๐Ÿš€ Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. ๐Ÿ”ฅ
Login

News on Medial

Trade Spotlight: How should you trade HDFC AMC, Raymond, Exide, Bajel Projects, and others on Wednesday?

Money ControlMoney Control ยท 1y ago
Trade Spotlight: How should you trade HDFC AMC, Raymond, Exide, Bajel Projects, and others on Wednesday?
Medial

These are some stock ideas for short-term trading: 1. Can Fin Homes: After forming a soccer pattern on the daily chart, Can Fin Homes had a pullback and revisited its prior support level. With significant volume increase and upward price movement, a long position can be initiated. 2. HDFC Asset Management Company: HDFC AMC has been consolidating within a broad range, but there has been a recent rise in price with strong volumes. Trading above its 20-day moving average and critical resistance zone, it indicates potential for further upward movement. 3. Lemon Tree Hotels: Lemon Tree Hotels is forming higher highs and higher lows, indicating a sustained uptrend. With a comfortable RSI and noticeable volume increase accompanying the price rise, a long position can be initiated. 4. Exide Industries: Exide Industries made a fresh record high and closed with a gain. The stock is showing strength in the ongoing trend, with the KST indicator also suggesting good momentum. Dips can be seen as buying opportunities. 5. Raymond: Raymond formed a large bullish candle with huge volumes and closed with a significant gain. The stock is on a positive trend as long as it doesn't close below the previous day's low. Buying on dips is considered a prudent strategy. 6. Craftsman Automation: Craftsman Automation is in a strong uptrend, and a breakout of the rounding bottom pattern is expected. The ADX indicator supports the trend, and buying on dips can be a strategy. 7. Apollo Tyres: Apollo Tyres has given a strong breakout above its trendline resistance. With strong momentum indicated by the RSI crossing above 65 and high volumes, a potential target can be set. 8. Granules India: Granules has re-tested its breakout mark and is holding well above it. Strong momentum is indicated by the RSI near 65, and volumes are equivalent to its 30-day average traded volume. An upside target can be set. 9. Bajel Projects: Bajel Projects has re-tested its breakout mark and is holding well above it. Strong momentum indicated by the RSI and equivalent volumes to its 30-day average trading volume. A strict stop-loss and potential upside target can be set. Note: These stock ideas are provided by different experts and it is advised to check with certified experts before making any investment decisions.

Related News

Stock Radar: Titan, Jio Financial, Bandhan Bank, Lupin, CG Power, Diffusion Engineers, GAIL in focus on Monday

Money ControlMoney Control ยท 9m ago
Stock Radar: Titan, Jio Financial, Bandhan Bank, Lupin, CG Power, Diffusion Engineers, GAIL in focus on Monday
Medial

- Quarterly earnings (YoY) of companies such as Titan Company, Induslnd Bank, Bandhan Bank, Poonawalla Fincorp, Jammu & Kashmir Bank, AU Small Finance Bank, IDBI Bank, RBL Bank, Godrej Properties, L&T Finance, Macrotech Developers, Federal Bank, Metropolis Healthcare, Indian Bank, Union Bank of India, Utkarsh Small Finance Bank, Equitas Small Finance Bank, Dhanlaxmi Bank, Ujjivan Small Finance Bank, Adani Wilmar expected to be released. - SEBI grants in-principle approval for Jio Financial Services and BlackRock Financial Management Inc to set up a proposed mutual fund. - GAIL (India) signs MoU with AM Green to jointly develop renewable energy and green chemical projects. - Lupin receives five observations from the US FDA for its biotech facility in Pune. - Antony Waste Handling Cell's subsidiary wins a contract worth Rs 908 crore from Navi Mumbai Municipal Corporation for waste collection and transportation. - CFO resignations at Univa Foods (Sandhya Rani Koochana) and Mahanagar Telephone Nigam (Vinay Srivastav). - BLS International Services completes the acquisition of Citizenship Invest for $31 million. - Paytm's Chief Technology Officer - Payments, Manmeet Singh Dhody, steps down and transitions to a new role as an AI Fellow, while Deependra Singh Rathore is appointed as the new CTO - Payments. - Gravita India plans to raise up to Rs 1,000 crore through the issuance of equity shares and makes management changes. - Akzo Nobel India's parent company, Akzo Nobel NV, conducts a strategic review of its portfolio, focusing on its decorative paints positions in South Asia. - Apollo Tyres' stake increases as LIC buys 3 lakh additional shares. - R Systems International witnesses a significant stake sale by Non-Resident Indian Bhavook Tripathi. - HDFC Bank witnesses a block deal as BNP Paribas Financial Markets sells equity shares to Morgan Stanley Asia (Singapore) Pte and Citigroup Global Markets Mauritius. - SME listings on October 7: HVAX Technologies, Saj Hotels. - Stocks will trade ex-dividend: Jupiter Wagons, KP Energy. - Rights offered by Geojit Financial Services trade ex-date. - F&O ban on GNFC, Bandhan Bank, Birlasoft, Granules India, Hindustan Copper, Manappuram Finance, RBL Bank. Note: This content is for informative purposes only and not a recommendation to invest or trade.

