Sunday, October 6, 2024
No menu items!
Home Blog Page 85

Testsigma Raises $8.2 Million in Funding Round Led by MassMutual Ventures

By
Garima Bansal
-
0

Testsigma, an AI-based low-code test automation platform, has successfully secured $8.2 million in funding, with MassMutual Ventures leading the investment round. Existing investors Accel, STRIVE, and BoldCap also participated in the funding round. This latest funding round marks a significant milestone for Testsigma, following its previous funding of $4.6 million in 2022, which was led by Accel, with contributions from STRIVE and BoldCap.

Founded in 2019 by Rukmangada Kandyala, Pratheep Velicherla, Vikram Chaitanya, and Rajesh Reddy, Testsigma offers a cutting-edge Gen AI-powered, low-code test automation platform. This platform empowers quality engineering teams to automate tests rapidly and at scale, even without coding expertise.

Testsigma’s platform enables users to create, organize, and execute automated tests for web and mobile applications, as well as APIs, using plain English through its innovative NLP (Natural Language Programming) engine.

The company boasts an impressive clientele, which includes renowned organizations such as Sage, HPE, Netgear, HDFC Life, IEEE, SignEasy, American Psychological Association, and Mehiläinen.

With the latest funding infusion, Testsigma is poised to further enhance its platform capabilities and expand its market reach. The investment reaffirms investor confidence in Testsigma’s innovative approach to test automation, positioning the company for continued growth and success in the rapidly evolving software testing landscape.

Fibe Secures $66 Million Series E Funding Led by TPG’s The Rise Fund

By
Garima Bansal
-
0

Pune-based digital lending platform Fibe, formerly known as EarlySalary, has successfully concluded its Series E funding round, raising Rs 547 crore ($66 million). Spearheaded by TPG’s The Rise Fund and Kabira Holdings, this investment marks a significant milestone for the company, representing its first major funding in the past two years.

The Rise Fund led the round with an investment of Rs 133 crore ($16 million), followed by Kabira Holdings with Rs 125 crore ($15 million). Other notable participants include Eight Road Ventures, Norwest Capital, Trifecta, Amara Partners, and Chirate Ventures. The funds raised will be utilized for Fibe’s expansion and growth initiatives, as outlined in the company’s business plan.

Following this funding, Fibe’s valuation is estimated to be approximately $590-600 million, marking a substantial increase from its previous valuation of $350 million during the Series D round. TPG’s The Rise Fund now holds a 22.72% stake in Fibe, with other investors also securing significant ownership stakes.

Previously, Fibe had raised $110 million in its Series D round, led by TPG’s The Rise Fund and Norwest Venture Partners. With total funding exceeding $200 million to date, the company is poised for further growth and expansion.

In the fiscal year ending March 2023, Fibe reported a significant increase in operating revenue, reaching Rs 414 crore. However, the company also experienced a surge in losses, which amounted to Rs 36 crore during the same period. Despite facing competition from other consumer lending firms, Fibe remains focused on enhancing its market position and delivering innovative lending solutions to its customers.

Saguaro Biosciences Secures $3M Seed Funding to Propel AI-Enhanced Cell Analysis Platform

By
Garima Bansal
-
0

Quebec City, Canada – Saguaro Biosciences, a pioneering developer of live cell reagents for AI-enhanced discoveries, has announced the successful completion of a $3 million Seed funding round. The round was led by AQC Capital and Anges Québec, with notable participation from Martin Leblanc, Co-Founder and Vice-Chairman of CellCarta Biosciences, along with investments from Investissement Quebec and Ville de Québec.

This funding infusion is earmarked to fuel the commercial expansion of ChromaLive™, Saguaro Biosciences’ cutting-edge reagent platform. ChromaLive™ empowers researchers with time-sensitive imaging and AI-enabled analysis capabilities, revolutionizing the study of cell biology.

Under the leadership of CEO Louis Turcotte, Saguaro Biosciences is committed to advancing life sciences through innovative reagents tailored for AI-driven cell analysis. The flagship product, ChromaLive™, has garnered attention from major pharmaceutical companies, positioning Saguaro Biosciences as a key player in the field of cell biology research.

The platform’s ability to demystify cell biology and expedite the discovery of new therapies underscores its potential to revolutionize the life sciences industry.

Louis Turcotte expressed gratitude for the investors’ support and outlined plans to leverage the seed funding to drive commercial expansion and further enhance ChromaLive™’s capabilities. By empowering researchers with advanced tools for AI-driven cell analysis, Saguaro Biosciences is poised to unlock new frontiers in biomedical research and drug development.

