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Stable Money Secures Over Rs 123 Crore in Latest Funding Round Led by RTP Capital, Lightspeed India, and Matrix Partners

Garima Bansal
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Stable Money Secures Over Rs 123 Crore in Latest Funding Round Led by RTP Capital, Lightspeed India, and Matrix Partners

Stable Money, a Bengaluru-based wealthtech startup, has successfully raised over Rs 123 crore (approximately $15 million) in a recent funding round. This round saw participation from RTP Capital, Lightspeed India, and Matrix Partners, marking a significant achievement for the company, especially given the challenging funding environment.

According to regulatory filings accessed from the Registrar of Companies (ROC), Stable Money’s board approved the issuance of 77,135 Compulsorily Convertible Preference Shares (CCPS) at a price of Rs 16,019 each, totaling Rs 123.56 crore ($14.74 million).

Leading this funding round was RTP Capital, contributing Rs 54.26 crore ($6.5 million). Lightspeed India and Matrix Partners India each invested Rs 34.64 crore ($4.15 million). This funding round follows Stable Money’s first equity fundraise in August 2023, where the startup raised $5 million. This initial round was led by Matrix Partners and Lightspeed, with additional participation from Titan Capital, Mar Shot Ventures, and several notable angel investors.

Post this latest funding, Stable Money’s valuation is expected to soar to around $55 million, a significant increase from its previous valuation of $16.5 million, as reported by the startup data intelligence platform, TheKredible.

Stable Money was founded in late 2022 by Saurabh Jain and Harish Reddy. The startup is developing a fixed-return investment platform aimed at providing financial consultation services. Additionally, it plans to offer financial literacy content through its online platform to educate and create awareness among investors.

Yes Madam Introduces Industry-Low 8% Commission Plan to Empower Service Partners

Garima Bansal
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Yes Madam Introduces Industry-Low 8% Commission Plan to Empower Service Partners

Home salon startup Yes Madam has introduced a new plan called “Platinum Partners” for the workers on its platform, offering a significantly reduced commission rate of only 8%. This new commission rate is touted by the startup as the lowest in the industry. Yes Madam emphasizes that this initiative aims to provide financial stability to service partners, enhance customer satisfaction, and improve the overall quality of services.

The startup gained widespread recognition after appearing on Shark Tank India earlier this year. Prior to the introduction of the Platinum Partners plan, Yes Madam offered three different plans for its service partners: Standard, Gold, and Diamond, with commission rates of 20%, 15%, and 12%, respectively. The launch of the new plan is a strategic move by Yes Madam as it aims to transition towards a zero-commission model in the future.

Yes Madam cofounder Mayank Arya highlighted the company’s goal to set a new standard in the industry by supporting service partners who work tirelessly under various conditions. Arya expressed hopes that other aggregators will adopt similar initiatives to benefit their workers while maintaining profitability for stakeholders. The company’s efforts reflect its commitment to creating a more sustainable and supportive environment for its partners.

Established in 2016, Yes Madam is a tech-enabled salon-at-home startup that delivers professional salon services directly to customers’ homes. The company operates in over 50 cities across India. In February, Yes Madam secured a funding deal of INR 1.5 crore from four notable investors: Aman Gupta, Vineeta Singh, Peyush Bansal, and Ritesh Agarwal.

Yes Madam faces competition from several other companies in the home salon industry, including Urban Company, MakeO, ZapLuk, Belita, BigStylist, GetLook, and Biguine India. Despite the competitive landscape, Yes Madam reported a revenue of INR 45 crore for the fiscal year 2024 and aims to reach a revenue of INR 100 crore in FY25, with an expected gross merchandise volume (GMV) of INR 200 crore. The launch of the new partner program comes amidst a backdrop of multiple protests by gig workers at Urban Company over the past year.

Pintel.ai Secures $1 Million in Seed Funding to Revolutionize Sales Development with AI Technology

Garima Bansal
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Pintel.ai Secures $1 Million in Seed Funding to Revolutionize Sales Development with AI Technology

Pintel.ai, an advanced sales technology platform, has successfully raised $1 million in seed funding. The funding round was led by IvyCap Ventures, with significant contributions from influential individuals, including founders and leaders from Whatfix, LambdaTest, and Livspace.

