Low code and no code platform Nected has secured $1.5 Mn (INR 12.4 Cr) in a seed funding round led by Binny Bansal’s fund Three State Ventures.

The round also saw participation from  Endurance Capital, Relentless VC, Climber Capital, Lykke Capital and Forward Slash Capital.

The startup plans to deploy the fresh proceeds to boost product usability, simplify integration with various technologies and scale operations to meet growing international demand. 

It also aims to invest in research and development to integrate AI-powered features into its existing building blocks.

Founded in 2022 by Prabhat Gupta and Mukul Bhati, Nected offers pre-built tech components such as rule engines, workflow automation and A/B testing tools. 

The platform aims to help businesses overcome inefficiencies and delays associated with traditional software development.

Bhati said, “We envision a future where technology is a catalyst for growth and innovation, not a bottleneck and for this Nected.ai is dedicated to creating a seamless development experience.”

The platform claims that currently it is being used by over 20 customers across five countries, including Tata 1mg. 

In India, the low-code/no-code market is currently valued at approximately $400 Mn and is expected to grow to $4 Bn by 2025. Nected competes with global players such as Instapage, Unbounce, and Leadpages in the larger AI-powered martech space. 

Other notable players in the Indian low-code/no-code space include Zvolv who recently raised $2 Mn in a round led by Silverneedle Ventures, to offer no-code automation solutions to enterprises.

The post Nected Bags Seed Funding To Help Businesses Streamline Backend Driven Tech Processes appeared first on Inc42 Media.

Homegrown cryptocurrency exchange CoinDCX has elevated Mridul Gupta as its founding partner. 

Gupta, who joined the company as its chief operating officer in 2021, will now helm on meeting growth targets, international expansion, team building and driving profitability. 

Besides, he will also continue to oversee the Indian market while strengthening CoinDCX’s product portfolio, marketing, partnerships and operations.

“We will continue to innovate simple investment & trading platforms for retail users and build tailored solutions. My vision is to transform CoinDCX as the most loved crypto brand,” he said.

It is pertinent to note that Gupta was at the forefront in developing compliant crypto investment and trading products.

Chiming in, cofounder Sumit Gupta said, “As we scale up, shoring up revenues and launching new geographies will be key. Mridul’s experience in launching operations across new geographies and turning them profitable will help CoinDCX transform to the next level.”

The appointment coincides with CoinDCX’s recent acquisition of BitOasis, a virtual assets trading platform based in Dubai. This marks CoinDCX’s entry into the Middle East and North Africa (MENA) market.

Founded by Gupta and Neeraj Khandelwal in 2018, CoinDCX claims to have a user base of over 1.4 crore. It offers easy access to Web3 experiences and democratise investments in virtual digital assets with user safety and security.

CoinDCX became the country’s first crypto unicorn in 2021 after raising $90 Mn in Series C from Facebook cofounder Eduardo Saverin’s B Capital Group, Coinbase Ventures, and others.

It counts Pantera, Steadview Capital, Kingsway, Polychain Capital, B Capital Group, Bain Capital Ventures, Cadenza, Draper Dragon, Republic, Kindred, and Coinbase Ventures among its investors.

The post CoinDCX Promotes Mridul Gupta To Founding Partner appeared first on Inc42 Media.

Bengaluru-based direct-to-consumer fitness brand Boldfit has roped in Indian cricketer KL Rahul as its investor.

However, the company did not disclose the financial terms of the deal.

Founded in 2018 by Pallav Bihani, Boldfit offers more than 400 products across categories including fitness equipment, yoga accessories, and athleisure wear.

Rahul said, “As a Bengaluru boy, I’m proud to join forces with a brand that shares my love for fitness and my hometown.” 

Bihani said, “Having KL Rahul on board is a huge moment for us. His dedication and drive perfectly match our brand’s values.”

This comes at a time when Boldfit looks to expand its footprint. It further plans to broaden its athleisure and footwear ranges, roll out innovations in existing categories and build its presence in the Middle East. 

Boldfit also aims to open 100 offline stores across India over the next four years.

The company has already served more than 2.5 Mn customers and has partnered with IPL teams like Mumbai Indians, Chennai Super Kings, and Royal Challengers Bengaluru for co-branded fitness accessories and fanwear.

The investment also adds to Rahul’s growing portfolio of brand associations. Earlier this year, he became the brand ambassador for Aditya Birla Finance. Besides, he also serves as a brand ambassador for companies like hyugalife, XYXX and 4cast.

The Indian fitness market, valued at  $20 Mn in 2023, is projected to reach $32 Bn by 2028, growing at an annual rate of 27%. 

Meanwhile, athletic professionals have been active in backing growing startups in the country.

On Monday (July 29), sportstech startup Game Theory roped in India’s chief badminton coach Pullela Gopichand and a clutch of other players as investors.

Earlier this year, Pune-based EV startup EMotorad roped in former Indian skipper Mahendra Singh Dhoni as an equity investor and healthtech platform Curelo raised funds from Indian cricketer Shreyas Iyer.

Few weeks ago, Olympian PV Sindhu also invested into an agritech startup Greenday’s FMCG brand Better Nutrition and D2C wellness brand Hoop.

The post D2C Fitness Brand Boldfit Ropes In Cricketer KL Rahul As Investor appeared first on Inc42 Media.

Hero Vired, the Hero Group’s online education company for professionals, has roped in Prakhar Kasar as its chief executive officer.

This appointment comes at a time when the company is looking to drive its growth and disrupt the online education market.

