Monday, October 7, 2024
No menu items!
Home Blog Page 73

Ugro Capital Raises Rs 1,265 Crore Through CCDs and Warrants to Boost MSME Lending

By
Garima Bansal
-
0
ugro founder

Ugro Capital, a prominent Non-Bank Financial Company (NBFC) specializing in Micro, Small, and Medium Enterprise (MSME) lending, has successfully completed a significant equity capital raise totaling Rs 1,265 crore through Compulsory Convertible Debentures (CCDs) and warrants.

Ugro Capital secured approval from shareholders on June 1, 2024, for the issuance of CCDs worth Rs 258 crore and warrants amounting to Rs 1,007 crore. These funds are pivotal for Ugro Capital to further its mission of leveraging data technology to provide tailored financial solutions to MSMEs across India.

The CCDs and warrants were subscribed by a consortium of investors, underscoring robust market confidence in Ugro Capital’s business model and growth prospects. Notably, existing private equity investor Samena Capital contributed Rs 500 crore through warrants, joined by institutional investors including Aregence and several prominent Indian family offices.

Under the terms of the subscription, investors are required to pay 25% of the issue price upon allotment, with the remaining balance due within 18 months. This structured payment approach ensures financial discipline while providing immediate capital infusion to fuel Ugro Capital’s expansion initiatives.

Shachindra Nath, Founder and Managing Director of Ugro Capital, expressed gratitude for the strong investor support amidst market fluctuations, emphasizing that the capital raise demonstrates investors’ trust in Ugro Capital’s strategy and operational prowess. He highlighted Ugro Capital’s goal of becoming a preeminent data-driven lending institution, accessible to public market investors while effectively supporting the growth aspirations of MSMEs across India.

With partnerships established with 13 banks and financial institutions, Ugro Capital has facilitated co-lending arrangements amounting to Rs 3,295 crore, supporting over 78,000 MSMEs with customized financial solutions. This comprehensive approach underscores Ugro Capital’s commitment to driving inclusive growth and fostering economic resilience within India’s vibrant MSME sector.

In conclusion, Ugro Capital’s successful capital raise through CCDs and warrants not only bolsters its financial foundation but also reinforces its position as a catalyst for MSME empowerment through innovative and sustainable financial solutions.

**End of Article**

Ixigo Makes Strong Stock Market Debut with 48.4% Premium on IPO Listing

By
Garima Bansal
-
0
ixigo

Le Travenues Technology, founded by Aloke Bajpai and Rajnish Kumar, the parent company of popular travel aggregator Ixigo, marked a remarkable debut on the stock exchanges. The IPO listing saw Ixigo’s shares open at ₹138.10 on the NSE, reflecting a substantial 48.4% premium over its issue price of ₹93 per share. Similarly, on the BSE, the stock debuted at ₹135, representing a 45.1% premium.

The initial trading hours saw Ixigo’s shares further appreciate, reaching ₹148.13 by 10:30 am, marking a 7.26% increase from the listing price. The company’s market capitalization swiftly climbed to ₹5,760.9 crore, underscoring investor confidence and enthusiasm surrounding the IPO.

Ixigo’s IPO, which closed recently after being oversubscribed 98.34 times, garnered significant interest across investor categories. Notably, non-institutional investors subscribed 110.53 times, while qualified institutional buyers (QIBs) showed robust demand with a subscription rate of 106.73 times. Retail investors also demonstrated strong participation, subscribing 54.85 times.

The IPO comprised a fresh issue of shares worth ₹120 crore and an offer for sale (OFS) of 66.68 million shares amounting to ₹620 crore. Proceeds from the IPO are earmarked for bolstering cloud infrastructure, technology enhancements, working capital needs, potential acquisitions, and general corporate purposes.

Founded in 2006, Le Travenues Technology operates multiple online travel agency platforms, including Ixigo for trains and flights, Confirmtkt, and abhibus. The company reported robust financial performance, with FY2022-23 witnessing a net profit of ₹23.3 crore against a net loss in the previous fiscal year. Revenue for FY2022-23 stood at ₹501 crore, marking a significant increase from ₹379 crore in FY2021-22.

In light of its strong market debut and robust subscription figures, Ixigo’s listing underscores its resilience and growth prospects in India’s competitive online travel sector. As the company continues to expand its market presence and capitalize on post-pandemic travel trends, investors are optimistic about its future trajectory.