The platform developed by Pintel.ai addresses critical issues in sales development through its cutting-edge AI-driven solution. This technology drastically reduces research time by up to 90% and increases productivity by 50%. Its flexible and user-friendly interface allows for seamless integration of multiple data sources and custom research logic, proving to be a valuable asset for sales teams.

Vikram Gupta, Founder and Managing Partner at IvyCap Ventures, expressed enthusiasm for the investment, noting that Pintel.ai’s innovative AI approach effectively addresses market inefficiencies and aligns with IvyCap Ventures’ mission to support impactful technology.

Khadim Batti, Co-founder and CEO of Whatfix, recognized Pintel.ai’s potential, emphasizing that its advanced solutions and domain expertise are well-equipped to meet the challenges of large-scale prospecting.

Aman Garg, Co-founder and CEO of Pintel.ai, expressed gratitude for the funding, highlighting that it strengthens their mission to automate prospect research. This support allows sales professionals to engage more personally with prospects through emails and calls.

Actor Vindu Dara Singh Joins Abhay HealthTech as Investor, Signaling Confidence in Healthcare Innovation

Garima Bansal
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Actor Vindu Dara Singh Joins Abhay HealthTech as Investor, Signaling Confidence in Healthcare Innovation

Healthcare services provider Abhay HealthTech has announced the addition of Indian actor Vindu Dara Singh as an investor. This move underscores the growing confidence in the company’s innovative approach to healthcare and its rapid growth trajectory.

Although the financial terms of the deal have not been disclosed, this investment signifies a strong vote of confidence in Abhay HealthTech’s platform. According to a report, Abhay HealthTech’s management believes this infusion will further bolster the company’s capabilities and market reach.

Founded by Apurv Abhay Modi and Sougat Chatterjee, Abhay HealthTech offers a comprehensive range of healthcare products and services. These include home diagnostics, rapid testing kits, over-the-counter medicines, and ayurvedic well-being products. Additionally, the company provides hospital management ERP, CRM, consulting, and healthcare business advisory services, positioning itself as a versatile player in the healthcare sector.

This development comes amidst a broader trend of Indian startups attracting investments and endorsements from sports personalities and celebrities. For instance, cricketer Virender Sehwag recently invested in Jaipur-based fintech startup Getepay, and Indian badminton player PV Sindhu has backed D2C wellness brand Hoop and FMCG brand Better Nutrition. In the health and wellness segment, Indian supplement brand Supply6 has secured former South African cricketer AB de Villiers as an investor and brand ambassador. Additionally, in April, Indian cricketer Shreyas Iyer invested an undisclosed amount in healthtech platform Curelo.

Vodafone Idea Allocates Over Rs 600 Crore in New Share Allotment to Nokia and Ericsson

Garima Bansal
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Vodafone Idea Allocates Over Rs 600 Crore in New Share Allotment to Nokia and Ericsson

Vodafone Idea has approved the issuance of over 40 crore shares on a preferential basis to Nokia Solutions and Networks India and Ericsson India, according to a recent filing with the exchange.

The preferential allotment, totaling approximately Rs 615 crore, is in line with Sebi regulations and is aimed at bolstering the company’s capital base.

The allocation details reveal that around 25 crore equity shares are designated for Nokia Solutions and Networks India Pvt. Ltd., while over 15 crore equity shares are allotted to Ericsson India Pvt. Ltd.

The issue price for each equity share has been set at Rs 14.80, comprising a face value of Rs 10 and a premium of Rs 4.80.

In a statement, the company noted that the Capital Raising Committee of the Board approved the issuance of 41,52,02,701 equity shares at an issue price of Rs 14.80 per share (including a premium of Rs 4.80). This allocation includes 25,67,56,756 shares for Nokia Solutions and Networks India Private Limited and 15,84,45,945 shares for Ericsson India Private Limited, totaling Rs 614.5 crores on a preferential basis.

In recent developments, Vodafone Idea (VIL) reported an addition of 0.8 million mobile broadband (MBB) subscribers in May. However, the company experienced a reduction in both its overall and active subscriber bases, with losses of 0.9 million and 1.7 million subscribers, respectively.

Vodafone Idea’s shares closed at Rs 16.32, marking a decline of over 2 percent on Thursday.

