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Kidbea Receives Strategic Investment from Ritesh Malik and Shriram Nene, Sets Sights on Global Expansion

By
Garima Bansal
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0

Kidbea, a pioneering bamboo-based children’s fashion brand, has secured a significant undisclosed investment from notable investors Ritesh Malik and Dr. Shriram Nene. This strategic funding injection aims to propel Kidbea towards its goal of becoming the world’s foremost brand in sustainable children’s wear.

This latest funding announcement follows Kidbea’s successful pre-Series A round in January 2024, where the company raised USD 1 million. The round was led by Venture Catalysts, an early-stage investment firm, with contributions from Agility Ventures, BestVantage Investments, and prominent individuals such as Sandeep Agarwal and Upasana Agarwal, founders of Droom, Ashok Bahadur, and Hiro Mizushima, a celebrated actor in Japan.

Expressing their excitement about the recent investment, the founders of Kidbea highlighted the company’s impressive eightfold revenue growth in FY23. They have set an ambitious target to elevate Kidbea into a Rs 500 crore brand within the next three years.

“We are thrilled to welcome Ritesh Malik and Shriram Nene as our esteemed investors. Their support is crucial as we endeavor to revolutionize the kidswear industry with sustainable and skin-friendly apparel,” said Swapnil Srivastav, Co-Founder of Kidbea. “We eagerly anticipate their guidance and assistance as we work towards transforming Kidbea into the premier bamboo plant-based global kidswear brand.”

Founded in 2021 by Swapnil Srivastav, Mohammad Hussain, and Aman Kumar Mahto, Kidbea has rapidly gained traction for its skin-friendly, comfortable bamboo plant-based clothing for children. The brand is available on major online platforms and in over 30 partnered stores located in premium children’s hospitals. Additionally, Kidbea has established a global presence, reaching markets in the UAE, Bahrain, and Australia.

Transcend Raises $40 Million Series B to Transform Data Privacy

By
Garima Bansal
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0

San Francisco-based Transcend, a leading developer of data privacy platforms, has secured $40 million in Series B funding led by new investor StepStone Group. This round also saw participation from HighlandX and existing investors Accel, Index Ventures, 01 Advisors (01A), Script Capital, and South Park Commons. With this latest infusion of capital, Transcend’s total funding now stands at nearly $90 million.

Transcend has evolved from its initial offering of a “virtual kill-switch for consumers to delete data” to become a comprehensive Privacy and AI Governance suite comprising 12 products. These products aim to revolutionize how enterprises understand and manage personal data, automate privacy tasks, assess risks, and oversee AI systems.

Traditional privacy platforms often rely on manual workflows, involving interviews with data owners, manual data entry, and assigning operational tasks across teams. In contrast, Transcend focuses on embedding privacy controls directly into business systems. Its approach revolves around the full privacy lifecycle of personal data, including data discovery and classification, consent and preference management, and automation of operational workflows such as responding to data deletion and access requests.

CEO Ben Brook emphasized the urgent need for modern privacy solutions in today’s regulatory landscape, citing the sixth anniversary of GDPR and the introduction of new legislation such as the EU AI Act and a draft U.S. federal privacy law. He highlighted the inadequacy of legacy platforms in addressing these challenges and stressed the importance of solving privacy issues at the data system level.

Brook further explained that Transcend’s platform is designed to orchestrate personal data directly across all business systems, addressing privacy challenges comprehensively. He expressed confidence that the latest funding round will enable Transcend to meet the growing demand for modern privacy technology.

John Avirett, Partner at StepStone Group, commended Transcend’s innovative approach to data privacy, particularly its focus on tackling privacy issues at the code level. He also noted the company’s success in migrating companies with complex data requirements away from legacy platforms onto its next-generation platform, signaling strong prospects for future success.

