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Aye Finance Secures ₹250 Crore Debt Funding from FMO to Enhance Financial Inclusion Efforts

By
Garima Bansal
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aye finance cfo

Aye Finance, a prominent non-banking finance company, has successfully raised ₹250 crore ($30 million) in debt funding from FMO, the Dutch entrepreneurial development bank. This capital injection aims to stregthen Aye Finance’s mission of promoting financial inclusion by extending affordable loans to underserved Micro, Small, and Medium Enterprises (MSMEs) across India.

The funding, facilitated through non-convertible debentures, underscores Aye Finance’s commitment to addressing the financing challenges faced by micro enterprises. Krishan Gopal, CFO of Aye Finance, highlighted the significance of this partnership with FMO, which began in 2019, in making accessible credit a reality for marginalized business segments in India.

Gopal emphasized, “This latest funding from FMO will enable us to significantly scale our lending operations, reaching grassroots businesses that are integral to the Indian economy but often excluded from formal credit channels.”

Juan Jose Dada Ortiz, Director of Financial Institutions at FMO, expressed enthusiasm about supporting Aye Finance once again in expanding its loan portfolio nationwide. He noted, “FMO is excited to continue our partnership with Aye Finance as they target the ‘missing middle’, bridging gaps in traditional banking systems and empowering more businesses.”

In the fiscal year 2023-24, Aye Finance reported substantial growth with a net profit of ₹161 crore and a revenue increase of 67% to ₹1,072 crore, underscoring its expanding role in the MSME lending sector.

Hyundai Motor India Files for $3 Billion IPO

By
Garima Bansal
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hyundai

Hyundai Motor India Limited (HMIL), the Indian subsidiary of South Korea’s Hyundai Motor Company, has initiated the process to go public with a landmark initial public offering (IPO) aimed at raising around $3 billion. The company filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), signaling its intent to offer up to 142,194,700 equity shares at a face value of ₹10 each. This IPO, if successful, would surpass the previous record set by LIC’s $2.7 billion IPO in 2022, making it the largest-ever IPO in India’s history.

The primary objective of the IPO is to facilitate a complete offer for sale (OFS) by the promoter, providing an exit for existing shareholders and enhancing liquidity in Hyundai’s equity shares. Additionally, Hyundai aims to leverage the listing to bolster its brand image, increase visibility in the Indian market, and establish a robust public market for its shares. The move comes amid Hyundai’s strategic growth plans in India, where it holds a significant position as the second-largest passenger car manufacturer after Maruti Suzuki.

Financially, Hyundai Motor India reported substantial performance metrics for the fiscal year 2023, with revenues amounting to ₹60,000 Crore and profits reaching ₹4,653 Crore. These figures underscore Hyundai’s status as the most profitable non-listed car manufacturer in India, driven by the success of popular models like the i20, Verna, Creta, Aura, and Tucson. The Indian market contributed approximately 13% to Hyundai’s global sales in 2023, highlighting its strategic importance in the company’s global operations.

The advisory process for the IPO is being handled by Shardul Amarchand Mangaldas, a prominent Indian law firm serving as the company counsel, alongside international legal support from Latham & Watkins. This collaboration underscores Hyundai’s commitment to navigating the complexities of India’s regulatory landscape and ensuring compliance throughout the IPO process. The IPO announcement reflects Hyundai’s strategic intent to capitalize on favorable market conditions, strengthen its market position in India, and provide enhanced value to its shareholders.

Dvara KGFS Secures $7 Million in ECB Debt for Rural Financial Inclusion Initiatives

By
Garima Bansal
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dvara kgfs ceo

Dvara Kshetriya Gramin Financials (Dvara KGFS) has successfully raised $7 million in debt through External Commercial Borrowings (ECBs) from Enabling Qapita, marking its second such initiative.

This funding will support Dvara KGFS’s ongoing lending activities aimed at fostering financial inclusion in rural India. Enabling Qapita (EQ), a regulated Impact Asset Manager, focuses on investments that generate both financial and social returns.

LVLN Murty, Managing Director and CEO of Dvara KGFS, expressed enthusiasm about the repeated debt raise from EQ, emphasizing their shared commitment to expanding sustainable financial inclusion initiatives. He highlighted that the funds will be utilized to create wealth opportunities in deep rural areas of India.

