Monday, October 7, 2024
No menu items!
Home Blog Page 78

Jupiter Granted RBI Approval for Mobile Wallet License, Expanding Financial Services Portfolio

By
Garima Bansal
-
0
Jitendra Gupta Jupiter founder
Jitendra Gupta, founder Jupiter

Jupiter, a neobanking startup has recently received approval from the Reserve Bank of India (RBI) for a prepaid payments instrument (PPI) license. This milestone enables the fintech firm to introduce digital wallets to its users, facilitating UPI payments, fund transfers, and bill payments.

Backed by prominent investors such as Tiger Global and Peak XV Partners, Jupiter’s founder, Jitendra Gupta, expressed enthusiasm about the RBI’s decision, stating that the company plans to roll out prepaid account facilities in the near future. Gupta emphasized the extensive functionalities of PPI, likening it to a bank account, thus broadening Jupiter’s user base and enhancing its ecosystem.

With the PPI license secured, Jupiter aims to diversify its app offerings by introducing new use cases. Currently providing digital savings accounts, UPI payments, and financial management tools, the startup intends to leverage its expanded capabilities to cater to various financial needs of its users.

The regulatory approval also grants Jupiter’s customers the flexibility to operate risk-free accounts, utilizing the app for UPI transactions and similar activities. This move aligns with the company’s commitment to providing convenient and secure financial services to its user base.

Having raised a total of $165 million through multiple equity funding rounds, Jupiter has been steadily expanding its market presence. As of June 2023, the startup boasted a valuation of $654 million, according to data from Tracxn.

Jupiter’s entry into the PPI ecosystem further solidifies its position in the fintech landscape, joining fellow Bengaluru-based peer Slice, which obtained a similar license last September. Gupta’s successful acquisition of the PPI license marks another significant achievement for him, following Amica Financial Technologies’ receipt of a non-banking finance company (NBFC) license from the RBI last year.

This strategic move underscores Jupiter’s commitment to offering comprehensive financial solutions and underscores Gupta’s entrepreneurial vision in driving innovation within the fintech sector.

TBO Secures Rs 696 Crore from Anchor Investors

By
Garima Bansal
-
0
TBO founders

TBO, a prominent online B2B travel distribution platform, co-founded by Gaurav Bhatnagar and Ankush Nijhawan has successfully garnered Rs 696 crore through its offering of shares to anchor investors, marking a significant stride in its initial public offering.

According to regulatory filings accessed from the Bombay Stock Exchange (BSE), TBO Tek’s board has greenlit the offering of 75,70,807 equity shares at an issue price of Rs 920 each to anchor investors.

Among the notable anchor investors are ABU Dhabi Investment, ICICI Prudential, Kotak Mahindra Securities, Nippon Life, SBI Technology Opportunities, Axis Mutual Fund, Goldman Sachs, Aditya Birla, and Invesco India.

Of the total allocation to anchor investors, amounting to 7,570,807 equity shares, 3,155,236 equity shares have been assigned to 14 domestic mutual funds across 26 schemes, as outlined in the filing.

In its Draft Red Herring Prospectus (DRHP), the Gurugram-based company proposed to raise funds through the issuance of equity shares with a face value of Rs 1 each, comprising a fresh issue of equity shares aggregating up to Rs 400 crore and an offer for sale of up to 12,508,797 equity shares.

According to the DRHP, Lap Travel holds the largest stake in the firm at 25%, followed by Augusta TBO with a 24.32% stake. Bhatnagar and Dhingra control stakes of 20% and 5.63%, respectively.

For the nine-month period from March 2023 to December 2023 of FY24, TBO Tek recorded a consolidated revenue of Rs 1,023 crore, with a profit of Rs 154 crore. Notably, revenue from hotels and packages accounted for 72% of its total revenue, while collections from air ticketing contributed 25% to its revenue stream.

Hummsa Biotech Redefines Diagnostic Testing with Cutting-Edge Aptamer Technology

By
Garima Bansal
-
0
harshad lalwani hummsa

In the realm of medical diagnostics, precision and speed are paramount. Conventional methods often falter due to lack of sensitivity or delays in obtaining critical results. Enter Hummsa Biotech, offering a transformative solution that seamlessly integrates precision, speed, and accessibility into diagnostic testing.

