Myntra, Lenskart, Mamaearth, and Boat.

Instawork Acquires Able Jobs’ Technology Platform to Enhance Global Staffing Solutions

By
Garima Bansal
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0
Instawork Acquires Able Jobs' Technology Platform to Enhance Global Staffing Solutions

San Francisco-based staffing solutions provider Instawork has acquired the technology platform of Bengaluru-based online placement forum Able Jobs for an undisclosed amount. One of Able Jobs’ cofounders, Ravish Agrawal, will serve as an advisor to Instawork, while the other cofounder, Siddharth Srivastava, will join Instawork as a product leader.

As part of the acquisition, Elevation Capital, Titan Capital, and other venture investors in Able Jobs will exit the company. The remaining small team of approximately four employees will be integrated into Instawork, according to a spokesperson.

Able Jobs, founded in 2019, operates an online platform designed to equip young professionals with the skills and knowledge necessary for securing employment. The company has assisted over 35,000 candidates in finding jobs, with its app being used by nearly three million users and over 2,500 employers.

Able Jobs had raised a total of $2.3 million from Elevation Capital, Y Combinator, Titan Capital, Mynavi, FirstCheque, and super angels like Neeraj Arora and Farid Ahsan.

Instawork, another startup backed by Y Combinator and founded in 2016 by Sumir Meghani, is an online staffing platform that connects businesses with skilled hourly workers. The platform offers flexible work opportunities across various industries, including hospitality, warehousing, retail, and events.

With this acquisition, Instawork plans to leverage Able Jobs’ product to enhance its own capabilities and expand its reach globally from India, as stated by the company. It has raised $160 million in equity funding over multiple rounds and was last valued at $760 million in 2023. It is supported by investors such as Benchmark, Greylock, Craft Ventures, Spark Capital, Y Combinator, and TCV.

Ravish Agrawal expressed that the goal behind starting Able Jobs in 2019 was to create an affordable and impactful platform for job seekers to navigate their careers. He added that Instawork’s current ventures in new areas within the United States could benefit from Able Jobs’ product, potentially accelerating their progress.

Punch Raises $7 Million in Seed Funding to Enhance Trading Platform and User Experience

By
Garima Bansal
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0
Punch Raises $7 Million in Seed Funding to Enhance Trading Platform and User Experience

Stock-broking platform Punch has secured $7 million in seed funding from Stellaris Venture Partners, Susquehanna Asia VC, Prime Venture Partners, and Innoven Capital. The funding round also included contributions from notable angel investors such as Kunal Shah, the founder of Cred, Vatsal Singhal, the cofounder of Ultrahuman, and Nitish Mittersain, the founder of Nazara Technologies.

The newly raised funds will primarily be directed towards research and development (R&D) efforts aimed at enhancing the user experience and covering marketing expenses.

According to Amit Dhakad, cofounder and CEO of Punch, a significant portion of the funds will be invested in product innovation and understanding the needs of regulators and customers. The focus will be on promoting responsible trading practices without explicitly educating customers.

Punch, founded in 2022 by Dhakad, Hiral Jain, Arshad Fahoum, and Ajit Dandekar, operates as a trading platform developed by Market Pulse Securities, a Securities and Exchange Board of India (Sebi)-registered broker. The platform offers index and stock options trading, as well as direct stock trading.

Dhakad noted that approximately 60-70% of Punch’s users are young, part-time traders with less than a year of trading experience. While the company’s current focus is on options trading, plans are underway to introduce cash trading next month. The platform has been in a beta testing phase for the past 18 months, with around 18,000 trading accounts currently active.

Despite these regulatory challenges, Punch has observed that young traders continue to engage with derivative trading, often underestimating the associated risks.

Juleo Raises $2.5M to Revolutionize Matchmaking with AI-Powered Dating Platform

By
Garima Bansal
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0
Juleo Raises $2.5M to Revolutionize Matchmaking with AI-Powered Dating Platform

Juleo, a dating app focused on addressing the matchmaking crisis, has successfully raised $2.5 million in a funding round. Investors include Ramakant Sharma, founder of Livspace; Kunal Shah, founder of Cred; Ruchi Deepak, cofounder of Acko; and Harsh Jain and Lalit Keshre, founders of Groww, among others.

The newly acquired funds are earmarked for team expansion, growth, and marketing initiatives. Varun Sud, the founder and chief executive of Juleo, emphasized the global issue of dating app burnout and its impact on mental health. The platform aims to create a trusted club for singles, offering a safe, reliable, and responsible service to help users find genuine connections.

Founded in 2023 by Chiranjeev Ghai and Varun Sud, the Delhi NCR-based platform operates as a singles’ club. It features an AI matchmaking assistant that curates profiles and facilitates initial meetings between compatible members.

Sud pointed out a common problem with dating apps: while users often connect online, they rarely meet in person. Juleo aims to address this issue by encouraging real-life interactions, enhanced by the guidance of an AI matchmaker. The company’s revenue model is based on a membership fee subscription.

