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Breaking Barriers: Financial Terms Now Available in Sign Language for the Differently-Abled.

By
Supriya Biswas
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In a significant move towards financial inclusion, key terms such as mutual funds, IPOs, bonds, and investors have been translated into sign language, making financial literacy more accessible to the differently-abled community. This development, led by the Indian Sign Language Research and Training Centre (ISLRTC), introduces video demonstrations of these critical monetary concepts, improving accessibility for thousands of individuals, according to a senior official.

The ISLRTC has created a specialized dictionary encompassing financial and banking terminology, available through a user-friendly website and the free ‘Sign Learn’ app, making it easy for users to access and understand these essential concepts.

Sanjay Kumar, Deputy Director (Administration) of ISLRTC, mentioned that besides financial terms, the centre has expanded its dictionary with other categories by partnering with various organizations. Furthermore, the centre aims to address the growing demand for qualified professionals in sign language through expanded diploma courses for interpreters and instructors.

Kumar also highlighted that, for the 2024-25 academic year, 120 deaf students and 90 hearing-impaired students have been enrolled in ISLRTC’s programs.

Additionally, ISLRTC has signed Memorandums of Understanding (MoUs) with 25 national institutions to fast-track the training of sign language interpreters and educators, fulfilling the mandates set by the Rights of Persons with Disabilities (RPwD) Act of 2016.

To further enhance inclusivity, a free Video Relay Service (VRS) was launched in July 2023, and it has already benefitted 1,800 individuals in various sectors, including medical, legal, and educational services.

Myntra Co-Founder Mukesh Bansal Secures $27.5M in Funding for AI Startup Nurix

By
Supriya Biswas
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Mukesh Bansal, known for co-founding e-commerce giant Myntra and fitness platform Cult.fit, has successfully raised funds for his latest venture, Nurix AI, from top venture capitalists, Accel and General Catalyst.

Nurix AI announced on Tuesday that it has secured $27.5 million (approximately ₹230 crore) in a seed-cum-Series A funding round led by these two prominent US-based VC firms. Additionally, Meraki Labs, an incubator founded by Bansal, also participated in this round.

Launched earlier this year, Nurix AI is Bansal’s newest endeavor following his successful journey with Myntra, established in 2007, and Curefit (now Cult.fit), which he co-founded nearly a decade later. Myntra became part of Flipkart in 2014 through an acquisition, while Cult.fit gained momentum after a rebrand in 2021, receiving investment from Tata Digital. Bansal later served as President at Tata Digital but stepped down in 2023 to focus on his new project.

“At Nurix AI, we foresee a future where AI agents, empowered by human knowledge, manage a considerable portion of tasks, leading to groundbreaking improvements in both productivity and quality,” said Bansal, who now serves as CEO of the company.

PhonePe Attracts Another $100 Million from General Atlantic as Part of Ongoing Funding Round

By
Supriya Biswas
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PhonePe has raised an additional $100 million from General Atlantic and its co-investors, contributing to its ongoing $1 billion funding round. General Atlantic had previously invested $350 million in the Walmart-owned fintech firm back in January.

This round also saw participation from notable investors such as Tiger Global, Ribbit Capital, and TVS Capital, who collectively contributed $100 million. Walmart itself added $200 million to the mix, bringing the pre-money valuation of PhonePe to an impressive $12 billion.

Since its separation from Flipkart in 2020, PhonePe has actively sought funding to fuel its growth. The company initially raised $700 million in primary capital during this spin-off, achieving a post-money valuation of $5.5 billion.

In a significant strategic shift last October, PhonePe relocated its business operations from Singapore back to India, which is viewed as a precursor to its plans for an IPO on Indian stock exchanges.

As reported by Tracxn, PhonePe has accumulated a total of $13.7 billion in funding to date, with General Atlantic owning a 2.9% stake in the company.

In a company statement, PhonePe confirmed, “We are thrilled to announce a $100 million investment from General Atlantic, a leading global growth equity firm, along with its co-investors, as part of our continuing fundraising journey. This follows General Atlantic’s initial $350 million investment in January 2023.”

Rooter Raises $16 Million to Fuel Expansion and Technology Development

By
Supriya Biswas
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Rooter, a prominent platform for game streaming and esports, has announced the successful closure of a $16 million (approximately ₹131 crore) growth funding round led by its existing investor, Lightbox. This funding round also included contributions from Trifecta Capital, Pivot Ventures, Baldota Family Office, Global Play Media, Denlow Private Trust, Venture Catalysts, and Potential Ventures, alongside participation from existing backers such as Duane Park Ventures, LeAD Sports & Health Tech Partners, ADvantage VC, Goal Ventures, Capital A, and Astarc Ventures.

