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FlexiBees Secures Pre-Series A Funding to Expand Technological and Market Reach

Garima Bansal
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FlexiBees Secures Pre-Series A Funding to Expand Technological and Market Reach

Talent marketplace FlexiBees has secured its pre-Series A funding round led by Inflection Point Ventures for an undisclosed amount. The round also included contributions from notable investors such as Shan M S, COO of Namma Yatri, and Reema Mahajan, founder of International Women in Dubai.

The funds will be utilized to expand technological infrastructure, enhance AI algorithms, and increase market presence to better serve both employers and talent.

Founded by Shreya Prakash and Rashmi Rammohan, FlexiBees connects women professionals with part-time, project-based, and remote roles. It serves over 700 businesses globally, including major firms and high-growth startups.

FlexiBees claims to have a network of over 60,000 professionals and has placed over 1,400 women in flexible careers, impacting 20,000 women through returnship preparation and interview coaching.

As of July 2024, FlexiBees has a team of over 30 professionals working remotely, all sourced from their own talent pool.

Nazara Technologies Expands Global Footprint with Acquisition of UK Gaming Studio Fusebox Games

Garima Bansal
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Nazara Technologies Expands Global Footprint with Acquisition of UK Gaming Studio Fusebox Games

Nazara Technologies, a gaming and sports media company, has acquired the UK-based gaming studio Fusebox Games Limited for Rs 228 crore ($27.2 million) in an all-cash deal.

Fusebox is known for publishing the interactive story game “Love Island” and is currently developing new games based on popular global TV intellectual properties. In the calendar year 2023, the company reported revenues of Rs 87.5 crore ($10.4 million) with an EBITDA of Rs 11.7 crore ($1.4 million). In 2024, Fusebox has demonstrated significant growth, recording year-to-date revenues (January to July 2024) of Rs 116.6 crore ($13.9 million) with an EBITDA of approximately Rs 33.3 crore ($4 million).

Fusebox primarily focuses on developed markets, including the US, UK, Australia, Canada, Switzerland, Sweden, Denmark, Norway, and New Zealand, among others. The company employs 30 people, mainly based in the UK.

Earlier this year, Nazara Technologies announced plans to invest $100 million in mergers and acquisitions over the next 24 months. Since then, the company has invested in several ventures and acquired various assets, including the IP rights of Ultimate Teen Patti and assets of another gaming entity.

In the fiscal year ending March 2024 (FY24), Nazara’s revenue from operations increased by 4.3% to Rs 1,138 crore, up from Rs 1,091 crore in FY23. The company’s controlled costs and increased other income contributed to a 23% rise in profit, reaching Rs 75 crore in FY24, compared to Rs 61 crore in the previous fiscal year. Earlier this year, the company also raised Rs 250 crore ($30 million) from various investors, further strengthening its financial position.

Scimplify Secures $9.5 Million Series A Funding to Enhance R&D and Expand Market Reach

Garima Bansal
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Scimplify Secures $9.5 Million Series A Funding to Enhance R&D and Expand Market Reach

Scimplify, a startup specializing in specialty chemical manufacturing, has secured $9.5 million in Series A funding. The round was led by Omnivore, with additional participation from Bertelsmann India Investments and existing investors 3one4 Capital and Beenext.

Based in Bengaluru, Scimplify plans to allocate the new funds to bolster its research and development (R&D) capabilities and to expand into new markets.

Founded in 2023 by Salil Srivastava and Sachin Santhosh, Scimplify operates as a business-to-business (B2B) fulfillment platform for the complete sourcing and manufacturing of specialty chemicals. The company covers the entire product lifecycle, from contract research to commercial chemical manufacturing, and caters to sectors including pharmaceuticals, agrochemicals, and personal and home care products.

Salil Srivastava noted that the backbone of Indian specialty chemical manufacturing consists of mid-sized factories with deep, chemistry-specific expertise developed over decades. Despite this, there is significant capacity available to double national output within the next five years with existing infrastructure. Scimplify aims to harness this capacity by integrating cutting-edge R&D with steady demand from global customers, providing a comprehensive tech-enabled offering for modern, agile clients.

