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LiaPlus AI Secures Rs 2 Crore in Seed Funding to Enhance AI-Driven Customer Support Solutions

By
Garima Bansal
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LiaPlus AI, a customer support solutions provider, has raised Rs 2 crore in a seed funding round led by Inflection Point Ventures, with participation from Chandigarh Angel Network and Growth91. The funds will be used to enhance product and technology advancements, expand the team, and boost sales and marketing efforts.

Founded in 2023 by Shailesh Jaiswal and Smridhi Seth, LiaPlus leverages AI to provide customer support in 18 languages, handling millions of calls per hour and interpreting customer emotions. The platform operates 24/7 across India, the Middle East, Africa, and Australia, offering businesses a quick and efficient way to hire customer support employees through an AI-driven task management system.

LiaPlus uses high-quality data and prompts to train its AI models, ensuring accuracy and relevance. With real-time interactions and less than 400 milliseconds of latency, it integrates seamlessly with B2B systems, making it easy for businesses to adopt. The platform offers cost-effective pricing while maintaining top-quality service.

Targeting industries like BFSI and e-commerce, LiaPlus has formed strategic alliances across various regions, customizing its platform to provide multilingual support and meet local market needs.

Venture Catalysts and 1Crowd back Nautical Wings Aerospace

By
Garima Bansal
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Nautical Wings Aerospace, a company specializing in electric propulsion technology for the aviation industry, has raised pre-Series A funding from Venture Catalysts and 1Crowd for an undisclosed amount. The funds will be used to enhance R&D efforts, expand the team of expert engineers, and scale operations to meet the increasing global demand for electric propulsion solutions in aviation.

Founded in 2020 by Shiv Varun Singh Rajput, Praveen T, and Vikas Kamath, Nautical Wings Aerospace develops customized propulsion solutions for OEMs worldwide. The company’s flagship product, the Integrated Electric Propulsion Unit (iEPU), is designed as a turnkey solution to simplify adoption for drone manufacturers and air mobility companies. Operating on a B2B model, Nautical Wings provides enterprise hardware technology to aircraft OEMs.

The electric aircraft propulsion market is projected to grow significantly, with a CAGR of 15.3%, expanding from $6.5 billion in 2022 to $20.3 billion by 2030, offering substantial opportunities for Nautical Wings Aerospace. The iEPU features a plug-and-play design for seamless integration across various aircraft, catering to specific client needs and streamlining the development process for drone and air mobility manufacturers, accelerating their time-to-market.

Bandhan Bank Partners with Ashok Leyland to Offer Vehicle Financing Solutions

By
Garima Bansal
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Bandhan Bank has formed a strategic partnership with Ashok Leyland to provide vehicle financing solutions to customers. Through this collaboration, Bandhan Bank will offer loans for purchasing Ashok Leyland’s commercial vehicles, targeting fleet operators, small and medium enterprises, and individual buyers.

The partnership aims to enhance vehicle ownership accessibility by providing flexible financing options, competitive interest rates, swift processing, and minimal documentation requirements. The financing solutions will encompass Ashok Leyland’s extensive vehicle portfolio, including trucks, buses, and light commercial vehicles.

This collaboration is set to boost Bandhan Bank’s expanding vehicle loan portfolio while also broadening Ashok Leyland’s customer base, making it easier for buyers to access financial support for their vehicle purchases.

A backpacker hostel chain the Hosteller raises $4 million from V3 Ventures, others

By
Garima Bansal
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The Hosteller, a leading backpacker hostel chain, has raised $4 million (approximately Rs 32 crore) at a valuation of around $25 million in a funding round led by V3 Ventures. The round also saw participation from existing investors such as LV Angel Fund, FAO Ventures, Synergy Capital Partners, Unit-e Consulting, Ice.VC, and Thrive Ventures. The funds will be used to fuel The Hosteller’s expansion plans, with the company aiming to increase its footprint to over 150 locations across India in the next 24 to 30 months.

Founded in 2014, The Hosteller currently operates in 60 locations across India, including major metropolitan areas and popular tourist destinations in Himachal Pradesh, Uttarakhand, Karnataka, and other scenic regions. Pranav Dangi, founder and CEO, emphasized the company’s commitment to enhancing travel experiences for the backpacker community while focusing on sustainable growth. The launch of Glu, a comprehensive tech concierge service, is part of their initiative to set new standards in the hospitality industry.

CFO Saksham Khemka highlighted the company’s rapid expansion, noting a fourfold increase in locations over the past three years. The Hosteller plans to maintain this momentum by adding four to five new hostels each month. For the fiscal year ending March 2024, the company reported revenue of Rs 55 crore along with positive net margins.

