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BharatPe Secures Rs 85 Crore Debt Financing Amid Strong Financial Growth

Fintech company BharatPe has secured Rs 85 crore (approximately $10 million) in debt through non-convertible debentures. This marks the second instance of debt financing for the Peak XV and Coatue-backed firm in 2024.

According to a regulatory filing with the Registrar of Companies, BharatPe’s board issued 500 Series E1 debentures at Rs 10,00,000 each and 3,500 Series F1 debentures at Rs 1,00,000 each, raising a total of Rs 85 crore. The filing indicates that Trifecta Venture Debt provided Rs 50 crore, while Innoven Capital contributed Rs 35 crore.

Sources close to the matter revealed that BharatPe had previously completed a $100 million debt round earlier this year. It was anticipated that Innoven Capital would invest between $60-70 million in BharatPe, while Credit Saison provided the remaining capital for the Delhi-based company’s NBFC arm, Trillion Loans. The recent debt from Innoven Capital might be part of this amount.

The last equity round for BharatPe was in August 2021, which also marked its entry into the unicorn club. Since its inception, the company has raised over $650 million in equity and debt from investors such as Tiger Global, Dragoneer Investment Group, Steadfast Capital, Coatue Management, and Ribbit Capital.

Gnani AI Secures $4 Million in Funding to Expand Voice-First AI Solutions Globally

Gnani AI, a startup specializing in voice-first generative AI, has raised $4 million (around Rs 30 crore) from Info Edge Ventures, a venture capital firm that focuses on early-stage investments. The funds will be allocated towards driving sales growth and expanding the company’s operations across various regions.

The company currently serves over 100 customers in India and the United States, with its primary focus on these two markets. Additionally, Gnani AI is extending its reach into other regions, including the Middle East and Europe, primarily through strategic partnerships.

Founded in 2016 by Ganesh Gopalan and Ananth Nagaraj, the Bengaluru-based company offers a no-code, voice-first platform equipped with features such as omnichannel conversational automation, agent assistance, voice biometrics, and omnichannel analytics. The company’s main clientele comes from the banking, financial services, and insurance sectors.

Gnani AI is also a leading player among original equipment manufacturers (OEMs) in the automotive and telecom sectors, as well as other industries. Over the past three years, the company has more than doubled its growth rate and achieved profitability. It plans to continue this trajectory, aiming to grow its revenue by at least 2-3 times over the next two years while expanding its customer base in both India and the U.S.

To date, the company has raised a total of $8 million. Info Edge Ventures expressed enthusiasm about the investment, noting that Gnani AI aligns with their investment philosophy, which prioritizes companies solving real-world problems rather than merely finding applications for AI technology.

Nected Secures $1.5 Million in Seed Funding Led by Binny Bansal’s Three State Ventures

Nected, a Software-as-a-Service (SaaS) startup, has successfully secured $1.5 million in a seed funding round. The investment was led by Three State Ventures, the venture fund of Flipkart co-founder Binny Bansal. The round also included contributions from Endurance Capital, Relentless VC, Climber Capital, Lykke Capital, and Forward Slash Capital.

Additionally, the funding round saw participation from over 15 founders and CXOs, including notable figures such as Nitin Gupta of PayU, Pallav Pandey of Uolo and Knowlarity, Archit Gupta of Clear, Tonmoy Shingal of Mettl, Ravi Bhushan of BrightChamps, Akshay Saxena of Avanti Fellows, Puneet Kumar of Supr Daily (acquired by Swiggy), and Prashant Kumar of Unbxd.

The funds will be allocated towards improving product usability, simplifying integrations with various technologies, and scaling operations to meet the increasing demands of their growing international customer base.

Nected’s platform facilitates collaboration between technical and non-technical teams, enabling them to achieve their objectives more efficiently. This innovative approach removes barriers and empowers businesses to leverage data and technology for significant outcomes, explained Prabhat Gupta, co-founder of Nected.

Founded in 2022, Nected offers a low-code, no-code platform equipped with pre-built technological components, allowing companies to quickly develop complex applications. By providing these ready-made components, Nected helps businesses avoid the inefficiencies and delays associated with traditional software development processes.

The platform is currently used by more than 20 customers across five countries, including the online pharmacy Tata 1mg. Despite a global developer pool exceeding 100 million, companies continue to experience tech talent shortages and face pressure to innovate swiftly and cost-effectively, according to the company. Three State Ventures, backed by Bansal’s personal capital, has invested in several prominent startups, including Curefoods, PhonePe, and Acko.

IIMA Ventures Launches Accelerator Program for Aspiring Investors

IIMA Ventures, formerly known as IIMA-CIIE, has introduced the Venture Investing Accelerator, a program aimed at assisting novice investors. The initiative is designed to provide professionals with the essential skills, knowledge, and experience needed to excel in early-stage investing. This program caters to aspiring and first-time investors, offering a comprehensive understanding of venture investing as an asset class, particularly through family offices, micro VCs, and corporate venture offices.

