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Infibeam Avenues Acquires Majority Stake in Rediff.com, Expands Into Digital Financial Services

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Garima Bansal
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Infibeam Avenues Acquires Majority Stake in Rediff.com, Expands Into Digital Financial Services

Fintech company Infibeam Avenues has acquired a 54% stake in Rediff.com India Ltd. This acquisition, funded internally, marks a significant step for Infibeam Avenues as it ventures into consumer-facing digital financial services, leveraging Rediff.com’s established platform for news, cloud-based enterprise email storage, and collaboration.

According to Infibeam Avenues, this majority stake will enhance its product and service offerings. The company anticipates significant revenue growth in the coming quarters as it enters the financial sector as an aggregator.

Infibeam aims to leverage Rediff.com’s strengths, including its substantial organic traction among news audiences and its portfolio of over 5,000 corporate email clients. This strategic move is expected to bolster business growth in both domestic and international markets.

Founded in 1996 by Ajit Balakrishnan, Rediff.com offers a variety of services, including cloud-based enterprise email storage, content distribution, and related commerce services. It boasts a considerable user base and data assets, ranking among the top 1,000 global sites in traffic with over 55 million monthly visitors. This extensive user base provides valuable insights into consumer behavior, preferences, and spending patterns, enabling cross-selling opportunities for financial products such as loans, insurance, and investments using artificial intelligence.

Infibeam Avenues specializes in digital payment gateways (CCAvenue), enterprise software platforms, and AI solutions for businesses and government entities. The company also provides a digital banking suite for corporations and SMEs, money transfer solutions for banks and businesses, and correspondent banking services for unbanked individuals.

Black Box Secures ₹410 Crore to Expand Global Data Center Services Amid Rising AI Demand

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Garima Bansal
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Black Box Secures ₹410 Crore to Expand Global Data Center Services Amid Rising AI Demand

Black Box, an IT systems integrator backed by the Essar Group, has secured Rs 410 crore through a preferential issue. The funds will be used to expand its data center infrastructure services globally, leveraging the growing demand for AI computing.

Black Box, which counts major clients like Amazon, Google, and Microsoft, plans to invest in enhancing data center services for hyperscalers, multi-tenant data center operators, and large enterprises, along with boosting connectivity and networking infrastructure. A portion of the capital will also support sales and business development efforts in North America and other emerging markets.

The company’s Board of Directors approved the issuance of 98,32,123 fully convertible warrants at Rs 417 each, totaling Rs 410 crore, as stated in an exchange filing on Friday.

This funding round includes Rs 200 crore from existing promoters, another Rs 200 crore from foreign institutional investors and high-net-worth individuals, and Rs 10 crore from key management personnel. Following the conversion of warrants into equity, the promoter’s shareholding will slightly decrease from 71.1% to 69.8%.

For the fiscal year ending in March 2024, Black Box reported a net profit of Rs 138 crore, a 5.8-fold increase year-over-year. The company’s earnings before interest, tax, depreciation, and amortization stood at Rs 428 crore. Based in Mumbai, Black Box operates in 35 countries and provides services to 1,500 customers.

Bebe Burp Secures Rs 8 Crore in Pre-Series A Round, Plans Global Expansion

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Garima Bansal
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Bebe Burp Secures Rs 8 Crore in Pre-Series A Round, Plans Global Expansion

Bebe Burp, a baby food brand, has raised Rs 8 crore (approximately $1 million) in a pre-Series A funding round led by Gruhas Collective Consumer Fund (GCCF), a venture capital firm launched in partnership with Collective Artists Network earlier this year. Previously, the Surat-based company secured $419,000 from LetsVenture and other investors in 2022.

The newly acquired funds will be allocated to various areas, including market expansion, advanced product development, marketing initiatives, hiring, talent acquisition, innovation, and research and development, according to a press release from Bebe Burp.

Founded in 2018 by Shruti Tibrewal, Bharat Tibrewal, and Chirag Gupta, Bebe Burp addresses the issue of harmful chemicals and preservatives in baby food. The company offers nutritious alternatives that promote healthy eating for children, producing instant mixes, cookies, and snacks such as multi-flavored porridge mixes, 100% millet puffs, ragi cookies, and organic jaggery powder.

Market research suggests that the Indian baby food market is expected to grow at a compound annual growth rate (CAGR) of 6.1%, reaching around $109 billion by 2027.

Looking ahead, Bebe Burp plans to enter international markets, including the Middle East, Europe, and Southeast Asia. The brand also aims to expand its presence to over 100,000 retail stores across India. Since its inception, Bebe Burp claims to have served more than 150,000 customers.

In the competitive landscape, Bebe Burp may find itself up against other startups such as The Moms Co, Babease Foods, Else Nutrition, Baby Destination, and Little Charlie.

Kinetic Green Secures ₹168 Crore Funding Round with Greater Pacific Capital

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Garima Bansal
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Kinetic Green Secures ₹168 Crore Funding Round with Greater Pacific Capital

Kinetic Green, the electric vehicle (EV) division of the Kinetic Group, has secured ₹168 crore (approximately $20 million) in equity and debt from Greater Pacific Capital. This marks the company’s first investment round of 2024.

