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Sid’s Farm Secures $10 Million in Series A Funding to Expand Operations

By
Garima Bansal
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sid farm founder

Sid’s Farm, a prominent direct-to-consumer (D2C) dairy startup, has successfully raised $10 million in Series A funding from Omnivore and the Narotam Sekhsaria Family Office (NSFO). This funding marks a significant milestone for the company as it aims to bolster its presence in Hyderabad and Bengaluru, two key markets in India.

Dr. Kishore Indukuri, the Founder of Sid’s Farm, expressed enthusiasm about the investment, highlighting its pivotal role in accelerating the company’s growth trajectory. This investment will help to expand manufacturing capabilities and enhance infrastructure to meet the increasing demand for high-quality dairy products. The funds will also be allocated towards strengthening the team across various functions, ensuring Sid’s Farm can sustain its commitment to delivering fresh, healthy, and responsibly sourced food to consumers.

Established in 2016, Sid’s Farm has carved a niche in the dairy industry by offering nutrient-dense, additive-free milk sourced directly from farmers. The company manages the entire value chain meticulously, conducting rigorous quality testing to uphold its standards of antibiotic-free, hormone-free, and preservative-free dairy products.

With a customer base exceeding 25,000 across its current markets, Sid’s Farm aims to expand its reach further. Dr. Indukuri emphasized the potential to serve over 100,000 families daily in Hyderabad and Bengaluru alone, underscoring the robust growth opportunities in the region.

The investment comes at a strategic time for the dairy sector in India, which witnessed substantial growth, reaching Rs 6,792 billion in 2023 and projected to reach Rs 49,953 billion by 2032, according to IMARC Group reports. The shift towards premium dairy products through D2C platforms is expected to drive this growth, positioning Sid’s Farm as a pivotal player in the market.

Reihem Roy, Partner at Omnivore, affirmed Sid’s Farm’s potential, stating, “We foresee Sid’s Farm emerging as a leader in the premium dairy segment, given its unwavering commitment to quality and sustainability.”

Sid’s Farm’s expansion plans are aligned with its mission to redefine the dairy industry by prioritizing consumer health and environmental responsibility. The infusion of funds from Omnivore and NSFO marks a crucial step towards realizing this vision, propelling the company towards further innovation and market leadership.

Ather Energy Transitions to Public Limited Company in Preparation for IPO

By
Garima Bansal
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ather energy co-founders

Ather Energy, the prominent electric scooter manufacturer, has converted into a public limited company, signaling its intentions to go public in the near future. The decision was approved at the company’s recent annual general meeting (AGM), where it was resolved to rename the firm from Ather Energy Private Limited to Ather Energy Limited, according to sources familiar with the matter.

The conversion to a public limited entity follows Ather’s plans to raise $75-90 million (approximately Rs 750 crore) in primary funding from both new and existing investors. This funding round, expected to be led by current investors, could potentially value the company between $850 million and $1 billion, as reported earlier.

Recently, Ather Energy experienced significant developments in its shareholder structure, with Flipkart co-founder Sachin Bansal divesting his remaining 7.5% stake in the company. This stake was acquired in part by Hero MotoCorp, now the largest shareholder holding approximately 40% of Ather’s shares, solidifying its position as a key investor.

Earlier in May, Ather raised Rs 286 crore ($34 million) through a funding round involving contributions from its founders and Stride Ventures, combining debt and equity investments to bolster its financial position.

Hero MotoCorp, in a recent filing, disclosed Ather’s turnover for FY24 at Rs 1,753 crore, marginally lower than its operating revenue of Rs 1,784 crore in FY23. No profit or loss figures were reported for FY24; however, Ather had posted a net loss of Rs 864 crore in FY23.

The transition to a public limited company marks a pivotal step for Ather Energy as it prepares to expand its market presence and further innovate in the electric vehicle sector, leveraging its established brand and technological advancements.

Lxme Raises $1.2 Million in Seed Funding to Empower Women in Finance

By
Garima Bansal
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lxme-cofounders

Lxme, a fintech startup dedicated to women’s financial empowerment, has secured $1.2 million in seed funding led by Kalaari Capital through its CXXO initiative, which supports ventures led by women entrepreneurs.

Other notable investors participating in the funding round include Yash Kela of Singularity Ventures, Amaya Ventures, Capri Holdings, and Aditi Kothari, vice chairperson of DSP Asset Managers.