With over 16 years of experience across sales, marketing and revenue streams, Kasar has previously worked with companies like PepsiCo and MakeMyTrip. 

Most recently, he served as the vice president and business head at MakeMyTrip’s corporate travel solution provider MyBiz.

“His (Kasar’s) proven ability to scale businesses and build high-performing teams makes him the ideal leader to take Hero Vired to new heights,” said Hero Vired’s founder Akshay Munjal.

Founded in 2021 by Munjal, Hero Vired is a New Delhi-based edtech platform for professionals and higher education aspirants. The startup is a venture of the Hero Group that offers online certification programmes in data science, machine learning, AI, finance, fintech, game design, full-stack development and business analytics. 

It competes with edtech companies in the likes of Eruditus, Vedantu and upGrad.

“In the immediate future, we’ll focus on enhancing B2C offerings, particularly our live learning experiences that cater to a premium audience. Looking ahead, we see significant opportunities in the B2B and B2I markets, as well as potential to reach new consumer segments,” said Kasar.

It is pertinent to note that the appointment comes against the backdrop of the Indian edtech sector undergoing a massive funding crunch. 

Unlike the tendency shown by VCs and PEs before the pandemic wherein they infused billions of dollars during the height of the pandemic, the segment has witnessed a waning interest of the investor as the schools and colleges opened post-lockdown. 

Besides this, a slew of issues within the startups in the sector made the matter worse. This issue included heavy cash burn, mounting losses, and weak governance guardrails, among other issues. 

Not to mention, the space was among the leading sectors in laying off the most number of employees over the past two years. Notably, as many as 24 edtechs have sacked more than 14,616 employees since 2022.

Even on the financial front, the sector’s heavyweights like BYJU’S, Unacademy, and UpGrad continue to post heavy losses, and names like Udayy, Supen Learn, and DUX Education have shut down operations in the last two years due to the funding crunch. 

According to Inc42’s Indian Tech Startup Funding Report 2023, the Indian edtech startups raised $283 Mn in 2023 against $2.4 Bn in 2022, accounting for a massive 88% year-on-year (YoY) decline. The number of deals also plummeted 45.91% YoY to 139 in 2023 from 257 in 2022.

The post Hero Vired Ropes In MakeMyTrip Executive Prakhar Kasar As CEO appeared first on Inc42 Media.

Sportstech platform KheloMore raised $2 Mn in a Pre-Series A funding round led by Clear Bridge Ventures LLP’s designated partner Rajdip Gupta and edtech unicorn Eruditus’ founder Ashwin Damera.

The startup plans to use the fresh funds to expand into more cities like Delhi, Ahmedabad and Rajkot as well as to set up a network of training centres. 

Founded in 2016 by former Indian cricketer Jatin Paranjape and Ujwal Deole, KheloMore aims to make sports more accessible to Indians through its online booking platform. It connects users with sports venues and offers coaching services.

“This funding round validates our vision and allows us to improve access to sports at the grassroots level,” the founders said in a joint statement.

The company also plans to launch cricket academies across the country, partnering with schools and other stakeholders. So far the company claims to have partnered with Cricket Victoria, All India Pickleball Association and Urbansports.

These academies will offer young aspiring cricketers access to curriculum, certified coaches, AI-driven personal coaching plans and organised match sessions. KheloMore’s technology platform will serve as the foundation for these academies.

KheloMore operates in several Indian cities, including Mumbai, Pune, Bengaluru, and Hyderabad. 

The platform works with over 1,500 coaches and has about 500,000 users. It competes with other sportstech startups like Playo and Hudle in the pay-and-play vertical.

This funding round follows a previous investment of $2 Mn in a seed funding round from Damera Ventures, the family office of Eruditus founder Ashwin Damera and his spouse Bhagyashree Damera, in November 2022. At that time, KheloMore claimed to have served more than 5,000 customers using its pay-and-play model.

(The story will be updated soon)

The post Sportstech Platform KheloMore Bags $2 Mn To Launch Cricket Academies, Offer Coaching Services appeared first on Inc42 Media.

Electric vehicle maker Ola Electric is set to open its initial public offering (IPO) for retail subscription on August 2, according to its red herring prospectus (RHP). 

The SoftBank-backed company is eyeing a valuation between $4.2 Bn and $4.4 Bn, according to a Reuters report. 

The IPO will close on August 6, while anchor bidding will take place on August 1. 

The public offer comprises a fresh issue of shares worth up to INR 5,500 Cr and an offer for sale component of up to 8.49 Cr shares, as per the RHP. The company has cut the size of the OFS component. As per its DRHP filed in December last year, the company was looking to sell up to 9.51 Cr shares via the OFS.

Founder and CEO Bhavish Aggarwal plans to offload 3.79 Cr shares via the OFS, which is about 20% less than initially estimated in the draft prospectus. 

The company’s expected valuation represents a 18.5% to 22% decrease from its last funding round in September, which valued Ola Electric at $5.4 Bn.

The other shareholders offloading their stake via OFS include Alpha Wave Ventures, Tiger Global, Indus Trust, among others. 

(The story will be updated soon)

The post Ola Electric IPO To Open For Retail Subscription On August 2 appeared first on Inc42 Media.

As Apple continues to increasingly distance itself from China and boost its production in India, the Cupertino-based tech giant is reportedly set to begin manufacturing iPhone Pro and Pro Max models in the country, starting with iPhone 16 series, as early as this fiscal year, with Foxconn handling the production.

So far, only non-Pro models have been produced locally. 

