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Bhavish Aggarwal Unveils Competitive Pricing for Ola Maps After Google Rate Cuts

By
Garima Bansal
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Bhavish Aggarwal Unveils Competitive Pricing for Ola Maps After Google Rate Cuts

Bhavish Aggarwal, the founder of Ola and the AI startup Krutrim, has unveiled a new pricing strategy for Ola Maps. Launched on July 18, 2024, this policy is designed to compete with global tech giants like Google, aiming to boost innovation within India. The new structure offers Indian startups five million free API calls per month and sets rates for larger volumes at 50% lower than Google’s. Additionally, it provides two years of free access for users committing to three years or more and three years of free usage for startups and SMEs on the ONDC platform.

Krutrim announced the new pricing policy for Ola Maps through Aggarwal’s post on the social media platform X (formerly Twitter). The goal is to reduce the cost of crucial mapping and location-based services for Indian startups. Aggarwal noted that Ola Maps currently supports all major APIs, with plans to expand its features to cover a broader range of APIs, SDKs, and niche use cases by December.

In a bid to capture the Indian market, Google announced a price reduction for its Google Maps platform, effective August 1. Aggarwal highlighted that Krutrim’s key differentiator is its cost structure, specifically designed for the domestic market. This pricing strategy is part of Krutrim’s larger initiative to make advanced mapping services more accessible and affordable for Indian developers and businesses.

Earlier in July, Ola Cabs made a strategic move to shift from using Google Maps to its own Ola Maps, a decision expected to save the company around ₹100 crore annually. This switch underscores Ola’s commitment to utilizing its in-house technology to drive cost efficiency and foster innovation.

Aggarwal’s announcement and the new pricing policy emphasize the company’s dedication to creating a supportive ecosystem for startups and businesses in India. By offering competitive rates and extensive free access, Krutrim aims to empower the next generation of Indian tech innovators, ensuring they have the necessary tools to compete on a global stage.

Capitalmind Financial Services Unveils Rs 500 Crore Alternate Investment Fund

By
Garima Bansal
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0
Capitalmind Financial Services Unveils Rs 500 Crore Alternate Investment Fund

Capitalmind Financial Services is poised to raise Rs 500 crore through its inaugural alternate investment fund. With current assets under management totaling Rs 2,200 crore, the company has received SEBI approval for the new fund, named ‘Capitalmind Select India One’. This fund is specifically designed for sophisticated investors, aiming for substantial long-term wealth appreciation.

The investment manager announced on Thursday its target to raise the significant sum over the next year. Founder and CEO Deepak Shenoy shared that the firm manages Rs 2,200 crore in assets under its portfolio management services.

Having secured SEBI approval for the category 3 AIF, ‘Capitalmind Select India One’, the fund sets a minimum investment amount at Rs 1 crore. This move marks a significant step in the company’s growth strategy and aims to attract a niche group of high-net-worth investors.

The fund offers a diversified, quantitatively managed equity portfolio with active risk management. Shenoy explained that the fund targets investments in 20-40 stocks, ensuring a broad yet focused investment strategy to maximize returns while managing risk effectively.

The company’s statement highlighted that the fund integrates various factors such as momentum, low volatility, and quality into a single pooled vehicle. This comprehensive approach is designed to provide investors with an opportunity for long-term wealth appreciation, aligning with Capitalmind’s commitment to delivering high-value investment solutions.

Awfis Shares Skyrocket to 52-Week High On Strong Market Demand And Profitability

By
Garima Bansal
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0

Shares of the coworking startup Awfis soared, hitting a 20% upper circuit and achieving a new 52-week high of INR 757.20 per share during intraday trading on the BSE. The stock began Thursday’s session at INR 631 per share, an increase of over 2% from the previous close.

Despite reaching a new high, the stock closed at INR 703.95 per share, marking an 11.56% increase for the day. Awfis made its debut on Dalal Street on May 30, with shares listing at a 12.8% premium on the BSE.

At the closing price of INR 703.95, the stock was 62.8% above its listing price of INR 432.25 per share and 83.7% higher than its issue price of INR 383 per share. The Awfis IPO, which included a fresh issue of shares worth INR 128 crore and an offer for sale of up to 1.23 crore shares, was highly demanded, being oversubscribed 108.56 times on the final bidding day.

Founded in 2015 by Amit Ramani, Awfis is the largest flexible space operator in India, with 181 centers, approximately 1.1 lakh seats, and about 5.6 million square feet of chargeable area as of March 31, 2024. Initially a coworking network, Awfis has evolved into a tech-enabled workspace solutions platform, serving enterprises, freelancers, startups, and SMEs.

The Delhi NCR-based startup first turned profitable in Q4 of FY24, reporting a profit after tax (PAT) of INR 1.4 crore on an operating revenue of INR 232.3 crore. Recently, Awfis managing director and chairman Amit Ramani expressed confidence in the startup’s continued growth and profitability.