Founded in 2021 by Ridhi Kanoria Doongursee and Priti Rathi Gupta, Lxme aims to use the capital for enhancing brand visibility and expanding its user base across India. The platform focuses on offering tailored financial products such as mutual funds, loans, and prepaid shopping cards designed specifically for women. It also provides financial education to empower women in making informed financial decisions.

Priti Rathi Gupta emphasized the platform’s mission to facilitate the financialization of women’s savings through digitization and democratization of financial products. Lxme plans to strengthen its technology infrastructure to improve user experience and engagement.

Currently, Lxme serves a community of over 400,000 women and generates revenue through trail income from mutual fund offerings and other financial products like lending and fixed deposits, acting as an aggregator platform.

The funding round comes amid a broader effort to address the gender disparity in startup funding. Recent reports indicate a decline in funding for women-led startups, highlighting the importance of initiatives like Kalaari Capital’s CXXO in supporting women entrepreneurs.

Looking forward, Lxme aims to achieve assets under management (AUM) of approximately Rs 1,200 crore by 2026, reinforcing its commitment to empowering women through financial inclusion and education.

Cloudphysician Secures $10.5 Million Funding Led by Peak XV Partners

By
Garima Bansal
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Dileep Raman and Dhruv Joshi

Cloudphysician, a leading provider of online healthcare and technology solutions, has successfully raised $10.5 million in its latest funding round led by Peak XV Partners. This round also saw participation from Elevar Equity and venture debt firm Panthera Peak.

Founded by Dhruv Joshi and Dileep Raman in 2017, Cloudphysician operates as a full-stack AI and operations company specializing in managing patients in intensive care units (ICUs) and emergency departments in collaboration with hospitals.

The funding will be utilized to strengthen Cloudphysician’s footprint in the Indian market, expand into international territories, and advance its artificial intelligence (AI) platform.

Dhruv Joshi emphasized the company’s goal to capture a significant portion of India’s hospital market, which comprises over 50,000 hospitals. Expansion plans also include targeting markets in the United States, Middle East, and Southeast Asia.

Cloudphysician’s AI platform, named Radar, plays a crucial role as a co-pilot for healthcare professionals, augmenting their capabilities in patient care. Currently, the platform manages approximately 2,400 ICU beds across 230 hospitals in 100 cities across India, with a predominant focus on private healthcare institutions.

Mohit Bhatnagar, Managing Director at Peak XV, expressed confidence in Cloudphysician’s digital Care Centre platform, noting its ability to leverage AI for enhanced ICU care, leading to significant reductions in mortality rates.

Previously, Cloudphysician secured $4 million in Series A funding from Elevar Equity in 2021. This recent funding round underscores investor confidence in the company’s innovative approach to healthcare technology and its potential to transform critical care services globally.

B2B Fashion Platform Zyod Raises $18 Million in Funding

By
Garima Bansal
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zyod founders

Zyod, a B2B fashion marketplace, has successfully raised $18 million in funding through a combination of equity and debt. The equity funding round was led by RTP Global, with participation from existing investor Lightspeed Venture. On the debt side, the funding came from Stride Ventures, Trifecta Capital, and Alteria Capital.

The funding will primarily be used to accelerate Zyod’s international expansion efforts. Currently operating in 18 countries, Zyod aims to expand its presence to over 40 countries by the end of the fiscal year. Key markets include the US, UK, Middle East Asia, and Japan.

Zyod intends to strengthen its technological capabilities to optimize supply chain operations, predict production gaps, and adapt to design trends more effectively. The company emphasizes leveraging technology across its production processes, from modular design approaches to factory-level operations optimization.

Founded by Ankit Jaipuria and Ritesh Khandelwal, Zyod collaborates closely with apparel brands throughout the design and manufacturing phases, aiming to reduce inventory wastage and improve supply chain efficiency. The firm employs approximately 100 professionals across various roles and is poised to expand its sales teams internationally.

With a current annualized revenue run-rate in the “double-digit million dollar” range, Zyod is targeting significant revenue growth for FY25. The company anticipates that 80% of its business will originate from international markets in the coming years, with an evolving client mix shifting from larger enterprises to smaller, longtail clients over time.

