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EUME Secures INR 15 Cr in Pre-Series A Funding Led by Ashish Kacholia

By
Garima Bansal
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eume founder

Mumbai-based direct-to-consumer (D2C) luggage manufacturer EUME has successfully raised INR 15 Cr ($1.7 Mn) in a Pre-Series A funding round, with prominent investor Ashish Kacholia contributing 80% of the total investment. Kennis Ventures facilitated the funding as the strategic advisor.

Founded in 2018 by Naina and Pranay Parekh, EUME offers a diverse range of products including luggage, backpacks, vegan handbags, and accessories.

The startup plans to utilize the funds to enhance operational efficiency, expand its workforce, drive innovation, establish offline retail presence, invest in advanced technology, and boost brand visibility through targeted marketing campaigns.

Naina Parekh expressed confidence in India’s growing travel and lifestyle sector, emphasizing the funding’s role in strengthening their market position and supporting expansion initiatives. She highlighted the aspiration to tap into Tier-II and Tier-III cities, along with international markets.

EUME is preparing to launch its flagship store in Mumbai later this year as part of its expansion strategy amidst competition from established players like Mokobara, Nasher Miles, and ICON in the competitive luggage market.

The Indian luggage market, valued at $15.05 Bn, is projected to grow at a CAGR of 5.21% until 2028, reflecting robust investor interest in the sector. EUME aims to achieve revenues between INR 65-70 Cr by the end of FY25.

Pocket FM Partners with ElevenLabs to Revolutionize Audio Content Creation with AI

By
Garima Bansal
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pocket fm founders

Pocket FM, the audio entertainment platform, has joined forces with ElevenLabs, an AI voice cloning startup, to introduce a groundbreaking feature called AI Audio Series. This new tool enables writers to effortlessly transform their stories into audio series on the Pocket FM platform with just a single click.

Founded in 2018 by Rohan Nayak, Prateek Dixit, and Nishanth Srinivas, Pocket FM boasts over 100,000 hours of content, including exclusive audio series and a vast library of episodes, catering to a global audience with a significant presence in the US market.

During an experimental phase over the past three months, Pocket FM has already produced more than 30,000 hours of audio series. Prateek Dixit emphasized the platform’s commitment to empowering writers and simplifying the creation of audio series, thereby democratizing storytelling.

Dixit, also serving as Pocket FM’s Chief Technology Officer, highlighted the transformative impact of AI Audio Series on production efficiency. The collaboration with ElevenLabs has enabled Pocket FM to increase content production by more than tenfold, significantly reducing both time and costs associated with content creation.

With this leap in efficiency, Pocket FM anticipates rapid expansion into new markets like Germany and France, addressing previous bottlenecks related to content production speed. This strategic advancement is poised to revolutionize content creation dynamics in the audio entertainment industry.

ElevenLabs, backed by investors including Andreessen Horowitz and Sequoia Capital, specializes in providing lifelike AI voices across multiple languages and applications, from movie dubbing to conversational AI and gaming. Their technology complements Pocket FM’s vision to enhance creativity and efficiency in audio content production.

With a total funding of approximately $196.5 million to date, the Bengaluru-based startup continues to drive revenue growth through microtransactions and advertising, maintaining an impressive Annualized Revenue Rate (ARR) of $150 million as of December 2023.

Stanley Lifestyles Raises ₹161.10 Crore from Anchor Investors Ahead of IPO

By
Garima Bansal
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stanley lifestyle founder

Stanley Lifestyles, a Bengaluru-based furniture maker, secured over ₹161.10 crore from anchor investors ahead of its upcoming initial public offering (IPO). The company allocated 43,66,051 equity shares at ₹369 per share to anchor investors.

Domestic and foreign institutions participated in the anchor allocation, including prominent names like SBI MF, HDFC MF, Nippon MF, and SBI Life Insurance. Out of the total allocation, 61.32% amounting to ₹98.78 crore was allocated to seven domestic mutual funds.

