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Former BharatPe CEO Suhail Sameer floats VC fund
VCCircle
·
1y ago
Medial
Former BharatPe CEO Suhail Sameer has launched a new venture capital fund called OTP Ventures. Sameer is joined by entrepreneurs Kunal Suri and Saurabh Vashishtha, who co-founded the social commerce app Simsim. OTP Ventures aims to raise a fund of Rs 400 crore, approximately $55 million. Sameer's experience in the fintech sector and the successful acquisition of Simsim make this new venture an exciting prospect in the Indian startup ecosystem.
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Suhail Sameer Backed OTP Ventures Eyes First Close Of Debut Fund At INR 400 Cr
Inc42
·
1y ago
Medial
OTP Ventures, backed by former BharatPe CEO Suhail Sameer, plans to close its debut fund at INR 400 crore by June. The early-stage fund, founded in 2023 by Sameer, Kunal Suri (former FoodPanda managing director), and Saurabh Vashishtha (Simsim co-founder), aims to support startups in the consumer, consumer tech, and fintech sectors. Sameer has previously invested in startups such as Mamaearth, OTO, and Zesty. OTP Ventures' portfolio includes companies like Rupeek, Traya, Fable Street, abcoffee, and NatHabit.
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Suhail Sameer co-founded OTP Ventures reaches halfway mark for maiden fund
VCCircle
·
11m ago
Medial
Suhail Sameer, the former CEO of BharatPe, has reached the halfway point of fundraising for OTP Ventures, a venture capital firm he co-founded. The firm aims to raise a significant amount of capital for its inaugural VC fund, which was launched earlier this year. Sameer is joined by fellow entrepreneurs Kunal Suri and Saurabh Vashishtha in this venture.
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Suhail Sameer's OTP Ventures, others invests ₹12 crore in Asaya
Inshorts
·
1y ago
Medial
Asaya, a high-performance, premium skincare brand, has raised ₹12 crore (approximately $1.5 million) in a seed funding round led by OTP Ventures, founded by former BharatPe CEO Suhail Sameer, and Huddle Ventures, with participation from Eternal Capital. The startup will use the raised capital for melanin-centric research and to develop more products that cater to melanin-specific needs.
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BharatPe elevates Nalin Negi as CEO
Thehindubusinessline
·
1y ago
Medial
BharatPe, a major Fintech player, has promoted Nalin Negi as its CEO after serving as interim CEO and CFO for over a year. Negi was appointed as the CFO in 2022 following the resignation of Suhail Sameer. Under Negi's leadership, BharatPe witnessed a 182% increase in revenue in FY23 and achieved its first EBITDA positive month in October 2023. With over 28 years of fintech and banking experience, Negi will focus on driving innovation and empowering merchants across India. BharatPe will now search for a new CFO. Recently, the company underwent a management restructuring, promoting Sandeep Indurkar as CEO of the payment vertical.
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BharatPe Rejigs Top Brass; Sandeep Indurkar To Head Payments
Inc42
·
1y ago
Medial
Fintech company BharatPe has made significant changes in its top management, with Sandeep Indurkar being promoted as the CEO of the payment vertical and Rijish Raghavan taking charge of the device business. The reshuffle follows a series of top-level exits including CEO Suhail Sameer and CPO Ankur Jain. The three new appointments will report to interim CEO and CFO Nalin Negi. BharatPe offers various consumer-facing services and has raised $820 million in funding so far. The company has been embroiled in legal disputes and controversies over the past two years.
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Saudi VC firm Suhail Ventures floats $50 mn fund
VCCircle
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5m ago
Medial
Saudi Arabia-based Suhail Ventures, founded last year, has initiated a $50 million fund aimed at supporting early-stage, tech-focused startups within the country and the broader Middle East region. Headquartered in Dammam City, the venture capital firm is named after one of the brightest stars and seeks to invest in promising ventures across various sectors.