100X.VC Bolsters Startup Ecosystem with $2.7 Mn Investment in 17 Startups

By
Garima Bansal
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0

Venture capital firm 100X.VC has made significant strides in the startup ecosystem with a $2.7 million investment in 17 startups as part of its 11th cohort. With this latest round of investments, 100X.VC has now completed a total of 161 investments since its inception in July 2019. Utilizing iSAFE notes for these investments, the firm has consistently supported early-stage startups across various sectors.

Operating on a class-based investment model, 100X.VC identifies and invests in startups even before the formal commencement of each class. For its 11th cohort, the firm meticulously selected 17 companies out of 307 shortlisted candidates from a pool of over 1500 startups. These startups are spread across 8 cities including Mumbai, Bangalore, Delhi, Pune, and Gurgaon. The announcement of the new portfolio companies was made at the in-person VC Pitch Day held in Mumbai on June 1st, 2024.

Ninad Karpe, Founder & Partner at 100X.VC, expressed excitement about the latest cohort, highlighting the groundbreaking nature of the selected startups. He emphasized the diverse sectors represented by these startups, including B2B SaaS, API, Healthtech, ClimateTech, Food & Beverage, and Pet Tech. Karpe emphasized the transformative potential of India’s early-stage startup ecosystem, with the startups in Class 11 exemplifying promising opportunities.

The 17 startups selected for investment in Class 11 are Anyway.ai, Baylink, Deepvue.tech, EasyReplenish, FUTR Studios, GoCodeo, Hummsa Biotech, Kroto, Openleaf, Origgo, Orbit Wallet, Pet Chef, Pettle, The Naturik Co, Whitetable, Zircle, and Zafo Technologies.

Notably, 100X.VC stands as the first VC to invest in early-stage startups using India SAFE Notes. Founded in 2019 by Sanjay Mehta, Ninad Karpe, Shashank Randev, Yagnesh Sanghrajka, and Vatsal Kanakiya, the fund is sponsored by Mehta Ventures, the Family Office Investment arm of Sanjay Mehta.

With its consistent support for early-stage startups and a keen eye for transformative potential, 100X.VC continues to play a pivotal role in fostering innovation and growth within the Indian startup ecosystem.

L’Oréal Launches Major Beauty Tech Startup Competition to Revolutionize Marketing for Digital Natives in Asia and MENA

By
Garima Bansal
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0

L’Oréal has introduced the Big Bang Beauty Tech Innovation Program, the largest beauty sector startup competition across South Asia Pacific, Middle East, and North Africa (SAPMENA). This initiative aims to discover and nurture marketing innovations tailored for digital natives, with the potential to impact 35 markets in the region, including India.

This expansive open innovation competition focuses on the co-creation and development of cutting-edge beauty technology and marketing solutions. Participating startups are challenged to innovate within five key themes: Consumer Experience, Content, Media, New Commerce, and Tech for Good. Successful startups will have the opportunity to collaborate with commercial and digital leaders, strategic partners, and mentors, gaining insights to test new ideas and scale their innovations.

Originally launched in China in 2020, the competition now extends its reach to the dynamic startup ecosystems and vast consumer bases of Asia and MENA. These regions, which have rapidly evolved from a handful of investors and companies into bustling hubs with significant deal flow, represent a rich opportunity for innovation in the beauty sector.

The SAPMENA region is home to 40% of the world’s population, with 35 markets that include some of the globe’s fastest-growing, most populous, and youthful economies. The average age in this region is 28 years, compared to the global average of 33, and over 60% of these consumers purchase online every week. To engage these young, digitally-savvy consumers, innovative e-commerce and social commerce models and technologies are essential.

Vismay Sharma, President of L’Oréal SAPMENA Zone, commented, “Asia and the Middle East are vibrant markets with a strong, dynamic startup ecosystem. Leveraging Beauty Tech, L’Oréal aims to discover novel ways of connecting with consumers and addressing unmet needs through beauty innovations. We are seeking unique solutions that utilize data and tech, believing that augmented tech, online platforms, and digital services have great potential to enhance the consumer experience.”

