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Aereo Secures $15 Million in Series B Funding to Boost Aerial Intelligence Solutions

Garima Bansal
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Aereo Secures $15 Million in Series B Funding to Boost Aerial Intelligence Solutions

Aereo, a startup specializing in commercial drone solutions, has successfully raised $15 million in its Series B funding round, with 360 ONE Asset leading the investment. Existing investors, including StartupXseed Ventures and Navam Capital, also participated in this round. Previously, Aereo secured $6.44 million in funding at a post-money valuation of $25.5 million from investors such as GrowX Ventures, StartupXseed Ventures, and Anicut Capital, among others.

The new funding will be directed towards enhancing Aereo’s aerial intelligence solutions for capital asset management, as stated in the company’s press release. Founded in 2013 by Vipul Singh and Suhas Banshiwala, Aereo operates within the B2B sector, focusing on high-tech, aerospace, maritime, and defense technology markets.

Aereo has been involved in Coal India Limited’s Digicoal initiative, providing essential business intelligence to optimize productivity in some of the world’s largest coal mines. The company has also been collaborating with Tata Steel since 2019, assisting in the digitalization of over 27 key mines and stockyards.

Based in Bengaluru, Aereo reports that it has mapped more than 45,000 villages under the SVAMITVA scheme and covered over 50,000 square kilometers for the Digital India Land Record Modernization Program (DILRMP).

Bitscale Secures First Funding Round to Revolutionize Sales and Marketing Automation

Garima Bansal
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Bitscale Secures First Funding Round to Revolutionize Sales and Marketing Automation

SaaS startup Bitscale has secured its first funding round, led by India Quotient’s First Cheque. The round saw participation from notable investors including Point One Capital, Kunal Shah (founder of CRED), Ankit Nagori (founder of Curefoods), 7 Square Ventures, and Supplynote’s co-founders Harshit Mittal, Kumar Kushang, and Abhishek Verma. Other investors include Prakash Deep Maheshwari from Netflix and several others.

The newly acquired funds will be utilized by Bitscale to build a lean and strong team, enhance their product offerings, and explore various go-to-market (GTM) strategies.

Founded in July by Sanket Goyal, Abhinay Kumar, and Yash Sharma, Bitscale is developing a novel type of user interface (UI) aimed at sales and marketing professionals. This UI automates manual workflows, increasing efficiency by tenfold. According to the company, it reimagines the current chat-based UI used by AI tools like ChatGPT and Perplexity, transforming it into a more intuitive and scalable, Excel-like UI.

This innovative UI enables the creation of complex AI-driven tools for tasks such as web scraping, prospecting, content generation, and LinkedIn searches. Based in Gurugram, Bitscale also aids in sourcing leads from communities, Google Maps, and over ten other data sources to retrieve emails and phone numbers.

Bitscale aims to offer an easy-to-use and cost-effective alternative to Clay, a US-based SaaS company.

BlackSoil NBFC Secures Rs 208 Crore in Debt, Expands Investment Portfolio

Garima Bansal
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BlackSoil NBFC Secures Rs 208 Crore in Debt, Expands Investment Portfolio

BlackSoil NBFC, the primary arm of the BlackSoil Group, has successfully raised Rs 208 crore in debt funding. This latest funding round saw participation from high-net-worth individuals (HNIs), ultra-high-net-worth individuals (UHNIs), family offices, banks, and non-banking financial companies (NBFCs).

According to BlackSoil, 60% of this new funding was secured from first-time debt investors, pushing its total debt raised to over Rs 1,570 crore as of June 30, 2024. Recently, the company also raised Rs 100 crore through a rights issue, with all existing investors contributing.

BlackSoil enjoys the backing of prominent investors and family offices, including Allcargo Logistics, Navneet Education, Mahavir Agency, and Florintree Advisors, led by Mathew Cyriac. The company has expanded its network of lenders to include several banks and NBFCs, thereby enhancing its borrowing capacity.

Established in 2016 by Mohinder Pal Bansal and Ankur Bansal, BlackSoil provides tailored credit solutions to emerging corporates, financial institutions, NBFCs, and MSMEs across various sectors. The company positions itself as a preferred lender for modern businesses, employing a sector-agnostic strategy and a cash flow-focused underwriting methodology.