EV Startup Fisker Files for Bankruptcy Amid Production and Financial Challenges

By
Garima Bansal
-
0
Henrik Fisker

Fisker Inc., the electric vehicle (EV) startup founded by renowned designer Henrik Fisker, has filed for Chapter 11 bankruptcy protection, marking a significant downturn for the California-based company. The move comes after months of struggling with numerous issues surrounding its flagship vehicle, the Ocean SUV, including recalls and multiple legal challenges under lemon laws.

The company, which filed in the Delaware Court, had been attempting to negotiate a deal with another automaker in a final effort to salvage its operations. According to the bankruptcy filing, Fisker estimates its assets to be between $500 million and $1 billion, with liabilities ranging from $100 million to $500 million. The filing also indicates that Fisker has between 200 and 999 creditors, including major entities like SAP, Adobe, Salesforce, and Ansys.

Fisker’s troubles began shortly after the launch of its Ocean SUV, plagued by a series of software glitches and mechanical failures reported by customers. Internally, the company faced challenges in managing customer service and financial operations, exacerbating its difficulties.

Despite efforts to conserve cash through layoffs and operational changes, including a shift away from direct sales to a dealer model, Fisker struggled to sustain its business model effectively. The company, which relied on contract manufacturer Magna to produce its vehicles, managed to deliver only a fraction of its projected output.

In a statement, Fisker acknowledged the industry-wide challenges faced by EV makers, including cash flow constraints, fundraising hurdles, and supply chain disruptions, which have collectively impacted its ability to operate efficiently.

Looking ahead, Fisker intends to pursue a sale of its assets under Chapter 11 bankruptcy proceedings, while also exploring debtor-in-possession financing with financial stakeholders. The company remains optimistic about finding a path forward despite the setbacks, highlighting ongoing discussions with potential partners and stakeholders.

The bankruptcy filing underscores the broader challenges within the EV industry, where startups face intense competition, regulatory scrutiny, and significant operational complexities. Fisker’s case joins a list of EV companies, including Proterra and Lordstown, that have encountered financial distress in recent years amid ambitious growth targets and market uncertainties.

For Henrik Fisker and his namesake company, the path to recovery will depend heavily on securing new investments and strategic partnerships to navigate the evolving landscape of electric mobility.

Ayna Raises $1.5 Million in Seed Funding to Revolutionize Product Photography with Generative AI

By
Garima Bansal
-
0
Ayna founders

Bengaluru-based startup Ayna has successfully secured $1.5 million in seed funding, led by the early stage investment platform Inflexor Ventures. This funding marks a significant milestone for Ayna as it aims to enhance its AI capabilities, expand its team, and accelerate its mission to democratize high-quality product photography for businesses of all sizes.

Co-founded by Aastha Rajpal and Yash Bansal, Ayna specializes in generative AI technology tailored for product photography. The startup enables brands such as Reliance Retail’s Clovia, Wakefit, and WomanLikeU to conduct studio-quality product photoshoots at scale, entirely eliminating the need for physical setups.

Ayna’s proprietary Compound Foundational Models (CFMs) distinguish it from traditional methods and basic AI solutions by providing brands with meticulous control over every aspect of their product images. This level of detail empowers brands to optimize their visuals effectively, enhancing conversion rates while minimizing costs, turnaround times, and creative constraints.

The funding round comes at a time of heightened investor interest in generative AI startups, with the sector collectively raising nearly $100 million in the past six months. Ayna joins a prestigious list of innovators in this space, including Sarvam AI, Ema, Neysa, Vodex, and KonProz, highlighting the growing significance of AI-driven solutions across diverse industries.

With this fresh infusion of capital, Ayna is poised to expand its technological capabilities and further disrupt the product photography landscape, reinforcing its commitment to delivering cutting-edge solutions that redefine visual content creation in the digital age.

In summary, Ayna’s successful seed funding round not only underscores investor confidence in its vision but also positions the startup at the forefront of transforming how brands approach and execute product photography through advanced AI innovation.

Bluestone’s Pre-IPO Funding Round: Peak XV Partners and Steadview Capital Set to Contribute ₹830 Cr

By
Garima Bansal
-
0

Bluestone, a prominent omnichannel jewelry brand, is on the verge of securing a significant ₹830 Cr ($100 Mn) investment in its pre-IPO funding round.