The board of Kinetic Green has authorized the issuance of 10,100 non-convertible debentures to raise ₹101 crore from Greater Pacific Capital, according to their filing with the Registrar of Companies (RoC). Concurrently, the company has raised ₹67 crore in Series A funding by issuing 7,04,612 preference shares to the London-based investor.

The funds will be allocated towards debt repayment, overdue payments, capital expenditure, and marketing activities. Kinetic Green’s post-investment valuation stands at approximately ₹1,467 crore (about $176 million). The new investor is expected to hold a 4.58% stake in the company.

Kinetic Green specializes in electric three-wheelers and two-wheelers and has a collaboration with the luxury brand Tonino Lamborghini for electric golf carts and buggies. In February, Sulaja Firodia Motwani, the company’s top executive, announced an investment of ₹100 crore to launch the e-Luna model.

The company was also exploring options to raise an additional ₹200-400 crore and may secure further funding in this round.

In the fiscal year 2022-23, Kinetic Green reported sales of 50,000 EVs. For FY25, the company targets sales of 100,000 units and aims to achieve revenue of ₹1,000 crore. It also seeks to capture a 12-15% market share in the EV two-wheeler and three-wheeler segments.

Mitsubishi Motors Joins Forces with Nissan and Honda for Advanced EV Partnership

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Garima Bansal
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0
Mitsubishi Motors Joins Forces with Nissan and Honda for Advanced EV Partnership

Mitsubishi Motors Corp. has officially joined an electric vehicle partnership with Nissan Motor Co. and Honda Motor Co., following the signing of a new memorandum of understanding by the three Japanese automotive giants on Thursday.

This memorandum paves the way for the trio to collaboratively explore a framework aimed at advancing the intelligence and electrification of automobiles. This effort builds on a prior agreement between Nissan and Honda established in March.

The companies anticipate that this partnership will expedite their electric vehicle initiatives and enhance business efficiencies.

Makoto Uchida, President and CEO of Nissan, expressed enthusiasm about Mitsubishi Motors joining the strategic alliance with Honda and Nissan. He highlighted Mitsubishi Motors’ unique technologies and expertise, noting its history of collaboration with Nissan. Uchida expects that the combined efforts of the three companies will lead to increased value creation and the delivery of innovative products and services tailored to diverse customer needs.

Nissan and Honda are focused on accelerating the development of carbon-neutral technologies and the pursuit of a zero-traffic-accident society through automation.

Takao Kato, President and CEO of Mitsubishi, stated that discussions between Nissan and Honda about the potential partnership had advanced, leading to Mitsubishi’s decision to participate. He emphasized that collaboration is crucial in the rapidly evolving automotive industry, driven by technological advancements such as electrification and intelligence. Kato believes that the partnership will uncover new opportunities across various fields through the joint efforts of the three companies.

Physics Wallah Announces Rs 250 Crore Scholarship Fund via NSAT 2024

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Garima Bansal
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Physics Wallah Announces Rs 250 Crore Scholarship Fund via NSAT 2024

Physics Wallah (PW), an Indian education company, has launched a scholarship fund worth Rs 250 crore through its third edition of the National Scholarship Common Admission Test (NSAT) 2024, the largest scholarship test to date. This initiative is designed to support students aiming to excel in NEET-UG and IIT-JEE exams by offering high-quality education and expert guidance, regardless of their financial situation, as per an official announcement.

The NSAT exam is scheduled to be conducted online from October 1 to October 15, 2024, and offline on October 6 and October 13, 2024, at select centers. By offering both online and offline options, the exam ensures accessibility for all students. Registration for the NSAT 2024 program has commenced, welcoming students from Class 6th to 8th, including those in PCM (Physics, Chemistry, Mathematics) and PCB (Physics, Chemistry, Biology) streams.

This initiative emphasizes inclusivity by waiving the exam registration fee, thus removing financial barriers for all participants. The results will be announced in November 2024.

The top 1,000 students in the exams will receive a 100% scholarship, covering accommodation as well. Among these, special attention will be given to the top 500 underprivileged students. This effort ensures that financial constraints do not hinder their academic pursuits, providing them with the necessary security and support. Additionally, students can become part of an Exclusive Rankers’ Group, significantly enhancing their chances of achieving top ranks in prestigious exams like NEET UG and IIT JEE, according to the release.

The scholarship initiative, totaling Rs 250 crore, stands as one of the largest financial aids ever provided to students.

Bloq Quantum Secures Rs 1.3 Crore in Pre-Seed Funding for Global Quantum Computing Expansion

By
Garima Bansal
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0
Bloq Quantum Secures Rs 1.3 Crore in Pre-Seed Funding for Global Quantum Computing Expansion

Artificial intelligence-driven quantum software startup Bloq Quantum has secured Rs 1.3 crore in a pre-seed funding round led by Inflection Point Ventures. Previously, the startup raised $95.8K from an existing investor.

The funds will be allocated toward product development, team expansion, innovation in quantum algorithms, enhancing platform functionalities, and accelerating growth, according to a press release from Bloq Quantum.

