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InMobi Targets $10 Billion Valuation in 2024 IPO, Plans Headquarters Relocation to India

By
Garima Bansal
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0
InMobi Targets $10 Billion Valuation in 2024 IPO, Plans Headquarters Relocation to India

InMobi, an adtech unicorn, is reportedly preparing for an initial public offering (IPO) next year, targeting a valuation of approximately $10 billion. According to a TechCrunch report, the company aims to list in India. Alongside this, InMobi, which has achieved profitability, plans to relocate its headquarters from Singapore to India in the coming months. An IPO in India at this valuation would represent one of the largest listings by a local software startup.

Founded in 2007 by Naveen Tewari, Piyush Shah, and Abhay Singhal, InMobi has established itself as a leading marketing and monetization technology provider both in India and globally. Although headquartered in Singapore, the company has significant operations in Bengaluru and San Francisco, along with presence in New York, Chicago, Kansas City, Los Angeles, Delhi, Mumbai, Beijing, London, Dubai, and several other locations.

InMobi initially planned for an IPO in 2021 but postponed it due to unfavorable market conditions. With the recent recovery in tech stocks, the company is now reconsidering an IPO within the next 12-15 months. This move comes as part of a broader strategic realignment that encompasses technology, organizational structure, workforce skills, and operations, driven by the adoption of artificial intelligence.

Earlier this year, it was reported that InMobi, recognizing the need for technological advancement after nearly 17 years, aligned its strategy to incorporate advancements like generative AI. This shift is anticipated to lead to the reduction of approximately 125 jobs, representing about 5% of its current workforce of 2,500 employees.

As InMobi prepares for its IPO and strategic realignment, the company’s move to integrate artificial intelligence and relocate its headquarters to India underscores its commitment to staying at the forefront of the adtech industry. This upcoming IPO will be closely watched as one of the most significant listings for a local software startup in recent times.

Edtech Startup byteXL Secures $5.9 Mn to Enhance IT Skill Offerings for Students

By
Garima Bansal
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0
Edtech Startup byteXL Secures $5.9 Mn to Enhance IT Skill Offerings for Students

Edtech startup byteXL has raised $5.9 million (around INR 49 crore) in its Series A funding round, led by Kalaari Capital with participation from the Michael and Susan Dell Foundation. This Hyderabad-based B2B edtech startup, founded in 2019 by Karun Tadepalli and Charan Tadepalli, focuses on providing IT skills to students through partnerships with engineering colleges.

The newly acquired capital will be used to expand byteXL’s team, reach more colleges and universities across India, and develop new digital tools and technologies. The startup aims to bridge the gap between academia and industry by integrating curriculum, content, and practical learning. ByteXL’s program includes an IT skill-focused curriculum, the Nimbus software for coding, and mentors placed in colleges to assist students with their learning.

ByteXL claims to have over 120,000 active platform users, with more than 1,500 students placed in top product-based companies and over 40,000 students placed in major IT firms like Wipro, Infosys, and TCS. The founders emphasize that their mission is to shape the futures of students by equipping them with cutting-edge skills and technologies.

Despite the recent funding boost, byteXL faces stiff competition in the edtech sector from giants like BYJU’S, Unacademy, UpGrad, Seekho, and Practically Trilogy Education Services. The startup reported a net loss of INR 1 crore for the fiscal year ending March 2023, with an operating revenue of INR 15 crore, up from INR 5 crore in FY22.

The funding comes at a challenging time for the Indian edtech sector, which has seen a significant decline in investments since the post-pandemic reopening of schools and colleges. Issues such as heavy cash burn, mounting losses, and weak governance have plagued the industry, leading to layoffs and shutdowns. In 2023, Indian edtech startups raised $283 million, a sharp decline from $2.4 billion in 2022.

Exclusive: Ixigo-backed FreshBus Secures $5.3 Million in Series A Round

By
Garima Bansal
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Exclusive: Ixigo-backed FreshBus Secures $5.3 Million in Series A Round

Ixigo-backed electric vehicle (EV) bus startup FreshBus has successfully raised Rs 43.7 crore (approximately $5.3 million) in its Series A funding round, marking the first round of funding for the Bengaluru-based company this year. The board of FreshBus approved a special resolution to issue 2 equity shares and 63,825 compulsory convertible preference shares (CCPS) at an issue price of Rs 6,845 each, as revealed in regulatory filings accessed from the Registrar of Companies (RoC).

