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Auxilo Secures Rs 100 Crore in Debt Financing to Boost Education Loans and Institutional Funding

By
Garima Bansal
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Auxilo Secures Rs 100 Crore in Debt Financing to Boost Education Loans and Institutional Funding

Education-focused non-banking financial corporation (NBFC) Auxilo has secured Rs 100 crore (approximately $12 million) in debt financing. According to a regulatory filing accessed from the Registrar of Companies (RoC), Auxilo’s board issued non-convertible debentures (NCDs) at Rs 1,00,000 each to raise the funds. Dezerv Securities contributed Rs 26.39 crore, while MAS Financial Services and CredAvenue Securities (Yubi) each invested Rs 25 crore. The remaining funds will be released by the investors soon.

The NCDs issued to MAS Financial and CredAvenue (Yubi) have a 36-month tenure with a 9.65% interest rate, while Dezerv’s debentures have a 29-month tenure with a 9.90% annual coupon rate.

This funding round coincides with Auxilo’s recent $33.6 million equity round led by LeapFrog Investments, which invested $30 million, while Trifecta Leaders Fund-I and Xponentia Opportunities Fund-II contributed the remaining amount. The current debt funding is separate from this equity announcement.

Since its inception, Auxilo has raised around $145 million through equity and debt, including a $57 million round led by Tata Capital Growth in July last year.

Established in 2017, Auxilo provides student loans for education in India and abroad, and loans to educational institutions for infrastructure and working capital needs. The New Delhi-based company claims to have funded over 12,000 students across more than 1,100 universities in over 30 countries. In the next five years, it aims to disburse Rs 25,000 crore in loans to over 150,000 students.

Umwelt.AI Secures $125K Seed Funding to Expand Global Reach and Enhance HR Solutions

By
Garima Bansal
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0
Umwelt.AI Secures $125K Seed Funding to Expand Global Reach and Enhance HR Solutions

HR technology platform Umwelt.AI has successfully raised $125K in a seed funding round led by Upekkha. According to a press release from Umwelt, the funds will be used to enhance their global presence and offer impactful solutions to organizations across diverse sectors.

Previously, the company raised $125,000 in a pre-seed round from an existing investor last year.

Founded in 2023 by Vishal Chopra, Umwelt.AI provides people analytics and employee experience solutions that surpass traditional HR methods. The platform aids organizations in boosting their employee net promoter score (ENPS) and employee response rates, leading to a more engaged workforce.

Based in Faridabad, Umwelt.AI leverages behavioral science, chatBot technology, and advanced analytics to help CEOs and HR leaders listen to, analyze, and act on employee feedback in real-time. It tracks key indicators such as mood, engagement, and attrition risk, enabling companies to address potential issues before they become critical. The platform’s predictive analytics capabilities have contributed to reduced early attrition rates, resulting in cost savings and improved talent retention.

Umwelt claims to have worked with notable companies including Quess Corp, Vero Moda, Jack & Jones, Foundit, and Allsec BPO. It faces competition from other startups in the same space, such as Amara.ai, infeedo, and Leena.AI.

Bluelearn Closes Operations, Refunds 70% of Investor Capital

By
Garima Bansal
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Bluelearn Closes Operations, Refunds 70% of Investor Capital

Bluelearn, a social learning platform, announced on Sunday that it is closing down due to difficulties in rapid growth. The three-year-old Bengaluru-based company will return 70% of the capital it raised to its investors.

Bluelearn had secured nearly $4 million in funding across two rounds from Elevation Capital, Lightspeed, Titan Capital, and 2am VC. The platform also garnered support from angel investors such as Vidit Aatrey, Sanjeev Barnwal, Awais Ahmed, and Vivek Mohan. Co-founder and CEO Harish Uthayakumar indicated that building a venture-scale business with Bluelearn was challenging. The company managed its capital conservatively, allowing it to return 70% of the raised funds back to investors.

Founded by Uthayakumar and Shreyans Sancheti, Bluelearn began as a Telegram channel for students to assist each other with common questions. At its peak, the platform boasted over 250,000 members from various colleges and startups in India and abroad. Since its inception, Bluelearn has aided thousands of students in securing internships and jobs and fostering friendships through its online community.

In 2024, more than half a dozen startups in India, including Resso (India), Rario, OKX (India), Muvin, GoldPe, Koo, and Nintee, have shut down operations. Some, like Paras Chopra’s digital health startup Nintee, which closed in April, announced plans to return significant capital to investors.