Saloni Shah, Chief Digital and Marketing Officer of L’Oréal India, added, “India’s thriving startup ecosystem, marked by its vibrant energy, entrepreneurial spirit, and advanced digital landscape, is a hotbed for innovation. L’Oréal is committed to fostering collaboration within this ecosystem and partnering with innovative startups to shape the future of beauty.”

The Big Bang Beauty Tech Innovation Program aims to identify and support promising startups from the SAPMENA region, encompassing countries like the UAE, Saudi Arabia, India, Singapore, Malaysia, Indonesia, Thailand, the Philippines, and Vietnam. These startups will develop pilots in Beauty Tech innovation across the five challenge themes. The top three winners of the SAPMENA Grand Finale will receive a L’Oréal-funded commercial pilot opportunity and a year-long mentorship program with senior executives from L’Oréal and program partners including Accenture, Google, and Meta.

Successful startups may have the chance to collaborate with L’Oréal globally, leveraging the extensive network and market insights provided by the SAPMENA zone.

The competition will feature three regional online semi-finals for the GCC, India, and Southeast Asia, culminating in an in-person SAPMENA Grand Finale. Up to ten startup finalists will compete for top prizes at the Grand Finale in Singapore on 23 October 2024. Judges will include senior executives from L’Oréal and program partners.

Agnikul Cosmos Launches World’s First Rocket with Fully 3D-Printed Engine, Setting New Milestone for Indian Space Industry

By
Garima Bansal
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In a groundbreaking achievement for the Indian space sector, Agnikul Cosmos, an innovative startup incubated at IIT Madras, has successfully launched “Agnibaan – SOrTeD,” the world’s first rocket powered by a fully 3D-printed engine. This historic launch took place from “Dhanush,” India’s first privately-developed launchpad, established by Agnikul at Sriharikota. The mission marks a significant milestone for India’s burgeoning private space industry, showcasing the country’s capability to design and manufacture advanced aerospace technology indigenously.

The rocket, powered by India’s first indigenously designed and manufactured semi-cryogenic engine, lifted off at 7:15 AM IST. While primarily serving as a test flight to gather critical data for Agnikul’s upcoming orbital launch vehicle, “Agnibaan,” the successful launch of “Agnibaan – SOrTeD” (Sub-Orbital Technology Demonstrator) underscores the company’s innovative prowess and technical expertise.

The event was attended by prominent figures in the Indian space community, including ISRO Chairman Dr. S. Somanath and IN-SPACe Chairman Dr. Pawan Goenka. Dr. Somanath congratulated Agnikul, emphasizing that the launch demonstrates the prowess of indigenous design and innovation, highlighting the potential of private players in India’s space ambitions. Dr. Goenka echoed these sentiments, stating that the event marks a significant moment for private players contributing to the growth of India’s space sector.

Lt. Gen. A.K. Bhatt (Retd.), Director General of the Indian Space Association (ISpA), praised Agnikul’s achievement as a historical milestone. He noted that this launch, being India’s first from a private launchpad and the first semi-cryogenic engine-powered rocket launch with a 3D-printed engine, is a proud moment for India’s thriving private space industry. He added that this achievement, along with the recently introduced guidelines for the implementation of the Indian Space Policy 2023 and new FDI regulations, will bolster global confidence in India’s private space industry’s growing capabilities.

Agnikul aims to democratize access to space by offering affordable and customizable launch solutions. The company’s flagship “Agnibaan” rocket, designed for payload capacities ranging from 30 kg to 300 kg, caters to a wide range of mission requirements. With this successful launch, Agnikul is setting its sights on an orbital mission by the end of 2025, marking a new era for private space exploration in India.

OnePlanetCapital Launches SEIS Fund to Propel Green Startups

By
Garima Bansal
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0

OnePlanetCapital, a venture capital firm focused on combating climate change, has announced the launch of a Seed Enterprise Investment Scheme (SEIS) fund aimed at supporting early-stage startups in the UK dedicated to accelerating the transition to net zero and fostering a green economy. The inaugural SEIS fund aims to raise approximately £1 million to invest in climate tech businesses over the next year. This new fund will concentrate on pre-seed and seed-stage companies, continuing the investment strategy of OnePlanetCapital’s flagship Enterprise Investment Scheme (EIS) fund but targeting earlier-stage businesses.

