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TIFIN Launches MyFi: AI-Powered Investment Assistant Enters Indian Market

By
Garima Bansal
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vinay nair tifin

TIFIN, a leading US-based fintech platform, has made its debut in India with the introduction of MyFi, a conversational AI assistant designed to offer personalized investment guidance. MyFi utilizes research-driven investment intelligence and AI models to deliver tailored advice based on users’ investment portfolios.

Founded in 2018 by Vinay Nair, an IIT-Madras graduate, TIFIN recently raised USD 109 million, valuing the company at USD 842 million. With over 260 employees globally, including a significant presence in India, TIFIN aims to leverage MyFi to empower Indian investors with sophisticated yet user-friendly financial tools.

Kiram Nambiar, co-founder and CEO of MyFi, expressed that MyFi, inspired by TIFIN’s successful magnifi platform in the US, aims to transform wealth management outcomes in India. He highlighted that the platform is registered with SEBI as a Registered Investment Advisor (RIA), ensuring full compliance with applicable regulatory standards.

Vinay Nair underscored MyFi’s significance in facilitating well-informed financial decision-making among Indian investors. Nair elaborated that MyFi is tailored specifically for the Indian market, leveraging TIFIN’s global expertise to simplify investment decisions and eliminate uncertainty

The platform, compatible with Android and iOS, caters initially to existing mutual fund investors in India, with plans to expand its services to new investors in the future. Nambiar highlighted the growing investor community in India, citing statistics from the Association of Mutual Funds in India (AMFI).

Nambiar added that MyFi offers a subscription-based model starting at Rs 299 per month, providing accessible investment solutions customized to individual needs. He emphasized that the platform’s introduction signifies TIFIN’s strategic dedication to improving financial outcomes with innovative AI-driven solutions in the Indian market.

Growth Sense Secures $600,000 Funding Led by Marquee Angel Investors and Micro VCs

By
Garima Bansal
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growth sense founders

Growth Sense, a dynamic ecosystem supporting startups, has successfully closed a funding round, raising $600,000. The investment was spearheaded by prominent angel investors, micro VCs, and seasoned industry veterans. Notably, existing investors in Growth Sense have witnessed significant wealth growth, marking a remarkable 3.5x increase over the past year.

Founded by industry stalwarts Jimish Kapadia, Sanjay Sarda, and Sushant Bhasin, Growth Sense addresses diverse challenges within the startup ecosystem. The company offers comprehensive support to startups at various stages, from inception to advanced growth phases, through its ventures including Growth Metaverse (technology services), Growth Circle Creatives (advertising and branding), and Growth Associates (legal and compliance services).

Growth Sense operates on a distinctive model aimed at creating wealth, where its expert team collaborates closely with startups as virtual co-founders, facilitating their journey towards success.

Aiming to establish a trusted platform for investors, Growth Sense plays a pivotal role in identifying potential unicorns and guiding startups towards achieving this status through strategic consulting and mentorship. The company has also developed an inclusive platform inviting experts to contribute actively to startup growth.

Moreover, Growth Sense has introduced a Growth Fund designed to enable angel investors to invest in a curated selection of startups. The fund features advantages such as flexible investment amounts, straightforward entry and exit options, rigorous due diligence, detailed business plan analysis, and minimal monitoring stress.

Among its portfolio companies are notable startups like Klass Room (edtech), Tarrakki (wealth management), Homversity (hostel booking), Deciwood (consumer electronics), Bulkpe, BizPay, IndusUno, Tulua, Beep, and Charisma School.

Cautio Raises Rs 6.5 Crore in Pre-Seed Funding Led by Antler and 8i Ventures

By
Garima Bansal
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cautio team

Video telematics startup Cautio has secured a pre-seed funding round of Rs 6.5 crore led by Antler, 8i Ventures, and AU Small Finance Bank, as announced on Monday. The investment, a combination of equity and debt, also saw participation from early adopters of Cautio’s technology and angel investors.

Pranjal Nadhani, Co-founder & CTO of Cautio, highlighted the significance of the funding, stating, “With the backing of Antler, 8i, and AU, we are poised to expand our efforts in deploying state-of-the-art safety solutions nationwide.”

Cautio specializes in offering cost-effective video telematics products designed to address safety concerns prevalent in India. Their solutions include customizable dash cam devices and an AI-powered operating system aimed at enhancing driver accountability, improving conduct, and reducing revenue loss. The company adopts an API-first strategy to facilitate seamless integration.

Nitin Sharma, Partner at Antler, emphasized the transformative potential of Cautio’s approach, noting, “Cautio goes beyond mere data capture to deliver actionable insights that enhance driver behavior, elevate safety standards, and pave the way for autonomous driving technologies.”