Similarly, trading app Investmint will return 25% of its capital amid insolvency proceedings. According to media reports, fashion startups Fashinza and Virgo will also return capital to their investors after unsuccessful pivots.

Amazon Explores Acquisition of Swiggy’s Instamart Amid IPO Filing

By
Garima Bansal
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amazon swiggy

Amazon India is reportedly in discussions with Swiggy regarding a potential deal involving the latter’s quick commerce arm, Instamart. This move comes as Swiggy gears up for a significant public offering, having recently filed draft documents with the Securities and Exchange Board of India (SEBI) for a ₹10,414 crore ($1.25 billion) IPO, one of the largest for a tech company in the region.

The negotiations between Amazon and Swiggy are still in the preliminary stages, and no formal offer has been made. Amazon is contemplating either acquiring a stake in Instamart through the ongoing pre-IPO placement or pursuing a complete buyout of the business. However, the complex nature of the deal presents several hurdles. The potential acquisition is complicated by Swiggy’s current valuation and its reluctance to sell only its quick commerce division. Additionally, Amazon’s typical approach does not favor minority stakes, which could impact the feasibility of the transaction.

Swiggy, which has been actively expanding its offerings, including its quick commerce platform Instamart, is also exploring other financial maneuvers to prepare for its IPO. Recently, the company has been selling secondary stakes to reduce the shareholding of its major backer, Prosus, and has initiated a $65 million ESOP buyback program to offer liquidity to its employees.

Amazon’s interest in Instamart aligns with its broader strategy to enhance its quick commerce capabilities in India. The e-commerce giant has been developing its own quick commerce initiatives but would need global clearance to establish such a vertical, as it does not currently offer these services in its other markets.

The quick commerce sector is rapidly growing, and competition is intensifying, with major players like Swiggy, Zomato, and independent platforms like Zepto vying for dominance. Swiggy’s expansion into new categories like Genie and Instamart positions it strongly in this competitive landscape.

The outcome of the negotiations will depend on overcoming the structural complexities of the deal and aligning with Amazon’s strategic goals. Both companies are expected to continue exploring their options as they navigate the evolving quick commerce market.

Hero MotoCorp Sets Sights on Affordable EVs and Global Expansion This Fiscal Year

By
Garima Bansal
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Niranjan Gupta CEO Hero MotoCorp

Hero MotoCorp, the leading two-wheeler manufacturer in India, is set to launch affordable electric vehicle (EV) models within the current fiscal year. The company aims to establish a strong presence in the electric two-wheeler segment, with plans to introduce its electric range in international markets as well.

In the company’s Annual Report for 2023-24, CEO Niranjan Gupta outlined a strategic roadmap for rapidly scaling Hero MotoCorp’s electric vehicle business. The company is committed to building leadership in the EV sector by developing a robust product portfolio, augmenting its existing VIDA V1 Pro model.

The upcoming fiscal year will see the launch of new products targeting the mid-and affordable segments. Hero MotoCorp’s current VIDA electric scooter range, priced between Rs 1-1.5 lakh with state subsidies, will be complemented by these new offerings.

Pawan Munjal, Hero MotoCorp’s Executive Chairman, highlighted the company’s partnership with Ather Energy, which has resulted in the creation of India’s largest public-charging infrastructure for two-wheeler EVs. Additionally, the collaboration with Zero Motorcycle aims to develop new EV motorcycles for a distinct customer segment, thereby expanding the overall market.

The VIDA V1 electric scooter has already gained significant traction in the Indian market and is poised for future launches in global markets. Hero MotoCorp has expanded its EV scooter presence from three to over 100 cities, showcasing its commitment to widespread adoption.

Innovations at Hero MotoCorp’s R&D Centres in CIT Jaipur and Tech Centre Germany are paving the way for a competitive portfolio across all segments. The company plans to introduce more premium products and expand its international, accessories, and merchandise businesses.

Gupta emphasized the importance of scale in Hero MotoCorp’s strategy, leveraging the company’s extensive customer base, distribution network, and global presence. With a supply chain capacity of 10 million units and a workforce of over 25,000 employees, Hero MotoCorp’s scale advantage is significant.

The company’s strategy focuses on speed, scale, synergy, and simplification. By accelerating product development and upgrading the sales network, Hero MotoCorp aims to reduce product rollout times and enhance decision-making processes. This approach ensures the company remains agile in response to rapidly changing global and consumer trends.