Wipro Posts 4.6% Net Profit Rise in Q1 with Higher Revenue Forecast

Garima Bansal
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Wipro Posts 4.6% Net Profit Rise in Q1 with Higher Revenue Forecast

Leading Indian IT services exporter Wipro announced a 4.6% year-on-year increase in net profit for the first quarter of FY25, surpassing market expectations and slightly raising its revenue guidance for the fiscal year. Wipro’s net profit for Q1 stood at Rs 3,003 crore. However, revenues saw a 3.8% year-on-year decline, amounting to Rs 21,964 crore.

For the second quarter, Wipro has projected revenue between $2,600 million and $2,652 million, indicating a growth range of -1% to 1%. This outlook marks an improvement from the previous guidance of -1.5% to 0.5%.

Wipro’s large deal bookings were valued at $1.2 billion, reflecting a 3.6% year-on-year decline. The operating profit margin for the first quarter was 16.5%, a 0.5% increase compared to the same period last year. In Q1, most geographies, including the Americas, Europe, and Asia-Pacific, experienced a year-on-year decline in growth. Similarly, business verticals such as BFSI, energy, and communication saw a dip in growth rates, with the healthcare segment being the sole exception.

Despite these challenges, CEO Srini Pallia expressed confidence in the company’s future growth, citing a robust deal pipeline. “We believe Wipro is in a better position than the first quarter,” Pallia noted.

Wipro’s employee headcount at the end of Q1 was 234,391, an increase of 337 from the previous quarter. However, compared to the same period last year, there was a reduction of 15,367 employees. The company plans to hire approximately 10,000-12,000 freshers during the current fiscal year.

In comparison to its peers, Wipro’s performance has lagged behind Tata Consultancy Services (TCS) and Infosys. TCS reported an 8.7% increase in net profit and a 5.4% rise in revenues. Infosys recorded a 7.1% growth in net profit and a 3.6% increase in revenue.

Reliance Jio Reports 12% Profit Surge in June Quarter, Continues Strong Subscriber Growth

Garima Bansal
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Reliance Jio Reports 12% Profit Surge in June Quarter, Continues Strong Subscriber Growth

Telecom giant Reliance Jio Infocomm Limited reported a 12% year-on-year increase in standalone net profit for the June quarter, reaching Rs 5,445 crore. This significant growth reflects Jio’s strong performance in the market, supported by a steady increase in subscribers.

In a filing with the BSE, the company revealed that its revenue from operations surged by 10% year-on-year to Rs 26,478 crore for the first quarter of the current financial year. This robust financial performance is indicative of Jio’s leading position among the three major private telecom players in the industry.

The net profit of Rs 5,445 crore for the quarter marks an 11.9% year-on-year growth and a 2% sequential rise. This upward trend in profitability is attributed to Jio’s continuous expansion of its subscriber base.

During the quarter, Reliance Jio added 2.2 million net subscribers and 3.5 million active subscribers, achieving its 27th consecutive month of subscriber growth as of May. The Telecom Regulatory Authority of India (TRAI) data showed that Jio’s visitor location register (VLR) ratio improved to 92.1% in May, indicating a solid increase in active users.

In contrast, Vodafone Idea (Vi) experienced a loss of 924,797 users, marking its largest decline in three months. Airtel, on the other hand, maintained the highest active subscriber percentage at 99.07%. Jio dominated the wireless market with a 40.60% share, accounting for 474.62 million users, followed by Airtel at 33.17% with 387.77 million users, and Vi at 18.66% with 218.16 million users.

Nazara Technologies Acquires Full Ownership of Paper Boat Apps for Rs 300 Crore

Garima Bansal
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Nazara Technologies Acquires Full Ownership of Paper Boat Apps for Rs 300 Crore

Nazara Technologies Limited announced on Friday the acquisition of an additional 48.42% stake in Paper Boat Apps for Rs 300 crore, to be paid in cash. This move increases Nazara’s total ownership of Paper Boat Apps to 100%, having purchased the remaining stake from the company’s founders, Anupam and Anshu Dhanuka.

With the full acquisition, Nazara Technologies is considering merging Paper Boat Apps into its operations to leverage the healthy cash flows for reinvestment in growth initiatives. Nazara initially acquired a 50.91% stake in Paper Boat Apps in 2019, marking the company’s initial investment in the game-based educational platform.

In the fiscal year 2024, Paper Boat Apps reported a consolidated revenue of Rs 219.4 crores and maintained a net cash balance of Rs 155.74 crores as of March 2024. This financial performance underscores the strong market position and operational efficiency of Paper Boat Apps.

