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360 One Acquires ET Money for Rs 366 Crore, Expands Presence in Wealth Tech Sector

By
Garima Bansal
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360 one founder

360 One Wealth and Asset Management, formerly known as IIFL Wealth, has finalized the acquisition of ET Money, a prominent wealth tech platform, for a total consideration of Rs 365.8 crore. The transaction, disclosed through a stock exchange filing, involves an Rs 85.8 crore cash payment to Times Internet, the parent company of ET Money, along with the issuance of 3.5 million stocks of the Mumbai-based wealth management firm at Rs 779.93 per share.

This acquisition marks a significant step for 360 One into the broader wealth management market, previously dominated by ET Money’s expansive user base and comprehensive suite of financial products.

ET Money, renowned for its robust portfolio advisory solutions, brokerage services, and credit offerings, serves over 9 lakh transacting users, with more than 1 lakh users generating revenue. The platform boasts assets under management totaling nearly Rs 70,000 crore, with Rs 25,000 crore invested in mutual funds alone.

Karan Bhagat, founder and CEO of 360 One WAM, expressed optimism about the acquisition’s potential, stating, “360 One and ET Money will now be able to leverage the product suite, domain understanding of the business, and scale to accelerate monetization across our combined user base and product offerings.”

Following the acquisition, ET Money will operate as a step-down subsidiary of 360 One, catering predominantly to ultra high net worth individuals, complementing 360 One’s existing clientele of more than 7,200 high net worth individuals with aggregate assets under management of approximately Rs 4.67 lakh crore.

Mukesh Kalra, CEO of ET Money, emphasized the shared vision between the two entities, stating, “We have a shared vision with 360 One WAM to align our businesses deeply with our client’s investment outcomes, creating trusted relationships.”

The acquisition positions 360 One as a formidable player in India’s wealth management landscape, poised to democratize access to premium wealth products and solutions, while leveraging ET Money’s established market presence and technological expertise.

Samunnati Secures Rs 133 Crore Debt Funding from Blue Earth for Small Farmers’ Climate Initiatives

By
Garima Bansal
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samunnati founder

Samunnati, a pivotal player in India’s agricultural value chain, has successfully raised Rs 133 crore (approximately USD 16 million) in credit financing from Blue Earth Capital, a Swiss impact investment firm.

This marks Blue Earth Capital’s inaugural debt investment and represents a significant boost for Samunnati’s endeavors to enhance climate adaptation and sustainability initiatives among small-scale farmers nationwide.

The funding infusion from Blue Earth Capital underscores the company’s commitment to stregthen the resilience of smallholder farmers through strategic projects. These initiatives primarily focus on climate adaptation, resilience building, and mitigation practices crucial for mitigating the adverse impacts of climate change on agricultural productivity.

Anil Kumar SG, founder and chief executive of Samunnati, expressed gratitude for the support, emphasizing its pivotal role in advancing their mission. He highlighted, “This boost will strengthen our efforts to improve the lives of smallholders through climate and sustainability projects.”

Presently, Samunnati allocates 22% of its active lending portfolio to climate-smart financing models, reflecting its proactive stance in promoting sustainable agricultural practices in India.

Amy Wang, head of private credit at Blue Earth Capital, echoed enthusiasm about supporting Samunnati as a pioneer in agriculture value chain financing in India. She emphasized the firm’s commitment to fostering impactful investments that contribute to sustainable agricultural development and climate resilience.

This funding milestone positions Samunnati to expand its influence in advancing climate adaptation strategies and sustainable farming practices among small farmers across India, setting a precedent for future initiatives in the agricultural finance sector.

Ethereal Machines Secures $13 Million in Series A Funding to Expand Precision Manufacturing Capabilities

By
Garima Bansal
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Ethereal-Machines

Ethereal Machines, a pioneering deep-tech manufacturing startup, has successfully raised $13 million in its Series A funding round led by Peak XV Partners and Steadview Capital. Existing investors including Blume Ventures, Enam Investments, and Sandeep Singhal also participated in this round, underscoring confidence in Ethereal’s innovative approach to precision engineering.

