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Ethereal Machines raises $13 Mn led by Peak XV and Steadview

EntrackrEntrackr · 1y ago
Ethereal Machines raises $13 Mn led by Peak XV and Steadview
Medial

Advanced manufacturing startup Ethereal Machines has raised $13 million in a Series A round led by Peak XV Partners and Steadview Capital. Existing investors Blume Ventures, Enam Investments, and Sandeep Singhal also participated in this round. The funds raised will be utilized for R&D, building multi-axis CNC controllers and constructing its second smart factory in the next 12 months, Ethereal said in a press release. This new factory will span 250,000 square feet on the outskirts of Bengaluru. Founded by Kaushik Mudda and Navin Jain, decade-old Ethereal Machines produces precision engineering components via its proprietary multi-axis CNC machines. Its machines enable precision engineering components to be produced at fast and cost-effective rates. Ethereal caters to customers from the USA, Europe, Israel, and India. As per the company, it has manufactured precision components for numerous emerging companies in the deep-tech sector, including space-tech, drones, medical diagnostics, and thermal imaging. On average, Ethereal’s manufacturing solutions claim that it reduces costs for their customers by 30% and production lead times by 40%. The company also launched two new machines, Aura and Nimbus. The Bengaluru-based startup claims that it has seen a 4x increase in revenue and a 3x increase in production capacity in the last 12 months. Ethereal Machines had raised $7.3 million from Peak XV’s Surge, Blume Ventures and others in July last year. As per startup data intelligence platform TheKredible, Blume was the largest external stakeholder in the company as of the last funding round with over 18% stake followed by Surge Ventures which controls more than 17% stake. Ethereal Machines reported Rs 2.30 crore in revenue from operations in FY23 against Rs 60 lakh in FY22. According to TheKredible, The company’s losses also increased to Rs 4.69 crore in FY23 from Rs 2.6 crore in the previous fiscal year.

Rahul Chaudhary quits Matrix Partners; to start his new venture

EntrackrEntrackr · 1y ago
Rahul Chaudhary quits Matrix Partners; to start his new venture
Medial

Rahul Chaudhary, who joined venture capital fund Matrix Partners India in February last year, has quit the firm to start his new venture, according to sources aware of the development. Chaudhary left the firm in January this year. As per sources, Chaudhary is planning to launch his new venture soon. Before joining Matrix, Chaudhary spent nearly seven years at Treebo as the co-founder and currently serves as board member of the hotel aggregating platform. Sidharth Gupta and Kadam Jeet Jain are the other two co-founders of the Bengaluru-based company. It’s worth noting that Matrix is an early investor in Treebo. During Chaudhary’s tenure at Matrix Partners India, the had launched a fund worth $450 million and later extended the target size for the fund to $525 million. Since then, the fund has backed more than dozen startups including Neysa, InPrime, Krutrim SI Designs, Aampe, Atomic Work, Wootz.work, Stable Money, and Scapia, among others. Further details about Chaudhary’s new venture couldn’t be ascertained. Queries sent to him did not elicit any response until publication of the story. Chaudhary will join several VCs who have quit their post in 2024 to start a new venture. In March, Nexus Venture Partners’s managing director Sameer Brij Verma left the firm to launch a multi stage fund while Peak XV’s Piyush Gupta stepped down in April to start his own VC firm. In the same month, Lightspeed’s partners Vaibhav Agrawal and Abhishek Nag put in their papers. While Agrawal is launching his own venture firm, Nag joined Mumbai-based 360 One to lead early-stage investments. Most recently, Anand Chandrasekaran left US-based VC firm General Catalysts to focus on his AI startup Crescendo.

Bharat Fintech Summit highlights fintech industry’s challenges and opportunities

EntrackrEntrackr · 1y ago
Bharat Fintech Summit highlights fintech industry’s challenges and opportunities
Medial

The Bharat Fintech Summit 2024, organized by The Digital Fifth in Mumbai, saw the participation of 3,000 people from the Indian fintech ecosystem. Held between February 7 and February 8, the second edition of the summit hosted as many as 23 speaker sessions, five fireside chats, and 10 demonstrations. The panel discussions touched upon a wide range of relevant issues, including the dynamic fintech landscape in the country right from product-led innovations, much needed collaboration between banks and fintech players, cybersecurity and the need for increased regulatory compliances in payments and digital lending to improve banking experiences for customers and protect them from various frauds. Entrackr was present at the event and held conversations with several stakeholders of the fintech industry. It’s worth noting that the event comes at a time when the fintech industry is benefiting from the radical digital transformation of the banking industry and e-commerce growth around India and the globe. Banks and financial institutions are moving towards 100% digital for the retail and MSMEs segments in upcoming times and major innovations in the Indian BFSI industry have been propelled by the regulators and public infrastructure such as IndiaStack, Account Aggregator, and the ONDC. Enterprise fintechs are poised to expand, with projections estimating a market size of approximately $20 billion by 2030. The Digital Fifth cofounder and CEO Sameer Singh Jaini told Entrackr that the last decade witnessed a continuous influx of funds into enterprise fintechs. This, coupled with the entry of new-age players in various enterprise segments, is shedding light on the previously untapped potential of this market. “We organize the summit which are focused on content and depth and welcome here everybody from the entire Indian fintech ecosystem including the participation of 70 – 80 VC firms where they share fruitful insights, collaborate and intend to thrive their businesses amongst each other,” he added. Embedded Finance also was under the spotlight during the event as a general sentiment was to bring more focus on the need for more players to drive customer engagement in partnership with banks. During his keynote speech, RBI executive director P Vasudevan stressed the need for frictionless credit and highlighted it has the potential to become the next digital public infrastructure. “It’s a vibrant experience for me to attend such a summit and also marked presence in one the panel where we discussed tech led credit networks, leveraging multi-layered lending partnerships and cutting-edge tech for the future-ready financial sector. MSMEs lending landscape, challenges, innovation, collaboration and others. MSMEs sector has been the backbone of the Indian economy and the emergence of technology in this space is worth watching,” Alok Mittal, co-founder & MD at Indifi, told Entrackr. Indifi offers loans for small businesses which turned profitable last year and crossed Rs 1,500 crore AUM in March 2023. Perfios’ Chief Strategy Officer Ramgopal Subramani appreciated the summit saying such events are instrumental in facilitating knowledge exchange, fostering partnerships, and driving comprehensive sectoral growth. “At Perfios, we are happy to partner with events like BFS that serve as collaborative platforms across the BFSI sector to address challenges and explore innovative opportunities,” he said. “It’s always great to be associated with The Digital Fifth and the summit which can be a game changer for the entire fintech Indian ecosystem and curated this event for the last where a lot of collaborations took place,” said Vaibhav Tambe, co-founder, TransBank. TransBank is a SaaS-based platform where it takes a minimum guarantee for a particular number of services and charges per transaction basis. The summit also saw the attendance of spokespersons from different fintech startups like Trifecta, GetVantage, Zaggle, FinBox, Skydo, Bureau, Fixerra, and others.

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