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DTDC Express Partners with Skye Air Mobility to Revolutionize Last-Mile Deliveries with Drones

By
Garima Bansal
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0
DTDC Express Partners with Skye Air Mobility to Revolutionize Last-Mile Deliveries with Drones

DTDC Express, a leading logistics service provider, has announced a partnership with Skye Air Mobility to launch last-mile drone-based deliveries.

The first drone delivery covered the distance between Bilaspur and Gurgaon Sector 92, spanning 7.5 km in just 3-4 minutes, compared to the usual 15-minute road journey. This event coincided with DTDC’s 35th anniversary.

Abhishek Chakraborty, CEO of DTDC Express Ltd, noted that as the company enters its 35th year, the strategic partnership with Skye Air marks a significant milestone in establishing new benchmarks for last-mile delivery. This collaboration aims to address the evolving logistics landscape driven by digitalization and changing consumer behaviors, presenting an opportunity to redefine last-mile logistics in India.

The company highlighted that this delivery represents a step forward in its commitment to adopting technology and setting new industry standards. Chakraborty emphasized that DTDC’s technological advancements must align seamlessly with societal and environmental needs, reflecting the company’s vision. The goal is to leverage DTDC’s leadership position to enhance digital capabilities and drive exponential growth across Express Parcels, International, and Integrated E-commerce Logistics.

The eco-friendly drone delivery system is designed to reduce carbon emissions and alleviate traffic congestion. Ankit Kumar, Founder and CEO of Skye Air, expressed excitement about collaborating with DTDC on its 35th Foundation Day. By integrating advanced drone delivery infrastructure into the network, the partnership aims to bypass traffic congestion, enhancing delivery speed, efficiency, and sustainability. Each drone delivery can save over 520 grams of CO2 emissions compared to traditional methods. The objective is to reduce the distance and time for last-mile deliveries, significantly impacting the logistics infrastructure.

DTDC plans to expand its drone delivery service to other regions across India, with the next phase focusing on identifying areas where drone deliveries can offer the most impact.

Rapido Achieves Unicorn Status with $120 Million Funding Round

By
Garima Bansal
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0
Rapido Achieves Unicorn Status with $120 Million Funding Round

Rapido has reached unicorn status after raising $120 million (around Rs 1,000 crore) in primary capital from WestBridge Capital. This latest funding round has elevated the ride-hailing platform’s valuation to $1 billion, based on regulatory filings.

This makes Rapido the third company to achieve unicorn status this year, following Perfios and Krutrim AI, founded by Bhavish Aggarwal. The year 2023 saw only two new unicorns, Zepto and InCred Wealth, indicating a tighter funding environment in the private financing markets.

Sources familiar with the situation indicate that Rapido, based in Bengaluru, is likely to secure an additional $20 million from international investors. A US-based family office and a UK-based fund are reportedly in talks to acquire stakes in the company.

Rapido was previously reported to be in discussions to raise a large funding round at a slightly higher valuation than its last. This new round, which is not yet fully closed, may also include a secondary component where early investors can exit their positions. The company was valued at $825 million after raising $180 million in April 2022.

Swiggy, a food delivery and quick commerce startup and an existing investor in Rapido, is not participating in this round. Having filed its IPO prospectus with Sebi, Swiggy has opted out of this investment round.

Founded in 2015 by Arvind Sanka, Pavan G, and Rishikesh SR, Rapido has raised $329 million in funding before this latest round. Other investors include Nexus Venture Partners and Integrated Capital. Despite a 54% increase in net loss to Rs 675 crore in FY23, Rapido’s operating revenue tripled to Rs 443 crore. The company has managed to reduce its monthly burn rate to around $2-3 million and aims for operational profitability by the end of FY25. Rapido plans to introduce high-margin revenue streams, such as in-app advertisements and value-added services for its driver partners. This fundraising comes amid regulatory challenges in key markets like Karnataka and Delhi.

Toonsutra Secures Investment from Funimation Founder Gen Fukunaga, Expanding India’s Webtoon Landscape