Bluestone Secures Rs 100 Crore Debt Funding from Neo Markets Ahead of IPO

By
Garima Bansal
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Bluestone, a Bengaluru-based omnichannel retailer specializing in jewellery, has successfully raised Rs 100 crore in debt funding from Neo Markets. This strategic funding round comes as Bluestone prepares for its upcoming initial public offering (IPO), aiming to strengthen its financial position.

Established in 2011 by Gaurav Singh Kushwaha, Bluestone has carved out a substantial presence in the jewellery market, operating through both its website and a widespread network of over 190 offline stores across 75 cities.

According to regulatory filings sourced from the Registrar of Companies, Bluestone’s board passed a special resolution to issue 10,000 debentures priced at Rs 1,00,000 each, facilitating the raise of Rs 100 crore.

The timing of this funding is pivotal as Bluestone is actively seeking to secure $100 million in a pre-IPO funding round. This round will involve a combination of primary and secondary sources, potentially offering significant returns for early investors.

Bluestone has accumulated approximately $190 million in total funding to date, including a noteworthy $66 million raised last September, with participation from investors like Ranjan Pai.

Accel emerges as the largest stakeholder in Bluestone, holding a 21.2% stake, followed by Kalari Capital with a 12.35% stake.

Financially, Bluestone has demonstrated robust revenue growth, achieving a 65% year-on-year increase, with revenues reaching Rs 787 crore in the fiscal year ending March 2023. Concurrently, the company reduced its losses significantly by 87%, amounting to Rs 167 crore during the same period.

As Bluestone continues to expand its market footprint and enhance operational efficiencies, the recent debt funding from Neo Markets is expected to fortify its position in preparation for its imminent IPO, reflecting its ambitions for sustained growth and market leadership in the jewellery retail sector.

CheQ Secures $2.2 Million in Extended Seed Round to Enhance Credit Card Bill Payment Platform

By
Garima Bansal
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0
CheQ team

CheQ, a Bengaluru-based fintech startup specializing in credit card bill payment management, has successfully raised an additional Rs 18.5 crore (approximately $2.2 million) in its extended seed funding round.

Founded in 2022 by Aditya Soni, CheQ offers a streamlined platform that simplifies credit product management for consumers, enabling them to conveniently handle credit card bills and EMIs within a unified interface. Since its inception, CheQ has raised over $17 million in funding, including a notable $10 million seed round led by Venture Highway and 3one4 Capital in June 2022.

Major investors included Lloyd Dizon and Zenaida Dizon Balajadia, each contributing Rs 4.16 crore, alongside Sherpalo LLC, the venture of Ram Shriram, with Rs 8.32 crore. Hitesh Gupta and Amit Lakhotia also participated with investments of Rs 10 lakhs and Rs 25 lakhs, respectively.

Post this funding round, CheQ’s valuation has been estimated at approximately Rs 460 crore or $55.4 million (post-money valuation), according to startup data intelligence platform TheKredible.

Despite operating in a pre-revenue phase, CheQ reported revenues of Rs 2 crore for the fiscal year ending March 2023, with corresponding losses amounting to Rs 19.4 crore during the same period.

CheQ faces competition from established fintech players like CRED, a unicorn that has secured approximately $1 billion in funding and was last valued at $6.4 billion. According to TheKredible, CRED posted revenues of Rs 1,400 crore with losses of Rs 1,347 crore in FY23, underscoring the competitive landscape in the credit management sector.

The recent funding injection is expected to bolster CheQ’s market position and enhance its capabilities in serving a growing base of consumers seeking efficient credit management solutions.

Sun Pharma Completes Merger with Taro Pharmaceuticals for $43 per Share

By
Garima Bansal
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0
sun pharma

Sun Pharmaceutical Industries Limited has successfully finalized the merger of Taro Pharmaceutical Industries Limited with its subsidiary, acquiring all outstanding ordinary shares of Taro for $43 per share in cash. This move effectively transitions Taro into a private company wholly owned by Sun Pharma.

Sun Pharma, based in Mumbai, has been the majority shareholder of Taro since 2010. The merger transaction includes the acquisition of 8,086,818 shares, representing 21.52 percent of Taro’s outstanding shares, at a cost of Rs 2,891.76 crore.

Dilip Shanghvi, Chairman and Managing Director of Sun Pharma, expressed satisfaction with the completion of the merger process, noting its significance in leveraging synergies and enhancing capabilities across both organizations. He emphasized the strategic alignment and the potential for a stronger future together.

