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TWO’s SUTRA: Revolutionizing AI in India’s Diverse Linguistic Landscape

By
Garima Bansal
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TWO, a startup backed by Reliance Jio, has unveiled SUTRA, a family of multilingual generative AI models. This development underscores India’s growing prominence in the global AI landscape, with startups like TWO spearheading innovation to address the country’s unique linguistic and cultural diversity.

With substantial support from Jio Platforms and South Korean internet conglomerate Naver, TWO secured a significant $20 million seed fund in 2022. This investment has fueled the development of SUTRA, a cutting-edge AI platform designed to excel in over 50 languages. The strategic partnership with Jio Platforms, led by Reliance Jio Infocomm chairman Akash Ambani, highlights the startup’s commitment to leveraging AI to transform digital services across India.

Pranav Mistry, the visionary founder of TWO, emphasizes the importance of Jio’s long-standing partnership, noting the company’s shared vision of democratizing access to AI-powered solutions. With Akash Ambani’s keen interest in the startup’s growth trajectory, TWO is well-positioned to capitalize on Jio’s extensive network and resources to scale its innovative AI offerings.

Unlike traditional AI models, SUTRA is built from scratch, integrating large language models (LLMs) with neural machine translation (NMT) capabilities. This unique architecture enables SUTRA to understand not only the literal meaning of inputs but also the cultural nuances essential for effective communication. By combining LLMs with NMT, TWO has developed a model that caters specifically to India’s linguistic diversity, setting a new standard for AI-driven multilingual communication.

The launch of SUTRA marks a significant milestone in India’s AI journey, positioning the country as a frontrunner in developing AI solutions tailored to diverse linguistic and cultural contexts. As part of its product lineup, TWO offers Sutra Light, Sutra Pro, Sutra Turbo, and Sutra Online, catering to various use cases and industries. Moreover, the imminent launch of ChatSUTRA, a platform allowing users to harness SUTRA’s capabilities for a wide range of tasks, underscores TWO’s commitment to democratizing access to AI-driven solutions.

Beyond its innovative AI models, TWO’s ecosystem includes Zappy, an AI-powered social media app popular in South Korea, and Geniya, a browsing tool leveraging AI for data retrieval. With plans to expand Zappy’s presence to India and launch Geniya officially, TWO is poised to make a significant impact on India’s digital landscape.

In the rapidly evolving AI startup ecosystem, TWO is not alone. Other players like Sarvam AI, Tech Mahindra, and SML India are also making strides in developing AI solutions tailored to India’s linguistic and cultural diversity. Rather than viewing these ventures as competitors, Pranav Mistry emphasizes the importance of collaboration, highlighting the collective goal of harnessing AI to drive innovation and empowerment across India.

Agritech Startup Fyllo Raises $4 Million to Expand Precision Agriculture Solutions

By
Garima Bansal
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Agritech startup Fyllo announced on Thursday that it has successfully raised $4 million in its latest funding round, led by investors IndiaQuotient and SIDBI Ventures. This round also saw participation from existing investors such as Triveni Trusts, Indian Angel Network (IAN), and investment and consulting firm KIAORA.

Fyllo, founded in 2019 by Sumit Sheoran and Sudhanshu Rai, specializes in providing farmers with better yield and quality through its IoT product. This technology measures the precise requirements of plants on a real-time basis, empowering farmers to optimize their agricultural practices.

The company plans to utilize the funds to develop more precision agriculture products and to expand its operations into new geographies. Among the existing investors supporting this endeavor are Titan Capital, 100X.VC, Ninjacart, Venture Catalysts, Singularity Ventures, and StarAgri.

“We are witnessing a surge in the adoption of precision agriculture. Farmers are using mobile phones to make 90 per cent of their decisions,” noted Fyllo founders Sudhanshu Rai and Sumit Sheoran.

With over 8,000 farmers already benefiting from its services across more than 50,000 acres, Fyllo has reported a consistent increase in yield by 25 per cent, along with improved quality of produce. Farmers using the platform have also experienced a 30 per cent increase in income, with 80 per cent export-quality produce.

Sahil Makkar from IndiaQuotient highlighted Fyllo’s potential to drive adoption rates in precision agriculture and expand its product suite to serve millions of farmers across India. Additionally, the company’s platform has enabled farmers to reduce chemical usage by 35 per cent and irrigation needs by around 50 per cent, resulting in significant water savings and a reduction of carbon emissions.

“Given the climate change scenario and crop wastage, Fyllo, through its precision agriculture platform, is helping farmers make better decisions,” commented Chintan from SIDBI Ventures.