Hummsa Biotech leverages aptamer technology, synthetic molecules designed to bind specifically to target molecules. Unlike antibodies, aptamers excel in affinity, stability, and ease of modification. Chemically synthesized, they are cost-effective and stable at room temperature, reducing logistical complexities and storage costs. This innovation powers InsGen, an IVD kit delivering molecular biology’s sensitivity with lightning-fast results – just 10 minutes for precise diagnostics.

Founded and led by Harshad Lalwani, with a robust background in real estate and entrepreneurship, Hummsa Biotech thrives under the scientific prowess of Dr. Swapnil Sinha. With a Ph.D. in Life Sciences and extensive experience managing BioNEST at IIT Guwahati, Dr. Sinha drives innovation and strategic growth, ensuring Hummsa Biotech remains at the forefront of diagnostic advancements.

The global aptamer market, valued at $1.7 billion in 2022, is projected to reach $7 billion by 2031, driven by increasing demand for accurate diagnostic solutions amidst rising chronic diseases. Hummsa Biotech’s InsGen addresses this market need with unparalleled accuracy, outperforming traditional antigen detection methods, particularly in detecting infectious diseases.

Hummsa Biotech pioneers point-of-care diagnostics, offering rapid, affordable solutions that redefine healthcare accessibility. InsGen’s intuitive features, such as instant color change for positive samples and seamless smartphone integration, enhance diagnostic capabilities. Their commitment to sustainability through eco-friendly production processes further underscores their leadership in transformative healthcare solutions.

Backed by strategic partnerships and a commitment to transformative healthcare ventures, Hummsa Biotech emerges as a leader in decentralized diagnostic solutions. As the industry shifts towards faster, more precise diagnostics, Hummsa is positioned for exponential growth, aligning with a 100X commitment to revolutionize healthcare accessibility and diagnostic accuracy.

Hummsa Biotech’s pioneering use of aptamer technology not only addresses current diagnostic challenges but also sets new benchmarks for precision, speed, and accessibility in healthcare. With a relentless pursuit of innovation and a clear vision for growth, Hummsa Biotech promises a future where diagnostic excellence is the norm, empowering healthcare professionals with faster, more accurate diagnostic tools.

OTPless Raises $3.5 Million to Enhance Authentication Offerings

By
Garima Bansal
-
0
otpless founders

OTPless, an innovative authentication and access management platform, has secured $3.5 million in its pre-Series A funding round, spearheaded by SIDBI, with participation from Venture Highway, FJ Labs, and Piper Serica.

The funding infusion marks a significant milestone for OTPless as it gears up to expand its global footprint and diversify its service portfolio beyond authentication into authorization. With ambitions to challenge established players such as Auth0, Clerk, Stytch, Descope, and Transmit Security, OTPless aims to leverage the funding to bolster its technological capabilities and solidify its position in the market.

Leveraging innovative methods such as WhatsApp and other social sign-in options, OTPless delivers a seamless and secure authentication experience for users across websites and applications.

The platform offers a comprehensive suite of authentication solutions, supporting various social sign-in methods including Google, iMessage, Microsoft, Github, Slack, UPI, and modern protocols such as Passkeys, Network Auth, Protected SMS, and Device Fingerprinting. Developers can effortlessly integrate OTPless’s SDKs and APIs, enabling rapid deployment within minutes through pre-built UIs or customizable options.

Bhavik Koladiya, co-founder, and CEO of OTPless expressed his excitement about the funding, emphasizing the company’s vision to simplify, accelerate, and fortify user authentication. The investment will fuel OTPless’s operational expansion and technological advancements, aligning with the surging global demand for seamless and secure authentication solutions.

OTPless also outlined its plans to introduce new features and integrations aimed at further streamlining the authentication process for both users and developers. These enhancements include additional social sign-in options, enhanced biometric authentication methods, passkeys, adaptive authentication, and advanced security features to mitigate emerging threats effectively.

Having secured a total of $6.5 million in funding to date, OTPless continues its trajectory of growth and innovation in the authentication space.

Skye Air Raises $4 Million in Series A Funding to Expand Drone-Based Logistics Network

By
Garima Bansal
-
0
Skye Air founder

Skye Air, a pioneering drone delivery startup, has announced the successful closure of its Series A funding round, securing $4 million from a consortium of prominent venture capital funds.

