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AstraZeneca India Invests ₹250 Crore to Expand Innovation Hub in Chennai

By
Garima Bansal
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AstraZeneca India Private Limited (AZIPL) has announced a Rs 250 crore ($30 million) investment to expand its Global Innovation and Technology Centre (GITC) in Chennai, Tamil Nadu. The expansion aims to add nearly 1,300 roles focused on driving innovation and enhancing operational efficiency globally.

The inauguration ceremony of the expanded facility was officiated by Dr TRB Rajaa, Minister of Industries, Tamil Nadu, Christina Scott CMG, British Deputy High Commissioner to India, Sylvia Varela, AstraZeneca Vice President for Asia Area, and AstraZeneca’s leadership team in the country.

This investment marks a significant milestone for AstraZeneca in India as it celebrates its 45th year in the country. By 2025, the expanded GITC plans to bring in highly skilled professionals and utilize technologies such as artificial intelligence, machine learning, data science, and supply chain analytics to advance healthcare outcomes.

Dr Sanjeev Panchal, Managing Director & Country President, AstraZeneca Pharma India Limited (AZPIL), emphasized India’s robust talent pool and dynamic digital ecosystem, positioning it as a crucial hub for global operations. This strategic investment underscores AstraZeneca’s commitment to enhancing patient outcomes through cutting-edge technology.

MK Stalin, Chief Minister of Tamil Nadu, highlighted Tamil Nadu’s dedication to becoming a hub for technology and research. The collaboration with AstraZeneca aims to foster innovation and create high-value opportunities. Dr Rajaa acknowledged AstraZeneca’s confidence in Tamil Nadu’s talent pool and business environment, underscoring Chennai’s emergence as India’s GCC Capital and its role in driving economic growth and technological advancement.

Suzuki Introduces Next Bharat Ventures with Rs 340 Crore Fund for Indian Startups

By
Garima Bansal
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Japanese automotive giant Suzuki has unveiled Next Bharat Ventures, a dedicated venture investment arm for the Indian market, under the leadership of MD and CEO Vipul Nath Jindal. This initiative comes with a substantial Rs 340 crore fund aimed at supporting early-stage startups.

Next Bharat Ventures, established as a subsidiary of Suzuki, will operate with Suzuki as the sole limited partner for its initial fund. The venture plans to invest in up to 20 startups annually over the next three to four years. Investment amounts will range from Rs 1 crore to Rs 8 crore, targeting sectors such as agritech, supply chain management, financial inclusion, and rural mobility.

A key aspect of Next Bharat Ventures is its residency program, akin to those run by Antler and Y Combinator, focusing on startups making a significant social impact. The first cohort is set to commence in October, with applications opening soon.

The fund’s strategy spans 15 years, with a focus on supporting businesses that benefit informal economy workers like gig workers and waste management workers, as well as those impacting the rural economy, such as farmers and artisans.

In collaboration with IIM Calcutta Innovation Park, Maruti Suzuki India recently selected six promising startups—DriverShaab, Route2Jute, OiHelp, Hopun Innovations, Backyard Creators, and Salutem Ridegear—as part of its nurture program in June 2023. Earlier this year, Maruti Suzuki also made headlines by acquiring a 6.44% stake in Amlgo Labs, further bolstering its commitment to fostering innovation in the startup ecosystem.

QED Secures $6 Million Seed Round Led by Blockchain Capital to Scale Bitcoin Technology

By
Garima Bansal
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0
carter feldman , QED

Bitcoin scaling protocol QED has successfully raised $6 million in a seed funding round led by Blockchain Capital. The funding round, which began in March and concluded in April, utilized token warrants and a Simple Agreement for Future Equity (SAFE). QED’s valuation following this round has been pegged at “nine figures,” indicating a minimum valuation of $100 million, although specific figures were not disclosed.

Founder Carter Feldman highlighted QED’s focus on enhancing Bitcoin’s scalability and privacy through zero-knowledge proof verification technologies tailored for Bitcoin Core. The protocol aims to support scalable Web3 applications, decentralized finance (DeFi) systems, and decentralized exchanges (DEXs) by optimizing transaction processing efficiency.

QED has raised a total of $10.6 million in funding, including $1.35 million from an angel round led by Sparkle Ventures and $3.25 million in pre-seed capital from investors like Arrington Capital, StarkWare, and Draper Dragon.

The protocol boasts a transaction processing capacity of over 150,000 transactions per second, positioning it as a contender in the realm of hyper-scalable Web3 applications. Feldman noted that while QED does not view other Bitcoin scaling methods as direct competitors, it sees Ethereum and its Layer 2 networks as primary rivals due to their widespread adoption of security strategies.

