News Archives - Page 4 of 23 - Finsights Solutions

Oct 08

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Paytm First Games Relisted On Google Play Store After Weeks

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Paytm First Games Relisted On Google Play Store After Weeks

Finshorts | 8th Oct, 2020 | 1 min read

MUMBAI: Paytm First Games has been relisted on Google Play Store, the gaming app of fintech company Paytm said in a blog post on Wednesday, nearly three weeks after it was taken down from the dominant app store. “While Google does not allow us to promote our ‘pro’ app on our own free app or Paytm app, we can promote it on Google and YouTube by paying hefty fees to Google,” Paytm First Games said in the blog post, referring to the practice of paid ads on Google search and its video sharing platform. “If the Paytm app promoted Paytm First Games, then Paytm app would also be violating their”policies”. The Paytm First Game app available on Play Store is a non-cash fantasy gaming platform, and its “Pro” version is only available on its website, not on the app store. The fracas began on September 18 when Google took down both Paytm and Paytm First Games from its Play Store for violating its gambling policy, which prevents any registered store app from promoting real money-based fantasy games or skill-based cashback schemes. Paytm’s payments app was restored the same day after it tweaked some requirements to fit Play Store’s policy, but Paytm First Games has only now been listed back.

Oct 08

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IIT Guwahati Students’ Startup Develops Mobile Application For Offline To Online Business Services

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IIT Guwahati Students' Startup Develops Mobile Application For Offline To Online Business Services

Finshorts | 8th Oct, 2020 | 1 min read

GUWAHATI: Sahara, a hyperlocal-tech startup of the students of the Indian Institute of Technology Guwahati, have developed a mobile application that lets offline business owners create synergy with customers and potential business partners. IIT stated inspired by the ‘Atma Nirbhar Bharat’ initiative, this entrepreneurial endeavour is determined to deliver ‘Made in India’ solutions by providing the best services to the people and encouraging existing offline businesses to convert to online business to have diverse opportunities. With the idea of one-stop solution for everything that people require, from food to shelter, the aim is to provide services that stand up to international quality standards at fairly low costs. The features on this app will also guarantee accurate navigating experience, especially to travellers, in the form of local language translation service, security for travellers by providing assistance in establishing contact with respective traveller’s embassy in case of emergency, emergency and SOS service especially for women etc. Sai Vara Prasad, said, “The only aim of Sahara is to provide you best services whenever you go. It’ll be the best app for the whole travel industry, where travellers can indulge in local cultures easily, travel enthusiasts can take their blogging to a whole new level, as they can post media, and can also share to other social media platforms, which will be visible to anyone who visits or search for that place. For the safety of travellers, we have added many features”.

Oct 08

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Genrobotics Raises Rs 2 5 Crore In Pre Series A

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Genrobotics Raises Rs 2 5 Crore In Pre Series A

Finshorts | 8th Oct, 2020 | 1 min read

Genrobotics, a Trivandrum – based robotics company has raised Rs 2.5 crore in Pre Series A round from existing investors Unicorn India Ventures. Genrobotics has already been working along with the Central Ministry as well as with State Governments in the mission of eradicating manual scavenging from the entire country. Vimal Govind, Co-founder CEO, Genrobotics, says, “We are so happy that Bandicoot is bringing smiles to those innocent ones and we believe that our efforts brought light into the stinking realities of Manual scavenging in India. It was a great moment for us when Mr. Anand Mahindra took a personal interest in favor of robotic solutions for the real crisis hidden in. Mr.Mahindra has offered his full support on implementing Bandicoots in each and every corner of India for putting an end to this dehumanizing activity completely and it has accelerated the process of transforming the Manual scavenging to Robotic scavenging.” Anil Joshi, Managing Partner, Unicorn India Ventures, “We are happy that we went against our rules of not investing in just an idea in the case of Genrobotics. When we met them 2 years back in Kerala, the prototype was ready and they needed funding for a commercial-ready product. We decided to back them as we saw the potential robotics can bring to certain socially important issues especially if the team backing the business is as passionate as we have seen in Genrobotics. We believe that they have developed a globally relevant product and are already in talks with some international Governing bodies for its deployment. To facilitate their expansion plans, we have decided to back them up with additional funds.”