BlackSoil’s portfolio includes five unicorns such as Spinny, Upstox, and MobiKwik. Spinny, which achieved unicorn status in 2021, is the most recent addition to this esteemed list. The company maintains a diversified investment portfolio spanning fintech, agri-tech, B2B, consumer, healthcare, SaaS, and IoT sectors. It has also ventured into emerging fields like electric vehicles (EV), quick commerce, hospitality, and online travel aggregators (OTA).

Notable investments by BlackSoil include ideaForge, Upstox, Bluestone, OYO, Udaan, Zetwerk, Spinny, Yatra, Purplle, Curefoods, Celbal Technologies, and JCB Salons. Based in Mumbai, BlackSoil reported over 30% year-on-year growth in debt fundraising, supported by a network of nine banks, five NBFCs, and more than 250 HNI families.

Moneyboxx Finance Secures INR 271 Cr to Boost Micro-Entrepreneur Support and Expand Operations

Garima Bansal
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Moneyboxx Finance Secures INR 271 Cr to Boost Micro-Entrepreneur Support and Expand Operations

Moneyboxx Finance Limited, a BSE-listed NBFC specializing in business loans for micro-entrepreneurs in Tier-III and lower regions, has announced a significant equity fund raise of up to INR 271 crore. This funding includes INR 158 crore through preferential equity and INR 113 crore through equity warrants, involving both promoters and non-promoters.

According to the official release, up to INR 186 crore of the total equity capital is expected to be infused by August 2024. This infusion will more than double the company’s current capital base to over INR 350 crore. The additional funds will strengthen Moneyboxx Finance’s capital position, support growth plans, and allow for investments in technology and operational efficiencies. This will enhance its role as a reliable financial partner for micro-entrepreneurs in underserved regions.

Deepak Aggarwal, Co-founder of Moneyboxx Finance Ltd, expressed excitement over the strong investor support, emphasizing their confidence in the company’s business model and growth prospects. Aggarwal stated that the fresh capital will enable Moneyboxx to extend its outreach and impact in rural India, providing crucial financial support to micro-entrepreneurs and contributing to their economic empowerment.

Originally founded in 1994 as Dhanuka Commercial Private Limited and rebranded as Moneyboxx Finance Ltd in 2019, this Mumbai-based NBFC serves underserved micro-entrepreneurs in essential segments like livestock, kirana, retail traders, and micro-manufacturers by offering unsecured and secured business loans ranging from INR 1–10 lakhs.

Operating across 107 branches in eight states, including Rajasthan, Madhya Pradesh, Haryana, Punjab, Uttar Pradesh, Chhattisgarh, Bihar, and Gujarat,

claims to have disbursed over INR 1,200 crore to 1.5 lakh borrowers. Supported by 32 lenders, including major banks like State Bank of India, HDFC Bank, and Kotak Mahindra Bank, the company aims to expand to 160 branches and achieve an AUM of INR 1,400 crore by March 2025

Bhavish Aggarwal Unveils Competitive Pricing for Ola Maps After Google Rate Cuts

Garima Bansal
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Bhavish Aggarwal Unveils Competitive Pricing for Ola Maps After Google Rate Cuts

Bhavish Aggarwal, the founder of Ola and the AI startup Krutrim, has unveiled a new pricing strategy for Ola Maps. Launched on July 18, 2024, this policy is designed to compete with global tech giants like Google, aiming to boost innovation within India. The new structure offers Indian startups five million free API calls per month and sets rates for larger volumes at 50% lower than Google’s. Additionally, it provides two years of free access for users committing to three years or more and three years of free usage for startups and SMEs on the ONDC platform.

Krutrim announced the new pricing policy for Ola Maps through Aggarwal’s post on the social media platform X (formerly Twitter). The goal is to reduce the cost of crucial mapping and location-based services for Indian startups. Aggarwal noted that Ola Maps currently supports all major APIs, with plans to expand its features to cover a broader range of APIs, SDKs, and niche use cases by December.