Shilpa Bhatter, CFO of Dvara KGFS, noted that the organization has diversified its funding sources significantly and actively engages with impact investors aligned with their mission.

By accessing global debt markets, Dvara KGFS aims to enhance its funding resilience while advancing its growth objectives in the rural finance sector.

Jindal Stainless Completes Acquisition of Remaining Stake in Chromeni Steels, Strengthening Market Position

By
Garima Bansal
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jindal stainless ceo

Jindal Stainless has completed the acquisition of the remaining 46% stake in Chromeni Steels Private Ltd (CSPL) for Rs 278 crore, making CSPL a wholly-owned subsidiary of the company effective June 15, 2024.

This move follows Jindal Stainless’ earlier acquisition of a 54% equity stake in CSPL through an indirect deal valued at Rs 1,340 crore.

The total investment in acquiring CSPL now stands at Rs 1,618 crore for Jindal Stainless. According to Tarun Kumar Khulbe, CEO of JSL, this acquisition of 100% equity in Chromeni Steels will strategically position the company to enhance its value chain capabilities.

He highlighted that with CSPL’s 0.6 MTPA cold rolling mill in Mundra, Gujarat, expected to commence operations soon, Jindal Stainless aims to capitalize on the strong domestic demand, which has been growing at a rate of 7-9% annually.

This acquisition marks a significant strategic move for Jindal Stainless as it strengthens its presence in the steel sector, leveraging CSPL’s operational capacities and enhancing its competitive edge in the market.

BioCompute Secures Rs 31 Lakh Climate Entrepreneurship Grant at SusCrunch 2024

By
Garima Bansal
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Biocompute founder

BioCompute, co-founded by Anagha Rajesh, is a pioneering startup utilizing DNA for data storage to reduce emissions from data centers, has been awarded India’s largest non-equity climate entrepreneurship grant worth Rs 31 lakh. The grant was presented at the SusCrunch 2024 event, organized by the Sustainability Mafia (SusMafia) in collaboration with the Pilani Innovation and Entrepreneurship Development Society (PIEDS).

SusCrunch 2024 brought together over 300 climate decision-makers, including startups, investment funds, and corporations, to foster innovation and investment in climate tech. The event featured pitches from 10 climate action startups, highlighting the potential for scalable solutions in combating climate change. BioCompute emerged as the standout, receiving the prestigious “Big Pie” grant aimed at propelling the startup to the forefront of the global climate action movement.

Priya Shah, General Partner at Theia Ventures and Director of SusMafia, emphasized the importance of the event and the collaborative efforts required to scale impactful solutions. Theia Ventures, the investment partner for SusCrunch 2024, aims to catalyze $100 million in investments into Indian climate tech startups by 2030.

The summit also showcased high-performance electric trucks from Planet Electric, presented by founder Gagan Agarwal, and featured insights from Kuldeep Jain, Founder and Managing Director of CleanMax, on building a large renewable energy company in India.

The SusVentures program, a collaboration between SusMafia and the Birla Institute of Technology and Science (BITS Pilani), graduated its first cohort at SusCrunch 2024. This program mentored early-stage climate entrepreneurs, resulting in the creation of 14 startups across sectors such as the circular economy, energy efficiency, and electric vehicles. BioCompute’s innovative approach to using DNA for data storage positions it as a crucial player in reducing the carbon footprint of data centers, which are significant contributors to global emissions. The Rs 31 lakh grant will support BioCompute in further developing its technology and scaling its operations, contributing to the broader fight against climate change.

Waabi Raises $200M for Autonomous Trucking with Backing from Uber, NVIDIA, and Others

By
Garima Bansal
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Waabi founder
Raquel Urtasun, founder and CEO of Waabi

Waabi, a Toronto-based startup specializing in self-driving trucks, has raised $200 million in an oversubscribed Series B funding round. This investment brings Waabi’s total funding to over $280 million. Leading the round were existing investors Uber and Khosla Ventures, with participation from new investors such as NVIDIA, Porsche, and Volvo Group Venture Capital.

Waabi is pioneering the use of generative AI in the autonomous trucking sector, aiming to minimize the need for extensive on-road testing. The company’s Copilot4D system uses AI to predict future LiDAR point clouds from past observations, akin to how large language models predict text. This capability allows Waabi’s system to handle unforeseen road situations efficiently, requiring less training data and compute resources.

