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OpenAI’s Ambitious Leap: Exploring a Browser to Rival Google

By
Supriya Biswas
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OpenAI, the mastermind behind ChatGPT, is reportedly eyeing the development of a web browser that integrates its powerful chatbot, according to industry insiders. Discussions about this innovative product have involved prominent platforms like Conde Nast, Redfin, Eventbrite, and Priceline, indicating a strategic move toward redefining online search experiences.

This endeavor could position OpenAI, led by CEO Sam Altman, as a formidable challenger to Google’s dominance in the browser and search landscape. Notably, OpenAI has already taken a step into this domain with its SearchGPT tool, signaling its growing interest in AI-driven search solutions.

In response to OpenAI’s advancements, Google-parent Alphabet has accelerated its AI innovations, unveiling its generative AI chatbot, Gemini, shortly after ChatGPT’s release in 2022. However, Google’s browser supremacy faces scrutiny from the U.S. Department of Justice, which has proposed significant measures to curb its search monopoly, including the potential sale of Chrome and parts of its Android operations.

Further bolstering its ambitions, OpenAI is reportedly exploring collaborations to bring its AI features to Samsung devices—a notable development given Samsung’s partnership with Google. The company’s influence also extends to Apple, where OpenAI’s technology supports “Apple Intelligence” features in the latest iPhone models.

Despite these ambitious plans, reports suggest that OpenAI’s browser project is still in its early stages, with no imminent launch expected. However, the prospect of an AI-integrated browser could reshape the competitive dynamics of the tech industry.

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Parle Agro Boosts Ad Budget to ₹278.38 Crore in FY24 Amid Profit Decline

By
Supriya Biswas
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0

Beverage giant Parle Agro, known for popular products like Smoodh, Frooti, and Appy, raised its advertisement expenditure by 17.7% in FY24. The company spent ₹278.38 crore on advertising during the fiscal, up from ₹236.49 crore in the previous year, as per a report.

However, despite the increased investment in marketing, Parle Agro faced a sharp 89.1% drop in profits, which fell to ₹17.29 crore in FY24 from ₹158.78 crore in FY23.

The FMCG firm’s consolidated revenue also saw a decline of 12.3%, reaching ₹3,126.06 crore during the fiscal year. Of this, ₹3,061 crore came from domestic sales, while exports contributed ₹26.81 crore.

Additionally, Parle Agro’s consolidated income dipped by 12.15%, totaling ₹3,209.43 crore compared to ₹3,653.48 crore reported in FY23.

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Zepto Secures $350 Million, Strengthens Quick Commerce Leadership with $1.35 Billion Raised in 2024

By
Supriya Biswas
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0

Quick commerce startup Zepto has successfully raised $350 million in its latest funding round, spearheaded by Motilal Oswal Private Wealth. The round also saw participation from prominent investors, including Raamdeo Agarwal, the Taparia Family Office, Mankind Pharma Family Office, RP Sanjiv Goenka Group, and several others, alongside celebrity backers Sachin Tendulkar and Abhishek Bachchan.

With this new funding, Zepto’s total capital raised in 2024 now stands at $1.35 billion, contributing to a cumulative $1.85 billion since its inception. Despite the significant investment, the company’s valuation remains unchanged at $5 billion, following its August funding round of $340 million.

Zepto delivers over 25,000 products across multiple categories in under 10 minutes, leveraging its extensive network of more than 550 dark stores nationwide. Processing upwards of 700,000 daily orders, the company serves millions of customers and continues to expand its footprint in the competitive quick commerce market.

Recent data from Motilal Oswal places Zepto as the second-largest player in the sector, holding a 29% market share, trailing Blinkit, which leads with 46%. Swiggy Instamart follows closely with a 25% share.

The Mumbai-based company is nearing EBITDA positivity, reporting an impressive 140% year-on-year growth and an annualized gross merchandise value (GMV) surpassing $1 billion. As of May 2024, nearly 75% of its stores are fully EBITDA positive.