Former Alibaba India Head and 9Unicorns Partner Launch Rs 1,000 Crore VC Fund, PROMAFT Partners

By
Garima Bansal
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0
Former Alibaba India Head and 9Unicorns Partner Launch Rs 1,000 Crore VC Fund, PROMAFT Partners

Raghav Bahl, former head of investments at Alibaba Group’s India operations, and Soham Avlani, previously a partner at 9Unicorns, have unveiled the launch of PROMAFT Partners, a venture capital fund worth Rs 1,000 crore. Before his tenure with Alibaba, Bahl served as vice president at Bessemer Venture Partners, a prominent global fund operating in the US, Israel, and India. Avlani comes from a background in public market investing.

PROMAFT Partners, a sector-agnostic fund, aims to invest in companies that have demonstrated strong ‘product-market-fit’. The fund plans to execute 10-12 investments, targeting two to three per year.

The fund has garnered support from Indian family offices and industry leaders such as Paytm, Zomato, Browserstack, Livspace, PharmEasy, and VideoVerse, who will also act as mentors to portfolio companies.

Drawing on their extensive global investing experience across China, Southeast Asia, and Europe, the general partners intend to assist startups in refining their go-to-market strategies, enhancing business operations, and securing financing.

Snapdeal Co-Founders Realize Major Returns from Urban Company Investment via Titan Capital

By
Garima Bansal
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Snapdeal Co-Founders Realize Major Returns from Urban Company Investment via Titan Capital

Snapdeal co-founders Kunal Bahl and Rohit Bansal have made significant gains from their investment in Urban Company through their early-stage investment firm, Titan Capital. They invested a total of Rs 57 lakh in Urban Company’s early funding rounds via Titan Capital. This investment provided them with approximately a 200X return as they fully exited Urban Company with Rs 111 crore. The exit amount also includes a partial exit that took place in 2021.

On Wednesday, existing investor Dharana Capital, an offshoot of Vy Capital, announced a $50 million investment in Urban Company, led by Abhiraj Bhal, through a secondary transaction. This transaction also included a $25 million ESOP buyback announced in May. Sources indicate that the total investment through this secondary transaction amounted to $63 million, with participation from Amsterdam-based investment giant Prosus.

Titan Capital has achieved at least 100X returns on their investments in other companies like Ola and MamaEarth. In August 2023, Titan Capital partially exited from debt recovery and legal automation platform Credgenics, realizing a 100-fold return on their investment. The firm also saw similar returns from MamaEarth, which went public last November.

Bahl and Bansal enjoyed significant returns on their investment in Ola. They invested around $60,000 in 2011 and fully exited in late 2021 when Ola’s valuation peaked at $7.3 billion. This exit marked another successful investment for Titan Capital.

Other notable exits for Titan Capital include Bewakoof, Unicommerce, ANS Commerce, and Netmeds.com. Reports suggest that Titan Capital is also establishing a new Rs 300 crore Winners Fund to support its existing portfolio companies, reflecting its ongoing commitment to backing promising ventures.

MyPickup Secures Rs 1.5 Crore Seed Funding to Revolutionize Urban Commute with Electric Autos

By
Garima Bansal
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0
MyPickup Secures Rs 1.5 Crore Seed Funding to Revolutionize Urban Commute with Electric Autos

Electric vehicle ride-hailing startup MyPickup has secured an investment of Rs 1.5 crore in a seed funding round led by Inflection Point Ventures. The funds will be used to develop scheduling algorithms, build the brand, and optimize operations management, according to a press release from MyPickup.

Founded in 2022 by Abhijeet Dattatraya Jagtap, MyPickup is a subscription-based electric auto-rickshaw service provider. The company aims to eliminate cancellations and surge pricing, addressing urban congestion and pollution in major cities.

The Bengaluru-based startup plans to expand its services to include on-demand rides using fleet operators and other vehicle classes. By implementing standard operating procedures and training, MyPickup aims to maintain better control over drivers and vehicles, ensuring a high-quality customer experience. The platform will also develop an automated matching algorithm, install safety features like cameras and SOS systems, offer on-demand services through ONDC platforms, and launch an app for drivers.

Market research indicates that the Indian commute market is currently valued at $7.7 billion and is projected to grow at an annual rate of 13%, potentially reaching $14 billion. MyPickup currently operates a fleet of 7 electric autos, serving 45 customers, with a monthly revenue of Rs 1.5 lakh and facilitating 800 rides per month, all with minimal marketing expenses.

Honestly Raises Rs 3.2 Crore in Pre-Seed Funding to Revolutionize Beauty Tech

By
Garima Bansal
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0
Honestly Raises Rs 3.2 Crore in Pre-Seed Funding to Revolutionize Beauty Tech

Honestly, an AI-powered platform focusing on beauty and personal care, has secured Rs 3.2 crore in its pre-seed funding round. The investment was led by Better Capital, with participation from Kunal Shah’s QED Innovations, as well as senior executives from Flipkart, Polygon, and Cred.