Founder and CEO Raquel Urtasun highlighted Waabi’s swift progress towards deploying fully autonomous trucks by 2025. The company’s Waabi World simulator generates diverse scenarios for thorough testing, enhancing the system’s safety and performance.

Strategic partnerships, such as the integration of NVIDIA’s DRIVE Thor platform and collaboration with Uber Freight, underscore the industry’s confidence in Waabi. NVIDIA’s CEO Jensen Huang and Uber’s CEO Dara Khosrowshahi both praised Waabi’s scalable, efficient AI-first approach.

The funding will support Waabi’s expansion plans in North America and the launch of driverless trucks in 2025. Addressing issues like driver shortages and supply chain inefficiencies, Waabi’s technology is poised to revolutionize the logistics industry. With regulatory challenges for autonomous passenger vehicles, Waabi’s focus on self-driving trucks represents a strategic and promising shift in the autonomous vehicle sector.

Alyve Health Secures $5.5M in Series A Funding to Enhance Health Tech Platform

By
Garima Bansal
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alyve founders

Alyve Health, a health tech startup based in Mumbai, India, has successfully raised $5.5 million in Series A funding. The round was led by Axilor Ventures with participation from 1Crowd Fund and Inhealth Ventures. Additionally, the company secured venture debt funding from Trifecta Capital as part of this financing round.

Founded in May 2020 by Shashank Avadhani, Sushant Roy, and Vineet Mehta, Alyve Health is a comprehensive health-plan-tech platform that offers a wide range of healthcare services to individuals, employers, and businesses. The platform’s health plans encompass various healthcare journeys including doctor consultations, diagnostics, medicine purchases, dental procedures, gym memberships, and proactive well-being initiatives. Alyve Health aims to provide a seamless, cashless experience and assured care for both preventive and curative health needs.

The fresh capital will be utilized for strategic growth initiatives focusing on platform enhancement, talent acquisition, expansion of operations, amplification of services, and increasing member engagement. Currently, Alyve Health serves over 1 million members through its mobile app and web portal, offering services like Customized Health Plans, Outpatient Medical Care, 24/7 Doctor Consultations, Diagnostic Scans, Annual Health Check-Ups, Habit Coaching, Lifestyle Improvement, and Personalized Programs.

Alyve Health’s platform integrates seamlessly with various stakeholders in the healthcare ecosystem, including payers (insurers and TPAs), intermediaries (brokers, financial institutions, and digital platforms), and providers (clinics, diagnostic centers, and fitness studios). This integration allows Alyve to offer tailored solutions to different groups such as employees, customers, and channel partners.

Shashank Avadhani, co-founder and CEO of Alyve Health, emphasized that the funding will enable the company to further disrupt traditional healthcare models by offering more personalized, customer-centric healthcare solutions. The Indian healthcare industry, which was valued at over $370 billion in 2020, is projected to grow to over $610 billion by 2026, presenting significant opportunities for innovative health tech solutions like those offered by Alyve Health.

Proofs Secures $2.6M to Accelerate Proof-of-Concept Development with AI

By
Garima Bansal
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0
proofs

Proofs, a startup revolutionizing the proof-of-concept phase in software sales through advanced AI models, has successfully raised $2.6 million in pre-seed funding. The investment round was spearheaded by Earlybird Digital East Fund, with significant contributions from Expeditions Fund, Step Function Ventures, RTP Global, and several angel investors.

Operating out of San Francisco and Warsaw, Proofs addresses the traditionally slow and costly process of developing proof-of-concept applications for potential customers. Building these applications for API-based products usually takes weeks to months and costs tens to hundreds of thousands of dollars. Currently, companies manage to create proof-of-concept apps for merely 1% of their prospects, a figure that Proofs aims to drastically improve.

The company was co-founded by Bartek Pucek and Zbigniew Sobiecki, both seasoned Polish entrepreneurs. Bartek, an experienced angel investor, has partnered with notable firms like Sequoia, a16z, and Y-Combinator in ventures such as ElevenLabs, Zeta Labs, Ramp, and Wordware. Zbigniew has extensive experience founding and leading tech companies, including Lite E-commerce, one of Poland’s largest e-commerce platforms. The duo also co-founded Forward Operators AI Lab, delivering AI/ML services to clients like Google, Decathlon, and Ten Square Games.