Although Zepto’s FY23 revenue surged 14-fold to Rs 2,024 crore, its losses widened to Rs 1,272 crore. The company projects sales to exceed Rs 5,000 crore in FY24. Founder Aadit Palicha has revealed plans to pursue an initial public offering (IPO) by late 2025 or early 2026. As part of this strategy, Zepto is transitioning its domicile from Singapore to India to streamline the listing process.

This latest funding positions Zepto for robust growth as it continues to redefine the quick commerce landscape in India.

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Moglix Strengthens Sustainable Packaging Portfolio with Khatema Fibres Acquisition

By
Supriya Biswas
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0

Unicorn Moglix, a leading player in the business-to-business marketplace, has acquired Khatema Fibres, an eco-friendly paper products manufacturer, for ₹80 crore (approximately $9.4 million).

This strategic move bolsters Moglix’s offerings in sustainable packaging while reinforcing its position in the industrial procurement sector. The acquisition is expected to enhance local infrastructure, create new market opportunities for farmers and artisans, and contribute to community development. It aligns with Moglix’s recent launch of Next Day Delivery in over 12 cities, with plans to expand the service to 40 cities soon.

As part of its growth strategy, Moglix plans to diversify into five new manufacturing categories. The company aims to integrate its operations further, streamline lead times, and improve delivery efficiency, reflecting its commitment to innovation and operational excellence.

Founded in 1990, Khatema Fibres specializes in manufacturing sustainable paper products with an annual production capacity of 50,000 metric tons. Its portfolio includes high-strength kraft paper, interleaving paper, machine-glazed and finished papers, tissues, sublimation paper, virgin test liners, and food-grade packaging solutions.

Moglix, established in 2015 by Rahul Garg, operates an online platform offering products such as electrical supplies, power tools, motors, and medical equipment. The company raised $120 million in a Series E funding round in 2021, co-led by Falcon Edge Capital and Harvard Management Company, with participation from Tiger Global, Sequoia Capital India, and Venture Highway. Moglix has also invested $50 million in its supply chain financing arm, Credlix, to expand its presence in the US and Mexican markets.

This acquisition marks a significant milestone in Moglix’s journey, reinforcing its commitment to sustainability and expanding its global footprint.

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Glance Achieves Rs 600 Crore Milestone in FY24 with Streamlined Operations

By
Supriya Biswas
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0

Consumer technology leader Glance has showcased remarkable growth, achieving a 3.4X increase in revenue from Rs 178 crore in FY22 to Rs 614 crore in FY24. This growth highlights its steady upward trajectory, with FY24 revenue representing an 89% year-on-year surge from Rs 325 crore in FY23, as per the financial reports filed by its Singapore-based holding entity.

Launched in 2019 as part of InMobi’s ecosystem, Glance is renowned for its AI-powered smart lock screen technology that engages over 300 million users worldwide. The company’s portfolio also includes platforms like Roposo, specializing in shoppertainment, and Nostra, focused on gaming.

In FY24, advertising services emerged as the primary revenue driver, contributing 54.7% or Rs 336 crore—a 35.7% increase from Rs 248 crore in FY23. Meanwhile, commerce (shoppertainment) revenues stood at Rs 254 crore. Financial income, mainly from interest, added Rs 15.9 crore, bringing the total revenue to Rs 640 crore for FY24.

Employee benefits accounted for 28.28% of Glance’s total expenses, increasing marginally to Rs 444 crore, including Rs 71.4 crore from ESOP costs. Key expenditures included Rs 436 crore on marketing, Rs 201 crore on infrastructure, and Rs 200 crore on shipping, among other operational costs. These factors pushed the overall expenses to Rs 1,569 crore in FY24, up from Rs 1,448 crore in FY23.

Despite its significant expenditure, Glance achieved a milestone by narrowing its losses by 15%, reducing them to Rs 929 crore in FY24 from Rs 1,094 crore in FY23. This marks its first fiscal year of improved financial efficiency. The company’s unit economics showed that it spent Rs 2.55 to generate a rupee in FY24, with an ROCE of -1191% and an EBITDA margin of 134.9%.

Glance has secured $390 million in funding, with a valuation of $1.6 billion during its last $200 million round led by Jio Platforms in 2022. Key stakeholders include Jio Platforms with a 20.27% stake, Google with 10.13%, and parent company InMobi, holding 50.45%.

