XDLINX Space Labs, a pioneering firm in the space technology sector, has successfully raised $7 million in a seed funding round led by Ashish Kacholia of Lucky Investments. Other notable participants in this round include E2MC, Mana Ventures, and a confidential family office.
The funding will be instrumental for the Hyderabad-based startup as it aims to accelerate the development of advanced payloads intended for both commercial and defense applications. This includes enhancements in optical and RF intelligence, E-band communications, and the rollout of their satellite bus platform. Moreover, XDLINX plans to expand its footprint in international markets, specifically in the United States and the United Kingdom.
Founded in 2022, XDLINX Space Labs is on a mission to democratize access to cutting-edge satellite technology and transform space missions for a wider array of clients.
A significant milestone was achieved with the successful launch of JANUS-1, a software-defined 6U nanosatellite that demonstrated the company’s multi-tenancy payload capabilities. Launched on February 10, 2023, via ISRO’s SSLV-D2 rocket, the nanosatellite was developed in an impressive timeframe of just 10 months.
Currently, XDLINX Space Labs is gearing up for its next ambitious project, Elevation-1, which will feature a miniaturized, space-grade E-band payload designed for deployment on SpaceX’s Transporter-12 mission.
Jivi, an innovative AI-powered healthcare platform, has successfully secured funding from AI Fund, the California-based venture studio led by Andrew Ng, a prominent figure in artificial intelligence and machine learning. This strategic investment is expected to play a crucial role in advancing Jivi’s mission to reshape the healthcare landscape by improving access to quality care across diverse regions.
Although AI Fund has yet to disclose the exact financial terms or the proportion of shares acquired, the collaboration with Jivi underscores the growing interest in leveraging AI for healthcare solutions. By harnessing the power of artificial intelligence, Jivi aims to create a healthcare platform that transcends geographical barriers, offering equal access to medical care in both state-of-the-art urban hospitals and underserved rural communities.
Jivi’s platform is designed to be versatile and scalable, aligning perfectly with its core objective of enhancing healthcare accessibility, efficiency, and equity for individuals worldwide. The technology-driven solution addresses critical challenges in the healthcare sector, from resource limitations to disparities in care quality. With AI Fund’s backing, Jivi is poised to make significant strides in overcoming these obstacles, empowering healthcare providers to deliver more effective and timely services.
Jivi envisions a future where healthcare is not restricted by location, resources, or infrastructure. Through the integration of AI tools and machine learning algorithms, the platform streamlines medical operations, diagnoses, and patient care. Whether it’s enabling faster diagnostics, improving patient data management, or facilitating virtual consultations, Jivi’s solution offers a comprehensive framework that supports medical professionals while enhancing patient outcomes.
This investment from AI Fund comes at a time when the healthcare industry is undergoing rapid technological transformation. Andrew Ng’s AI Fund is known for supporting startups that drive innovation through artificial intelligence, and the partnership with Jivi reflects the fund’s commitment to addressing real-world problems. Together, Jivi and AI Fund are set to push the boundaries of what AI can achieve in healthcare, promoting better, more equitable care for all.
With this funding, Jivi plans to accelerate the development of its AI healthcare platform, expand its reach to new regions, and continue refining its technology to meet the evolving needs of the medical community. By addressing both urban and rural healthcare challenges, Jivi is set to become a pivotal player in the future of AI-driven medical care.
Diageo, a global leader in the alcohol beverage industry, has further solidified its partnership with advertising agency Enormous Brands, extending their creative mandate. Enormous Brands will continue to lead Diageo’s brand strategy, offering creative solutions across mainline, digital, and on-ground executions.
Over the past year, this collaboration has driven impactful campaigns that enhanced Diageo’s brand visibility and deepened consumer engagement across multiple platforms. The renewal of this partnership reflects Diageo’s trust in Enormous Brands’ creative expertise and strategic capabilities.
Enormous Brands will continue managing the creative direction for Diageo’s key brands, including Royal Challenge, Signature, Singleton, Tanqueray, and Don Julio, furthering the success of these renowned labels.