While the funding comprised both debt and equity, Rooter has opted not to disclose the precise breakdown. This announcement follows the company’s previous achievement of raising $25 million in a Series A funding round, which was also spearheaded by Lightbox, March Gaming, and Duane Park Ventures. To date, Rooter has amassed a total of $46 million in funding.

The New Delhi-based startup plans to utilize the newly acquired funds to enhance its technology infrastructure and broaden its reach in Southeast Asia, the Middle East, and North Africa (MENA). Founded in 2016 by Piyush Kumar and Dipesh Aggarwal, Rooter’s content library features a diverse array of live streams, short videos, and other content available in ten Indian languages. The company has reported a remarkable fourfold increase in its annual recurring revenue (ARR), reaching $7 million with an impressive 80% gross margin. Rooter is targeting profitability within the next year.

“We anticipate surpassing $10 million in ARR by the next quarter and aim to achieve profitability by April 2024. This funding will empower us to enhance our technology infrastructure and explore both organic and inorganic growth opportunities,” stated Piyush Kumar, founder and CEO of Rooter.

The startup has successfully onboarded one million gaming creators, contributing to a user base of 60 million. Sid Talwar, a partner at Lightbox, noted that “Rooter has successfully scaled its operations while maintaining a solid balance sheet and robust unit economics.”

Lightbox, known for its investments in successful startups such as Rebel Foods, Dunzo, and Paymate, recently announced a delay in launching its fourth fund, choosing instead to focus on exits from its first two funds in the coming months. Currently, it is deploying capital from its $200 million third fund, which was initiated in 2018 and has invested in nine companies to date.

EvolveX Accelerator by We Founder Circle Sets Eyes on Investing in 50 Startups This Year

By
Supriya Biswas
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The EvolveX accelerator, launched by We Founder Circle (WFC), has set an ambitious goal to invest in 50 startups by the end of this year. This initiative is focused on supporting early-stage ventures, providing investments ranging from $20,000 to $30,000 at the seed stage, while also facilitating additional fundraising opportunities of up to $100,000 during the program.

To date, EvolveX has allocated half a million dollars to various startups and plans to increase its investments to a total of $1.5 million in 2023. “Our steadfast commitment underscores our belief in the significance of innovation and entrepreneurship. We provide a holistic support system that includes significant seed funding, access to experienced mentors, and a vibrant community,” stated Bhawna Bhatnagar, Co-founder of EvolveX.

Since its inception in 2022, EvolveX has completed two cohorts, mentoring and funding a total of 14 startups. This year, the accelerator aims to run four cohorts, mentoring up to 36 startups across a variety of sectors. These sectors include edtech, electric vehicles (EV), direct-to-consumer (D2C) brands, software-as-a-service (SaaS), robotics, fintech, augmented reality/virtual reality (AR/VR), agritech, martech, and healthtech.

The first cohort featured six startups: Uma Robotics, Student Ink, OLL, Motozite, ParkMate, and Humours Tech. This was followed by eight startups in the second cohort: EV India, The Energy Company, UCliq, MetaBook XR, MeriGarage, Get Plus, PrintBrix, and WildLeaf. In the third cohort, EvolveX included seven startups, namely Krishivan, DeltaFour, Himshakti, HealthQ Rehab, My Era, Nikol EV, and Rupid.

Beyond funding, the program fosters a community for startups to collaborate and learn from one another, helping them to map out growth strategies, secure infrastructure for future funding rounds, and tap into EvolveX’s extensive network of angel investors.

Neeraj Tyagi, Co-founder and CEO of We Founder Circle, remarked, “With EvolveX, we have expanded our reach to pre-seed and seed-stage startups. Our aim is to provide early-stage entrepreneurs with the funding visibility they need, from pre-seed to angel rounds, along with proactive mentoring and business support.” The accelerator is open to promising startups globally, not just those based in India.

Hopscotch Secures $20M Funding Round Led by Amazon

By
Supriya Biswas
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0

Hopscotch, a direct-to-consumer (D2C) children’s clothing brand, has successfully raised $20 million in a funding round led by the global e-commerce leader Amazon. The investment round also saw participation from notable investors, including Eduardo Saverin, co-founder of Facebook, alongside existing backers such as Lionrock, IIFL Seed Venture Fund, RPG Ventures, and Techpro Ventures.