AiDash Unveils AI Centre of Excellence in Bengaluru to Drive Innovation in Climate Resilience and Sustainability

By
Garima Bansal
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AiDash founders

Enterprise SaaS startup AiDash has launched its new AI Centre of Excellence in Bengaluru, marking a significant step in its mission to enhance climate resilience and sustainability for critical infrastructure industries using satellite technology and artificial intelligence. This facility, located in the tech hub of Whitefield, Bengaluru, is set to become a focal point for advanced research and innovation in AI, remote sensing, and geospatial analytics.

Spanning 8,000 square feet, the AI Centre of Excellence aims to harness cutting-edge technology to develop solutions addressing some of the world’s most pressing environmental challenges, such as biodiversity conservation, carbon management, and disaster response for wildfires, storms, and floods. This initiative follows AiDash’s successful Series C funding round in April, which raised $58.5 million and brought the company’s total funding to $91.5 million.

Rahul Saxena, the Co-Founder and Chief Product and Technology Officer of AiDash, emphasized the company’s dedication to innovation and sustainability. The new centre aims to collaborate with industry leaders, researchers, and other stakeholders to push boundaries and create a more resilient and sustainable future for critical industries.

While AiDash primarily generates revenue from the U.S. and UK markets, India plays a crucial role in the company’s operations due to its robust technological capabilities and the extensive talent pool available. The Bengaluru centre is expected to double the size of AiDash’s team over the next two years, bolstering its workforce in India, which already includes over 300 employees in Gurugram and Bengaluru.

The establishment of the AI Centre of Excellence highlights the dynamic and competitive nature of India’s startup ecosystem, which continues to attract significant investment and foster innovation. With this new facility, AiDash aims to not only enhance its own capabilities but also contribute to the broader goal of making critical infrastructure industries more sustainable and climate-resilient.

India’s tech scene has been a fertile ground for startups, particularly those focused on AI and sustainability. The government’s supportive initiatives and the availability of a skilled workforce have created an environment where companies like AiDash can thrive and lead the way in addressing global challenges through technology.

The new AI Centre of Excellence is poised to become a hub for groundbreaking research and development, positioning AiDash at the forefront of technological innovation in climate resilience and sustainability. By leveraging advanced AI solutions and satellite technology, AiDash is set to make a significant impact on the way critical infrastructure industries operate, ensuring they are better prepared to withstand environmental challenges and contribute to a more sustainable future.

Stable Money Secures Over Rs 123 Crore in Latest Funding Round Led by RTP Capital, Lightspeed India, and Matrix Partners

By
Garima Bansal
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Stable Money Secures Over Rs 123 Crore in Latest Funding Round Led by RTP Capital, Lightspeed India, and Matrix Partners

Stable Money, a Bengaluru-based wealthtech startup, has successfully raised over Rs 123 crore (approximately $15 million) in a recent funding round. This round saw participation from RTP Capital, Lightspeed India, and Matrix Partners, marking a significant achievement for the company, especially given the challenging funding environment.

According to regulatory filings accessed from the Registrar of Companies (ROC), Stable Money’s board approved the issuance of 77,135 Compulsorily Convertible Preference Shares (CCPS) at a price of Rs 16,019 each, totaling Rs 123.56 crore ($14.74 million).

Leading this funding round was RTP Capital, contributing Rs 54.26 crore ($6.5 million). Lightspeed India and Matrix Partners India each invested Rs 34.64 crore ($4.15 million). This funding round follows Stable Money’s first equity fundraise in August 2023, where the startup raised $5 million. This initial round was led by Matrix Partners and Lightspeed, with additional participation from Titan Capital, Mar Shot Ventures, and several notable angel investors.

Post this latest funding, Stable Money’s valuation is expected to soar to around $55 million, a significant increase from its previous valuation of $16.5 million, as reported by the startup data intelligence platform, TheKredible.

Stable Money was founded in late 2022 by Saurabh Jain and Harish Reddy. The startup is developing a fixed-return investment platform aimed at providing financial consultation services. Additionally, it plans to offer financial literacy content through its online platform to educate and create awareness among investors.

Yes Madam Introduces Industry-Low 8% Commission Plan to Empower Service Partners

By
Garima Bansal
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Yes Madam Introduces Industry-Low 8% Commission Plan to Empower Service Partners

Home salon startup Yes Madam has introduced a new plan called “Platinum Partners” for the workers on its platform, offering a significantly reduced commission rate of only 8%. This new commission rate is touted by the startup as the lowest in the industry. Yes Madam emphasizes that this initiative aims to provide financial stability to service partners, enhance customer satisfaction, and improve the overall quality of services.

