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IIMA Ventures and Google partner to boost 22 AI startups

EntrackrEntrackr · 7m ago
IIMA Ventures and Google partner to boost 22 AI startups
Medial

IIMA Ventures (formerly IIMA-CIIE) has announced its partnership with Google for Startups and launched its first cohort of AI Academy India 2024. The program aims to help early-stage startups harness Artificial Intelligence (AI) to address global challenges across sectors like healthcare, climate, agriculture, education, financial inclusion, and infrastructure. Following its launch in Gujarat, AI Academy India 2024 will also be held in six other cities across India in partnership with Kerala Startup Mission, T-Hub & MATH, IHFC-IIT Delhi, NSRCEL IIM Bangalore, SINE IIT Bombay, IIT Madras Incubation Cell, along with Nasscom AI and People+AI. Supported by MeitY Startup Hub, the first cohort includes 22 startups receiving practical training, expert mentorship, access to Google’s AI technologies, up to $350,000 in cloud credits, and opportunities to network with world-class companies. According to market research, the AI market in India is projected to reach $7.8 billion by 2025 and potentially add $500 billion to the GDP. According to IIMA Ventures, these startups are addressing diverse challenges: in education, with AI-powered ERP, LMS, and CRM systems; in climate change, with a social marketplace for electric vehicles; in fintech, with AI tools to simplify loan and insurance documents; and in healthcare, with AI-driven collaborative platforms to streamline business processes. IIMA Ventures has mentored over 7,000 founders, accelerated over 1,700 startups, provided catalytic capital to over 700 companies, and inspired over a million people with over 400 publications.

PhysicsWallah launches Rs 250 Cr Scholarship Fund for JEE/NEET aspirants

EntrackrEntrackr · 11m ago
PhysicsWallah launches Rs 250 Cr Scholarship Fund for JEE/NEET aspirants
Medial

Edtech firm PhysicsWallah (PW) has announced a scholarship fund of Rs 250 crore through its third edition of the NSAT (National Scholarship Common Admission Test) 2024. This initiative aims to help students aspiring to excel in NEET-UG and IIT-JEE exams by providing top-quality education and expert guidance, regardless of their financial situation. The NSAT exam will be held online from October 1 to October 15, 2024; and offline on October 6 and October 13, 2024 at selected centers. The registration for the NSAT 2024 program has officially begun, inviting students from Class VI to XII, including those in PCM and PCB groups. According to PW, the top 1,000 students who excel in these exams will receive a 100% scholarship, including accommodation. Among these, special consideration will be given to the top 500 underprivileged students. Co-founded in 2020 by Alakh Pandey and Prateek Maheshwari, PW offers education at scale across India through online, offline, and hybrid platforms. Its offerings span various educational segments, including schools, test preparation in more than 43 categories, a skilling vertical, higher education, and study abroad (AcadFly). PW has raised $100 million in funding from investors like Westbridge and GSV Ventures.

Otipy posts 50% GMV growth in FY24; losses down by 21%

EntrackrEntrackr · 1y ago
Otipy posts 50% GMV growth in FY24; losses down by 21%
Medial