Looking ahead, QED plans to launch a testnet within the next 3-4 months, followed by a mainnet launch contingent on community consensus. Concurrently, the project intends to introduce its native token to incentivize proof miners in maintaining high-performance infrastructure within the QED ecosystem.

Headquartered in Hong Kong, QED is expanding its operations, with plans to establish its first U.S. office, likely in Texas. The project is actively recruiting for engineering and marketing positions to support its growth and development initiatives.

SendBlocks Secures $8.2 Million Seed Funding to Revolutionize Blockchain Data Access

By
Garima Bansal
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0
sendblocks team

SendBlocks, a pioneering force in blockchain data management, has successfully raised $8.2 million in seed funding to propel its mission of simplifying access to blockchain data.

Led by Castle Island Ventures, the funding round saw participation from prominent institutional investors including Pitango, Illuminate Financial, Laser Digital (Nomura), Starkware, and other influential ecosystem leaders. This substantial backing underscores confidence in SendBlocks’ innovative approach to blockchain data accessibility.

Sean Judge, General Manager of Castle Island Ventures, commended SendBlocks’ initiative, highlighting the substantial cost and time savings their solutions offer to enterprises and developers. Itay Shrem, Co-founder & CEO of SendBlocks, emphasized the company’s vision to democratize blockchain data access, enabling developers to retrieve data efficiently without extensive resources or costs.

SendBlocks specializes in offering a customizable platform designed to meet the specific data needs of blockchain enterprises, ecosystems, protocols, and applications. The company efficiently navigates blockchain layers to extract pertinent information, streamlining data management processes crucial for the evolving landscape of blockchain applications.

With the rapid evolution of blockchain technology, particularly with high throughput blockchains, there arises a critical need for efficient data management solutions. SendBlocks addresses this challenge by integrating traditional indexing with RPC processes into a unified platform. This approach enhances data accessibility, reduces reliance on extensive data teams, and lowers infrastructure costs, positioning SendBlocks at the forefront of blockchain data management innovation.

The newly secured funds will primarily bolster SendBlocks’ research and development capabilities. This investment is pivotal in supporting current and prospective clients while scaling marketing and sales efforts to engage top-tier protocols and ecosystems within the blockchain space.

Prior to this funding round, SendBlocks demonstrated significant traction with notable clients such as Bancor and SphereX. These partnerships have validated SendBlocks’ value proposition, showcasing streamlined operations and substantial cost efficiencies achieved through their innovative data management solutions.

NPCI International and Network International Partner to Expand UPI Payments in UAE

By
Garima Bansal
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0
NPCI

NPCI International Payments Ltd has teamed up with Dubai-based Network International to introduce Unified Payments Interface (UPI) solutions in the United Arab Emirates (UAE), aiming to enhance digital payment options for Indian residents and tourists.

In a strategic collaboration, NPCI International and Network International plan to implement QR code-based UPI payments across Network International’s extensive network. This includes over 200,000 POS terminals and 60,000 merchants throughout the UAE. The initiative aims to streamline payment experiences for Indian travelers, offering seamless transactions at retail stores, dining venues, and popular tourist destinations such as Dubai Mall and Mall of the Emirates.

Ritesh Shukla, CEO of NPCI International, expressed confidence in the partnership, highlighting its potential to expand UPI adoption in the UAE market. He emphasized the initiative’s dual benefits of providing Indian travelers with familiar payment methods while promoting innovative digital payment solutions globally.

The introduction of UPI payments in the UAE follows earlier initiatives by fintech companies like PhonePe, which enabled UPI transactions through Mashreq’s NEOPAY Terminals for its users in the region. These efforts reflect a growing demand for convenient, secure payment solutions tailored to the needs of Indian nationals visiting or residing in the UAE.

With Dubai alone welcoming 1.84 million Indian tourists in 2022 and a significant Indian expatriate population of approximately 3.554 million as of August 2023, the introduction of UPI payments addresses a critical need for accessible and efficient digital payment options. This partnership underscores NPCI International and Network International’s commitment to enhancing financial inclusivity and convenience across international borders.

The collaboration between NPCI International and Network International represents a significant advancement in digital payment solutions, leveraging UPI’s proven success in India to enhance payment experiences for Indian travelers and residents in the UAE. As the partnership unfolds, it is poised to contribute to broader adoption of UPI technology and further innovation in global payment systems.

Xcelerate Secures $52 Million Debt Funding from Orion Capital Asia for Strategic Expansion

By
Garima Bansal
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Xcelerate

Xcelerate, a Singapore-based leader in Environmental, Social, Governance, Risk, and Compliance (ESGRC) solutions, has announced a significant milestone with a $52 million debt funding round from Orion Capital Asia. This financing is aimed at refinancing existing debts, supporting strategic growth initiatives, and consolidating operations across Asia-Pacific (APAC), the UK, and Australia.