Rahul Anand, the Founder and CEO of Hopscotch, expressed enthusiasm about the funding, stating, “This investment will enable us to enhance our marketing efforts, expand our product range, and empower more customers to showcase their individual styles.”

The capital raised will be pivotal for Hopscotch as it aims to broaden its product offerings and reach a wider customer base. Preetham N, Director of Corporate Development at Amazon, commented on the brand’s impressive progress, highlighting their achievements to date.

With the backing of Amazon and other investors, Hopscotch is strategically positioned to accelerate its growth and capture a larger share of the market. The company’s technology platform is designed to quickly identify emerging fashion trends, allowing it to deliver popular styles to customers ahead of competitors.

Based in Mumbai, Hopscotch specializes in children’s apparel, footwear, and accessories, catering to style-conscious parents seeking fashionable options for their kids. The company has established partnerships with major e-commerce platforms, including Amazon and Flipkart, and reports that nearly 80% of its revenue comes from smaller towns across India.

HealthifyMe Raises $30M to Expand AI-Powered Health Solutions

By
Supriya Biswas
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0

HealthifyMe, a prominent digital health and wellness platform, has successfully raised $30 million in a pre-Series D funding round. This investment was led by LeapFrog Investments and Khosla Ventures, with additional participation from Finnish development agency FinnFund and Dutch investor Van Lanschot Kempen. The funding is a combination of equity and venture debt, and existing backers Unilever Ventures, Blume Ventures, Chiratae Ventures, and Healthquad also joined the round.

The Bengaluru-based company plans to use the capital to strengthen its AI-driven offerings. It first introduced Ria, an AI-powered virtual assistant, in 2017, providing users with fitness and nutritional guidance in over 10 languages. With the new investment, HealthifyMe intends to further integrate generative AI, enabling nutritionists to deliver even more personalized health recommendations to users.

HealthifyMe has seen impressive growth, with gross margins increasing from 30% to 70% by incorporating AI with human experts. The company is optimistic that generative AI will further scale its business and enhance profitability. It also plans to enhance its Smart Plans, a key AI-powered feature that contributes significantly to its current subscriber base.

The platform, which serves over 35 million users across 300 cities, aims to achieve an annual recurring revenue (ARR) of $50 million in the coming months. HealthifyMe seeks to become the leading health and fitness app outside of the U.S. and China. Competitors include Ultrahuman, Cult.fit, and Fitterfly, which offer various services in health and wellness.

Co-founder and CEO Tushar Vashisht emphasized the company’s mission to “healthify” a billion people by blending human coaching with AI. He expressed gratitude for the investors’ support and underscored the importance of affordable and accessible health solutions powered by technology.

Course5 Intelligence Secures $53M in Second Funding Round Led by Nuvama Private Equity

By
Supriya Biswas
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Course5 Intelligence, a leading analytics and AI solutions company, has successfully raised $53 million in its latest funding round, spearheaded by the Nuvama Crossover funds managed by Nuvama Asset Management Limited. The round also garnered participation from Carnelian Asset Advisors and its affiliates, marking a significant milestone in Course5’s expansion journey.

This funding round follows the initial close led by 360 ONE Asset Management Limited (formerly IIFL Asset Management) in May 2023, demonstrating continued investor confidence in the company’s vision and capabilities.

The newly acquired funds will fuel Course5’s plans for inorganic growth. Specifically, the company aims to strengthen its intellectual property (IP) portfolio, enhance its talent pool, and solidify key client partnerships. Additionally, the funds will support the company’s ongoing innovation efforts in applied AI fields, including computer perception, deep learning, natural language processing, and generative AI through its AI Labs.

In line with its expansion strategy, Course5 Intelligence has set aside approximately $80 million from its cash reserves and future cash flow for mergers and acquisitions (M&A). The company is currently in discussions with five potential acquisition targets and aims to finalize two deals within the next 12 months. These acquisitions are expected to focus on AI-driven companies in the US, UK, and India, each generating $10 million to $20 million in revenue, as well as smaller deep-tech AI startups.

Pranav Parikh, Managing Partner at Nuvama Private Equity, highlighted the global shift toward data-driven intelligence and the role of AI in this evolution. “The increasing complexity of data and the technological advancements in AI are driving widespread adoption of data-driven intelligence across enterprises. Course5, with its deep industry expertise and strong client base, is perfectly positioned to capitalize on this accelerating trend,” he said.

ICICI Securities and JM Financial served as exclusive financial advisors to Course5 Intelligence during the transaction.

