Finshorts | 16th Oct, 2020 | 1 min read
Mumbai: Former cricketer Kapil Dev has invested an undisclosed amount in power sector-focused technology company Harmonizer India. The former pacer and World Cup-winning captain will be holding an undisclosed stake in the company’s artificial intelligence, machine learning and internet of things-focused energy efficiency solutions technology, as per a statement. Dev has been investing in the startups’ space since 2015 and his bets include grocer peopleeasy.com, Samco Ventures, online market network Wizcounsel and cab aggregator Vaoo, as per reports. “I have invested in Harmonizer India to support the Indian brainpower and technocrats who have done so well to acquire 14 patents,” Dev said in a statement released after his latest investment. There are tremendous opportunities for further growth and Harmonizer is aiming to achieve a significant portion, its Chief Executive Manoj Soni said, adding that the IoT market alone is pegged at USD 15 billion as of now. Its Chief Technology Officer M R Srinivas said the company has a research and development unit in Bengaluru and will be filing for more patents on technologies like artificial intelligence/ machine learning for industries.
Finshorts | 16th Oct, 2020 | 1 min read
When the top leadership of the Indian Army was scouting for solutions to keep the equipment used by the forces safe from the highly contagious coronavirus that causes Covid-19, it was a Bengaluru-based startup that stepped up to meet its requirements. “UV rays can help clean air and kill virus and bacteria, thereby helping sanitise bundles of cash, grocery items, masks, gloves, paperwork and many other items,” said Akshay Singhal, cofounder of Log9 Materials. The company is looking for $10 million in equity funding and is already in talks with global funds. Singhal said he is looking for clean energy funds and social impact funds for a strategic round, which will help scale up production and find buyers for Log9’s products. Log9 Materials first shot to fame because of its initiatives in the green energy space. During a previous conversation with Moneycontrol, Saankhya Labs, a semiconductor startup in Bengaluru, had highlighted how it had stopped all conversations with Indian VCs since they hardly understood its business. Indian Oil Corporation has a minority stake in Phinergy as well and the duo is working together to develop clean-energy solutions for the country.
Finshorts | 16th Oct, 2020 | 1 min read
BENGALURU: Foodtech unicorn Zomato, which is in talks to raise almost $600 million, as part of its ongoing funding round, has added $52 million to its coffered from US-based Kora Investments. Kora is expected to make another large investment in Zomato in the coming months, a person aware of the talks told Mint. With this fundraise, Zomato has collected more than $270 million in funding, just this year. In September, it had closed its $62 million funding from MacRitchie Investments, a unit of Singapore state investment arm, Temasek, and also raised $103 million from US-based hedge fund Tiger Global. In January, the company had announced a funding of $150 million from China’s ANT Financial, of which it has only received $50 million, while in March it had raised $5 million from Pacific Horizon Investment Trust, which is managed by UK-based Baillie Gifford & Co. Ltd. The news of Kora’s $52 million investment was first reported by Entrackr. Zomato doubled its revenue to $394 million in 2019-20, even as its losses rose marginally to $293 million from $277 million in 2018-19. In comparison, Zomato’s rival Swiggy had garnered $156 million in the first half of this year, from Naspers and a group of other investors, valuing the startup at $3.6 billion.
Finshorts | 15th Oct, 2020 | 1 min read
India is expected to be home to 60,000-62,000 startups, including 100 unicorns, by 2025, despite the huge impact of covid-19 on India’s startup ecosystem, said a report jointly prepared by TiE- Delhi, a not-for-profit promoting entrepreneurship, and Zinnov, a global management and strategy consultancy. Four Indian startups-Nykaa, Unacademy, Postman and Razorpay -emerged as unicorns while the pandemic was at its peak. India is on track to having at least eight new unicorns in 2020, on a par with the 2019 numbers, taking the total number of Indian unicorns to 33. “Although the immediate impact of the lockdowns on the Indian startup ecosystem was severe, we were amazed to witness how quickly Indian founders acted to reimagine their businesses. What has been most impressive is how many startups have reduced burn and improved unit economics very rapidly,” said Rajan Anandan, president, TiE Delhi-NCR. According to the report, the covid-led shift to digital consumption provided the necessary tailwind to education, healthcare, and commerce, while several other sectors such as travel, hospitality and mobility, which were negatively impacted, are now on a recovery path. The number of online learners in India has grown from 45 million in 2019 to 100 million by end-August, with 3.6 times growth in funding raised by edtech platforms in 2020, compared to last year.
Finshorts | 15th Oct, 2020 | 1 min read
Pune-based lending platform EarlySalary is doubling down on issuing fresh loans and targeting strong growth as the country prepares for the festive season amid the COVID-19 pandemic. The startup also launched a new digital card in partnership with RuPay to enable a new form factor of payments for its customers who can apply for the card through its mobile app. The digital card will have flexible credit lines for different forms of purchases across categories like shopping, education, consumer durables and others. EarlySalary has set a target to grow their balance sheet by five times over the next one year and is hoping to get 25 percent of the loans from the consumer and personal loan segment. Buoyed by its efficiency of collections and strong asset quality even during the pandemic, EarlySalary has pushed out its check out finance business, card business, and the edtech credit product over the last few months, when the lending sector hunkered down. “We had gone down to doing around 20,000 loans during April to May, which has now come back to 35,000 and by January 2021 we are looking to get back to 75,000 loans per month which was our pre COVID number,” he said. Mehrotra believes the country will bounce back from the economic downturn, consumption will come back during the festive season, and EarlySalary will be able to leverage that opportunity and get good customers going forward.