Madhujeet Chimni, co-founder of Xcelerate, expressed enthusiasm about the collaboration with Orion Capital Asia, emphasizing their shared vision for growth and innovation in ESGRC solutions. Shishir Jain, Managing Partner at Orion Capital Asia, highlighted their support for Xcelerate’s strategic initiatives and commitment to delivering high-quality services in compliance and sustainability.

Xcelerate’s recent financial move underscores its commitment to enhancing market leadership and operational capabilities. The company’s expansion strategy includes strategic acquisitions to bolster its service offerings in compliance and sustainability sectors. Notably, Xcelerate strengthened its foothold in India by acquiring Aparajitha Corporate Services, a leading provider of Labour, Employee, and Industrial compliances. This acquisition was followed by strategic moves to acquire three additional competitors, solidifying its position in the segment.

In April, Xcelerate expanded its portfolio into Stakeholder and Sustainability Reporting and Advisory services through an equity stake acquisition in Stirrup Communication Consultants. This strategic diversification aligns with Xcelerate’s objective to expand its ESG advisory and assurance services, catering to evolving market demands.

Furthering its strategic footprint, Xcelerate secured a strategic equity stake in Gieom Business Solutions, known for its Generative AI-powered regtech solutions. Gieom serves a substantial client base in the BFSI sectors across Europe, the Middle East, and India. These acquisitions are integral to Xcelerate’s strategy of integrating advanced technologies and domain expertise to provide robust governance, risk management, and compliance solutions.

Founded with a vision to establish a comprehensive Governance, Risk, and Compliance (GRC) organization, Xcelerate continues to expand its footprint through organic growth and strategic acquisitions. The company’s growth trajectory is underpinned by robust backing from prominent private equity firms such as Federated Hermes, Altair Capital, and Exacta Capital Partners.

Mercedes-Benz R&D India Partners with BITS Pilani for Advanced Technology Research

By
Garima Bansal
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mercedes-bits pilani

Mercedes-Benz Research and Development India (MBRDI) has announced a strategic collaboration with Birla Institute of Technology and Science (BITS) Pilani through a five-year Master Research Agreement (MRA). This partnership aims to drive innovation in advanced technologies across the mobility sector, focusing on areas such as software development, data analytics, AI, electric mobility, and transformative technologies like generative AI.

In a statement, MBRDI highlighted that the collaboration with BITS Pilani will establish a framework for joint research initiatives aimed at creating intellectual property and fostering academic collaboration. The agreement encompasses joint R&D projects, academic and professional events, and opportunities for researcher and student exchanges between the two entities.

The collaboration also facilitates shared access to laboratory facilities, advisory roles for research students, opportunities for co-funding, joint publication of research papers, and measures to protect intellectual property. Several research projects are already underway under the guidance of leading faculty members including Prof. Poonam Goyal, Prof. Amit R Singh, and Prof. Navneet Goyal.

Manu Saale, Managing Director and CEO of Mercedes-Benz Research and Development India, emphasized the importance of industry-academia partnerships in addressing the complex challenges faced by the automotive industry. He expressed confidence that leveraging Mercedes-Benz’s industry expertise with BITS Pilani’s academic prowess will drive sustainable innovation and technological advancements.

The collaboration marks a significant step towards advancing research and development capabilities in India’s automotive sector, positioning both MBRDI and BITS Pilani at the forefront of cutting-edge technology and innovation in mobility solutions.

Flutrr, a Vernacular Dating App, Gains Investment from Actress Huma Qureshi

By
Garima Bansal
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0
huma qureshi

Flutrr, a Kolkata-based dating app catering to non-English speakers across India, has secured a notable investment from actress Huma Qureshi in its latest funding round. The app, designed to facilitate connections among users in Tier II and Tier III cities through support for six major Indian languages, aims to bridge linguistic and cultural barriers prevalent in the online dating space.

Flutrr addresses this by offering its services in Tamil, Telugu, Kannada, Malayalam, Hindi, and Bengali. Co-Founder and CEO Kaushik Banerjee emphasized the app’s role in democratizing access to digital dating opportunities in India, where affordable internet access has revolutionized connectivity.

By securing investment from Huma Qureshi and continuing to innovate with user-centric features, Flutrr positions itself as a frontrunner in India’s evolving dating landscape, poised for substantial growth and impact in the years ahead.

Flutrr has raised Rs 2 crore in its latest funding round, with contributions from Huma Qureshi and other prominent investors, including Sandeep Bhattacharya, former Global CMO of Hoechst and Merck, and Yogesh Mishra, Director at PayPal USA.