The $43 per share acquisition price represents a 48 percent premium over Taro’s closing price of $28.97 per share on May 25, 2023, the day before Sun Pharma initially proposed the merger.

Following the merger, Sun Pharma aims to integrate Taro’s strengths and resources into its own operations, aiming for enhanced growth and profitability in the pharmaceutical sector.

Sun Pharmaceutical Industries reported a consolidated net profit of Rs 2,654.58 crore for the fourth quarter ended March, marking a significant increase from Rs 1,984.47 crore in the same period the previous fiscal year.

Infibeam Avenues Teams Up with EDII to Boost AI Adoption for Enterprises and Startups

By
Garima Bansal
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0
Vishal Mehta Infibeam avenues

Infibeam Avenues, a prominent Indian fintech company, has embarked on a strategic partnership with the Entrepreneurship Development Institute of India (EDII) in Ahmedabad to accelerate the adoption of artificial intelligence (AI) among enterprises, startups, and MSMEs across India.

Established in 1983, EDII is a prestigious autonomous institution dedicated to entrepreneurship education, research, and startup incubation. Sponsored by leading financial institutions such as IDBI Bank, ICICI Bank, and the Government of Gujarat, EDII focuses on fostering growth, innovation, and institution building within the MSME sector.

Infibeam’s AI Initiatives

Under the Memorandum of Understanding (MoU) signed between Infibeam Avenues Ltd and EDII, Infibeam has introduced its advanced video AI Developer Platform, ‘THEIA,’ at EDII’s Gandhinagar campus. This platform equips students and entrepreneurs with essential tools to develop AI-driven products, thereby enhancing business efficiency and capabilities. Additionally, Infibeam has deployed its newly launched AI facility management solution, ‘AI Facility Manager,’ at the EDII campus.

Dr. Sunil Shukla, Director General of EDII, emphasized the transformative potential of integrating advanced AI technologies into entrepreneurial education. He highlighted that this collaboration will empower aspiring entrepreneurs to leverage AI for sustainable business growth and excellence in a digital-first era.

Vishal Mehta, Chairman and Managing Director of Infibeam Avenues Ltd, expressed confidence that embracing digitalization and AI is pivotal for the future of entrepreneurship. He emphasized that this collaboration will equip entrepreneurs with the necessary digital tools and solutions to thrive in the evolving business landscape.

By leveraging AI innovation through collaborative efforts with EDII, Infibeam Avenues aims to pave the way for a future where AI-powered technologies drive sustainable growth and operational excellence across Indian enterprises and startups.

Zendesk Launches Venture Fund to Support AI Customer Service Startups

By
Garima Bansal
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0
zendesk ceo

Zendesk, a leading provider of customer service software, has announced the launch of Zendesk Ventures, a corporate venture capital initiative aimed at investing in artificial intelligence startups.

This new venture arm will focus on supporting startups that develop AI technologies compatible with Zendesk’s customer service platform, starting from the seed stage and beyond.

Ben Barclay, Zendesk’s Senior Vice-President of Strategy, Corporate Development, and Transformation, emphasized the importance of AI in transforming customer and employee service experiences.

Zendesk Ventures aims not only to invest in promising AI startups but also to integrate their innovations into Zendesk Marketplace, enhancing the capabilities of Zendesk’s application platform.

While the exact size of the fund has not been disclosed, CEO Tom Eggemeier indicated to Axios that it will be funded with tens of millions of dollars from Zendesk’s balance sheet. The fund will typically invest between $500,000 to $1 million per deal, primarily focusing on seed-stage investments, with consideration for Series A rounds as well.

At its launch, Zendesk Ventures has already established a portfolio that includes Zuper, a provider of field service management software, and Observe.AI, which specializes in conversational intelligence platforms for call centers. Notably, Observe.AI has raised over $210 million as of 2022.

Recent additions to Zendesk Ventures’ portfolio include PolyAI, which develops tools enabling Zendesk users to manage tasks through voice commands, such as order tracking and delivery updates. Another addition is UnitQ, offering an AI platform that analyzes real-time customer interactions and feedback.

Zendesk Ventures underscores Zendesk’s commitment to advancing AI-driven solutions in customer service, fostering innovation within its ecosystem while enhancing the capabilities available to its global customer base.

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