The SEIS fund will capitalize on recent expansions in the SEIS tax incentive scheme, which now allows startups to secure up to £250,000 in funding with tax reliefs, compared to the previous limit of £150,000. Additionally, companies up to three years old are now eligible, up from the previous two-year limit. The fund aims to deliver a return of £3 for every £1 invested over a 5 to 7-year period, coupled with 50% SEIS income tax relief. The launch is anchored by the capital of OnePlanetCapital’s co-founders, emphasizing their commitment and confidence in the initiative.

This SEIS fund builds on the success of OnePlanetCapital’s EIS fund, which launched in 2021 and has since grown to £10 million in assets under management with 31 investments made. The SEIS fund launch also follows the recent establishment of the OnePlanetCapital angel syndicate, offering a wide range of investment options for investors to support climate tech startups at varying stages of their lifecycle. Over the past year, OnePlanetCapital has invested in 12 businesses, including GT Green Technologies, a wind propulsion technology startup; Kelpi, a leading bioplastics innovator in the UK; and RAD Propulsion, an electric maritime drivetrain manufacturer.

In recent years, OnePlanetCapital has emerged as a market leader in early-stage EIS climate tech investing, earning accolades such as the Best New EIS Fund at the EISA awards and Team of the Year at the Growth Invest awards. Matthew Jellicoe, Co-Founder and Investment Director, expressed the belief that the SEIS fund market is underserved in the UK. He emphasized that introducing an SEIS climate tech fund will resonate with investors seeking to enter this fast-growing sector. The SEIS fund also allows for investments in earlier-stage businesses that the OnePlanetCapital EIS fund cannot accommodate, capturing value for investors in areas such as battery storage and hydrogen technology.

Fintech Unicorn Oxyzo’s Profit Soars 47% to INR 290 Cr in FY24

By
Garima Bansal
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0

Fintech unicorn Oxyzo, the lending arm of OfBusiness, has reported a substantial increase in its consolidated net profit for the financial year 2023-24 (FY24). The company’s profit surged 47% to INR 290 crore, up from INR 197.5 crore in the previous fiscal year. This growth was fueled by a significant rise in operating revenue, which jumped 59% to INR 903.3 crore, compared to INR 569.9 crore in FY23. Including other income, Oxyzo’s total revenue rose 58.5% to INR 904.1 crore from INR 570.4 crore in the previous year.

Founded in 2016 by Ruchi Kalra and Asish Mohapatra, Oxyzo specializes in providing loans to small and medium-sized enterprises (SMEs) in the manufacturing and contracting sectors. The company has seen impressive growth in its financial performance, largely due to an increase in B2B loan disbursals. As of FY24, Oxyzo’s assets under management stand at $350 million.

Financial Performance Highlights

Oxyzo’s financial performance in FY24 reflects robust growth in both revenue and profit. The company’s operating revenue of INR 903 crore represents a 58% year-on-year increase, primarily driven by the rise in loan disbursements. Interest received from loans constituted 96% of the total operating revenue, amounting to INR 866 crore, a 61.3% increase from the previous year. The remaining revenue came from fees and commissions, which grew 50% to INR 36 crore.

Increased Expenditures

Alongside revenue growth, Oxyzo also experienced a significant rise in expenditures. Total expenses increased by 66.3% to INR 514 crore in FY24, up from INR 309 crore in FY23. The largest cost component was finance costs, which surged 73.2% to INR 317 crore, making up 61.67% of the overall expenditure. Employee benefit expenses also rose by 48.7% to INR 115 crore, reflecting the company’s investment in its workforce.

