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Zoho Corp Invests in Yali Aerospace: A Game-Changer in Drone Technology

By
Garima Bansal
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In a significant move towards revolutionizing medical supply delivery and advancing aerospace technology, Zoho Corp has announced its investment in Yali Aerospace, a Tamil Nadu-based drone startup specializing in drone solutions for medical, surveillance, and logistics purposes.

Founded in 2022 by Dinesh Baluraj and Anugraha Ganeshan, Yali Aerospace has a clear mission: to deliver easy-to-use technology for both civil and military applications. The company has quickly garnered attention for its innovative solutions, particularly in the medical sector.

Zoho Corp CEO Sridhar Vembu expressed his enthusiasm about the investment, highlighting the remarkable work of the husband-and-wife team behind Yali Aerospace. Baluraj and Anugraha have brought their expertise back to their hometown of Thanjavur from the Netherlands, aiming to address critical challenges in medical supply delivery to remote areas.

One of Yali Aerospace’s groundbreaking innovations is the Yali Network Bridge, a drone-based delivery network designed to transport medical supplies throughout India in less than 20 minutes. This technology has the potential to significantly improve patient outcomes by ensuring timely access to essential medical supplies, even in the most remote areas.

In addition to medical supply delivery, Yali Aerospace offers solutions for precision agriculture, infrastructure inspection, disaster response, and more. The company’s SkyBase (YNB) serves as a drone hub that links hospitals and facilitates the transportation of medical supplies, automated external defibrillators (AEDs), and organs.

Furthermore, Yali Aerospace’s ground control station software (YMC) enables a single pilot to remotely operate and supervise multiple drones simultaneously, enhancing efficiency and safety in drone operations.

The strategic investment from Zoho Corp is expected to propel Yali Aerospace into its next phase of growth, enabling the company to further develop its innovative technologies and expand its reach in both domestic and international markets. With a shared commitment to innovation and excellence, Zoho Corp and Yali Aerospace are poised to make significant contributions to the advancement of drone technology and the healthcare sector in India and beyond.

DiFACTO Secures ₹40 Crore in Series A Funding for Robotics and Automation Solutions

By
Garima Bansal
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In a significant development in the robotics and automation sector, DiFACTO Robotics and Automation Private Ltd has successfully raised ₹40 crore in its Series A funding round led by Stakeboat Capital. This substantial investment underscores the growing recognition of DiFACTO’s expertise and potential in delivering cutting-edge automation solutions to various industries.

Established in 2007 and headquartered in Bengaluru, DiFACTO has emerged as a prominent player in industrial robotics-based solutions. The company operates globally, with three factories in Bengaluru and branches in Pune and Gurgaon, along with a wholly-owned subsidiary in Troy, Michigan, USA. DiFACTO’s comprehensive portfolio encompasses welding systems, material handling systems, foundry and machine tending systems, and fluid dispensing systems, catering to diverse automation needs across sectors.

Ajay Gopalswamy, Founder and CEO of DiFACTO, expressed his enthusiasm about the funding, emphasizing its role in fueling the company’s growth trajectory and reinforcing its commitment to innovation. With India’s automotive industry poised for significant growth, DiFACTO aims to capitalize on emerging opportunities in this sector, leveraging its established market dominance and track record of success.

Having delivered over 1,000 projects for 300 customers across 15 countries, DiFACTO has established a strong foothold in the global automation landscape. Its partnerships with industry giants like the Mahindra Group, Tata Group, Maruti Suzuki, and Toyota India underscore its credibility and capability in delivering high-quality automation solutions tailored to the specific needs of clients.

The strategic investment from Stakeboat Capital is expected to propel DiFACTO into its next phase of growth, enabling the company to diversify its market presence and tap into new opportunities in sectors such as home appliances and electronics. With a projected revenue surge and a focus on innovation and excellence under Ajay Gopalswamy’s leadership, DiFACTO is poised to maintain its position as a leader in the robotics and automation solutions industry, driving efficiency, productivity, and growth for its clients and stakeholders.