The investment is set to come from leading entities including Think Investments, Peak XV Partners, and Steadview Capital. This round, which involves a mix of share sales by early investors and new capital infusion, is expected to value Bluestone at approximately ₹7,500 Cr ($900 Mn) pre-money, as reported by ET.

Peak XV Partners is poised to inject ₹415 Cr ($50 Mn) into Bluestone, underscoring confidence in the brand’s growth trajectory and market position. The funding will comprise both primary and secondary transactions, with participation anticipated from family offices through special purpose vehicles, culminating in a deal closure in the near term.

Bluestone, founded in 2011 by Gaurav Singh Kushwaha and Vidya Nataraj, has distinguished itself with a diverse portfolio of over 8,000 jewelry designs. The company’s strategic evolution has seen COO Sudeep Nagar elevated to co-founder status in recognition of his pivotal role in driving operational excellence.

The Indian jewelry industry, buoyed by substantial revenue figures approaching US$77 Bn in 2023, has positioned Bluestone favorably in comparison to global markets like China, the US, Japan, and Russia.

The upcoming funding round is expected to catapult Bluestone towards its anticipated IPO, signaling robust growth prospects and solidifying its leadership in the domestic jewelry sector.

In conclusion, with the backing of Peak XV Partners and Steadview Capital, Bluestone’s impending pre-IPO funding round represents a pivotal milestone for the brand. The infusion of capital and strategic investor support will not only bolster its valuation but also enhance its market position, paving the way for future expansion and a successful public offering.

Starkenn Technologies: Revolutionizing Road Safety in India

By
Garima Bansal
-
0
Starkenn technologies

India faces a critical challenge with road safety, marked by an alarming annual incidence of over 460,000 accidents and more than 150,000 fatalities. Trucks and buses alone contribute significantly to these statistics, accounting for 12.5% of all accidents among road users.

In response to this pressing issue, Starkenn Technologies, a deeptech startup founded in June 2021 by Sumedh Badve and Swastid Badve has embarked on a mission to revolutionize road safety with its innovative Advanced Driver Assistance Systems (ADAS). Designed specifically for Indian road conditions, Starkenn’s ADAS solutions harness cutting-edge technology to detect and mitigate potential hazards effectively.

Central to Starkenn’s approach are intelligent algorithms powered by radar sensors. These algorithms are finely tuned to detect obstacles swiftly, ensuring rapid activation of safety protocols within an impressive 1.5-second timeframe. This proactive approach aims to prevent accidents before they occur, significantly reducing the human and economic toll of road incidents.

Starkenn’s ADAS solutions are not only technologically advanced but also cost-effective, catering to both OEMs and aftermarket needs. This accessibility ensures widespread adoption across various sectors, from commercial vehicles to private automobiles, thereby maximizing their impact on overall road safety.

The startup’s comprehensive product portfolio includes a state-of-the-art Collision Mitigation System featuring a patented Autonomous Emergency Braking system (AEBs), a sophisticated Driver Monitoring System equipped with AI-driven behavior prediction models, and a Cloud Platform for comprehensive data analytics and actionable insights.

Of particular note is Starkenn’s Driver Monitoring System, which integrates a dashcam to record on-road footage triggered by driver behavior alerts. This system is meticulously calibrated to address the unique challenges of Indian driving conditions, including unpredictable road markings and diverse driver characteristics.

The intelligent algorithms developed by Starkenn minimize false alarms, delivering precise warnings and enhancing overall road safety efficacy. To support ongoing innovation, the startup operates an in-house Research and Development center specializing in Embedded Hardware, Firmware, Software, and AI/ML technologies, ensuring continuous enhancement of their ADAS offerings.

In summary, Starkenn Technologies stands at the forefront of transforming India’s road safety landscape with its tailored ADAS solutions. By leveraging advanced technology and local expertise, Starkenn is committed to making roads safer, preventing accidents, and saving lives across the nation.

GreyLabs AI Secures $1.5 Million in Funding Round Led by Matrix Partners India

By
Garima Bansal
-
0
greylabs

GreyLabs AI, a speech analytics platform tailored for financial institutions, has successfully raised $1.5 million in a funding round spearheaded by Matrix Partners India, a prominent early stage venture capital firm.

Among the notable participants in this funding round were Vasant Sridhar, founder of Ofbusiness, Narasimha Reddy, founder of MoEngage, Nitin Gupta, founder of Uni Cards, and Anil Goteti, founder of Scapia.

