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Natcap Secures $10M Series A Funding to Enhance Nature Data Solutions

Garima Bansal
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Natcap Secures $10M Series A Funding to Enhance Nature Data Solutions

Natural Capital Research Limited (Natcap), a London-based company specializing in nature data, has secured $10 million in Series A funding.

The investment came from a diverse group of backers, including André Hoffmann, Norinchukin Capital, Yeo Ventures, Pelican Ag, David Craig, Oxford Science Enterprises, MW&L Capital Partners, and Alea Iacta Est. These investors also participated in Natcap’s £2.5 million seed round in early 2023.

Natcap plans to use the new funds to fuel its growth, helping organizations better understand their nature-related risks and opportunities.

Founded in 2018 by Professor Baroness Kathy Willis of the University of Oxford and others, and currently led by CEO Sebastian Leape, Natcap aids companies in quantifying and integrating nature-related risks and opportunities into their business strategies. By working closely with scientists, Natcap provides detailed and accessible nature data and metrics. Their platform assists businesses in measuring, reporting, and addressing nature-related risks and opportunities to develop robust nature strategies.

Natcap supports over 20 organizations, including collaborations with Tesco’s Nature Programme and a partnership with MS&AD Insurance Group Holdings.

Coforge Expands Influence with 17% Stake in Cigniti Technologies for ₹645 Crore

Garima Bansal
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Coforge Expands Influence with 17% Stake in Cigniti Technologies for ₹645 Crore

Coforge acquired a 17% stake in Cigniti Technologies for ₹645 crore through open market transactions. According to BSE block deal data, Coforge purchased 46,18,199 shares, equivalent to a 16.9% stake in Cigniti Technologies, at an average price of ₹1,398.5 per share, totaling ₹645.85 crore.

Public shareholders Kukunuru Madhava Lakshmi and Kukunuru Kumar Bapuji sold their entire 6.83% stake in Cigniti Technologies. Additionally, promoter Venkata Subramanyam Chakkilam and Sapna P also sold their shares. In total, 46.18 lakh shares were offloaded by these shareholders at the same price.

Cigniti Technologies’ shares dropped by 1.28%, closing at ₹1,367.20 per share on the NSE. On Thursday, Coforge had acquired an 11% stake in Cigniti Technologies for ₹426 crore. In May, Coforge announced that its board of directors had approved the acquisition of a 54% stake in Cigniti Technologies, subject to the execution of definitive agreements and the completion of certain conditions.

Last week, the Competition Commission of India approved Coforge’s proposal to acquire a majority stake in Cigniti Technologies. Coforge, promoted by Baring Private Equity Asia, is a provider of IT and IT-enabled services (ITES).

Smartworks Transitions to Public Company, Prepares for IPO Amidst Strong Growth and Investor Interest

Garima Bansal
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Smartworks Transitions to Public Company, Prepares for IPO Amidst Strong Growth and Investor Interest

Smartworks, a prominent provider of co-working space solutions, has officially become a public company as part of its preparation for an upcoming initial public offering (IPO). The company’s board has approved the transition from Smartworks Coworking Spaces Private Limited to Smartworks Coworking Spaces Limited.

This move follows a recent funding round where Smartworks raised $20 million from investors including Keppel and Ananta Capital Ventures Fund I. The company leases office spaces from real estate developers and subleases them to enterprises across major Indian cities such as Delhi-NCR, Kolkata, Bengaluru, Chennai, Pune, and Hyderabad.

As of March 2024, Smartworks operates in 13 cities and manages 41 centers totaling 8 million square feet of office space. Since its inception, Smartworks has raised over $50 million, with significant investments such as $25 million from Keppel Land in 2019. According to startup data platform TheKredible, founder Neetish Sarda’s NS Niketan LLP holds more than 45% stake in the company following the latest funding round.

Financially, Smartworks reported robust growth, with its revenue nearly doubling to Rs 744 crore in FY23. However, like many expanding companies, its losses also increased by 44% to Rs 101 crore during the same period. The company is expected to release its annual results for FY24 soon.

In the co-working sector, Awfis recently became the first Indian startup to list on the stock exchange, with overwhelming investor interest demonstrated as the Peak XV-backed firm was oversubscribed by more than 100 times on the final day of bidding.

MATH Launches Nuage Program to Propel AI/ML Startups

Garima Bansal
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MATH Launches Nuage Program to Propel AI/ML Startups

MATH, in collaboration with the Department of Science and Technology (DST) and T-Hu, has launched the MATH Nuage Program, a 12-month incubation initiative for AI/ML startups. This program offers services like one-on-one mentoring from industry veterans, investor connections, and market access support. Participants will also receive discounted GPUs, cloud credits, and access to the NAIM Learning Management System (LMS) and extensive datasets for AI model training and validation.