Nazara Technologies sees significant potential in Kiddopia, the subscription-based preschool edutainment app developed by Paper Boat Apps. The company believes that full ownership will allow it to intensify efforts in the gamified learning sector, unlocking new initiatives and growth opportunities for the app.

Looking ahead, Nazara Technologies aims to expand the Kiddopia franchise through IP licensing, global market expansion, and additional revenue streams such as merchandising, video, and advertising. In line with its strategic growth plans, Nazara had announced in March an allocation of $100 million for mergers and acquisitions over the next 24 months.

Fibr Secures $1.8M to Revolutionize AI-Powered Personalization and Expand Global Reach

Garima Bansal
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Fibr Secures $1.8M to Revolutionize AI-Powered Personalization and Expand Global Reach

Fibr, an AI-powered personalization platform, has secured $1.8 million in a funding round led by Accel, with contributions from 2am VC and angel investors such as Cred founder Kunal Shah. The funds will be used to enhance Fibr’s AI personalization platform, expand its customer base, and recruit talent, including engineers, product marketers, and sales and go-to-market experts.

Founded in January 2023 by Ankur Goyal and Pritam Roy, Fibr offers a flagship product called Pilot. This product helps improve conversions by providing personalized landing pages for every ad, email, SMS, notification, or other forms of communication. Goyal noted that most existing personalization tools are outdated and typically excel in one area—such as web, ads, or email—without addressing the bigger picture.

Fibr’s platform caters to lead generation clients in sectors such as insurance, broadband, home improvement, and consumer services. Currently, the company is targeting markets in the US, Canada, and India, with plans to expand into Europe. Goyal indicated that the US is the primary focus, but Europe is also a promising market due to Fibr’s alignment with general data protection regulation (GDPR). By the end of the year, Fibr expects to have 60-70% of its operations in the US, 10-20% in India, and a foothold in Europe.

The Bengaluru-based company is also developing the beta version of its second product, Blocks. This new product includes AI tools designed to help marketers scale their content across different formats, such as transforming a high-performing Facebook ad into a blog post, Google ad, or social media post. This development aims to provide marketers with more versatile and effective content creation options.

Prayank Swaroop, partner at Accel, expressed confidence in Fibr’s potential to revolutionize the ad ecosystem for consumer companies, particularly given the challenges of customer acquisition costs due to privacy policies and cookie deprecation. Fibr’s affordable sachet pricing model, where users only pay for usage, disrupts traditional SaaS pricing, making it accessible for all marketers.

Moneyview Poised to Achieve Unicorn Status with New Funding Round

Garima Bansal
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Moneyview Poised to Achieve Unicorn Status with New Funding Round

Tech-enabled lending platform Moneyview is on the brink of achieving unicorn status, with the Bengaluru-based firm nearing the completion of a new funding round. The company is reportedly in advanced discussions to secure between $50 million and $60 million in its Series F round, with participation from both new and existing investors. Sources close to the matter, indicate that this round will include new backers alongside current investors like Apis Partners, Accel Partners, and Evolvence India.

Moneyview previously raised $75 million in December 2022, led by Apis Partners. The current funding round is expected to push the company’s valuation past the $1 billion mark, with negotiations for the terms nearing completion. To date, Moneyview has secured nearly $190 million in total funding and was valued at approximately $900 million during its last fundraising event. This valuation followed two substantial funding rounds in 2022, each raising $75 million.

If successful, this funding round will mark Moneyview as the third unicorn of 2024, following the achievement of Krutrim SI Designs and Perfios. Founded by Puneet Agarwal and Sanjay Aggarwal, Moneyview offers a range of financial services, including personal and home loans through third-party lenders, credit cards, credit score monitoring, and loans against property.

The company’s strong growth and profitability have attracted significant investor interest. Moneyview’s revenue from operations surged 2.6 times to Rs 577 crore in FY23, while its profit saw an extraordinary increase of 27 times, reaching Rs 163 crore compared to Rs 6 crore in FY22. Despite not yet disclosing financial figures for FY24, these results highlight the company’s robust performance.

In addition to its funding efforts, Moneyview is also preparing to acquire a mid-stage fintech company. The strategic acquisition’s terms have been finalized, though the name of the company remains undisclosed. This move is expected to further strengthen Moneyview’s position in the fintech sector and enhance its growth trajectory.

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