As of March 2024, Glance’s current assets stood at Rs 428 crore, with its enterprise value-to-revenue multiple estimated at 21.8X, according to Fintrackr’s analysis. This robust financial performance reflects Glance’s effective scaling strategy and operational refinement.

Teachmint Doubles Revenue in FY24, Reduces Losses to ₹82 Crore

By
Supriya Biswas
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0

SaaS-based edtech platform Teachmint has showcased notable progress in FY24 by doubling its operating revenue and significantly cutting losses by 39% year-on-year. Despite this improvement, the Lightspeed-backed company continues to strive for a broader market presence.

Teachmint’s revenue from operations surged to ₹17.1 crore in FY24, up from ₹8.15 crore in FY23, as per its consolidated financial filings. The Bengaluru-based company primarily generates income through subscriptions for its education software solutions targeted at schools and teachers, which contributed ₹12.5 crore, or 73%, to the total operating revenue—a 56% increase from the previous year. The remaining revenue came from the sale of devices like biometrics, interactive flat panels, and GPS systems.

The company managed to streamline its expenses, bringing down its total expenditure by 26.6% to ₹160 crore in FY24 from ₹218 crore in FY23. Major cost reductions were seen in employee benefits (down by 21.2%), marketing (down by 63.6%), and IT expenses (down by 9.1%). These measures helped Teachmint limit its net losses to ₹110 crore in FY24, compared to ₹181 crore in FY23. Excluding non-cash ESOP costs, Teachmint’s adjusted losses stood at ₹82 crore for the year.

Teachmint reported a return on capital employed (ROCE) of -24.7% and EBITDA margins of -198% in FY24. On a unit level, the company spent ₹9.36 to generate ₹1 in revenue. As of March 2024, Teachmint held ₹440 crore in total current assets, including ₹34 crore in cash and bank balances.

The company attributes its revenue growth to its strategic shift towards digitizing schools, a move highlighted by Entrackr last year. However, the journey hasn’t been without challenges—Teachmint laid off over 70 employees during FY24.

Since its inception, Teachmint has secured over $100 million in funding, including a $78 million Series B round in 2021 at a $500 million valuation. However, it has not raised fresh capital in the past three years.

In the competitive landscape, Teachmint trails behind rivals like Classplus, which doubled its revenue to ₹213 crore in FY24, and Lead School, which grew by 25% to ₹370 crore during the same period.

This financial turnaround indicates a steady path forward for Teachmint as it continues to refine its operations and explore growth opportunities in the edtech sector.

Zopper Secures $25M in Series D to Enhance Insurance Infrastructure

By
Supriya Biswas
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0

Insurance infrastructure API platform Zopper has successfully raised $25 million in its Series D funding round. The round was led by Elevation Capital, Dharana Capital, and Blume Ventures, marking a significant milestone for the Noida-based firm. This funding comes after a gap of over two years, signaling renewed investor confidence in Zopper’s vision.

Previously, in September 2022, Zopper raised $75 million in a Series C round led by Creaegis, with participation from ICICI Venture, Bessemer Venture Partners, Tiger Global, and Blume Ventures. To date, the 13-year-old company has secured over $115 million in funding.

Zopper plans to channel the newly raised funds into enhancing its digital infrastructure, focusing on bolstering its insurance distribution platform and expanding bancassurance solutions. Additionally, the funds will support the development of post-sales services, particularly in device and appliance protection.

The company, which began as a PoS system for retailers, pivoted to a SaaS platform after its acquisition by Walmart-owned PhonePe in 2018. Today, Zopper partners with over 40 insurance companies and collaborates with 2,500 ecosystem players, offering a comprehensive suite of technology and service solutions for insurers.

Although the company has not disclosed recent financial specifics, it reported revenue of ₹187.28 crore with a loss of ₹13.95 crore in FY23. With Tiger Global holding a 28.39% stake as of the Series C round, Zopper continues to establish itself as a key player in the insurtech space.

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CredFlow Raises $3.7 Million in Pre-Series B Round to Empower SME Growth

By
Supriya Biswas
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0

CredFlow, a fintech startup catering to small and medium-sized enterprises (SMEs), has successfully secured $3.7 million (approximately Rs 31.2 crore) in a pre-Series B funding round. The investment was co-led by existing backers Inflexor Ventures and a family office based in Singapore.

