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Jugyah Secures $1.5 Million to Transform Real Estate Brokerage in Mumbai

By
Garima Bansal
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Jugyah, a Mumbai-based proptech startup, has raised $1.5 million in a funding round led by White Venture Capital, QED Investors, and Godrej Properties, with additional participation from Whiteboard Capital, Singularity Ventures, and angel investors like Kunal Shah of Cred, Harsh Jain of Dream Sports, and Ramakant Sharma of Livspace. The fresh capital will be used to expand Jugyah’s reach within the Mumbai Metropolitan Region and increase its market share.

Founded in 2023 by Arshad Balwa and Ansuman Mohanty, Jugyah connects property buyers and tenants with sellers and landlords through its real estate brokerage platform. The company also offers an in-house mortgage origination service that provides financing options to users. According to the founders, to effectively address the issues faced by home buyers and renters, they had to redesign the entire home sale and rental process from the ground up. They realized that listing platforms only facilitate search and discovery, while subsequent steps like visits, negotiations, transactions, and post-move-in experiences remain offline and unstandardized.

Jugyah integrates all these steps through a digital platform with a physical experience center, embedding a fintech layer to eliminate hassles and adding features like legal assistance and loan financing. The goal is to transform real estate brokerage into a standardized product rather than a service of varying quality. All tenants on the platform must undergo an e-KYC procedure and credit assessment, helping landlords select credit-verified tenants. Buyers benefit from free seepage warranties, legal support, and zero-commission mortgage pre-approval.

The company has established offline experience centers in South Mumbai and Navi Mumbai, where buyers, sellers, tenants, and landlords can receive support from Jugyah’s agents. Jugyah reports a growth rate of over 50% month-over-month and anticipates becoming cash-flow positive by the end of the year. Additionally, the long-term rental and resale market in India is projected to reach $300 billion by 2026, with the brokerage and property management market expected to grow to $20 billion within the same timeframe.

Jugyah faces competition from other industry players such as Nobroker, Property Guru, and Housing. Sandeep Patil, head of Asia at QED Investors, expressed excitement about Jugyah’s vision to address the challenges in the real estate market and praised the founders for their insights, networks, and energy, which have the potential to significantly impact the lives of middle-class Indians in growing cities.

Circuit House Technologies Raises $4.3 Million to Revolutionize Home Entertainment

By
Garima Bansal
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0

Consumer electronics startup Circuit House Technologies, founded by former Xiaomi India Chief Business Officer Raghu Reddy, has announced raising $4.3 million in a funding round. The round was led by Stellaris Venture Partners and 3one4 Capital, with participation from several angel investors, including Mamaearth co-founder Varun Alagh and Tracxn co-founder Abhishek Goyal.

Rahul Chowdhri, partner at Stellaris Venture Partners, expressed confidence in Circuit House Technologies’ approach to the consumer tech market. He emphasized the expertise and vision of Raghu Reddy and Kailash Sankaranarayanan, stating that their innovative strategies and leadership are expected to drive the company to new heights and achieve remarkable success in the industry.

The company, established in March this year by Reddy and Sankaranarayanan, aims to develop and sell consumer electronic products. Their initial focus will be on the home entertainment category, with products expected to launch early next year. Sankaranarayanan previously served as senior director and revenue head of grocery at Flipkart.

Reddy highlighted the expectations of modern Indian consumers for superior and relevant local experiences. He noted that Circuit House Technologies plans to leverage innovative technology and unique Indian consumer insights to deliver a differentiated proposition. The company’s goal is to build the next-generation Indian consumer tech company, offering cutting-edge home entertainment products.

With this funding, Circuit House Technologies is poised to make significant strides in the consumer electronics market, leveraging local insights and advanced technology to cater to the evolving needs of Indian consumers.

Timbuckdo Raises Rs 2 Crore in Seed Funding to Empower Student Workforce

By
Garima Bansal
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Timbuckdo has successfully raised seed funding of Rs 2,00,00,000 from two US-based angel investors, Morton Meyerson and Nandkishore (Andy) Kalambi. Founded by Mythri Kumar and Apoorv Sharma Prasad, Timbuckdo aims to bridge the gap between students seeking flexible employment and businesses needing part-time support by connecting students with gig opportunities.