Oncare, an innovative cancer care startup, has raised $1 million in seed funding, with Huddle Ventures leading the round. The funding round also saw participation from notable institutional investors, including TRTL Ventures, Cloud Capital, and DeVC.
The fresh capital will be utilized to launch 10 new cancer care centers across Delhi NCR, Bangalore, and Jaipur over the next two years. These centers are part of Oncare’s mission to offer affordable and accessible cancer treatment. A portion of the funding will also be directed toward expanding the company’s workforce and bolstering its brand visibility in the healthcare sector.
Founded in 2023 by Deepak Kumar and Amar Sneh, Oncare is transforming cancer treatment by integrating oncology units into smaller hospitals, specifically those with 50 to 100 beds. This strategic move allows Oncare to reduce treatment costs by 40%, making cancer care more affordable for a broader population.
Oncare’s model offers a cost-effective alternative to expensive cancer treatments in corporate hospitals, where bills can soar beyond Rs 10 lakh. In addition to affordable treatments, the startup also provides on-call nursing support to cancer patients, helping them manage side effects and anxiety without frequent hospital visits.
With this fresh injection of funds, Oncare is poised to expand its footprint and continue delivering high-quality, affordable cancer care to those who need it most.
Bank of Baroda has signed legendary cricketer Sachin Tendulkar as its global brand ambassador, marking a key milestone in the bank’s transformation journey. The partnership is grounded in shared values of excellence, trust, and leadership, aligning perfectly with the bank’s ambitious growth plans. The association also comes with the launch of Bank of Baroda’s new campaign, “Play The Masterstroke,” which inspires individuals to make wise financial choices by partnering with a bank known for its century-old legacy of reliability.
Sachin Tendulkar, with his massive appeal across India’s diverse demographic landscape, will feature prominently in Bank of Baroda’s branding efforts. In addition to advertising campaigns, Sachin will also play a role in the bank’s consumer education programs focused on financial literacy, fraud prevention, and both customer and employee engagement initiatives. With the bank’s presence in 17 countries, Tendulkar’s global recognition will also aid in promoting the Bank of Baroda brand on an international scale.
Debadatta Chand, Managing Director and CEO of Bank of Baroda, expressed his pride in the collaboration: “It’s an honor to have Sachin Tendulkar as our global brand ambassador. Sachin has always inspired through his actions, both on and off the cricket field. His values—leadership, trust, and consistency—mirror those upheld by Bank of Baroda for over 100 years. We are thrilled to bring this exciting partnership to life.”
Additionally, the bank has unveiled its exclusive ‘bob Masterstroke Savings Account’ designed for premium clients, further reinforcing its commitment to innovation and customer satisfaction.
Sachin Tendulkar also shared his excitement, stating, “It’s a pleasure to partner with Bank of Baroda, an institution that has grown and adapted to the times. Their commitment to excellence and innovation resonates with me, and I look forward to contributing to their journey of empowering individuals and communities.”
Bank of Baroda aims to encourage every citizen to “Play The Masterstroke” by choosing the bank as their preferred financial partner, driving success and prosperity for millions.
AI-based startup Nayan Tech, founded by Jayant Ratti, has raised $2 million to boost its AI and IoT-powered road safety and traffic monitoring solutions, both in India and international markets.
The funding round was led by Beenext, with additional participation from We Founder Circle, Venture Catalysts, Lets Venture, and FAAD Capital. Nayan Tech aims to leverage the new capital to scale its AI-driven innovations designed to enhance road safety through advanced monitoring systems.
Nayan Tech specializes in AI-driven vision processing and provides solutions such as dashcam technology for fleet management, law enforcement, and smart city applications. The dashcam system collects real-time data to monitor traffic violations, road conditions, and driver behavior, offering benefits to multiple stakeholders, including government bodies and private sector businesses like transportation companies, civic bodies, and insurance firms.
Founder and managing director Jayant Ratti expressed his excitement about the support from We Founder Circle, stating, “Our technology is transforming road safety, and this funding will allow us to expand both domestically and internationally.”