The Delhi-based company had previously raised $9.2 million in two rounds from prominent venture capital firms, setting the stage for further growth.

CredFlow plans to channel the new funds into enhancing its financial services and lending solutions, boosting its technology infrastructure, and fostering innovation. The company made this announcement in a recent press release.

Founded in 2020 by Kunal Aggarwal, CredFlow offers a SaaS-powered cash flow management platform designed to streamline financial processes for SMEs. The platform helps businesses gain greater control over their finances by providing real-time insights into outstanding payments, issuing automated reminders, validating invoices, and enabling discount negotiations for early payments. This approach aids SMEs in unlocking additional working capital, driving financial stability, and fostering growth.

Incorporating integrations with popular ERP systems like Tally and Busy, CredFlow provides business owners with valuable analytics and deep operational insights. By leveraging the platform, SMEs can accelerate their working capital cycles, predict future cash flow trends, and make more informed decisions. Furthermore, CredFlow serves as a bridge between MSMEs and formal sector lenders, simplifying the lending process for small businesses.

With over 150,000 SMEs across India already benefiting from its services, CredFlow has digitized $600 billion worth of invoices and captured nearly half of India’s GST-registered businesses on its platform. Earlier this year, the company launched KuberX, an innovative credit scoring app, which has already garnered 25,000 monthly active users (MAUs). The app is on track to expand its user base tenfold by 2025.

NowPurchase Executes First Employee Stock Option Buyback

By
Supriya Biswas
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0

NowPurchase, a leading SaaS-powered marketplace for the metal manufacturing industry, has successfully completed its inaugural Employee Stock Option Plan (ESOP) buyback.

This milestone comes shortly after the company secured $6 million in a funding round in September, which combined equity and debt investments led by Info Edge Ventures. Earlier, in January 2022, NowPurchase had raised $2.4 million in seed funding from Orios and InfoEdge Ventures.

Founded in 2017 by Naman Shah and Aakash Shah, NowPurchase operates by sourcing raw materials through its scrap recycling and metal cloud solutions, offering significant advantages to metal manufacturers.

The platform also features a WhatsApp bot to provide users with real-time price updates and inventory status, along with a dedicated team for on-site services and quality assurance. Additionally, its proprietary SaaS platform optimizes the manufacturing workflows for greater efficiency.

The company’s flagship platform, MetalCloud, functions as a central operating system that enhances transparency and operational efficiency across metal production and melting stages. NowPurchase serves over 250 factories throughout the metal supply chain, including high-profile clients such as Titagarh Rail Systems Limited and Brakes India.

Data from TheKredible reveals that in 2024, more than 20 startups have introduced ESOP buyback, liquidity, and payout schemes, collectively valued at around $200 million.

Moksha Group Secures Arzooo Assets to Empower Small Retailers

By
Supriya Biswas
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0

Mumbai-based Moksha Group, a key player in distribution, supply chain, and financial solutions, has acquired strategic assets from Arzooo, a retail tech startup.

Sources indicate that the acquisition comes amidst financial distress for Arzooo, which faced challenges such as large-scale layoffs and unpaid salaries. Despite the acquisition, the specifics of the deal remain undisclosed.

Moksha Group aims to leverage Arzooo’s assets to empower small retailers by offering cutting-edge digital tools and integrated fintech solutions. By introducing innovative technology, easy credit access, and low-cost EMI options, Moksha seeks to help small businesses thrive in an increasingly competitive market.

The company has also brought onboard e-commerce expert Rehan Shaikh as its new co-founder and CEO, marking a significant step in its growth strategy.

Arzooo, founded by former Flipkart executives Khushnud Khan and Rishi Raj Rathore, recently launched gostor.com to bridge the gap between offline and online retail for its partner stores. The startup boasted a pan-India presence, supporting 30,000 retailers across 250 cities.

To date, Arzooo has raised $85 million, including a $70 million Series B funding round in June 2022 from prominent investors like SBI Investment, Trifecta, Celesta Capital, and 3 Lines VC.

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