Finshorts | 15th Oct, 2020 | 1 min read
Me, a 3D and Augmented Reality software that helps enterprise customers create immersive shopping experiences for end-users, has raised $7 million from Sequoia Capital India. Avataar brings spatial depth to the onscreen buying experience – delivering life-like photo-realism, mobile responsiveness, interactivity and personalization, it said. “AR/VR has shown strong emotional connect with GenZ and younger millennial consumers, a segment that brands have struggled to engage with in recent years and a segment that has far more spending power today than they did five years ago,” said Sravanth Aluru, CEO of Avataar. “In 2019, more than 300 million users were actively using AR. Spends on AR tools for creating social engagement for brands along with ‘try-before-you-buy’ experiences is expected to grow 10X by 2023. Undoubtedly, the time for AR/VR is now, with ecommerce being one of the broadest applications,” said Shailesh Lakhani, managing director, Sequoia Capital India. With physical footfalls muted by the Covid-19 outbreak, Avataar has seen higher demand, driven by digital and physical commerce industries investing more in digital and contact-less consumer purchase experiences.
Finshorts | 15th Oct, 2020 | 1 min read
Walmart-owned Flipkart on Wednesday said it will offer credit options through 17 banks, NBFCs and fintech players that will drive credit accessibility for customers during the upcoming festive season. The e-commerce firm has partnered with State Bank of India and with SBI Card, India’s largest pure play credit card issuer – to provide both their Debit and Credit cards holders a 10% instant discount. With the launch of Kotak Mahindra Bank and Federal Bank Debit Card EMI payment option, customers can now avail pre-approved credit from 7 leading banking and fintech players. Flipkart is also launching a Gift Card Store catering to customer needs across 60 brands such as Joyalukkas, Kalyan Jewellers, Croma, FabIndia and KFC, among others. To enable the purchase of gift cards during the festive season, Flipkart will be offering a discount of up to 10%. Ranjith Boyanapalli, Head – Fintech and Payments Group at Flipkart, said, “At Flipkart,customer-centricity is at the heart of all our endeavours, as we create increased shared value for all our stakeholders and partners in the ecosystem. By facilitating credit and insurance access, and simplifying payments for over 250 million customers across the country, we are reinforcing our commitment to helping fulfill their aspirations without the burden of financialconstraints. Through these partnerships and their expansion, we hope to take the promise of The Big Billion Days to more customers to enable meaningful growth.”
Finshorts | 14th Oct, 2020 | 1 min read
NEW DELHI: Quick service restaurant chain Wow! Momo has raised Rs 45 crore in debt funding from Anicut Capital, the Kolkata-headquartered firm introduced on Monday. The debt financing will probably be primarily utilised in the direction of compensation of a Rs 35 crore mortgage the corporate had raised from Avendus Finance in 2018 Under the phrases of the brand new financing, Wow! Momo has the choice of elevating a further Rs 15 crore by April 2021. Wow! Momo, which owns and operates two manufacturers Wow! Momo and Wow! China had raised Rs 130 crore in fairness financing from New York-headquartered funding agency Tiger Global Management, in September final yr, and which had valued it at about Rs 860 crore on the time, and was the primary client product guess positioned by the storied funding agency in India. The latter, which had invested Rs 14 crore throughout rounds, and had earned Rs 50 crore, or a 70% return on its funding, on the time of Tiger Global’s capital infusion by a secondary transaction that noticed it partially exit its funding. Anicut capital, based and led by monetary companies veterans IAS Balamurugan and Ashvin Chadha, manages each debt funds and an angel fund, in line with VCCircle.
Finshorts | 14th Oct, 2020 | 1 min read
Foodtech company, Anveshan has raised Rs. 1.12 crore in the pre-seed funding round led by Titan Capital. Talking about the investment and the support from the Titan Capital, Aayushi Khandelwal, Co-founder, Anveshan said in a statement, “We are elated to receive this initial support and investors’ belief in our vision to replace all the unhealthy ingredients in the kitchen that have long-term health ailments with natural and quality food products. We want our customers to take pride while buying Anveshan food products as not only are they contributing to their own health but also impacting the lives of Indian farmers.” “Due to misleading advertisements and false marketing of food products, consumers have lost the feeling of trust in food brands. Customers are being deceived by such campaigns and they blindly trust what is written on the label. We want to be that brand that provides the purest and most natural kind of food with a proof of quality through our traceability solution,” Akhil Kansal, Co-founder, Anveshan, said in the statement. “We are able to see Anveshan solving quality and trust issue in food products. Even customers can trace the origin of products like A2 ghee, spices, and edible oil. Especially, a big need in urban busy population who want to be relaxed about quality of raw material being used in kitchen to remain super healthy and immune in this new world,” Bipin Shah, partner at Titan Capital said in the statement.
Finshorts | 14th Oct, 2020 | 1 min read
MUMBAI: TVS Motor Company-backed electric motorcycle startup Ultraviolette Automotive plans to raise up to $75 million in the next 12-14 months, across series B and C rounds, three people aware of the plan told Mint. Part of the funds will be raised via equity and a small portion of debt in series C next year, said another person, adding that the four-year old startup is currently valued at $50 million. Ultraviolette is talking to several strategic investors who can help the startup beyond primary funding-related requirements. “Our investors will be strategic as they will bring not only funding but also capabilities around IPR, branding, scaling up operations overseas at the right time, among other areas,” said Narayan Subramaniam, founder and chief executive officer at Ultraviolette, which currently has a team of 55. The Bangalore-based startup had unveiled pre-production versions of its first electric motorcycle-named F77-in November last year. Planned in three variants-lightning, shadow and laser-the founders at Ultraviolette plan to position the bike as India’s first performance-oriented electric motorcycle and price them in a range of ?3-3.25 lakh, on-road. Thus, it cannot look at availing government subsidies granted under the Fame-2 scheme. The startup aims to produce and sell up to 10,000 units of the F77 in the first 12 months of its launch.
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