Mugafi raises $3 Mn in Seed funding

EntrackrEntrackr ยท 2m ago
Mugafi raises $3 Mn in Seed funding
Medial

Mugafi, an AI-led company working in tech and entertainment, has raised $3 million in a seed round from institutional and individual investors. The round was led by StartupXseed, Auxano, Proneur, MarsshotVC (Razorpay foundersโ€™ fund), and BeyondVP. WeFounderCircle also helped bring the round together. With the new funding, Mugafi plans to improve its technology, enter new markets, and hire more people to grow its work. The team also plans to build tools that make content creation possible for more storytellers. Mugafi is developing a suite of AI tools that support creators in working more quickly, exploring new ideas, and producing stories. The platform serves writers, filmmakers, studios, and producers by increasing output, streamlining processes, and enabling new directions for content creation. At the core of Mugafiโ€™s platform is Ved, its AI tool that works with storytellers to create ideas, build plots, develop characters, and write dialogue. Since its launch, Ved has helped create over 500 original projects, and Mugafi says it plans to build a library of over 200,000 characters in the next two years. โ€œWeโ€™re at a tipping point in how stories are made,โ€ said Vipul Agarwal, Founder & CEO of Mugafi. โ€œAt Mugafi, weโ€™ve always believed that AI should amplify creativity, not replace it. Our goal is to empower storytellersโ€”help them break barriers, accelerate their process, and create magic on screen.โ€ Along with building its technology, Mugafi has built a network of creators. It has helped over 10,000 writers develop original projects using Ved and support from mentors. The company has worked with platforms and studios like Excel Entertainment, Stage, Spotify, Meta, and others to bring new storytelling formats to audiences. Its AI-made characters are already being used in films, short films, games, podcasts, and more.

RockClimber banks on authenticity and quality to tap into Indiaโ€™s beverage market

EntrackrEntrackr ยท 1y ago
RockClimber banks on authenticity and quality to tap into Indiaโ€™s beverage market
Medial

India has a massive beverage market with many established brands, though several new players, such as Bira, have also made their mark. Considering the sheer size of the market, itโ€™s safe to say that thereโ€™s ample scope for newcomers. One such new player is RockClimber. The company creates fruit beverages and fruit spirits designed specifically for India, made from locally grown fruits like jamun, grapes, pomegranate, kiwi, mulberry, and litchi, among others. One of the companyโ€™s objectives is to help reduce fruit wastage and create a sustainable ecosystem for farmers and fruit produce. We spoke to Cofounder Hariprasad Shetty to learn more about RockClimber, what distinguishes it from the competition, and the roadmap ahead. Here are the edited excerpts: The beverage market is filled with multiple brands, including some very established ones. How do you plan to stand out from the competition? As a truly authentic fruit based beverage brand, we are committed to using high quality fruits with an experimentative approach to crafting unique fruit combinations that incorporate global flavour trends. This has allowed us to offer a very diverse range of exciting and refreshing beverages while keeping fruits at the center of everything we do. Thatโ€™s what makes us stand out from the rest of the competition โ€“ we see ourselves as fruit experts and our products are fresh and engage with the evolving consumer preferences. So our focus is on delivering an uncompromising product experience. We source the finest fruits from across the country. This commitment to authenticity and quality sets us apart from many competitors who rely heavily on artificial flavors and preservatives. And the traction we have had in the last three years also points to how we have been accepted in the market. [FY 22 7 Cr, FY 23 7 Cr, FY 24 25 Cr, FY 25 60-70 Cr domestic and 30-35 outside India = 100 Cr+ target] 140 strong distributor network across 11 states. 3 million + bottles of beverages sold. 3000 tons of fruits processed sourced from a farmer base of 200,000 small scale fruit farmers producing grapes, pomegranate, pineapple, jamun, strawberry, mango etc. What is your offline and distribution strategy, usually the key to robust growth in your category? Most of the work should happen before Day Zero โ€“ the launch day. We recognized early on that a robust distribution network is the backbone of success in this business. We adopted a systematic approach to build our distribution network from the ground up. Mapping out territories and identifying potential distributors and retailers who could penetrate different markets. We only went ahead with experienced and reputable distributors who had an in-depth understanding of local market dynamics and consumer preferences. What is your strategy for online? Are you considering partnerships with any quick commerce platform? Yes, now that we have a headway in the distribution aspect and have achieved product market fit, we are now going to go aggressive on the marketing front especially online channels. What are the incentives for a farmer dealing with your platform other than the convenience of direct sale and price? Farmers are looking for a stable assured source of income every year. Timely procurement of their fruit produce, immediate payments, reduction in time to sale, and providing access to a large pool of buyers are all the benefits farmers get by working with us. We started with 500 tons of fruit procurement, and now at over 5000 tons. We aim for 10X procurement volumes in the next 2-3 years, thereby contributing to 10 times reduction in fruit loss, and hence a direct positive impact on small scale farmers livelihood and stable income generation. As we expand our facilities, we aim to recruit local talent to be part of our company and thereby directly provide employment opportunities as well. RockClimber aims to: Scale to 10,00,000 farmer base in the next 3 years Platform building for farmer outreach, communication, and forecasting Patented mobile fruit processing system Export unit in select locations for UAE and Africa markets You also mentioned entering the UAE and Africa markets. What is your roadmap for global expansion? And why particularly these two markets? We expect 30-35% revenues coming in from global markets in the near term. Particularly markets like UAE are huge on experimentation as consumers there are well traveled and have an international palette. We see a large market opportunity in the innovative โ€“ new age beverage category in this region.

