WestBridge Capital has recently divested a 1.2% stake in IndiaMART InterMESH, a prominent online B2B marketplace, for Rs 190 crore through open market transactions.
This move was executed via WestBridge Crossover Fund LLC, with 7.3 lakh shares sold in two separate block deals on the Bombay Stock Exchange (BSE). The shares were sold at an average price of Rs 2,601 each, totaling Rs 189.87 crore.
SBI Mutual Fund and Morgan Stanley Asia (Singapore) were the buyers at the same price, driving IndiaMART InterMESH shares to rise by 1.25% to Rs 2,648.80 apiece post-transaction.
Concurrently, Rajat Agrawal, a promoter of Gravita India, divested a 2% stake valued at Rs 191 crore through a significant block deal on the BSE. Agrawal sold 14 lakh shares at an average price of Rs 1,365 per share, reducing his stake in Gravita India from 41.35% to 39.35%.
The transaction also decreased the combined promoters’ stake in Gravita India to 64.48% from 66.48%. The shares were acquired by Oxbow Capital Management from Hong Kong, propelling Gravita India’s stock to surge by 11.98% to close at Rs 1,541 per share on the BSE.
Quidich Innovation Labs, a sports broadcasting technology startup, has raised an undisclosed amount in a Series A funding round led by Centre Court Capital, a venture capital firm focused on sports tech and gaming, backed by the Sajjan Jindal Family Trust. The newly raised funds will be utilized to expand Quidich’s reach across new sports and geographies and further develop its technology stack.
Founded in 2013 by Rahat Kulshreshtha and Gaurav Mehta as a drone startup, Quidich pivoted to enhancing live sports broadcasting in 2019 through advanced technological solutions, including specialized camera systems, computer vision, and augmented reality. Rahat Kulshreshtha, co-founder of Quidich, stated, “Once we got into sports, our entire focus has been on building layers of technology using artificial intelligence, computer vision, and the power of game engines to be able to build very interesting storytelling tools and applications for broadcast.”
Quidich has established itself as a key technology partner to prominent clients such as the Board of Control for Cricket in India (BCCI), International Cricket Council (ICC), Sky Sports, Sunset+Vine in the UK, Channel 7 in Australia, and SuperSport in South Africa. The company has recently opened offices in London and the United Arab Emirates.
Mustafa Ghouse, General Partner at Centre Court Capital, remarked, “As sports broadcast technology undergoes a sector-wide transformation, broadcasters and leagues are searching for partners to guide them into a new era. We believe that Quidich’s dedication and unwavering commitment to quality, demonstrated through their consistent pursuit of excellence in cricket broadcasting, positions them as the leaders for this transformation.”
In a recent media release, Quidich unveiled ‘HypeReality,’ a product created in collaboration with the International Cricket Council (ICC). HypeReality is designed to redefine sports fan engagement by bringing the electrifying atmosphere of the ICC Men’s T20 World Cup 2024 directly into homes around the globe. Utilizing the latest in immersive content technology, the Apple Vision Pro, this product promises to deliver an unparalleled level of excitement and immersion to its users.
Rahat Kulshreshtha expressed enthusiasm about the investment, saying, “We are thrilled to have Centre Court Capital come on board as investors. Beyond critical funding, they bring a legacy of sporting excellence and a shared belief in the transformative power of technology in sports. We are united in our goal to redefine the global sports viewing experience and are confident that with Centre Court Capital by our side, the game is about to change in ways we’ve only dreamt of.”
The sports media rights market, currently valued at $56 billion, is projected to grow to $114 billion by 2030, driven by advancements in technology. Quidich is poised to capitalize on this opportunity by continuing to develop state-of-the-art solutions that revolutionize sports broadcasting and elevate the fan experience.
Sava, a health monitoring company based in London, UK, has successfully raised $8 million in Seed funding. The funding round was led by Balderton Capital and Exor Ventures. This investment will be utilized to expand Sava’s team, design a new product line with manufacturing capabilities, and demonstrate the platform’s clinical performance.
Founded by Renato Circi and Rafael Michali, Sava is focused on developing a wearable biosensor platform capable of detecting molecules just beneath the skin. The company’s innovative microsensor technology aims to provide real-time monitoring of biomarkers in the body, with an initial focus on glucose levels. This technology promises pain-free and real-time insights for users.
Sava recently received approval from the UK’s Medicines and Healthcare Products Regulatory Agency (MHRA) to conduct clinical trials on patients with diabetes. These trials, set to begin soon with investigators from the Universities of Oxford and Cambridge, will help validate Sava’s technology on a larger scale.
