Home Blog Page 77

Paytm Partners with Axis Bank to Enhance PoS Solutions and Expand Merchant Network

Garima Bansal
-
0
Paytm Partners with Axis Bank to Enhance PoS Solutions and Expand Merchant Network

One 97 Communications (OCL), the parent company of fintech firm Paytm, has partnered with Axis Bank to provide point-of-sale (PoS) solutions and Electronic Data Capture (EDC) machines to the bank and its merchant network.

This collaboration follows Paytm’s recent shift of its nodal account to Axis Bank to facilitate merchant payments amidst regulatory scrutiny by the Reserve Bank of India. The partnership aims to expand Paytm’s reach to a broader merchant base through Axis Bank, enhancing the bank’s merchant acquiring portfolio and improving transaction efficiency.

Sanjeev Moghe, President and Head of Cards and Payments at Axis Bank, expressed his enthusiasm for the partnership, stating that it allows Axis Bank to extend its business offerings to a larger base of merchants. Paytm’s EDC devices feature inventory management, invoice generation, promotions and discounts, sales tracking and reporting, and customer relationship management, which will help merchants streamline their business operations.

In addition, ET reported that Paytm is transferring its PoS terminals for card payments at merchant outlets to RBL Bank. Under this arrangement, OCL will manage these terminals at the backend, while RBL Bank will handle transaction processing. The transactions will be settled with merchants through Axis Bank’s nodal accounts.

A Paytm spokesperson highlighted the significance of the collaboration with Axis Bank, emphasizing that it represents a milestone in empowering merchants with innovative technology. The partnership aims to extend Paytm’s reach, strengthen customer engagement, and support merchants in growing their businesses. For Q1 FY25, Paytm reported a revenue of Rs 1,502 crore, down 36% from Rs 2,342 crore in Q1 FY24, with consolidated losses increasing to Rs 838.9 crore from Rs 357 crore in Q1 FY24.

Nykaa to Raise Rs 125 Crore via Non-Convertible Debentures, Plans Investment in UAE Subsidiary

Garima Bansal
-
0
Nykaa to Raise Rs 125 Crore via Non-Convertible Debentures, Plans Investment in UAE Subsidiary

Online fashion and beauty commerce platform Nykaa is set to raise Rs 125 crore (approximately $15 million) through non-convertible debentures (NCDs).

Nykaa’s board has approved a resolution to issue up to 12,500 NCDs at an issue price of Rs 1,00,000 each, raising Rs 125 crore in dematerialized form via private placement, according to a disclosure filed with the National Stock Exchange. The debentures will be issued to a foreign portfolio investor, although the investor’s name has not been disclosed.

While Nykaa has not specified the purpose of this debt raising, it plans to invest $2.5 million in its UAE-based subsidiary Nysaa Beauty in one or more tranches. Nykaa currently operates 14 subsidiaries and has an associate company named Earth Rhythm.

Nykaa generates the majority of its revenue from the sale of beauty, personal care, fashion, and other products and services through various platforms. The company’s revenue from operations grew by 24.1% to Rs 6,386 crore in FY24 from Rs 5,144 crore in FY23. Additionally, Nykaa’s profit surged by 90.5% to Rs 40 crore in FY24 from Rs 21 crore in the previous fiscal year.

Nykaa has projected a growth rate of 22-23% for the first quarter of FY25. Ahead of its Q4 results, the company also announced new employee stock option (ESOP) plans to promote employee ownership and attract, retain, and motivate talent in line with its corporate growth.

Adda247 Announces $215.6 Million ESOP Buyback as It Prepares for 2027 IPO

Garima Bansal
-
0
Adda247 Announces $215.6 Million ESOP Buyback as It Prepares for 2027 IPO

Google-backed edtech startup Adda247 announced its first-ever employee stock ownership plan (ESOP) buyback, involving 130 employees across various roles and functions. The company revealed that the buyback price averages 40 times the initial purchase price. Adda247 is preparing for a public offering in 2027.

This ESOP buyback is considered a pivotal moment in Adda247’s growth. According to Anil Nagar, the founder and CEO, the initiative underscores the company’s appreciation for its employees’ dedication and the value they create.

Founded in 2016 by Anil Nagar and Saurabh Bansal, Adda247 specializes in exam preparation for jobs in public sector banks, government departments, and railways. The platform offers live online classes, on-demand video courses, mock tests, e-books, and printed materials designed for specific exams.