With over 50% of India’s population under the age of 25, Timbuckdo recognizes the importance of harnessing the potential of the younger generation and providing them with relevant opportunities. The part-time job market has seen significant growth, with a 30% increase in opportunities over the past year alone. Timbuckdo is dedicated to offering flexible and meaningful employment to the younger generation, thereby driving economic growth. The co-founders, Mythri Kumar and Apoorv Sharma Prasad, are thrilled to have Nandkishore Kalambi and Morton Meyerson on board as investors and advisors. They believe that the support of these investors underscores the growing importance of flexible work solutions in the modern economy. With their backing, Timbuckdo is well-positioned to enhance its platform and expand its reach to students across the country.

Nandkishore Kalambi, whose lifelong passion for inclusive innovation aligns perfectly with Timbuckdo’s mission, stated that the future of work is in the gig economy. Timbuckdo is building the next generation workforce by providing young people with real-world work exposure through various part-time jobs, creating a flexible and supportive work environment for students.

Cashe Enters Insurance Market with Acquisition of Centcart Insurance

By
Garima Bansal
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Financial wellness platform Cashe has taken a significant step into the insurance market with the acquisition of insurance broking platform Centcart Insurance. This acquisition, carried out by Aeries Financial Technologies, Cashe’s parent company, enables Cashe to offer a wide range of insurance products across various categories. These products will be sourced from all insurance providers operating in India, covering both life and general insurance.

In a statement released on Wednesday, V Raman Kumar, founder and chairman of Aeries Financial Technologies, emphasized the importance of this acquisition. “This acquisition marks a pivotal moment in our journey within the insurance sector. It enhances our capabilities and accelerates our growth, allowing us to offer an extensive array of products from multiple insurance partners. This is especially significant given the vast potential within India’s under-penetrated insurance market,” he said.

Centcart Insurance, based in Hyderabad, possesses an insurance broking license from the Insurance Regulatory and Development Authority of India (IRDAI). Cashe has steadily expanded its offerings beyond lending into wealth management and now, insurance. In 2022, the company ventured into the wealth management sector by acquiring Gurugram-based investment platform Sqrrl Fintech in an all-cash transaction.

Over the last seven years, Cashe has facilitated digital loans amounting to Rs 10,200 crore for over 3 million users across India.

Skild AI Raises $300 Million to Revolutionize Robotics with Advanced AI Models

By
Garima Bansal
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Skild AI, an innovative AI robotics startup, has successfully raised $300 million in a Series A funding round. Leading the investment were Lightspeed Venture Partners, Coatue, SoftBank Group, and Jeff Bezos through Bezos Expeditions. Additional investors included Felicis Ventures, Sequoia Capital, Menlo Ventures, General Catalyst, CRV, Amazon, SV Angel, and Carnegie Mellon University.

The newly acquired capital will be utilized to scale Skild AI’s business model and expand its training datasets for future commercial applications. Additionally, the funds will aid in the hiring of new talent across AI, robotics, engineering, operations, and security teams. Deepak Pathak, Co-founder of Skild AI, shared on X that over the past year, he and Abhinav Gupta have worked with their top-tier team to build an AI foundation model grounded in the physical world.

Founded in 2023 by former Carnegie Mellon University professors Abhinav Gupta and Deepak Pathak, Skild AI focuses on developing AI-powered brains for robots. With this funding, the Pittsburgh-based startup’s valuation has reached $1.5 billion. Skild AI asserts that its model is trained on significantly more data points than its competitors—at least 1,000 times more. Unlike robots designed for specific tasks, Skild AI’s model is a versatile AI applicable to various robots and scenarios, including locomotion and navigation tasks.

Raviraj Jain, Partner at Lightspeed Venture Partners, commented that Skild AI has made significant breakthroughs in a short time and is a unique company capable of redefining the understanding of machine capabilities. Jain also emphasized that the company’s innovation in applying foundational AI principles to real-world scenarios is setting the industry on a path toward general-purpose robotics.