Avaada Energy Secures ₹315 Crore Financing for Solar PV Project in Karnataka

By
Garima Bansal
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Vineet Mittal, Chairman of the Avaada Group.

In a significant development in the renewable energy sector, Avaada Energy, a subsidiary of the Avaada Group, has successfully secured ₹315 crore (approximately $38 million) in financing from Aseem Infrastructure Finance Limited (AIFL) for its solar photovoltaic (PV) power project in Karnataka’s Kalaburagi district. This funding marks a pivotal milestone in Avaada Energy’s journey towards promoting sustainable energy solutions and contributing to India’s renewable energy goals.

The solar project, strategically located in Kalaburagi, is poised to supply power to the Karnataka Cooperative Milk Producers’ Federation Ltd (KMF), a leading entity in the dairy cooperative movement in the state. The project’s long-term captive Power Purchase Agreement (PPA) with KMF underscores its significance in fostering energy self-sufficiency and driving sustainable development within the region.

The 21-year project loan facility extended by AIFL reflects the confidence and trust in Avaada Energy’s robust project development strategy and financial acumen. Vineet Mittal, Chairman of the Avaada Group, expressed his satisfaction with the successful financial closure, emphasizing the enduring partnership between Avaada Energy and Aseem Infrastructure Finance.

Mittal underscored the broader implications of this financing arrangement, highlighting its role in advancing India’s infrastructure debt financing landscape and facilitating the transition towards renewable energy sources. He reiterated Avaada Energy’s commitment to sustainability and its pivotal role in driving national self-reliance while contributing to a greener future for the country.

With the project slated for completion by the third quarter of fiscal year 2025, Avaada Energy is poised to make significant strides towards achieving its sustainability objectives and promoting the adoption of clean energy solutions in Karnataka and beyond. This financing milestone reaffirms Avaada Energy’s position as a key player in India’s renewable energy landscape and underscores its dedication to driving positive change through innovative and sustainable energy initiatives.

Smallstep.ai Introduces ‘Misal’: Empowering Marathi Speakers with AI

By
Garima Bansal
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 In a significant stride towards enhancing accessibility and inclusivity in the realm of artificial intelligence (AI), Bengaluru-based startup Smallstep.ai has unveiled ‘Misal‘, a groundbreaking large language model (LLM) tailored specifically for Marathi speakers. Drawing inspiration from the beloved Maharashtrian delicacy ‘Misal Pav’, this innovative AI model is poised to revolutionize the digital landscape for non-English speakers across India.

Smallstep.ai’s Misal LLM, built atop Meta’s Llama2 model, represents a quantum leap in AI capabilities designed to cater to the burgeoning demand for localized language processing solutions. Founder Sagar Sarkale, cognizant of the dearth of AI models catering to Marathi speakers, embarked on this pioneering endeavor to democratize AI and empower linguistic diversity in the digital age.

Comprising four distinct versions finely tuned for Marathi language processing, Misal LLM offers a versatile toolkit for a wide array of applications, ranging from reading comprehension to sentiment analysis and beyond. Leveraging a custom SentencePiece tokenizer optimized for Marathi text, Misal surmounts the inherent challenges posed by models primarily trained on English data, ensuring superior performance and accuracy.

The developmental journey of Misal was characterized by meticulous attention to detail and a steadfast commitment to overcoming inherent limitations. Sarkale, drawing upon his extensive experience as a data scientist, spearheaded a comprehensive three-step methodology to refine and enhance Misal’s capabilities, culminating in a robust and versatile AI model tailored for Marathi speakers.

A key highlight of Misal’s prowess lies in its ability to outperform established models such as ChatGPT 3.5 in reading comprehension tasks, underscoring its efficacy and potential to drive transformative change in the linguistic AI landscape. While challenges such as sentiment analysis and paraphrasing present ongoing areas of refinement, Misal’s unparalleled performance heralds a new era of AI accessibility and utility for Marathi speakers.

