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Qiro Finance Secures $1.2M in Pre-Seed Round Led by Alliance

By
Garima Bansal
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qiro founders

Qiro Finance, a decentralized finance (DeFi) startup, has successfully raised $1.2 million in a pre-seed funding round led by Alliance, an early-stage web3 accelerator. Additional support came from Druid Ventures, Escape Velocity (EV3), Trident Digital, and CMT Digital.

In addition to these investments, Qiro Finance received a 100,000 MATIC grant from Polygon’s Village Build Ideas Program and a $50,000 development grant from the Aptos Foundation.

The raised capital will be channeled towards supporting the development and expansion of Qiro Finance. The startup will focus on product development and ecosystem expansion to realize its vision of revolutionizing the private credit market.

Initially targeting fintech asset originators in Southeast Asian markets, the company has plans for expansion into other emerging markets. By leveraging DeFi and Blockchain technology, Qiro Finance aims to establish a more transparent, efficient, and accessible credit ecosystem.

Qiro Finance was founded by Akshay Poshatwar and Nishikant Bahalkar with the objective of bridging the significant credit gap prevalent in emerging markets. This gap is primarily attributed to the dominance of risk-averse banks in the credit market.

The startup seeks to address this gap by creating a decentralized credit protocol that connects asset originators in emerging markets with global investors using blockchain and stablecoin technology. Headquartered in Singapore, Qiro Finance is poised to revolutionize the credit landscape in emerging economies.

RWA tokenization has emerged as a significant theme in the crypto market, with major firms such as Blackrock and Franklin Templeton launching on-chain funds. This development has propelled the sector to an $8 billion total value locked, according to a Messari Report.

C3 Med-Tech Raises Rs 2 Crore Funding to Launch Telemedicine and AI-Enabled Eye Screening Devices

By
Garima Bansal
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0

Ahmedabad-based healthtech startup C3 Med-Tech has secured Rs 2 crore in funding from Industrial Metal Powders to facilitate the introduction of new telemedicine and AI-driven portable devices for eye examinations.

The integration of telemedicine and AI technology is poised to enable immediate and accurate diagnoses, as well as timely interventions, significantly enhancing the potential to prevent visual impairment and blindness.

Yash Nagarsheth, Founder & CEO of C3 Med-Tech, expressed enthusiasm about the investment’s potential to expedite efforts in expanding access, particularly in underserved communities where the need is most acute.

C3 Med-Tech’s innovative devices include the C3 Vision-Portable Slit Lamp, C3 Smartphone Fundus Camera, and C3 Slit Lamp Imaging System. These US FDA-approved devices offer a revolutionary approach to diagnosing various eye diseases, including cataracts, diabetic retinopathy, glaucoma, and corneal infections, among others.

The upcoming product, the C3 Surgery Recording System, will provide a comprehensive system for recording eye surgeries, covering all aspects of ophthalmic diagnostics from screening to surgical recording.

The capital infusion will be allocated towards expanding C3 Med-Tech’s presence across India and globally. The startup aims to achieve this through intensified marketing efforts, team expansion, and research and development for future products.

Nagarsheth emphasized the strategic significance of partnering with Industrial Metal Powders, citing their expertise and support as pivotal in making a meaningful impact in the fight against avoidable blindness. He also highlighted the reinforcement of C3 Med-Tech’s leadership team with experienced professionals and subject matter expert ophthalmologists to guide product development.

Snapdeal Partners with Bhashini to Drive Digital Inclusion in India

By
Garima Bansal
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snapdeal CEO Himanshu Chakrawarti

Snapdeal, a leading e-commerce platform, has inked a Memorandum of Understanding (MOU) with Digital India Bhashini, an Independent Business Division established by the Ministry of Electronics and Information Technology (MeitY) within Digital India Corporation (DIC), to address India’s diverse linguistic landscape.The MOU was signed by Bharat Venishetti of Snapdeal and Amitabh Nag, CEO of Bhashini.

The partnership seeks to harness the power of Artificial Intelligence (AI) to develop products and services centered around voice-first technology for nine vernacular languages. The primary objective is to bolster language translation efforts, thereby fostering greater digital accessibility across India.