Plenful Raises $17 Million to Alleviate Pharmacy Burnout

By
Garima Bansal
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A San Francisco-based pharmacy automation startup, Plenful,  has successfully concluded a $17 million Series A funding round, bringing its total fundraising to over $25 million. The company specializes in providing a software platform designed to automate the manual and administrative tasks burdening pharmacists and pharmacy technicians.

Joy Liu, CEO, Plenful

In a statement released on Thursday, Plenful CEO Joy Liu highlighted the critical timing of their technology’s introduction, as pharmacy workers nationwide grapple with alarming levels of burnout. With increasing patient demands, regulatory complexities, and significant staff shortages have placed immense pressure on pharmacists, resulting in compromised patient care and the sustainability of the industry.

Plenful aims to alleviate the administrative burden on pharmacy workers, enabling them to operate at their full capacity, deliver high-quality care, and sustain their profession. By automating mundane administrative tasks, the platform allows pharmacists and pharmacy technicians to focus on more critical aspects of their work.

The platform collects data from various sources, including faxes, PDFs, and electronic health records, utilizing this data to automate administrative tasks. Plenful offers customization options for these tasks, catering to the specific needs of its users. Common use cases among health system customers include referral management and 340B audits, while pharmacy customers benefit from features such as referral orders, document data entry, revenue cycle management, and 340B claims qualification.

Plenful adopts a subscription-based model, offering its technology to health systems and pharmacy companies through annual contracts. With over 25 customers, including prominent names like Tampa General Hospital, Renown Health, and Blue Cross Blue Shield, Plenful has established itself as a trusted solution provider in the healthcare automation software market.

The Series A funding round was led by TQ Ventures, with participation from Bessemer Venture Partners, Susa Ventures, and Mitchell Rales, co-founder, and chairman of Danaher. Plenful distinguishes itself in the market by focusing exclusively on pharmacy tasks and offering a comprehensive platform rather than a point solution. This strategic approach positions Plenful as a leader in addressing the holistic range of challenges faced by pharmacy operations, ensuring enhanced efficiency and improved patient care in the healthcare sector.

ZeroMark Secures $7 Million Seed Funding for “Handheld Iron Dome” Technology

By
Garima Bansal
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ZeroMark, an innovative defense technology startup, has announced a significant milestone with the closing of a $7 million seed funding round. The investment, led by renowned venture capital firms Ground Up Ventures and Andreessen Horowitz, propels the development of ZeroMark’s groundbreaking AI-powered auto-aiming system. This transformative technology aims to convert standard infantry rifles into highly efficient counter-drone solutions, effectively providing a “handheld Iron Dome” accessible to every soldier.

Joel Anderson, CEO of ZeroMark, highlighted the increasing threat posed by drone technology and the company’s mission to equip soldiers with a cost-effective and portable solution. The support from investors marks a significant step forward in deploying this critical capability and ensuring armed forces maintain a decisive edge on the battlefield.

ZeroMark’s cutting-edge technology integrates advanced computer vision and precision robotics with conventional firearms, increasing operational safety and decision-making efficiency on the ground. ZeroMark’s system improves the lethality and precision of armed forces, empowering soldiers to effectively combat fast-moving, low-altitude drone threats.

Jordan Odinsky, Partner at Ground Up Ventures, emphasized the importance of companies like ZeroMark in safeguarding freedom and democracy, particularly drawing on the firm’s experience in Israel. The funding round led by Ground Up Ventures and Andreessen Horowitz reflects a shared commitment to supporting innovative solutions for protecting citizens, law enforcement, and warfighters.

Andreessen Horowitz (a16z), renowned for its investment in cutting-edge technologies, highlighted the critical role of military precision in modern warfare. The investment in ZeroMark aligns with a16z’s American Dynamism portfolio, underscoring the importance of advancing technology to serve armed forces on the battlefield.

ZeroMark’s remarkable progress is driven by a team of experts and veterans from diverse military and technology backgrounds. With former special operators, leading engineers in computer vision and robotics, and advisors with extensive government and security experience, ZeroMark is poised to revolutionize defense technology and enhance battlefield capabilities for armed forces worldwide.

Maxvolt Energy Secures $1.5 Million to Propel Fast-Charging Lithium-Ion Battery Technology

By
Garima Bansal
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Maxvolt Energy Industries, a prominent electric vehicle battery manufacturer, has recently announced securing $1.5 million in funding from multiple angel investors. This investment aims to accelerate the development and deployment of fast-charging lithium-ion batteries.