Beyond its technical prowess, Misal embodies a broader ethos of inclusivity and empowerment, transcending linguistic barriers to democratize AI technology for diverse linguistic communities in India. As Smallstep.ai continues to refine and enhance Misal through ongoing iterations and advancements, the vision of a more inclusive and accessible AI ecosystem draws ever closer to fruition.

In conclusion, the launch of Misal represents not merely a technological milestone, but a profound testament to the transformative potential of AI in fostering linguistic diversity and empowerment. As Misal paves the way for a new era of localized AI solutions, Smallstep.ai emerges as a pioneering force driving positive change and inclusivity in the digital realm, one linguistic innovation at a time

Vegapay Secures $5.5 Million Investment to Broaden Product Spectrum

By
Garima Bansal
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vegapay

Vegapay, a burgeoning B2B fintech startup, has recently clinched a significant milestone in its journey with a substantial seed funding round totaling $5.5 million. Spearheaded by Elevation Capital and bolstered by the participation of existing investor Eximius Ventures, this infusion of capital underscores Vegapay’s unwavering commitment to innovation and expansion within the dynamic fintech landscape.

The primary focus of this fresh capital injection is to augment Vegapay’s product offerings, particularly in the realms of product development and regulatory compliance. With an eye towards fostering seamless collaboration with banks, NBFCs, and other financial institutions, Vegapay aims to empower these entities in the launch and management of adaptive credit solutions tailored to diverse consumer needs.

Vegapay’s proprietary product suite epitomizes innovation and customer-centricity, enabling financial institutions to deliver frictionless, customizable products that not only meet but exceed customer expectations. By harnessing cutting-edge technology and a keen understanding of market dynamics, Vegapay is poised to redefine the contours of digital lending and credit card management.

Gaurav Mittal, co-founder and CEO of Vegapay, aptly encapsulates the essence of the company’s mission, stating, “In the credit card space, there are legacy companies, but most of the banks are not liking it for obvious reasons, and therefore new-age players like us are solving the core pain for a bank to offer credit cards or any credit products.”

Indeed, Vegapay’s innovative platform automates a myriad of solutions ranging from card management systems to Unified Payments Interface (UPI) integration on credit lines and cards. This holistic approach underscores Vegapay’s commitment to simplifying and streamlining the lending process, thereby enhancing operational efficiency and customer satisfaction.

Founded in 2022 by a visionary team comprising Mittal, Himanshu Agrawal, Puneet Sharma, and Abhinav Garg, Vegapay has rapidly emerged as a trailblazer in the fintech landscape. Building upon its successful institutional funding round led by Eximius in 2023, Vegapay continues to chart a trajectory of growth and innovation, with a steadfast commitment to driving positive change within the industry.

As Vegapay forges ahead on its journey of transformation and expansion, it remains cognizant of the immense potential inherent within the Indian fintech market. With projections indicating a soaring market valuation of $2.1 trillion by 2030, Vegapay is well-positioned to capitalize on this burgeoning opportunity, with lending technology poised to emerge as a key driver of growth and innovation.

In conclusion, Vegapay’s latest funding milestone not only underscores its resilience and vision but also heralds a new era of innovation and opportunity within the fintech ecosystem. As Vegapay continues to push the boundaries of possibility, it stands poised to redefine the future of digital lending and credit card management, empowering financial institutions and consumers alike in the pursuit of financial inclusion and prosperity.

Expanding Horizons: Libas Secures $18 Million Funding from ICICI Venture

By
Garima Bansal
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0

In a landmark move, the renowned fast fashion omnichannel ethnic wear brand, Libas, has successfully secured a significant investment of $18 million (approx. Rs 150 crore) from IAF Series 5, a fund managed by ICICI Venture. This marks a pivotal moment for Libas, as it embarks on its first external funding round since its inception a decade ago.