The funds raised will primarily be allocated towards advancing research and development initiatives, including the development of a multi-axis CNC controller. Additionally, Ethereal Machines plans to commence the construction of its second “Smart Factory,” a sprawling 250,000 square feet facility located on the outskirts of Bengaluru near the upcoming Foxconn facility. This new factory is expected to bolster Ethereal’s production capacity significantly within the next 12 months.

Founded by Kaushik Mudda and Navin Jain in 2014, Ethereal Machines specializes in manufacturing proprietary multi-axis Computer Numerical Control (CNC) machines. These machines are pivotal in producing precision parts for sectors such as aerospace, healthcare, and consumer electronics. Over the past year, Ethereal has achieved remarkable milestones, including a fourfold increase in revenue and a threefold increase in production capacity at its existing “Smart Factory” in Peenya, Bangalore.

“We are thrilled by the potential these funds unlock for Ethereal Machines,” said Kaushik Mudda, Co-founder of Ethereal Machines. “Our new Smart Factory will not only amplify our production capabilities but also support various industries by delivering high-quality, cost-effective precision components. This expansion aligns with our vision to fortify India’s global standing in precision manufacturing, drive economic growth, and foster job creation.”

Ethereal Machines’ advanced CNC technology has already proven instrumental in reducing production times by 25-40% and improving cost efficiencies by 10-30% for its clientele. The company’s commitment to innovation and operational excellence positions it strongly amidst India’s ambitious manufacturing goals, including becoming a $1 trillion manufacturing economy by 2030.

Shailesh Lakhani, Managing Director at Peak XV Partners, emphasized their confidence in Ethereal’s growth trajectory, stating, “We believe in the transformative impact of precision manufacturing across India’s development priorities. Ethereal Machines is well-positioned to lead this charge.”

As Ethereal Machines gears up for its next phase of expansion, it aims to leverage these investments to further enhance its technological capabilities, expand market reach, and reinforce its leadership in the precision manufacturing sector globally.

Practo Achieves Profitability in FY24 with Strong Revenue Growth and Improved EBITDA

By
Garima Bansal
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Shashank ND Practo

Practo, a leading digital healthcare platform, has reported significant financial improvements in FY24, achieving positive adjusted EBITDA for the first time in the fourth quarter. The company recorded a 90% improvement in EBITDA compared to FY23 and experienced a 22% increase in revenue. This financial turnaround is attributed to the company’s strategic focus on its core business operations, which include software solutions, appointment bookings, and telemedicine services.

In a statement, Practo highlighted a 68% Compound Annual Growth Rate (CAGR) in its core business, drastically reducing its adjusted negative EBITDA from ₹162 crore to ₹17 crore. The company’s contribution margins also saw a remarkable rise, increasing to 40% in FY24 from -1% in FY22, indicating enhanced operational efficiency and profitability.

The growth was particularly notable in Tier II and III markets, where revenues surged by 50%, while Tier I markets saw a 20% increase. Practo’s hospital management system, Insta, which serves over 1,500 healthcare centers globally, now commands a 15% market share in the UAE and boasts a 98% customer retention rate, further contributing to the company’s positive cash flow.

FY24 was a year of significant achievements for Practo, with the launch of the ‘excellence score,’ aimed at improving health outcomes. This tool leverages patient feedback to provide objective assessments of healthcare providers, enhancing patient-provider matching and reducing diagnostic errors. With over 40 crore consumers, 150,000 doctors, and 80,000 healthcare establishments using its services, Practo is driving the adoption of digital health solutions across India.

Looking ahead to FY25, Practo aims to continue growing profitably and developing innovative products that enhance health outcomes. Co-founder and CEO Shashank ND emphasized the company’s commitment to leveraging data science and AI to further improve healthcare delivery. Practo plans to integrate advanced AI features into its products, enhancing both consumer and provider experiences.

Practo also intends to expand its foundation work, particularly its #Mission10kCataracts initiative, which aims to provide free cataract surgeries in Karnataka, Andhra Pradesh, and Telangana while keeping costs under ₹2,000 per surgery. This initiative underscores the company’s commitment to making healthcare accessible and affordable.