Founded in 2019 by Bhuvneshwar Pal Singh, Satendra Shukla, and Vishal Gupta, Maxvolt Energy is dedicated to creating cutting-edge lithium battery architectures tailored for electric bikes, scooters, and solar energy systems. The company’s product range currently includes batteries for e-cycles, e-scooters, and e-rickshaws, along with comprehensive lithium battery energy solutions.

Maxvolt’s offerings come with a compelling value proposition, offering a 100% buyback and a 3-year replacement warranty at no additional cost. This approach has allowed the company to serve both B2B and B2C markets effectively. Notable B2B partners include Versatile escooters, Mantra ebikes, Odysse, and Ormax, while Maxvolt boasts a substantial B2C customer base exceeding 1.5 lakh.

Satendra Shukla, Maxvolt’s Chief Business Officer, shared insights into the company’s future plans, emphasizing the development of a fast-charging solution aimed at significantly reducing charging times for customers. The company aims to launch the final product in phases by the end of 2024, following thorough research and development. In the initial phase, charging times are expected to be reduced to 2 hours, with further reductions to 1 hour in subsequent phases.

Maxvolt’s recent investment comes amidst a rapid acceleration in electric vehicle adoption across India. In March alone, registrations for electric two-wheelers (E2Ws) surpassed the 1 lakh mark, indicating a surge in interest among Indian consumers.

The Indian government’s initiatives further bolster the EV landscape, with the recent launch of the INR 500 crore Electric Mobility Promotion Scheme 2024, providing additional incentives for electric mobility until the end of July. The aim is to develop a comprehensive roadmap for the EV industry, highlighting the nation’s commitment to sustainable transportation solutions.

Gramiyaa Raises ₹9.5 Crore Investment to Scale Operations Across Indian and US Markets

By
Garima Bansal
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A Bangalore-based producer of cold-pressed oils, Gramiyaa has secured a significant investment of ₹9.5 Crore to fuel its expansion in both the Indian and US markets. The investment round was led by UAE’s Homegrown Ventures, with participation from Mumbai Angels and Campus Fund.

Established in 2017 by Sibi Manivannan, Gramiyaa initially operated offline through brand outlets in Trichy, Tamil Nadu. However, with the addition of co-founders Mohamed Yaseen and Naveen Rajamaran in 2020, the company shifted its focus to an online-first model. Today, Gramiyaa distributes its products through its website and various marketplaces, leveraging micro warehouses in six major cities including Bangalore, Chennai, Hyderabad, Mumbai, Delhi, and Pune. The company ensures the consistent quality of its products at accessible prices through its in-house manufacturing unit in Tamil Nadu and a local warehousing model.

Nader Amiri, General Partner of Homegrown Ventures, expressed excitement about the investment, highlighting the need for innovation in the cooking oil industry and consumers’ increasing demand for transparency and authenticity.

Gramiyaa’s US FDA and ISO-certified manufacturing process has enabled the company to export its products early on. Their wood cold-pressed oils are now available in ethnic Indian stores across the USA. Mohamed Yaseen, Co-Founder of Gramiyaa, stressed the importance of vertical integration in ensuring product quality and consistency, unlike many direct-to-consumer brands that white-label products from small-scale oil mills.

In the fiscal year 2024, Gramiyaa produced 2.87 lakh litres of oil and achieved a net revenue of ₹12 Crore while maintaining profitability in EBITDA. With the recent funding, the company aims to set more ambitious growth targets and intensify its brand-building and marketing efforts.

IndiaMART Intermesh Acquires 10% Stake in Baldor Technologies (IDfy) to Enhance Business Solutions

By
Garima Bansal
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0

IndiaMART Intermesh has announced its agreement to acquire a 10% stake in Baldor Technologies (IDfy), marking a strategic move to broaden its offering of Software as a Service (SAAS) based solutions for businesses.

IDfy serves as an Integrated Identity Platform, specializing in KYC, Background Verifications, Risk Mitigation, Digital Onboarding, and Digital Privacy solutions. With over 12 years of industry experience and processing 2 million verifications daily, IDfy stands as a pioneer in its field. Notably, IDfy reported a turnover of Rs 117 crore for the financial year ending March 31, 2023.

The acquisition will see IndiaMART Intermesh acquiring 100 equity shares, 3,55,019 Compulsory Convertible Preference Shares (which are convertible into 17,73,495 equity shares), and 2,32,810 Compulsory Convertible Debentures (which are convertible into 6,95,822 equity shares) from existing investors of IDfy, amounting to a total consideration of Rs 89.69 crore.