Co-founded in October 2023 by Aman Goel and Harshita Srivastava, GreyLabs AI is headquartered in Mumbai and specializes in enhancing sales agent productivity through advanced speech analytics. The platform automates the extraction of actionable insights and streamlines audit and quality assurance processes within financial organizations.

Aman Goel, co-founder and CEO, highlighted the strategic allocation of funds towards enhancing product features and expanding market reach. “We are focused on advancing our product capabilities and scaling our customer base,” he stated in an interview with ET.

The platform currently supports English, Hindi, and Hinglish, with plans underway to include additional languages such as Tamil, Gujarati, Marathi, and Telugu. This multilingual capability aims to cater to diverse linguistic needs across India and prepare for future expansion into global markets, particularly in regions like the Middle East and Southeast Asia.

Harshita Srivastava, co-founder and chief product and technology officer, emphasized the platform’s cutting-edge capabilities enabled by advancements in generative AI and speech recognition. “Our system achieves near-human level accuracy in speech analytics, leveraging the latest in AI technology,” she explained.

GreyLabs AI’s expansion plans include penetrating adjacent markets beyond India, focusing on regions facing similar challenges in leveraging data for operational efficiency and customer engagement.

Kfund Raises $75 Million for AI and Data Projects

By
Garima Bansal
-
0
Kfund

Spanish venture capital (VC) firm Kfund has successfully raised $75 million to support technological projects across Europe. Announced on June 17, 2024, the new fund aims to assist founders working with foundational technologies such as data analytics, platform layers, and artificial intelligence (AI).

Kfund’s latest initiative, known as K3, targets a fund size of €70 million. This fund will invest in southern Europe, supporting founders from pre-seed to Series B stages. The firm aims to leverage its experience as founders and executives of technology companies to guide these startups towards sustainable growth. Kfund’s unique regional capability allows it to support ventures from their inception to significant growth phases.

The company’s presentation highlighted a market shift where successful tech companies are increasingly B2B focused. Between 2012 and 2017, only 28% of unicorns (startups valued at over $1 billion) in the UK, Germany, and France were B2B “tech enabled.” This figure rose to 60% in the subsequent five-year period, reflecting a significant trend towards business-focused technological solutions.

Kfund’s announcement comes amid a resurgence in tech investments in Europe. Earlier this month, Creandum, another private tech investor, launched a $544 million fund, marking a turnaround after a period of reduced investment. This optimism in the tech sector suggests a renewed appetite and activity across the industry, as highlighted by Creandum’s general partner, Carl Fritjofsson.

Recent analyses by PYMNTS underscore the growing importance of AI in venture capital decision-making. AI technologies enable firms to analyze vast amounts of data on startups and market trends rapidly. Steve Brotman, founder and managing partner of growth equity firm Alpha Partners, emphasized that AI augments human capabilities, helping venture capitalists sift through data and identify genuine opportunities with unprecedented precision and speed.

Kfund’s sixth fund, K3, is designed to build on the success of its predecessors, K1 and K2. These earlier funds supported a variety of successful entrepreneurs and ventures, including Factorial, Urbanitae, Exoticca, Barkibu, and Abacum. Kfund remains dedicated to high-impact projects in verticals such as AI, data analytics, edge computing, 5G connectivity, blockchain, and cloud services.

Kfund sees immense opportunities within southern Europe’s technological ecosystem. The fund manager’s investments are heavily concentrated in this region, where they believe proximity and a deep understanding of local growth challenges can significantly enhance job creation and wealth generation. Kfund has co-invested with prestigious international funds, including Creandum, Atomico, a16z, Goldman Sachs, Softbank, CRV, and Bitkraft.

General Partner Iñaki Arrola emphasized Kfund’s mission to provide the support that he wished had been available when starting his ventures. The swift market support for K3 reflects the trust that Spain’s top entrepreneurs have in Kfund. This fund aims to continue supporting ambitious entrepreneurs, helping them create impactful companies that define the future of business in southern Europe.

IN-SPACe Launches PIE Programme to Foster Early-Stage Space Startups

By
Garima Bansal
-
0
Dr Pawan Goenka

The Indian National Space Promotion and Authorisation Centre (IN-SPACe) has introduced an innovative pre-incubation entrepreneurship development programme, aimed at nurturing and supporting early-stage space startups in India. This pioneering initiative, known as the Pre-Incubation Entrepreneurship (PIE) programme, is designed to cultivate the next generation of space tech innovators, equipping them with the essential tools and guidance to bring their space ventures to life.