The program covers a wide range of topics vital for those looking to become angel investors. Participants will gain insights into deal scouting, deal structuring, due diligence, term sheet drafting, establishing monitoring mechanisms, and preparing for exits. For those interested in setting up their own funds, the training will be customized to address their specific needs, ensuring a well-rounded education in venture capital.

The Venture Investing Accelerator also emphasizes the importance of mentorship and practical insights. Participants will have access to seasoned investors and industry experts who will share their experiences and provide guidance. By leveraging the extensive resources of IIMA Ventures, the program aims to develop a new generation of knowledgeable investors capable of navigating the complexities of early-stage investing and making meaningful contributions to the startup ecosystem.

Additionally, the program includes a three-day bootcamp on the IIMA Campus, offering an immersive learning experience. This component allows participants to engage directly with industry professionals and peers, fostering a collaborative environment conducive to learning and growth.

Over the past 15 years, tech-focused IIMA Ventures has invested in more than 350 companies, achieving profitable exits in over 40 cases. Established in 2002 as an entrepreneurship center at IIM Ahmedabad, IIMA Ventures continues to play a pivotal role in studying, educating, incubating, accelerating, and investing in early-stage startups and aspiring investors.

DecoverAI Secures $2 Million Funding to Expand AI-Driven Legal Tech Solutions and Global Presence

DecoverAI, a legal tech startup, has secured $2 million in a funding round spearheaded by Leo Capital, a venture capital firm specializing in technology investments.

Ravi Tandon, CEO of DecoverAI, shared with ET that the funds will primarily be allocated to advancing the company’s research and development efforts and enhancing its go-to-market strategies. The startup plans to bolster its engineering and customer success teams while amplifying its marketing and sales initiatives.

DecoverAI’s clientele includes small boutique law firms specializing in white-collar crime, civil and criminal litigation, as well as larger partnerships with AmLaw 50 and AmLaw 20 firms, and various other legal service providers. Currently serving clients in the US, the company has plans to expand its operations to Europe and the APAC region.

Founded in 2024 and headquartered in Washington, DC, DecoverAI is dedicated to developing AI-driven tools designed to enhance efficiency for legal professionals. The company is working on a project called “Legal Brain,” an AI system aimed at facilitating tasks such as evidence discovery, legal research, and strategy development.

Additionally, DecoverAI is exploring opportunities in India and is excited to establish a dedicated product and development team there. Janar Ramalingam, cofounder and CTO, expressed confidence in leveraging India’s talent, particularly in Generative AI.

Leo Capital partner Ravi Srivastava praised DecoverAI’s innovative approach, noting that their development of a ‘legal brain’ and Generative Defense technology positions them as a trailblazer in the legal tech sector.

ElectricPe Raises $3 Million to Expand EV Charging Infrastructure and Technology

ElectricPe, an electric vehicle (EV) charging aggregator, has raised $3 million in a pre-series A funding round led by Green Frontier Capital. The round also included participation from existing investors Blume Ventures, Micelio Fund, and NB Ventures. The Bengaluru-based startup plans to use the new capital to expand its operations into new regions and enhance its technological capabilities.

This funding marks the closure of ElectricPe’s pre-series A round at a total of $8 million, following an initial $5 million raised last year. The company aims to address existing gaps in the EV charging sector and establish itself as a comprehensive platform for all EV-related needs. Avinash Sharma, cofounder and CEO of ElectricPe, emphasized the importance of phased funding in the company’s growth strategy.

Founded in 2021, ElectricPe has developed a super app that allows users to locate, access, and pay for EV charging points, regardless of the charging type. The app also offers a multi-brand store where users can explore a variety of electric two-wheelers, along with options for EV financing, servicing, and subscription plans. Customers can make purchases through physical stores, the company website, or the app itself.

The platform currently supports over 25,000 public chargers and has seen a 30% month-on-month growth rate, facilitating over 28 million green kilometers. In Bangalore, ElectricPe has captured more than 15% of the market share for personal EV two-wheeler sales, demonstrating its strong presence in the region.

According to Sandiip Bhammer, managing partner of Green Frontier Capital, ElectricPe is targeting a $1 billion market opportunity within India’s $60 billion EV charging sector over the next five years. Bhammer noted that Green Frontier Capital focuses on investing in companies that are at the intersection of digitization and decarbonization, as these areas are expected to drive significant growth in India.

To date, ElectricPe has raised a total of $11.3 million. The company has also recently partnered with Google to provide real-time updates on the availability and status of charging points. This feature will be integrated into Google Maps and Google Search, with plans for expansion to additional regions, further enhancing the user experience.