Strategic Expansion

Oxyzo’s strategic focus on providing cash flow and working capital financing for SMEs in sectors such as manufacturing and sub-contracting has been instrumental in its growth. The company’s innovative credit solutions have enabled it to serve a growing number of SMEs and startups, driving its financial success.

The significant increase in both revenue and profit highlights Oxyzo’s strong market position and effective business model. The fintech unicorn’s ability to scale its operations and maintain profitability amidst rising costs underscores its robust operational efficiency and strategic vision.

Future Outlook

Looking ahead, Oxyzo plans to continue expanding its reach and enhancing its service offerings to further solidify its position in the fintech sector. With a strong financial foundation and a growing portfolio of clients, the company is well-positioned to capitalize on emerging opportunities in the SME lending market.

Exactly.ai Raises $4.3M to Empower Visual Artists with Customized Algorithms

By
Garima Bansal
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0

Exactly.ai, a London-based startup founded in 2022 by former journalist Tonia Samsonova, has raised $4.3 million in seed funding to expand its artist-centric approach to AI image generation. The platform allows artists to train AI models on their own artwork, enabling them to retain copyright, generate new pieces in their distinct style, and monetize their work. This innovative approach ensures that artists maintain ownership over both their original work and the AI-generated images, facilitating faster workflows and scalable reproduction of their designs.

Exactly.ai’s technology requires artists to upload at least ten high-quality examples of their artwork paired with textual descriptions. The AI then generates images imitating the style of the provided artwork. This process empowers artists by enhancing their productivity and enabling them to produce large volumes of work while retaining creative control and copyright. The platform operates on several transparent principles, including the stipulation that all uploaded content, trained models, and generated outputs belong to the artists. Additionally, rights to images generated by someone else’s models can be obtained directly from the model owner, bypassing the need for the platform to act as a licensing intermediary.

The company offers a subscription-based service with three tiers: a free tier allowing three models and 25 public generations at 1080×1080 resolution, a $200 per month Standard tier with five models and 250 monthly generations at up to 4K resolution, and a $400 per month Pro tier with unlimited models and generations. This business model enables artists to scale their output and income, catering to a niche market not fully addressed by traditional freelance platforms.

The seed funding round was led by Speedinvest, with support from InReach Ventures, Cornerstone VC, GuruDev Capital, and various angel investors. The funds will be used to hire new talent, increase outreach to artists and creative professionals, and improve the platform’s AI model, which combines the foundational model from Picsart with Exactly.ai’s proprietary algorithms. The startup has already amassed 30,000 registered users and aims to further revolutionize the way artists create, distribute, and monetize their work.

The global generative AI market is projected to be worth $668 billion by 2030, and Exactly.ai aims to be at the forefront of its adoption among creative communities. The platform’s approach to integrating AI into the artistic process represents a significant step forward in the collaboration between technology and the arts. By providing artists with tools to harness AI while retaining their creative rights, Exactly.ai is poised to redefine the landscape of digital art and its commercial potential.

Reliance Retail Initiates Pilot Programme on ONDC Via Fynd

By
Garima Bansal
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0

Reliance Industries Ltd’s retail arm, Reliance Retail, has launched a pilot programme on the government-backed Open Network for Digital Commerce (ONDC) through Fynd, an omnichannel retail platform in which Reliance has an investment. According to the Economic Times, this pilot involves one Reliance Retail store, Shri Kannan Departmental Store in Madurai, Tamil Nadu, which Reliance Retail acquired in December 2021 for Rs 152.5 crore. This store is now live on the seller side of ONDC through Fynd.

This initiative is part of a broader strategy to test the waters before potentially expanding the programme. Sources indicate that if the initial pilot proves successful, Reliance Retail plans to scale up to five stores and eventually to 100 stores on ONDC. Gradually, all brands owned by Reliance Retail could go live on the network, significantly boosting ONDC’s consumer adoption. This pilot marks a significant step as Reliance Retail explores the potential of the ONDC platform to expand its digital footprint and streamline its e-commerce operations through Fynd.