The model is expected to enable low-cost robots to operate across various industries, handling challenging conditions and performing complex tasks in homes and factories. Stephanie Zhan, Partner at Sequoia Capital, believes a GPT-3 moment is approaching in the world of robotics, triggering a monumental shift that brings advancements in digital intelligence to the physical world. The Skild AI team comprises experts in robotics and AI, including individuals with experience at Meta, Tesla, NVIDIA, Amazon, and Google, as well as academic institutions like Carnegie Mellon, Stanford, and UC Berkeley.

Simplismart Secures $7 Million in Funding Led by Accel, Joins Booming Generative AI Sector

By
Garima Bansal
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Simplismart, a Bengaluru-based startup specializing in generative artificial intelligence, is gearing up to secure a new round of funding led by Accel, according to sources familiar with the matter. The startup will join a growing list of companies in the generative AI sector that have seen significant funding activity this year.

Accel is reportedly leading a $7 million funding round in Simplismart, with participation from existing investors. The deal, which has received term sheets, is expected to be finalized and publicly announced soon. Previously, Simplismart raised seed funding from Anicut Capital, Sunn91, First Cheque, and Shastra VC.

Founded in 2022 by Amritanshu Jain and Devansh Ghatak, Simplismart enables businesses to build scalable AI systems for production without the need for coding. Their platform allows both beginners and experts to collaboratively train and monitor machine learning models across diverse data types and use-cases.

In July 2023, Simplismart was selected as part of the AWS ML Elevate program, a collaboration between AWS and Accel aimed at supporting generative AI startups in India. A recent study by NASSCOM highlights a substantial increase in the number of generative AI startups in India from 2021 to 2023, with a corresponding surge in funding since December 2023.

According to data, more than half a dozen early-stage generative AI startups have collectively raised nearly $100 million in funding over the past six months. Sarvam AI leads the pack with $41 million in Series A funding, followed by Ema and Neysa with $25 million and $20 million respectively in seed funding.

Altair and ARAI Collaborate to Drive Automotive Innovation and Sustainability

By
Garima Bansal
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Altair, a leader in computational intelligence, has signed a memorandum of understanding with the Automotive Research Association of India (ARAI) to drive technology and digital transformation in the automotive and heavy engineering sectors. The collaboration aims to leverage digital twin technology, data-driven design, and AI-powered engineering solutions to foster innovation and sustainability.

Both organizations will collaborate to enhance digital transformation and product development. Altair’s expertise in advanced simulation and data analytics tools will be integrated into ARAI’s consulting services, enabling the exploration of new applications in electrification, connectivity, and energy management.

Stephanie Buckner, Global Chief Operating Officer at Altair, expressed excitement about the partnership, highlighting the potential to advance AI-driven engineering and data analytics. The collaboration aims to accelerate digital transformation and bolster capabilities across automotive and heavy engineering sectors.

Reji Mathai, Director of ARAI, emphasized the strategic importance of the MoU in integrating cutting-edge technologies into their R&D processes. The partnership with Altair is expected to deliver sustainable solutions and strengthen ARAI’s role as an automotive innovation leader.

ARAI, known for its comprehensive automotive testing and certification capabilities, stands to benefit significantly from integrating Altair’s tools. This collaboration marks a significant step towards enhancing electrification, connectivity, and energy management within the sectors they serve, pushing the automotive industry towards greater innovation and sustainability.

Reliance Retail Plans 8,000-10,000 Sq Ft Sports Stores Similar to Decathlon

By
Garima Bansal
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Reliance Retail, led by Mukesh Ambani, is preparing to enter the booming athleisure market with a new sports retail format aimed at challenging the dominance of French retailer Decathlon. According to a report in the Economic Times, Reliance Retail plans to lease 8,000-10,000 square feet spaces in prime locations across major cities for a yet-to-be-named brand, seeking to emulate Decathlon’s successful business model.

Decathlon, which entered the Indian market in 2009, has experienced significant growth, with revenues rising from ₹2,936 crore in FY22 to ₹3,955 crore in FY23. This period also saw other leading sports brands such as Puma, Adidas, Skechers, and Asics achieving substantial growth in the Indian market.

Decathlon’s Chief Retail and Countries Officer, Steve Dykes, emphasized the importance of India as a key market for the company. He highlighted Decathlon’s strategy of maintaining a steady pace of opening ten stores per year, with sizes varying to suit local preferences. In addition to expanding its physical presence, Decathlon is also enhancing its online presence to strengthen its digital footprint in India.