The investment round was led by Mount Judi Ventures and Chiratae Ventures, with participation from Venture Catalyst, Windrose Capital, Tremis Capital, Faad Capital, Misfits Capital, Hyderabad Angels, Soonicorn Ventures, along with other existing investors, family offices, and angels.

Founded in 2019 by Ankit Kumar and Chandra Prakash, Skye Air specializes in providing drone-based logistics solutions to various industries, including healthcare, e-commerce, quick-commerce, and agri-commodity sectors. The company has developed an innovative unmanned traffic management system to efficiently manage drone traffic, enhancing the safety and reliability of its operations.

Ankit Kumar  expressed his enthusiasm about the funding, emphasizing that the fresh capital infusion will facilitate the company’s expansion of its last-mile delivery network across Gurugram and other cities.

This expansion is particularly geared towards enhancing healthcare, e-commerce, and quick-commerce deliveries, thereby addressing critical logistical challenges and improving service efficiency.

The support and guidance received from regulatory bodies such as the Ministry of Civil Aviation, DGCA, AAI, District Administrations, and other authorities have been instrumental in enabling Skye Air to develop innovative drone delivery solutions with the potential to positively impact millions of lives, Kumar noted.

Apoorva Ranjan Sharma, Founder and Managing Director at Venture Catalysts, underscored the transformative impact of drone-based last-mile deliveries on India’s logistics landscape, emphasizing the need for efficient and innovative solutions to navigate the country’s diverse terrain. The implementation of favorable government policies, including the ban on drone imports to promote local production and stringent certification processes, has catalyzed significant investments in the drone sector, paving the way for its rapid growth trajectory.

Indian beauty unicorn Purplle raises $100m from Abu Dhabi wealth fund: report

By
Garima Bansal
-
0
purplle founders

Purplle, the beauty and personal care platform, has successfully secured $100 million (INR 835 Cr) in funding through a mix of primary and secondary investments, with Abu Dhabi’s sovereign fund ADIA leading the investment round.

This latest funding round has propelled Purplle’s valuation to approximately $1.2-1.3 billion, marking a notable 15% increase from its previous fundraising round last year.

In addition to ADIA’s significant investment, Creaegis, a sector-agnostic private equity fund is poised to join Purplle’s investor lineup as a new participant, with final negotiations reportedly in the advanced stages. Noteworthy backers such as Peak XV Partners and Blume Ventures already feature prominently among Purplle’s investors.

This infusion of fresh capital arrives at a strategic juncture for Purplle as it gears up to expand its physical retail presence substantially throughout the current year. Previous reports had hinted at Purplle’s ongoing discussions with ADIA regarding a significant investment aimed at supporting these expansion endeavors.

Established in 2012 by Manish Taneja and Rahul Dash, Purplle has established itself as a key player in the beauty e-commerce sector, offering an extensive array of beauty products and appliances. The platform boasts products from numerous direct-to-consumer (D2C) brands, including Plum, WOW Skin Science, mCaffeine, Maybelline, and SUGAR Cosmetics.

Notably, in the financial year 2022-23 (FY23), Purplle witnessed a remarkable surge in operating revenue, soaring to INR 474.9 Cr, reflecting a notable 116% increase from INR 219.8 Cr in FY22.

CredAble Secures Rs 30 Crore Funding from SIDBI to Empower MSMEs and Women-Led Businesses

By
Garima Bansal
-
0
credable founders

CredAble, a pioneering working capital financing startup, has announced a significant boost to its operations with the infusion of Rs 30 crore in debt funding from the Small Industries Development Bank of India (SIDBI). 

his funding aims to fortify CredAble’s commitment to supporting the growth of Micro, Small, and Medium Enterprises (MSMEs) and women-led businesses across India.

CredAble intends to leverage this capital infusion to expand its product offerings tailored specifically for MSMEs while also scaling up its operational capabilities. Furthermore, the company plans to broaden its financing scope to encompass a diverse portfolio of businesses, with a particular emphasis on those led by women.

Manu Prakash, MD, and Head of Partnerships & FI Coverage at CredAble, expressed optimism about the growth potential of the MSME sector and emphasized the company’s dedication to addressing the evolving needs of small and medium-sized enterprises.