VLCC-owned Ustraa reports Rs 50 Cr loss with flat revenue in FY24

EntrackrEntrackr ยท 7m ago
VLCC-owned Ustraa reports Rs 50 Cr loss with flat revenue in FY24
Medial

Menโ€™s grooming startup Ustraa was acquired by personal care brand VLCC through a share swap and secondary buyout in the first quarter of FY24. However, under the larger group, Ustraa experienced a slight decline in revenue along with an increase in losses. Ustraa recorded a 2.94% decline in its revenue to Rs 94.02 crore in FY24 from Rs 96.87 crore in FY23, according to its annual financial report with the Registrar of Companies. This marginal decrease indicates that it faced challenges in maintaining growth in a competitive market. Ustraaโ€™s 95.08% of total revenue came from the sale of products, which saw a 5.1% decline compared to the previous year. The company also gained Rs 4.7 crore from other sources taking the total income to Rs 94.27 crore in the last fiscal year. On the expenses side, the largest component was the cost of materials, which surged by 63.16% to reach Rs 60.4 crore. Employee benefit expenses saw a decline of 17.5% to Rs 20.94 crore. Advertisement expenses saw a significant reduction by 64.46% to Rs 17.09 crore. In contrast, the commission's costs rose by 43.82% to Rs 10.93 crore. With miscellaneous expenses, the total expenditure of Ustraa stood at Rs 144.6 crore, a 5.11% jump from Rs 137.57 crore in FY23. As a result, Ustraa recorded a 25.27% surge in losses to Rs 50.32 crore for FY24 from Rs 40.17 crore loss in FY23. The company's ROCE and EBITDA Margin stood at 284.01% and -51.16% respectively. On a unit basis, the company spent Rs 1.54 to earn a rupee of operating revenue in FY24. The cash and cash equivalents for Ustraa as of FY24 was recorded at Rs 6.89 crore, compared to Rs 1.17 crore in FY23. No other significant bank balances apart from the cash and cash equivalents were reported for FY24 and the trade receivables for Ustraa was Rs 7.46 crore in FY24. Founded in 2015, Ustraa offers products such as fragrances, hair care, face care, and beard care. Following its acquisition, the company's founders, Rahul Anand and Rajat Tuli, continued to work with the brand while also leading VLCC's D2C initiatives. Before the acquisition, Ustraa had raised over $10 million from investors, including Info Edge, Wipro, and IIFL, among others. The brand directly competes with Beardo, The Man Company, and Bombay Shaving Company. Notably, all these companies are operating at a loss and have either become part of a larger group or sold a significant stake to a major corporation. Bombay Shaving Company registered Rs 182 crore in revenue for FY23 and aims to achieve a topline of Rs 260-280 crore in FY24. Beardo saw a 12.2% increase in its FY23 revenue to Rs 106.6 crore, while The Man Company recorded Rs 115 crore in revenue for FY23. Their audited FY24 results are yet to be released. So far, the Ustraa acquisition seems to be following a predictable pattern of a cut in manpower and advertising costs, and topline stagnation with worsening bottom line. That is nothing odd simply because it is almost a template when a firm is acquired for these events to follow, as acquirers โ€˜clean upโ€™ legacy issues to try and start on a clean slate by the next financial year. The question is, will Ustraa survive the changes to deliver in the next financial year? Looking at the peer group, while profitability remains a challenge for all, topline growth should not be as difficult, especially if VLCC did the acquisition with a clear plan to infuse funds at a later stage. Where things get really sticky is when the parent firm runs into troubles of its own.

How GrowthJockey addresses venture incubation challenges for enterprises

EntrackrEntrackr ยท 1y ago
How GrowthJockey addresses venture incubation challenges for enterprises
Medial

Large enterprises encounter numerous challenges hindering their growth, especially in the segment of venture incubation. Navigating digital transformation remains complex, compounded by the need to make crucial choices among disruptive technologies like advanced AI, blockchain, and IoT among others. Moreover, scaling innovations beyond the initial stages is another hurdle as future businesses struggle to prioritize ideas and allocate resources effectively. Recruiting digital talent and prioritizing investment amidst numerous options further complicates decision-making, especially for early-stage ventures. Managing the cost and uncertainty of return on investment adds complexity to digital transformation efforts. GrowthJockey is looking to address these challenges for enterprises as well as accelerating the growth of future businesses. We spoke to founder and CEO Ashutosh Kumar to learn more about GrowthJockey, what distinguishes