The funds will primarily support the platform’s initial product launch and efforts to achieve early product-market fit. Founded by Karishma Rathaur, Honestly aims to facilitate peer-to-peer connections for sharing product reviews.

The revenue strategy will center on a business-to-business (B2B) model, offering other brands access to its APIs and the integration of widgets into their product pages. The company targets reaching 1 million users across India in the coming years.

Lifetime Health Secures $1.5M Seed Funding to Expand At-Home Healthcare Services

By
Garima Bansal
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0
Lifetime Health Secures $1.5M Seed Funding to Expand At-Home Healthcare Services

Lifetime Health, a digital platform specializing in at-home healthcare services, has successfully raised $1.5 million in a seed funding round. This round was led by US-based venture capital firm The Garage Syndicate, with additional contributions from various angel investors.

Prior to this, the company had secured $900,000 in a previous funding round from an existing investor. According to a press release from Lifetime Health, the newly acquired funds will be allocated towards further development of the platform.

Lifetime Health was co-founded in 2023 by Konstantin Riabtsev, Mikhail Vorobev, and Nabil Ahmed. The platform offers comprehensive hospital-at-home care services, including phlebotomy, diagnostic tools, medical devices, nursing care, physiotherapy, and postoperative care—all accessible through a single app. Their automated system ensures prompt, high-quality, and cost-effective services, from the moment a client places an order to the nurse’s visit and results processing.

Currently, Lifetime Health operates in Bengaluru and has a network of 200 local clinics. The company plans to expand to major Indian cities, aiming to connect with over 10,000 medical offices nationwide. They intend to facilitate at-home medical service orders for residents in Bengaluru and its surrounding areas, with plans to extend to Mumbai. The platform aspires to have 1,000 doctors registered, with at least 300 actively using the platform to schedule appointments, provide recommendations, and maintain digital patient histories.

Gen-Z Fashion Brand Newme Secures $18 Million Series A Funding Led by Accel

By
Garima Bansal
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0
Gen-Z Fashion Brand Newme Secures $18 Million Series A Funding Led by Accel

Gen-Z-focused fast fashion brand, Newme, has secured $18 million in its Series A funding round led by Accel, with participation from existing investors Fireside Ventures and AUM Ventures. The Bengaluru-based startup previously raised $5.4 million in January this year and had an undisclosed round of funding from investors such as AUM Ventures, 2am VC, and All In Capital in November 2022.

Newme plans to use the new funds to enhance its omnichannel presence and improve supply-chain technology, according to a company press release. Founded by Shivam Tripathi, Sumit Jasoria, and Vinod Naik, Newme currently offers self-branded clothing through both online and offline channels.

The brand opened its first retail store in Bengaluru in July last year and has since expanded to five new cities with six retail outlets. In the next 12-18 months, Newme aims to establish 40-50 stores across 20 key cities, including underserved regions like Guwahati, Shillong, and Imphal. Over the past 18 months, Newme reports a 9X growth in revenue and anticipates at least three-fold growth this year.

Fast fashion brands have garnered significant funding in recent years. For instance, the omnichannel ethnic wear brand Libas raised $18 million in its first funding round. Other notable brands in the sector include DSLR, French Crown, and Virgio.

Lenskart Secures $20 Million from Co-Founders Amid Continued Investor Confidence

By
Garima Bansal
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0
Lenskart Secures $20 Million from Co-Founders Amid Continued Investor Confidence

Eyewear retailer Lenskart has successfully raised close to $20 million, funded by its co-founders Peyush Bansal, Neha Bansal, Amit Choudhary, and Sumeet Kapahi. According to regulatory filings accessed from the Registrar of Companies (ROC), Lenskart’s board approved a special resolution to issue 695,875 CCPS (cumulative convertible preference shares) at Rs 2,300 each, amounting to Rs 160 crore or $19.12 million.

Peyush Bansal led this funding round with an investment of Rs 70.70 crore, followed by Neha Bansal with Rs 70.39 crore. Amit Choudhary and Sumeet Kapahi contributed Rs 9.60 crore and Rs 9.35 crore, respectively. This fundraising effort follows a significant $200 million secondary deal announced recently, with Temasek and Fidelity Management & Research Company (FMR) investing at a valuation exceeding $5 billion.

Lenskart operates more than 2,500 stores, with around 2,000 located in India. Approximately 60% of its revenue comes from India, while the rest is generated from international markets including Singapore, Dubai, the US, and Southeast Asia.

Despite a challenging funding environment, the Delhi-based company has secured over $1 billion in the past 18 months. Investor interest remains strong, driven by Lenskart’s solid financial performance, sound unit economics, and growth prospects in foreign markets.

For the fiscal year ending March 2023, Lenskart’s operational revenue soared to Rs 3,788 crore, up from Rs 1,502 crore in FY22. The company also managed to cut its losses by 37.3%, reducing them to Rs 64 crore in FY23 from Rs 102 crore in FY22. The annual financial report for FY24 is yet to be filed.

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