Himanshu Chakrawarti, CEO of Snapdeal, expressed enthusiasm about the collaboration, emphasizing Snapdeal’s dedication to advancing digital inclusivity in India. He highlighted the integration of Bhashini’s language expertise with Snapdeal’s robust e-commerce platform as a means to empower individuals from diverse linguistic backgrounds.

Chakrawarti underscored that the initiative resonates with Snapdeal’s mission to enhance accessibility and affordability in online shopping, particularly catering to Tier 3 cities and beyond.

Snapdeal caters to the value price segment in e-commerce, offering merchandise across categories like home, fashion, beauty, and personal care. With more than 90% of products priced under Rs. 1,000 and over 86% of orders originating from non-metro cities, Snapdeal has honed its expertise in serving mid-income users who predominantly access the Internet via mobile phones.

Amitabh Nag, CEO of Bhashini, reiterated their commitment to leveraging technology for societal benefit, aiming to enable inclusive digital experiences for all.

Launched under the National Language Technology Mission by the Indian Prime Minister in July 2022, Bhashini aims to transcend language barriers by providing technology translation services in 22 scheduled Indian languages, ensuring citizens can access digital services in their preferred language.

NODWIN Gaming, a subsidiary of Nazara Technologies, Expands its Footprint with Ninja Global Acquisition

By
Garima Bansal
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0
nazara founder nitish mittersain

NODWIN Gaming International Pte Ltd, a subsidiary of Nazara Technologies, has completed the acquisition of Ninja Global FZCO (Ninja) for $3.57 million (approximately INR 29.8 crore) in a strategic transaction involving both cash and stock components.

The acquisition is strategically aimed at bolstering NODWIN Gaming’s presence and capabilities within the esports and gaming production domains across the UAE and Turkey. Ninja Global, recognized for its substantial influence in the esports and gaming production sectors, will now integrate seamlessly into NODWIN Gaming Private Limited.

Nazara Technologies, the parent company of NODWIN Gaming, recently secured approximately INR 510 crore from a consortium of investors, including Nikhil Kamath, the cofounder of Zerodha, and SBI Mutual Fund. Nitish Mittersain, the CEO, outlined plans to utilize the fresh capital to invest in gaming studios capable of developing high-caliber games tailored for both Indian and global audiences during an interview with Inc42.

The finalized deal, executed on June 7 via a secondary transaction, involved a cash component of $1.32 million, with the remaining stake valued at $2.24 million obtained through the issuance of preference shares of NODWIN Gaming International. According to disclosures made in Nazara’s stock exchange filings, NODWIN Gaming International disbursed $1 million in cash upfront and allocated approximately $2.24 million through the issuance of preference shares.

Nazara emphasized in February that the acquisition of Ninja Global will fortify NODWIN’s global delivery network in emerging markets, enabling the company to offer enhanced solutions to publishers and brands in the Middle East and Turkey.

This strategic acquisition underscores Nazara’s aggressive expansion strategy in the gaming sector. In October of the preceding year, Nazara acquired the games marketing services firm PublishMe for $2 million. Following this, in January, NODWIN Gaming unveiled plans to acquire a 100% stake in Comic Con India for INR 55 crore ($6 million) through a combination of cash and stock transactions, aimed at diversifying its youth-centric portfolio and extending its global entertainment footprint. Furthermore, the company committed to investing €8 million (approximately INR 71.8 crore) in Freaks 4U Gaming GmbH, a marketing services firm based in Germany.

Battery Smart Secures $65 Million in Series B Funding Round

By
Garima Bansal
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0
battery smart founders

Battery Smart, a pioneering battery technology startup, has successfully secured $65 million in its Series B funding round, spearheaded by LeapFrog Investments. The funding round also witnessed enthusiastic participation from both new and existing investors, including MUFG Bank, Panasonic, Ecosystem Integrity Fund, Blume Ventures, and British International Investment (BII).

Although Battery Smart has opted not to disclose its current valuation, it experienced a notable surge in its worth during the initial tranche of its Series B funding, amounting to $45 million. This valuation marked a substantial increase from its pre-Series B valuation of $210 million, recorded in November of the previous year.