Leading the round was Maniv Mobility, contributing Rs 35.68 crore, with additional investment from Riverwalk Holdings. Although FreshBus initially aimed to raise Rs 100 crore in this Series A round, the current fundraising appears ongoing, with expectations of further capital infusion. According to the startup data intelligence platform TheKredible, FreshBus has achieved a valuation of approximately $20 million post-allotment in this round, which may adjust with additional funding.

To date, FreshBus has raised around $9 million, including Rs 7.5 crore from investors such as Kunal Shah, TVS Motors Managing Director Sudarshan Venu, and Rivigo CEO and founder Deepak Garg in October of the previous year. FreshBus was founded by Sudhakar Reddy Chirra, who previously established the bus aggregator Abhibus, acquired by Ixigo in August 2021 through a cash and stock deal.

Despite being in the pre-revenue stage, FreshBus reported a loss of Rs 2.1 crore for the fiscal year ending March 2023, as per data from TheKredible. The company is yet to file its annual financial results for FY24. FreshBus plans to utilize the newly raised capital to scale its operations and further develop its EV bus services.

The investment in FreshBus underscores the growing interest in the EV sector, particularly in innovative solutions for sustainable public transportation. As the company progresses, it aims to revolutionize the premium dining space by leveraging its unique offerings and strategic backing from prominent investors.

Seeds Fincap Secures $8.5 Million in Series A Funding to Expand MSME Lending and Technological Infrastructure

By
Garima Bansal
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0
Seeds Fincap Secures $8.5 Million in Series A Funding to Expand MSME Lending and Technological Infrastructure

Seeds Fincap, a Non-Banking Financial Company (NBFC), has successfully raised over $8.5 million in a Series A funding round led by Lok Capital and Matrix Partners India (now Z47). According to a press release by the company, these funds will support Seeds Fincap in expanding its lending capabilities, enhancing its technological infrastructure, and increasing its branch network.

Seeds Fincap, headquartered in Gurugram, aims to cater to the financial needs of medium and small business owners through specialized credit products. The company offers both secured and unsecured loans ranging from Rs 1-5 lakhs to MSMEs. Their approach includes a rigorous credit assessment process that evaluates cash flows to provide appropriately priced loans. Leveraging technology, Seeds Fincap also monitors risk effectively, thus optimizing operational costs.

Founded in 2021 by Subhash Acharya and Avishek Sarkar, Seeds Fincap has established a network of 90 branches across 8 states, with a strong presence in UP, Bihar, Rajasthan, and Haryana. Over the past three years, the company claims to have disbursed more than Rs 600 crore in loans, benefiting over 50,000 customers, with their current loan book exceeding Rs 330 crore.

Seeds Fincap has developed a diversified liability base, collaborating with over 35 lending partners that include AU Small Finance Bank, Tata Capital, IDFC Bank, Yes Bank, and Vivriti Capital.

Recently, Matrix Partners India rebranded to Z47, aligning with its venture capital activities in India while continuing its operations in the US under the Matrix brand. Matrix/Z47 operates as an early-stage venture capital fund with headquarters in Boston and San Francisco.

Corvi LED Secures $8 Million in Growth Capital to Drive Expansion and Innovation

By
Garima Bansal
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0
Corvi LED Secures $8 Million in Growth Capital to Drive Expansion and Innovation

Consumer lighting company Corvi LED has raised $8 million in growth capital, led by Enam Investments. This funding marks the first infusion of capital for the Mumbai-based firm in seven years. The new funds will enable Corvi LED to expand into new regions, diversify its product offerings, and enhance its technological capabilities.

Founded in 2012 by Vimal Soni, Corvi LED offers a portfolio of over 100 products across categories such as bulbs, tubes, flat panels, and surface lights. The company has set global standards with high-efficiency ratings and innovative features like eliminating metal bodies, drivers, and heat sinks. Corvi LED holds over 100 patents and registrations and has exported its products to 24 countries across Europe, the Middle East, Africa, and Southeast Asia.

In 2017, Hero Enterprise invested $10 million for a significant stake in Corvi LED. For the fiscal year ending in March 2023 (FY23), Corvi reported a slight decrease in operating revenue to Rs 15.5 crore from Rs 16.65 crore in FY22, while its losses increased to Rs 9.74 crore from Rs 7.41 crore. The firm has not yet filed its annual financial statements for FY24.