Renato Circi, co-founder of Sava, stated, “At Sava, we are tackling preventable illness by building a new operating system for health monitoring. Our microsensor will revolutionize healthcare by making world-leading monitoring technology available to all. With this capital, we can accelerate our goal of creating a new paradigm for healthcare—preventative, personalized, and painless.”
James Wise, Partner at Balderton Capital, commented, “This could be the defining product in personal health monitoring in the coming decade and an essential tool for patients and clinicians in diagnosing and treating many chronic diseases as well. Renato and Rafael have a compelling user-centric vision to revolutionize chronic disease management and preventative care, and the credibility and knowledge to execute in this vital area.”
Noam Ohana and Ileana Pirozzi of Exor Ventures added, “Sava’s unique approach and novel technology underline its potential to become a foundation of a new healthcare system. It offers a platform that addresses the needs of both patients and healthcare systems and which will allow other companies to build upon.”
This round brings Sava’s total funding to $13 million, enabling further expansion of the team, enhancement of product lines, and comprehensive demonstration of their clinical performance capabilities.
Japanese investor SoftBank Group Corp., holding nearly a 30% stake in Unicommerce eSolutions Pvt. Ltd., has been classified as a promoter in the company’s IPO filing. Alongside SoftBank, Snapdeal cofounders Kunal Bahl and Rohit Bansal have also been tagged as promoters in an addendum to the draft IPO prospectus submitted to the Securities and Exchange Board of India (SEBI). Previously, only AceVector Ltd., the parent company of Snapdeal, was identified as the promoter.
To protect itself from any liabilities associated with being a promoter, SoftBank entered into an indemnity agreement with Kunal Bahl and Rohit Bansal on May 17, prior to the board’s decision on May 29. This agreement ensures that SoftBank and its executives are indemnified against any claims or losses arising from its responsibilities as a promoter.
Unicommerce, which initially filed for an IPO in January, plans to sell shares worth approximately Rs 480-490 crore without issuing fresh capital. Under Indian regulations, a shareholder with a stake of 26% or more is termed a promoter, imposing restrictions on the sale of shares post-IPO.
The classification of SoftBank, Bahl, and Bansal as promoters aligns with SEBI’s increased scrutiny on promoter groups of IPO-bound companies. This scrutiny has led to reclassifications in other companies as well, where individuals and corporate entities with significant stakes are designated as promoters.
SoftBank’s entity, Starfish I Pte. Ltd., holds the largest share in AceVector, and through SB Investment Holdings (UK) Limited, it directly holds a 29.23% stake in Unicommerce. SoftBank plans to sell half of its stake in the IPO, reducing its holding to about 14.61%.
Unicommerce is a software-as-a-service (SaaS) platform that provides end-to-end management solutions for e-commerce operations. The company’s inclusion of additional promoters and the indemnity agreement with SoftBank highlight the complexities and regulatory considerations involved in preparing for an IPO under SEBI’s oversight.
Bangalore-based quantum computing startup QpiAI has secured $6.5 million in a pre-Series A funding round led by Yournest and SIDBI Venture Capital. The funding will support QpiAI’s mission to pioneer advancements in quantum computing and generative AI technologies.
QpiAI plans to use the funds to scale its operations and establish a 25-qubit quantum computer at its Bangalore headquarters by late 2024 or early 2025. This quantum computer is part of a broader strategy to develop a Quantum-HPC (High-Performance Computing) data center prototype, capable of scaling to 1,000 physical superconducting qubits.
The investment round saw participation from several notable investors, including WFC, angel investors Ramesh Radhakrishnan and Ramaswamy Prabhakar, Quick Heal Security founders Kailash Katkar and Sanjay Katkar, former Cognizant CEO Lakshmeenarayanan, former Bentley CPO Bhupinder Singh, Silicon Valley entrepreneur Pratap Reddy, and Sahasra Capital.
QpiAI, founded by CEO Nagendra Nagaraja, aims to integrate quantum computing and AI to revolutionize various fields such as materials science, drug discovery, automotive, and manufacturing. The company’s seven software platforms—QpiAI-pro, QpiAI-explorer, QpiAI-opt, QpiAI-pharma, QpiAI-ML, QpiAI-logistics, and QpiAI-matter—leverage these advanced technologies to provide innovative solutions across multiple industries.
With this funding, QpiAI plans to enhance its Quantum Compute as a Service (QCaaS) offerings and expand its operations globally. The company is poised to make significant contributions to the field of quantum computing, aiming to develop scalable quantum computers capable of solving real-world problems and driving advancements in enterprise and industrial applications.
