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FreshToHome eyes up to $50 million raise to scale Middle East business

Livemint

Livemint · 2m ago

FreshToHome eyes up to $50 million raise to scale Middle East business

FreshToHome, an online fish and meat retailer based in Bengaluru, seeks to raise $40–50 million in primary capital to expand its operations in the Middle East. The company has already secured a third of the funds from a Middle Eastern family office and is negotiating to raise the remaining amount. FreshToHome experienced a 15-fold revenue increase in FY24 while cutting losses in half, enhancing its growth prospects in the region.

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IG Drones eyes aggressive defence foray

Livemint

Livemint · 1y ago

IG Drones eyes aggressive defence foray

Drone technology company IG Drones is planning aggressive expansion in the drone manufacturing sector, with a focus on defence. The company is setting up a large-scale manufacturing plant in Vadodara, Gujarat, and aims to produce approximately 1,000 drones per year. The facility is expected to be launched in June and will initially operate at 30% capacity. IG Drones also intends to allocate 50% of its defence drone capacity for exports, with strong demand coming from Indian forces and Middle Eastern countries. The company is looking to raise around $5 million to support its technological advancements, including developing 6G drones.

Lohum eyes $100 mn funding to grab a slice of global EV battery pie

Livemint

Livemint · 1y ago

Lohum eyes $100 mn funding to grab a slice of global EV battery pie

Battery tech startup Lohum plans to raise $100 million in funding to expand its manufacturing operations in India and abroad, benefiting from the growing adoption of electric vehicles. The company aims to reach a valuation of $600-650 million, capitalizing on investor interest in the sector. Lohum recently raised $54 million in a Series B round led by Singularity Growth. It has appointed investment bank Avendus Capital to assist with fundraising efforts and plans to expand to North America, the Middle East, and Europe. Lohum specializes in repurposing and recycling EV batteries and offers an end-to-end battery lifecycle management ecosystem.

Early-stage firms Firefly Diamonds, Pizza Wings, FluxGen, Irame.ai secure funding

VCCircle

VCCircle · 6m ago

Early-stage firms Firefly Diamonds, Pizza Wings, FluxGen, Irame.ai secure funding

Early-stage firms Firefly Diamonds, Pizza Wings, FluxGen, and Irame.ai have secured funding to enhance and expand their operations. Firefly Diamonds, a lab-grown diamond jewellery brand, raised $3 million to boost retail expansion and R&D. Pizza Wings, a quick-service restaurant, aims to open 50 new stores with its latest funding. Climate tech company FluxGen received Rs 28 crore to grow in India and the Middle East, while Irame.ai secured $1 million to scale its AI-driven audit intelligence platform.

OpenAI's Sam Altman seeks US government nod for AI chips venture: report

Economic Times

Economic Times · 1y ago

OpenAI's Sam Altman seeks US government nod for AI chips venture: report

OpenAI CEO Sam Altman is seeking approval from the U.S. government for his AI chips venture, which could raise national security and antitrust concerns. Altman has informed potential investors and partners that he needs a green light from Washington to proceed. He has met with Commerce Secretary Gina Raimondo and is working to arrange meetings with other officials. Altman's business plan, which could be partly financed from the Middle East, has attracted interest from investors and chip companies in the U.S., Middle East, and Asia.

Credgenics clocks robust revenue growth, eyes acquisitions

YourStory

YourStory · 4m ago

Credgenics clocks robust revenue growth, eyes acquisitions

Credgenics, a debt collection technology platform, recorded a 35% revenue growth to Rs 210 crore in FY25, alongside a Rs 25 crore profit before tax. Despite challenges in personal lending, the company leveraged AI to expand into business and commercial loans. With a significant cash reserve, Credgenics plans strategic acquisitions and international expansion, notably in Indonesia and the Middle East. Serving over 150 banks, it aims for profitability and expanded market presence in both private and public sectors.

China's Pony.ai eyes robotaxi services in Hong Kong, joining Baidu

Economic Times

Economic Times · 9m ago

China's Pony.ai eyes robotaxi services in Hong Kong, joining Baidu

Pony.ai, a Guangzhou-based autonomous driving company, plans to launch robotaxi services in Hong Kong, initially targeting airport staff, before expanding city-wide. This move comes amidst competition from Baidu, which also aims to introduce driverless taxis in Hong Kong after obtaining trial approval. Pony.ai, already licensed for services in major Chinese cities, is also exploring opportunities in South Korea, Luxembourg, the Middle East, and other regions for future business expansion.

Elon Musk's AI startup seeks to raise up to $6 billion

Economic Times

Economic Times · 1y ago

Elon Musk's AI startup seeks to raise up to $6 billion

Elon Musk's AI startup, xAI, is reportedly in discussions to raise up to $6 billion from global investors, potentially valuing the company at up to $20 billion. Musk, known for emphasizing AI safety, launched xAI's chatbot "Grok" to compete with OpenAI's ChatGPT. The fundraising efforts include talks with family offices in Hong Kong, sovereign wealth funds in the Middle East, and investors in Japan and South Korea. Last month, xAI filed with the SEC to raise up to $1 billion. Musk has stressed the need for more voting control at Tesla to pursue AI development.

Gulf Capital marks second exit from its third private equity fund

VCCircle

VCCircle · 1y ago

Gulf Capital marks second exit from its third private equity fund

Gulf Capital, a UAE-based private equity firm, has made a profitable exit from its investment in a top glass container manufacturer in the Middle East. The Abu Dhabi-based company, which manages billions of dollars in assets, plans to raise $800 million for its fourth private equity fund.

Jupiter found quick success lending to individuals. It now has its eyes on SMEs

Livemint

Livemint · 1y ago

Jupiter found quick success lending to individuals. It now has its eyes on SMEs

Indian neobank Jupiter, which began lending a year after securing regulatory approval, now plans to test the SME lending market. The startup, established in 2019, offers online banking services such as savings accounts, money transfers and cash withdrawals, and aims to scale up lending to account for 50% of its business within a year. Lending opportunities for SMEs in India are considerable, with only 14% of such businesses having access to credit.

Bank of Singapore sees Middle East accounting for a fifth of assets over 3 to 5 years

VCCircle

VCCircle · 1y ago

Bank of Singapore sees Middle East accounting for a fifth of assets over 3 to 5 years

Bank of Singapore aims to increase its business in the Middle East and expects the region to contribute up to 20% of its overall revenue and private banking assets over the next three to five years. Currently, the Middle East accounts for around 10% of the bank's revenue. The bank is attracted to the region due to the positive strategies and infrastructure in countries like the UAE and Dubai, which have become key destinations for wealthy individuals. Bank of Singapore is considering making Dubai one of its booking centres in the future.

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