Dinesh Agarwal, founder and managing director of IndiaMART, emphasized the importance of IDfy’s offerings in today’s evolving business landscape. He noted that in an era where trust and authenticity are paramount, IDfy’s expertise in background verification and authentication perfectly aligns with IndiaMART’s mission to digitally empower businesses. Agarwal underscored the critical role of such services in facilitating secure and reliable transactions, essential for business growth and sustainability in the digital era.

Ashok Hariharan, CEO of IDfy, expressed enthusiasm about the collaboration, highlighting the significance of empowering MSMEs (Micro, Small, and Medium Enterprises) and expanding their businesses while effectively managing risks and fraud. He described the partnership as a convergence of IDfy’s expertise with IndiaMART’s forward-thinking vision, marking a pivotal moment for IDfy’s growth and innovation.

IndiaMART Intermesh is India’s largest online B2B marketplace, facilitating business transactions by connecting buyers and sellers across various product categories and geographies in India. The platform offers business enablement solutions, ease of transaction, and convenience to buyers and sellers alike.

The acquisition of a stake in IDfy signals IndiaMART’s commitment to enhancing its suite of business solutions, further streamlining operations and bolstering trust and authenticity in digital transactions.

Inspeq AI Secures INR 9.1 Crore Investment to Drive Global Advancements in AI Safety and Security

By
Garima Bansal
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0

Inspeq AI, a leading provider of responsible AI development platforms, has announced the successful conclusion of its pre-Series-A investment round, raising $1.1 million (approximately INR 9.13 Crore). Spearheaded by specialist AI investment firm Sure Valley Ventures, the funding round saw participation from Delta Partners, Plug and Play, and several eminent angel investors, including Gaurav Singh Kushwaha (Founder and CEO of BlueStone), Prateek Dixit (Founder of Pocket FM), Rick Kelly (Former MD of Meta Ireland), Cyril Treacy (Former VP of Salesforce), and other notable tech executives.

Established in 2023 by veteran tech leaders Apoorva Kumar and Ramanujam Macharla Vijayakumar, Inspeq AI has developed an enterprise-ready LLM Ops platform aimed at assisting developers in evaluating and enhancing their enterprise AI applications. This platform boasts the capability to accelerate Gen AI app development by up to 4X and slash development costs by up to 70%.

“This investment will significantly bolster Inspeq AI’s growth trajectory as we endeavor to advance AI safety and performance on a global scale,” remarked Apoorva Kumar, Co-Founder, and CEO of Inspeq AI. “Securing the support of such prestigious investors also brings us closer to realizing Inspeq AI’s vision of emerging as the global leader in safe and reliable AI.”

Inspeq AI’s all-encompassing AI Ops platform spans the entire spectrum of AI development and production phases. It streamlines Gen AI deployment from testing and evaluation to monitoring and performance enhancement, substantially mitigating security vulnerabilities and hallucination issues by up to 80%. Notably, Inspeq AI has achieved a remarkable 90% improvement in the performance of Large Language Models (LLMs), setting a new benchmark for AI excellence.

Recent incidents involving production-grade Gen AI applications have underscored the challenges encountered by businesses in scaling AI. “By leveraging Inspeq AI as an ops layer, businesses can surmount these bottlenecks, ensuring trust, safety, and ethical standards. We are excited to collaborate with major global enterprise companies, such as HCL, in developing production-grade Gen AI applications that greatly benefit their clientele,” added Apoorva Kumar.

Ramanujam Macharla Vijayakumar, Co-Founder, and CTO of Inspeq AI emphasized the platform’s seamless integration with existing data tools and its steadfast focus on data security. “We have engineered an enterprise-grade platform that seamlessly integrates with existing data tools, prioritizing data security through cutting-edge research and aiding companies in reducing their manual verification tasks, thereby achieving accurate output at scale. With the burgeoning global regulations surrounding AI, Inspeq is poised to spearhead AI compliance for DevOps practices.”

Barry Downes, Managing Partner of SVV, expressed unwavering confidence in the founding team. “Following our initial meeting with Apoorva and Ramanujam, we were immediately impressed by their profound understanding of the AI landscape and their dedication to ensuring that companies harness AI in a positive and constructive manner. We eagerly anticipate collaborating with our co-investors to support Inspeq on their exhilarating growth journey for years to come.”

Inspeq AI recently graduated from the ‘Founders’ program at Dogpatch Labs, a platform that aids startups through a unique talent accelerator and initial funding. The company intends to utilize the investment to expand its product development team and broaden its marketing and sales operations across India, Ireland, and the UK.