Milkbasket started subscription commerce in India but it appears that Westbridge-backed Otipy is championing the concept with its farm-to-fork model wherein it delivers ordered items the next morning. The company, which offers fruits, vegetables, dairy and bakery products along with a subscription option, claims over 50% growth in its GMV in the fiscal year ending March 2024. Otipy also reduced losses by 21% during the same period, its founder and chief executive officer Varun Khurana told Entrackr in an interview. “We did Rs 115 crore in gross revenue in FY23 and unaudited numbers show that our topline will stay near Rs 175 crore in FY24,” Khurana said. Otipy had a gross revenue of Rs 115 crore in FY23 which includes Rs 96 crore of operating revenue, Rs 11 crore of discount offered, and other income Rs 8 crore. Fruits and vegetables form 70% of the firm’s total collection while groceries and dairy products contributed 20% and 10%, respectively. According to Khurana, the cost of procurement formed 70% of its total expenditure. “Our total expenses including employee benefits and logistics stood at around Rs 245 crore in FY24,” he said. Otipy claims that it fulfills 8 lakh orders on a monthly basis, and is witnessing 10% month-on-month growth. Khurana disclosed that the average order value hovers in the range of Rs 270, adding that an fulfilment cost of Rs 40 per order allows the company “to operate profitably even at low AOVs of Rs 270.” While Otipy has been operating in Delhi (NCR) and Mumbai for some time, Khurana outlined that the firm plans to expand its footprint into Bengaluru and Hyderabad during the second half of 2024. “We stayed in the two metros for several years as we wanted to perfect the model, unit economics and there has been no dearth of depth in NCR and Mumbai. Now that the company is making money at an order level, we plan further expansion” said Khurana while explaining the rationale behind gradual expansion. Backed by the likes of Westbridge Capital, SIG India, Omidyar Network, Otipy has raised $44 million across several rounds including a $32 million Series B round. “Strong focus on bringing the losses down throughout the last fiscal year helped us to cut losses by 21% to Rs 71 crore in FY23,” said Khurana. Khurana claims that Otipy has hit an average monthly revenue run rate (ARR) of Rs 20 crore. “We are targeting to touch Rs 500 crore in gross revenue in FY25 and hit positive ebitda at a monthly level,” said Khurana. Otipy has been a relatively quiet success story, building up strengths even as larger, flashier rivals have floundered. The firm has built up a strong base of users today, and the promise of delivering fresh produce has withstood challenges along the way. We are not sure about the actual performance of the categories beyond fresh fruits and vegetables, as Otipy has frequently gone with smaller brands in the space to support margins. However, it risks diluting its own core brand promise of fresh produce delivery if it goes too far down that path and associates with produce that does not meet the same promise in fact. The firm is likely to find expansion easier now, thanks to its learnings. However, both East India and South India, are tough nuts to crack due to elevated competition and the different nature of the markets, from being more price sensitive (East) to brand savvy (South).

Funding and acquisitions in Indian startups this week [11-16 Mar]

EntrackrEntrackr · 1y ago
Funding and acquisitions in Indian startups this week [11-16 Mar]
Medial