Notably, CredAble has recently allocated a substantial portion of its resources, amounting to Rs 200 crore, to support women-led enterprises. This initiative has already benefited over 50 businesses across India within a span of 10 months, reaffirming the company’s commitment to fostering gender-inclusive economic empowerment.

Founded in 2017 by Nirav Choksi and Ram Kewalramani, CredAble has emerged as a leading working capital technology platform, facilitating the annual disbursement of over $8 billion in working capital for a diverse clientele, including large corporations, mid-sized enterprises, MSMEs, and financial institutions.

With a robust platform boasting over 125 corporate customers, more than 350,000 small business borrowers, and partnerships with over 35 major financial institutions and banks, CredAble continues to drive innovation and efficiency in the realm of working capital financing.

As the company embarks on its next phase of growth, fueled by the recent funding from SIDBI, it is poised to make even greater strides in empowering MSMEs and fostering the success of women entrepreneurs across the nation.

Smartworks Raises $12 Million Investment Led by Ananta Capital

By
Garima Bansal
-
0
smartwork founder

Smartworks, a leading coworking startup, has recently secured a significant investment of $12 million (approximately INR 100 Crores) in its latest funding round. Ananta Capital spearheaded the investment, alongside notable contributions from various investors, including Plutus Capital, Kili Ventures LLP, and Dhawan Family Trust.

This financing endeavor marks a pivotal moment for Smartworks as it continues to expand its footprint in the shared workspace industry. The news of this investment was initially disclosed in a filing with the Ministry of Corporate Affairs (MCA) and was later reported by Inc42.

Co-founded in 2016 by Neetish Sarda and Harsh Binani, Smartworks has emerged as a key player in providing flexible office solutions tailored to the needs of enterprises. With a focus on rapid configuration and customization, Smartworks manages over 8 million square feet of office space across more than 40 locations in 13 cities, including Bengaluru, Kolkata, Delhi NCR, Mumbai, and Pune. Its clientele includes a diverse range of organizations, spanning from Forbes 2000/Fortune 500 companies to unicorns and soonicorns.

The infusion of capital is expected to fuel Smartworks’ ambitious expansion plans and further strengthen its market presence.

In a recent development, Smartworks expanded its operations into the Pune market by securing a 14-floor tower in the Balewadi area. This expansion signifies the company’s commitment to meeting the growing demand for flexible workspace solutions in key urban centers.

Despite facing competition from established players such as WeWork India, IndiQube, and Awfis, Smartworks has demonstrated impressive financial performance. In the financial year 2022-23 (FY23), the company reported a staggering 98% year-on-year revenue growth, reaching INR 711 Crores. However, its net loss increased by 44% to INR 101 Crores, indicating the challenges associated with scaling operations in a competitive market landscape.

Revolutionizing Embedded Finance with Strategic Partnerships and Innovative Vision

By
Garima Bansal
-
0
fixerra founder

Fixerra, a dynamic startup in the embedded finance sector, is making waves with its recent rebranding and ambitious growth plans. Originally launched as Fixed Invest, a marketplace for fixed deposits, Fixerra has transformed into a comprehensive banking-as-a-service (BaaS) provider. This shift underscores the startup’s mission to empower digital businesses to seamlessly launch banking products, thereby bridging the gap between traditional banks and fintech companies.

The brainchild of Akshar Shah, Fixerra has rapidly evolved since its inception. Shah, who serves as the founder and CEO, brings a wealth of experience from his tenure at Kotak Mahindra Bank. There, he was a pivotal member of the portfolio advisory team at Kotak Investment Advisors, overseeing assets totaling over Rs 20,000 crore. He also played a key role in the leadership team of Kotak’s in-house fintech app, Kotak Cherry, further honing his expertise in financial services and technology.

Fixerra’s recent fundraising success is a testament to its compelling vision and robust business model. The company secured Rs 14 crore from a diverse group of investors, including Jaideep Hansraj, Managing Director of Kotak Securities, Shailesh Haribhakti, Chairman of Shailesh Haribhakti & Associates, and Oisharya Das, CEO of Kotak Private. The family office of Harish Shah, Managing Director of Signet Excipients, also participated in the round. These investments highlight the confidence industry leaders have in Fixerra’s potential to revolutionize the BaaS landscape.