“This year, Apple will manufacture the Pro and Pro Max models in India to make sure the India-assembled iPhone 16 Pro models are available in the country after the launch,” a source was quoted as saying by Moneycontrol.

Sources told Moneycontrol that Foxconn’s facility in Sriperumbudur, Tamil Nadu, will soon start the ‘new product introduction’ (NPI) process for the pro models of iPhone 16 and will enter mass production stage once the phone is launched.

The source further said that Foxconn typically receives first preference for new product manufacturing due to its extensive capabilities and deep integration within Apple’s supply chain.

This development builds on Apple’s existing operations in India. Last year, India-built iPhone 15 series were available to the customers on the first day of global sales. Apple assembled $14 Bn worth of iPhones in India during FY24, constituting 14% of its global iPhone production.

Apple currently holds a 6% share of India’s smartphone market. 

In 2023, the company accounted for 23% of the smartphone revenue share, surpassing Samsung’s 21%. Apple shipped over 10 Mn iPhones in India in 2023, up from 6 Mn in 2022.

For the upcoming iPhone 16 series, expected to launch in September, Apple anticipates high demand. The company is preparing 90 Mn units for 2024, 10% more than the iPhone 15 series. Apple Chief Operating Officer Jeff Williams recently visited China’s manufacturing hub, Shenzhen, to discuss the supply chain ahead of the iPhone 16 series launch.

Apple has aggressively increased production of its flagship iPhone devices in India through Foxconn and Tata Electronics. Tata, which acquired Wistron operations, is acquiring Pegatron’s India operations, including an iPhone manufacturing plant near Chennai and another under-construction unit.

Beyond iPhones, Apple is exploring production of other devices in India. The company is considering manufacturing iPads through Foxconn, encouraged by the government’s push to attract more supply chains. Apple plans to start AirPods production in India early next year, with efforts to increase production of components for AirPod wireless charging cases through US-based contract manufacturer Jabil in Pune.

Apple aims to manufacture 25% of all its iPhones in India over the next 3-4 years, up from the current 14%. 

The post Apple To Start Manufacturing iPhone 16 Pro, Pro Max Models In India This Year appeared first on Inc42 Media.

Update | July 26, 6:00 PM

In yet another setback to BYJU’S founder Byju Raveendran, the Karnataka High Court has deferred hearing on his plea challenging the National Company Law Tribunal’s order to initiate bankruptcy proceedings against the embattled edtech firm.

This comes just a day after Raveendran moved the Karnataka High Court against the NCLT’s order to initiate corporate insolvency  resolution process against the company, alleging bias.

Original Story | July 25, 8:39 PM

In the latest development in the ongoing BYJU’S saga, its founder Byju Raveendran has moved a fresh writ petition in the Karnataka High Court (HC) against the National Company Law Tribunal’s (NCLT’s) order to initiate bankruptcy proceedings against the edtech startup. 

In his petition, Raveendran has requested the HC to suspend the NCLT order until the National Company Law Appellate Tribunal (NCLAT) takes up the company’s appeal against the former’s order.

“The NCLAT bench has adjourned my appeal to another date to decide on whether one of the judges will have to recuse from the plea. If the Committee of Creditors is formed meanwhile, I will be left remediless, it will become irreversible,” senior advocate Abhishek Manu Singhvi, who is representing Raveendran, argued before the HC, as per a Moneycontrol report.

Earlier this month, the Bengaluru bench of the NCLT admitted the Board of Control for Cricket in India’s (BCCI’s) insolvency plea against BYJU’S and ordered to initiate the corporate insolvency resolution process against the company. In a separate order, the Tribunal asked the startup’s US-based lenders to stake their claims before the resolution professional appointed for BYJU’S. 

The NCLT’s order on initiating insolvency proceedings have triggered a series of events that threaten the very existence of the once-celebrated edtech unicorn.

This is the second attempt by Raveendran to seek a relief against the NCLT order. Earlier, the HC refused to admit BYJU’S plea against the Tribunal’s order.

Following this, the company moved the NCLAT. The BYJU’S founder is seeking to prevent the formation of a Committee of Creditors (CoC), which would effectively wrest control of the company from its current management.

The legal tussle between BYJU’S and the BCCI stems from a sponsorship deal gone wrong. 

BYJU’S has been fighting on multiple fronts for over a year now. It has been grappling with issues like rising losses, delays in filing financial statements, an acute funding crunch, layoffs, fighting with investors, multiple court cases and insolvency proceedings.

Earlier this month, Inc42 reported that the edtech giant has been locked out of more than 100 BYJU’S Tuition Centres (BTC) across the country over unpaid rent and utility bills. 

Meanwhile, Qatar Investment Authority (QIA), a sovereign wealth fund and investor in BYJU’S, has approached the Karnataka HC to compel Raveendran to disclose and block the transfer of his personal assets. QIA is seeking to claim up to $235.19 Mn of Raveendran’s personal assets.

The post [Update] Karnataka HC Defers Hearing On Byju Raveendran’s Plea Challenging NCLT Bankruptcy Order appeared first on Inc42 Media.

Mayhem Studios, the mobile game development arm of gaming unicorn Mobile Premier League, has secured an undisclosed capital in a fresh funding round from gaming-focused VC firm Lumikai. 

With the fresh funding, Mayhem plans to develop its upcoming battle royale mobile game Underworld Gang Wars. It also aims to grow its team, speed up game development and improve technology stack. 

MPL launched Mayhem Studios in May 2022 to develop AAA mobile games. 