The program takes a personalized approach, tailoring support to each startup’s specific needs. Rahul Paith, CEO of MATH, highlighted the program’s potential to drive significant success for AI/ML startups in India and globally, with plans to expand participation and forge new partnerships. The initiative aims to support the growing AI market in India, projected to reach $17 billion by 2027.

The MATH Nuage Program starts with an intensive onboarding phase to assess and customize support for each startup, followed by personalized mentoring and essential resources during the implementation phase. Periodic evaluations ensure continuous improvement and readiness for scaling.

Startups can apply online by providing details about their technology, team, and operational needs. The selection process includes rigorous screening, interviews, and presentations. The program begins on August 1, 2024, with a mid-term review in February 2025, and a graduation and demo day in July 2025.

Gocarin Industries Secures Seed Funding from KIIT TBI and BIRAC Leap Programme

Garima Bansal
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Gocarin Industries Secures Seed Funding from KIIT TBI and BIRAC Leap Programme

Gocarin Industries, an emerging startup in the agri-tech sector, has successfully secured seed funding from the KIIT Technology Business Incubator (TBI) through the prestigious BIRAC Leap programme. While the exact amount remains undisclosed, this funding marks a significant milestone for the company.

The financial support is part of the central government’s efforts to foster innovative startups and strengthen India’s entrepreneurial ecosystem. BIRAC Leap, initiated by the Biotechnology Industry Research Assistance Council (BIRAC), focuses on accelerating high-impact and scalable startups.

Dr. Ramanuj Panda, Founder and CEO of Gocarin Industries, expressed deep gratitude for the support from KIIT TBI and BIRAC. He emphasized that the funding will be crucial in advancing the mission to transform the agricultural sector with state-of-the-art technology solutions for farmers, noting that recognition from such prestigious institutions validates the team’s dedication and hard work.

With this new funding, Gocarin Industries aims to improve its product offerings, extend its reach, and continue its innovation in the agri-tech industry. The company has been leading the charge in delivering innovative solutions to farmers, enhancing productivity and sustainability.

Dr. Mrutyunjay Suar, CEO of KIIT TBI, DG (R&D) KIIT University, and Chairman of BCKIC, affirmed the belief in Gocarin Industries’ vision and potential. He highlighted that their dedication to using technology to address real-world agricultural challenges aligns perfectly with the goals of the BIRAC Leap programme. The funding will be utilized to scale operations, advance product development, and expand market presence, solidifying Gocarin Industries’ status as a leader in the agri-tech sector.

Ola Cabs Shifts to In-House Ola Maps, Achieves Rs 100 Crore Annual Savings

Garima Bansal
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Ola Cabs Shifts to In-House Ola Maps, Achieves Rs 100 Crore Annual Savings

Ola Cabs, the ride-hailing giant, has transitioned from using Google Maps to its own in-house Ola Maps, resulting in significant annual cost savings of around Rs 100 crore.

After exiting Azure last month, Ola has now fully moved away from Google Maps. Previously, the company was spending Rs 100 crore annually, but by switching entirely to its in-house Ola Maps, this expense has been reduced to zero. Users are advised to check their Ola app and update if needed, according to Bhavish Aggarwal, co-founder and chairman of Ola Group.

This announcement comes after Ola Group completed transferring its entire workload to its in-house artificial intelligence (AI) firm, Krutrim, three months after ending its partnership with Microsoft Azure.

In May, Aggarwal announced on X that the company was discontinuing its use of Microsoft Azure and would migrate the entire workload to Krutrim within a week. At the launch of Krutrim AI, it was also revealed that the firm would provide mapping solutions as part of its cloud services.

Grameen Foundation and ONDC Partner to Boost Digital Inclusion and Economic Opportunities for Diverse Business Entities

Garima Bansal
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Grameen Foundation and ONDC Partner to Boost Digital Inclusion and Economic Opportunities for Diverse Business Entities

Grameen Foundation for Social Impact, a non-profit organization, has partnered with the Open Network for Digital Commerce (ONDC) through a Memorandum of Understanding (MoU) to enhance socio-economic development and digital inclusion for various business entities.

This collaboration will provide members of Farmer Producer Organizations (FPOs), nano, micro, small, and medium-sized enterprises (NMSMEs), self-help groups (SHGs), women entrepreneurs, startups, and similar entities with access to numerous economic opportunities. Grameen and the ONDC Network aim to accelerate digital inclusion and support the growth of these organizations and their members’ businesses.