Ankit Acharya, Co-founder & CEO of Cautio, highlighted the urgency of their mission, particularly in India, which faces significant road safety challenges.

The funding will enable Cautio to further innovate in the field of video telematics, bolstering their capabilities to tackle road safety issues and advance towards their vision of safer roads through technology.

Pepul Secures $4M in Pre-Series A Funding to Expand Social Media and SaaS Platforms

By
Garima Bansal
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pepul founder

Pepul Tech Pvt Ltd, a Chennai-based startup, has successfully secured $4 million in a pre-Series A funding round aimed at accelerating the growth of its two primary products: Pepul, a B2C social media platform, and Workfast.ai, a B2B SaaS platform.

The investment round was led by a prominent family office based in Tamil Nadu, alongside participation from existing investors, although the specific family office was not disclosed by Pepul. According to data from Tracyn, previous investors in Pepul include Hourglass Venture Partners and notable entrepreneur Girish Mathrubootham.

Suresh Kumar G, Founder and CEO of Pepul, expressed enthusiasm about the support received from respected entrepreneurs and investors who share confidence in their team and vision. He noted that the funding process progressed swiftly following productive discussions and office visits.

Originally conceived as a positive social media platform, Pepul has evolved into a dynamic application focusing on career development and job opportunities. It provides users with access to mentorship, job listings, internships, and curated career content.

Meanwhile, Workfast.ai emerged from Pepul’s internal needs for enhancing communication, collaboration, and project management. This B2B SaaS platform aims to optimize project and task management processes, enhancing team efficiency and agility for medium and large enterprises.

With a current workforce of 40 employees, Pepul envisions itself as a future multi-billion-dollar enterprise through the expansion of Workfast.ai over the next five years. The platform’s offerings are designed to meet the growing demand for streamlined corporate solutions and career advancement opportunities.

This funding round marks a significant milestone for Pepul Tech Pvt Ltd, positioning the company to further innovate within the realms of social media engagement and enterprise software solutions, thus solidifying its footprint in the tech industry landscape.

PM Gati Shakti: Revolutionizing India’s Infrastructure Landscape, Morgan Stanley Reports

By
Garima Bansal
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In a recent report, Morgan Stanley has commended India’s PM Gati Shakti scheme for its significant impact on infrastructure development, marking a pivotal moment in the nation’s growth trajectory.

Launched by Prime Minister Narendra Modi in October 2021, the scheme integrates 16 key ministries, including Railways and Roadways, onto a digital platform aimed at facilitating integrated planning and coordinated implementation of infrastructure projects.

The Morgan Stanley report underscores India’s robust progress in infrastructure development over the past decade, highlighting a strategic increase in investment that is not only more targeted but also poised to enhance productivity across sectors. It predicts that India’s infrastructure investment will rise from 5.3% of GDP in F24 to 6.5% by F29, reflecting a robust 15.3% Compound Annual Growth Rate (CAGR).

Key achievements under the PM Gati Shakti scheme include significant improvements in logistics efficiency, as highlighted by the World Bank’s Logistics Index Report for 2023. For instance, India’s average Container Dwell Time at ports stands at three days, outperforming several developed nations like the USA and Germany. Moreover, the Ports’ turnaround time has reached an impressive 0.9 days, further underscoring India’s strides in enhancing operational efficiency within its logistics sector.

The scheme’s holistic approach spans “7 engines” crucial for infrastructure development: roads, railways, airports, ports, mass transport, waterways, and logistic infrastructure. This comprehensive strategy aims to provide seamless connectivity for the movement of goods, services, and people across various modes of transport, thereby bolstering economic integration and efficiency.

Initiatives under PM Gati Shakti have already yielded tangible results, with 101 projects worth Rs 609 billion identified for implementation in the ports and shipping sectors alone. These initiatives are integral to enhancing India’s port connectivity and operational capacity, driving further growth in the sector.

As India continues to implement the PM Gati Shakti scheme, its transformative impact on infrastructure development is expected to play a crucial role in positioning the nation as a global leader in economic resilience and sustainable growth. With ongoing investments and strategic initiatives, India is poised to leverage its strengthened infrastructure backbone to propel future development and prosperity across the country.

Two Brothers Organic Farms Raises Rs 58.25 Crore Led by Rainmatter in Series A Funding Round

By
Garima Bansal
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two brothers organic farm

Two Brothers Organic Farms, a direct-to-consumer (D2C) organic grocery brand, has successfully raised Rs 58.25 crore in a Series A funding round. The funding was led by Rainmatter, an initiative by Zerodha, one of India’s largest stock broking firms, which invested Rs 50 crore. The remaining amount was contributed by Raju Chekuri, a prominent Silicon Valley entrepreneur and founder of NetEnrich.