Dr. Pawan Goenka, chairman of IN-SPACe, emphasized the significance of this programme, stating, “India’s space sector is poised for exponential growth, and young entrepreneurs are crucial to driving this expansion. The PIE programme will provide a launchpad, equipping them not only with technical expertise but also with the business acumen needed to navigate the complexities of the space industry.”

The PIE programme is structured to offer a comprehensive 21-month journey for aspiring entrepreneurs, divided into distinct phases of ideation, innovation, and prototype development. This structured support ensures that budding space tech entrepreneurs receive the necessary assistance at each critical stage of their development.

Participants in the PIE programme will benefit from the opportunity to connect with seasoned mentors from leading research institutions, incubators, academia, and prominent players in the space industry. This mentorship will provide invaluable insights, feedback, and networking opportunities, fostering a culture of innovation and scientific advancement.

To be eligible for the programme, applicants must be Indian citizens graduating in 2024 or already graduates. Additionally, they should not have received any grants, funding, or monetary support from private or government schemes. All submissions must be original work. Startups registered with the Department for Promotion of Industry and Internal Trade (DPIIT) on or after July 1, 2022, are classified as early-stage startups.

The 21-month programme will guide participants through phases of ideation, innovation, and prototype development. The structured support will help entrepreneurs transform their innovative ideas into viable prototypes, ready for market launch.

The PIE programme aims to empower young entrepreneurs, enabling them to contribute significantly to India’s leadership in the global space industry. By fostering a collaborative learning environment, the programme will propel scientific advancements that generate socio-economic benefits, contribute to broader economic development, and create new job opportunities in India’s burgeoning space sector.

As India’s space sector continues to grow, initiatives like the PIE programme are crucial in unlocking the potential of innovative minds, ensuring that the country remains at the forefront of space technology and exploration. This strategic support from IN-SPACe is set to play a pivotal role in shaping the future of space startups in India, driving forward the next wave of technological and scientific breakthroughs.

Paras Healthcare Prepares for IPO to Expand and Provide PE Investor Exit

By
Garima Bansal
-
0
Dr Dharmindra Nagar Paras Hospital

Paras Healthcare, a prominent hospital chain based in Gurugram, India, is gearing up to file draft papers for an Initial Public Offering (IPO) by the end of this month, according to reports from The Economic Times. This strategic move is primarily designed to facilitate an exit for its private equity (PE) investor, Creador, while also supporting the expansion of its hospital network.

The anticipated IPO, estimated to raise between Rs 10 billion ($120 million) and Rs 12 billion ($140 million), is set to value Paras Healthcare between Rs 40 billion and Rs 45 billion. The proceeds will predominantly serve to provide an exit for Creador, which holds a significant stake in the company, with a smaller portion allocated for the development of new hospital facilities.

Leading the IPO process, Paras Healthcare has appointed ICICI Securities, IIFL, and Motilal Oswal as the merchant bankers. Despite multiple requests for comments, the company has remained tight-lipped regarding the upcoming public issue.

Paras Healthcare’s relationship with Creador began in July 2017, when it raised Rs 2.6 billion through Compulsorily Convertible Preference Shares (CCPS). These shares were converted into equity in September 2018, granting Creador a 24.68% stake in the healthcare company. Under their agreement, Paras Healthcare is obligated to buy back the shares at fair market value after a stipulated period, which was extended due to the COVID-19 pandemic. The company’s revenue reportedly exceeded Rs 10 billion in the last financial year, indicating a strong financial performance ahead of the IPO.

Established in 2006 by Dr. Dharminder Nagar, Paras Healthcare operates eight multi-specialty hospitals, providing a total of 2,100 beds across North and East India. The hospital chain is set to grow further, with plans to add 800 more beds over the next two to four years through new facilities in Gurugram and Ludhiana. Notably, while the Gurugram and Udaipur hospitals are owned by the company, the remaining facilities operate on an asset-light model, utilizing long-term real estate leases.

Paras Healthcare specializes in several major medical fields, including cardiac sciences, neurosciences, orthopaedics, oncology, and gastroenterology. The bulk of its revenue is derived from its hospitals in Gurugram, Patna, and Panchkula, which have established themselves as key markets for the company.

1...727374...90Page 73 of 90