In the video game industry, the term AAA is used for games with big development budgets and high promotional costs. A title considered to be AAA is therefore expected to be a high-quality game.

Last year, the company raised  $20 Mn in its Series A funding round led by Peak XV Partners (formerly known as Sequoia Capital India and Southeast Asia) with participation from Steadview Capital, Truecaller and others.

Lumikai’s founding partner, Salone Sehgal, said the investment shows their faith in Indian gaming. She believes UGW could appeal to players worldwide. 

She said, “We think Indian games can become popular globally, and this game fits that vision perfectly.” 

The studio previously raised $20 Mn in April 2023, led by Peak XV Partners (formerly Sequoia Capital India).

Ojas Vipat, who heads Mayhem Studios, said Lumikai’s support is a big boost. “Their knowledge of the gaming industry will really help us,” Vipat said. “We want to show that India can make world-class games, and UGW is just the start.”

The development comes at a time when midcore and hardcore gaming are gradually gaining more traction in India. This year, two or three AAA games are scheduled for launch. Although investors remain apprehensive about investing in AAA gaming studios, a few successful launches can potentially make them more eager to invest in such studios.

Nazara CEO Nitish Mittersain also said at Inc42’s The Makers Summit that with Indian talent gaining experience, the country’s gaming industry has made some progress in the AAA segment in the last 3-4 years. 

Last year, gaming studio KRAFTON was reported to have received full approval from the government to operate its battle royale game Battlegrounds Mobile India (BGMI) in India, which is one of the top grossing games of the country.

The post MPL’s Mayhem Studios Bags Funding From Lumikai To Develop Its AAA Title Underworld Gang Wars appeared first on Inc42 Media.

The Centre is set to release a discussion paper on cryptocurrencies before September, economic affairs secretary Ajay Seth said.

The paper will cover regulations for cryptos and seek inputs from industry stakeholders on the outlined ideas, Seth told Moneycontrol in an interview. 

“The policy stance is how does one consult relevant stakeholders, so it is to come out in the open and say here is a discussion paper, these are the issues and then stakeholders will give their views,” the publication quoted him as saying. 

Seth said that an inter-ministerial group is currently working on a broader policy for cryptocurrencies. The group also includes representatives from the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI).

The paper will also contain suggestions on the scope of regulations for cryptocurrencies in India. “In India it (cryptocurrencies) is being regulated from the perspective of AML (anti-money laundering) and EFT (electronics funds transfer) alone. Regulation starts and ends there, it cannot be beyond that, so should the remit be more? What should be the policy stance? All that will come out in the discussion paper,” the secretary said.

The move to release a discussion paper follows the endorsement of guidelines set by the International Monetary Fund (IMF) and the Financial Stability Board (FSB) by G20 member countries during India’s presidency last year. 

The development comes at a time when the crypto industry in India has been under stress due to policy uncertainty. The RBI has been a staunch opponent of cryptos, saying they pose macroeconomic risks. The central bank has also pushed for a ban on cryptos.

Meanwhile, SEBI has said that several regulators should oversee crypto trade. Amid all these, the Centre hasn’t clearly spelled out its stance on the digital assets.

However, the government introduced a 30% tax on crypto earnings and a 1% TDS on crypto transactions in 2022, significantly impacting trading volumes on Indian exchanges. Prime Minister Narendra Modi and finance minister Nirmala Sitharaman have in the past called for a global framework to regulate cryptos.

Amid these uncertainties, the funding for crypto startups has plunged and a number of startups like WeTrade and Pillow even shut down.

The post Centre To Release Cryptocurrency Discussion Paper Before September appeared first on Inc42 Media.

Pune-based drone startup DroneAcharya Aerial Innovations has received the approval from the Directorate General of Civil Aviation (DGCA) to open its fifth Remote Pilot Training Organization (RPTO) in Karnataka’s Dharwad. 

In November last year, the startup bagged an INR 96 Lakh order to provide drone training to 240 officials from the Karnataka forest department. The new centre will be used to train these officials.

“The RPTO will train 240 officials of the Karnataka Forest Department in DGCA-certified drone piloting and the applications of drones in forestry and surveillance. However, this centre will not be limited to only the KFA officers but will also facilitate training for civilians,” the startup said in an exchange filing.  

Founded in 2017, DroneAcharya offers drone solutions like multi-sensor surveys, pilot training, and data processing. The company went public in December 2022, listing on the BSE SME platform at INR 102 per share.

Currently, DroneAcharya runs four training centres in Pune, Chandigarh, Gandhinagar and Jaipur. These facilities offer comprehensive drone pilot training programmes, including DGCA-certified courses, drone building, data processing, aerial cinematography, and application-specific training for sectors like agriculture and disaster management. 

Commenting on the DGCA approval, DroneAcharya founder and MD Prateek Srivastava said,  “This initiative aims to enhance the operational capabilities of the department through the use of advanced drone technology enabling forest frontline staff to harness its potential in surveillance, search and rescue operations, and tracking activities related to wildlife conservation and poacher deterrence.” 

DroneAcharya has secured several high-profile contracts this year. In March 2024, it bagged an order from the Adani Group for DGCA-certified drone pilot training. The company also won contracts from the Indian Army for capacity building and advanced drone training, and from the Ministry of Defence to supply IT hardware for a drone lab in Jammu and Kashmir.

The drone startup’s consolidated profit after tax nearly doubled to INR 6.2 Cr in FY24 from INR 3.4 Cr in the previous year. Operating revenue surged 90% year-on-year to INR 35.19 Cr.