it from the competition and the roadmap ahead. Here are the edited excerpts There are not a lot of companies that are catering to this space, especially targeted at the enterprises. How did you come up with this idea? In my decade-long experience at leading large corporations, I repeatedly found myself involved in building future ventures for these organizations. Throughout these endeavors, I recognized a significant unmet need within the industry โ€“ large companies were eager to invest in and develop futuristic ventures but faced considerable challenges in finding the 0-100 capabilities required for building ventures from ground zero to full-scale operation. Reflecting on industry trends, I observed a shift in the mindset of forward-looking companies. While two decades ago, companies began adapting and building digital capabilities, todayโ€™s forward-looking enterprises are more inclined towards developing in-house venture building. They recognize the strategic advantage of internal incubation, which aligns closely with their ecosystem and vision, thereby helping in fostering the right company culture from the outset. Recognizing the limitations of past approaches โ€“ where large enterprises attempted to navigate the 0-100 journey by engaging multiple agencies and consulting firms leading to fragmented efforts and limited success- I saw an opportunity to address this challenge. This realization motivated me to establish GrowthJockey, aiming to build the massive capability needed to execute the 0-1 and 1-100 journey for large enterprise ventures. Our focus lies in creating an ecosystem of agile technology and talent, enabling us to deliver transformative solutions in venture incubation and digital transformation. How does the platform work? Please help simplify the process. At GrowthJockey, our platform, intellsys.ai, serves as a strategic AI infrastructure designed to harness real-time digital data, empowering companies to operate within a dynamic environment using real time insights. Intellsys.ai has played a pivotal role in our ability to expand, scale, and successfully deliver projects, providing our clients with the agility and foresight needed to thrive in todayโ€™s fast-paced digital landscape. However, our platform extends beyond intellsys.ai and encompasses a holistic approach to venture building. At GrowthJockey, we productize venture building by leveraging our specialized capabilities in design thinking, digital technologies, strategic consulting, and business operations. Our approach is supported by a detailed and evolving playbook, ensuring that we deliver comprehensive solutions tailored to the unique needs of each venture. Please explain your business model. At GrowthJockey, our revenue generation model encompasses various streams reflecting our diverse offerings. Firstly, as an institutional incubator, we incubate and build ventures, either for equity and cash or solely for cash. We also work as a strategic growth partner where we deliver growth and scale for businesses with our deep capabilities in technology, digital marketing, strategic consulting and business operations, providing a full suite of customized growth solutions. Additionally we derive our revenue stream from intellsys.ai, our AI infrastructure platform, operated on an AI SaaS model, designed to deliver growth-as-a-service with its real time deep data analytics and ability to analyse, experiment, and execute digital campaigns at a large scale. Furthermore, our involvement in venture building includes equity stakes in startups we incubate, generating revenue through exits from these investments, whether through acquisition, IPO, or other strategic transactions. Anchored by our focus areas of growth, operations, and technology, our business model drives innovation and collaboration, positioning GrowthJockey as a pioneering force in the digital transformation sector, both nationally and globally. Who are your nearest direct and indirect competitors? At GrowthJockey, we pride ourselves on being pioneers in our unique business model, making us stand out in the industry. While traditional competitors may not exist due to our innovative approach, we maintain collaborative relationships with industry giants, including the Big 3 consulting firms, with whom weโ€™ve partnered on building numerous ventures. Regarding our AI infrastructure, intellsys.ai, our nearest direct competitors include companies like Pixis.ai, WatsonX, Adobe 360, and Fractal.ai. While they operate in a similar space, what sets us apart is our DIY vertical and our focus on delivering transformative technology solutions. Our specialization in offering growth, operations, and technology tools has enabled us to carve out a distinct niche for ourselves in the industry.