Stanley Lifestyles plans to raise ₹537 crore through its IPO, which includes a fresh issue of shares worth ₹200 crore and an offer-for-sale (OFS) of 91.33 lakh equity shares worth ₹337.02 crore by existing shareholders, including promoters Sunil Suresh and Shubha Sunil.

The price band for the public issue has been fixed at ₹351-369 per share. The IPO subscription will open on June 21 and close on June 25, offering a minimum bid of 40 equity shares and multiples of 40 shares thereafter.

The IPO will be conducted via the Book Building Process, with allocations reserved as follows: up to 50% for Qualified Institutional Buyers (QIBs), at least 15% for Non-Institutional Bidders, and a minimum of 35% for Retail Individual Bidders.

Stanley Lifestyles aims to leverage the funds raised to enhance its business operations and expand its market presence in the furniture manufacturing sector.

Supermoney Secures $3.4 Million Funding Led by Capital 2B and Capria Ventures

By
Garima Bansal
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supermoney founders

Supermoney, a digital lending platform focused on small and medium enterprises (SMEs), has successfully raised $3.4 million (approximately Rs 28.6 crore) in a funding round led by Capital 2B and Capria Ventures.

Founded in 2018 and is currently headed by Nikhil Bannerjee, Zafar Imam and Sapna Pugalia. Supermoney specializes in supply chain finance solutions tailored for enterprise partners across various sectors including electronics, pharmaceuticals, steel, and automotive. The startup operates nationwide with a network spanning over 40 locations, connecting more than 30,000 retailers/dealers and over 500 distributors.

The funds raised will be utilized to expand Supermoney’s loan disbursement capabilities and enhance operational efficiencies through technology integration. The company plans to scale its reach to 500,000 MSMEs within the next two years, targeting invoicing volumes exceeding $5 billion on its platform.

Amit Behl from Capital 2B emphasized the critical role of credit in Indian business operations, highlighting the potential for innovation and digitization in supply chain financing as the economy progresses towards the $5 trillion milestone.

Surya Mantha, managing partner at Capria Ventures, commended Supermoney’s growth trajectory and its effective penetration of a fragmented market. He expressed confidence in the startup’s ability to leverage technology effectively to tackle the financing challenges faced by millions of small businesses across India.

The funding round underscores Supermoney’s commitment to revolutionizing SME financing in India and reinforces its position as a key player in the evolving digital lending landscape.

Tech Mahindra Partners with Whatfix to Drive Data-Driven Digital Solutions Adoption

By
Garima Bansal
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tech mahindra

Tech Mahindra Ltd. has announced a strategic collaboration with Whatfix, a digital adoption platform, aimed at accelerating the global adoption of data-driven digital solutions for enterprises.

This partnership aims to deliver personalized user experiences and optimize application efficiency, supporting enterprises in achieving significant business outcomes such as cost reduction, increased revenue, and improved risk compliance.

Tech Mahindra intends to leverage Whatfix’s suite of products, including analytics, application simulation, and digital adoption platforms (DAP), to empower organizations with insights and tools for effective decision-making and streamlined digital adoption.

Nikhil Malhotra, Global Head of Makers Lab at Tech Mahindra, highlighted the importance of analytics-driven insights in navigating today’s dynamic digital landscape. He emphasized that the partnership with Whatfix will facilitate optimized enterprise applications and personalized user experiences, driving productivity and digital maturity.

Vispi Daver, Chief Revenue Officer at Whatfix, expressed commitment to empowering organizations worldwide with AI-powered digital adoption solutions, tailored to enhance user proficiency and maximize technology utilization.

This collaboration underscores Tech Mahindra’s strategy to enhance its digital offerings and support enterprises in leveraging next-generation technologies effectively amidst evolving business challenges.

Cisco Launches Meraki India Region to Boost Cloud-First Strategy and Digital Infrastructure

By
Garima Bansal
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cisco

Cisco has launched the Meraki India Region, a dedicated cloud service aimed at strengthening India’s digital infrastructure. This initiative underscores Cisco’s commitment to supporting the country’s digital-first agenda by offering robust local capabilities.

