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Adda247 Strengthens its Job-Oriented Offerings by Acquiring PrepInsta

Supriya Biswas
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Adda247 Strengthens its Job-Oriented Offerings by Acquiring PrepInsta

Google-backed edtech firm Adda247 has taken a significant step in expanding its offerings by acquiring PrepInsta, a platform focused on helping individuals prepare for job placements. Although the financial details of this acquisition have not been disclosed, it underscores Adda247’s commitment to being a comprehensive provider of education and skill development for both public and private sector jobs.

With PrepInsta now in its portfolio, Adda247 has made a total of four acquisitions. Previous acquisitions include StudyIQ, a UPSC preparation platform in 2021; Veeksha, a company specializing in augmented and virtual reality learning modules, bought earlier in 2023; and Ekagrata Eduserv, a firm focused on chartered accountancy exam preparation, acquired in July.

Bimaljeet Singh Bhasin, CEO of Adda247’s skilling and higher education division, elaborated on the company’s strategic shift, saying, “We were primarily focused on government job preparations until about four months ago. Since then, we’ve broadened our scope to include skilling and higher education, entering the private sector job market. Our aim is to be a fully integrated player in both job preparation and skill development, while also collaborating with companies to nurture talent across public and private sectors.”

Bhasin noted that the company will focus on specific industries such as banking, financial services, insurance, and technology for its skilling programs. “The tech sector, in particular, employs the most people, which is why it’s a key focus for us in terms of job-related programs. The PrepInsta acquisition is part of our larger strategy to make an impact in this space,” he explained.

Founded in 2016 by Anil Nagar and Saurabh Bansal, Adda247 offers a range of courses aimed at government job aspirants, covering sectors like state-run banks, railways, and other government departments. The platform delivers live online classes, on-demand video tutorials, mock tests, e-books, and physical books customized for different competitive exams. Available in 12 regional languages, the platform caters to over 40 million users monthly, with 2 million students enrolled in its premium courses.

In the financial year 2023-24, Adda247 achieved revenue of Rs 243.39 crore, reflecting an 88% increase from Rs 129.65 crore in the previous fiscal year. Additionally, the company significantly narrowed its net losses to Rs 101 crore, down from Rs 296 crore.

Commenting on the acquisition, PrepInsta cofounder Atulya Kaushik said, “Many engineering students and recent graduates already use Adda247. This will enable us to introduce tech and digital skills programs to over 1.2 million paying users.”

Adda247’s latest funding round was in 2022, where it raised $35 million, led by WestBridge Capital, with participation from Google and existing investors like Info Edge Ventures and Asha Impact. To date, Adda247 has raised $63 million in total.

HDFC Bank Strategizes to Raise ₹2.7 Trillion Ahead of Historic Merger

Supriya Biswas
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HDFC Bank Strategizes to Raise ₹2.7 Trillion Ahead of Historic Merger

HDFC Bank Ltd is preparing to mobilize at least ₹2.2 trillion through public deposits and corporate bonds as part of a strategic initiative to bolster its financial standing. In addition, the bank seeks to secure an extra ₹50,000 crore to satisfy capital requirements and other essential regulatory conditions ahead of its landmark merger with Housing Development Finance Corp. Ltd, India’s foremost mortgage lender.

As a non-banking financial institution, HDFC Ltd must address its existing debts with other financial entities before the merger can proceed. Indian banking regulations stipulate that banks cannot reflect loans from other banks on their balance sheets, making it imperative for HDFC to repay these obligations to facilitate the merger’s completion.

In April, HDFC Bank and HDFC announced their intention to merge in a monumental $40 billion transaction, a move hailed as the largest in corporate history. This merger positions HDFC Bank to become significantly larger than ICICI Bank, currently the third-largest lender in India, potentially reshaping the competitive landscape of the banking sector.

Furthermore, HDFC has formally requested the Reserve Bank of India (RBI) to temporarily waive the Statutory Liquidity Ratio (SLR) requirement, proposing a phased compliance approach. According to the Banking Regulation Act of 1949, banks are required to maintain an SLR of 18% and 25% as of the last Friday of the second fortnight of each month, underscoring the importance of regulatory adherence during this critical transition.

This merger represents a significant milestone not only for HDFC Bank but for the entire banking industry, indicating a trend toward consolidation and increased competitiveness among major financial institutions in India.