The infusion of capital will empower Battery Smart to expand its battery-swapping network nationwide, fostering greater adoption of electric mobility, as highlighted in the company’s recent press release.

Battery Smart specializes in providing cutting-edge lithium-ion batteries designed for electric two and three-wheelers, offering swift and efficient swapping capabilities at any of its numerous swapping stations. The company’s innovative Battery-as-a-Service (BaaS) solution alleviates the burden of high upfront costs for its clientele.

Presently, Battery Smart boasts a network of 1,000 battery-swapping stations spanning across 30 cities, facilitating over 35 million swaps for more than 45,000 active customers. The company has established a notable presence in key regions such as Haryana, the National Capital Region (NCR), Karnataka, Rajasthan, Telangana, Uttar Pradesh, and Maharashtra.

According to insights, Battery Smart witnessed an impressive seven-fold increase in revenue, soaring from Rs 7.95 crore to Rs 55.8 crore in FY22. However, the company also experienced a 4.9-fold surge in losses, escalating from Rs 13.08 crore to Rs 64.51 crore during the same period.

As of the latest available data, Tiger Global holds a substantial 23% stake in Battery Smart, followed by co-founders Pulkit Khurana and Siddharth Sikka, each possessing a 14.28% stake. Additionally, Blume Ventures maintains over a 12% stake in the company. For further details, interested parties can refer to TheKredible platform.

Eternz Secures $1.15 Million in Pre-Seed Funding Led by Kae Capital

By
Garima Bansal
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0

Eternz, a curated vertical marketplace for jewellery, has raised $1.15 million in a pre-seed funding round led by Kae Capital. The funding round also saw participation from Gemba Capital, IIMA Ventures, TDV Partners, and Venture Lab. This financial boost will help Eternz target urban customers across India and establish partnerships with international brands, according to a company press release.

Founded by Arthi Ramalingam, Eternz aims to transform the jewellery buying experience online through innovative technology. The startup curates designs from high-quality national and international brands, providing a unique and trustworthy platform for jewellery shopping. Eternz caters to a wide array of metals, including fashion/costume, silver, gold, and diamond jewellery, and plans to continue collaborating with brands and designers to enable discovery and growth in this evolving market.

Eternz plans to use the proceeds to expand its selection of jewellery and target urban customers in India. The company also intends to launch an offline experience center, allowing consumers to touch and feel the jewellery, bridging the gap between online convenience and offline authenticity.

Sunitha Viswanathan, a Partner at Kae Capital, highlighted the strong demand for jewellery among millennials and Gen Z for daily wear, not just special occasions. She praised Eternz’s business model, which offers a curated vertical marketplace providing a trusted and unique experience for customers. Viswanathan expressed confidence that Eternz would become the go-to platform for brands looking to scale their online presence.

Eternz’s founder, Arthi Ramalingam, emphasized the company’s mission to address trust issues and discovery challenges that consumers face when shopping for jewellery online. With this funding, Eternz is poised to enhance its product offerings and expand its market presence both online and offline.

Kae Capital manages approximately $250 million in capital, having invested in 85 startups with a portfolio enterprise valuation of $9.88 billion. Its portfolio includes a mix of B2B and B2C startups such as Nazara Technologies, Porter, Healthkart, Zetwerk, Tata 1mg, Traya, and Square Yards.

Perceptyne Attracts Pre-Seed Funding from Venture Catalysts to Transform Industrial Automation

By
Garima Bansal
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0
perceptyne founders

Perceptyne, a deeptech AI and robotics startup, has secured pre-seed funding led by Venture Catalysts, India’s premier integrated incubator and early-stage investment leader. This investment round included participation from notable figures in the deeptech hardware startup community such as Tarun Mehta and Swapnil Jain of Ather, and Pawan Chandana and Bharat Daka of Skyroot Aerospace. Other notable investors included T-Hub, Z21 Ventures, Naveen (Founder of My Ally), Satya (Founder of Bluecopa), and Aditya Damani (Founder of Credit Fair).