Arjun Vaidya, partner at V3 Ventures, praised The Hosteller for its strong position in the consumer and travel sectors, attributing its success to exceptional execution. Apurva Patel of Synergy Capital Partners also commended the team’s excellence in on-ground execution, effective capital utilization, and strong customer engagement, setting a high standard in the industry.

L’Oréal Paris Names Alia Bhatt as Global Brand Ambassador, Joining Viola Davis and Kendall Jenner

By
Garima Bansal
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L’Oréal Paris, the leading global beauty brand, has appointed Alia Bhatt as its newest global brand ambassador, joining the ranks of prominent figures like Viola Davis and Kendall Jenner. The celebrated actress and entrepreneur will be featured in campaigns for the French beauty giant starting in September 2024. Known for her versatile roles in cinema, Alia Bhatt was named in Time Magazine’s 2024 list of influential people and embodies L’Oréal Paris’s values of empowerment and inclusivity on a global scale.

Delphine Viguier-Hovasse, Global President of L’Oréal Paris, expressed admiration for Alia Bhatt’s efforts in using her global platform and production roles to advocate for inclusivity in the film industry and spotlight Indian cinema worldwide. Viguier-Hovasse highlighted Bhatt’s commitment to caring for both people and the planet, making her an ideal ambassador for promoting female talent and entrepreneurship, aligning with L’Oréal Paris’s mission to uplift women’s worth.

Alia Bhatt expressed excitement about joining the L’Oréal Paris family and standing alongside a community of strong and powerful women. With a deep interest in skincare, Bhatt appreciates L’Oréal Paris for its pioneering innovations and dedication to excellence in the beauty industry. She emphasized that the brand’s commitment to celebrating women’s empowerment resonates deeply with her, and she looks forward to making a positive impact in the beauty industry and advocating for inclusivity for women.

VentureSoul Partners declares first close of Rs 600 crore maiden fund; raises Rs 146.5 crore

By
Garima Bansal
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VentureSoul Partners, a venture debt firm, has completed the first close of its Rs 600 crore maiden fund, raising Rs 146.5 crore. The firm plans to make debt investments in around 25 startups, with each investment ranging between Rs 20-25 crore. Founded by former banking professionals Kunal Wadhwa, Anurag Tripathi, and Ashish Gala, VentureSoul Partners is a SEBI-registered Category II Alternative Investment Fund (AIF). The fund targets a total corpus of up to Rs 300 crore, with an additional Rs 300 crore available through greenshoe options.

The firm has received commitments from a diverse group of investors, including family offices, corporates, and high-net-worth individuals (HNIs). VentureSoul aims to support startups typically in Series A or later stages, focusing on those with established business models and revenue streams. Pharmaceutical company Micro Labs serves as the anchor investor, alongside other corporate participants such as Kredibee founder E Madhusudan, Omkar Shirhatti of Perfios, Rupa Group, Glen Appliances, PSN Group, SKM Steels, and Zebronics.

The debt investments will have a repayment tenure of 24-36 months with quarterly repayments. VentureSoul’s founders bring extensive experience in credit and lending, leveraging their banking backgrounds to extend their expertise into venture debt. The firm anticipates finalizing its first investment, approximately Rs 20 crore, next week and aims to close three to four deals by year-end. The full fund deployment is expected within the next 15 to 18 months.

In 2023, 190 startups in India raised $1.2 billion through venture debt, marking a 50% increase from the previous year. Globally, venture debt totaled between $60-65 billion during the same period, reflecting a growing trend in this financing model. VentureSoul Partners is positioned to capitalize on this momentum, providing essential debt funding to growth-stage startups with strong business foundations.

60-minute clothes delivery app Slikk raises $300K

By
Garima Bansal
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GenZ-focused fashion delivery app Slikk has secured $300K in a pre-seed funding round led by Better Capital, with participation from Untitled Ventures. The funds will be used to scale up operations, including expanding to over 100 brands, setting up a large-format dark store, and increasing delivery coverage to 70% of Bengaluru’s pincodes. Additionally, Slikk plans to extend its services to other major cities in India and diversify its product offerings to include beauty, personal care, and home decor.

Under the leadership of Akshay Gulati, Slikk delivers the latest fashion trends directly to customers’ doorsteps with new styles introduced weekly. Initially launched in Bengaluru, the platform is poised to expand to other metropolitan areas soon.

The growth prospects are promising, as the Indian apparel market is projected to reach $105.50 billion by 2024, with the fast fashion segment expected to grow from $9.90 billion in 2023 to $28.84 billion by 2030.

Recycling startup RecommerceX raises $3.6 million in round led by Accel, Kae Capital

By
Garima Bansal
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RecommerceX, a chemical recycling and sustainability startup, has raised $3.6 million in a seed funding round led by Accel and Kae Capital. The investment will be utilized to expand the team, enhance its technology platform, boost R&D for advanced material recovery, and scale operations in India and other international markets. Co-founded in 2024 by Shobhit Goel, Mohit Gulyani, and Ajay Gupta, RecommerceX aims to organize the largely fragmented waste management sector by chemically recovering valuable components from industrial waste, including plastics, metals, and electronic waste.