Headquartered in Mumbai, Course5 Intelligence supports organizations in driving digital transformation through AI, advanced analytics, and actionable insights. The company’s solutions are designed to integrate data from both structured and unstructured sources, enabling businesses to make data-driven decisions for sustainable growth. Course5 serves a diverse range of industries, including technology, media, telecom, pharmaceuticals, consumer goods, and retail.

In addition, Course5 recently acquired Incivus, an AI-based ad creation and optimization startup. Incivus leverages AI technologies such as computer vision, generative AI, and natural language processing to provide granular insights into ad performance, predicting success with a high degree of accuracy. This acquisition further strengthens Course5’s AI capabilities, positioning it as a leader in the rapidly evolving digital analytics space.

Curefoods Gains ₹80 Crore Debt Funding from Binny and Jitender Kumar Bansal

By
Supriya Biswas
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0

Curefoods, the innovative cloud kitchen startup, has successfully raised approximately ₹80 crore (about $9.6 million) through debt financing from investors Binny Bansal and Jitender Kumar Bansal. This marks the Bengaluru-based company’s second significant fundraising effort in just six months.

According to filings with the Registrar of Companies (ROC), Curefoods has secured an ₹80 crore loan from the Bansals as part of an unsecured member deposit agreement detailed in the loan contract between the company and its investors.

Earlier this year, in March, Curefoods attracted $25 million in Series D funding from Three State Ventures, a fund established by Flipkart co-founder Binny Bansal. As highlighted by the startup intelligence platform TheKredible, Curefoods has amassed over $200 million in total funding to date.

A recent report by Moneycontrol indicates that the company is currently negotiating to raise an additional $40 million as part of its ongoing Series D round, which would include both primary and secondary transactions. With these developments, the company’s valuation is projected to approach the $500 million mark.

Founded in 2020, Curefoods operates a range of brands, including EatFit, Yumlane, Aligarh House Biryani, Masalabox, and CakeZone. It boasts a network of over 100 kitchens across 200 locations in 15 cities, supported by a robust backend infrastructure consisting of seven food factories and 150 multi-brand cloud kitchens.

In addition to its fundraising success, Curefoods has expanded its portfolio by acquiring two brands, YumLane Pizza and Millet Express, in 2023. In December, it also invested ₹10 crore (approximately $1.2 million) in Hogr, a social platform that facilitates restaurant and food discovery.

Curefoods has now positioned itself as the second-largest player in the cloud kitchen sector, trailing behind Rebel Foods. The company reported ₹384 crore in revenue for FY23, with figures for FY24 yet to be disclosed. In comparison, Rebel Foods achieved an operating revenue of ₹1,420 crore in FY24. Other notable competitors in the industry include EatClub and Biryani By Kilo, both of which reported revenues exceeding ₹300 crore in FY23.

Meesho Collaborates with D2C Brands, Attracts 32 Million Shoppers Ahead of Festivities

By
Supriya Biswas
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0

As the festive season approaches, Meesho has announced partnerships with several direct-to-consumer (D2C) brands, successfully engaging 3.2 crore shoppers. The platform revealed that nearly 75% of its orders originated from tier 2 and beyond markets. Among the D2C brands that have shown remarkable growth, Liberty saw a staggering increase of 2.89 times, Bella Vita experienced a 2.5 times rise, and Denver achieved growth of 2.4 times.

Meesho has joined forces with a variety of well-known D2C brands, including Mamaearth, Denver, Himalaya, Bajaj, Joy, Lotus Herbals, Biotique, Bata, Paragon, Relaxo, and Liberty, among others. Their Meesho Mall now showcases over 1,000 national, regional, and D2C brands, with the company reporting nearly double the order growth for the platform.

Megha Agarwal, General Manager of Business at Meesho, expressed enthusiasm about the partnerships: “We are excited to welcome these prestigious brands to our platform. These collaborations aim to provide customers access to an exceptional selection of products from both established and emerging brands, all in one place. In the past six months, Meesho Mall has welcomed 3.2 crore shoppers, demonstrating increasing consumer confidence.”

Zairus Master, Chief Business Officer of Honasa Consumer Limited, remarked on the collaboration with Mamaearth: “We are thrilled to offer Mamaearth’s products through Meesho Mall and to broaden our reach, especially in areas where access to high-quality personal care items is limited. This partnership not only accelerates our growth but also aligns with our goal of providing safe and non-toxic products to homes across India. As we prepare for the festive season, we are optimistic that our ongoing collaboration with Meesho Mall will help us share nature-inspired wellness with millions more.”

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