As part of the funding agreement, Debraj Banerjee from SIDBI Ventures and Ramesh Radhakrishnan will join the QpiAI board, bringing their expertise to support the company’s growth. QpiAI’s focus on combining quantum computing with high-performance computing and generative AI sets it on a path to become a key player in the global quantum technology landscape.
EvyEnergy, a startup supported by IIT Guwahati, has been acquired by Zemetric, a leading provider of electric vehicle (EV) charging solutions based in the United States. Established by IIT Guwahati alumni Tushar Bohra, Mohit Jain, and Bhabani Mohapatra, EvyEnergy has quickly become a prominent player in India’s emerging eMobility sector since its founding in 2021.
The EvyEnergy platform caters to various charging needs, including public, fleet, and destination charging, with integrated payment options. This acquisition allows Zemetric to utilize EvyEnergy’s technology and expertise, expanding its reach in the growing Indian market and reinforcing its global presence in the EV charging industry.
Zemetric aims to accelerate the shift towards clean transportation by integrating EvyEnergy’s software platform, which offers a comprehensive solution for charging network companies. This includes a mobile application for drivers to locate and initiate charging sessions, as well as a central management system for real-time monitoring and operation of charging stations. Such infrastructure is essential for the efficient functioning of public EV charging networks.
EvyEnergy’s platform, currently supporting nearly 3,000 charging ports on its ChargeConnect platform and mobile app, has become a preferred solution for charging point operators and mobility providers due to its ease of use and efficiency.
IIT Guwahati has expressed pride in the accomplishments of the EvyEnergy team, highlighting the institute’s commitment to fostering technological innovation and preparing students to contribute significantly to society. The success of EvyEnergy demonstrates the potential of IIT Guwahati’s educational framework in driving advancements in future technologies.
Reflecting on their journey, the founders of EvyEnergy acknowledged the crucial role that the support from IIT Guwahati played in their achievements. They expressed their commitment to giving back to their alma mater and supporting its future endeavors.
Gynger, an innovative embedded financing platform tailored for technology purchases, has successfully raised $20 million in its Series A funding round. Leading the investment is PayPal Ventures, with additional contributions from Gradient Ventures, Velvet Sea Ventures, BAG Ventures, and Deciens Capital. This substantial funding aims to bolster Gynger’s team and operations, propelling its mission to evolve into a comprehensive payments solution for tech transactions.
In tandem with the equity funding, Gynger has also secured a significant debt facility from Community Investment Management (CIM), which will provide up to $100 million in financing. This facility is designed to support Gynger’s growing customer base by meeting the rising demand for technology financing.
Mark Ghermezian, Gynger’s CEO and Founder, expressed his excitement over the company’s recent achievements and future prospects. He emphasized Gynger’s role in transforming technology transactions through flexible payment solutions that benefit both vendors and buyers. With PayPal Ventures on board, Gynger is poised for accelerated growth and broader market reach.
The technology sector, particularly B2B technology purchases, is witnessing rapid expansion. According to Forrester, global tech spending is projected to hit $4.7 trillion next year, with SaaS alone accounting for over $900 billion annually. As technology investment continues to surge, Gynger is well-positioned to offer businesses an efficient financing solution that simplifies the procurement of essential software and technology.
Gynger’s platform stands out by providing a fully automated, embedded financing solution that facilitates seamless transactions for both buyers and sellers. This approach enables businesses to manage their technology expenses through flexible, non-dilutive capital, optimizing cash flow and aligning payments with their growth trajectories.
James Loftus, Managing Partner at PayPal Ventures, highlighted Gynger’s unique value proposition in the technology procurement space. By offering flexible payment terms independent of vendor conditions, Gynger empowers companies to access necessary tools without straining their finances.
Gynger’s platform has already supported numerous top-tier technology vendors, including Snowflake, Salesforce, AWS, Cisco, ZoomInfo, and Datadog. By extending flexible financing options, Gynger not only helps technology users scale efficiently but also allows vendors to enhance sales, improve cash flow, and secure long-term customer commitments.
Using advanced AI and data analytics, Gynger expedites the credit underwriting process, swiftly identifying and recommending optimal financing opportunities. This ensures a smooth and secure end-to-end purchasing experience, making Gynger a standout player in the tech financing sector.
Jacob Haar, Managing Partner at Community Investment Management, underscored Gynger’s potential to significantly impact the technology market by providing flexible financing solutions that cater to the increasing capital requirements of businesses.
Vedanta Ltd witnessed a significant surge in its share price, climbing nearly 7% on Thursday following the approval by its authorized committee to raise Rs 1,000 crore through secured, rated, listed, redeemable, non-convertible debentures (NCDs) on a private placement basis. The proposed debentures, each with a face value of Rs 1,00,000, will be listed on the Bombay Stock Exchange (BSE).
