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Zactor Tech Raises Pre-Seed Round at Valuation of $3 Mn

By
Garima Bansal
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0

Financial wellness and literacy brand Zactor Tech has secured a substantial pre-seed funding round at a valuation of $3 million, co-led by High Net Worth Individuals (HNIs). This significant investment underscores the growing recognition of Zactor Tech’s potential to revolutionize personal finance management.

Co-founded in 2023 by Abhishek Walia and Shivam Parihar, Zactor Tech is at the forefront of modernizing personal finance through innovative technology solutions. The platform offers a comprehensive suite of services covering goal setting, investment, retirement, and insurance planning, all aimed at empowering individuals to achieve financial wellness.

With over 7 years of experience in wealth management, the founders identified a major gap in the personal finance space and set out to build India’s first financial wellness platform. Their vision is to provide personalized financial paths for every user, addressing their unique needs and goals.

Zactor Tech’s goal-based saving platform allows users to effectively manage their financial wealth, providing them with the tools and insights needed to make informed decisions about their finances.

The funds from this pre-seed round will be strategically allocated towards product development, user acquisition, and enhancing financial literacy among Zactor Tech’s growing user base. By continuously improving its platform and expanding its reach, Zactor aims to empower more individuals to take control of their financial futures.

Despite being in its early stages, Zactor Tech has already shown impressive traction, with a reported monthly user growth rate of 2x over the last six months. This strong momentum positions the company for further growth and success in the evolving landscape of personal finance management.

MG India and HPCL Forge Alliance to Bolster EV Charging Network Nationwide

By
Garima Bansal
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0

In a significant move aimed at fortifying India’s electric vehicle (EV) charging infrastructure, MG Motor India and Hindustan Petroleum Corporation Ltd. (HPCL) have joined forces in a strategic partnership. This initiative is geared towards enhancing the convenience of EV charging, particularly during long-distance and intercity travels.

The newly installed chargers will adhere to the CCS 2 charging standard, compatible with vehicles such as the MG ZS EV. MG customers can conveniently access these charging stations through the MyMG App or utilize HPCL’s integrated network discovery tool to locate them. Leveraging HPCL’s expansive network of over 22,000 fuel stations, the partnership aims to ensure widespread accessibility to EV charging solutions for users nationwide.

MG Motor India and HPCL share a common goal of increasing the availability of EV chargers to bolster consumer confidence in electric mobility. Gaurav Gupta, Chief Growth Officer at MG Motor India, stressed the importance of a robust EV ecosystem in facilitating the seamless transition to electric mobility.

Rajdip Ghosh, Chief General Manager at HPCL, revealed the company’s ambitious plans to install approximately 5,000 EV charging stations by December 2024. Leveraging MG’s vehicle base, HPCL aims to optimize the utilization of these chargers, further expanding the reach of the EV charging network.

MG Motor India has been actively fostering partnerships with various service providers to expand the EV charging network. Previous collaborations include an alliance with Zeon to deploy over 300 chargers across India. With HPCL’s extensive network and commitment to eco-friendly initiatives, the partnership is poised to play a pivotal role in accelerating the adoption of electric vehicles across India.

Kanlet Revolutionizing B2B Sales with AI-Powered Automation

By
Garima Bansal
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0

Kanlet, an innovative AI-driven sales execution platform, is transforming how B2B sales teams operate by leveraging cutting-edge technology to streamline and enhance sales processes. Founded in 2023 by serial entrepreneur Satish Patil, Kanlet is on a mission to empower sales teams with AI-powered tools that identify optimal prospects, leverage key sales triggers, and deliver hyper-personalized outreach with unmatched precision.

Central to Kanlet’s value proposition is its unified data model, which integrates information from various sources—first-party, second-party, and third-party data—into a dynamic and intelligent system. This “living data” focuses on the connections between data points, the intentions behind actions, and tailoring content to individual needs. By utilizing advanced AI technology, Kanlet helps B2B sales and marketing teams craft more effective strategies for customer engagement and conversion.

At the heart of Kanlet’s platform is its AI-powered automation engine. This sophisticated tool identifies the best-fit buyers by analyzing firmographic and technographic data, tracks them for relationship triggers and buying intents, and surfaces them as warm leads in the sales pipeline. The platform then automates outreach with personalized messages, generated by Generative AI, which significantly amplifies the effectiveness of sales efforts.

“Our mission is to develop an advanced data infrastructure that allows B2B companies to put their go-to-market motions on autopilot,” says Satish Patil, founder and CEO of Kanlet. “Kanlet is solving this problem by offering AI-powered automation that identifies the best buyers and sales triggers and helps you act on those with relevancy.”