The recent funding will help Corvi LED strengthen its presence in both B2C and B2B markets and introduce new LED products designed to meet modern demands. This move comes as other established companies, such as performance wear brand TechnoSport and fast fashion ethnic wear brand Libas, have also announced new funding rounds after long gaps.

Last month, 18-year-old salon chain JCB (Jean Claude Biguine) Salons India raised Rs 40 crore ($4.8 million) from alternative credit platform Blacksoil. Around the same time, consumer electronics startup Indkal announced $36 million in its first venture capital funding.

Dharana Capital Acquires $50M in Urban Company Secondary Shares, Founder Joins Board

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Garima Bansal
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Dharana Capital Acquires $50M in Urban Company Secondary Shares, Founder Joins Board

Vy Capital’s subsidiary, Dharana Capital, has acquired $50 million in secondary shares from employees, early investors, and founders. This deal is part of a larger $63 million secondary round that also saw participation from Prosus. A significant portion of this transaction includes a $25 million ESOP buyback from employees conducted in May this year.

As a result of this secondary transaction, Vamsi Duvvuri, the founder and managing partner of Dharana Capital, will join Urban Company’s board as a non-executive director, according to a press statement from the fund. Dharana Capital is an India-focused fund that has invested in several startups, including Zopper, Lentra, NoBroker, and Itilite.

Urban Company has granted ESOPs to 1,593 employees, with around 784 participating in five buybacks, collectively liquidating shares worth Rs 306 crore ($37 million). The last ESOP liquidity program Urban Company conducted was in December 2021, at a valuation of $2.8 billion.

According to reports, Urban Company reported a revenue of Rs 637 crore in FY23 and managed to reduce its losses by 40.1% during the fiscal year. The company became profitable at the profit before tax (PBT) level in April and claimed to have maintained this profitability in the June quarter of FY25.

Urban Company currently operates in 62 cities across India, the UAE, Singapore, and the Kingdom of Saudi Arabia, with a partner network of over 55,000 service professionals.

Icanheal Raises Rs 15 Crore in Seed Funding from IvyCap Ventures to Expand Healthcare Solutions

By
Garima Bansal
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0
Icanheal Raises Rs 15 Crore in Seed Funding from IvyCap Ventures to Expand Healthcare Solutions

Healthcare startup Icanheal has secured Rs 15 crore in seed funding from IvyCap Ventures. The funds will be allocated to enhance operations, hire additional staff, invest in technology, and expand into new regions, according to a company press release.

Founded by Girish Poddar and Amit Backliwal, Icanheal provides tailored healthcare financing solutions aimed at helping patients afford timely and effective treatments. Based in Mumbai, Icanheal’s mission is to make advanced medical interventions—such as medications, devices, and surgeries—more accessible.

IvyCap Ventures has a diverse investment portfolio, having backed approximately 50 companies across various sectors including healthtech, consumer tech, deeptech, fintech, edtech, agritech, and spacetech. In April, IvyCap Ventures completed the final close of its third fund at Rs 2,100 crore, with plans to invest in around 25 early-stage startups through this fund.

Boon Raises $5 Million in Series A Funding Led by Roca Group Ventures, Expands AI Water Purification Platform

By
Garima Bansal
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0
Boon Raises $5 Million in Series A Funding Led by Roca Group Ventures, Expands AI Water Purification Platform

Watertech startup Boon has successfully raised $5 million in a Series A funding round, comprising a combination of equity and debt financing. The funding was led by Spain-based Roca Group Ventures, marking their inaugural institutional investment in India, alongside participation from other investors. Notably, Roca Group acquired Parryware in India back in 2008.

Previously, Boon secured $1.6 million in funding during its last round in February 2021. The newly raised capital will be utilized to scale Boon’s AI-enabled WaterIo platform, as stated in a press release by the company.

Founded in 2015 by Vibha Tripathy and Advait Kumar, Boon (formerly known as Swajal) harnesses patented technologies for predictive filter maintenance using AI, ensuring enhanced efficiency and reliability in water purification systems. The platform addresses the issue of plastic-packaged water with sustainable alternatives, utilizing technology to monitor water quality and filter health in real-time, purportedly at a lower cost than purchasing bottled water.

Based in Gurugram, Boon’s WaterIo product enables purifiers to monitor the quality of each drop of water, facilitating app-based adjustments for water quality. Boon collaborates with major offices, hospitals, universities, airports, and train stations to offer sustainable hydration solutions. Additionally, the company has introduced WaterATM as a community water purification station in India and provides sustainable glass water solutions for hotels.

