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Bike Bazaar Secures INR 25 Crore Debt Funding from MAS Financial

By
Garima Bansal
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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.

Oyo Secures $50 Million from InCred, Valued at $2.38 Billion

By
Garima Bansal
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Oyo Ritesh aggarwal

Oyo, the Gurugram-based hospitality unicorn, has raised approximately $50 million (Rs 416.85 crore) from InCred Wealth and Investment. This funding round marks a significant milestone for Oyo, coming after a hiatus of nearly three years.

According to regulatory filings accessed from the Registrar of Companies (RoC), Oyo will issue 14,37,41,379 Series G CCPS at an issue price of Rs 29 each to raise the capital. The funds will be utilized for Oyo’s growth initiatives, including global expansion through potential acquisitions and enhanced business strategies.

Oyo founder Ritesh Aggarwal recently announced the company’s first annual net profit of Rs 100 crore in FY24, though specific revenue figures were not disclosed for the fiscal year. In FY23, Oyo reported a 14.3% growth in operational revenue to Rs 5,464 crore from Rs 4,871 crore in FY22, alongside a 33.7% reduction in losses to Rs 1,287 crore.

The latest funding round reflects a valuation adjustment from Oyo’s peak valuation of $9.6 billion when Microsoft invested $5 million in August 2021. Despite recent challenges and valuation adjustments, Oyo continues to pursue growth opportunities and strategic financial initiatives, including a potential IPO filing once market conditions are favorable.

CoinDCX Acquires MENA’s Leading Crypto Exchange BitOasis

By
Garima Bansal
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0
coindcx acquires bitoasis

CoinDCX, a prominent Indian crypto exchange, has completed the acquisition of BitOasis, the foremost virtual assets trading platform in the Middle East and North Africa (MENA) region. This strategic move follows CoinDCX’s initial investment in BitOasis in August 2023 and aims to consolidate its position as a global leader in crypto trading platforms.

Founded in 2016 by Ola Doudin, Tarek Kaylani, and Daniel Robenek, BitOasis facilitates the trading of over 60 tokens with fiat currencies such as AED, SAR, and USD. The platform boasts a trading volume exceeding $6 billion and has raised more than $40 million from leading regional and global investors.

The acquisition marks a significant milestone for BitOasis, enhancing its capabilities to extend its reach across MENA markets. With recent licensing achievements in Bahrain and the reopening of its platform in Dubai, BitOasis is well-positioned to cater to the region’s growing interest in crypto investments.

“This acquisition represents a transformative step forward for BitOasis, reinforcing our commitment to regulatory compliance and customer-centric operations across MENA,” affirmed Ola Doudin, Co-Founder & CEO of BitOasis.

Sumit Gupta emphasized the strategic alignment between CoinDCX and BitOasis in regulatory compliance and customer service excellence. “BitOasis has set industry standards in regulatory compliance, evidenced by its early registration with the UAE Financial Intelligence Unit and recent regulatory milestones,” Gupta stated.

Under the acquisition agreement, BitOasis will maintain its brand identity and leadership team, ensuring continuity and synergy in operations. The combined strengths of CoinDCX and BitOasis are set to accelerate their growth trajectory across MENA, catering to a diverse clientele of retail and institutional investors.

AI Startup Magic Seeks $1.5 Billion Valuation in New Funding Round

By
Garima Bansal
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Magic.dev CO-founders

Magic, a pioneering U.S. startup specializing in AI-powered software development, is in advanced discussions to raise over $200 million in its latest funding round, aiming to achieve a valuation of $1.5 billion. This significant funding round comes just months after its previous capital raise.

Since its founding in 2022 by Eric Steinberger and Sebastian De Ro Magic has raised $140 million in total funding, with support from notable backers such as NFDG Ventures and Alphabet’s CapitalG. The startup, which employs approximately 20 people, has been instrumental in advancing generative AI technologies tailored for software development tasks.

Sources familiar with the matter revealed that investors, including prominent firms like Jane Street, are poised to participate in this funding round, which could potentially triple Magic’s valuation from its last round earlier this year. Despite currently generating no revenue and having no products available for sale, Magic has garnered substantial investor interest due to its innovative approach in AI coding.

Magic’s ambitious plans include further enhancing its AI models capable of processing extensive contextual data, surpassing conventional transformer models utilized by other large language models in the market. This strategic focus aims to position Magic at the forefront of AI-driven software development tools, capitalizing on the increasing demand for efficient coding solutions within the tech industry.

The success of GitHub Copilot and similar products has underscored the market potential for AI coding assistants, prompting significant investor confidence in Magic’s growth prospects. With its latest funding round, Magic aims to bolster its technological capabilities and expand its market presence, aiming to lead innovation in the AI coding landscape.

Magic declined to comment on the funding round, while Jane Street did not respond to requests for comment, highlighting the confidentiality surrounding ongoing negotiations in the private investment domain.