Founded by brothers Satyajit and Ajinkya Hange in 2019, Two Brothers Organic Farms focuses on promoting organic farming practices across India. Prior to this Series A round, the startup had raised Rs 14.5 crore in a pre-Series A funding in April 2023, with investments from notable personalities like Bollywood actor Akshay Kumar and cricketer Virender Sehwag.

The raised capital will be instrumental in accelerating the business growth of Two Brothers Organic Farms both within India and internationally, particularly in the United States. The startup plans to capitalize on demand-side opportunities and expand its supply-side operations to strengthen its market presence.

Nithin Kamath, the founder and CEO of Zerodha, expressed his motivation behind Rainmatter’s investment in Two Brothers Organic Farms. He highlighted the startup’s alignment with Rainmatter Health’s focus on promoting health-conscious initiatives and ensuring the safety and quality of food consumed by Indians.

Currently serving approximately three lakh customers with a notable repeat rate of 69%, Two Brothers Organic Farms has demonstrated robust growth, averaging a 70% year-on-year increase over the past four years. While online channels contribute significantly to its revenue (around 80-85%), the startup also maintains a small offline presence.

In conclusion, the Series A funding round led by Rainmatter signifies a significant milestone for Two Brothers Organic Farms, marking a pivotal moment in its journey towards expanding organic farming practices and strengthening its market leadership in the organic grocery segment in India and beyond.

Dhruva Space Partners with Kinéis to Launch Space-based IoT Connectivity in India

By
Garima Bansal
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dhruva space

Hyderabad-based Dhruva Space, known for its comprehensive space engineering solutions, has announced a strategic collaboration with Kinéis, a global IoT connectivity provider based in France. This partnership aims to introduce Kinéis IoT connectivity services in India, leveraging a joint satellite mission and advancing digital transformation across the country.

Sanjay Nekkanti, CEO of Dhruva Space, highlighted the significance of this partnership, emphasizing their shared commitment to delivering innovative IoT solutions. The collaboration includes deploying a Kinéis IoT payload on Dhruva Space’s P-30 satellite, enhancing the capabilities of both organizations to provide advanced, reliable, and cost-effective IoT services tailored to the Indian market.

Dhruva Space has a proven track record in satellite communications, particularly with its P-DoT CubeSat platform and Bolt hybrid connectivity terminal. The upcoming launch of the P-30 nanosatellite platform further underscores their capability to support a variety of missions, from Earth observation to secure communications.

Kinéis, established in 2018, inherits decades of expertise from the Argos system and aims to connect objects globally, transmitting low data in near real-time. Their constellation supports applications ranging from environmental monitoring to agriculture, infrastructure management, and maritime activities, addressing critical challenges worldwide.

Looking ahead, Dhruva Space plans to leverage Kinéis’ technology to develop new applications and services in India, fostering innovation and supporting diverse sectors such as agriculture, infrastructure monitoring, and more. The full-scale deployment of Kinéis IoT services is slated for early 2025, bolstered by Dhruva Space’s local manufacturing of end-user terminals to facilitate widespread adoption across India.

Alexandre Tisserant, CEO of Kinéis, expressed confidence in the partnership’s potential to deliver high-performance spatial IoT services, underscoring their commitment to enhancing India’s technological landscape. The collaboration is poised to bring significant benefits to public and private entities in India, paving the way for transformative advancements in IoT connectivity.

Overall, the Dhruva Space-Kinéis partnership represents a strategic alignment aimed at leveraging space technology to address emerging challenges and opportunities in India’s IoT ecosystem, marking a significant milestone in the country’s journey towards digital and technological leadership.

India to Launch Venture Capital Fund for Defense and Aerospace Innovation

By
Garima Bansal
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ajay kumar- ministry of defence

India is gearing up to unveil a venture capital (VC) fund specifically tailored for the defense and aerospace sectors. Ajay Kumar, former Secretary of the Ministry of Defence, announced this initiative during an industry conference, marking a significant step towards fostering deep technology innovations within the country.

The VC fund aims to address the unique challenges and opportunities presented by the defense and aerospace industries, historically dominated by public sector undertakings (PSUs). Kumar emphasized the strategic importance of supporting startups to become pivotal players in these critical sectors, directly serving the defense forces.

While the exact size of the fund has not been disclosed, Kumar indicated that the initial target has been exceeded. The fund’s first close is expected in the coming weeks, signaling a robust start for startups in defense and aerospace innovation.