Alysio Secures $3.3 Million Seed Funding to Revolutionize GTM Performance with AI-driven Platform

By
Garima Bansal
-
0

Salt Lake City, UT – Alysio, a leading provider of Go-To-Market (GTM) Performance Platform solutions, has announced the successful completion of a $3.3 million seed funding round, led by Kickstart Fund. The round saw participation from prominent investors including R-Squared Ventures, SaaS Ventures, Capital Eleven, Upstream, Philo, Service Provider Capital, and Spacestation Investments.

This investment underscores Alysio’s commitment to empowering GTM teams (sales, customer success, marketing) with advanced analytics and AI-driven insights, aiming to unlock new levels of productivity and revenue generation. Aaron McReynolds, Co-Founder and CEO of Alysio, expressed confidence in the company’s ability to leverage AI to enhance user experience while simplifying revenue tracking processes.

Ryan Harris, COO and co-founder of Alysio and Aaron McReynolds, Co-Founder and CEO of Alysio

Alysio’s GTM Performance Platform streamlines GTM processes, providing organizations with real-time performance intelligence to optimize strategies and drive revenue growth. The seed funding will fuel Alysio’s expansion efforts, enabling the company to scale operations, enhance product features, and broaden its market reach. Alysio plans to invest in research and development to further refine its AI algorithms and introduce new functionalities, cementing its position as a leader in the GTM space.

Ryan Harris, COO of Alysio, expressed gratitude for the support of esteemed investors and outlined plans to accelerate platform development, expand the team, and reach new organizations and verticals.

Alysio’s platform addresses common challenges faced by GTM teams, including reduced headcount, quota attainment issues, and ROI scrutiny. By tracking revenue-generating activities (RGAs) and optimizing performance indicators, Alysio empowers teams to drive exceptional results and enhance productivity.

With an innovative 10-points a day approach to performance and a unique use of KPI data, Alysio enables managers to effectively motivate teams, drive engagement, and improve overall performance. Alysio emerges as a valuable partner, providing the tools and insights needed to navigate evolving GTM challenges and achieve sustainable growth.

Scimplify Set to Raise $5 Million in Latest Funding Round

By
Garima Bansal
-
0

Scimplify, a Bengaluru-based startup specializing in the sourcing and manufacturing of specialty chemicals, is gearing up to raise a new round of funding amounting to $5 million. This fresh injection of capital comes just six months after the company’s previous funding round.

According to insiders familiar with the matter, Omnivore is leading this latest funding round, with existing investors also showing strong interest by doubling down on their investments. Scimplify had previously secured $3.67 million in its seed round from prominent investors such as 3one4 Capital and Beenext in December of the preceding year.

Co-founded by Salil Srivastava and Sachin Santhosh, Scimplify operates as a comprehensive business-to-business (B2B) fulfillment platform, catering to various industries including pharmaceuticals, personal care, and agrochemicals. The company offers end-to-end solutions spanning the entire product lifecycle, from contract research to commercial manufacturing.

During its previous fundraising efforts, Scimplify had outlined ambitious plans for expansion, aiming to extend its operations to 20 countries and diversify into four new chemical categories. Presently, the company boasts manufacturing facilities in key locations such as Karnataka, Hyderabad, and Gujarat. The impending deal is expected to value Scimplify within the range of $20-25 million, indicative of the confidence investors have in the company’s growth prospects.

Omnivore’s keen interest in Scimplify’s product portfolio, particularly in the agrochemical sector, underscores the strategic significance of the company’s offerings in addressing critical needs within the agricultural value chain.

Scimplify faces competition from peers such as Atomgrid and Covvalent in the specialty chemicals space, each vying for a share of this rapidly expanding market. With the support of Omnivore and other strategic investors, Scimplify is poised to capitalize on emerging opportunities, driving innovation and sustainable growth within the specialty chemicals industry.

PV Sindhu Joins Greenday’s FMCG Brand as Investor

By
Garima Bansal
-
0

Greenday, an agritech startup, has announced badminton player PV Sindhu as an investor and brand ambassador for its FMCG brand Better Nutrition. Founded in 2017 by Prateek Rastogi and Aishwarya Bhatnagar, Greenday incentivizes farmers to cultivate nutrition-dense crops high in essential micronutrients such as iron, zinc, vitamin A, and vitamin D.

With the new funding, Greenday aims to expand its NutriFarms initiative and enhance its biofortification technology. The Lucknow-based company also plans to bolster its distribution network and broaden its presence across various crops. Earlier in 2022, Greenday secured funding from IIMA Ventures and a group of angel investors. The company endeavors to combat vitamin deficiencies in India through biofortification, a mission underscored by its collaboration with Sindhu.