The Meraki platform, already trusted by over 8.1 lakh customers globally, simplifies IT operations and enhances secure networking through its suite of services including wired and wireless networking, SD-WAN solutions, and IoT capabilities like sensors. By centralizing visibility and control, Meraki enables businesses to lower operational costs and foster innovation.

Lawrence Huang, SVP/GM of Cisco Networking – Meraki & Wireless, highlighted the significance of the Meraki India Region, stating it ensures customers securely connect and scale their operations with the ease and security expected from Meraki.

This strategic move by Cisco aims to meet local data storage needs while adhering to stringent security standards mandated by the Ministry of Electronics and Information Technology, Government of India. By providing a compliant cloud platform equipped with advanced security features such as penetration testing and daily vulnerability scans, Cisco empowers Indian businesses to navigate modern IT challenges and drive sustainable growth in an increasingly interconnected world.

The launch of the Meraki India Region represents Cisco’s proactive approach in enhancing local capabilities to support India’s digital transformation journey.

EKA Mobility Expands Partnership with Mitsui & Co. with Second Investment Tranche

By
Garima Bansal
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eka mobility

EKA Mobility, also known as Pinnacle Mobility Solutions, has announced a significant milestone in its partnership with Mitsui & Co., Ltd., a global trading and investment company.

Mitsui has executed a second tranche investment as part of their phased investment plan, signaling strong support for EKA Mobility’s growth in the electric vehicle (EV) sector. This investment is aimed at funding capital expenditures (Capex) and working capital, crucial for accelerating EKA Mobility’s expansion and innovation initiatives within the EV market.

Earlier investments by Mitsui have already supported EKA Mobility in establishing one of India’s largest R&D centers for electric commercial vehicles. The latest tranche will further bolster EKA Mobility’s manufacturing capabilities, accelerate new product development, expand market reach, and enhance operational efficiencies. This financial support is expected to strengthen EKA Mobility’s position as a key player in India’s transition to sustainable transportation solutions.

Dr. Sudhir Mehta, Founder of EKA Mobility, expressed gratitude for Mitsui’s continued confidence and investment, emphasizing their shared commitment to driving innovation in the EV sector. With a growing order book for electric buses and commercial vehicles, EKA Mobility is well-positioned to capitalize on the increasing demand for eco-friendly mobility solutions in India and beyond.

Zepto Raises $665 Million, Valuation Soars to $3.6 Billion Ahead of Potential IPO

By
Garima Bansal
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0
zepto founders

Zepto, a rising star in India’s consumer internet sector, has recently completed a remarkable fundraising round, securing $665 million from a consortium of new and existing investors.

This influx of capital has propelled Zepto’s valuation to an impressive $3.6 billion, solidifying its position as a prominent player in the quick commerce space.

Founded in 2021, Zepto made waves last August when it achieved unicorn status after raising $235 million. Since then, the company has experienced explosive growth, with its Gross Merchandise Value (GMV) surpassing $1 billion annually. Notably, approximately 75% of Zepto’s stores have achieved positive earnings before interest, taxes, depreciation, and amortization (EBITDA) as of May 2024, a significant improvement from previous years.

Aadit Palicha, co-founder and CEO of Zepto, highlighted the company’s accelerated path to profitability, noting that stores now achieve EBITDA positivity in just six months, down from 23 months previously. This efficiency has enabled Zepto to expand rapidly while maintaining fiscal discipline, preparing the company for potential future milestones such as an initial public offering (IPO).

Kaivalya Vohra, co-founder and CTO, emphasized Zepto’s ambitious plans for enhancing customer experience through innovative projects like Zepto Pass and expanding into new product categories. To support these initiatives, Zepto plans to recruit top talent across various departments, further fueling its growth trajectory.

The funding round also marked the launch of Avra Capital, a growth equity fund led by Anu Hariharan, a former Managing Director at Y Combinator Continuity. Avra Capital’s investment in Zepto signifies its confidence in the company’s disruptive potential within the global e-commerce landscape.

As Zepto continues to innovate and expand its footprint, the company remains focused on delivering value to customers while pursuing sustainable growth strategies. With its latest valuation milestone and robust investor backing, Zepto is poised to redefine the future of e-commerce in India and beyond.