India’s domestic defense market offers substantial opportunities, with a focus on procuring defense projects within the country. Initiatives like the Innovations for Defence Excellence (iDEX) program are poised to benefit significantly from this VC fund, alongside advancements in the burgeoning space sector. Kumar highlighted the rapid growth expected in the space industry, which will also receive substantial support through research and development initiatives.

Moreover, the defense sector is witnessing increased interest in initial public offerings (IPOs), a trend expected to extend to the space sector as well. This surge in IPOs presents new avenues for investment in startups and small companies operating within these high-growth sectors.

Overall, the introduction of this VC fund underscores India’s commitment to fostering innovation, boosting indigenous capabilities, and positioning itself as a global leader in defense and aerospace technologies. It represents a pivotal moment for startups and investors alike, poised to drive transformative advancements in India’s strategic sectors.

Waypoint Bio Secures $14.5M to Revolutionize Cancer Drug Discovery

By
Garima Bansal
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Waypoint Bio founders

Waypoint Bio, a pioneering biotechnology company specializing in solid tumor cell therapies, has announced a significant milestone in its journey with the acquisition of $14.5 million in seed funding. The funding round was led by Hummingbird Ventures, with participation from Recode Ventures and pre-seed lead Fifty Years.

This financial boost is aimed at accelerating the development of Waypoint Bio’s proprietary in vivo spatial pooled screening technology, which targets the creation of innovative treatments for challenging cancers like pancreatic cancer.

Founded by MIT alumni Dr. Xinchen Wang and Dr. David Phizicky, Waypoint Bio aims to harness AI, automation, and spatial biology to pioneer a next-generation drug discovery platform.

Waypoint Bio’s groundbreaking platform integrates spatial biology with pooled screening, enabling initial assessments of cell therapy designs in vivo while analyzing hundreds of phenotypes at the single-cell level. This approach facilitates a deeper understanding of effective designs and their underlying mechanisms, streamlining the development of therapies for historically hard-to-treat diseases.

Dr. Xinchen Wang, Co-founder and CEO of Waypoint Bio, underscored the transformative potential of their technology, highlighting its ability to enhance traditional pooled screening by leveraging spatial biology. This enhancement allows for the rapid generation of novel drug candidates with a higher likelihood of clinical success in complex diseases.

Dr. David Phizicky, Co-founder and Chief Scientific Officer, elaborated on their platform’s capability to initiate discovery directly in mouse models, bypassing traditional in vitro steps. This approach enables high-throughput testing of cell therapy designs at reduced costs, significantly increasing the scalability and translatability of their innovations.

The seed financing will initially support the development of CAR T-cell therapies designed to combat the tumor microenvironment, followed by the advancement of Treg therapies for autoimmune conditions. Pablo Lubroth from Hummingbird Ventures expressed confidence in Waypoint Bio’s potential to revolutionize solid tumor cell therapy through spatial biology at a scalable level.

Foxconn to Manufacture AI Servers in India, Expanding Beyond Smartphones

By
Garima Bansal
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0
foxconn

Foxconn, the Taiwanese contract manufacturing giant renowned for assembling Apple’s iPhone, is poised to commence production of AI servers at its facilities in India.

This strategic expansion signifies Foxconn’s diversification beyond smartphones, utilizing its existing infrastructure in Tamil Nadu to manufacture high-performance computing engines crucial for training and deploying artificial intelligence models.

Foxconn’s move into AI server manufacturing aligns with its capability to produce a wide range of products, including servers for global tech giants like Amazon, Google, Microsoft, and NVIDIA. The company aims to increase its share in the global AI server market from 30% to 40% this year, as highlighted by Foxconn chairman Young Liu during the annual shareholders’ meeting in Taipei.

Industry analysts view this shift positively, considering AI servers and electric vehicle components as growth areas offering higher margins compared to mobile phone assembly. Foxconn’s decision is bolstered by India’s production-linked incentive (PLI) scheme for IT hardware, which supports its expansion plans in the country.

In addition to AI servers, Foxconn recently announced plans to locally manufacture Pixel smartphones for Google in Tamil Nadu. The company has also committed significant investments, including a new factory and a joint venture with HCL Group to establish a chip packaging and testing facility in India.

Despite these ambitious plans, Foxconn faces scrutiny over alleged discriminatory hiring practices at its Tamil Nadu facilities, prompting government inquiries. Nevertheless, Foxconn’s pivot towards AI servers underscores its strategic intent to reduce reliance on smartphone manufacturing and capitalize on burgeoning sectors like AI and EVs.

With robust earnings driven by AI technology and a proactive approach to expanding its footprint in India, Foxconn is positioning itself as a pivotal player in global technology manufacturing, poised for sustained growth in the coming years.

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