How GrowthJockey addresses venture incubation challenges for enterprises

EntrackrEntrackr ยท 1y ago
How GrowthJockey addresses venture incubation challenges for enterprises
Medial

Large enterprises encounter numerous challenges hindering their growth, especially in the segment of venture incubation. Navigating digital transformation remains complex, compounded by the need to make crucial choices among disruptive technologies like advanced AI, blockchain, and IoT among others. Moreover, scaling innovations beyond the initial stages is another hurdle as future businesses struggle to prioritize ideas and allocate resources effectively. Recruiting digital talent and prioritizing investment amidst numerous options further complicates decision-making, especially for early-stage ventures. Managing the cost and uncertainty of return on investment adds complexity to digital transformation efforts. GrowthJockey is looking to address these challenges for enterprises as well as accelerating the growth of future businesses. We spoke to founder and CEO Ashutosh Kumar to learn more about GrowthJockey, what distinguishes it from the competition and the roadmap ahead. Here are the edited excerpts There are not a lot of companies that are catering to this space, especially targeted at the enterprises. How did you come up with this idea? In my decade-long experience at leading large corporations, I repeatedly found myself involved in building future ventures for these organizations. Throughout these endeavors, I recognized a significant unmet need within the industry โ€“ large companies were eager to invest in and develop futuristic ventures but faced considerable challenges in finding the 0-100 capabilities required for building ventures from ground zero to full-scale operation. Reflecting on industry trends, I observed a shift in the mindset of forward-looking companies. While two decades ago, companies began adapting and building digital capabilities, todayโ€™s forward-looking enterprises are more inclined towards developing in-house venture building. They recognize the strategic advantage of internal incubation, which aligns closely with their ecosystem and vision, thereby helping in fostering the right company culture from the outset. Recognizing the limitations of past approaches โ€“ where large enterprises attempted to navigate the 0-100 journey by engaging multiple agencies and consulting firms leading to fragmented efforts and limited success- I saw an opportunity to address this challenge. This realization motivated me to establish GrowthJockey, aiming to build the massive capability needed to execute the 0-1 and 1-100 journey for large enterprise ventures. Our focus lies in creating an ecosystem of agile technology and talent, enabling us to deliver transformative solutions in venture incubation and digital transformation. How does the platform work? Please help simplify the process. At GrowthJockey, our platform, intellsys.ai, serves as a strategic AI infrastructure designed to harness real-time digital data, empowering companies to operate within a dynamic environment using real time insights. Intellsys.ai has played a pivotal role in our ability to expand, scale, and successfully deliver projects, providing our clients with the agility and foresight needed to thrive in todayโ€™s fast-paced digital landscape. However, our platform extends beyond intellsys.ai and encompasses a holistic approach to venture building. At GrowthJockey, we productize venture building by leveraging our specialized capabilities in design thinking, digital technologies, strategic consulting, and business operations. Our approach is supported by a detailed and evolving playbook, ensuring that we deliver comprehensive solutions tailored to the unique needs of each venture. Please explain your business model. At GrowthJockey, our revenue generation model encompasses various streams reflecting our diverse offerings. Firstly, as an institutional incubator, we incubate and build ventures, either for equity and cash or solely for cash. We also work as a strategic growth partner where we deliver growth and scale for businesses with our deep capabilities in technology, digital marketing, strategic consulting and business operations, providing a full suite of customized growth solutions. Additionally we derive our revenue stream from intellsys.ai, our AI infrastructure platform, operated on an AI SaaS model, designed to deliver growth-as-a-service with its real time deep data analytics and ability to analyse, experiment, and execute digital campaigns at a large scale. Furthermore, our involvement in venture building includes equity stakes in startups we incubate, generating revenue through exits from these investments, whether through acquisition, IPO, or other strategic transactions. Anchored by our focus areas of growth, operations, and technology, our business model drives innovation and collaboration, positioning GrowthJockey as a pioneering force in the digital transformation sector, both nationally and globally. Who are your nearest direct and indirect competitors? At GrowthJockey, we pride ourselves on being pioneers in our unique business model, making us stand out in the industry. While traditional competitors may not exist due to our innovative approach, we maintain collaborative relationships with industry giants, including the Big 3 consulting firms, with whom weโ€™ve partnered on building numerous ventures. Regarding our AI infrastructure, intellsys.ai, our nearest direct competitors include companies like Pixis.ai, WatsonX, Adobe 360, and Fractal.ai. While they operate in a similar space, what sets us apart is our DIY vertical and our focus on delivering transformative technology solutions. Our specialization in offering growth, operations, and technology tools has enabled us to carve out a distinct niche for ourselves in the industry.