Bharati Joshi, Interim CEO of Grameen Foundation for Social Impact, highlighted the focus on investing in the power of the poor, especially women, to ensure a quality life for themselves and their families. Shireesh Joshi, Chief Business Officer of ONDC, emphasized the commitment to creating an inclusive digital ecosystem that provides equal opportunities for businesses of all sizes and backgrounds. He noted that by breaking down barriers, diverse entities, from nanoenterprises to women entrepreneurs, are empowered to thrive in the digital economy.

ONDC is also in discussions with banks and other financial technology firms such as HDFC Bank, IDFC First Bank, and Karnataka Bank. This collaboration aims to provide unsecured loans and GST invoice loans to small-scale merchants and retailers in underdeveloped areas of the country.

Quick Heal Partners with NewJaisa to Enhance Cybersecurity in Refurbished Electronics Market

Garima Bansal
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Quick Heal Partners with NewJaisa to Enhance Cybersecurity in Refurbished Electronics Market

Quick Heal, a global cybersecurity firm, has partnered with D2C refurbished electronics brand NewJaisa Technologies to bolster cybersecurity in the refurbished electronics market. This collaboration entails pre-installing Quick Heal’s Total Security solution on all NewJaisa refurbished laptops and desktops, as outlined in a company statement.

Vishal Salvi, Chief Executive Officer at Quick Heal Technologies, emphasized the importance of providing robust security solutions across all device segments, especially with the expected growth in India’s refurbished electronics sector. Salvi noted that integrating Total Security into NewJaisa’s products ensures comprehensive protection for a broader consumer base.

Vishesh Handa, CEO of NewJaisa Technologies, underscored the strategic significance of the partnership in enhancing their market position and addressing critical security concerns in the refurbished electronics sector. Handa mentioned that the collaboration opens new avenues for market growth.

Channelplay Partners with Aditya Birla to Drive Market Growth and Retail Innovation

Garima Bansal
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Channelplay Partners with Aditya Birla to Drive Market Growth and Retail Innovation

Channelplay Limited, led by Vice President Yasir Hussain, has announced a strategic partnership with Aditya Birla aimed at driving market growth for their products. Leveraging Channelplay’s expertise in retail solutions, the collaboration intends to enhance brand visibility, strengthen market share, and increase sales for Aditya Birla’s new offerings.

Channelplay Limited specializes in providing comprehensive retail solutions tailored to optimize retail performance. They collaborate closely with brands to develop and implement strategic initiatives, including channel loyalty programs, promoter activations, and retail expansion strategies aimed at maximizing product visibility and market penetration.

Aditya Birla White, renowned for its manufacturing and export of products such as white cement, wall primer, wall care putty, and textura, aims to expand market presence for products like Primer and Seep Guard through this partnership. The initiative seeks to improve brand awareness nationwide, as detailed by India Retailing.

The partnership initiative includes launching a pilot channel loyalty program and promoter activation plan across 50 retail locations, aimed at securing more in-store shelf space for Aditya Birla products.

Aditya Birla Group, encompassing Aditya Fashion and Retail Limited, is a prominent player in India’s textile industry. Recently, the conglomerate announced a $50 million investment in research, development, and manufacturing facilities in Texas, USA, as reported by Business Standard. Aditya Birla Group also operates in Thailand, Europe, and across India.

Kalyan Jewellers Sets Aggressive Expansion Goals with 40 New Showrooms by Diwali

Garima Bansal
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Kalyan Jewellers Sets Aggressive Expansion Goals with 40 New Showrooms by Diwali

Kalyan Jewellers has unveiled ambitious expansion plans for both domestic and international markets. The Kerala-based jewellery giant aims to launch 40 new Kalyan showrooms, alongside 30 Candere showrooms and its inaugural showroom in the United States by Diwali this year. This initiative is part of their strategy to introduce over 130 new showrooms during the current fiscal year, building upon their existing network.

The company reported a robust 34% revenue growth in Q4 FY2024, setting a strong foundation for future expansions. Looking forward to FY 2025, Kalyan Jewellers plans to introduce 130 new showrooms across India, reflecting their bullish outlook on market demand.

Preparations are underway for the upcoming festive and wedding seasons, starting with Onam later this quarter. Fresh collections and promotional campaigns are being readied to complement the new showroom launches nationwide. Candere, Kalyan Jewellers’ digital-first jewellery platform, will play a pivotal role in this expansion, enhancing their reach and customer engagement.

By the first quarter of FY2025, Kalyan Jewellers had already opened 24 new showrooms, contributing to their global footprint of 277 showrooms. Of these, 217 are located in India, 36 in the Middle East, and 24 under the Candere brand.

In their latest financial update, Kalyan Jewellers reported a consolidated revenue growth of approximately 27% in Q1 FY2025 compared to the same period last fiscal year. The company also noted a 16% revenue increase in their Middle East operations during the first quarter of the current fiscal year, underscoring their successful expansion efforts across different markets.

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