In FY24, Adda247 reported a revenue of Rs 243.39 crore, reflecting an 88% increase from Rs 129.65 crore in FY23. The company also managed to cut its net loss by 66% to Rs 101 crore, down from Rs 296 crore the previous year.

Additionally, on July 9, it was reported that Adda247 acquired Ekagrata Eduserv, a chartered accountancy test preparation firm, marking its entry into the CA test preparation market. In recent news, Swiggy announced a $65 million ESOP buyback, and Urban Company revealed its fifth and largest ESOP secondary sale program worth Rs 203 crore (approximately $25 million). Other companies involved in similar buybacks include MyGate, Meesho, and Classplus.

SIDBI Secures $215.6 Million from Green Climate Fund to Support Climate-Resilient Technologies in Indian MSMEs

Garima Bansal
-
0
SIDBI Secures $215.6 Million from Green Climate Fund to Support Climate-Resilient Technologies in Indian MSMEs

The Small Industries Development Bank of India (SIDBI) announced on Monday that the Green Climate Fund (GCF) has approved a $215.6 million loan facility for one of its projects.

This funding is designated for the implementation of Financing Mitigation and Adaptation Projects (FMAP) within Indian small businesses, according to an official statement.

The initiative aims to support Indian micro, small, and medium enterprises (MSMEs) in adopting low-emission and climate-resilient technologies, thereby contributing to the country’s net-zero targets.

Indian small businesses will receive concessional loans to adopt various mitigation and adaptation technologies under this facility.

The funding includes a $200 million facility for concessional loans and an additional $15.6 million in grant support from GCF. The grant will be used to build the capacity of various stakeholders, including MSMEs and PFIs, to understand and implement low-emission and climate-resilient technologies.

The FMAP program is expected to result in greenhouse gas (GHG) emission reductions of approximately 35.3 million tonnes. Additionally, the adaptation activities will lead to substantial water savings and enhance the resilience of vulnerable communities, benefiting more than 10.8 million individuals.

SIDBI has already approved its first project under this facility by allocating $24.5 million to Avaana Sustainability Fund to foster the startup ecosystem.

Auxilo Secures Rs 100 Crore in Debt Financing to Boost Education Loans and Institutional Funding

Garima Bansal
-
0
Auxilo Secures Rs 100 Crore in Debt Financing to Boost Education Loans and Institutional Funding

Education-focused non-banking financial corporation (NBFC) Auxilo has secured Rs 100 crore (approximately $12 million) in debt financing. According to a regulatory filing accessed from the Registrar of Companies (RoC), Auxilo’s board issued non-convertible debentures (NCDs) at Rs 1,00,000 each to raise the funds. Dezerv Securities contributed Rs 26.39 crore, while MAS Financial Services and CredAvenue Securities (Yubi) each invested Rs 25 crore. The remaining funds will be released by the investors soon.

The NCDs issued to MAS Financial and CredAvenue (Yubi) have a 36-month tenure with a 9.65% interest rate, while Dezerv’s debentures have a 29-month tenure with a 9.90% annual coupon rate.

This funding round coincides with Auxilo’s recent $33.6 million equity round led by LeapFrog Investments, which invested $30 million, while Trifecta Leaders Fund-I and Xponentia Opportunities Fund-II contributed the remaining amount. The current debt funding is separate from this equity announcement.

Since its inception, Auxilo has raised around $145 million through equity and debt, including a $57 million round led by Tata Capital Growth in July last year.

Established in 2017, Auxilo provides student loans for education in India and abroad, and loans to educational institutions for infrastructure and working capital needs. The New Delhi-based company claims to have funded over 12,000 students across more than 1,100 universities in over 30 countries. In the next five years, it aims to disburse Rs 25,000 crore in loans to over 150,000 students.

Umwelt.AI Secures $125K Seed Funding to Expand Global Reach and Enhance HR Solutions

Garima Bansal
-
0
Umwelt.AI Secures $125K Seed Funding to Expand Global Reach and Enhance HR Solutions

HR technology platform Umwelt.AI has successfully raised $125K in a seed funding round led by Upekkha. According to a press release from Umwelt, the funds will be used to enhance their global presence and offer impactful solutions to organizations across diverse sectors.

Previously, the company raised $125,000 in a pre-seed round from an existing investor last year.

Founded in 2023 by Vishal Chopra, Umwelt.AI provides people analytics and employee experience solutions that surpass traditional HR methods. The platform aids organizations in boosting their employee net promoter score (ENPS) and employee response rates, leading to a more engaged workforce.