Funding and acquisitions in Indian startup this week [29 Jul - 3 Aug]

EntrackrEntrackr ยท 11m ago
Funding and acquisitions in Indian startup this week [29 Jul - 3 Aug]
Medial

During the week, equivalent to 32 Indian startups raised around $341 million in funding. These deals count 6 growth-stage deals and 22 early-stage deals while 4 early-stage startups kept their transaction details undisclosed. During the previous week, 22 early and growth-stage startups cumulatively raised $113.39 million in funding. [Growth-stage deals] Among the growth-stage deals, 6 startups raised $216.8 million in funding this week. Mobility startup Rapido spearheaded with its $120 million worth of unicorn round. Fintech firm Navi, NBFC Clix Capital, Trade financing startup Vayana Network, fintech firm BharatPe, and sportstech company KheloMore followed with $38 million, $26.3 million, $20.5 million, $10 million, and $2 million in funding, respectively. [Early-stage deals] Further, 22 early-stage startups secured funding worth $124.24 million during the week. Renewable energy services company BluPine led the list followed by EV startups Simple Energy and Kinetic Green while wedding services company Meragi, and a platform for sourcing and manufacturing of specialty chemicals Scimplifyare are next on the list. As many as 4 startups did not disclose the funding amount raised are; BoldFit, Game Theory, Cogniquest, and Vitra.ai. For more information, visit TheKredible. [City and segment-wise deals] In terms of the city-wise number of funding deals, Bengaluru-based startups led with 16 deals followed by Delhi-NCR, Mumbai, Jaipur, Pune, Bicholim, and Surat. Segment-wise, Fintech startups grabbed the top spot with 6 deals. SaaS, AI, E-commerce, and EV startups followed this list among others. [Series-wise deals] During the week, Series A funding deals are on top with 11 deals each followed by 7 pre-Series A, 5 Seed, 2 pre-Seed, and 2 Debt deals. Angel, Series B, Series C, Series D, and Series E are next on the list. [Week-on-week funding trend] On a weekly basis, startup funding surged 200% to $341.04 million as compared to around $113.39 million raised during the previous week. The average funding in the last eight weeks stands at around $316.78 million with 29 deals per week. [Fund launches] Trifecta Capital, known for its investments in companies like Atomberg, BigBasket, and BlueStone, has launched its fourth fund with a potential corpus of Rs 2,500 crores. Gemba Capital is also expanding its portfolio with a second fund of up to Rs 250 crore. [Key hirings and departures] Hero Vired, the Hero Groupโ€™s online education platform, has appointed Prakhar Kasar as its new CEO. CoinDCX has elevated Mridul Gupta to the role of founding partner. Meanwhile, e-commerce firm Meesho has strengthened its board with the addition of four independent directors: Hari S Bhartia, founder of Jubilant Bhartia Group; Kalpana Morparia, former JP Morgan Chairman; Rohit Bhagat, non-executive Chairman of PhonePe; and Surojit Chatterjee, a former Flipkart executive. While, Prashant Sinha, co-founder and chief revenue officer of Metadome.ai, announced his exit from the company. [Mergers and Acquisitions] Infibeam Avenues, a financial services company, acquired a majority stake in Rediff.com. Additionally, SaveDesk, another financial services company, acquired a majority stake in the Bengaluru-based fintech startup Fairexpay. Nazara Technologies, a gaming company, acquired the intellectual property rights of the popular mobile game โ€œUltimate Teen Pattiโ€. [Shutdowns] Apollo Tyres faced a short-lived run with its doorstep car service initiative, Trumigo. Launched just six months ago, the service was discontinued due to a lack of customer traction and competition from established businesses in the market. Meanwhile, CarTrade, after acquiring OLX Indiaโ€™s business last year, decided to streamline its operations. The company will be shutting down its used car retail segment (C2B) to focus on the core classifieds business (Olx.in). [Potential deals] Raise Financial Services, the parent company of stock trading platform Dhan, is in talks to raise around $100 million in a new funding round. This investment is expected to propel the companyโ€™s valuation to between $1.2 billion and $1.5 billion, securing its unicorn status. Another fintech player, M2P Fintech, is on the verge of closing a $80 million funding round, which will value the company at $900 million. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [New launches] Delhivery to launch dark stores for e-commerce players Zomato to launch District app for dining out, events, ticketing biz [Financial results this week] Delhivery turns profitable with Rs 52 Cr PAT in Q1 FY25 Infibeam Avenue reports 43% growth in PAT in Q1 FY25 Zomato crosses $25 Bn market cap with Rs 253 Cr profits in Q1 FY25 Freshworks cuts losses by 14% in Q2; eyes $713 Mn revenue in CY24 CarTrade revenue and profit slip in Q1 FY25; shuts down used car retail biz Ideaforgeโ€™s profits dwindle 89% in Q1 FY25 Ixigo records 78% quarterly growth in PAT in Q1 FY25 Auxiloโ€™s profit jumps 2.5X in FY24; revenue grows double Ola Electric reports Rs 5,010 Cr revenue in FY24 FirstCry FY24 revenue crosses Rs 6,500 Cr; GlobalBees contributes 18.6% [News flash this week] Unicommerce and FirstCry files RHP as it gears up for IPO launch on Aug 6 PhysicsWallah launches Rs 250 Cr Scholarship Fund for JEE/NEET aspirants InsuranceDekho secures composite broking license Byjuโ€™s, BCCI settle payment dispute MapMyIndia accuses Ola Electric of copying data; Aggarwal calls them โ€˜Opportunistโ€™ MCA imposed penalty on Zerodha AMC and Nithin Kamath for delay In appointing CFO Avanse Financial Services refiles DRHP to SEBI for Rs 3,500 Cr IPO Infra.Market and Fractal are next in line to file DRHP soon [Conclusion] After a dip in funding, the weekly funding again rose up nearly 3X to $341 million across 32 deals. The week saw two VC fund launches namely Gemba Capital and Trifecta Capital. Logistics platform Delhivery plans to establish a network of multi-tenant dark stores to facilitate rapid in-city deliveries for e-commerce businesses. This move, coupled with their focus on shortening delivery times to 2-4 hours, aims to enhance the overall customer experience. Meanwhile, foodtech platform Zomato is diversifying its portfolio. It has introduced a new app called โ€˜Districtโ€™, dedicated to its โ€œgoing-outโ€ business. This app will encompass dining, movie ticketing, and event bookings, expanding Zomatoโ€™s reach beyond food delivery. The Indian IPO market is witnessing a surge in activity with multiple companies gearing up for their public debuts. E-commerce SaaS platforms Unicommerce and BrainBees Solutions, the parent company of FirstCry, are set to launch their IPOs on August 6th. Avanse Financial Services has refiled its IPO papers after addressing regulatory concerns, while Infra.Market is exploring investment banks for its public listing. Adding to the pipeline, SaaS unicorn Fractal is planning to file its DRHP soon. Byjuโ€™s has reached a settlement with the BCCI. The edtech giant has agreed to pay a Rs 158 crore debt to the cricket board in installments by August 9th. This comes after the BCCI initiated insolvency proceedings against Byjuโ€™s due to non-payment. While the settlement offers temporary relief to the embattled company, the NCLAT has imposed conditions to ensure the funds are not misappropriated. MapMyIndia has sent a legal notice to Ola Electric alleging that the latter copied its data after launching its own mapping service. Ola Electric had previously used MapMyIndiaโ€™s services for its electric scooters. Ola Electricโ€™s founder, Bhavish Aggarwal, has dismissed the allegations as opportunistic.