Shares of DroneAcharya ended today’s trading session 0.2% lower at INR 139.35 on the BSE.

The post DroneAcharya Gets DGCA Nod To Open 5th Remote Pilot Training Centre in Karnataka appeared first on Inc42 Media.

Days after IPO-bound Swiggy launched marketing tool ‘Smart Links’ to help restaurants widen online reach and boost orders, the foodtech major has now unveiled a new data tool for restaurant partners to gauge their marketing performance against peers.

The new tool ‘Market Intelligence Dashboard’ shows information about order growth, average order value and how efficiently the restaurant is operating, the company said in a statement.

It also offers insights into customer behaviour like the number of people placing orders after taking a look at the menu. Besides, it helps restaurants to track their marketing efforts on Swiggy.

The dashboard offers restaurants with a score on a scale of 100 at both brand and individual outlet levels on their overall menu quality. 

“It effectively helps partners benchmark their performance versus the best in class, understand their areas of improvement or strength and make informed business decisions,” said Deepak Maloo, assistant vice president for supply at Swiggy.

The company further said that the new tool allows restaurants to benchmark their performance against industry standards, identify areas for improvement and make data-driven decisions. 

Swiggy’s move mirrors similar efforts by its rival Zomato. Last year, the foodtech giant introduced ‘Zomato Food Trends’, an open platform providing insights on food trends in specific localities. 

The new offering comes as the foodtech gears up for its much awaited $1 Bn public listing on the bourses later this year. In April, Swiggy turned into a public limited company, saying the transition would help it raise funds from the public, including through an IPO.

In preparation for the market debut, it has been streamlining and consolidating operations. Earlier this week, Swiggy strengthened its quick commerce business Instamart with four new vice president appointments across various roles.

Back then the Bengaluru-based startup said that these new appointments would further enhance the efficiency of its on demand services across India. This also comes at a time when ecommerce giant Amazon India has reportedly approached Swiggy for a potential deal involving Instamart.

In March, Swiggy also merged its premium grocery vertical InsanelyGood with Instamart.

Swiggy reported a loss of $207 Mn (INR 1,720 Cr) in the first three quarters of the financial year 2023-24 (FY24). In the entire FY23, its net loss stood at INR 4,179 Cr.

The post Swiggy Unveils Data Tool For Restaurant Partners To Gauge Marketing Efforts Against Peers appeared first on Inc42 Media.

Insurtech unicorn Acko has bought digital chronic care management company OneCare as it looks to build a comprehensive healthcare ecosystem.

The deal was an all-cash transaction, although the company did not disclose the financial details of the acquisition.

Acko said the acquisition is a key component of its strategy to build a healthcare ecosystem to address various aspects of a customer’s health insurance needs, from protection to prevention, care and recovery.

As part of the deal, OneCare’s cofounders Rakesh Shivran and Sagar Bhat will be joining the leadership team of Acko.

“Integrating OneCare’s capabilities will help us weave cutting-edge clinical care directly into our customers’ insurance experiences, ensuring they receive the best possible care,” said Acko’s founder and CEO Varun Dua.

Founded in 2021, OneCare claims to have developed an omnichannel care model that combines wearables, data insights, physical clinics, and virtual care teams.

Acko, founded in 2016, offers insurance for vehicles, health, and travel. The company claims to have distributed insurance policies to over 78 Mn unique customers and issued more than 1 Bn policies to date. Recently, the company entered the car repair and service space by launching ‘Acko Drive Service Centre’.

Acko has raised over $450 Mn in total funding from investors, including Amazon, General Atlantic and Multiples Private Equity. In FY23, the startup reported a net loss of INR 738.5 Cr, up 53% year-on-year, while its operating revenue grew 32% to INR 1,758.6 Cr.

This comes at a time when the Indian insurtech market is gaining a lot of traction from the investors. The market size is expected to reach $8.63 Bn in 2024 and grow at a CAGR of 30.34% to $32.47 Bn by 2029.

Other major players in the market are also expanding their offerings. For instance, PolicyBazaar, valued at $3.5 Bn, has diversified into various insurance products. Another player, Digit Insurance, valued at $4 Bn, has expanded into health, motor, travel, and property insurance.

The insurtech sector in India is seeing increased adoption of digital technologies, AI, and automation. Key trends include data-driven product design, AI-powered underwriting, and enhanced fraud detection.

The post Acko Buys Chronic Care Management Platform OneCare To Expand Its Healthcare Play appeared first on Inc42 Media.

Bengaluru-based B2B seafood startup Captain Fresh is planning to acquire Poland-based food and beverage manufacturing company Koral to expand its footprint in the European market.

However, the company did not disclose the financial terms of the deal.

This will also mark Captain Fresh’s third overseas and second acquisition in the European market after US-based seafood importer CenSea and French shrimp distributor Senecrus.

Koral operates in the fish processing market and produces smoked salmon products under its SuperFish brand. It also offers a wide range of processed products such as tuna, halibut, trout and cod.

Captain Fresh said in a statement that the acquisition will mark its entry into the salmon market, estimated to have a size of $33.5 Bn.

The planned acquisition is part of Captain Fresh’s strategy to strengthen its global market reach in the fish and seafood sector.

The deal is subject to regulatory approval. Once the acquisition is completed, Justyna Frankowska, currently a management board member at Koral, will take on chief executive’s role.

Captain Fresh also recently appointed Mathew George as its group CFO. 