Founder and CEO Shobhit Goel highlighted that RecommerceX aims to become a leading brand in the waste management industry by efficiently procuring waste, segregating it, and supplying the recycled output as raw materials to customers. The Noida-based startup is currently processing around 1,000 tonnes of waste per month, with plans to scale up to 10,000 metric tonnes per month within a year, targeting medium to large manufacturing companies and EPC firms. Goel also shared expansion plans into international markets such as the UAE and the USA in the near future.

Prayank Swaroop, partner at Accel, emphasized that factors like increased eco-consciousness and the need for supply chain decarbonization are driving innovation in industrial waste recovery. Abhishek Srivastava, general partner at Kae Capital, noted that RecommerceX’s technology and dedication to transparency position it as a key player in promoting responsible resource management globally. The startup aims to transform waste recovery processes, contributing significantly to the circular economy and sustainability efforts across industries.

Rapido raises $200 million in funding led by WestBridge; valuation hits $1.1 billion

By
Garima Bansal
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0

Mobility startup Rapido has raised $200 million in a funding round led by WestBridge Capital, propelling its valuation to $1.1 billion and earning a spot in the unicorn club. The funds will be used to expand Rapido’s four-wheeler taxi service, which competes directly with market leaders like Ola and Uber. Existing investors Nexus Venture Partners and new investors, including Think Investments and Invus Opportunities, participated in the round. Rapido is also venturing into the quick commerce delivery space, utilizing its two-wheeler fleet for hyperlocal deliveries.

Rapido, co-founded by Aravind Sanka, is rapidly expanding across various vehicle categories. The company, originally focused on two-wheelers, has now made significant progress in three-wheelers and four-wheelers, clocking 2.3-2.5 million orders daily, with 7% coming from B2B services. Rapido has partnered with Open Network for Digital Commerce (ONDC) as a logistics provider and plans to deepen its presence in cities while expanding its vehicle categories. The startup aims to grow its four-wheeler cab service using a subscription model rather than charging commissions to driver partners.

Rapido’s strategic moves have driven its gross merchandise value (GMV) past the $1 billion mark, with three-wheeler auto-rickshaws contributing 40% of the GMV, while bike-taxis and cabs contribute 30% each. Despite strong competition from established players like Uber, Ola, and newer entrants like Namma Yatri, Rapido continues to expand its market share, particularly in the auto-rickshaw and four-wheeler segments.

Rapido also plans to enter the quick commerce market, aligning with the growing demand for rapid deliveries. The company is exploring partnerships with e-commerce and quick commerce firms to facilitate faster delivery times, ranging from 10-minute to one-hour windows. With a fleet of over 600,000 active riders, Rapido aims to leverage its scale to compete with established quick commerce platforms like Blinkit, Swiggy Instamart, and Zepto. The quick commerce sector in India, valued at $2.8 billion in 2023, is expected to grow to $22 billion by 2027, offering significant opportunities for Rapido’s expansion plans.

Zomato shares rally 8% as JPMorgan hikes target price to Rs 340

By
Garima Bansal
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0

Zomato‘s shares surged by 7.6% on the BSE, reaching an intraday high of Rs 261.50, following JPMorgan‘s upgrade of the stock’s target price to Rs 340 from Rs 208, maintaining an overweight rating. The investment bank highlighted Zomato’s leadership in the rapid retail consumer transformation through its Quick Commerce model, which is focused on convenience. After proving successful in the NCR, Zomato is expanding its presence across all major metros, positioning itself to drive monetization through channel margins and advertising revenue. This expansion is expected to lead the disruption in modern trade and e-commerce.

JPMorgan increased its forecasts for Zomato’s financial years 2025-2027 by 15-41%. Zomato has also broadened its “Going Out” business by integrating its core dining services with a new ticketing service. In August, Zomato acquired the events and movie ticketing business from One97 Communications-operated Paytm, which included Orbgen Technologies Private Limited (OTPL) and Wasteland Entertainment Private Limited (WEPL), now fully owned subsidiaries of Zomato. For the quarter ending June 30, 2024, Zomato reported a significant increase in its consolidated net profit, reaching Rs 253 crore year-on-year. Blinkit, Zomato’s quick commerce division, saw its revenues jump 145% year-on-year to Rs 942 crore, with an adjusted EBITDA of Rs -3 crore for the same period. The gross order value (GOV) across Zomato’s B2C segments—including food delivery, quick commerce, and “Going Out” services—rose 53% year-on-year to Rs 15,455 crore. Zomato’s shares have seen a remarkable 160% increase over the past year and a 105% rise year-to-date.

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