The startup integrates dashcams, drones, and smart mobile applications to collect valuable data from public transport, delivery fleets, and individual vehicles. Using AI algorithms, the data is analyzed to track driver behavior, traffic issues, and urban infrastructure challenges.
Nayan Tech has signed over 17,000 drivers across India to provide crowd-sourced video footage, fueling its AI engine. The company currently has 35 contracted customers and 60 additional signups in progress, with a total order book valued at Rs 35 crore.
Holiday Tribe, a fast-growing travel-tech startup, has successfully raised Rs 5.4 crore in seed funding. The investment round was led by Powerhouse Ventures and GSF, with contributions from prominent investors such as Dinesh Agarwal and Dinesh Gulati of India Mart, Murugavel Janakiraman of BharatMatrimony.com, and actor Gaurav Kapur.
This fresh capital will help Holiday Tribe boost its technological infrastructure, expand its supply network, and invest in brand development efforts.
Founded in 2023 by former MakeMyTrip executives Anshu Sharma and Chirag Goyal, Holiday Tribe specializes in offering tailored holiday packages for various traveler segments, including families, couples, honeymooners, adventure enthusiasts, and those seeking unique or offbeat destinations.
The Gurugram-based startup has established a vast supply network, collaborating with over 100,000 hotels worldwide and more than 10 tourism boards, including destinations like Mauritius, Dubai, Switzerland, Qatar, Thailand, Singapore, and Australia.
With customizable vacation packages to over 30 global destinations, Holiday Tribe aims to provide endless options for travelers looking to personalize their experiences.
Industry reports show that India’s outbound tourism market is set to reach $18.81 billion by 2024 and is projected to grow at a CAGR of 11.4% through 2034, reaching $55.38 billion. Additionally, India’s online travel market is anticipated to expand at a CAGR of 10.5% from 2024 to 2029, growing from $17.24 billion to $28.40 billion.
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Student housing provider Your-Space reported significant revenue growth, crossing the Rs 140 crore mark in the fiscal year ending March 2024. However, the Delhi-based startup also experienced a slight uptick in its losses during the same period.
According to its consolidated financial statements filed with the RoC, Your-Space’s revenue from operations rose by 21.8%, reaching Rs 142.7 crore in FY24 compared to Rs 117.2 crore in FY23. The company specializes in offering affordable accommodation solutions such as PGs, hostels, and co-living spaces for students. It currently manages over 60 smart spaces equipped with advanced security features, including facial recognition, biometrics, and digital locking systems.
Residential services contributed 99.5% of the total operating revenue, with earnings from this segment growing by 30% to Rs 142.96 crore in FY24, up from Rs 109 crore in the previous fiscal year. The remaining revenue came from supplementary services such as food, electricity, and other amenities.
Rental expenses formed a significant portion of Your-Space’s overall costs, accounting for 52.6% of the total. These expenses surged by 34%, amounting to Rs 92.2 crore in FY24, compared to Rs 68.9 crore in FY23. Employee benefits, on the other hand, reached Rs 21.1 crore during the same period.
Additional operational expenses, including facility maintenance, advertising, and transportation, brought the total expenditure to Rs 175.3 crore, reflecting a 20% year-on-year increase.
Wealthtech platform Wealthy has achieved remarkable growth in FY24, with its revenue more than doubling compared to the previous fiscal year. The platform offers investment management and advisory services to retail investors, helping them track and manage their portfolios efficiently.
According to its consolidated financial report filed with the RoC, Wealthy’s revenue from operations surged 2.4 times, reaching Rs 14.5 crore in FY24, up from Rs 6 crore in FY23. Supported by Alpha Wave, the company has facilitated over Rs 4,500 crore in investments, relying solely on service sales for its operating revenue.