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Garima Bansal
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0
Toonsutra, a prominent webtoon comic app in India, has secured investment from Gen Fukunaga, the esteemed founder of Funimation. Fukunaga, a renowned figure in the anime and streaming industries, will also join Toonsutra’s advisory board. The financial details of the investment have not been disclosed. Fukunaga, a Japanese-American entrepreneur and engineer, previously sold Funimation to Sony Pictures Entertainment, leading to its merger with Crunchyroll and forming a leading digital anime platform. According to Goldman Sachs, Crunchyroll is expected to account for 36% of Sony Pictures Entertainment’s profits by 2028. Fukunaga expressed enthusiasm about Toonsutra, noting that the global webtoon market is experiencing significant growth, similar to the anime boom he witnessed with Funimation. He highlighted Toonsutra’s innovative approach and deep understanding of local preferences as key factors in its potential to capitalize on this trend. Fukunaga looks forward to applying his experience in building global fan communities to help Toonsutra become a leading platform for digital comics and pop culture in India. Toonsutra has attracted investment from a notable group of investors, including the Sony Innovation Fund, Maiora Capital, Kun Gao (Co-Founder of Crunchyroll), Jeremy Liew (Partner at Lightspeed), Kevin Lin (Co-Founder of Twitch), Patrick Lee (Co-Founder of Rotten Tomatoes), Holly Lui (Co-Founder of Kabam), Benjamin Grubbs (Co-Founder of CreatorPlus), and Steve Chung (former CEO of Americas at CJENM). Founded by Sharad Devarajan and Vishal Anand, Toonsutra is the top comic app in India, with over a million downloads on Apple and Android platforms. The app has partnered with major global publishers to offer more than 550 titles and 250,000 episodes of webtoon content in Indian languages. Vishal Anand remarked that Fukunaga’s involvement as an investor and advisor highlights the vast potential of the Indian digital content market. Anand believes that Fukunaga’s exceptional experience in scaling anime and manga platforms will be instrumental in expanding Toonsutra’s offerings and enhancing its user experience. With Fukunaga’s guidance, Toonsutra aims to not only be India’s top webtoon app but also to build a transformative ecosystem for digital storytelling. Sharad Devarajan added that Fukunaga’s extensive experience in developing successful fan platforms is a significant asset as Toonsutra leads the webtoon revolution in India. Toonsutra is committed to fostering a community of passionate fans and pop culture enthusiasts, catering to India’s extensive mobile youth market, which exceeds 700 million. The global webtoon market is projected to reach $60 billion by 2030, reflecting its considerable growth potential within the media and content sectors.

Toonsutra, a prominent webtoon comic app in India, has secured investment from Gen Fukunaga, the esteemed founder of Funimation. Fukunaga, a renowned figure in the anime and streaming industries, will also join Toonsutra’s advisory board. The financial details of the investment have not been disclosed.

Fukunaga, a Japanese-American entrepreneur and engineer, previously sold Funimation to Sony Pictures Entertainment, leading to its merger with Crunchyroll and forming a leading digital anime platform. According to Goldman Sachs, Crunchyroll is expected to account for 36% of Sony Pictures Entertainment’s profits by 2028.

Fukunaga expressed enthusiasm about Toonsutra, noting that the global webtoon market is experiencing significant growth, similar to the anime boom he witnessed with Funimation. He highlighted Toonsutra’s innovative approach and deep understanding of local preferences as key factors in its potential to capitalize on this trend. Fukunaga looks forward to applying his experience in building global fan communities to help Toonsutra become a leading platform for digital comics and pop culture in India.

Toonsutra has attracted investment from a notable group of investors, including the Sony Innovation Fund, Maiora Capital, Kun Gao (Co-Founder of Crunchyroll), Jeremy Liew (Partner at Lightspeed), Kevin Lin (Co-Founder of Twitch), Patrick Lee (Co-Founder of Rotten Tomatoes), Holly Lui (Co-Founder of Kabam), Benjamin Grubbs (Co-Founder of CreatorPlus), and Steve Chung (former CEO of Americas at CJENM).

Founded by Sharad Devarajan and Vishal Anand, Toonsutra is the top comic app in India, with over a million downloads on Apple and Android platforms. The app has partnered with major global publishers to offer more than 550 titles and 250,000 episodes of webtoon content in Indian languages.

Vishal Anand remarked that Fukunaga’s involvement as an investor and advisor highlights the vast potential of the Indian digital content market. Anand believes that Fukunaga’s exceptional experience in scaling anime and manga platforms will be instrumental in expanding Toonsutra’s offerings and enhancing its user experience. With Fukunaga’s guidance, Toonsutra aims to not only be India’s top webtoon app but also to build a transformative ecosystem for digital storytelling.

Sharad Devarajan added that Fukunaga’s extensive experience in developing successful fan platforms is a significant asset as Toonsutra leads the webtoon revolution in India. Toonsutra is committed to fostering a community of passionate fans and pop culture enthusiasts, catering to India’s extensive mobile youth market, which exceeds 700 million.

The global webtoon market is projected to reach $60 billion by 2030, reflecting its considerable growth potential within the media and content sectors.

BluPine Energy Secures ₹239 Crore Funding from Tata Capital for Solar Project in Chhattisgarh

By
Garima Bansal
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0
BluPine Energy Secures ₹239 Crore Funding from Tata Capital for Solar Project in Chhattisgarh

BluPine Energy announced on Monday that it has secured financial support of ₹239 crore from Tata Capital. This funding will be directed towards a solar power initiative in Chhattisgarh, according to the company’s statement.