Greenday currently operates approximately 75 agri-input outlets and procurement centers nationwide under the Greenday ‘Kisan Ki Dukan Brand’. Its FMCG brand Better Nutrition utilizes biofortification to enhance crop nutritional content from the seed stage, offering a diverse range of products including biofortified Atta, Rice, Bajra, Ragi, and Makka.

Prateek Rastogi expressed the company’s ambitious goals, stating, “We currently collaborate with 15,000 farmers and want to dramatically expand our activities. Our goal is to expand across multiple locations and crops. With our revenue currently above INR 10 crore, we expect the nutrition-dense farming and staples sector to grow to around INR 2000 crore by 2030, with Greenday at the forefront of this expansion.”

Greenday not only provides biofortified seeds to farmers but also purchases produce directly from them at a premium price. The company has forged partnerships with FMCG brands, mill owners, and government agencies to establish a supply chain for advanced biofortified agricultural produce.

Greenday competes with companies like Bengaluru-based Agrizy and Gurgaon-based Agrowave. With PV Sindhu’s endorsement and investment, Greenday is poised to accelerate its mission of promoting nutrition-dense farming and addressing vitamin deficiencies in India.

AstroTalk Secures $9.5 Million at $300 Million Valuation

By
Garima Bansal
-
0

Online astrology platform AstroTalk has raised Rs 78.3 crore or $9.5 million in an extension of its Series A round from existing investors Left Lane Capital and Elev8 Capital.

A special resolution passed by the board at AstroTalk authorizes the issuance of 5,067 compulsory Convertible preference shares, raising Rs 78.3 crore or $9.5 million, as indicated in its regulatory filing accessed from the RoC.

Left Lane Capital contributed Rs 58.3 crore, while Elev8 Capital participated with Rs 20 crore. This extension appears to be part of a larger fundraising effort, with AstroTalk reportedly in discussions to raise $30 million. TheKredible’s estimates peg the company’s valuation at around Rs 2,478 crore or $300 million post-money, reflecting a 33.3% increase from its previous round. The valuation is expected to rise with the influx of funds.

AstroTalk has raised a total of Rs 172 crore to date, including Rs 166 crore or $20 million in its Series A round in February. The platform, boasting 13,000 astrologers, tarot readers, numerologists, and Vastu experts, allows users to consult experts for future predictions related to marriage, love life, career, and health, among other areas.

In FY23, AstroTalk demonstrated robust financial performance, with revenue surging 146% to Rs 283 crore, accompanied by a 41.7% increase in profits to Rs 8.5 crore. Based on the current average revenue run rate, the company is projected to conclude FY24 with Rs 650 crore in revenue and Rs 100 crore in profit. However, audited financial results for FY24 are pending.

Lendingkart Secures Rs 100 Crore Debt from Stride Ventures

By
Garima Bansal
-
0

Lendingkart, a digital lending platform focused on small and medium enterprises, has successfully raised Rs 100 crore ($12 million) in debt and Rs 8 crore (approximately $1 million) in equity from Stride Ventures. This marks the second significant debt closure by the Ahmedabad-based firm within the past year.

A board resolution passed by Lendingkart authorizes the issuance of 10,000 non-convertible debentures and 454 Series D5 CCPS, raising a total of Rs 108 crore or $13 million, as revealed in its regulatory filing accessed from the RoC.

According to the filings, the Temasek-backed company has amassed a total of Rs 318 crore ($38 million) in debt thus far. The debt funding will be disbursed in two tranches of Rs 50 crore ($6 million) each, carrying a coupon rate of 14% per annum.

Startup data intelligence platform TheKredible estimates Lendingkart’s post-allotment valuation to be approximately $690 million. Just last month, Lendingkart secured $10 million through external commercial borrowing (ECBs) from a fund managed by BlueOrchard.

To date, Lendingkart has raised Rs 1,050 crore ($126 million) in equity capital from investors including Fullerton, Bertelsmann, Mayfield India, Saama Capital, Sistema Asia, and India Quotient.

Lendingkart specializes in disbursing loans with an average ticket size ranging from Rs 5 lakh to Rs 6 lakh to MSME business owners. According to its website, the platform has disbursed over Rs 18,700 crore to more than 300,000 businesses across 4,100 cities.

The company exhibited strong performance in FY23, witnessing a 33.4% growth in revenue from operations, amounting to Rs 858 crore. During the same period, the firm also reported a profit of Rs 119 crore. Annual financial results for FY24 are yet to be filed.

As per media reports, Lendingkart is gearing up for an initial public offering (IPO) next year. The company aims to surpass Rs 10,000 crore in assets under management before going public.