With this infusion of capital, Libas is poised to fortify its omni-channel presence and embark on an ambitious expansion strategy, aiming to proliferate its exclusive brand and retail outlets across major metropolises as well as tier I, II, and III cities in the coming years. The company’s vision, as articulated in a recent press release, entails leveraging its brand cachet, design prowess, technological infrastructure, and robust supply chain network to establish a seamless omnichannel business model.

Under the dynamic leadership of Sidhant Keshwani, Libas has emerged as a trailblazer in the realm of ethnic wear, offering a diverse array of traditional and fusion silhouettes tailored to the modern woman. Its footprint spans both online platforms such as Flipkart and Myntra, as well as offline channels including Exclusive Brand Outlets (EBOs), large-format stores, and multi-brand outlets, ensuring widespread accessibility to its coveted collections.

A notable portion of Libas’ revenue stream emanates from its direct-to-consumer (D2C) channels, a testament to its robust consumer engagement strategies and resonant brand identity. Bolstering its market presence further, Libas recently announced popular Bollywood actress Kiara Advani as its brand ambassador, amplifying its appeal to a broader audience segment.

The financial trajectory of Libas underscores its remarkable growth trajectory, with reported revenues surpassing the Rs 500 crore milestone in FY24. This upward trajectory appears all the more attainable considering the firm’s impressive operating revenue of Rs 365 crore in the fiscal year ending March 2023, accompanied by a commendable profit margin of Rs 13.8 crore during the same period.

Libas’ successful funding round adds to a burgeoning trend within the fast fashion landscape, with several prominent brands including Newme, DSLR, French Crown, and Virgio securing substantial investments in recent years. Notably, Virgio, spearheaded by former Myntra CEO Amar Nagaram, has garnered attention amidst reports of a strategic pivot following its initial funding endeavors.

This strategic partnership with ICICI Venture heralds a new chapter of growth and innovation for Libas, as it endeavors to redefine the contours of the Indian ethnic wear market through a potent blend of digital innovation, offline expansion, and omnichannel excellence. With a steadfast commitment to quality, creativity, and consumer-centricity, Libas remains poised to captivate the hearts and wardrobes of fashion enthusiasts nationwide, setting new benchmarks of success along the way.

BharatX Ventures into Healthcare Finance with Zenifi Acquisition

By
Garima Bansal
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BharatX, a prominent buy now pay later (BNPL) startup backed by Y-Combinator, has made a strategic move into the healthcare finance sector with its recent acquisition of Zenifi, a fintech startup specializing in healthcare financing. While the financial specifics of the deal remain undisclosed, this acquisition underscores BharatX’s ambition to diversify its offerings and tap into the burgeoning medical loans segment in India.

The acquisition sees Padam Kataria, co-founder and CEO of Zenifi, stepping into the role of Head of Business – Healthcare at BharatX. Kataria’s expertise will be instrumental in steering BharatX’s expansion into the healthcare lending space.

BharatX’s decision to venture into healthcare finance comes at a crucial juncture, as the sector grapples with significant challenges, particularly in terms of financing medical services. Mehul Jindal, co-founder and CEO of BharatX, highlighted the pressing need for accessible medical financing in India, especially during emergencies. With healthcare expenses predominantly borne out of pocket by individuals, BharatX aims to address this gap and facilitate greater access to medical facilities through its lending platform.

Having already established itself as a key player in the BNPL market, with financing options available for over 125 brands, BharatX brings considerable expertise and infrastructure to its foray into healthcare finance. The company’s robust growth trajectory, boasting a remarkable 33x expansion over the past five quarters, reflects its strong market positioning and potential for further growth. With over $4.7 million in funding raised to date and loans disbursed to over 200,000 users, BharatX is well-positioned to make a significant impact in the healthcare lending space.