Holani Group Raises Rs 184 Crore for SME-Centric Venture Capital Fund

By
Garima Bansal
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0
Ashok Holani, Director, Holani Group

Holani Consultants, a distinguished merchant banker and stockbroker headquartered in Jaipur, has triumphantly secured Rs 184 crore for its latest SME-focused venture capital fund. The fund, with a total target of Rs 300 crore, was inaugurated in late April this year, following approval from the Securities and Exchange Board of India (SEBI) for its Alternate Investment Fund (AIF) earlier in the year. This marks the Holani Group’s foray into fund management and investment.

The new fund, as outlined by Holani Group, features a green shoe option enabling the retention of an additional Rs 100 crore. Ashok Holani, Director of Holani Consultants, exudes confidence in the fund’s potential impact, affirming, “With our sector-agnostic strategy, meticulous research, and prudent risk management, we aim to foster innovation, entrepreneurship, and economic growth in India while creating long-term value for our clients.”

Managed and sponsored by Holani Capital Advisors LLP, the Holani Venture Capital Fund Category I AIF is open to investments from a diverse array of individuals and entities including high net worth individuals, corporates, institutional investors, financial institutions, family offices, insurance companies, foreign investors, and other alternative investment funds.

Renowned for its comprehensive suite of services encompassing IPO management, business valuation consultancy, financial management and advisory, bank financing, stock broking, and other securities market-related advisory services, Holani Consultants boasts an impressive track record. The company has facilitated valuations for over 100 private placement transactions and has spearheaded SME IPOs on the BSE SME and NSE Emerge platforms.

The introduction of the new venture capital fund by the Holani Group underscores its commitment to bolstering the SME sector, aligning with broader initiatives aimed at supporting small and medium-sized enterprises. Notably, the MSME Ministry currently oversees a Rs 50,000-crore Self-Reliant India fund managed by SBICAP Ventures (SVL), the private equity arm of State Bank of India (SBI), dedicated to equity investment in SMEs.

Furthermore, in March of this year, the Small Industries Development Bank of India (SIDBI) unveiled the $120 million Avaana Sustainability Fund (ASF) designed to invest in early-stage startups and MSMEs. This fund targets technology-driven innovations that promote climate solutions and sustainability in India.

Navi Finserv Secures Rs 150 Crore in NCD Funding: A Strategic Move for Growth

By
Garima Bansal
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0

Navi Finserv, under the leadership of Sachin Bansal, has successfully raised Rs 150 crore through the issuance of non-convertible debentures (NCDs), marking a significant milestone in the company’s fundraising journey. This round of funding saw participation from six individual investors, including key figures from the renowned Dadachanji Group.

The board of Navi approved the issuance of 15,000 NCDs at an issue price of Rs 1,00,000 per debenture, resulting in a total infusion of Rs 150 crore. Notably, prominent members of the Dadachanji Group, such as Kairus Shavak Dadachanji, Pervin Kairus Dadachanji, and Rishad Kairus Dadachanji, contributed a substantial amount of Rs 110 crore to this funding round. Additionally, Rohit Kapadia, Sandhya Kapadia, and Yash Kapadia collectively invested Rs 40 crore, further bolstering the financial support for Navi.

The Dadachanji Group, led by Kairus Shavak Dadachanji, holds significant interests in various companies, including Kaisha Packaging, Kaisha Lifesciences, and Sovereign Pharma.

This fundraising initiative comes on the heels of Navi’s announcement in February to raise Rs 600 crore through a public issue of NCDs. The company plans to offer NCDs with varying maturities and attractive yields, ranging from 10.47% to 11.19%. The capital raised will be deployed towards advancing Navi’s lending activities, financing initiatives, loan repayments, and general corporate requirements.

Amidst challenges in securing equity capital at desired valuations, Navi has demonstrated resilience by exploring alternative fundraising avenues. Previous successes in raising funds through NCDs, including Rs 600 crore in May 2022 and Rs 500 crore in July 2023, underscore the company’s ability to navigate dynamic market conditions effectively.

Despite postponing its IPO plans due to unfavourable market conditions, Navi remains focused on strengthening its financial position and supporting its growth trajectory. The company’s robust performance, with revenue from operations reaching Rs 421.5 crore in Q2 FY24 and a reported profit of Rs 10.86 crore, reflects its resilience and potential for future expansion.

By strategically raising funds through NCDs, Navi reaffirms its commitment to driving innovation and excellence in the financial services sector. With a clear vision and strong financial backing, Navi is well-positioned to capitalize on emerging opportunities and cement its position as a key player in India’s rapidly evolving financial landscape.

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