Prior to founding Scimplify, Srivastava led the chemicals vertical at the contract manufacturing company Zetwerk. Santhosh, on the other hand, worked with the B2B vendor management startup Bizongo and began his career at the B2B e-commerce platform OfBusiness.

The global specialty chemicals market was valued at over $800 billion in 2023, with agrochemicals and pharmaceuticals making up more than 60% of this market. India, being the world’s second-largest exporter of agrochemicals, is anticipated to double its chemical output by 2027.

Mark Kahn, managing partner at Omnivore, praised Scimplify for its science-driven platform that delivers cost-effective, sustainable agrochemicals and green chemistry intermediaries. By optimizing R&D and manufacturing processes for sustainable formulations, Scimplify is addressing global demands and enhancing India’s role as a leader in sustainable chemical manufacturing.

Adya.ai Partners with Google Cloud to Boost ONDC Integration for Enterprises

Garima Bansal
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Adya.ai Partners with Google Cloud to Boost ONDC Integration for Enterprises

Enterprise technology startup Adya.ai, a technology service partner for Open Network for Digital Commerce (ONDC), has teamed up with Google Cloud to launch a new platform aimed at increasing ONDC’s adoption among enterprises.

The newly introduced platform, ATMA (Aatmanirbhar Technology Marketplace by Adya), will enable businesses to develop and customize ONDC-compliant applications and deploy them on Google Cloud within a day. This platform addresses key challenges such as process complexity, extended deployment timelines, and scalability issues that often accompany ONDC app development. It features pre-configured frameworks and scalable, cloud-based architectures that shorten the app deployment process from 12 months to just 24 hours.

Founded in 2023 by Shayak Mazumder, Archana Mazumder, and Angad Singh Ahluwalia, Adya.ai provides a comprehensive solution for enterprises to create ONDC applications, customize design and user experience, and manage access controls, among other features.

Adya.ai’s toolset includes buyer and seller-side applications, along with a technology marketplace that facilitates rapid ONDC adoption and smooth integration into existing systems. The startup serves various sectors, including retail, mobility, logistics, credit, insurance, and finance, and has established partnerships with notable companies like Canara Bank, Aditya Birla Financial, and Hindustan Unilever.

Earlier this year, Adya.ai secured pre-seed funding of INR 10.5 crore from Indian Angel Network and other investors.

In the food and beverages sector, ONDC holds an 18% market share in Bengaluru and accounts for about 3% of the total food order volumes from Swiggy and Zomato across India. In June, the Centre launched an initiative to onboard 500,000 micro and small businesses onto the ONDC platform.

Metadome.ai Secures $6.5 Million in Series A Funding to Expand XR and AI Capabilities

Garima Bansal
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Metadome.ai Secures $6.5 Million in Series A Funding to Expand XR and AI Capabilities

Metadome.ai, an extended reality (XR) startup formerly known as Adloid, has successfully secured $6.5 million in Series A funding through an equity and debt round. The funding was led by Siana Capital and existing investor Chiratae Ventures, with new contributions from Alteria Capital, 3to-1 Capital, and Manish Choksi’s family office.

The company intends to use the investment to expand into new regions and enhance its capabilities by integrating advanced XR technologies with developments in artificial intelligence. Metadome.ai aims to strengthen its presence in the US, Southeast Asia, and the Middle East. In December 2021, the Gurugram-based startup raised $4 million in its pre-Series A round, also led by Chiratae Ventures.

Founded in 2016 by Kanav Singla and Shorya Mahajan, Metadome.ai focuses on sales enablement through virtual reality (VR) and augmented reality (AR) solutions, particularly in home decor, e-commerce, and mobility. The company collaborates with notable clients including Hewlett Packard (HP), Tata Motors, Hero MotoCorp, and Asian Paints.

Since its launch in 2018, Metadome.ai has experienced organic growth, with its customer base more than doubling in the past year. The company recently teamed up with Hippo Homes to offer a virtual reality experience at its new store in Greater Noida, enabling customers to explore home improvement solutions.

Metadome.ai is also a participant in NVIDIA’s Inception and Google Startup programs. Other emerging companies in the extended reality space in India include SmartVizX, Liminal, Embright Infotech, Scapic, and GMetri.