In a bid to capture the Indian market, Google announced a price reduction for its Google Maps platform, effective August 1. Aggarwal highlighted that Krutrim’s key differentiator is its cost structure, specifically designed for the domestic market. This pricing strategy is part of Krutrim’s larger initiative to make advanced mapping services more accessible and affordable for Indian developers and businesses.

Earlier in July, Ola Cabs made a strategic move to shift from using Google Maps to its own Ola Maps, a decision expected to save the company around ₹100 crore annually. This switch underscores Ola’s commitment to utilizing its in-house technology to drive cost efficiency and foster innovation.

Aggarwal’s announcement and the new pricing policy emphasize the company’s dedication to creating a supportive ecosystem for startups and businesses in India. By offering competitive rates and extensive free access, Krutrim aims to empower the next generation of Indian tech innovators, ensuring they have the necessary tools to compete on a global stage.

Capitalmind Financial Services Unveils Rs 500 Crore Alternate Investment Fund

Garima Bansal
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Capitalmind Financial Services Unveils Rs 500 Crore Alternate Investment Fund

Capitalmind Financial Services is poised to raise Rs 500 crore through its inaugural alternate investment fund. With current assets under management totaling Rs 2,200 crore, the company has received SEBI approval for the new fund, named ‘Capitalmind Select India One’. This fund is specifically designed for sophisticated investors, aiming for substantial long-term wealth appreciation.

The investment manager announced on Thursday its target to raise the significant sum over the next year. Founder and CEO Deepak Shenoy shared that the firm manages Rs 2,200 crore in assets under its portfolio management services.

Having secured SEBI approval for the category 3 AIF, ‘Capitalmind Select India One’, the fund sets a minimum investment amount at Rs 1 crore. This move marks a significant step in the company’s growth strategy and aims to attract a niche group of high-net-worth investors.

The fund offers a diversified, quantitatively managed equity portfolio with active risk management. Shenoy explained that the fund targets investments in 20-40 stocks, ensuring a broad yet focused investment strategy to maximize returns while managing risk effectively.

The company’s statement highlighted that the fund integrates various factors such as momentum, low volatility, and quality into a single pooled vehicle. This comprehensive approach is designed to provide investors with an opportunity for long-term wealth appreciation, aligning with Capitalmind’s commitment to delivering high-value investment solutions.

Awfis Shares Skyrocket to 52-Week High On Strong Market Demand And Profitability

Garima Bansal
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Shares of the coworking startup Awfis soared, hitting a 20% upper circuit and achieving a new 52-week high of INR 757.20 per share during intraday trading on the BSE. The stock began Thursday’s session at INR 631 per share, an increase of over 2% from the previous close.

Despite reaching a new high, the stock closed at INR 703.95 per share, marking an 11.56% increase for the day. Awfis made its debut on Dalal Street on May 30, with shares listing at a 12.8% premium on the BSE.

At the closing price of INR 703.95, the stock was 62.8% above its listing price of INR 432.25 per share and 83.7% higher than its issue price of INR 383 per share. The Awfis IPO, which included a fresh issue of shares worth INR 128 crore and an offer for sale of up to 1.23 crore shares, was highly demanded, being oversubscribed 108.56 times on the final bidding day.

Founded in 2015 by Amit Ramani, Awfis is the largest flexible space operator in India, with 181 centers, approximately 1.1 lakh seats, and about 5.6 million square feet of chargeable area as of March 31, 2024. Initially a coworking network, Awfis has evolved into a tech-enabled workspace solutions platform, serving enterprises, freelancers, startups, and SMEs.

The Delhi NCR-based startup first turned profitable in Q4 of FY24, reporting a profit after tax (PAT) of INR 1.4 crore on an operating revenue of INR 232.3 crore. Recently, Awfis managing director and chairman Amit Ramani expressed confidence in the startup’s continued growth and profitability.