Known for its vertically integrated operations, Vedanta is acclaimed as one of the world’s most cost-efficient aluminium producers. The company’s strategic expansions, including the commissioning of 1.5 mtpa train II and debottlenecking initiatives at the Lanjigarh refinery, aim to enhance operational efficiency and achieve 100% captive alumina capacity of 6 mtpa.
Systematix Institutional Equities highlighted Vedanta’s ongoing initiatives, such as the commencement of mining operations at the Sijimali bauxite mine in Odisha, development of coal mines, and plans for renewable power projects, as testament to its commitment to sustainability.
“Vedanta is actively expanding its aluminium smelting capacity at Korba, BALCO, with a targeted capacity of 3.1 mt by FY26. This, coupled with increased production of value-added products (VAP), is expected to drive revenue growth and margin expansion,” stated Systematix Institutional Equities, which upgraded Vedanta’s stock to a BUY rating. They value VEDL at 5.5 times FY26 EV/Ebitda, setting a revised target price of Rs 536 per share.
Investors and industry analysts are closely monitoring Vedanta’s capital allocation strategy and debt levels at the parent company level as key indicators of future performance.
Nirwana.AI, a pioneering AI design tool for interior designers and homeowners, has successfully raised an undisclosed amount in a seed funding round, achieving a valuation exceeding Rs 100 crore. The funding round was led by a Canadian company and HNI Family Offices, underscoring confidence in Nirwana.AI’s innovative approach and market potential.
Founded by a team of seasoned entrepreneurs including Kapil Gupta, Shashank Jain, Arpit Jain, Alok Gupta, and Adit Singh, Nirwana.AI aims to revolutionize interior design by empowering users to visualize and realize their creative concepts efficiently. The platform significantly reduces project timelines and costs by up to 85%, leveraging AI-powered tools for seamless design customization.
Nirwana.AI’s impact extends beyond individual homeowners and designers to benefit home improvement companies such as paint, tile, furniture, and lighting manufacturers. By enabling customers to visualize products within their living spaces, the platform potentially boosts sales by up to 20 times, enhancing customer engagement and satisfaction.
Kapil Gupta, Chairman of Nirwana.AI, emphasized the platform’s role in simplifying the customer experience within the home improvement sector. “Nirwana.AI facilitates effortless decision-making by allowing users to visualize various design elements directly in their homes,” Gupta stated. The platform’s suite of features includes an AI object editing brush for furniture and décor manipulation, alongside a floorplan-to-3D model generator for rapid design rendering.
Looking ahead, Adit Singh, CEO of Nirwana.AI, expressed ambitions for global expansion into new sectors such as exterior and event design. Singh highlighted the platform’s commitment to continuous innovation and its goal to establish itself as a premier global design and visualization tool.
With its distinctive capabilities and visionary leadership, Nirwana.AI is poised to strengthen its position as a leader in the interior design AI sector, setting new standards for innovation and customer-centric design solutions.
Bengaluru-based MeetRecord, a pioneer in revenue automation, has successfully raised $2.7 million in a pre-series A funding round led by SWC Global, a prominent venture capital firm based in Singapore. All In Capital, an existing investor, also participated in this funding round, showcasing confidence in MeetRecord’s innovative approach.
Founded in 2021, MeetRecord specializes in AI-powered analysis of communication data from emails and calls, specifically tailored for service sector businesses. This B2B SaaS platform offers comprehensive insights into conversation dynamics, enabling sales teams to optimize their strategies effectively.
The platform’s capabilities include automated call-scoring systems and AI-driven coaching programs aimed at enhancing sales conversion rates and operational efficiency.
Snehal Nimje, CEO and cofounder of MeetRecord, emphasized about a critical gap in the market where existing tools oversimplify or complicate operations and how their finely tuned AI solutions are uniquely designed for the service sector.
The funding will be pivotal in further developing MeetRecord’s technology and expanding its client base. Currently serving 36 clients primarily in the United States and Europe, MeetRecord aims to scale its operations significantly. Key clients include prominent names like Top Dog Law and Gym Launch, underscoring the platform’s relevance and impact across different service industries.
With an annual recurring revenue (ARR) of $250,000, MeetRecord forecasts ambitious growth, targeting an ARR of $1 million by year-end. This growth trajectory aligns with the rising demand for conversation intelligence tools aimed at enhancing sales effectiveness.
Tuck Lye Koh, founding partner at SWC Global, expressed confidence in MeetRecord’s potential. The infusion of funds will enable MeetRecord to strengthen its market position, accelerate product innovation, and cater more comprehensively to the evolving needs of service sector businesses worldwide.