Pine Labs and Axis Bank Launch UPISetu for Effortless UPI Payments

Garima Bansal
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Pine Labs and Axis Bank Launch UPISetu for Effortless UPI Payments

Setu, a Pine Labs company, has partnered with Axis Bank to introduce UPISetu, a UPI-focused payments platform designed for businesses and developers. This platform aims to simplify various processes such as integration, merchant onboarding, transaction tracking, refund and chargeback management, and reconciliation.

UPISetu offers a range of UPI functionalities, including QR code payments, UPI autopay, and third-party validation services through APIs. Merchants can create custom links or QR codes for both one-time and recurring payments, and benefit from features like customized brand offers, instant cashbacks, refunds, and dispute resolution mechanisms.

B Amrish Rau, CEO of Pine Labs, emphasized the importance of leveraging the massive consumer-led UPI growth in India. He highlighted UPISetu as a game-changing launch for the ecosystem, particularly as ‘credit on UPI’ gains momentum. Rau also mentioned the pioneering efforts of NPCI in making UPI a preferred payment method globally.

Setu encourages developers to explore UPISetu’s comprehensive sandbox environment, designed to facilitate seamless integration and innovation. This environment aims to support developers in creating and testing new UPI-based solutions effectively.

Sanjeev Moghe, President & Head of Cards & Payments at Axis Bank, stated that the partnership with Setu and Pine Labs reinforces their commitment to digitizing the merchant ecosystem. He also highlighted the provision of scalable, cloud-hosted infrastructure to merchant partners, emphasizing Axis Bank’s dedication to offering reliable and innovative business solutions in the UPI space.

Earlier this year, Setu launched Sesame, India’s first domain-specific large language model (LLM) for the BFSI sector, developed with Sarvam AI. This initiative aims to enhance credit decisions and personalize financial services by leveraging extensive financial data and India’s digital infrastructure.

Physics Wallah Expands into Healthcare with New School of Healthcare Initiative

Garima Bansal
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Physics Wallah Expands into Healthcare with New School of Healthcare Initiative

After investing in brick-and-mortar skilling institutes for technology and management, the edtech unicorn Physics Wallah (PW) has expanded into healthcare, further broadening its range of skilling-related offerings.

Under the umbrella of PW Skills—the upskilling vertical of the Alakh Pandey-led firm—the School of Healthcare aims to address the shortage of skilled healthcare workers by offering specialized courses.

PW’s School of Healthcare, located in five cities—Noida, Indore, Lucknow, Patna, and Delhi—will offer programs designed to meet industry standards and cater to the diverse needs of the healthcare market.

India’s healthcare sector is experiencing rapid growth, yet only 15% of the 65 lakh allied health professionals are vocationally trained, highlighting an urgent need for high-quality, affordable education. With the launch of the healthcare school, the company aims to bridge this gap by offering diverse, hands-on training programs.

The courses include practical internships for hands-on professional development. For vocational courses such as Medical Lab Technician (MLT) and Operation Theatre Technician (OTT), students will undergo two years of classroom training followed by a one-year internship. Advanced Diploma programs in MLT and OTT consist of a one-year classroom component and a one-year internship. PW Skills plans to offer comprehensive placement support, including interview preparation, soft skills, and computer literacy, with the aim of securing global placements for graduates in the future.

This development comes a few months after the Alakh Pandey-led firm entered the physical schools segment with PW Gurukulam Schools in Gurugram and Varanasi. PW, which started in the test-prep segment and later expanded into the skilling space, aims to replicate this success with its schools.

Founded in 2020 and headquartered in Noida, the edtech firm aspires to be a lifelong learning partner for its students. Its offerings span various educational segments, including two Gurukulam Schools, test preparation in over 43 categories, a skilling vertical, higher education, and study abroad programs.

BlueBinaries Secures Rs 60 Crore Funding Led by Anicut Capital to Boost SDV and Digital Capabilities

Garima Bansal
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BlueBinaries Secures Rs 60 Crore Funding Led by Anicut Capital to Boost SDV and Digital Capabilities

Engineering and technology services company BlueBinaries has raised Rs 60 crore ($7.2 million) through a combination of debt and equity funding, led by Anicut Capital.

The funds will be used to expand its existing customer base of OEMs and tier I automotive suppliers across various regions, and to enhance its SDV and digital capabilities, as stated in a press release by BlueBinaries.