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CirclePe raises close to $1 Mn in pre-seed round
Entrackr
·
1y ago
Medial
Fintech startup CirclePe has raised close to $1 million in its pre-seed round led by OTP Ventures, with participation from 1947 Rise, iSeed, IIT Delhi, Venture Catalyst, and founders and CXOs from OfBusiness, BharatPe, Uni Cards, OYO, and others. Led by Navan Jaiswal and Ankur Yadav, CirclePe’s ‘Smart Renting’ solution allows credit-worthy tenants to opt for a zero security-deposit move-in, enjoying the luxury of paying only their monthly rent without any extra charges. By partnering with major proptechs, CirclePe is enabling the smart renting feature for independent retail landlords and co-living operators, providing an easy and hassle-free rental experience. By eliminating the need for heavy security deposits paid by tenants and unlocking capital for landlords and co-living operators, CirclePe aims to disrupt the traditional rental value chain. Suhail Sameer, who is the former CEO of BharatPe, is serving venture capital firm OTP Venture as managing partner. As per a media report, OTP Ventures is also looking to close its debut fund at Rs 400 crore by June.
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Beauty brand Asaya raises $1.5 Mn from OTP Ventures and others
Entrackr
·
1y ago
Medial
Premium skincare brand Asaya has raised Rs 12 crore ($ 1.5 million) in Seed funding round led by OTP Ventures and Huddle Ventures, with additional investments from Eternal Capital. The funds will be allocated towards melanin-centric research and developing more products that cater to melanin-specific needs, the company said in a press release. Part of the funding will also be utilised to enhance market reach. Launched in September 2023 by Neeraj Biyani (former Co-founder of Paper Boat), Mandeep Bhatia, and Eeti Sharma, Asaya has rapidly expanded its sales and customer base, retailing through its website and online retail platforms like Nykaa, Amazon, Flipkart, and Myntra. Currently, it claims to have more than 11 products and 23 SKUs. According to Biyani, this funding will help us go from 20,000 to over 250,000 consumers in the next 12 months. Suhail Sameer, who is the former CEO of BharatPe, is serving venture capital firm OTP Venture as managing partner. As per a media report, OTP Ventures is also looking to close its debut fund at Rs 400 crore by June. The firm recently led $1 million round in CirclePe.
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Former Jio executive floats VC fund for growth-stage bets
VCCircle
·
1y ago
Medial
Former Reliance Jio executive Vikas Choudhury has launched a new venture capital fund called Playbook Partners. Choudhury, who previously rolled out Pivot Ventures, a multi-family office venture capital fund with a portfolio of over 75 companies, aims to focus on growth-stage investments. His experience with Jio's telecom, media, fintech, and M&A operations will be valuable in identifying promising opportunities for the fund.
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Former BharatPe CPO Ankur Jain to launch new startup Jivi.ai
Entrackr
·
1y ago
Medial
Ankur Jain, the former chief product officer of fintech company BharatPe, is set to launch his new startup in the field of AI healthcare, sources aware of the development told Entrackr. “Ankur Jain’s Jivi.ai is expected to go live with its public launch this month,” said one of the sources requesting anonymity. “The founding team consists of professionals and research scholars from Stanford, MIT, Harvard, and Yale.” Jain left BharatPe in July last year after serving more than three years at the company where he was responsible for the complete product life cycle and innovation. Entrackr had exclusively reported the development. Jivi.ai will be the second startup for Jain who also co-founded travel tech startup Instalocate. “Jivi.ai is leveraging artificial intelligence, digital health, large language models, machine learning, and generative AI to transform primary healthcare,” said another source. As per sources, version one of Jivi.ai is anticipated to launch in India and the US. “It has partnered with over 100 doctors, physicians, and hospitals in India in the last 3 months,” sources added. Sources further said that Jivi.ai has also closed initial seed funding and is in discussions to close the next round soon. Queries sent to Jain did not elicit any response. We’ll update the post in case he responds. Growing BharatPe mafia After, Flipkart, Paytm, PayPal and others, now there’s a growing BharatPe mafia. Genwise was launched by former BharatPe’s executives Rajat Jain, Geetanshu Singla and Nehul Malhotra, raised money in April last year. Entrackr exclusively reported the development. Third Unicorn, floated by former BharatPe co-founder and MD Ashneer Grover and his wife Madhuri Jain, launched fantasy sports platform CrickPe. Third Unicorn is also on the verge of launching another fintech startup ZeroPe. Bhavik Koladiya, another co-founder of the company, joined SaaS startup OTPless as CEO. Suhail Sameer, who served as CEO of BharatPe, is handling venture capital firm OTP Venture as managing partner.
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