EleFant Secures $750K in Seed Funding to Expand Mobile App-Based Toy Library

By
Garima Bansal
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Elefant Founder

EleFant, the innovative mobile app-based toy library, has successfully raised Rs 6 crore (approximately $750K) in its seed funding round. The investment was co-led by Venture Catalysts and Malpani Ventures, with participation from several prominent investors and family offices.

Founded by Sourabh Jain, EleFant offers a wide array of toys and books catering to children aged 0-12 years, sourced from more than 70 leading brands, offering over 600 options. Within a remarkably short span of less than 10 months since its inception, EleFant has amassed a substantial user base with over 13,000 registered users and 1,000 fully paid subscribers.

Among the investors are Sudhakar Pai, Managing Director of Kurlon Industries, Jyothi Pradhan from the CEO’s Family Office at Kurlon, Agre Global FZE, Growth 91/Growth Sense, IVY Growth, and Serious One Capital.

The funds raised will be utilized to enhance EleFant’s supply chain efficiency, aiming to reduce delivery times and costs. Additionally, investments in data analytics are planned to better understand customer preferences and improve service offerings, as stated in a recent press release by EleFant.

One of EleFant’s distinctive features is its Librarian Model, empowering home-based women entrepreneurs across India. Presently, the platform operates through 52 Librarian centers nationwide, where these entrepreneurs manage toy inventories and facilitate exchanges within their communities. This model not only promotes sustainable play but also provides a stable income source for the librarians while fostering brand advocacy.

The successful seed funding round positions EleFant strongly for expansion and further innovation in the growing market of mobile app-based toy libraries.

Jammbo Launches Jammbomart: A New Era in B2B Toy E-Commerce

By
Garima Bansal
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Manasvi Singh Jammbo

Jammbo, a self-funded toy startup, launches its new B2B e-commerce marketplace, Jammbomart (Jammbomart.com), facilitating streamlined bulk ordering of Jammbo products for distributors and retailers nationwide.

The platform sets a Minimum Order Quantity (MOQ) of ₹50,000 and offers credit up to ₹10 lakh with a 30-day credit period, aiming to enhance accessibility and convenience in the toy market. With ambitions to capitalize on India’s burgeoning toy industry, projected to grow at a CAGR of 10.6% to $4.4 billion by 2032, Jammbo aims to transform the sector through Jammbomart.

Co-Founder and CEO Manasvi Singh highlights that Jammbomart originated as a supply chain optimization initiative and has since evolved into a comprehensive solution aimed at modernizing the toy market. Meanwhile, Co-Founder & CMO Anirban Chatterjee underscores their strategy of incentivizing retailers with quarterly rewards, such as international trips and support for store renovations, to cultivate a dynamic retail environment.

Founded by Archit Bhargava (Co-Founder & CFO) and Vipin Nijhawan (Co-Founder & CPO), Jammbo plans to expand its product offerings to over 100 toys and 350 Stock Keeping Units (SKUs) by the end of 2024, projecting ₹150 crore in total revenue by year-end, with Jammbomart contributing ₹100 crore in the next 15 months.

Matter Group Secures $35 Million in Series B Funding to Boost EV Innovations

By
Garima Bansal
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Matter CEO

Matter, a prominent electric vehicle and energy storage startup based in Ahmedabad, has successfully raised $35 million in its ongoing Series B funding round. The funding was led by Helena, a US-based organization dedicated to solving global challenges. This significant capital injection aims to accelerate the company’s manufacturing capabilities, supply chain enhancements, marketing strategies, and retail expansion to meet the increasing demand for sustainable and high-performance mobility solutions.

In addition to Helena, the funding round saw participation from a diverse group of investors, including Capital 2B, Japan Airlines, Translink Innovation Fund, and Saad Bahwan Investment Management Company (SB Invest), among others. This broad investor interest underscores the confidence in Matter Group’s innovative approach to electric vehicles.

Founded in 2019, Matter Group has adopted an “Innovate in India” strategy, investing heavily in the development of advanced electric vehicle platforms and energy storage systems. The company is poised to commence deliveries of its first 4-speed hyper-shift geared electric motorbike, AERA, which boasts 40,000 pre-bookings since its domestic market launch last year. The AERA features cutting-edge technology, including in-house developed 5 KWh liquid-cooled batteries and powertrain, delivering over 125 kilometers per charge. Additional features include internet-enabled navigation, music, calls, and a touchscreen interface.

Founder and CEO Mohal Lalbhai emphasized the company’s commitment to creating accessible, reliable, and high-performance products driven by their proprietary technology. He noted that the new funding will further empower Matter Group to advance its mission of fostering a cleaner future through innovative mobility solutions.

Suprotik Basu, Managing Partner of Helena, expressed optimism about the partnership with Matter Group, highlighting the pivotal role India will play in the global transition to electric transportation. He emphasized that this collaboration will significantly impact the electric vehicle landscape in India and other emerging markets, contributing to global efforts to combat climate change.