Sixth Sense Ventures Launches Ambitious Fourth Fund Targeting ₹2,500 Crore to Drive Consumer Disruption

By
Garima Bansal
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Nikhil Vohra Sixth sense

Sixth Sense Ventures, a pioneer in India’s venture capital landscape, is set to raise ₹2,500 crore for its fourth fund, marking its largest fundraising effort to date. Known for its early-stage investments in consumer companies, the firm is broadening its scope to encompass investments across the entire lifecycle of businesses.

Founded by Nikhil Vora, Sixth Sense Ventures has been a key player in backing innovative consumer startups such as Bira, Wonderchef  and Uppercase. Traditionally, the firm allocates 50-60% of its capital to Series A rounds, which are crucial for the growth trajectory of startups. However, the new fund aims to diversify investments from angel stages to growth phases and even listed companies, allowing for a more comprehensive approach to nurturing consumer-focused businesses. “We aim to be dominant in Series A but have the flexibility to invest across a company’s lifecycle,” Vora explained in an interview with Mint. The fourth fund plans to deploy between ₹50 crore and ₹250 crore per investment, depending on the company’s stage of fundraising.

Sixth Sense has nearly fully utilized the capital from its third fund, which had a corpus of around ₹2,600 crore. The firm’s investment strategy involves committing 80-85% of each fund to new ventures while reserving the remainder for additional investments in existing portfolio companies. The growing appetite for consumer-focused funds in India reflects shifting consumption patterns and an increasing demand for premium products. Other notable venture capital firms like Sauce VC, DSG Consumer Partners, and Fireside Ventures have also launched significant funds recently, underscoring the vibrant potential in the consumer market.

India’s consumer market has long been dominated by duopolies, with two major players often controlling over 80% of the market share in various categories. Vora believes this landscape is ripe for disruption, thanks to advancements in logistics, e-commerce, and distribution channels. “The evolution of quick commerce will outpace traditional e-commerce,” Vora predicted. “As Indian consumers increasingly expect instant gratification, businesses previously dominated by e-commerce will shift towards quick commerce.” Sixth Sense is channeling substantial efforts into fostering this transition.

Setting itself apart from traditional venture capital firms, Sixth Sense Ventures has introduced a 0% management fee structure if a fund underperforms, aligning the firm’s success directly with its investors. “We believe this approach represents the future of fund management,” Vora stated, contrasting with the standard 2-2.5% management fees typically charged by other funds. Since its inception in 2014, Sixth Sense has focused on various aspects of consumer businesses, including products, services, distribution, and manufacturing. Vora emphasized the firm’s commitment to identifying and investing in the next wave of disruptive consumer brands. “The potential for these disruptors to scale and innovate is greater than ever,” he said.

As Sixth Sense Ventures embarks on raising its fourth fund, the firm is poised to continue its influential role in transforming India’s consumer market by backing the next generation of innovative brands and entrepreneurs.

AiDash Raises $58.5 Million to Propel Satellite-Driven Climate Resilience Solutions

By
Garima Bansal
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AiDash

AiDash, a leading AI-SaaS company based in San Jose, CA, focusing on sustainable and climate-resilient infrastructure, has successfully closed its Series C funding round at $58.5 million. The round was led by Lightrock, a prominent global private equity platform.

This latest funding round follows a previous $50 million raise earlier in the year, which saw participation from additional investors including Lightsmith Group and Marubeni Corporation, a Japanese conglomerate. Notable new entrants in this round include Duke Energy, National Grid, Edison International, and Sabanci Ventures, all enhancing AiDash’s investor base.

Abhishek Singh, Co-founder and CEO of AiDash, expressed gratitude for the strong investor support: “We are humbled by the interest from global investors and partners in our company’s mission and our satellite-first products.” He emphasized the critical importance of sustainable infrastructure in preparing for and managing the impacts of climate-related events in the coming decades.