Oct 08

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Edtech Startup Winuall Raises Rs 14.7 Crore To Digitize Coaching Institutes

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Edtech Startup Winuall Raises Rs 14.7 Crore To Digitize Coaching Institutes

Finshorts | 8th Oct, 2020 | 1 min read

Education technology startup Winuall has raised Rs 14.7 crore from Prime Venture Partners, Beenext, LivSpace founder Ramakant Sharma among other angel investors. Going forward, the startup plans to add more than 20,000 coaching institutes and serve more than three million students across India by the end of 2021, the release stated. The shift to online learning has also come at the expense of offline coaching centres as studying from home became the norm. “We believe digital tools will become an integral part of the learning experience and evolve our education system in a massive way going forward,” said Ashwini Purohit, CEO, Winuall. Founded by Ashwini Purohit and Saurabh Vyas in 2019, Winuall provides technology infrastructure to offline coaching institutes and tutors on a subscription model and digitize the whole learning experience for students with online study material, assessments and live classes. The startup has on-boarded more than 3,700 coaching institutes across the country. “The tutoring market is at an inflection point, and there are a lot of tutors who want to manage their own student interactions and develop an independent identity. Winuall is facilitating this by helping tutors and coaching institutes to go digital,” said Shripati Acharya, managing partner, Prime Venture Partners.

Oct 07

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Chargebee Raises Rs 403 Crore In Its Series F Funding Round

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Chargebee Raises Rs 403 Crore In Its Series F Funding Round

Finshorts | 7th Oct, 2020 | 1 min read

Mumbai: Chargebee has raised Rs 403 crore in its Series F funding round, led by Insight Partners. The current round, the biggest so far by the subscription billing startup, comes at a time when brick and mortar companies are adopting subscription models in their businesses, following the Covid-19 pandemic. Existing investors Tiger Global and Steadview Capital also participated in the funding round, bringing the total funding raised by the Chennai-based company so far to Rs 771 crore. Chargebee announced a Series D fundraise of Rs 102 crore led by Steadview Capital in August last year. It also raised an undisclosed Series E round earlier in May. Founded as a bootstrapped Software as a Service startup in 2011, Chargebee’s platform is currently used by over 2,500 companies. The company has also seen traditional businesses across Europe, United States and India signing up for online subscription management during the pandemic. AJ Malhotra, vice president of Insight Partners, said, “Even beyond SaaS and software, we’re seeing a global movement where businesses from cars to coffee pods are launching and scaling with a subscription-first model. The need for an underlying revenue platform that allows businesses this degree of adaptability is paramount today.”

Oct 07

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Credit Wise Capital Raises $6 Million From Family Offices, Angels

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Credit Wise Capital Raises $6 Million From Family Offices, Angels

Finshorts | 7th Oct, 2020 | 1 min read

Credit Wise Capital, a consumer finance NBFC raised $6 million in its seed funding round. “Tech is an enabler and not a panacea for all the ailments. Technology cannot convert a delinquent customer into a good one,” said Hirak Joshi, co-founder of CWC. Currently, present in Mumbai and Pune, CWC has an active dealer network with over 100 dealers and has disbursed 12,000 two-wheelers in a span of 16 months with an average ticket size of 65,000. “We were impressed with the systems and processes that CWC have built. The razor-sharp focus on cost reduction to achieve scalability in this business was one of the primary reasons for our investment in Credit Wise Capital,” said Mayank Shah, Chairman of M.J. Shah Group and the lead investor of CWC. The Indian two-wheeler industry is expected to grow at 8% CAGR over the next 5 years. CWC’s focus is on collection by deploying the right mix of human capital and tech processes while keeping a major check on the costs. “At CWC, the endeavour is to bring complete transparency and enhanced choices for the customer. Dynamic and risk-adjusted pricing, easy to understand offerings and constant customer engagement are the key aspects of this strategy followed at CWC,” added Joshi.