In terms of expenses, employee benefits represented 60% of the company’s total costs, which grew by 32.8% to Rs 29.78 crore in FY24. Additionally, advertising and legal fees were recorded at Rs 1.34 crore and Rs 4 crore, respectively. Overall, Wealthy’s total costs rose by 47.1% to Rs 49.5 crore for the fiscal year ending March 2024.
Despite the revenue growth, the nine-year-old firm reported a loss of Rs 24.2 crore for FY24. Its ROCE and EBITDA margin stood at -57.96% and -74.6%, respectively. The company spent Rs 3.41 for every rupee generated in operating income during the fiscal year. To date, Wealthy has raised Rs 117.27 crore, including Rs 45 crore from a Series B round led by Falcon Edge’s Alpha Wave Incubation Fund. Alpha Wave holds the largest stake in Wealthy, owning close to 23% following the company’s Series A round, according to TheKredible.
The wealthtech industry in India is booming, with startups raising over $200 million in the past year, according to data from TheKredible. Some of the key players include Peak XV-backed Neo, which secured $48 million, followed by Mumbai-based Dezerv with $32 million in Series B funding, and Singapore’s Syfe, which raised $27 million through its Gurugram tech hub. Other notable companies in the space include Stable Money, Fisdom, InvestorAi, Powder, Infynite Club , and Vijya Fintech. Wealthy is among the leading platforms contributing to this sector’s impressive growth.
Minimalist continues to stand out as one of India’s fastest-growing direct-to-consumer brands, with the Jaipur-based startup reporting impressive revenue figures of ₹350 crore for FY24. This represents a remarkable 89% increase compared to the previous year. The four-year-old company also saw its profits double during the last fiscal year.
According to consolidated financial statements obtained from the Registrar of Companies, Minimalist’s revenue from operations climbed to ₹347 crore in FY24, up from ₹184 crore in FY23. Additionally, the company generated ₹2.16 crore from non-operating activities, bringing its overall revenue for the year to ₹349.56 crore. Founded by entrepreneurs Mohit and Rahul Yadav, Minimalist specializes in skin and hair care products, including serums, toners, and moisturizers, which served as the primary revenue source for the brand in FY24.
Minimalist markets its products through its official website and various third-party e-commerce platforms, including Amazon, Nykaa, and Flipkart.
Similar to many D2C beauty and skincare brands, Minimalist invested heavily in advertising and promotions, allocating 35% of its budget to these efforts. Marketing expenditures nearly doubled, rising to ₹117 crore in FY24 from ₹65 crore in FY23. Alongside this, the cost of materials consumed surged by 88.1%, reaching ₹94 crore in FY24, compared to ₹50 crore in the previous fiscal year. Expenses related to employee benefits, distribution commissions, and transportation also saw significant increases, contributing to an overall cost rise of 84.1%. Total costs escalated to ₹331 crore for the fiscal year ending March 2024, compared to ₹180 crore in FY23.
Despite the rise in marketing expenses, Minimalist achieved more than twofold growth in profits, reaching ₹10.83 crore in FY24, up from ₹5 crore in FY23. According to data from startup intelligence platform TheKredible, the company’s EBITDA margin and return on capital employed (ROCE) were reported at 4% and 9%, respectively. On a per-unit basis, Minimalist spent ₹0.95 to generate one rupee of operating revenue in FY24.
To date, Minimalist has raised approximately $17 million, including a Series A funding round led by Peak XV (formerly Sequoia Capital), which owns a 27.9% stake, making it the largest external shareholder. Co-founders Mohit and Rahul Yadav retain a 62% control of the company, as reported by TheKredible.
The startup was last valued at a modest ₹565 crore ($75 million), approximately 1.6 times its FY24 revenue of ₹347 crore. As of March 2024, Minimalist reported a cash and bank balance of ₹30.27 crore.
Although the company has maintained a focused product line, its emphasis appears to have shifted to skincare from haircare in FY24. Looking ahead, the need for either fresh funding or cost control may influence its growth trajectory. Whether a new funding round will lead to margin erosion—an observation noted in previous cases—remains uncertain. However, given Minimalist’s track record, it’s likely the brand will continue to surprise the market.