Utham Gowda, group CEO of Captain Fresh, said, “This acquisition is a strategic milestone in our mission to become the leading tech-enabled multi-species, multi-origin global seafood conglomerate.”

“The European market is one of the most exciting VAP (value-added product) opportunities in seafood globally. Koral augments our earlier acquisition of France-based Senecrus, adding marquee Polish and German retailer brands to our portfolio of offering,” he added.

Founded in 2020, Captain Fresh has established itself as a major exporter and distributor of fish and seafood. The company, backed by investors including Tiger Global Management and Prosus Ventures, expects to close the current financial year with a revenue run rate of $650 to $700 Mn.

The company has also been actively raising funds to fuel its expansion. Inc42 exclusively reported in February that Captain Fresh was planning to raise about $7 Mn from British International Investment (BII), which will join the cap table with around a 1.45% stake.

The post Captain Fresh Eyes Third Overseas Acquisition With Poland-Based F&B Manufacturing Firm Koral appeared first on Inc42 Media.

Conversational engagement platform Gupshup has onboarded tech veteran Lorrie Norrington to its board of directors. 

With over four decades of experience in scaling global technology and internet businesses, Norrington has held several leadership roles at ecommerce company eBay. Besides, she had also worked with Intuit and General Electric Company. 

Currently, Norrington serves on the boards of global multinational Colgate-Palmolive and SaaS companies HubSpot and Asana.

Beerud Sheth, CEO and cofounder of Gupshup, said, “Norrington’s vast experience, deep expertise, and inspirational leadership will help accelerate Gupshup’s growth. Her commitment to mentoring executives, her personal values, and positive energy contribute greatly to a very constructive board dynamic.”

Norrington said, “I look forward to working with the Gupshup team to help realise the full potential of their ambitious vision.”

Founded in 2004 by Sheth, Gupshup allows businesses to communicate with customers through AI-powered chatbots and messaging services. The company serves over 45,000 brands globally, including Citibank, AkzoNobel, Khan Academy, Unilever, Dream11, Netflix, Flipkart, and Ola.

The company has shown significant financial growth, with its India operations reporting a revenue increase of 43% to INR 1,619 Cr in FY23, along with a profit of INR 49 Cr.

It recently launched India’s first Conversational Buyer App on the Open Network for Digital Commerce (ONDC), allowing users to discover and purchase products via WhatsApp. 

Gupshup operates in India’s rapidly growing fintech market, which is projected to reach $111.14 billion in 2024 and expand at a CAGR of 30.55% to $421.48 billion by 2029. The company competes with other major players in the conversational engagement and AI-driven customer interaction space.

The post Gupshup Ropes In Former eBay Executive Lorrie Norrington To Its Board appeared first on Inc42 Media.

Paytm’s parent entity One 97 Communications Limited has joined hands with Axis Bank to offer point of sale solutions and card payment machines to its merchant network.

This move will help Paytm technology to expand its reach via Axis Bank, ramping up capabilities for both the entities. Furthermore, the partnership will help Axis Bank to scale up its merchant acquiring portfolio, according to a statement.

For the uninitiated, Paytm’s EDC devices (card machines), offers store management services, including inventory management, invoice generation, promotions and discounts, sales tracking and reporting and CRM, among others.

Sanjeev Moghe, president and head of cards & payments at Axis Bank, said, “This partnership extends our business offerings to more merchants.”

“With our partnership we’re improving transaction efficiency and providing store management services,” a Paytm spokesperson said.

(The story will be updated soon)

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Umwelt.Ai, an AI-based people analytics and employee engagement SaaS platform, has secured $125K in a seed funding round led by SaaS accelerator Upekkha.

The Faridabad-based startup will use the fresh capital to expand its global footprint and deliver solutions to organisations across various industries, Umwelt said in a statement.

Cofounder Vishal Chopra said, “Our platform is designed to bridge the gap between employee expectations and organisational realities, enabling companies to unlock their workforce’s full potential.”

Founded in 2018 by Chopra, Umwelt.Ai leverages behavioural science, chatBot technology, and advanced analytics to enable CEOs and HR leaders to listen, analyse, and act on employee feedback in real-time.

The startup claims to help organisations improve their employee net promoter score (ENPS) and employee response rates, resulting in a more engaged workforce. Through predictive analytics, Umwelt.Ai has reduced early attrition rates, leading to cost savings and improved talent retention.

The startup counts Quess Corp, Vero Moda, Jack & Jones, Foundit, and Allsec BPO among its clients. 

Umwelt.Ai competes against startups like inFeedo and Leena.AI.

The HR technology market in India was estimated at approximately $1,040 Mn in 2023 and is projected to reach $2,170 Mn by 2032, growing at a CAGR of 8.3% during the forecast period from 2024 to 2032.

This growth is part of a larger trend in the Indian Software as a Service (SaaS) market, which is forecasted to expand from $3.40 Bn in 2024 to $62.93 Bn by 2032, at a CAGR of 27.3%.

The sector has seen increased adoption of AI and automation technologies, driving innovation in employee experience management and HR processes. 

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A month after rolling out its “Meta Verified” offering for WhatsApp Business users in India, social media giant Meta has now expanded the service to Facebook and Instagram. 

Meta Verified is a subscription service that helps brands enhance credibility with new audiences with a “blue tick”, enhanced account support, impersonation protection, and additional features to support discovery and connection.

As part of the new announcement, the company has introduced a four-tiered subscription slab – Standard, Plus, Premium, and Max. The basic Standard plan starts at INR 639 for a single app per month, while the Max goes all the way up to INR 30,000 for a month for two apps. 