Emerging from stealth mode, Perceptyne aims to revolutionize factory floor automation with its pioneering industrial humanoid robots. These robots are designed to perform tasks requiring human-like dexterity, such as product assembly, e-commerce packaging, and commercial kitchen operations—tasks where traditional robots typically underperform. The company is building a vertically integrated full-stack robotics platform centered around AI to address these needs.

Dr. Apoorva Ranjan Sharma, Co-founder and Managing Director of Venture Catalysts, expressed enthusiasm about the investment, stating, “Perceptyne’s groundbreaking approach to industrial automation with humanoid robots is set to transform the sector. Our investment reflects our belief in their vision to automate tasks with precision and their potential to scale rapidly in the EMS and Automotive industries. The expertise of Perceptyne’s founding team, their technological advancements, and their strategic business model align with our commitment to fostering disruptive technologies.”

Raviteja Chivukula, Co-Founder and CEO of Perceptyne, highlighted the significance of the funding, saying, “At Perceptyne, we are on a mission to redefine the automation landscape with our innovative industrial humanoid robots. This funding, led by Venture Catalysts, is a testament to the confidence in our vision and technology. Our robots are set to revolutionize industries that have long awaited such innovation. We are grateful for the support from industry stalwarts and our esteemed investors, which fuels our commitment to democratize automation. With this investment, we are poised to accelerate our product development and pilot deployments, particularly in the EMS and Automotive sectors.”

The global automation market, valued at USD 18 billion annually, is growing at a CAGR of 12.3%. In India, the manufacturing sector is poised for rapid growth, supported by the China+1 strategy and government initiatives such as Production-Linked Incentives (PLI). Perceptyne is well-positioned to meet the surging demand for automation both globally and domestically.

Perceptyne’s industrial humanoid robots feature dual arms with seven degrees of freedom each and five-fingered end effectors, equipped with tactile sensing and force feedback. These advancements are set to transform the EMS and automotive industries by significantly reducing automation implementation time by 90%, eliminating the need to pause production during implementation, and requiring minimal infrastructure and workflow restructuring.

The founders of Perceptyne, Raviteja Chivukula, Jagga Raju Nadimpalli, and Mrutyunjaya Nadiminti, bring extensive experience in deeptech product development, production, marketing, and sales across various industries, including aerospace, industrial automation, automotive, and electronics. Their backgrounds from prestigious institutions like IIT Madras and BITS Pilani further bolster the company’s credibility and innovative potential.

Dexif Secures $4 Million Investment from RTP Global to Advance Fixed-Income Platform

By
Garima Bansal
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0

Dexif, a fintech startup specializing in fixed-income investment products, has successfully raised $4 million in seed funding from RTP Global, an early-stage venture capital firm. The funding is set to fuel Dexif’s technology platform, expand its business operations, and strengthen its talent pool, positioning the company to better meet the growing market demand.

Founded in November 2022 by Deepank Bhandari and Tushar Sharma, Dexif operates from the National Capital Region with a significant presence in Mumbai. The startup has been working in stealth mode, focusing on providing innovative fixed-income products with precise risk-reward and duration characteristics that are investor-friendly. Dexif’s proprietary financial engineering technology facilitates investment in securities such as non-convertible debentures, pass-through certificates, direct assignments, and term loans.

CEO Deepank Bhandari highlighted the strategic importance of the funding, noting, “This investment reinforces our commitment to unlocking the full potential of India’s fixed-income markets. It will fuel our pursuit to innovate further and scale our offerings, ensuring that the power of fixed-income investments is within easy reach of every investor.” Bhandari, who previously served as Vice President of the supply chain at Blinkit, co-founded Dexif alongside Tushar Sharma, with Chartered Accountant Pallavi Bajaj joining as a co-founder in October 2023.

Dexif’s platform addresses significant challenges in the fixed-income market, such as price discovery, accessibility, and transparency. By leveraging technology, Dexif aims to provide valuable solutions to these issues, facilitating a more attractive and functional market for a broader range of investors. Nishit Garg, a partner at RTP Global’s Asia investment team, emphasized the potential impact of Dexif’s technology-driven ecosystem on the market.