The startup has amassed approximately $750,000 (Rs 6.5 crore) from backers such as The Times of India, The Chennai Angels, and executives from tech giants like Google, SAP, Microsoft, and DBS. Kaushik Banerjee expressed enthusiasm over Huma Qureshi’s involvement, highlighting her alignment with Flutrr’s mission as a women-centric platform.

Available on both Android and iOS platforms, Flutrr operates on a pay-per-use model, offering premium features like profile boosts and likes without requiring subscription commitments. The app prioritizes user safety with advanced features including face recognition, mobile number verification, private messaging mode, and a chat erasure option. Additional privacy measures like video call blur filters and disabled screenshot functionalities further safeguard user information.

Flutrr has introduced engaging features such as ‘finderr’, akin to popular social media platforms, and incentivizes user activity through a gifting system tied to interactions on the platform. With a current user base predominantly from Tier II cities and smaller towns, Flutrr boasts a match rate significantly higher than that of English-language apps in major Indian cities. The app generates a monthly revenue of Rs 20-21 lakh and anticipates profitability by the end of 2024. Plans for expansion include scaling user acquisition efforts and bolstering technical capabilities through strategic hires.

With ambitions to capitalize on India’s burgeoning online dating market, projected to reach $69.90 million in 2024, Flutrr aims to attract 5-6 million users within the next year. The startup remains committed to enhancing inclusivity and accessibility in digital dating across India, leveraging its multilingual platform to foster meaningful connections rooted in shared linguistic backgrounds.

Dice Raises Rs 42 Crore in Series A Round Led by Dallas Venture Capital

By
Garima Bansal
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0
dice ceo

Dice, an enterprise spend management platform, has successfully raised Rs 42 crore ($5 million) in a Series A funding round led by cross-border VC firm Dallas Venture Capital. GVFL (formerly Gujarat Venture Finance Limited) also participated in this significant funding round.

The capital infusion will be strategically allocated towards various go-to-market (GTM) initiatives aimed at enhancing market penetration, expanding customer outreach, optimizing sales and marketing strategies, and further advancing AI capabilities to enhance user experience.

“We are committed to democratizing spend management through inclusive commerce, robust transaction processing capabilities, and efficient payment rails. With the support of Dallas Venture Capital and GVFL, we are excited to embark on this new phase of growth. This funding will enable us to diversify our product offerings, accelerate expansion into international markets, and deliver greater value to our clients,” stated Prashant Singh Kushwah, Co-founder and CEO of Dice.

Dice operates as a comprehensive corporate spend orchestration, digital commerce, and payments platform tailored for enterprises. Leveraging AI, Dice streamlines B2B procurement processes and enhances overall enterprise spend management efficiency.

Commenting on the strategic partnership, Kamal Bansal, Managing Director at GVFL, highlighted Dice’s innovative approach in addressing corporate spend inefficiencies through AI-driven solutions. GVFL looks forward to supporting Dice’s global expansion and continued success.

Bike Bazaar Secures INR 25 Crore Debt Funding from MAS Financial

By
Garima Bansal
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0
Bike bazaar

Bike Bazaar, a prominent two-wheeler financing and e-commerce platform, has successfully raised Rs 25 crore (approximately $3 million) in debt from MAS Financial. This marks the first debt round for the Pune-based company in 2024.

Founded in 2017, Bike Bazaar specializes in providing financing services for customers purchasing two-wheelers. The platform also offers loans for used and electric two-wheelers. To date, the company has financed over 300,000 vehicles. In addition to its financing services, Bike Bazaar operates a marketplace for buying and selling two-wheelers. Co-founders Srinivas Kantheti and Karunakaran Vadakkepa collectively hold a 12.47% stake in the company.

The board of Bike Bazaar passed a special resolution to issue 2,500 non-convertible debentures (NCDs) at an issue price of Rs 1,00,000 each, raising Rs 25 crore, as per the regulatory filing accessed from the Registrar of Companies. The debt investment has a tenure of 30 months with an interest rate of 10.70% per annum.

This latest funding round adds to Bike Bazaar’s impressive track record, with the company having raised around $80 million to date. This includes a significant $30 million round led by Women’s World Banking Asset Management (WAM) in February last year. According to startup data intelligence platform TheKredible, Elevar Equity holds the largest external stake at 25%, followed by Faering Capital with 22%.

Bike Bazaar’s financial performance has shown significant improvement. Although the company has yet to file its financial statement for FY24, its income from operations surged by 20% to Rs 180 crore in FY23, as per its annual financial statement filed with the Registrar of Companies. The company also managed to reduce its losses to Rs 43 crore in FY23 from Rs 55 crore in the previous year.

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