Each plan builds on the previous one, and offers increasing levels of features and support for businesses at different stages of growth. The company said that the subscription plans will be available for purchase only via iOS or Android for Indian businesses. 

Businesses have the option to buy verification for a single app or a bundled package for both Facebook and Instagram. 

In a bid to woo businesses, Meta on Friday (July 19) also announced an introductory offer for the subscriptions. Under this, users can avail the top-tier Meta Verified (for both Facebook and Instagram) membership for INR 21,000 per month. However, post 12 months, standard rates for the offering will increase to INR 30,000 for two apps per month. 

The latest launch in India is an expansion of the Meta Verified program, which the social media major has been gradually rolling out globally since its initial introduction in 2023.

Meta first launched the service for creators in Australia and New Zealand in 2023 but later expanded the service to businesses, starting with a pilot in New Zealand. The following month, Meta extended the service to businesses in Australia and Canada, with plans to launch in several other countries.

Eventually, it rolled out the service for WhatsApp business users in June this year for plans ranging from INR 1,240 to INR 9,940 per month.

The development comes at a time when Meta has been rolling out a slew of new offerings in India. Last month, the social media major rolled out its AI assistant for Indian users across WhatsApp, Facebook, Messenger and Instagram platforms.

India is home to the largest user base to Meta’s family of apps. While Facebook accounts for 378 Mn users in the country, WhatsApp and Instagram have 478 Mn and 362 Mn users respectively, as per Statista. 

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AI sales development platform Pintel.ai has raised $1 Mn (INR 8.3 Cr) as part of its seed funding round led by IvyCap Ventures.

The round also saw participation from a host of investors, including founders and executives from Whatfix, LambdaTest, Livspace, Moengage, Quizizz, GSF, Hevodata and HROne among others.

The startup plans to use the fresh capital to boost its product and technology offerings.

Founded by Aman Garg and Nirmal Vatsyayan in 2023, Pintel.ai creates AI-powered tools to help sales teams work more efficiently by automating customer research. The startup claims that its product integrates with platforms like Slack and Microsoft Teams, offering timely insights to make sales outreach more personalised and effective.

The startup offers both a browser extension and an intuitive tabular UI, making it user-friendly and highly effective for prospecting at scale.

Pintel.ai competes with global players such as Yellow.ai, Instapage, Unbounce and Leadpages in the larger AI-powered martech space.

Garg said that the infusion will help the platform to strengthen its automate prospect research, allowing sales professionals to engage more personally with prospects through emails and calls.

Vikram Gupta, founder and managing partner at IvyCap Ventures, said, “Pintel.ai’s AI-driven approach to sales development addresses significant inefficiencies in the market and aligns with our mission to foster technology that drives real impact.”

The artificial intelligence market in India is experiencing significant growth, valued at INR 995.6 Cr in 2022 and projected to reach INR 13,272.6 Cr by 2030. The market is anticipated to grow at a compound annual growth rate (CAGR) of 25-35%, reaching approximately INR 141.3 Cr by 2027.

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AI-powered martech startup Fibr has raised $1.8 Mn (around INR 15 Cr) in a seed funding round led by venture capital firm Accel. The round also saw participation from 2AM VC, and angel investors Kunal Shah of CRED and Sunil Kumar, ex-cofounder of Zenoti.

Fibr plans to utilise the funds to enhance its tech stack and expand customer base. In a statement, the startup said it also plans to use the funds to increase its headcount to facilitate engineering, product marketing, and sales departments.

Founded in 2023 by Ankur Goyal and Pritam Roy, Fibr offers an AI-powered platform that helps marketeers reduce customer acquisition cost (CAC) and improve conversion rates. Its flagship offering, Pilot, helps brands create personalised landing pages for ads, emails, and SMSes. 

Commenting on the fundraise, partner at Accel Prayank Swaroop said, “We’re thrilled to support their vision of an AI-powered personalisation hub that empowers marketeers with greater efficiency and control to deliver superior results.”

The startup’s another product, Blocks, allows marketeers to adapt existing content across formats such as converting a high-performing Facebook ad into a blog post or Google ad. It primarily targets clients in North America, Canada, and India.

Since its beta launch earlier this year, Fibr claims to have acquired multiple clients, including ACT Fibernet, Star Health, and other D2C brands. Fibr competes with the likes of global players such as Instapage, Unbounce, and Leadpages, among others. 

The fundraise comes at a time when an increasing number of enterprises and businesses are rapidly adopting GenAI to boost efficiency and automate operations. As per Inc42 data, India is currently home to more than 100 GenAI startups and these startups have raised more than $600 Mn between 2019 and 2023.

Fibr competes in the larger Indian AI-powered martech space projected to reach a market size of $9.6 Bn by 2032.

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Home healthcare services provider Lifetime Health has reportedly secured $1.5 Mn (INR 12.4 Cr) as a part of its seed funding round led by The Garage Syndicate, with participation from a clutch of undisclosed angel investors.

The Bengaluru-based startup plans to use the fresh capital to further scale up its platform and expand into newer cities, Entrackr reported.

Founded by Konstantin Riabtsev, Michail Vorobiev and Nabil Ahmed IN 2023, Lifetime Health offers a range of medical services through its mobile application. These include phlebotomy, diagnostic tools, medical devices, nursing care, physiotherapy, and postoperative care.

Inc42 has reached out to Lifetime Health for comments on the development. The story will be updated based on the response.

“Our goal is to make quality healthcare accessible and convenient for everyone,” Riabtsev told Entrackr.