Former Alibaba India Head and 9Unicorns Partner Launch Rs 1,000 Crore VC Fund, PROMAFT Partners

Garima Bansal
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Former Alibaba India Head and 9Unicorns Partner Launch Rs 1,000 Crore VC Fund, PROMAFT Partners

Raghav Bahl, former head of investments at Alibaba Group’s India operations, and Soham Avlani, previously a partner at 9Unicorns, have unveiled the launch of PROMAFT Partners, a venture capital fund worth Rs 1,000 crore. Before his tenure with Alibaba, Bahl served as vice president at Bessemer Venture Partners, a prominent global fund operating in the US, Israel, and India. Avlani comes from a background in public market investing.

PROMAFT Partners, a sector-agnostic fund, aims to invest in companies that have demonstrated strong ‘product-market-fit’. The fund plans to execute 10-12 investments, targeting two to three per year.

The fund has garnered support from Indian family offices and industry leaders such as Paytm, Zomato, Browserstack, Livspace, PharmEasy, and VideoVerse, who will also act as mentors to portfolio companies.

Drawing on their extensive global investing experience across China, Southeast Asia, and Europe, the general partners intend to assist startups in refining their go-to-market strategies, enhancing business operations, and securing financing.

Snapdeal Co-Founders Realize Major Returns from Urban Company Investment via Titan Capital

Garima Bansal
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Snapdeal Co-Founders Realize Major Returns from Urban Company Investment via Titan Capital

Snapdeal co-founders Kunal Bahl and Rohit Bansal have made significant gains from their investment in Urban Company through their early-stage investment firm, Titan Capital. They invested a total of Rs 57 lakh in Urban Company’s early funding rounds via Titan Capital. This investment provided them with approximately a 200X return as they fully exited Urban Company with Rs 111 crore. The exit amount also includes a partial exit that took place in 2021.

On Wednesday, existing investor Dharana Capital, an offshoot of Vy Capital, announced a $50 million investment in Urban Company, led by Abhiraj Bhal, through a secondary transaction. This transaction also included a $25 million ESOP buyback announced in May. Sources indicate that the total investment through this secondary transaction amounted to $63 million, with participation from Amsterdam-based investment giant Prosus.

Titan Capital has achieved at least 100X returns on their investments in other companies like Ola and MamaEarth. In August 2023, Titan Capital partially exited from debt recovery and legal automation platform Credgenics, realizing a 100-fold return on their investment. The firm also saw similar returns from MamaEarth, which went public last November.

Bahl and Bansal enjoyed significant returns on their investment in Ola. They invested around $60,000 in 2011 and fully exited in late 2021 when Ola’s valuation peaked at $7.3 billion. This exit marked another successful investment for Titan Capital.

Other notable exits for Titan Capital include Bewakoof, Unicommerce, ANS Commerce, and Netmeds.com. Reports suggest that Titan Capital is also establishing a new Rs 300 crore Winners Fund to support its existing portfolio companies, reflecting its ongoing commitment to backing promising ventures.

MyPickup Secures Rs 1.5 Crore Seed Funding to Revolutionize Urban Commute with Electric Autos

Garima Bansal
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0
MyPickup Secures Rs 1.5 Crore Seed Funding to Revolutionize Urban Commute with Electric Autos

Electric vehicle ride-hailing startup MyPickup has secured an investment of Rs 1.5 crore in a seed funding round led by Inflection Point Ventures. The funds will be used to develop scheduling algorithms, build the brand, and optimize operations management, according to a press release from MyPickup.

Founded in 2022 by Abhijeet Dattatraya Jagtap, MyPickup is a subscription-based electric auto-rickshaw service provider. The company aims to eliminate cancellations and surge pricing, addressing urban congestion and pollution in major cities.

The Bengaluru-based startup plans to expand its services to include on-demand rides using fleet operators and other vehicle classes. By implementing standard operating procedures and training, MyPickup aims to maintain better control over drivers and vehicles, ensuring a high-quality customer experience. The platform will also develop an automated matching algorithm, install safety features like cameras and SOS systems, offer on-demand services through ONDC platforms, and launch an app for drivers.

Market research indicates that the Indian commute market is currently valued at $7.7 billion and is projected to grow at an annual rate of 13%, potentially reaching $14 billion. MyPickup currently operates a fleet of 7 electric autos, serving 45 customers, with a monthly revenue of Rs 1.5 lakh and facilitating 800 rides per month, all with minimal marketing expenses.

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