AiDash’s innovative approach leverages satellite imagery and AI to provide real-time data streams crucial for industries like mining and utilities, aiding in long-term planning and operational efficiency. The company aims to expand its operations and further develop its technology to meet the growing demand for climate-resilient solutions.

With a total funding of $91.5 million to date, AiDash is well-positioned to lead advancements in sustainable infrastructure, contributing significantly to global efforts towards environmental stewardship and resilience.

Namdev Finvest Secures $19 Million in Pre-Series C Funding to Expand MSME Financial Inclusion Initiatives

By
Garima Bansal
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namdev Jitendra Tanwar

Namdev Finvest Private Limited, a prominent Non-Banking Finance Company (NBFC) dedicated to fostering financial inclusion among MSMEs, has successfully concluded its Pre-Series C funding round, raising USD 19 million. The investment was spearheaded by Maj Invest Financial Inclusion Fund III K/S, with participation from the Promoters Group and employees.

Established by Jitendra Tanwar in 2013, Namdev Finvest focuses on providing tailored financial solutions to underserved populations across seven North-Western Indian states. The company specializes in offering business loans to micro, small, and medium enterprises (MSMEs), alongside innovative green finance options like e-mobility and solar loans.

“This significant investment underscores the confidence our investors have in Namdev’s mission of advancing financial inclusion,” remarked Jitendra Tanwar, Managing Director & CEO of Namdev Finvest. “The funds raised will enable us to expand into newly identified rural geographies, furthering our commitment to empowering MSMEs with accessible financial solutions.”

Maj Invest Financial Inclusion Fund III K/S expressed enthusiasm about supporting Namdev Finvest’s growth trajectory. Siva Vadivelazhagan, Director at Maj Invest Financial Inclusion, emphasized, “We are thrilled to join Namdev Finvest on its journey towards enhancing financial inclusion. Their focus on leveraging technology-driven underwriting and sustainable finance aligns perfectly with our investment philosophy.”

Aditya Bhandari, Partner & Regional Director, Asia at Incofin Investment Management, highlighted Namdev’s secured loan portfolio and robust management team as key factors attracting significant private equity interest. “Namdev’s deep impact thesis and professional approach position it strongly for continued growth,” he affirmed.

With a portfolio exceeding INR 1,120 crore ($140 million), Namdev Finvest has achieved substantial operational milestones, consolidating its footprint and financial stability in the sector.

The fresh infusion of capital will support Namdev Finvest’s strategic initiatives to broaden its market reach, enhance service offerings, and reinforce its position as a leader in MSME finance and green finance innovation in India.

Euler Motors Accelerates Expansion Plans with Rs 200 Crore Series C Funding Round

By
Garima Bansal
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euler saurav kumar

In a significant stride towards bolstering its leadership in the electric commercial vehicles sector, Euler Motors has successfully closed its Series C funding round, raising an additional Rs 200 crore. Led by existing investors British International Investment and Blume Ventures, along with new investor Piramal Alternatives India Access Fund, this funding brings the total raised in Series C to Rs 570 crore, contributing to a cumulative funding of Rs 770 crore since its inception in 2018.

Founded by Saurav Kumar, Euler Motors specializes in manufacturing electric three-wheelers under the HiLoad EV brand, catering primarily to last-mile connectivity needs for online grocery and e-commerce logistics. With a fleet of 3,700 vehicles already operational across 22 cities by March 2024, Euler Motors plans to double its footprint to over 40 cities in the fiscal year 2025.

“This fresh capital injection marks a pivotal moment for Euler Motors as we strive to solidify our position as India’s premier electric commercial vehicle brand,” commented Saurav Kumar, Founder and CEO of Euler Motors. “Our commitment to enhancing technological capabilities, accelerating R&D efforts, and expanding our servicing infrastructure underscores our ambition to achieve double-digit market share.”

The funding will support Euler Motors’ aggressive expansion strategy, enabling it to strengthen its pan-India presence, introduce new product variants, and enhance customer service offerings. With a clear focus on innovation and market expansion, Euler Motors is poised to lead the charge in transforming India’s commercial logistics landscape through sustainable electric mobility solutions.