From JBIMS to the Business World: 10 Startups You Should Know

Atul KhoslaAtul Khosla is the founder and Vice Chancellor of Shoolini University, a premier institution in Himachal Pradesh, India, known for its emphasis on research and innovation. With a distinguished background in education and entrepreneurship, Khosla has played a pivotal role in transforming Shoolini University into a globally recognized center of learning. Notably, this is not his only venture. He is also the co-founder of Aadoo.ai and the founder of Oliver Wyman and Everest Group. Additionally, he has held key positions in esteemed organizations such as McKinsey & Company and Citicorp.

Nitin Jain-Oncourse VantageNitin Jain is among the creative minds behind OnCourse Vantage Ltd., India’s foremost alternate education firm focused on bridging the gap between formal classroom education and real-world skills. They provide high-end mentoring for life and college readiness, having placed 5,000 students in marquee colleges around the globe. He also serves as the managing partner at Startup Equity Partners Pvt. Ltd. Additionally, he served as the managing director of Infinity Business School for nearly 15 years. With a passion for food, traveling, and badminton, he is truly an inspiration to look up to.

Deepak Chand Thakur-NPSTDeepak Chand Thakur is the CEO and co-founder of NPST Ltd. Since the company’s establishment in 2013, NPST has emerged as one of India’s leading fintech firms. As a Make in India company, NPST focuses on UPI payments and digital banking solutions. It operates as a Technology Service Provider (TSP) and a Third-Party Aggregator Provider (TPAP), serving stakeholders across the financial value chain, including banks, merchant aggregators, merchants, and consumers. Prior to his own venture, Deepak gained valuable insights and expertise by working at various esteemed organizations such as Spanco, Frost & Sullivan, and Respondez.

Sandeep Hardikar- Network ScienceSandeep Hardikar is the CEO and co-founder of Network Science, a leading global deep tech innovation accelerator that helps enterprises achieve meaningful change and competitive advantage. He is also a growth mentor for Satoshi Block Dojo, NASSCOM, and the Wadhwani Foundation. With nearly 20 years of experience under his belt, having worked at companies like HCL and TCS, Sandeep is a well-known name in the industry.

Mayank Tiwari IHXMayank Tiwari, another star of JBIMS, is the co-founder of two successful ventures, namely IHX and Avataar. IHX is India’s largest healthcare data exchange, leading the charge in the digital transformation of Indian healthcare. In his previous role as Founder and CBO at Avataar.AI, a Sequoia Capital and Tiger Global-backed Series B startup, he played a pivotal role in spearheading global growth and disrupting e-commerce through AR/VR-driven visual discovery. Prior to venturing into the startup world, he held notable positions in esteemed organizations, including serving as the Director and Regional Head of KKR & Co. Inc., CEO of F&B Asia, Executive Director of Everstone Group, and other positions at The Boston Consulting Group and Unilever.

Nilesh Satpute-Applied Cloud ComputingNilesh Satpute is the founder and CEO of Applied Cloud Computing. ACC is an AWS Advanced Partner with AWS Mobility Competency and offers digitalization, cloud services, product engineering, big data & analytics, and cloud security. Additionally, he has been a visiting faculty member at IIT Bombay for over a decade. His corporate career includes holding positions such as Director of Technology at Reprise Media, Senior Consultant at Wipro, Consultant at IBM, and other roles at HP and Hexaware Technologies.

Ravikant Banka EggFirstRavikant Banka is the founder and managing director of Eggfirst Advertising, a company established nearly two decades ago that focuses on connecting brands with rural audiences in India. Eggfirst has built more than 2,700 rural brand campaigns through insightful consumer understanding of rural India, powerful creativity, and thoughtful media outreach. Prior to this, he worked as a Senior Consultant at Deloitte Consulting and held a Marketing Manager position at an MNC.

Uma V IxsightUma V is an alumna of JBIMS and the co-founder and CEO of Ixsight Technologies. Ixsight provides data science, identity resolution, locational analytics, master data management, AML screening, sanctions checks, AI-driven fuzzy matching, address scoring, and data wrangling to marquee clients in the banking, financial services, telecom, insurance, e-commerce, and retail verticals. Uma worked at well-known companies such as ICICI Bank, Standard Chartered Bank, and Unilever, which helped her gain the necessary knowledge and expertise to start her own venture and turn it into a successful name in the industry.

Saurabh-Pandey-Co-founder-and-CEO-of-EloeloSaurabh Pandey is the co-founder and CEO of Eloelo, a creator-led social gaming and live streaming platform established in June 2020. Eloelo enables creators to host interactive video and audio livestreams, allowing them to connect with their viewers and fans. The platform offers 24×7 livestreams in various local languages, providing a space for users to build new connections and enjoy entertainment. Saurabh has gained experience from companies like Flipkart, Procter & Gamble, and L’Oréal.