Boon has garnered support from institutions such as the Department of Science and Technology (Government of India), the Rajasthan State Government, SIDBI, and international agencies including UNDP and REEEP.

Multipl Raises $1.5 Million to Revolutionize Fintech with Innovative Investment Features

By
Garima Bansal
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0
Multipl Raises $1.5 Million to Revolutionize Fintech with Innovative Investment Features

Multipl, a cutting-edge fintech platform, has successfully raised $1.5 million (Rs 12 crore) in an extended seed round, co-led by Blume Ventures and MIXI Global Investments, Inc. This follows a previous funding round in May 2022, where the startup secured $3 million from Blume Ventures, GrowX Ventures, IIFL, and Kotak Securities Limited.

The new funds will be used to enhance the platform and introduce innovative features, aiming to help more Indians start their spend vesting journeys. Founded in 2020 by Paddy Raghavan, Jags Raghavan, and Vikas Jain, Multipl is a modern fintech platform that offers investment opportunities in mutual funds. The platform partners with brands, allowing consumers to invest in mutual funds for their lifestyle expenditures.

Multipl boasts 500,000 downloads, over 100 valuable brand partnerships, and facilitated goals worth more than Rs 1,000 crore. The Bengaluru-based company recently launched ‘Open Goals,’ enabling users to invest in future expenses through partnerships with leading brands. Additionally, the platform’s window shopper widget enhances consumer savings by integrating financial planning options at the point of purchase on merchant websites and apps.

In the competitive landscape of fintech, Multipl stands alongside major players such as Groww, AngelOne, and PhonePe. With its innovative approach and strategic partnerships, Multipl aims to revolutionize the way consumers invest in mutual funds for their lifestyle needs.

Ninecamp Ventures Secures $2 Million Seed Funding to Revolutionize Premium Dining

By
Garima Bansal
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0
Ninecamp Ventures Secures $2 Million Seed Funding to Revolutionize Premium Dining

In a recent development, Ninecamp Ventures, a startup founded by former Zomato executive Chaitanya Mathur, has successfully raised $2 million (approximately INR 16.7 crore) in its seed funding round. This funding initiative garnered participation from notable investors including Zomato cofounders Mohit Gupta and Gaurav Gupta, Honasa cofounders Ghazal and Varun Alagh, as well as several others like Cars24 cofounders Vikram Chopra, Ruchit Agarwal, Mehul Agrawal, Gajendra Jangid, and PharmEasy cofounder Dharmil Sheth.

Established in October of the previous year, Ninecamp positions itself as a next-generation food and beverage startup with a primary focus on premium dining experiences and consumer products. Chaitanya Mathur, founder and CEO of Ninecamp, brings over 17 years of industry expertise, having played a pivotal role in Zomato’s live business through initiatives like creating Zomaland.

The freshly secured capital will be utilized by Ninecamp to expand its brand portfolio and augment its team size. The startup aims to introduce a new wave of premium dining experiences that adhere to global standards in terms of product quality, service excellence, innovative design, and superior ingredients. In April this year, Ninecamp inaugurated its debut restaurant, Marièta, in Gurugram, marking its initial foray into the premium dining segment.

Mathur expressed optimism about Ninecamp’s potential impact on India’s food and beverage sector, emphasizing their commitment to introducing innovative products that resonate with discerning consumers across dining and broader market segments. The startup plans to diversify its offerings beyond premium dining, exploring opportunities in quick-service restaurants, casual dining outlets, and potentially delivery-only brands.

Looking ahead, Ninecamp is also eyeing entry into the fast-moving consumer goods (FMCG) market, aiming to leverage its expertise and market insights to capitalize on emerging consumer trends. This strategic expansion aligns with projections indicating a robust 27% compound annual growth rate (CAGR) for India’s food and beverage industry through 2030, underscoring significant opportunities for both established players and newcomers in the market.

The launch of Ninecamp comes amidst a trend where senior executives from top Indian startups are increasingly venturing into entrepreneurship. Earlier this year, former Times Internet CEO Gautam Sinha launched SimpleO.ai, an AI startup, while former Swiggy executive Karthik Gurumurthy also embarked on a new startup endeavor, reflecting a dynamic shift in India’s startup ecosystem.

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