Proofs’ team comprises veteran software engineers and AI researchers. The newly secured funds will be used for product development, talent acquisition, and go-to-market preparations, with a strategic focus on mid-market and enterprise customers in the US.

Bartek Pucek, co-founder and CEO of Proofs, highlighted the significant challenges faced by API-based companies in building proof-of-concept apps, which often lead to overworked engineering teams and a high churn rate in the pre-sales process. He noted that Proofs addresses these challenges by reducing the costs by tenfold and automating the process, thus enhancing conversion rates and sales margins.

Mehmet Atici, partner at Earlybird Digital East Fund, emphasized the innovation that Proofs brings to API-first companies by streamlining sales processes and integrations, potentially transforming the software development and sales landscape.

With strong investor backing and a clear vision, Proofs is poised to significantly impact the way software companies develop and deploy proof-of-concept applications, paving the way for more efficient and cost-effective sales processes.

Shivalik Small Finance Bank Raises Rs 100 Crore Led by Sorin Investments and Lightspeed

By
Garima Bansal
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0
shivalik founder

Shivalik Small Finance Bank has secured Rs 100 crore in equity funding in a round co-led by Sorin Investments, the venture capital firm of Sanjay Nayar, and Lightspeed. Existing investors Accel and Quona also participated in this funding round.

The funding will be utilized by Shivalik Small Finance Bank to strengthen its technological infrastructure, strengthen its team, and enhance its product offerings, with a specific focus on serving small businesses and underserved segments.

Founded in 1998 by Yashvir Kumar Gupta, Shivalik Small Finance Bank holds the distinction of being the first small finance bank in India to transition from an urban cooperative bank.

The bank serves over 8 lakh unique customers across 175 branches located in Uttar Pradesh, Uttarakhand, Madhya Pradesh, Delhi NCR, Haryana, Rajasthan, Gujarat, Telangana, Karnataka, Maharashtra, and Tamil Nadu.

Anshul Swami, Managing Director and CEO of Shivalik Small Finance Bank, expressed enthusiasm about leveraging digital banking to expand their reach among small business owners and retail customers across India.

Mandar Dandekar, Partner at Sorin Investments, highlighted the strategic alignment between Sorin’s investment philosophy and Shivalik’s growth strategy. Sorin sees substantial opportunities in the financial services sector, particularly in enhancing access to financial services in rural and semi-urban areas.

The investment reflects a broader trend of increasing credit flow to MSMEs under priority sector lending norms, as evidenced by recent data from the Reserve Bank of India. In April 2024 alone, MSMEs secured Rs 24.6 lakh crore in gross bank credit, marking an 18.1% increase from the previous year.

Bira 91 Parent Company Secures $25 Million from Kirin Holdings, Completes $50 Million Fundraising Round

By
Garima Bansal
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0
ankur jain Bira CEO

B9 Beverages, the parent company of craft beer brand Bira 91 and restaurant chain The Beer Cafe, has successfully raised $25 million through external commercial borrowing (ECB) from Kirin Holdings, marking the completion of a $50 million fundraising round.

Bira 91 was established in 2015 by Ankur Jain. The funding round, initiated earlier this year, saw Bira91 secure $25 million in March from Tiger Pacific Capital, which acquired approximately 4% of the company, valuing it at approximately $625 million.

Kirin Holdings, an existing investor in B9 Beverages, opted to provide the ECB in two tranches of $12.5 million each, according to regulatory filings. Additionally, Kirin Holdings has the option to convert these ECBs into Series D Compulsorily Convertible Preference Shares (CCPS) at a later date, as disclosed by sources from TheKredible.

B9 Beverages, headquartered in Delhi, has raised over $450 million from investors including Peak XV, Sixth Sense Ventures, and others to date. The company reported a revenue of Rs 824 crore for FY23, reflecting a 14% increase from Rs 719 crore in FY22. However, during the same period, Bira 91’s losses widened by 12%, increasing from Rs 396 crore to Rs 445 crore.

The funds raised will support Bira 91’s expansion initiatives and enhance its market presence amidst competitive pressures in the craft beer industry. The company operates across multiple markets, serving a diverse range of beer variants through a network of manufacturing units and distribution channels.

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