Based in Faridabad, Umwelt.AI leverages behavioral science, chatBot technology, and advanced analytics to help CEOs and HR leaders listen to, analyze, and act on employee feedback in real-time. It tracks key indicators such as mood, engagement, and attrition risk, enabling companies to address potential issues before they become critical. The platform’s predictive analytics capabilities have contributed to reduced early attrition rates, resulting in cost savings and improved talent retention.

Umwelt claims to have worked with notable companies including Quess Corp, Vero Moda, Jack & Jones, Foundit, and Allsec BPO. It faces competition from other startups in the same space, such as Amara.ai, infeedo, and Leena.AI.

Bluelearn Closes Operations, Refunds 70% of Investor Capital

Garima Bansal
-
0
Bluelearn Closes Operations, Refunds 70% of Investor Capital

Bluelearn, a social learning platform, announced on Sunday that it is closing down due to difficulties in rapid growth. The three-year-old Bengaluru-based company will return 70% of the capital it raised to its investors.

Bluelearn had secured nearly $4 million in funding across two rounds from Elevation Capital, Lightspeed, Titan Capital, and 2am VC. The platform also garnered support from angel investors such as Vidit Aatrey, Sanjeev Barnwal, Awais Ahmed, and Vivek Mohan. Co-founder and CEO Harish Uthayakumar indicated that building a venture-scale business with Bluelearn was challenging. The company managed its capital conservatively, allowing it to return 70% of the raised funds back to investors.

Founded by Uthayakumar and Shreyans Sancheti, Bluelearn began as a Telegram channel for students to assist each other with common questions. At its peak, the platform boasted over 250,000 members from various colleges and startups in India and abroad. Since its inception, Bluelearn has aided thousands of students in securing internships and jobs and fostering friendships through its online community.

In 2024, more than half a dozen startups in India, including Resso (India), Rario, OKX (India), Muvin, GoldPe, Koo, and Nintee, have shut down operations. Some, like Paras Chopra’s digital health startup Nintee, which closed in April, announced plans to return significant capital to investors.

Similarly, trading app Investmint will return 25% of its capital amid insolvency proceedings. According to media reports, fashion startups Fashinza and Virgo will also return capital to their investors after unsuccessful pivots.

Amazon Explores Acquisition of Swiggy’s Instamart Amid IPO Filing

Garima Bansal
-
0
Amazon Explores Acquisition of Swiggy’s Instamart Amid IPO Filing

Amazon India is reportedly in discussions with Swiggy regarding a potential deal involving the latter’s quick commerce arm, Instamart. This move comes as Swiggy gears up for a significant public offering, having recently filed draft documents with the Securities and Exchange Board of India (SEBI) for a ₹10,414 crore ($1.25 billion) IPO, one of the largest for a tech company in the region.

The negotiations between Amazon and Swiggy are still in the preliminary stages, and no formal offer has been made. Amazon is contemplating either acquiring a stake in Instamart through the ongoing pre-IPO placement or pursuing a complete buyout of the business. However, the complex nature of the deal presents several hurdles. The potential acquisition is complicated by Swiggy’s current valuation and its reluctance to sell only its quick commerce division. Additionally, Amazon’s typical approach does not favor minority stakes, which could impact the feasibility of the transaction.

Swiggy, which has been actively expanding its offerings, including its quick commerce platform Instamart, is also exploring other financial maneuvers to prepare for its IPO. Recently, the company has been selling secondary stakes to reduce the shareholding of its major backer, Prosus, and has initiated a $65 million ESOP buyback program to offer liquidity to its employees.

Amazon’s interest in Instamart aligns with its broader strategy to enhance its quick commerce capabilities in India. The e-commerce giant has been developing its own quick commerce initiatives but would need global clearance to establish such a vertical, as it does not currently offer these services in its other markets.

The quick commerce sector is rapidly growing, and competition is intensifying, with major players like Swiggy, Zomato, and independent platforms like Zepto vying for dominance. Swiggy’s expansion into new categories like Genie and Instamart positions it strongly in this competitive landscape.

The outcome of the negotiations will depend on overcoming the structural complexities of the deal and aligning with Amazon’s strategic goals. Both companies are expected to continue exploring their options as they navigate the evolving quick commerce market.

Hero MotoCorp Sets Sights on Affordable EVs and Global Expansion This Fiscal Year

Garima Bansal
-
0
Hero MotoCorp Sets Sights on Affordable EVs and Global Expansion This Fiscal Year

Hero MotoCorp, the leading two-wheeler manufacturer in India, is set to launch affordable electric vehicle (EV) models within the current fiscal year. The company aims to establish a strong presence in the electric two-wheeler segment, with plans to introduce its electric range in international markets as well.