The startup gained widespread recognition after appearing on Shark Tank India earlier this year. Prior to the introduction of the Platinum Partners plan, Yes Madam offered three different plans for its service partners: Standard, Gold, and Diamond, with commission rates of 20%, 15%, and 12%, respectively. The launch of the new plan is a strategic move by Yes Madam as it aims to transition towards a zero-commission model in the future.

Yes Madam cofounder Mayank Arya highlighted the company’s goal to set a new standard in the industry by supporting service partners who work tirelessly under various conditions. Arya expressed hopes that other aggregators will adopt similar initiatives to benefit their workers while maintaining profitability for stakeholders. The company’s efforts reflect its commitment to creating a more sustainable and supportive environment for its partners.

Established in 2016, Yes Madam is a tech-enabled salon-at-home startup that delivers professional salon services directly to customers’ homes. The company operates in over 50 cities across India. In February, Yes Madam secured a funding deal of INR 1.5 crore from four notable investors: Aman Gupta, Vineeta Singh, Peyush Bansal, and Ritesh Agarwal.

Yes Madam faces competition from several other companies in the home salon industry, including Urban Company, MakeO, ZapLuk, Belita, BigStylist, GetLook, and Biguine India. Despite the competitive landscape, Yes Madam reported a revenue of INR 45 crore for the fiscal year 2024 and aims to reach a revenue of INR 100 crore in FY25, with an expected gross merchandise volume (GMV) of INR 200 crore. The launch of the new partner program comes amidst a backdrop of multiple protests by gig workers at Urban Company over the past year.

Pintel.ai Secures $1 Million in Seed Funding to Revolutionize Sales Development with AI Technology

By
Garima Bansal
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0
Pintel.ai Secures $1 Million in Seed Funding to Revolutionize Sales Development with AI Technology

Pintel.ai, an advanced sales technology platform, has successfully raised $1 million in seed funding. The funding round was led by IvyCap Ventures, with significant contributions from influential individuals, including founders and leaders from Whatfix, LambdaTest, and Livspace.

The platform developed by Pintel.ai addresses critical issues in sales development through its cutting-edge AI-driven solution. This technology drastically reduces research time by up to 90% and increases productivity by 50%. Its flexible and user-friendly interface allows for seamless integration of multiple data sources and custom research logic, proving to be a valuable asset for sales teams.

Vikram Gupta, Founder and Managing Partner at IvyCap Ventures, expressed enthusiasm for the investment, noting that Pintel.ai’s innovative AI approach effectively addresses market inefficiencies and aligns with IvyCap Ventures’ mission to support impactful technology.

Khadim Batti, Co-founder and CEO of Whatfix, recognized Pintel.ai’s potential, emphasizing that its advanced solutions and domain expertise are well-equipped to meet the challenges of large-scale prospecting.

Aman Garg, Co-founder and CEO of Pintel.ai, expressed gratitude for the funding, highlighting that it strengthens their mission to automate prospect research. This support allows sales professionals to engage more personally with prospects through emails and calls.

Actor Vindu Dara Singh Joins Abhay HealthTech as Investor, Signaling Confidence in Healthcare Innovation

By
Garima Bansal
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0
Actor Vindu Dara Singh Joins Abhay HealthTech as Investor, Signaling Confidence in Healthcare Innovation

Healthcare services provider Abhay HealthTech has announced the addition of Indian actor Vindu Dara Singh as an investor. This move underscores the growing confidence in the company’s innovative approach to healthcare and its rapid growth trajectory.

Although the financial terms of the deal have not been disclosed, this investment signifies a strong vote of confidence in Abhay HealthTech’s platform. According to a report, Abhay HealthTech’s management believes this infusion will further bolster the company’s capabilities and market reach.

Founded by Apurv Abhay Modi and Sougat Chatterjee, Abhay HealthTech offers a comprehensive range of healthcare products and services. These include home diagnostics, rapid testing kits, over-the-counter medicines, and ayurvedic well-being products. Additionally, the company provides hospital management ERP, CRM, consulting, and healthcare business advisory services, positioning itself as a versatile player in the healthcare sector.

This development comes amidst a broader trend of Indian startups attracting investments and endorsements from sports personalities and celebrities. For instance, cricketer Virender Sehwag recently invested in Jaipur-based fintech startup Getepay, and Indian badminton player PV Sindhu has backed D2C wellness brand Hoop and FMCG brand Better Nutrition. In the health and wellness segment, Indian supplement brand Supply6 has secured former South African cricketer AB de Villiers as an investor and brand ambassador. Additionally, in April, Indian cricketer Shreyas Iyer invested an undisclosed amount in healthtech platform Curelo.

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