The company’s automated platform manages the entire process from client orders to nurse dispatches and results processing. Lifetime Health claims to provide services within 60 minutes of booking.

With this funding, Lifetime Health also plans to expand its partner network beyond the current 200 local clinics. The startup aims to connect over 10,000 medical offices nationwide and have 1,000 doctors registered on its platform.

The startup competes against the likes of Portea Medical, Apollo HomeCare, and Care24 in the home healthcare space. 

The home healthcare market in India is growing at the pace of 19.29% CAGR. It was valued at $8.8 Bn in 2022 and is expected to reach $36.1 Bn by 2030.

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Bengaluru-based wealthtech startup Fisdom has roped in Girish Venkat as the head of its wealth management business.

“Wealth management in India, particularly in tier II and III cities, is a massive opportunity. I look forward to scaling this to greater heights,” Venkat said.

With over 25 years of experience across wealth management, he, previously, served as head of sales for wealth management at State Bank of India. 

Prior to that, he was with Aditya Birla Money Ltd, ICICI Bank and ICICI Capital Services.

Subramanya SV, co-founder and CEO of Fisdom, said, “Girish has proven experience of building and scaling multiple businesses. We are confident that we will scale greater heights in the coming years.”

Fisdom offers products, including mutual funds, stock broking, PMS, AIFs, and insurance.

The company, valued at approximately $102 Mn (INR 847 Cr), has raised $59 Mn (INR 490 Cr) over 8 funding rounds, including a $5 Mn (INR 41.5 Cr) investment from PayU in January. 

The company has more than 120 wealth managers across 25 locations and plans to expand in tier 2 and 3 cities. Backed by PayU, Quona Capital, and Saama Capital, Fisdom competes with Groww, Finvasia, and Zerodha in India’s growing digital wealth management sector. Its platform offers stocks, mutual funds, insurance, and other financial products. 

In FY23, Fisdom’s operating revenue grew 180.6% to INR 56.6 Cr, while its net loss decreased by 36.6% to INR 66.9 Cr.

Fisdom’s expansion aligns with the growth in India’s asset management market, valued at $865 Bn and projected to grow at a 14% CAGR from 2024 to 2029. This growth is driven by tech advancements and increased investor awareness.

The wealth management startup space is evolving rapidly. 

For instance, Kuvera recently raised $5 Mn (INR 40 Cr) in a Series B funding round, bringing its total funding to $10.1 Mn (INR 80.8 Cr). 

Meanwhile, Finpeg is enhancing its algorithmic investment strategies, while RupeeVest continues to offer tailored online investment services. 

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Payment solution provider OmniCard has raised $3 Mn (INR 24.6 Cr) in a Pre-Series A funding round led by Ankurit Capital, with participation from Taisys and VLS finance group’s family office.

OmniCard will use the fresh funds to expand its client base and enhance its product offerings. It aims to serve over 10,000 enterprises by FY 2027.

“Our goal is delivering immediate, measurable cost savings to over 10,000 plus enterprises by FY 2027, leveraging market trends to drive the next payments revolution,” cofounder and MD Abhishek Saxena was quoted saying by ET.

Founded in 2021, OmniCard offers a SaaS platform, mobile app and UPI-enabled corporate cards. The startup, licensed by the RBI for Prepaid Payment Instruments (PPI), currently serves over 2 Mn users.

OmniCard’s client roster includes companies like CarDekho, Policy Bazaar, Kama Ayurveda, and Senco Gold. It also serves F&B chains such as Haldiram’s and Taco Bell, and government entities like SIDBI and NABARD.

The spend management sector in India is seeing increased competition, with OmniCard vying against players like Happay, EnKash, and Karbon. As businesses seek efficient expense management solutions, investor interest in the sector continues to grow.

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Mumbai-based consumer lighting startup Corvi LED has raised $8 Mn (INR 65.6 Cr) as a part of its Series B funding round from Enam Investments. 

The company will use the fresh funds to expand into newer markets, strengthen its distribution network and diversify its product portfolio.

Further the proceeds will be used to scale up operations and invest in marketing and distribution to strengthen the company’s market presence in B2C and B2B segments. 

Corvi LED also plans to introduce new LED products that meet the demand for design and aesthetics.

Founded in 2012, Corvi LED claims to have disrupted the LED industry with innovations that have redefined the category. The company holds over 100 patents and registrations and has exported to 24 countries across Europe, the Middle East, Africa and South-East Asia.

Vimal Soni, founder of Corvi LED, said, “While innovation has stagnated across the industry after the shift to LED lights, Corvi LED has continued to lead with our focus on design, development and efficiency. This capital will propel our efforts to pioneer advancements in lighting technology, setting standards for sustainability and user experience.”

He added, “The LED market in India looks promising due to real estate, urbanisation, smart cities mission, and technological advancements. We are positioned to capitalise on these opportunities and solidify our position as a leader in the industry.”

Vallabh Bhanshali, Chairman of Enam Group, said, “We see potential in Corvi’s approach to innovation and leadership in the LED sector.”

Corvi LED has raised a total funding of $13.7Mn (INR 112.34 Cr) till date. 

The Indian LED lighting market is projected to grow from  $4.2 Bn in 2023 to $6.77 Bn by 2030, with a compound annual growth rate (CAGR) of approximately 20.4% during the forecast period of 2024-2032. 

The company competes with Signify NV (formerly Philips Lighting), Surya Roshni Limited, Crompton Greaves Consumer Electricals Limited, and Havells India Limited.

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