REC Ltd Secures $500 Million in Green Bonds to Boost Renewable Energy Initiatives

Supriya Biswas
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REC Ltd Secures $500 Million in Green Bonds to Boost Renewable Energy Initiatives

REC Ltd, a state-owned enterprise, has successfully raised $500 million through green dollar bonds aimed at financing renewable energy projects. The bonds, which come with a five-year maturity period and a coupon rate of 4.75% per annum, are set to mature on September 27, 2029.

This issuance marks the first instance of a U.S. dollar bond being launched by an Indian public sector organization in 2024. The funds raised will contribute to REC’s ambitious $10 billion global medium-term program and will be allocated to projects aligned with its Green Finance Framework, adhering to the guidelines established by the Climate Bond Initiative and the Reserve Bank of India.

With ratings of Baa3 from Moody’s and BBB from Fitch, the bonds will be listed on India INX and NSE IFSC. Despite a challenging global financial landscape, the bond issuance received robust demand, highlighting India’s emerging role in the green finance sector. Barclays, DBS, HSBC, Mizuho, MUFG, and Standard Chartered Bank served as joint bookrunners for this successful issuance.

As of June 30, 2024, REC’s loan portfolio stood at ₹5.30 lakh crore, with a net worth of ₹72,351 crore.

This strategic move not only reinforces REC’s commitment to sustainable development but also showcases the growing appetite for green financing in India. As the world increasingly turns its focus towards renewable energy, REC’s initiative exemplifies how public sector entities can play a vital role in addressing climate change and promoting a greener future.

Brand Amul’s Group Revenue Reaches ₹80,000 Crore for 2023-24, Reports GCMMF

Supriya Biswas
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Brand Amul’s Group Revenue Reaches ₹80,000 Crore for 2023-24, Reports GCMMF

The Gujarat Co-operative Milk Marketing Federation Ltd. (GCMMF) has revealed that the overall turnover of Brand Amul hit ₹80,000 crore (approximately $10 billion) in the fiscal year 2023-24, up from ₹72,000 crore (around $9 billion) in the previous year. The federation reported an impressive 8% increase in turnover, reaching ₹59,545 crore (about $7 billion) for FY24.

In its statement, GCMMF noted that this milestone coincides with its Golden Jubilee year, showcasing an 8% year-on-year growth in revenue.

“Celebrating our 50th anniversary, GCMMF has attained a remarkable feat by establishing itself as one of the strongest food brands globally. We are focused on continuous expansion by entering new markets, launching innovative products, and enhancing milk processing capacities throughout India,” said Shamalbhai Patel, Chairman of GCMMF.

As a cooperative owned by farmers, GCMMF comprises 3.6 million dairy farmers across 18,600 villages in Gujarat, with 18 member unions collectively managing the procurement of 30 million liters of milk daily.

Breaking Barriers: Financial Terms Now Available in Sign Language for the Differently-Abled.

Supriya Biswas
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Breaking Barriers: Financial Terms Now Available in Sign Language for the Differently-Abled.

In a significant move towards financial inclusion, key terms such as mutual funds, IPOs, bonds, and investors have been translated into sign language, making financial literacy more accessible to the differently-abled community. This development, led by the Indian Sign Language Research and Training Centre (ISLRTC), introduces video demonstrations of these critical monetary concepts, improving accessibility for thousands of individuals, according to a senior official.

The ISLRTC has created a specialized dictionary encompassing financial and banking terminology, available through a user-friendly website and the free ‘Sign Learn’ app, making it easy for users to access and understand these essential concepts.

Sanjay Kumar, Deputy Director (Administration) of ISLRTC, mentioned that besides financial terms, the centre has expanded its dictionary with other categories by partnering with various organizations. Furthermore, the centre aims to address the growing demand for qualified professionals in sign language through expanded diploma courses for interpreters and instructors.

Kumar also highlighted that, for the 2024-25 academic year, 120 deaf students and 90 hearing-impaired students have been enrolled in ISLRTC’s programs.

Additionally, ISLRTC has signed Memorandums of Understanding (MoUs) with 25 national institutions to fast-track the training of sign language interpreters and educators, fulfilling the mandates set by the Rights of Persons with Disabilities (RPwD) Act of 2016.

To further enhance inclusivity, a free Video Relay Service (VRS) was launched in July 2023, and it has already benefitted 1,800 individuals in various sectors, including medical, legal, and educational services.