Sindhuja Microcredit: Bridging Financial Gaps, Empowering Rural Women Entrepreneurs

By
Garima Bansal
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Sindhuja Microcredit founders

Founded with a vision to empower self-employed women entrepreneurs in rural India, Sindhuja Microcredit has emerged as a pivotal player in the microfinance sector. Established by Abhisheka Kumar and Malkit Singh Didyala, the institution began its journey with a mission to provide financial services to underserved communities, focusing on rural and semi-urban regions.

In its latest milestone, Sindhuja Microcredit successfully raised Rs. 120 crore ($14.5 million) in a Series C funding round led by impact investors GAWA Capital and Oikocredit. This funding will fuel the company’s expansion efforts across existing and new geographies, as well as support the launch of innovative product lines tailored to meet the diverse needs of its clientele.

Reflecting on the journey, Abhisheka Kumar, Managing Director, and Malkit Singh Didyala, CEO, expressed gratitude towards their investors, highlighting the pivotal role of early backers like Carpediem Capital and Abler Nordic. These investments were instrumental during critical phases, including the IL&FS crisis and the challenges posed by the COVID-19 pandemic, underscoring Sindhuja’s resilience and commitment to financial inclusion.

Agustín Vitórica, Co-Founder of GAWA Capital, emphasized the strategic alignment with Sindhuja’s mission to support rural communities and women borrowers, aiming to empower India’s farming community through impactful financial solutions. Similarly, Abhinav Natani from Oikocredit reiterated their belief in Sindhuja’s role in driving social and economic development by providing access to finance to low-income segments.

Unitus Capital played a crucial role as the Exclusive Financial Advisor for the transaction, further validating Sindhuja’s growth trajectory and market position. With over 235 branches and assets under management exceeding Rs. 10 billion, Sindhuja has extended micro-loans to over 400,000 micro-entrepreneurs across nine states in India’s northern, eastern, and western regions.

Looking ahead, Sindhuja Microcredit remains committed to leveraging its tech-centric approach to expand its footprint and enhance service delivery in remote rural areas. The company’s focus on financial and non-financial support for its clients underscores its dedication to fostering sustainable livelihoods and economic empowerment at the grassroots level.

RailYatri: Revolutionizing Travel with Smart Solutions

By
Garima Bansal
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0
railyatri founders

RailYatri, a pioneering startup revolutionizing train travel in India, has carved a niche for itself through its innovative mobile application and comprehensive online platform. Founded by Kapil Raizada, Manish Rathi and Sachin Saxena, RailYatri began with a vision to simplify the travel experience for millions of passengers across India. The platform offers real-time train schedules, booking services, and essential travel alerts, catering to over 15 million users monthly.

Since its inception, RailYatri has experienced significant milestones and challenges. The startup weathered various crises typical of scaling businesses, from operational hurdles to market competition. However, with strategic resilience and a customer-centric approach, RailYatri not only survived but thrived. One of its pivotal moments was the merger with IntrCity, a mobility platform that expanded its service offerings to include bus travel under the brand IntrCity SmartBus.

In 2024, IntrCity, the parent company of RailYatri, raised $4.5 million in its Series C funding round. Led by Mirabilis Investment Trust, with participation from existing investors like Nandan Nilekani’s family trust, Omidyar Network India, and Ujamaa Ventures, this funding round bolstered IntrCity’s valuation to approximately $110 million. The infusion of funds is earmarked for enhancing product features, scaling user acquisition efforts, and expanding service routes across India.

RailYatri continues to innovate with initiatives like the ‘flexi-ticket’ feature, allowing travelers to make last-minute changes to their train reservations—a testament to its commitment to user convenience. With over 630 routes covered by IntrCity SmartBus and a robust revenue model primarily driven by roadway operations, RailYatri remains at the forefront of transforming how Indians travel, blending technology with traditional modes of transport seamlessly. As the company eyes further growth and expansion, its journey exemplifies the potential of leveraging technology to enhance the travel experience in emerging markets.

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