BluSmart drivers face uncertainty amid company troubles, founder issues

EntrackrEntrackr ยท 2m ago
BluSmart drivers face uncertainty amid company troubles, founder issues
Medial

BluSmart suspended its operations in April in Mumbai, Delhi-NCR, and Bengaluru, asking its 10,000 driver-partners to return their vehicles. The move has left several drivers scrambling to find new sources of income. Rajesh [name changed], a 35-year-old man in Gurugram, secured a driving job with a heavily VC-funded electric vehicle cab hailing company which once aimed to take on the duopoly of Ola Cabs and Uber in India. An average income of Rs 20,000 to Rs 25,000 per month, Rajesh admits, was not much for his family but managed to pay bills. Though, Rajesh, who also is a father of two young children, put in 10 hours to 12 hours daily - to reach the estimated monthly income. With his company now pausing the services, Rajesh has no source of earning, and does not know how he will pay his kidsโ€™ education fees. "... Now, I donโ€™t know how Iโ€™ll manage. I missed my kids' school fees this month. My family depends on me, and Iโ€™ve never felt so helpless,โ€ a visibly stressed Rajesh told Entrackr. One of the things that is agonising Rajesh the most is the deceptive way his employer pushed them out. โ€œOn Wednesday (April 16th), we [drivers] received a message saying the car needed to be submitted to the hub for a breakdown. We thought it was just a minor technical issue. When we got there, they told us it was a failure and weโ€™d be informed later. But there was no word from the company after that. We just had to go home. We were left in complete shock," says Rajesh as his voice strains, reliving the fateful moment. Rajesh says he was among the first lot of employees, when the company had just 50 cars. Like many others, he too bought the companyโ€™s promise of stability. โ€œNow, it feels like weโ€™ve been left out to dry,โ€ he said. โ€œIโ€™m considering working with Uber or Olaโ€ฆ Iโ€™m looking for something else, maybe a different field altogether. But BluSmart was my livelihood, and Iโ€™d go back in a heartbeat if they reopened. It was my only source of income,โ€ he added. Rajeshโ€™s story resonates with another thousands of drivers who are now scrambling to find new sources of income after BluSmartโ€™s sudden suspension of its services. Entrackr has reached out to BluSmart seeking responses on how they plan to compensate the affected drivers. In case they respond, we will incorporate their inputs. Staging the protest On May 4, a group of BluSmart drivers raised their grievances at Jantar Mantar, a historic site for protests. They pressed for demands for alternative income avenues as well as called for crucial policy reforms to prevent similar abrupt dismissals. Additionally, they also sought a government intervention. Tajinder Singh, president of Parivahan Morcha Athavale and also among those spearheading the protest, told Entrackr that women drivers of BluSmart were among those bearing the brunt the most as other taxi companies refused to recruit them. He further said that some drivers were working on a per day basis as and when required but asserted that this was not a long-term solution. โ€œWe are demanding compensation for affected BluSmart drivers. We have also sought government intervention so that the drivers can continue to earn their livelihood,โ€ Singh said. Singh also claimed that hundreds of BluSmart employees working at charging hubs were affected by the companyโ€™s sudden suspension of its services. A business model that promised to be different than rivals Even as โ€˜sustainabilityโ€™ remained the headline grabber, BluSmart also deployed a rather different business model compared to rivals Ola Cabs and Uber. The company used a full-stack B2C model wherein they owned and managed the vehicles whereas Ola and Uber work with independent drivers. The model allowed BluSmart to have a better control on the quality of cars, maintenance, and subsequently better customer service. For drivers, the company offered a fixed salary along with incentives. An assured income was a big factor why a lot of drivers showed interest in joining BluSmart. Ola and Uber, on the other hand, operated on a familiar commission-based system, also common with several gig working-reliant service providers. Singh also highlighted this stark difference between BluSmart and its rivals. He said that the job of driver was to pick and drop the passenger and earn a regular income (per day payout and incentives). They needed to work 10 hours to 12 hours a day. Other things like maintenance and documentation was taken care of by the company, giving drivers a more relaxed environment to operate. Blusmart has raised over $180 million to date, including its $50 million series B round in January this year. Though, it received only Rs 61 crore out of $50 million. That said, a heavily-funded BluSmart juggernaut appeared unstoppable, until it did. Earlier this year, reports emerged that BluSmart delayed salary payments to cash crunch. It had also shut down operations in Dubai and also saw an exodus of top management employees, including CEO, CBO, and CTO. A month later, SEBI published findings of its probe into Gensol Engineering, BluSmartโ€™s partner and EV lessor. The SEBI order highlighted misuse of funds, and also barred promoters Anmol and Puneet Singh Jaggi from accessing the securities market and holding key positions in Gensol Engineering. What next for BluSmart drivers BluSmart drivers facing joblessness due to the shutdown can go for legal remedy and urgently demand clearance of any unpaid dues and better severance compensation, if not given already. The legal course, which may take a relatively long time, may also help them investigate if BluSmart violated the contract by sudden halting of their services and returning vehicles. Moreover, they can also seek intervention from regulatory boards. Singh, however, did not appear enthusiastic about taking the legal course. โ€œCompanies like these make such contracts that they keep them protected in such incidents and donโ€™t have to own any responsibility towards people working so hard for them,โ€ he said [loosely translated from Hindi]. As far as the future of the company goes, itโ€™s hard to predict considering the massive VC money riding on the company. Despite the major dent in public image and also several legal troubles, itโ€™s likely that the company may stay afloat with a rather new management and new board - a few known steps troubled companies often take to course correct. Itโ€™s worth noting that quality of drivers and cabs were the top highlight of the platform, and if it resumes, it should continue with that. With the ongoing protests and lack of communication between drivers and management, it seems unlikely that the company will enjoy the same level of trust from its network drivers.

Funding and acquisitions in Indian startup this week [22 - 27 July]

EntrackrEntrackr ยท 11m ago
Funding and acquisitions in Indian startup this week [22 - 27 July]
Medial