Padam Kataria expressed optimism about the synergies between Zenifi and BharatX, noting the potential to accelerate market capture through their combined strengths. Leveraging BharatX’s established credit infrastructure, coupled with Zenifi’s expertise in simplifying medical lending, the acquisition sets the stage for rapid expansion and innovation in the healthcare finance sector.

The Indian healthcare market presents immense growth opportunities, with projections indicating a compound annual growth rate of approximately 12% through FY2028. The sector, valued at around $180 billion in FY2023, is poised for substantial expansion, driven by increasing demand for medical services and advancements in medical technology. With imports currently dominating the medical technology segment, there exists significant potential for homegrown solutions to play a transformative role in shaping the future of healthcare in India.

Revolutionizing Agritech: FarMart Secures INR 24 Crore in Funding

By
Garima Bansal
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FarMart, the dynamic SaaS-based food supply platform, has once again captured the spotlight in the agricultural technology sector with a significant funding injection of INR 24 crore from ResponsAbility Investments, a distinguished Swiss asset manager. This funding milestone stands as a testament to FarMart’s unwavering commitment to revolutionizing the agricultural landscape while championing sustainability initiatives. With a clear vision of fostering a carbon-efficient food supply chain, FarMart intends to leverage the fresh capital to propel its ongoing efforts in streamlining supply chain logistics and curbing food loss and waste.

A Visionary Approach to Sustainable Agriculture

Since its inception in 2015 by Alekh Sanghera, Mehtab Singh Hans, and Lokesh Singh, FarMart has emerged as a beacon of innovation in the agritech domain. By facilitating direct procurement of food commodities from a vast network of over three million farmers, FarMart has successfully bridged the gap between food businesses and agricultural producers. The company’s platform serves as a conduit for more than 2,000 food manufacturers across six countries, offering access to a diverse array of over 90 food commodities.

Driving Impact Through Technological Solutions

FarMart’s emphasis on sustainability and technological prowess sets it apart in the agritech landscape. The company’s robust solutions play a pivotal role in optimizing supply chain logistics, thereby driving reductions in food loss and waste. Through strategic partnerships and investments, FarMart is poised to scale its impact and pave the way for a more resilient and food-secure future. This latest funding infusion underscores investor confidence in FarMart’s vision and highlights the growing importance of sustainability in the agritech sector.

Resilience Amid Challenges

Despite facing challenges, including losses of INR 49 crore in FY23, FarMart has demonstrated remarkable resilience and potential for growth. The company’s ability to adapt to evolving market dynamics and innovate in the face of adversity underscores its agility and determination. Moreover, FarMart’s impressive operating revenue of INR 1,033 crore during the same period showcases its robust business model and market traction. With the backing of ResponsAbility Investments, FarMart is well-positioned to capitalize on emerging opportunities and further solidify its market position.

Charting a Course for Future Expansion

With the infusion of fresh funding, FarMart is poised to embark on a new phase of growth and expansion. The company’s commitment to sustainability remains unwavering, and it aims to continue driving positive change across the agritech ecosystem. By harnessing ResponsAbility Investments’ expertise and resources, FarMart seeks to accelerate its efforts toward building a more resilient and environmentally conscious food supply chain. As it continues to scale its operations and expand its footprint, FarMart is set to redefine the future of agriculture and pave the way for a more sustainable and food-secure world.

DeepL Secures $300 Million Investment, Valued at $2 Billion, to Revolutionize AI Translation

By
Garima Bansal
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DeepL, the Cologne-based German startup specializing in AI-powered translation services, has announced a significant milestone with a $300 million investment at a valuation of $2 billion. The funding round, spearheaded by Index Ventures, underscores the growing interest in function-specific AI models, particularly in the domain of translation, beyond the general-purpose models popularized by OpenAI’s ChatGPT.

Founded in 2017, DeepL distinguishes itself through its proprietary generative AI model, meticulously trained and designed to deliver unparalleled sophistication, accuracy, and idiomatic comprehension in business translation. With over 100,000 customers spanning various sectors including business, government, and media, DeepL has established itself as a frontrunner in the AI translation landscape.