ACT Fibernet’s Strategic Investment: Pioneering Wi-Fi Revolution with Aprecomm

By
Garima Bansal
-
0
Mr Sunder Raju, Founder, ACT Fiber

In a move aimed at revolutionizing home internet connectivity, ACT Fibernet, India’s premier fibre-focused wired broadband ISP, has announced a significant strategic investment in Aprecomm Private Limited, a burgeoning network intelligence solutions startup.

While the financial specifics of the transaction remain undisclosed by both parties, the investment signals a pivotal step for ACT Fibernet in enhancing its capacity to deliver an unparalleled home Wi-Fi experience to its customer base.

At the heart of this strategic investment lies the integration of Aprecomm’s cutting-edge technology into ACT Fibernet’s Wi-Fi product roadmap. Leveraging Aprecomm’s AI-driven, self-optimizing technology and advanced Wi-Fi analytics, ACT Fibernet aims to gain real-time insights into Wi-Fi performance, enabling swift and proactive resolution of last-mile connectivity issues.

Bala Malladi, CEO of ACT Fibernet, expressed his enthusiasm for the collaboration, affirming the company’s commitment to delivering top-notch Wi-Fi experiences. Malladi stated, “Our strategic investment in Aprecomm underscores our dedication to providing our customers with the best in-home Wi-Fi experience. By leveraging Aprecomm’s advanced technology, we can continuously optimize our network and elevate the overall customer experience.”

Echoing Malladi’s sentiments, Pramod Gummaraj, CEO of Aprecomm, highlighted the alignment of visions between both entities. Gummaraj emphasized the transformative potential of the partnership, stating, “This investment further bolsters our mission to revolutionize internet services worldwide. ACT Fibernet’s commitment to innovation aligns seamlessly with our vision, making them the ideal partner to enhance the in-home Wi-Fi experience for broadband subscribers.”

The collaboration between ACT Fibernet and Aprecomm is poised to push the boundaries of technological innovation in network performance. Ghuharajan Sivakumar, CTO of Aprecomm, expressed excitement about the partnership, emphasizing the positive impact on subscriber experience. Sivakumar remarked, “ACT Fibernet’s investment in Aprecomm signifies a mutual commitment to technological advancement. This partnership will enable us to continue innovating and delivering unparalleled experiences to our subscribers.”

With this strategic investment, ACT Fibernet and Aprecomm are set to redefine the standards of home Wi-Fi connectivity, ushering in a new era of seamless internet experiences for customers across India and beyond.

Scaler Ventures into Future Leadership: Injects ₹50 Crore into New Business School

By
Garima Bansal
-
0

Scaler has made a significant investment of ₹50 crore into its latest venture, the Scaler School of Business (SSB), signaling its commitment to grooming the next generation of leaders. This substantial funding injection will be utilized to enhance offline infrastructure, develop an innovative curriculum, forge strategic industry partnerships, and attract top-notch faculty members.

A recent study conducted by Deloitte India underscores the pressing need for business schools to evolve in line with the dynamic demands of the modern corporate landscape. Conventional academic programs often fall short in imparting practical skills, leaving graduates ill-prepared for the complexities of today’s business environment.

Recognizing this imperative for change, the Scaler School of Business has been meticulously crafted to bridge this gap. Unlike traditional MBA offerings, the SSB curriculum integrates theoretical learning with hands-on experience, providing students with a holistic understanding of business principles and their real-world applications. Emphasizing industry relevance, the program incorporates rigorous assessments, authentic case studies sourced from leading companies, immersive internships, and exposure to cutting-edge technologies such as artificial intelligence.

Bhavik Rathod, a senior executive at Scaler, emphasizes the importance of equipping future leaders with not only business acumen but also profound technical expertise. He critiques existing MBA programs for their lack of industry alignment and problem-solving orientation, asserting that the SSB curriculum is specifically tailored to address these deficiencies.

The SSB program accommodates the diverse needs of working professionals and recent graduates alike, catering to both technical and non-technical roles. The inaugural cohort, slated to commence in August 2024, will enroll a carefully selected group of 75-100 students. Leveraging Scaler’s extensive network of over 900 corporate partners, including tech behemoths like Google and Microsoft, graduates can anticipate robust career opportunities upon completion of the program.

Strategically situated within Bengaluru’s bustling Electronic City, the SSB campus shares proximity with the Scaler School of Technology, fostering synergistic collaboration between management and technology students. This co-location enhances the interdisciplinary nature of learning, offering students a comprehensive educational experience at the intersection of business and technology.

1...848586...89Page 85 of 89