Oct 06

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New Investors May Bring $150 Million To Zomato’s Table

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New Investors May Bring $150 Million To Zomato's Table

Finshorts | 6th Oct, 2020 | 1 min read

MUMBAI: A set of four new risk investors is expected to join the ongoing $600-million financing round at online food delivery company Zomato, two people in the know of the matter said, signalling continued interest in India’s internet story despite the Covid-19 crisis upending businesses across the board. Hong Kong-based hedge fund Steadview Capital, South Korean Mirae Asset-Naver Asia Growth Fund, US hedge fund Luxor Capital and private equity firm Bow Wave Capital are likely to collectively pump $150 million into the company, these people said. UK’s Baillie Gifford, which had invested earlier in the round, will add more funds, a person familiar with the matter said. Interestingly, Mirae backed Zomato’s closest competitor, Swiggy, earlier this year through another vehicle – Mirae Asset Capital Markets.

Oct 06

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SAVE THE DATE: Inflection Point Ventures And MoneyControl Join Hands To Launch Pitch Right

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SAVE THE DATE: Inflection Point Ventures And MoneyControl Join Hands To Launch Pitch Right

Finshorts | 6th Oct, 2020 | 1 min read

Inflection Point Ventures, one of India’s largest and most active angel platforms, and Moneycontrol, one of India’s leading financial news platforms, are coming together to launch Pitch Right. Vinay Bansal, Founder CEO, Inflection Point Ventures, says, “We always stand for the founders as it is them who are fighting for the highest stake in the game. Since March, we have seen the funding tap being constantly squeezed leaving many early stage startups run on a dry cash flow. The macro triggers motivated us to seek a formidable partner in MoneyControl, a brand which is a trusted source of news, to become our co-passenger on this journey to find high potential entrepreneurs and startups and help them in their journey both with capital and mentoring.” Pitch Right will launch on October 8 with an AMA to be conducted with Vinay Bansal, Founder CEO, IPV and Ankur Mittal, Co-founder IPV, and to be moderated by Priyanka Sahay, Special Correspondent, MoneyControl. “India’s startup ecosystem is undergoing sweeping changes, changes that have the power and impact to resolve the complex challenges that the world faces today. Our partnership with Inflection Point will help founders with the most disruptive ideas find a stage that will provide them the scale and the direction to make them big,” said Binoy Prabhakar, Editor, Moneycontrol.

Oct 06

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Sistema Asia Fund Plans $150-175 Million Vehicle For India

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Sistema Asia Fund Plans $150-175 Million Vehicle For India

Finshorts | 6th Oct, 2020 | 1 min read

NEW DELHI: Russian conglomerate Sistema Public Joint Stock Financial Corporation, an active investor in the Indian startup ecosystem through its Sistema Asia Fund, is thinking of raising a larger investment vehicle next year, a senior executive at the Moscow-headquartered fund told ET. The $120 million Sistema Asia Fund counts Rebel Foods, Lendingkart and Licious among its investment portfolio. The fund is targeting a larger corpus – $150-175 million, according to Sumit Jain, senior partner at Sistema Asia Fund Advisory. “It’s a little early to talk about it, but we think we will do a slightly bigger fund next, potentially $150 up to $175 million. We think that for the stage we operate in, and the size of opportunity we’re looking at, actually warrants a slightly larger fund. And slightly larger cheque sizes, as we look at fresh deals from the new fund,” Jain told ET in an exclusive interaction.

Oct 06

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Uni Raises $18.5 Million Led By Lightspeed And Accel

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Uni Raises $18.5 Million Led By Lightspeed And Accel

Finshorts | 6th Oct, 2020 | 1 min read

NEW DELHI: Fintech startup Uni has raised $18.5 million in seed funding led by Lightspeed India Partners and Accel Partners. Uni aims to bridge the gap in the credit card market by making them more accessible to consumers across different regions. “Over the last five years, we have witnessed a 3x acceleration of digital and electronic payment platforms the share of credit card payments has fallen drastically. There is an opportunity to expand the market from 58 million credit cards in India today to 200 million credit cards over the next 5 years by building new products, catering to underserved customer needs and getting new customer segments,” said Nitin Gupta, founder and CEO, Uni. The credit card market in India today is still under-penetrated as compared to digital payments, with just 34 million credit card users having 58 million credit cards whereas there are more than 100 million Indians today who pay digitally and electronically. “Credit cards is a very large and exciting market. It has over $100 billion in annual spends and still less than 2.5% of the Indian population has a credit card today. The opportunity in front of us is truly immense,” said Prayank Swaroop, Partner, Accel India.