Myntra Co-Founder Mukesh Bansal Secures $27.5M in Funding for AI Startup Nurix

Supriya Biswas
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Myntra Co-Founder Mukesh Bansal Secures $27.5M in Funding for AI Startup Nurix

Mukesh Bansal, known for co-founding e-commerce giant Myntra and fitness platform Cult.fit, has successfully raised funds for his latest venture, Nurix AI, from top venture capitalists, Accel and General Catalyst.

Nurix AI announced on Tuesday that it has secured $27.5 million (approximately ₹230 crore) in a seed-cum-Series A funding round led by these two prominent US-based VC firms. Additionally, Meraki Labs, an incubator founded by Bansal, also participated in this round.

Launched earlier this year, Nurix AI is Bansal’s newest endeavor following his successful journey with Myntra, established in 2007, and Curefit (now Cult.fit), which he co-founded nearly a decade later. Myntra became part of Flipkart in 2014 through an acquisition, while Cult.fit gained momentum after a rebrand in 2021, receiving investment from Tata Digital. Bansal later served as President at Tata Digital but stepped down in 2023 to focus on his new project.

“At Nurix AI, we foresee a future where AI agents, empowered by human knowledge, manage a considerable portion of tasks, leading to groundbreaking improvements in both productivity and quality,” said Bansal, who now serves as CEO of the company.

PhonePe Attracts Another $100 Million from General Atlantic as Part of Ongoing Funding Round

Supriya Biswas
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PhonePe Attracts Another $100 Million from General Atlantic as Part of Ongoing Funding Round

PhonePe has raised an additional $100 million from General Atlantic and its co-investors, contributing to its ongoing $1 billion funding round. General Atlantic had previously invested $350 million in the Walmart-owned fintech firm back in January.

This round also saw participation from notable investors such as Tiger Global, Ribbit Capital, and TVS Capital, who collectively contributed $100 million. Walmart itself added $200 million to the mix, bringing the pre-money valuation of PhonePe to an impressive $12 billion.

Since its separation from Flipkart in 2020, PhonePe has actively sought funding to fuel its growth. The company initially raised $700 million in primary capital during this spin-off, achieving a post-money valuation of $5.5 billion.

In a significant strategic shift last October, PhonePe relocated its business operations from Singapore back to India, which is viewed as a precursor to its plans for an IPO on Indian stock exchanges.

As reported by Tracxn, PhonePe has accumulated a total of $13.7 billion in funding to date, with General Atlantic owning a 2.9% stake in the company.

In a company statement, PhonePe confirmed, “We are thrilled to announce a $100 million investment from General Atlantic, a leading global growth equity firm, along with its co-investors, as part of our continuing fundraising journey. This follows General Atlantic’s initial $350 million investment in January 2023.”

Rooter Raises $16 Million to Fuel Expansion and Technology Development

Supriya Biswas
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Rooter Raises $16 Million to Fuel Expansion and Technology Development

Rooter, a prominent platform for game streaming and esports, has announced the successful closure of a $16 million (approximately ₹131 crore) growth funding round led by its existing investor, Lightbox. This funding round also included contributions from Trifecta Capital, Pivot Ventures, Baldota Family Office, Global Play Media, Denlow Private Trust, Venture Catalysts, and Potential Ventures, alongside participation from existing backers such as Duane Park Ventures, LeAD Sports & Health Tech Partners, ADvantage VC, Goal Ventures, Capital A, and Astarc Ventures.

While the funding comprised both debt and equity, Rooter has opted not to disclose the precise breakdown. This announcement follows the company’s previous achievement of raising $25 million in a Series A funding round, which was also spearheaded by Lightbox, March Gaming, and Duane Park Ventures. To date, Rooter has amassed a total of $46 million in funding.

The New Delhi-based startup plans to utilize the newly acquired funds to enhance its technology infrastructure and broaden its reach in Southeast Asia, the Middle East, and North Africa (MENA). Founded in 2016 by Piyush Kumar and Dipesh Aggarwal, Rooter’s content library features a diverse array of live streams, short videos, and other content available in ten Indian languages. The company has reported a remarkable fourfold increase in its annual recurring revenue (ARR), reaching $7 million with an impressive 80% gross margin. Rooter is targeting profitability within the next year.

“We anticipate surpassing $10 million in ARR by the next quarter and aim to achieve profitability by April 2024. This funding will empower us to enhance our technology infrastructure and explore both organic and inorganic growth opportunities,” stated Piyush Kumar, founder and CEO of Rooter.