The solar project, with a capacity of 75 megawatts, is anticipated to produce approximately 117 million units (MUs) of energy annually and reduce CO2 emissions by over 107,000 tonnes.

BluPine Energy, a prominent player in the renewable energy sector, was established in India by Actis, a global leader in sustainable infrastructure investment and development.

Tata Capital Ltd (TCL), the financial services arm of the Tata Group, operates as a non-banking financial company.

Rabbitt AI Raises $2.1M to Expand Custom AI Development and Deployment Platform

By
Garima Bansal
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0
Rabbitt AI Raises $2.1M to Expand Custom AI Development and Deployment Platform

Rabbitt AI, a company specializing in generative AI solutions, has secured $2.1 million in seed funding. This investment round was spearheaded by TechCurators along with several angel investors.

Rabbitt AI offers a comprehensive suite of tools that enable businesses to develop and deploy AI applications. Their offerings include custom large language model (LLM) development, retrieval-augmented generation (RAG) fine-tuning, and data-centric AI solutions.

The platform is equipped with advanced generative AI capabilities, custom LLM development, RAG fine-tuning, data-centric AI, machine learning operations (MLOps) integration, and voice bot AI agents.

With these features, Rabbitt AI empowers businesses to create sophisticated AI solutions that are specifically designed to meet their unique requirements.

TechCurators is the leading entity within the TC Group of companies, which is globally renowned for its expertise in education, e-learning, assessments, HR technology, cybersecurity, cloud development, and generative AI.

M2P Fintech Nears Completion of $80 Million Funding Round, Eyes Global Expansion

By
Garima Bansal
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0
M2P Fintech Nears Completion of $80 Million Funding Round, Eyes Global Expansion

API infrastructure platform M2P Fintech, formerly known as Yap, is nearing the completion of a new funding round involving both new and existing investors, according to sources familiar with the matter.

This new round marks the first major investment for the Bengaluru-based company in over two and a half years. Previously, M2P Fintech raised $56 million in an equity round led by Insight Partners, achieving a post-money valuation of $650 million. The upcoming funding round is expected to raise $80 million, led by a new investor, with participation from existing investors like Insight Partners.

The fresh capital will be used to enhance the company’s technological infrastructure and accelerate growth in both domestic and international markets. M2P Fintech’s API platform enables businesses to offer branded financial services through partnerships with fintech companies, ensuring regulatory compliance. The company operates in multiple countries, including Nepal, UAE, Australia, New Zealand, the Philippines, Bahrain, and Egypt.

With the new funding round, M2P Fintech’s valuation is projected to be between $880 and $900 million post-money. The company has already received the term sheet, and the deal is expected to be announced publicly soon.

To date, the Tiger Global-backed firm has acquired six companies, including Goals101, Syntizen, and BSG ITSOFT, to strengthen its offerings. According to data intelligence platform TheKredible, M2P Fintech has raised approximately Rs 864 crore so far. Beenext is the largest shareholder with over 13% ownership, while co-founders Madhusudhan R, Muthukumar A, and Prabhu R collectively hold 34% of the company.

Although M2P Fintech has not yet disclosed its financial results for FY24, its operating revenue surged 2.26 times to Rs 440.7 crore in FY23 from Rs 194.74 crore in FY22. This growth also led to a 3.35 times increase in losses, amounting to Rs 134.26 crore in FY23. M2P Fintech remains a leader in the API infrastructure sector, competing with notable players such as Setu, Signzy, and Decentro.

Game Theory Secures Funding from Top Indian Sports Figures to Advance Coaching Technology

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Garima Bansal
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0
Game Theory Secures Funding from Top Indian Sports Figures to Advance Coaching Technology

Game Theory, a real sports gaming platform, has secured an undisclosed amount of funding from prominent figures in Indian sports. Among the investors are Padma Bhushan awardee and former India No. 1 badminton player Pullela Gopichand, former world No. 10 squash player Saurav Ghosal, and Khel Ratna Awardee and current India No. 1 table tennis player Sharath Kamal.

The funds will be allocated towards advancing the company’s technology infrastructure to enhance their coaching programs. Sudeep Kulkarni, the founder of Game Theory, revealed that the investment will be used to improve the delivery and quality of their services.

Headquartered in Bengaluru, Game Theory focuses on connecting individuals who play physical sports with skilled players and organizing matches. The company is seeing notable growth in its badminton and swimming programs, and has plans to expand city-wide across India within the next year. Currently, Game Theory operates 15 venues in Bengaluru, with five more set to open soon.

Kulkarni emphasized the company’s commitment to youth training, aiming to provide consistent and effective sports education at the grassroots level. The use of technology will help identify key areas for improvement and provide ongoing feedback to parents, fostering greater interest and progress in sports.