Fynd, founded in 2012 by Farooq Adam, Harsh Shah, and Sreeraman MG, is an omnichannel fashion platform that sells products across various categories, including clothing, footwear, jewellery, and accessories from prominent brands in India. Fynd helps small and medium-sized businesses go online by listing their inventory on multiple e-commerce platforms like Amazon and Nykaa and assists these businesses with last-mile logistics delivery. The Mumbai-based startup optimises delivery times by sourcing products from outlets nearest to the customer. Reliance Industries Limited acquired an 87.6% stake in Fynd in 2019 for INR 295 Cr (about $42.33 Mn).

Reliance’s quick-commerce subsidiary, Dunzo, initially went live on ONDC during its beta launch in Bengaluru in September 2022 but has been inactive as a logistics service provider since April 2023. Meanwhile, Fynd, servicing over 15,000 pin codes, launched its seller app on ONDC in February 2023 and plans to launch its buyer app in the second quarter of 2025. With Reliance Retail’s participation, ONDC could see a significant increase in consumer engagement and transactions, further solidifying its role in India’s digital commerce landscape.

Reliance Retail reported a turnover of Rs 306,786 crore for the financial year 2023-24 and operated 18,836 stores with over 1.06 billion footfalls as of March 31, 2024. The company’s sectors include grocery, consumer electronics, fashion and lifestyle, and pharma under various brands. The pilot programme’s success could potentially transform the e-commerce landscape in India, leveraging Reliance Retail’s extensive network and technological capabilities.

TechEagle’s Funding Round: Boosting Drone Delivery Innovation

By
Garima Bansal
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0

TechEagle, a prominent player in India’s drone logistics sector, has recently secured an undisclosed amount of funding in a bridge round co-led by Navam Capital and Inflection Point Ventures (IPV). This investment underscores the strong investor confidence in TechEagle’s mission to revolutionize last-mile delivery services across India.

Specializing in Beyond Visual Line of Sight (BVLOS) drone operations, TechEagle utilizes its fleet of domestically manufactured drones to execute autonomous deliveries. The company’s flagship drone, Vertiplane X3, stands out with its impressive capabilities, including a 100km range, 5kg payload capacity, and speeds reaching 120km/h, positioning it as Asia’s fastest and longest-range drone. Notably, TechEagle boasts a prestigious clientele, including AIIMS institutes, state governments, and the World Bank.

This funding round arrives at a pivotal moment for the Indian drone delivery industry, spurred by recent deregulation and government incentives. With the Civil Aviation Ministry granting conditional exemptions for BVLOS experimental flights of drones to 20 entities in May 2021, the groundwork has been laid for future drone deliveries and other significant applications utilizing drones.

Vikram Singh Meena, Founder & CEO of TechEagle, expressed the company’s vision to revolutionize last-mile logistics with indigenous drone technology, emphasizing plans to expand operations, introduce higher payload drones, and solidify TechEagle’s leadership in India’s drone logistics landscape.

With the infusion of fresh capital, TechEagle aims to capitalize on the burgeoning opportunities in the Indian drone delivery sector and drive further innovation in last-mile logistics. As the company gears up to launch higher payload drones for mid-mile and inter-city deliveries, it is poised to reinforce its position as a frontrunner in the drone logistics industry, shaping the future of delivery services in India.

The bridge round , signifies the growing investor confidence in TechEagle’s innovative approach to drone logistics. Additionally, the participation of Paytm founder Vijay Shekhar Sharma, Venture Catalysts, and several high-net-worth individuals underscores the industry’s recognition of TechEagle’s potential to disrupt the logistics landscape.

With the fresh infusion of funds, TechEagle is poised to scale up its operations and introduce higher payload drones tailored for mid-mile and inter-city deliveries. By leveraging the support of its investors, the company aims to expand its footprint across the country, enabling faster and more economical deliveries. This strategic funding round propels TechEagle towards achieving its ambitious vision of transforming last-mile logistics through cutting-edge drone technology, paving the way for a more efficient and streamlined delivery ecosystem in India.

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