During the week, as many as 22 Indian startups raised around $113.39 million in funding. These deals count 5 growth-stage deals and 8 early-stage deals while 9 early-stage startups kept their transaction details undisclosed. During the previous week, 35 early and growth-stage startups cumulatively raised more $261.21 million in funding. [Growth-stage deals] Among the growth-stage deals, 5 startups raised $49.3 million in funding this week. Renewable energy firm Rays Power spearheaded with its $15.1 million funding. Education loan provider Auxilo, NBFC NeoGrowth, EV company Ather Energy, and wealth and asset management firm Neo followed with $12 million, $11.2 million, $7 million, and $4 million in funding, respectively. [Early-stage deals] Further, 8 early-stage startups secured funding worth $64.09 million during the week. Manufacturer of high precision tooling for aero-engines and airframes Unimech Aerospace led the list followed by wealthtech startup Stable Money, co-working solution provider Incuspaze, quick service restaurant chain Charcoal Eats, and D2C luggage brand Nasher Miles. Provider of smart building solutions Nhance, two-wheeler service provider VOC Automotive, and HR technology platform Umwelt also raised funding. As many as 9 startups did not disclose the funding amount raised are; Pneucons, Godaam Innovations, VedaFit Foods, Aqin Biotech, Mkelly Biotech, Devnagri, WTF, Empyreal Galaxy, and Mayhem Studios. For more information, visit TheKredible. [City and segment-wise deals] In terms of the city-wise number of funding deals, Mumbai-based startups led with 6 deals followed by Delhi-NCR, Bengaluru, Ahmedabad, Bareilly, Hyderabad, Jaipur, Nashik, and Rupnagar. Segment-wise, Agritech and Fintech startups grabbed the top spot with 4 deals each. E-commerce, Manufacturing, and Proptech tech startups followed this list among others. [Series-wise deals] During the week, pre-Seed, Seed, and Series A funding deals led the list with 5 deals each followed by 3 Debt and 1 Angel, pre-Series A, Series B, and Series C deals each. [Week-on-week funding trend] On a weekly basis, startup funding slipped 56.6% to $113.39 million as compared to around $261.21 million raised during the previous week. This is the lowest weekly funding in the last 15 weeks. The average funding in the last eight weeks stands at around $323 million with 27 deals per week. [Fund launches] India Accelerator has launched a new vertical to support cleantech startups with substantial funding. Former defense secretary Ajay Kumarโ€™s VC fund focused on defense, aerospace, and deeptech has successfully raised over its target corpus. Meanwhile, the Fashion Entrepreneur Fund has secured investments from prominent figures like Ravi Jaipuria and Akshay Kumar to empower fashion entrepreneurs in India. [ESOP buyback] Adda247 is buying back shares from over 130 employees at a price 40 times their initial purchase price. This move comes ahead of the companyโ€™s planned IPO in 2027. [Key hirings and departures] Ecom Express has strengthened its leadership by appointing Jitendar Kumar as Chief Business Officer and Abhinav Imandi as Senior Vice President. Meanwhile, Swiggy Instamart has expanded its team with key hires including Himavant Srikrishna Kurnala as SVP of Product, Mayank Rajvaidya as VP of Fruits & Vegetables, Manu Sasidharan as AVP of FMCG Category, and Kumar Rahul as AVP of Business Development. Drive FITT, Gupshup, and VC firm 360 ONE Asset Management also witnessed changes in their leadership teams. While, Asia managing partner of Eight Roads Ventures, Raj Dugar has reportedly stepped down after 17 years. [Mergers and Acquisitions] Business advisory firm Riveron has expanded its operations by acquiring Yantra. In the healthcare domain, Thyrocare has strengthened its presence in Northern India through the acquisition of Polo Labs. In the insurance and seafood industries, Acko and Captain Fresh have respectively acquired OneCare and Koral to bolster their market positions and service offerings. [Potential deals] Electric mobility startup Kazam is set to raise a $5 million funding round while Wingreens Farms seeking $4.3 million in debt financing. In the tech space, Glance is in advanced talks to raise $250 million, while Leap Finance is eyeing a $70-100 million round to achieve unicorn status. Additionally, Nykaa is securing Rs 125 crore through non-convertible debentures, as per media reports. Emami is set to acquire 100% stake in The Man Company, marking its entry into the D2C space. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [New launches and partnerships] Google partners with ElectricPe to bring EV charging stations to Google Maps in India CRED launches financial management platform CRED Money [Financial results this week] Go Digitโ€™s revenue falls in Q1 FY25 but profit spikes 90% Waycool posts Rs 1,251 Cr revenue and Rs 686 Cr loss in FY23 Urban company claims Rs 827 Cr revenue in FY24; 70% cut in losses [Key highlights of the Union Budget impacting startups] Angel tax: The government abolished the Angel Tax for all investors, effective April 1, 2024. This should make it easier for startups to raise funding. Focus on MSMEs: The budget allocated Rs 2 lakh crore to support MSMEs (Micro, Small and Medium Enterprises) with a focus on employment, skilling, and other opportunities. Easier foreign investment: The government plans to simplify rules and regulations for Foreign Direct Investment (FDI) to make it easier for overseas investors to invest in Indian businesses. Changes to tax rules: Non-reporting of movable assets up to Rs 2 lakh will no longer be penalized. While, income from share buybacks by companies will be taxed as dividends for the investor, starting October 1, 2024. [News flash this week] QIA seeks court injunction to halt sale or transfer of Byju Raveendranโ€™s assets UPI in June: PhonePe, Google Pay see marginal decline, Paytm records flat growth Paytm fined for ESOP stamp duty lapses, gets NOD to invest in payments arm Ola Electric to launch IPO on August 2 The RBI fined Ola Financial Services for flouting KYC & PPI norms Delivery startup Dunzo faces new insolvency threat Manipal Group gets green light to increase stake in Aakash Cashfree Payments first to secure RBIโ€™s cross-border payment license Google Maps to offer metro ticket booking in Kochi and Chennai Insurtech startup Covrzy gets broking license from IRDAI [Conclusion] The Indian startup ecosystem experienced a significant slowdown this week with funding plummeting by 56.6% compared to the previous week. While there were notable fund launches and new verticals emerging, the overall funding landscape was subdued. The Indian business landscape has seen a flurry of activity in recent weeks. Fintech giant Paytm has been fined for non-payment of stamp duties related to ESOPs, while simultaneously securing approval to invest in its payments arm. In the education sector, Manipal Health Systems is set to increase its stake in Aakash Educational Services. Bengaluru-based fintech startup Cashfree Payments has become the first company to obtain a Payment Aggregator Cross Border (PA-CB) license from the Reserve Bank of India (RBI). This license allows the company to process online transactions for both imports and exports, boosting cross-border trade and payments in India. Additionally, Google Maps is introducing a new feature that allows users in Kochi and Chennai to book metro tickets directly through the app. This service will be powered by the Namma Yatri app, which handles the payment and booking process. Cash-strapped delivery startup Dunzo is facing another legal challenge. A creditor has filed for insolvency proceedings against the company, claiming that Dunzo has only paid half of its owed dues. This is the latest financial setback for the Reliance-backed startup.

Download the medial app to read full posts, comements and news.