Founded in 2017 by Srinivas Aravapalli and Kishore LM, BlueBinaries focuses on accelerating the development of software-defined vehicles (SDVs) with E/E architecture design and development services, as well as digital technologies like cloud computing, DevOps, AI/ML, cybersecurity, and IoT solutions.

Market research indicates that the automotive electronics and software market is projected to exceed $80 billion by the end of 2030.

Based in Chennai, the company serves a diverse customer base in Europe, the UK, the USA, and the APAC region. It aims to deliver cutting-edge technological solutions and services for the mobility industry.

Anicut Capital is in the process of raising its third credit fund with a target corpus of Rs 1,300-1,500 crore. The firm is also nearing the close of its first debt fund under the GIFT City structure.

Next Bharat Ventures Partners with 3one4 Capital and Antler India to Empower Early-Stage Startups

Garima Bansal
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Next Bharat Ventures Partners with 3one4 Capital and Antler India to Empower Early-Stage Startups

Next Bharat Ventures has entered into Memorandums of Understanding (MoUs) with venture capital funds 3one4 Capital and Antler India, which invest in early-stage startups in India and internationally.

The company, a subsidiary of Suzuki Motor Corp Japan, will collaborate closely with 3one4 Capital and Antler India to offer strategic guidance, funding opportunities, and extensive networks to early-stage startups in both mainstream business and social sectors through a cohort-based approach.

Forging strategic associations with Antler India and 3one4 Capital is a deliberate effort to nurture and empower the early-stage startup ecosystem, with the expectation of a successful collaboration paving the way for a new generation of socially conscious entrepreneurs in India, as stated by Vipul Nath Jindal, Managing Director and CEO of Next Bharat Ventures.

The company, through its flagship initiative—the Next Bharat Residency program, aims to create an end-to-end support ecosystem for impact entrepreneurs. The application process is open until August 12, 2024, with the program scheduled to commence on October 14, 2024.

The approach to nurturing startups through high selectivity and the Antler Residency Platform is tailored, combining global expertise in cohort-based investments with the vision to create social impact in Tier II and III India, aiming to scale solutions that will make a significant difference in India’s entrepreneurship landscape, according to Rajiv Srivatsa, Partner and Investor at Antler India.

The MoU was signed by Jindal, along with Siddarth Pai, Founding Partner at 3one4 Capital, and Lakshmikant PB, Director-Finance at Antler India.

Combining strategic expertise in early-stage investments with Next Bharat’s focus on socially impactful enterprises aims to provide comprehensive support to further the mission of entrepreneurship and value creation in India, as expressed by Siddarth Pai, Founding Partner at 3one4 Capital.

Kindlife Raises $8 Million in Series A to Expand K-Beauty and Wellness Platform Across India, Korea, and Japan

Garima Bansal
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Kindlife Raises $8 Million in Series A to Expand K-Beauty and Wellness Platform Across India, Korea, and Japan

Beauty, wellness, and health platform Kindlife has raised $8 million in its Series A funding round. The investment was led by JB-Dooeun, TK Fund, and MIXI Global Investments, with participation from Kalaari Capital and other angel investors.

The company announced that this capital will facilitate the building of strong connections between Korea, Japan, and India. Supported by a robust distribution network, Kindlife ensures seamless delivery of premium Korean beauty brands. The platform includes a community of thousands of beauty creators who share recommendations and adopt a content-first approach, educating consumers on the latest K-beauty trends.

Kindlife was founded by Shopclues Co-founder Radhika Ghai, Vidit Jain, and Manasa Garemella. It curates Korean and Japanese skincare products, particularly targeting Gen Z customers. The platform utilizes proprietary AI technology to offer personalized skincare and wellness recommendations, with a strong emphasis on premium Korean and Japanese beauty brands.

Previously, Kindlife secured $2.5 million in seed funding from Kalaari Capital, Titan Capital, Java Capital, and others.

Tomoharu Urabe, Principal Partner at MIXI Global Investments, expressed excitement about joining the investment round, stating that Kindlife is creating a user-friendly ecommerce platform featuring AI-enabled discoverability and a built-in influencer community. The early metrics indicate the concept’s success, and the company looks forward to supporting Kindlife’s business expansion.

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