Kanlet’s innovative approach is already making waves in the industry. By providing sales teams with actionable insights and a comprehensive view of their target markets, businesses can make data-driven decisions and execute targeted strategies with confidence. This holistic approach not only strengthens relationships with prospects but also drives higher conversion rates and sustained business growth.

The recent $400,000 pre-seed funding round, led by Suvan Ventures and supported by a group of angel investors, will play a crucial role in Kanlet’s expansion and development. The capital infusion will be strategically allocated across key areas such as product development, sales, marketing, and talent acquisition. This will enable Kanlet to enhance its platform’s capabilities, introduce new features, and expand its market reach.

Kanlet’s innovative use of Generative AI to deliver hyper-personalized communications tailored to each prospect’s preferences and behaviors is a game-changer for B2B sales teams. By leveraging sophisticated algorithms to analyze vast datasets, Kanlet empowers sales teams to cultivate stronger relationships with prospects and drive higher conversion rates.

The success of Kanlet is underscored by its growing roster of clients within the B2B SaaS, enterprise SaaS, and technology sectors. By partnering with industry-leading organizations, Kanlet has demonstrated its ability to deliver tangible results and drive sustained business growth through its innovative sales automation platform.

Hocco Ice Cream Secures Rs 100 Crore Funding from Chona Family and Sauce VC

By
Garima Bansal
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0

Hocco, the renowned ice cream brand based in Ahmedabad, has successfully concluded a fundraising round, securing Rs 100 crore ($12 million). The investment was spearheaded by the Chona family, the promoters of Hocco, along with existing investor Sauce VC. Angel investors, including notable film producers Ritesh Sidhwani and Farhan Akhtar, also contributed to the round. This significant investment has propelled Hocco’s valuation to Rs 600 crore.

Ankit Chona, the managing director of Hocco, revealed to the Economic Times that the funds will be utilized to expand the company’s manufacturing capacity. With ambitious plans for growth, the brand aims to achieve sales of Rs 200 crore by the end of the fiscal year in March 2025.

Hocco’s journey traces back to its inception as an ice cream parlor in Karachi in 1994 by Satish Chona. In 2017, the Chona family sold their esteemed brand Havmor to South Korean conglomerate Lotte for Rs 1,020 crore. Post-funding, Sauce VC, an early-stage consumer VC fund, holds approximately a 10 percent stake in Hocco.

The establishment of Hocco, also known as House of Chonas, in 2019 marked the expansion of their longstanding food service enterprise. Garnering popularity in 2023, Hocco has swiftly expanded its presence, establishing over 100 stores nationwide and venturing into the US market with its first Quick Service Restaurant (QSR) location in Virginia.

Furthermore, Hocco is keen on exploring the quick commerce category to expand its footprint beyond Gujarat, with plans to enter markets in Delhi, Maharashtra, and Rajasthan. Chona articulated the company’s strategy, stating, “The way we plan to do that is to penetrate deeper into Gujarat and expand into nearby geographies. Before next summer, we will launch in Rajasthan, Maharashtra, and Delhi-NCR.”

AI startup Control One raises $350K in pre seed round

By
Garima Bansal
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0

AI-driven robotics startup Control One has successfully raised ₹3 crore (approximately $350,000) in a pre-seed funding round. This crucial investment aims to propel the development of a fully functional prototype and facilitate pilot validations for their cutting-edge technology.

The funding round saw participation from a notable group of investors including Kunal Shah (Founder of CRED), Chaitanya R (Co-Founder of Wakefit), Amit Singh (former MD of Avendus Capital), and top supply chain executives from renowned companies such as Tesla, Amazon, Walmart, eBay, Mercedes-Benz, and General Electric.

Control One is pioneering artificial intelligence specifically designed for slow-moving equipment in the supply chain sector. The startup’s mission is to enhance the capabilities of these vehicles, pushing them to achieve or even exceed human levels of intelligence. This advancement aims to boost productivity, safety, and job satisfaction for blue-collar workers globally.

“Our mission is to transform slow-moving equipment worldwide using our advanced AI, enhancing vehicles to reach—or even surpass—human levels of intelligence. This technology will empower blue-collar workers worldwide to achieve greater productivity, safety, and satisfaction in their roles,” stated Pranav S, founder and CEO of Control One.

According to the Bureau of Labor Statistics (BLS), the supply chain labor market in the US alone is valued at $531 billion. Control One is strategically positioned to address the global challenges within this sector by leveraging the rapidly evolving AI infrastructure of this decade.