Pawan Desai MitkatPawan Desai is the co-founder and CEO of MitKat Advisory Services Pvt Ltd, a premium risk consultancy that works with discerning clientele to protect people, assets, information, and brands. The company provides business-friendly security solutions that are efficient, implementable, sustainable, and economical. Pawan is also a core committee member of ASIS International and a mentor at the Founder Institute. Additionally, he has worked at Mahindra SSG as head of business continuity management and technical advisory services.

Moxie Beauty Secures $2.1 Million Funding to Innovate Haircare Solutions for Indian Market

Moxie Beauty, a burgeoning player in the haircare industry, has raised $2.1 million (around Rs 17.3 crore) in a recent funding round led by Fireside Ventures. The round also saw participation from prominent angel investors, including Suhasini Sampath, founder of Yoga Bar, as well as Navin Parwal and Sangeet Agrawal, founders of Mokobara.

Founded in November 2023 by Nikita Khanna and Anmol Ahlawat, Moxie Beauty offers haircare products specifically formulated for Indian hair textures. Their product lineup features shampoos, conditioners, leave-in treatments, and styling products designed to address issues such as dryness and frizz.

The company plans to use the new funding to advance product innovation, bolster research and development, hire new talent, and broaden its distribution channels. This strategy aims to capture a share of India’s $5 billion haircare market.

Moxie Beauty identifies a significant gap in the market, noting that many global brands do not tailor their products to Indian hair types, climate, or habits, which differ greatly from Western standards. The company’s mission is to provide consumers with the appropriate products, tools, and knowledge to confidently care for their natural hair textures.

Recent reports highlight that the beauty sector, including omnichannel retailers and brands, is experiencing a surge in investment due to sustained post-Covid demand. On July 1, Purplle, a beauty retailer, concluded a Rs 1,000 crore ($120 million) funding round led by the Abu Dhabi Investment Authority (ADIA). Additionally, in recent months, skincare brand Foxtale and haircare brand Traya secured capital from Panthera Growth Partners and Xponential Capital, respectively.

Gnani AI Raises $4 Million to Expand Global Presence and Accelerate Growth

Gnani AI, a voice-first generative AI startup, secured $4 million (Rs 30 crore) in funding from early-stage venture capital firm Info Edge Ventures. The company plans to use the funds to drive sales growth and expand its operations across various regions.

The startup currently serves over 100 customers in India and the United States, with a primary focus on these markets. Expansion into other regions, including the Middle East and Europe, is also underway through strategic partnerships, according to cofounder and chief executive Ganesh Gopalan.

Established in 2016 by Ganesh Gopalan and Ananth Nagaraj, the Bengaluru-based company offers a no-code, voice-first platform featuring omnichannel conversational automation, agent assistance, voice biometrics, and omnichannel analytics. Its customer base predominantly consists of businesses in the banking, financial services, and insurance sectors.

Gnani AI is also prominent among top OEMs in the automotive and telecom industries, among other sectors. Over the past three years, the company has grown more than twofold and achieved this growth profitably. The company aims to continue expanding its revenue by at least 2-3x in the next two years while increasing its customer base in India and the US.

To date, Gnani AI has raised a total of $8 million. Chinmaya Sharma, a partner at Info Edge Ventures, expressed enthusiasm about the investment, noting that Gnani AI aligns with their investment philosophy for AI-focused companies. He emphasized their preference for investing in founders who address real problems rather than merely searching for applications of AI technology.

Honeywell and Air India Forge Long-Term Agreement for APU Maintenance to Enhance Fleet Efficiency

Honeywell, a global leader in technology, announced a significant long-term agreement with Air India, a Tata Group-owned airline. This contract involves the maintenance of Auxiliary Power Units (APUs) across Air India’s current and future aircraft fleet. The agreement aims to provide comprehensive aftermarket support for Honeywell’s APUs, helping Air India minimize unexpected maintenance costs and reduce downtime, thereby enhancing aircraft dispatch and fleet availability.

APUs are essential components that deliver electrical power and air conditioning to aircraft while on the ground, ensuring passenger comfort and providing the necessary air supply before engine start-up.

Currently, Air India’s fleet exceeds 300 aircraft, including over 100 Airbus A320s, 15 Boeing B777s, and a new batch of 190 Boeing B737-8s, according to Honeywell.

Ashish Modi, President of Honeywell India, highlighted that the collaboration strengthens the partnership with Air India and supports its fleet modernization efforts. This move is part of Honeywell’s ongoing commitment to fostering innovation and growth within the airline industry.

Sisira Kanta Dash, Chief Technical Officer at Air India, noted that the agreement aligns with their global expansion and transformation strategy. It is aimed at achieving more efficient and reliable operations through the advanced technological solutions provided by Honeywell.