The startup has successfully onboarded one million gaming creators, contributing to a user base of 60 million. Sid Talwar, a partner at Lightbox, noted that “Rooter has successfully scaled its operations while maintaining a solid balance sheet and robust unit economics.”

Lightbox, known for its investments in successful startups such as Rebel Foods, Dunzo, and Paymate, recently announced a delay in launching its fourth fund, choosing instead to focus on exits from its first two funds in the coming months. Currently, it is deploying capital from its $200 million third fund, which was initiated in 2018 and has invested in nine companies to date.

EvolveX Accelerator by We Founder Circle Sets Eyes on Investing in 50 Startups This Year

Supriya Biswas
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EvolveX Accelerator by We Founder Circle Sets Eyes on Investing in 50 Startups This Year

The EvolveX accelerator, launched by We Founder Circle (WFC), has set an ambitious goal to invest in 50 startups by the end of this year. This initiative is focused on supporting early-stage ventures, providing investments ranging from $20,000 to $30,000 at the seed stage, while also facilitating additional fundraising opportunities of up to $100,000 during the program.

To date, EvolveX has allocated half a million dollars to various startups and plans to increase its investments to a total of $1.5 million in 2023. “Our steadfast commitment underscores our belief in the significance of innovation and entrepreneurship. We provide a holistic support system that includes significant seed funding, access to experienced mentors, and a vibrant community,” stated Bhawna Bhatnagar, Co-founder of EvolveX.

Since its inception in 2022, EvolveX has completed two cohorts, mentoring and funding a total of 14 startups. This year, the accelerator aims to run four cohorts, mentoring up to 36 startups across a variety of sectors. These sectors include edtech, electric vehicles (EV), direct-to-consumer (D2C) brands, software-as-a-service (SaaS), robotics, fintech, augmented reality/virtual reality (AR/VR), agritech, martech, and healthtech.

The first cohort featured six startups: Uma Robotics, Student Ink, OLL, Motozite, ParkMate, and Humours Tech. This was followed by eight startups in the second cohort: EV India, The Energy Company, UCliq, MetaBook XR, MeriGarage, Get Plus, PrintBrix, and WildLeaf. In the third cohort, EvolveX included seven startups, namely Krishivan, DeltaFour, Himshakti, HealthQ Rehab, My Era, Nikol EV, and Rupid.

Beyond funding, the program fosters a community for startups to collaborate and learn from one another, helping them to map out growth strategies, secure infrastructure for future funding rounds, and tap into EvolveX’s extensive network of angel investors.

Neeraj Tyagi, Co-founder and CEO of We Founder Circle, remarked, “With EvolveX, we have expanded our reach to pre-seed and seed-stage startups. Our aim is to provide early-stage entrepreneurs with the funding visibility they need, from pre-seed to angel rounds, along with proactive mentoring and business support.” The accelerator is open to promising startups globally, not just those based in India.

Hopscotch Secures $20M Funding Round Led by Amazon

Supriya Biswas
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Hopscotch Secures $20M Funding Round Led by Amazon

Hopscotch, a direct-to-consumer (D2C) children’s clothing brand, has successfully raised $20 million in a funding round led by the global e-commerce leader Amazon. The investment round also saw participation from notable investors, including Eduardo Saverin, co-founder of Facebook, alongside existing backers such as Lionrock, IIFL Seed Venture Fund, RPG Ventures, and Techpro Ventures.

Rahul Anand, the Founder and CEO of Hopscotch, expressed enthusiasm about the funding, stating, “This investment will enable us to enhance our marketing efforts, expand our product range, and empower more customers to showcase their individual styles.”

The capital raised will be pivotal for Hopscotch as it aims to broaden its product offerings and reach a wider customer base. Preetham N, Director of Corporate Development at Amazon, commented on the brand’s impressive progress, highlighting their achievements to date.

With the backing of Amazon and other investors, Hopscotch is strategically positioned to accelerate its growth and capture a larger share of the market. The company’s technology platform is designed to quickly identify emerging fashion trends, allowing it to deliver popular styles to customers ahead of competitors.

Based in Mumbai, Hopscotch specializes in children’s apparel, footwear, and accessories, catering to style-conscious parents seeking fashionable options for their kids. The company has established partnerships with major e-commerce platforms, including Amazon and Flipkart, and reports that nearly 80% of its revenue comes from smaller towns across India.

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