In the coming months, Control One plans to unveil its first fully functional prototype, demonstrating the practical application and potential of their AI technology in real-world scenarios. This milestone will mark a significant step forward in their quest to revolutionize the supply chain industry.

Arthan Finance Secures INR 50 Crore in Series B Funding to Drive MSME Lending

By
Garima Bansal
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0
Pravash Dash, Founder and CEO of Arthan Finance

Arthan Finance, a leading lendingtech non-banking financial company (NBFC), has successfully raised INR 50 crore in Series B funding from prominent investors including Incofin India Progress Fund and the Michael and Susan Dell Foundation. With this latest infusion of capital, the Mumbai-based platform aims to bolster its expansion initiatives and enhance its technological capabilities.

Having raised a total of approximately INR 83 crore to date, Arthan Finance has garnered support from various stakeholders, including the Michael and Susan Dell Foundation, angel investors, and the company’s founders, in previous investment rounds. The fresh funding injection will enable Arthan Finance to amplify its Assets Under Management (AUM), broaden its geographic footprint, and invest in advanced artificial intelligence (AI) and machine learning (ML) based underwriting systems.

Kunal Mehta, Founder and Director of Arthan Finance, expressed the significance of this funding for the company’s growth trajectory, emphasizing their commitment to leveraging technology to extend financial inclusion to underserved micro and small enterprises across India.

Pravash Dash, Founder and Chief Executive Officer of Arthan Finance, highlighted the transformative potential of Incofin’s investment in driving tech-enabled and affordable credit solutions for underserved Indian MSMEs. He emphasized the alignment between Arthan’s vision and the extensive impact investing experience of its investors.

Arthan Finance boasts a presence across Telangana, Maharashtra, Odisha, and Andhra Pradesh, with more than 35 branches. The platform has disbursed over INR 500 crore to more than 20,000 borrowers, catering to an acutely underbanked population of more than 11 million nano enterprises. With its AI and ML-based underwriting systems, Arthan Finance ensures efficient risk discovery and loan disbursement, empowering small businesses and contributing to the future of India’s economic landscape.

Tencent Divests Rs 416 Crore Worth of Shares in Policybazaar Parent Company

By
Garima Bansal
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0

Tencent Cloud Europe BV, an affiliate of the Chinese tech giant Tencent, has recently sold a 0.73% stake in PB Fintech, the parent company of Policybazaar. The transaction, executed through an open market deal on the National Stock Exchange (NSE), saw Tencent offloading 33 lakh shares at an average price of Rs 1,259.71 per share, totaling a transaction value of Rs 416 crore. The buyers of these shares remain undisclosed at present.

This divestment has reduced Tencent’s ownership in PB Fintech by 5.5%, marking a significant shift in its holdings. Prior to this sale, Tencent held a 6.26% stake in PB Fintech as of March 2024.

It’s noteworthy that Tencent had previously divested a 2.1% stake in PB Fintech in May 2023 for Rs 562 crore, at a deal price of Rs 596.66 per share. Despite these divestments, PB Fintech’s stock has demonstrated remarkable growth, more than doubling since the last sale.

Currently, the shareholding pattern of PB Fintech indicates that 99.41% of the company is owned by the public. Foreign portfolio investors (FPIs) hold a significant 41.4% stake, while domestic institutional investors, including mutual funds and insurance companies, collectively hold about 15%. The remaining stake is held by company employees.

PB Fintech has exhibited robust financial performance in 2024, reporting a 37% increase in premiums amounting to Rs 15,875 crore. Additionally, the company achieved profitability in fiscal year 2024 (FY24), with revenue surging by 34% to Rs 3,438 crore.

PhonePe and PickMe Forge Alliance for UPI Transactions in Sri Lanka

By
Garima Bansal
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0

PhonePe, a prominent digital payments platform, has announced a strategic collaboration with PickMe, Sri Lanka’s premier ride-hailing service. This partnership heralds a new era of convenience for Indian travelers in Sri Lanka, as it introduces UPI-based QR payments for seamless transactions on PickMe rides.

Jiffry Zulfer, CEO of PickMe, expressed excitement about the collaboration, citing its alignment with PickMe’s vision to revolutionize Sri Lanka’s transportation sector while fostering economic growth and providing additional income streams for drivers.

The initiative follows PhonePe’s recent endeavor in conjunction with LankaPay, facilitating UPI payments across LankaQR merchant points via the PhonePe App. Powered by the Unified Payments Interface (UPI) and LankaPay National Payment Network, these transactions cater to the needs of Indian tourists and entrepreneurs in Sri Lanka.