This strategic move comes amid reports that Reliance Retail is set to bring Chinese fast-fashion label Shein back to India in the coming weeks. Shein, a globally recognized brand, was banned in India in 2020 amid rising border tensions and a crackdown on Chinese apps.

Tata 1mg Prioritizes Profitability, Slashes Losses by 75% in FY24

By
Garima Bansal
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0

During FY22 and FY23, Tata 1mg focused on rapid growth, achieving more than a two-fold increase in collections in each fiscal year. However, the company shifted its focus to profitability in the fiscal year ending March 2024. This strategic change resulted in a revenue growth of 21% while simultaneously reducing losses by 75% in FY24.

Tata 1mg’s revenue from operations rose to Rs 1,968 crore in FY24, up from Rs 1,627 crore in FY23, according to consolidated financial statements from the Registrar of Companies (RoC). A significant portion of this revenue, 81.3%, came from the sale of medicines, which saw a 24% increase to Rs 1,599 crore in FY24. Other revenue streams included lab test fees, patient support programs, advertising, and shipping services.

In addition to its operational revenue, Tata 1mg earned Rs 23 crore from interest, financial asset gains, and other miscellaneous sources, bringing its total income to Rs 1,991 crore in FY24. Operating with inventory, the cost of procuring medicines was a major expenditure, accounting for 56% of the overall costs and increasing by 8.5% to Rs 1,289 crore in FY24.

Expenses for employee benefits, information technology, legal services, advertising, commissions, packaging, fulfillment, and other overheads contributed to a total cost increase of 20.4%, reaching Rs 2,303 crore in FY24. Despite these expenditures, Tata 1mg’s controlled costs and stable scale enabled the company to cut its losses by 75%, reducing them to Rs 313 crore in FY24 from Rs 1,255 crore in FY23. The company’s EBITDA margin was -10.85%, and it spent Rs 1.17 to earn a rupee in the previous fiscal year.

A major factor in the substantial losses during FY23 was the FVTPL cost, a non-cash expense amounting to Rs 668 crore. Since Tata Digital acquired a 55% stake in 1mg in June 2021, its stake has increased to 63.5%, with the e-medicine platform valued at 1.25 billion. According to estimates, Tata 1mg’s enterprise value to revenue multiple stands at 4.87X. The focus on cost control and financial performance is crucial for Tata 1mg, especially under the Tata Group’s umbrella, where financial success equates to operational freedom.

Immuneel Therapeutics Raises Rs 100 Crore in Series A Extension to Advance Cancer Therapies

By
Garima Bansal
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0

Immuneel Therapeutics, a biotech startup concentrating on cancer treatments, has raised Rs 100 crore (approximately $12 million) in an extension of its Series A funding round, led by Taiba Middle East FZ LLC. This marks the third round of investment for the Bengaluru-based company since its establishment in 2018.

According to a special resolution passed by the board at Immuneel Therapeutics, the company will issue 10 equity shares and 8,164 Series A1 Compulsorily Convertible Preference Shares (CCPS) at an issue price of Rs 1,22,330 each to accumulate Rs 100 crore ($12 million). This information is derived from regulatory filings accessed through the Registrar of Companies.

The company intends to utilize these funds for growth and expansion, as outlined by the board. Immuneel Therapeutics is valued at around Rs 587 crore ($71 million) post-allotment. With the latest investment, Taiba Middle East FZ now holds a 17% stake in the company. The round is still ongoing, indicating potential for additional fundraising.

To date, Immuneel Therapeutics has raised approximately $40 million, including a $15 million Series A financing round co-led by Eight Roads Ventures, True North, and F-Prime Capital in 2022.

Immuneel Therapeutics was founded by Biocon founder Kiran Mazumdar Shaw, oncologist and Pulitzer Prize winner Siddhartha Mukherjee, and Kush Parwar. The Indian clinical-stage startup focuses on developing cell and gene therapies for cancer patients. It is also working on its own pipeline of chimeric antigen receptor T-cell (CAR-T) therapies and other cellular immunotherapies for cancer management and treatment. The company claims to offer therapies at one-third the cost of similar gene therapies in the United States.

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