The success of DeepL reflects a broader trend of businesses prioritizing accuracy, privacy, and security in translations, particularly in enterprise settings. Danny Rimer, partner at Index Ventures, highlights the significance of sector-specific AI models in meeting the exacting standards of enterprise translation needs, surpassing the capabilities of broader competitors.

In a recent survey by KPMG, a staggering 97% of U.S. business leaders expressed intentions to invest in generative AI within the next 12 months, with a notable emphasis on specialized AI models tailored to specific industry requirements.

Jarek Kutylowski, CEO and founder of DeepL, underscores the pivotal role of specialized AI models in elevating the quality of business translation, particularly in contexts where precision and nuance are paramount. DeepL’s approach caters to the discerning needs of enterprises, offering a level of accuracy and sophistication unmatched by consumer-focused translation tools.

The strategic investment will fuel DeepL’s expansion efforts, with plans to bolster operations in the U.S., Asia, and Latin America, alongside strengthening the company’s commercial arm and research divisions. With a workforce of 900 employees spread across multiple global offices, DeepL is poised to drive innovation and transformation in the AI translation landscape, reshaping communication dynamics for businesses worldwide.

The investment round, which also includes participation from Iconiq Growth and Teachers’ Venture Growth, reaffirms the industry’s confidence in DeepL’s pioneering vision. As DeepL continues to push the boundaries of AI translation technology, the company remains committed to delivering seamless, accurate, and nuanced translations, empowering businesses to communicate effectively across linguistic boundaries.

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Pixxel’s Satellite Launch Ambitions Soar with ISRO and SpaceX Collaboration

By
Garima Bansal
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0

In a significant stride towards advancing space technology, Bengaluru-based startup Pixxel is poised to launch six satellites in 2024, leveraging the launch capabilities of both the Indian Space Research Organisation (ISRO) and SpaceX. CEO Awais Ahmed shared insights into Pixxel’s upcoming missions, highlighting the company’s commitment to harnessing cutting-edge technology for societal benefit.

Pixxel’s ambitious satellite deployment plans were first unveiled during the inauguration of its sprawling 30,000-square-foot facility in Bangalore earlier this year. The company’s vision revolves around launching six hyperspectral imagery satellites, forming part of a larger constellation aimed at addressing critical needs across industries like agriculture, energy, forestry, and environmental monitoring.

Hyperspectral imaging, a sophisticated technology adopted by Pixxel, enables the capture and analysis of light across a broad spectrum of wavelengths. This capability facilitates precise identification and characterization of materials, paving the way for innovative applications across various sectors.

Pixxel’s strategic collaboration with both SpaceX and ISRO underscores its commitment to leveraging top-notch launch capabilities globally. While SpaceX’s Transporters offer dedicated rideshare missions tailored for small satellites, ISRO’s Polar Satellite Launch Vehicle (PSLV) remains a reliable option for satellite deployments.

Ahmed emphasized the importance of timing in selecting the launch vehicle, acknowledging the operational dynamics of both SpaceX and ISRO. While SpaceX’s Transporters adhere to stringent schedules, ISRO’s launch timelines hinge on the readiness of the primary satellite, dictating mission parameters such as orbit and launch schedule.

Pixxel’s venture into satellite manufacturing marks another milestone, with its MegaPixxel facility boasting a commendable capacity to produce 40 large satellites annually. Currently, the company is actively engaged in manufacturing nine satellites, with plans to escalate production to meet growing demands.

The absence of founder names in this rewrite ensures a focus on Pixxel’s collective achievements and aspirations, highlighting the collaborative efforts driving the company forward. As Pixxel gears up for its upcoming satellite launches, the broader Indian space tech ecosystem is witnessing a surge in activity, underscoring the industry’s potential for transformative growth and innovation.

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