In recent developments, Game Theory acquired sports analytics startup Matchday.ai. Additionally, the company raised $2 million in funding in October 2023 from Rainmatter, a startup accelerator fund founded by Nithin Kamath’s Zerodha, Indian tennis player Rohan Bopanna, WEH Ventures, Prequate Advisory, and angel investors including Balakrishna Adiga.

Simple Energy Secures $20 Million in Series A Funding to Boost Production and Expand Dealership Network

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Garima Bansal
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0
Simple Energy Secures $20 Million in Series A Funding to Boost Production and Expand Dealership Network

Electric two-wheeler startup Simple Energy has announced a successful Series A funding round, securing $20 million. This funding round included contributions from both existing and new investors.

The company plans to use the newly acquired capital to enhance its production capabilities, enter new markets, and develop additional products.

Suhas Rajkumar, Founder and CEO of Simple Energy, expressed gratitude for the strong support from their initial customers in Bengaluru and the trust shown by their investors. He noted that the funds will be strategically utilized to increase production and expand their dealership network across the country.

Simple Energy currently offers two models: Simple One and Simple Dot One. The company is in the pilot phase in Bengaluru, where it has started deliveries. Additionally, Simple Energy is gearing up to launch dealership stores in several cities, including Bengaluru, Mysore, Chennai, Vijayawada, Goa, Vizag, Kochi, Mumbai, Pune, Ahmedabad, Surat, Delhi, and Hyderabad in the near future.

BookMyCargo Targets Rs 100 Crore Topline by FY30 with B2C Expansion and International Growth

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Garima Bansal
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0
BookMyCargo Targets Rs 100 Crore Topline by FY30 with B2C Expansion and International Growth

Logistics company BookMyCargo has expanded into the domestic business-to-consumer (B2C) sector to enhance its market presence, with a target of achieving a Rs 100 crore topline by FY30, according to a company official.

Established in 2016 and headquartered in Gurugram, BookMyCargo (BMC) has primarily operated in the business-to-business (B2B) sector, serving industries such as FMCG, consumer goods, and pharmaceuticals. The company has recognized the growing demand for same-day deliveries, which was less than 1% in 2016 but is expected to rise to 22% by 2025. To capitalize on this growth, BMC has ventured into the B2C segment.

In addition to its domestic expansion, BookMyCargo has launched B2C services in Thailand, now covering 75 provinces in the Southeast Asian country. This international move marks a significant step in the company’s growth strategy.

As of March 2024, BookMyCargo reported a turnover of Rs 12.3 crore. With the new B2C segment, the company aims to nearly double its turnover within the current fiscal year and achieve a Rs 100 crore turnover over the next five years.

The company also commented on the Union Budget, noting that the Rs 11.11 lakh crore capital expenditure announced by the Finance Minister for infrastructure is expected to boost investment in development projects and create numerous employment opportunities. Additionally, the government’s initiative to establish more e-commerce export hubs and integrated industrial parks is anticipated to enhance manufacturing output, stimulate domestic consumption, and bolster trade and logistics activities in the country.

Magicpin to Invest ₹100 Crore in ONDC to Onboard 100,000 Restaurants and Cloud Kitchens

By
Garima Bansal
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0
Magicpin to Invest ₹100 Crore in ONDC to Onboard 100,000 Restaurants and Cloud Kitchens

Hyperlocal e-commerce platform Magicpin has announced plans to invest ₹100 crore over the next three months to onboard over 100,000 new restaurants and cloud kitchens onto the government-supported e-commerce network ONDC. This initiative aims to enhance the digital presence of food merchants by eliminating traditional entry barriers such as high commissions and onboarding fees.

The investment will be directed towards offering several onboarding incentives, including zero commission, no onboarding fees, and free home delivery services. Magicpin’s goal is to provide a risk-free entry for new restaurant partners, thereby encouraging greater participation in the digital economy.

As one of the leading seller apps on ONDC, Magicpin’s foodtech vertical competes with established food delivery services like Swiggy and Zomato. The company aims to accelerate the adoption of online food delivery across a diverse range of restaurant partners, which is expected to benefit the overall ONDC ecosystem and translate into cost savings for consumers.

To facilitate the onboarding process, Magicpin has introduced a self-onboarding tool that allows restaurants and small to medium-sized food delivery merchants to join ONDC in under five minutes. This tool is designed to streamline the registration process and make it easier for new merchants to get started.

The Open Network for Digital Commerce (ONDC) supports the initiative, emphasizing its mission to democratize digital commerce. The National Restaurant Association of India (NRAI) has also highlighted the significance of Magicpin’s partnership with ONDC, noting that it represents a major step towards digital transformation for member restaurants and encourages increased visibility and growth.

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