General Catalyst Acquires Venture Highway, Sets Sights on $1 Billion Deployment in India

By
Garima Bansal
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General catalyst

Silicon Valley-based venture capital powerhouse General Catalyst has made a significant move by acquiring Venture Highway, an established early-stage investor focused on the Indian market. This acquisition is part of General Catalyst’s strategy to deepen its footprint in India, a country increasingly viewed as pivotal for global tech innovation and investment.

Venture Highway, founded by Neeraj Arora, former WhatsApp business head, has built a robust portfolio backing unicorns such as Meesho and Moglix. With this acquisition, Venture Highway will be rebranded as General Catalyst India, integrating its expertise in seed-stage investments with General Catalyst’s global network and capital resources.

The decision to merge under the General Catalyst India brand signals a broader trend of global VC firms seeking to capitalize on India’s burgeoning startup ecosystem. The country, with its large consumer base and growing digital economy, offers compelling opportunities across sectors from fintech to e-commerce and beyond. Neeraj Arora and Priya Mohan, Venture Highway’s general partner, will play pivotal roles in leading General Catalyst’s operations in India. Their experience and deep understanding of the local market dynamics position General Catalyst India to navigate and capitalize on India’s unique challenges and opportunities.

General Catalyst plans to deploy between $500 million to $1 billion through its newly formed General Catalyst India arm. This capital infusion will primarily target early-stage and growth-stage startups, aiming to foster innovation and entrepreneurship across the country. The strategy aligns with General Catalyst’s track record of backing transformative companies globally, including names like Airbnb, Canva, and Stripe. By leveraging Venture Highway’s local insights and General Catalyst’s global perspective, the merged entity aims to reimagine venture investing tailored to India’s diverse and rapidly evolving market landscape.

The acquisition comes amidst a broader reset in the global venture capital industry following the exuberance of the pandemic years. For General Catalyst, integrating Venture Highway into its fold represents not just a financial investment but a strategic alignment to harness India’s economic and strategic growth. This move is part of General Catalyst’s broader vision to contribute to India’s tech ecosystem by supporting startups that are poised to scale and innovate. With India now the third-largest startup ecosystem globally, after the US and China, General Catalyst’s commitment underscores the country’s rising prominence in the global tech arena.

Matrix and Stellaris-backed Dashtoon in Talks to Raise $10-12 Million

By
Garima Bansal
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0
Dashtoon Founders

AI-assisted comic creation platform Dashtoon is in advanced discussions to secure $10-12 million in a new funding round. This round involves both new and existing investors, including Matrix Partners India and Stellaris Venture Partners. Sources familiar with the matter have disclosed this information to Entrackr, noting that the deal terms have been agreed upon and are expected to finalize within a few weeks.

Dashtoon, which has offices in San Francisco, London, and Bengaluru, previously raised $5 million in a seed round in November 2023, led by Matrix and Stellaris with contributions from notable angel investors. Founded in December 2022 by Sanidhya Narain, Lalith Gudipati, and Soumyadeep Mukherjee, Dashtoon leverages Generative AI through its product, Dashtoon Studio, to transform storytellers into comic artists.

The founders bring significant experience to Dashtoon. Narain and Gudipati were part of the founding team of Pocket FM, an audio entertainment startup, while Mukherjee has a background in building deep-tech teams for startups, including working on cancer diagnosis solutions at Morphle Labs. Dashtoon’s platform enables both published authors and aspiring writers to distribute and monetize their comics and graphic novels.

In its initial phase, Dashtoon began monetizing in October 2023, generating $15,000 in revenue in its first month. The company aims to increase this to $100,000 per month within two to three months. Looking ahead, Dashtoon aspires to become a global intellectual property powerhouse by collaborating with thousands of creators and readers.

The global comics market, dominated by Japanese Manga and Korean Webtoons, was valued at $15.5 billion in 2022 and is projected to reach approximately $27 billion by 2032, according to Allied Market Research. Dashtoon aims to capitalize on this growth, positioning itself as a major player in the industry.

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