PV Sindhu Joins Hoop as Investor and Brand Ambassador

By
Garima Bansal
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0
PV sindhu for HOOP

PV Sindhu, India’s celebrated badminton champion and a two-time Olympic medalist, has partnered with the wellness brand Hoop as both an investor and brand ambassador.

Founded in October 2023 by former McKinsey consultants Twinkle Uppal and Saharsh Agarwal, Hoop aims to modernize wellness practices and integrate fitness into India’s lifestyle. The brand addresses contemporary wellness needs such as muscle recovery post-workout, injury prevention during sports, and relief from sedentary lifestyle-related issues like back and neck pain.

Known for her outstanding achievements in badminton, Sindhu emphasized the importance of physical wellness in her athletic journey that she tried Hoop products for months and was incredibly impressed with their effectiveness.

PV Sindhu’s association with Hoop is seen as a strategic move to amplify the brand’s message of wellness and fitness. Saharsh Agarwal, co-founder of Hoop, expressed confidence in Sindhu’s role, stating, “PV Sindhu perfectly embodies the spirit of a champion and is a credible voice in fitness. With her remarkable achievements and upcoming participation in the Olympics 2024, Sindhu’s endorsement reaffirms Hoop’s commitment to enhancing wellness practices.”

Since its launch, Hoop has garnered a strong market presence, reaching customers in over 1,000 cities across India, including remote regions like Lakshadweep, Kargil, Changlang, and Kanyakumari. The brand’s growth trajectory is supported by its inclusion in Peak XV’s Spark Program (formerly Sequoia India), and backing from prominent angel investors in India’s startup ecosystem.

The partnership with PV Sindhu signifies Hoop’s dedication to promoting accessible and effective wellness solutions tailored to meet the diverse needs of today’s active lifestyles.

Karnataka Government Signs MoUs with Korean Companies DN Solutions and EMNI Co. Ltd

By
Garima Bansal
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0
karnataka govt signs Mou

On the second day of their delegation’s visit to Seoul, South Korea, the Karnataka government successfully inked two Memorandums of Understanding (MoUs) valued at Rs 1,040 crore with DN Solutions and EMNI Company Limited.

Led by MB Patil, Karnataka’s Minister for Large and Medium Industries and Infrastructure Development, the delegation participated in a high-profile ‘Roadshow on Investment Opportunities in Karnataka’ organized jointly by the Karnataka government and the Embassy of India in Seoul.

According to a statement released by Minister MB Patil’s office, these strategic collaborations are poised to significantly bolster Karnataka’s manufacturing, research and development, and battery technology sectors.

The statement highlighted DN Solutions’ substantial commitment of Rs 1,000 crore towards Karnataka’s industrial landscape. This investment will facilitate the establishment of advanced machine manufacturing facilities, a cutting-edge research and development center, and a technical support hub tailored for Indian manufacturing enterprises.

EMNI Co. Ltd, on the other hand, pledged an investment of Rs 40 crore specifically directed towards advancing battery technologies. The MoU with EMNI Co. Ltd focuses on initiatives related to the storage, testing, and recycling of LG Energy Solution’s battery cells within Karnataka.

These agreements mark a pivotal step forward in Karnataka’s pursuit of economic growth and technological innovation, underscored by strong partnerships with global leaders in industry and technology.

AI Startup Sentient Raises $85 Million in Seed Funding Round

By
Garima Bansal
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0

San Francisco-based startup Sentient, specializing in blockchain-based AI solutions, has successfully secured $85 million in its latest seed funding round. The funding was co-led by prominent investors including Peter Thiel’s Founders Fund, Pantera Capital, and Framework Ventures, alongside contributions from Ethereal Ventures, Robot Ventures, Symbolic Capital, Delphi Ventures, Republic, Arrington Capital, and others in the venture capital community.

Founded by Sandeep Nailwal, known for his role in Polygon, a leading blockchain platform, Sentient aims to revolutionize AI development by integrating blockchain technology. This initiative seeks to establish decentralized solutions that incentivize developers, researchers, and businesses through an open-source platform.

Key figures in Sentient include co-founders Sandeep Nailwal, Pramod Viswanath, Forrest G Hamrick, a distinguished professor from Princeton University’s School of Engineering. The team also includes Himanshu Tyagi, an associate professor at the Indian Institute of Science (IISc), and AI venture studio Sensys, bringing extensive expertise in blockchain technology and AI research.

Sentient’s strategic direction involves leveraging the Polygon Aggregator Layer for its platform development. Sandeep Nailwal expressed optimism about the project’s potential impact, emphasizing its innovative approach to longstanding AI challenges. The company has already attracted top AI talents from global tech giants such as Google and Deepmind, reinforcing its commitment to excellence in AI research and development.

The company envisions a future where AI development aligns with societal interests, promoting responsible and inclusive technological progress. Sentient’s latest funding round underscores growing investor confidence in its pioneering efforts to reshape the AI landscape through decentralized innovation.

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