The startup has reported a Gross Transaction Volume (GTV) of approximately Rs 300 crores per month. Dexif aims to bridge the gap between companies and financial institutions seeking capital and a diverse spectrum of investors, from institutions to individuals. The platform focuses on investment-grade companies and listed securities, ensuring a low-risk environment for its transactions.

India’s bond market, valued at around $2.2 trillion, presents significant growth potential compared to other major economies. Dexif’s strategic initiatives are aligned with this potential, aiming to expand the market substantially by 2030. With the fresh capital infusion, Dexif is poised to enhance its technology stack, expand its team, and scale its business operations further.

Rahul Bhatia Family Set to Sell 2% Stake in IndiGo for ₹3,293 Crore

By
Garima Bansal
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0
Indigo Rahul Bhatia

InterGlobe Enterprises, the holding company of the Rahul Bhatia family, is reportedly planning to divest a 2% stake in the low-cost carrier IndiGo through block deals. The transaction involves the sale of 77 lakh shares at a base price of ₹4,266 per share, marking a 7% discount. The total value of the deal is estimated at ₹3,293 crore, according to sources familiar with the matter.

Due to regulatory constraints, Bhatia is restricted from further share sales in the market for at least one year. Despite this divestment, InterGlobe Aviation announced a remarkable profit of ₹8,172 crore for the fiscal year 2024. Additionally, the company reported a net profit of ₹1,894 crore for the fourth quarter, marking its sixth consecutive quarter of profitability.

In the corresponding quarter, InterGlobe Aviation recorded a net profit of ₹919.2 crore, as stated in a regulatory filing. The company’s revenue from operations surged by 26% to ₹17,825.3 crore compared to ₹14,160.6 crore in the corresponding period of the preceding fiscal year.

At the operational level, EBITDAR witnessed a notable surge of 48.7% to ₹4,412.3 crore in the fourth quarter of the fiscal year, compared to ₹2,966.5 crore in the same period last year. The EBITDAR margin for the reporting quarter stood at 24.8%, compared to 20.9% in the corresponding period of the previous fiscal year.

While IndiGo managed to reduce its fuel cost per available seat kilometre (CASK) by 6.9% to ₹1.72, the CASK excluding fuel experienced a 14.7% increase to ₹2.90. Shares of Interglobe Aviation Ltd concluded at ₹4,553, marking a gain of ₹181.65 or 4.16% on the BSE.

Oyo Pursues Investment from Family Offices Amid Valuation Adjustment

By
Garima Bansal
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0
oyo Ritesh Agarwal

Hospitality startup Oyo, backed by SoftBank, is reportedly seeking to raise $80-90 million from family offices, as per a report by The Arc. Collaborating with InCred, a financial services firm, Oyo aims to secure this investment, with commitments starting at $2 million from each family office.

Family offices, renowned for their tailored financial and investment management services for ultra-high-net-worth individuals (HNWIs), stand out in the realm of private wealth management. Oyo’s decision to engage family offices underscores its strategic approach to accessing growth capital from the private wealth sector.

A conference arranged by InCred facilitated discussions between Oyo’s CEO and founder, Ritesh Agarwal, and nearly 100 potential investors. The capital raised is primarily earmarked for expanding Oyo’s business footprint, with a portion allocated to debt reduction.

Furthermore, Oyo seeks to secure half of its targeted $150 million from a sovereign fund, although specific details are undisclosed. Earlier reports indicated discussions with Malaysia’s sovereign wealth fund, Khazanah Nasional Berhad, to spearhead a $400 million fundraising round for Oyo.

The fundraising endeavors are underpinned by a valuation of $2.3 billion, marking a notable decline from Oyo’s peak valuation of $10 billion in 2019. SoftBank had previously adjusted Oyo’s valuation to $2.7 billion in 2022. Despite these adjustments, Oyo maintains an optimistic outlook, highlighting its focus on refinancing outstanding debt to bolster profitability.

While Oyo has shelved its initial public offering (IPO) plans, it anticipates refiling once its refinancing strategy materializes. The company intends to raise up to $450 million through dollar bond issuance, a move poised to fortify its financial standing.

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