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News on Medial
29YO rickshaw puller from Bihar now owns a multi-crore startup
Internet
·
1y ago
Medial
Bihar's Dilkhush Kumar was a rickshaw puller before he started his taxi startup RodBez. Despite being uneducated, he dreamt big. Learning to drive from his father, he launched RodBez with a second-hand Tata Nano. Within months, his team raised ₹4 Cr. Now, he hires young IIT, IIM grads to push his vision of connecting every village in Bihar with taxis.
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Namma Yatri and ONDC launch zero-commission auto rickshaw rides in Delhi
OutlookIndia
·
1y ago
Medial
Namma Yatri, a part of the ONDC Network, has launched its zero-commission ride booking app for auto rickshaw drivers in Delhi. The app aims to improve first and last-mile connectivity with metro services and empower drivers to enhance their earnings. Namma Yatri already serves 7 cities and has provided commission-free rides for over 2.5 crore trips. It plans to onboard 50,000+ drivers in Delhi and integrate with public transportation for seamless multi-modal transportation.
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ITI Ltd share price jumps nearly 9% on bagging order from Bihar govt worth Rs 300 crore
Money Control
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11m ago
Medial
ITI Ltd saw a nearly 9% increase in its share price as it secured a Rs 300 crore order from the Bihar government. The order is for the supply and installation of 100,000 solar street light systems to the Bihar state government. This order comes in addition to the 80,000 solar street light systems the company is already executing in Bihar. ITI Ltd is a telecom manufacturing company and has been manufacturing solar panels for the past six years.
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SIDBI partners with Bihar Startup Fund Trust partners to enhancing startup ecosystem in Bihar
IndianStartupNews
·
1y ago
Medial
The Bihar Startup Fund Trust has partnered with the Small Industries Development Bank of India (SIDBI) to administer the Bihar Startup Scale-up Financing Fund (BSSFF). This partnership aims to create a nurturing environment for startups in Bihar and transform the state into a vibrant startup hub. The BSSFF, managed by SIDBI, will adopt a fund-of-funds model to provide funding support to startups by investing in SEBI-registered Alternative Investment Funds. SIDBI has played a crucial role in shaping the startup ecosystem in India and has experience in managing funds focused on various sectors and state-specific funds.
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SIDBI To Manage Bihar Government’s INR 50 Cr Fund For Startups
Inc42
·
1y ago
Medial
The Bihar Startup Fund Trust and Small Industries Development Bank of India (SIDBI) have agreed to manage the INR 50 Cr Bihar Startup Scale-up Financing Fund (BSSFF), aiming to transform Bihar into a startup hub. As part of the state's startup policy, the Fund will not directly invest in startups, but will contribute to SEBI-registered Alternative Investment Funds that will make investments. The trust, established with an initial corpus of INR 500 Cr, has allocated INR 50 Cr for scale-up funding support for startups. Last year, the Odisha government also launched a similar fund.
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FirstCry shares list at 40% premium over IPO price
Economic Times
·
12m ago
Medial
Shares of Brainbees Solutions, which owns FirstCry, debuted on the exchanges with a 40% premium. The stock listed at Rs 651 on NSE and Rs 625 on BSE, compared to an issue price of Rs 549. The company raised Rs 1886 crore from anchor investors prior to the IPO. The funds will be used for new store setups, overseas expansion, and marketing efforts. Brainbees Solutions is a leading multi-channel retail platform for baby and kids products, offering a wide range of items from various brands. It reported a 15% growth in operating revenue in FY24.
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Healthkart swings to profit in FY24, revenue tops Rs 1,000 crore
Economic Times
·
8m ago
Medial
Health supplement startup Healthkart achieved profitability in the last financial year, with operating revenue crossing Rs 1,000 crore. The company reported a net profit of Rs 37 crore, a significant improvement from the loss of Rs 165 crore in the previous year. Revenue from product sales amounted to Rs 990 crore, while revenue from services reached Rs 31 crore. Healthkart raised $153 million in recent funding and owns popular nutrition brands such as MuscleBlaze and HKVitals. It operates over 200 stores in 90 cities across India.
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Deepinder Goyal earns ₹1,600 cr as Zomato shares hit record high
Business Today
·
1y ago
Medial
Zomato Founder Deepinder Goyal earned ₹1,600 crore in a few hours after his food delivery platform's shares hit their lifetime high on Friday. Apart from Goyal, who owns 4.19% stake in Zomato, Info Edge also earned ₹5,300 crore wealth due to the rally. Zomato shares rose as much as 19% after the startup reported multifold rise in quarterly net profit.
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Rapido Eyes $100 Mn Funding From WestBridge Capital, Others
Inc42
·
1y ago
Medial
Indian ride-hailing startup, Rapido, is reportedly planning to raise $100 million in funding from existing investor WestBridge Capital and other sources. The company has already received commitments of around $70 million and is approaching Indian family offices for additional support. This funding could potentially raise Rapido's valuation to $900 million. Rapido operates in the bike taxi, auto-rickshaw, cab, and peer-to-peer delivery service segments, with a fleet size of 5 million bike taxis and 700,000 auto-rickshaws. It reported a standalone loss of INR 674.5 crore ($89.8 million) for FY23, a significant increase from the previous year.
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Mensa Brands’ FY23 loss more than doubles to INR 227 Cr
Inc42
·
1y ago
Medial
Mensa Brands, a house of brands startup, has reported a consolidated net loss of INR 227 crore in the financial year 2022-23 (FY23), more than doubling from the previous year. Despite a surge in operating revenue by over 137% to INR 499.6 crore, the company's expenses also increased by 142% to INR 763.2 crore. Mensa Brands, founded by former Myntra CEO Ananth Narayanan, owns and operates several consumer brands and has raised over $200 million in equity funding.
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Infosys to invest up to ₹17 crore in spacetech startup GalaxEye
Inshorts
·
10m ago
Medial
Infosys on Thursday announced it will invest up to ₹17 crore in spacetech startup GalaxEye. The IT major will acquire a minority shareholding, not exceeding 20%, in the startup. Incubated at IIT Madras and based out of Bengaluru, GalaxEye is building multi-sensor imaging satellites. It raised $6.5 million from Mela Ventures, Speciale Invest and other investors in August.
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