Commenting on the investment, Shailesh Haribhakti expressed his excitement about supporting Fixerra’s vision. “We are excited to back Fixerra’s vision to bridge a gap between banks and fintechs that helps enable consumers to explore a broader range of superior banking services,” he said. This sentiment is echoed by other investors who recognize the startup’s ability to innovate and provide superior financial solutions.

Fixerra’s rebranding from Fixed Invest marks a strategic pivot towards a broader and more impactful role in the financial ecosystem. The startup aims to become a “digital mall for banks,” providing a wide array of banking products through its BaaS suite. This ambitious vision includes building infrastructure for marketplaces across multiple banking products, thereby enhancing the capabilities of over 200 digital businesses within the next three years.

Despite its promising trajectory, Fixerra has faced its share of challenges. Transitioning from a fixed deposit marketplace to a comprehensive BaaS provider required significant restructuring and strategic planning. Building robust banking partnerships and integrating new features to meet the diverse needs of digital businesses has been a complex process. However, Shah’s leadership and the team’s dedication have been instrumental in navigating these challenges and driving the company’s growth.

Looking ahead, Fixerra is poised to expand its footprint in the embedded finance space. The company is focused on enhancing its technological capabilities, particularly in artificial intelligence and machine learning, to offer more sophisticated and efficient banking solutions. By continuing to forge strong partnerships and innovate its product offerings, Fixerra aims to solidify its position as a leading BaaS provider, helping digital businesses thrive in an increasingly competitive market.

Reelo Secures $1 Million Investment from Silicon Valley’s Gokul Rajaram to Propel Growth

By
Garima Bansal
-
0
reelo founders

Reelo, a customer loyalty and marketing startup based in Ahmedabad, has successfully raised $1 million from Silicon Valley angel investor Gokul Rajaram. Known for his influential roles in companies like Facebook and Google, Rajaram’s investment is a significant endorsement of Reelo’s vision and potential. Founded in 2021 by siblings Prit and Parin Sanghvi, Reelo offers a suite of marketing tools designed specifically for small and mid-sized businesses. By integrating with point-of-sale (PoS) billing software, Reelo enables businesses to collect valuable customer data, automate marketing strategies, and implement effective loyalty programs aimed at retaining customers and driving insights.

The newly acquired funds will be directed towards expanding the team, enhancing artificial intelligence and machine learning capabilities, and extending Reelo’s market reach both domestically and internationally. Currently operating in nine countries, including regions in the Middle East, Africa, and Southeast Asia, Reelo has ambitious plans to enter the US market. CEO Parin Sanghvi highlighted the shift he observed in the US, where brands are increasingly focusing on customer retention through loyalty programs rather than mere acquisition through discounts. He aims to replicate this successful strategy in India, empowering small and mid-sized businesses with technology and data-driven solutions to foster growth.

Reelo’s platform offers a variety of customer engagement tools, including referral programs and smart QR codes. The startup has partnered with numerous PoS billing software providers such as Petpooja, DotPe, TMBill, and Posist Technologies. Notable brands in the food and beverage sector, including Jumbo King, Jamie’s Italian, and Punjab Grill, utilize Reelo’s platform to enhance customer engagement and retention. Dheeraj Gupta, Founder and Managing Director of Jumboking, praised Reelo’s impact on his business, noting a notable increase in customer repeat rate after using Reelo’s loyalty programs and marketing tools.

reelo team

Gokul Rajaram’s involvement brings not just financial backing but also invaluable expertise. His extensive background in marketing technology and strategic roles at major tech companies will be crucial as Reelo continues to innovate and expand. Rajaram expressed his enthusiasm for Reelo’s mission, highlighting the startup’s ability to empower retailers and restaurants to attract more customers, boost sales, and strengthen their brand using customer data, loyalty, and marketing tools.

Reelo currently supports over 17,000 businesses and has engaged with more than 16 million customers. The platform operates on a freemium model, offering a 14-day trial period followed by affordable subscription plans. With its impressive growth trajectory and positive customer feedback, Reelo is well-positioned to make a significant impact in the global market for customer loyalty and engagement solutions.

1...777879...89Page 78 of 89