Sud noted that achieving venture-scale success in India would require attracting one to two million users annually. He highlighted the cultural significance of matchmaking in India, where people are willing to pay substantial amounts to premium offline matchmakers.

Ramakant Sharma, founder of Livspace, expressed enthusiasm for the investment, praising Juleo’s talented team and their mission to solve a significant consumer internet problem. He looks forward to supporting the company in various ways.

Jupiter Expands ESOP Pool by Rs 40 Crore Amidst Strategic Growth Initiatives

By
Garima Bansal
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0
Jupiter Expands ESOP Pool by Rs 40 Crore Amidst Strategic Growth Initiatives

Jupiter, a neobanking platform, has increased its employee stock option plan (ESOP) pool by Rs 40 crore, approximately $5 million. This move aligns Jupiter with several other growth and late-stage companies that have expanded their ESOP pools this year.

The company’s recent regulatory filing with the Registrar of Companies (RoC) reveals that 21,665 ESOP options have been approved for issuance to the “Jupiter Employee Welfare Trust.” Each equity share has been valued at Rs 18,826.29, including the premium, bringing the total ESOP value to Rs 40.7 crore.

In March 2022, Jupiter conducted its last ESOP buyback, amounting to $4 million for 21 employees. The filing also indicates that the total ESOP pool represents 7.89% of the company’s total share capital.

This expansion comes as Jupiter broadens its product offerings and recently acquired a wallet license from the Reserve Bank of India (RBI). Additionally, the company secured strategic funding from existing investors for its non-banking financial company (NBFC) subsidiary, Amica Finance, as reported exclusively by Entrackr in June.

Jupiter was valued at around $710 million during an $86 million Series C funding round in December 2021. The company has raised over $160 million to date, with investors including QED Investors, Peak XV, and Matrix Partners, among others.

According to data, Jupiter generated a total revenue of Rs 56 crore in FY23, but reported a loss of Rs 327 crore. The company competes with other players like Niyo, Slice, and Fi.

Groq Secures $640 Million in Series D Funding, Elevating Valuation to $2.8 Billion

By
Garima Bansal
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0
Groq Secures $640 Million in Series D Funding, Elevating Valuation to $2.8 Billion

Semiconductor startup Groq announced on Monday that it has secured $640 million in a Series D funding round led by Cisco Investments, Samsung Catalyst Fund, and BlackRock Private Equity Partners, among others. This funding elevates the company’s valuation to $2.8 billion.

Founded by a former Alphabet engineer, the Silicon Valley-based company focuses on developing AI inference chips—semiconductors designed to enhance processing speed and execute commands of pre-trained models efficiently.

In a bid to challenge Nvidia’s dominant role in the rapidly expanding AI chip market, Groq, alongside other startups, is making strides in this competitive field. Last year, Groq modified Meta Platforms’ large language model, LLaMA, to operate on its own chips rather than Nvidia’s, as Meta researchers originally utilized Nvidia’s chips for LLaMA.

Cloud service providers, striving to create their own AI products, are also exploring alternatives to Nvidia’s high-end processors due to the high demand and limited supply.

In 2021, Groq was valued at $1.1 billion following investments from Tiger Global Management and D1 Capital.

The company intends to use the latest funding to expand the capacity of its tokens-as-a-service (TaaS) offering and enhance the GroqCloud with new models and features. By the end of the first quarter of 2025, Groq plans to deploy over 108,000 Language Processing Units produced by Global Foundries.

Additionally, Groq has appointed Stuart Pann, a former senior executive at Intel and HP Inc., as its Chief Operating Officer, and Meta’s Chief AI Scientist Yann LeCun has joined as the company’s newest technical adviser.

Agritech Startup Agrizy Secures $9.8 Million to Expand and Innovate in Food Processing

By
Garima Bansal
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0
Agritech Startup Agrizy Secures $9.8 Million to Expand and Innovate in Food Processing

Agritech startup Agrizy raised $9.8 million (approximately Rs 82 crore) in a funding round co-led by Accion and Omnivore, with participation from Capria Ventures, Thai Wah Ventures, and existing investor Ankur Capital. The funds will be used to expand into new product areas and markets, launch contract development and manufacturing organization (CDMO) and value-added advisory services, and provide financial services to MSME processors and farmer-producer organizations (FPOs).

Founded in 2021 by Vicky Dodani and Saket Chirania, the Bengaluru-based platform connects agricultural suppliers, processors, and buyers across food and non-food categories. Agrizy aims to transform India into a global food processing hub by helping FPOs and MSME agri-processors access export markets and comply with global quality standards. The platform serves over 100 institutional clients in India and overseas.

The company’s unique approach leverages technology to streamline the agri-processing supply chain, making it easier for small and medium enterprises to manage procurement and sales. By offering digital tools and financial services, Agrizy empowers these businesses to improve their operational efficiency and achieve better market outcomes.

John Fischer from Accion and Mark Kahn from Omnivore highlighted Agrizy’s role in providing a marketplace and support for small processors and FPOs, as well as the importance of its move into contract manufacturing to streamline export-focused supply chains.

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