Speaking at the launch event, Santosh Jha, the High Commissioner of India to Sri Lanka, highlighted the significance of the UPI launch in fostering digital collaboration between the two nations. He underscored India’s support for Sri Lanka’s digital initiatives, including the development of its Unique Digital Identity Program and other components of the Digital Stack, which hold immense potential for transformative change.

Jha encouraged Sri Lankan companies to engage with Indian counterparts to harness the UPI stack for innovative solutions across various sectors, from hotel and cab bookings to delivery services and beyond.

Amitabh Kant Advocates Bengaluru-Mysuru Belt as Key Hub for Semiconductor Manufacturing in India

By
Garima Bansal
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0
Former Niti Ayog CEO, Amitabh Kant

Former NITI Aayog CEO and India’s G20 Sherpa, Amitabh Kant, has pinpointed the Bengaluru-Mysuru region as the prime ecosystem for semiconductor design and manufacturing within India.

Speaking at the India Global Innovation Connect event in Bengaluru on June 6, Kant underscored the region’s robust infrastructure, abundant supply of electricity, and essential minerals, positioning it as the most conducive location for establishing semiconductor fabrication plants.

“In India, no other location offers a superior ecosystem for semiconductor manufacturing than the Bengaluru-Mysuru belt in Karnataka. With its abundant supply of minerals, water resources, and consistent electricity, this region has the potential to emerge as the leading hub for both manufacturing and global design,” remarked Kant.

Addressing the proposed site for the country’s inaugural quantum computing tech park, Kant affirmed Karnataka’s suitability for this burgeoning technology hub.

He underscored the government’s strategic focus over the next five years on upskilling the youth in emerging technology domains, stating, “The forthcoming five-year tenure of this government will prioritize skill development and apprenticeship, generating new employment opportunities in emerging sectors beyond the traditional information technology landscape.”

Kant also advocated for the proliferation of upskilling startups to train young engineers in high-demand technologies. “We require a greater number of engineers to spearhead a new wave of Indian startups. To achieve this, we must cultivate at least 2 million developers proficient in domains such as artificial intelligence (AI) and data science. Engineering curricula must swiftly adapt to meet contemporary demands,” he added.

Discussing the INR 1 Lakh Cr R&D fund announced in Budget 2024, Kant revealed that the fund is set to become operational within the next three to four months. These remarks come amid an escalating global competition for semiconductor dominance, with India endeavoring to carve out a significant presence in this critical sector.

The central government’s initiatives, including the INR 76,000 Cr production-linked incentive (PLI) scheme for semiconductor manufacturing and INR 6,000 Cr allocation for India’s Quantum Computing Mission, aim to harness emerging technologies to foster innovation and fortify the startup ecosystem.

Coca-Cola to Invest Rs 700 Crore in New Telangana Plant

By
Garima Bansal
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0

Coca-Cola, the global beverage giant, is gearing up for a significant expansion with the establishment of a new greenfield plant in Telangana’s Peddapalli district. This venture, set to receive an investment of Rs 700 crore, will be spearheaded by Hindustan Coca-Cola Beverages (HCCB), the company’s wholly-owned bottling arm. The decision follows productive discussions between senior executives, including Jonathan Reif, Head of Fiscal Policy at Coca-Cola, and a ministerial delegation led by Minister Sridhar Babu, held at Coca-Cola’s headquarters in Atlanta, United States.

Minister Sridhar Babu lauded the move, highlighting its potential to catalyze industrial growth beyond Hyderabad, aligning with the government’s vision of decentralized development. Emphasizing Telangana’s commitment to facilitating multinational companies’ expansion endeavors, the Minister underscored the government’s dedication to providing essential infrastructure, utilities, permissions, and skilled manpower for the forthcoming facility.

HCCB’s CEO Juan Pablo Rodriguez and senior executives had previously discussed expansion plans, including the establishment of the Rs 700 crore greenfield plant, with Chief Minister A. Revanth Reddy and Minister Sridhar Babu, receiving assurance of government cooperation and support.

In addition to this new venture, HCCB is on the brink of commencing commercial production at its recently constructed Rs 1,600 crore manufacturing facility near Hyderabad, a testament to the company’s steadfast commitment to bolstering its operational footprint in the region.

Telangana already hosts one of HCCB’s largest plants in Ameenpur, which witnessed a Rs 142 crore investment for expansion in 2020. Moreover, in April 2022, the company inked a Memorandum of Understanding (MoU) with the state government, committing to invest Rs 1,000 crore in a new greenfield plant in Siddipet, further solidifying its long-term commitment to the region’s economic growth and development.

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