In the company’s Annual Report for 2023-24, CEO Niranjan Gupta outlined a strategic roadmap for rapidly scaling Hero MotoCorp’s electric vehicle business. The company is committed to building leadership in the EV sector by developing a robust product portfolio, augmenting its existing VIDA V1 Pro model.

The upcoming fiscal year will see the launch of new products targeting the mid-and affordable segments. Hero MotoCorp’s current VIDA electric scooter range, priced between Rs 1-1.5 lakh with state subsidies, will be complemented by these new offerings.

Pawan Munjal, Hero MotoCorp’s Executive Chairman, highlighted the company’s partnership with Ather Energy, which has resulted in the creation of India’s largest public-charging infrastructure for two-wheeler EVs. Additionally, the collaboration with Zero Motorcycle aims to develop new EV motorcycles for a distinct customer segment, thereby expanding the overall market.

The VIDA V1 electric scooter has already gained significant traction in the Indian market and is poised for future launches in global markets. Hero MotoCorp has expanded its EV scooter presence from three to over 100 cities, showcasing its commitment to widespread adoption.

Innovations at Hero MotoCorp’s R&D Centres in CIT Jaipur and Tech Centre Germany are paving the way for a competitive portfolio across all segments. The company plans to introduce more premium products and expand its international, accessories, and merchandise businesses.

Gupta emphasized the importance of scale in Hero MotoCorp’s strategy, leveraging the company’s extensive customer base, distribution network, and global presence. With a supply chain capacity of 10 million units and a workforce of over 25,000 employees, Hero MotoCorp’s scale advantage is significant.

The company’s strategy focuses on speed, scale, synergy, and simplification. By accelerating product development and upgrading the sales network, Hero MotoCorp aims to reduce product rollout times and enhance decision-making processes. This approach ensures the company remains agile in response to rapidly changing global and consumer trends.

AiDash Unveils AI Centre of Excellence in Bengaluru to Drive Innovation in Climate Resilience and Sustainability

Garima Bansal
-
0
AiDash Unveils AI Centre of Excellence in Bengaluru to Drive Innovation in Climate Resilience and Sustainability

Enterprise SaaS startup AiDash has launched its new AI Centre of Excellence in Bengaluru, marking a significant step in its mission to enhance climate resilience and sustainability for critical infrastructure industries using satellite technology and artificial intelligence. This facility, located in the tech hub of Whitefield, Bengaluru, is set to become a focal point for advanced research and innovation in AI, remote sensing, and geospatial analytics.

Spanning 8,000 square feet, the AI Centre of Excellence aims to harness cutting-edge technology to develop solutions addressing some of the world’s most pressing environmental challenges, such as biodiversity conservation, carbon management, and disaster response for wildfires, storms, and floods. This initiative follows AiDash’s successful Series C funding round in April, which raised $58.5 million and brought the company’s total funding to $91.5 million.

Rahul Saxena, the Co-Founder and Chief Product and Technology Officer of AiDash, emphasized the company’s dedication to innovation and sustainability. The new centre aims to collaborate with industry leaders, researchers, and other stakeholders to push boundaries and create a more resilient and sustainable future for critical industries.

While AiDash primarily generates revenue from the U.S. and UK markets, India plays a crucial role in the company’s operations due to its robust technological capabilities and the extensive talent pool available. The Bengaluru centre is expected to double the size of AiDash’s team over the next two years, bolstering its workforce in India, which already includes over 300 employees in Gurugram and Bengaluru.

The establishment of the AI Centre of Excellence highlights the dynamic and competitive nature of India’s startup ecosystem, which continues to attract significant investment and foster innovation. With this new facility, AiDash aims to not only enhance its own capabilities but also contribute to the broader goal of making critical infrastructure industries more sustainable and climate-resilient.

India’s tech scene has been a fertile ground for startups, particularly those focused on AI and sustainability. The government’s supportive initiatives and the availability of a skilled workforce have created an environment where companies like AiDash can thrive and lead the way in addressing global challenges through technology.

The new AI Centre of Excellence is poised to become a hub for groundbreaking research and development, positioning AiDash at the forefront of technological innovation in climate resilience and sustainability. By leveraging advanced AI solutions and satellite technology, AiDash is set to make a significant impact on the way critical infrastructure industries operate, ensuring they are better prepared to withstand environmental challenges and contribute to a more sustainable future.

1...767778...129Page 77 of 129
© Newspaper WordPress Theme by TagDiv