Co-founded in 2024 by Sreekuttan L S and Jay Patel, Bloq Quantum aims to simplify enterprise adoption of quantum computing through its user-friendly low-code interface.

Market research indicates that the global quantum computing market was valued at $10.13 billion in 2022 and is projected to surpass $125 billion by 2030, growing at a CAGR of 36.89%.

Based in Kollam, the startup operates globally, providing quantum computing solutions to clients worldwide. It serves various industries and users, focusing on advancing quantum computing innovations on a global scale.

Square Insurance Secures $3 Million Funding to Expand Technology and Market Reach

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Garima Bansal
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Square Insurance Secures $3 Million Funding to Expand Technology and Market Reach

The Jaipur-based insurance broking startup Square Insurance has raised $3 million in equity funding. The investment round was led by early-stage investor BizDateUp and angel funding platform Negen Capital. The round also saw participation from Prashant Kothari, owner of Jaipur Color Stone, and Yogesh Chaudhary, owner of Jaipur Rugs.

The company plans to use the funds to upgrade its technology infrastructure, aiming to streamline operations and enhance the customer experience. Square Insurance intends to invest in developing micro-insurance products in partnership with leading insurers and to forge alliances with fintech and e-commerce companies to broaden the reach of insurance in underserved markets.

Rakesh Kumar, the founder of Square Insurance, expressed that the investment will bolster the company’s offerings and facilitate entry into new markets, especially rural areas where insurance coverage is vital. Kumar emphasized the company’s commitment to leveraging this investment to drive innovation and deliver impactful solutions to its customers.

In the current fiscal year, Square Insurance aims to establish 25-30 new offices in tier-II and tier-III cities. This expansion is expected to enhance the company’s capacity to serve a larger customer base and improve insurance product comparisons and post-policy services for both channel partners and customers.

Acculi Labs Secures $1.5 Million Investment to Advance AI-Driven Health Solutions

By
Garima Bansal
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0
Acculi Labs Secures $1.5 Million Investment to Advance AI-Driven Health Solutions

Acculi Labs, a deep-tech life growth solution provider, has secured $1.5 million in a new investment round, valuing the company at $25 million. The investment was led by Sabi Holding India Ltd. Based in Bengaluru, Acculi Labs previously raised Rs 5 crore in seed funding from PirE Ventures in 2020.

The new funds will be used to accelerate the development of its conscious AI insights systems, improve manpower, enhance operational efficiency, and support infrastructure development, according to a press release from the company.

Founded in May 2017 by Rupam Das and Hari Prasath M, Acculi Labs is dedicated to providing home-based care solutions for patients. Its flagship product, Lyfas, facilitates regular early diagnostics and monitoring for asymptomatic patients, allowing them to seek medical advice at an early stage.

The company has expanded its offerings from an initial cardiac health assessment system to a comprehensive suite of health solutions with the introduction of Lyfas. The platform’s mobile application can non-invasively capture psychophysiological biomarkers and deliver a detailed health report within three minutes.

Additionally, Acculi Labs has developed Lyra, an advanced conscious AI designed to bridge the gap between carbon and silicon life forms. The company also launched the Lyfas Udyam initiative, which supports small entrepreneurs by providing a micro-entrepreneurial circular economy, leveraging ecosystem processes and financial resources to help them start and manage their businesses.

Scimplify Secures $7 Million in Series A Funding to Boost Specialty Chemicals Platform

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Garima Bansal
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Scimplify Secures $7 Million in Series A Funding to Boost Specialty Chemicals Platform

Scimplify, a platform specializing in the sourcing and manufacturing of specialty chemicals, has successfully secured ₹59 crore (approximately $7 million) in its Series A funding round from both new and returning investors.

The Scimplify board has approved the issuance of 17,514 Series A Compulsory Convertible Preference Shares (CCPS) at an issue price of ₹33,676 each to achieve the ₹59 crore ($7 million) target, as indicated in its regulatory filing with the Registrar of Companies.

Omnivore led this round with an investment of ₹24.7 crore, while 3One4 Capital, Beenext Asia, and Bertelsmann contributed ₹13.56 crore, ₹5.6 crore, and ₹14.82 crore, respectively.

Scimplify, founded in 2023 by Salil Srivastava and Sachin Santhosh, has accumulated around $11 million in total funding, including a $3.67 million seed round from 3one4 Capital and Beenext last year. According to data from TheKredible, the company’s valuation stands at approximately ₹320 crore ($39 million) following this latest allotment.

Operating out of Bengaluru, Scimplify is a B2B fulfillment platform that spans the entire product life cycle, from contract research to commercial chemical manufacturing, serving sectors such as pharmaceuticals, personal care, and agrochemicals. The platform provides a range of products including emulsifiers, plant growth stimulators, biostimulants, adjuvants, and biofertilizers.

In the competitive landscape, Scimplify faces competition from Atomgrid, which raised $1.2 million in its seed round led by Merak Ventures, and Covvalent, another prominent player, which secured $4.3 million in funding led by Nexus Venture Partners.

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