The second week of March saw 30 startups funding deals worth $287 million. These deals include six growth-stage deals and 20 early-stage deals. While one growth and three early-stage startups kept their transaction details undisclosed. Last week, about 27 early and growth-stage startups collectively raised over $307 million, including three undisclosed deals. [Growth-stage deals] Among the growth-stage deals, six startups raised $234 million in funding this week. SaaS-based B2B fintech firm Perfios led the pack with $80 million in funding and turned unicorn. Battery tech startup Lohum, healthtech data analysis firm HiLabs, and AI-based workflow automation platform Nanonets followed the list with $54 million, $39 million, and $29 million funding. Further, D2C beauty and personal care brand CureSkin and alternative credit platform BlackSoil also secured funding this week. Medical device maker S3V Vascular did not disclose the funding details. [Early-stage deals] As many as 20 early-stage startups scooped funding worth $53 million during the week. Debt relief platform FREED topped the list followed by E2E business guide provider RapidCanvas, geriatric care service provider Kites Senior Care, D2C bottled water brand Clear Premium Water, and type 2 diabetes and prediabetes focused platform Sugar.fit. The list further includes a provider of smart metering solutions for power distribution Kimbal Technologies, fintech startup TapFin, provider of mortgage finance LoanKuber (Janasha Finance), Binny Bansal-led end-to-end solutions provider to e-commerce firm OppDoor, and brand analytics platform GobbleCube among others. The list of early-stage startups also includes two that kept the amount undisclosed. The startups are The Quorum Club, Indicold, and IntelloSync. For more information, visit TheKredible. [City and segment-wise deals] In terms of the city-wise number of funding deals, Delhi-NCR-based startups led with 11 deals followed by Bengaluru with 10 deals. Pune, Mumbai, Ahmedabad, Kolkata, and Mysore are next on the list. The complete breakdown of the city and segment can be found at TheKredible. [Series-wise deals] This week, Seed and Series A funding deals shared the top spot with eight deals each. Five startups raised funding in Series B, followed by three pre-Series A, three pre-Seed, and two pre-seed deals. [Week-on-week funding trend] On a weekly basis, startup funding remained somewhat stable at $287 million across 30 deals. Last week, 24 startups raised around $307.8 million in funding. The average funding in the last eight weeks stands at around $229 million with 27 deals per week. [Mergers and Acquisitions] Metaverse and gaming technology platform OneVerse acquired two companies: Calling Station, and BatBall11. Fast-moving consumer goods (FMCG)-focussed BIA Brands has bought beauty brand Asa Beauty for an undisclosed amount to expand its foothold in the beauty and personal care (BPC) space. While IPO-bound food delivery major Swiggy has reportedly merged its premium grocery vertical InsanelyGood with its quick commerce unit Instamart. [Fund launches] The week witnessed three startup-focused fund launches. Venture capital fund 8i Ventures today announced the launch of ‘Origami’, a seed funding program aimed at supporting early-stage founders. Prath Ventures has raised Rs 120 crore in a second close co-led by SIDBI Funds and others. The fund will seek to deliver Indian consumption opportunities to its LPs while adhering to the standards of institutional fund management. Small Industries Development Bank of India (SIDBI) has secured $24.5 Mn from the Green Climate Fund (GCF) for its maiden anchored sustainability and climate focussed fund Avaana Sustainability Fund (ASF). [ESOP] Meesho announced the initiation of an employee stock ownership plan (ESOP) buyback program of Rs 200 crore (approximately $25 million), making it the company’s largest ESOP buyback pool to date. As per a report, CRED also initiated its fourth Accelerated Wealth Programme (AWP) for employees earlier this week, offering employees the chance to purchase additional stock options with an accelerated vesting period. Visit TheKredible to see series-wise deals and amount breakup, complete details of fund launches, and more insights. [New launches] ▪️ Magicpin forays into logistics aggregation space, launches Velocity ▪️ CoinSwitch founders to launch an investment platform by June [Financial results this week] ▪️ FabAlley and Indya-parent posts Rs 185 Cr revenue and Rs 45 Cr loss in FY23 ▪️ Toothsi-parent MakeO’s revenue spikes 2X in FY23, posts Rs 220 Cr loss ▪️ Table Space revenue spikes 2X to Rs 780 Cr in FY23; stays profitable ▪️ CoinSwitch’s scale dwindles 82% in FY23; posts Rs 385 Cr loss ▪️ Juspay’s revenue spikes 88% to Rs 213 Cr in FY23; losses stand still ▪️ Decoding the financial health of leading cloud kitchen startups ▪️ KaarTech posts Rs 359 Cr revenue in FY23; remains profitable ▪️ Stanza Living posts Rs 442 Cr revenue and Rs 495 Cr loss in FY23 [News flash this week] ▪️ Paytm gets NPCI nod to become third-party app provider for UPI ▪️ IB Ministry blocks 18 OTT platforms for publishing obscene content ▪️ Swiggy merges InsanelyGood with Instamart ▪️ IPO-Bound Ullu Digital faces complaints for pornographic content ▪️ Classplus named in cheating, forgery case by Abhinay Maths ▪️ Pune RTA rejects the applications of Ola and Uber for aggregator license ▪️ Pocket FM to raise $100 Mn in new funding from Lightspeed ▪️ JioCinema partners with Sharechat and Moj to showcase its sports content [Entrackr’s analysis] The weekly funding remained somewhat stable at $287 million across 29 funding deals. In a positive development, Meesho and CRED have reportedly initiated ESOP plans for their employees. Additionally, three VC firms launched startup-focused funds to support Indian entrepreneurs. Swiggy, the food delivery giant, has merged its premium grocery vertical, InsanelyGood, with its quick commerce unit, Instamart. The move comes as InsanelyGood operations are paused temporarily, with plans to integrate it into the Instamart offering. InsanelyGood, previously a standalone app, was integrated into Swiggy’s main app last year, receiving a separate tile alongside services like Instamart and others. The merger follows a scaling down of InsanelyGood’s operations from six cities to just Bengaluru, aimed at curbing cash burn. On a different note, Ullu Digital, an IPO-bound streaming platform, is under scrutiny for allegedly selling “pornographic” content involving school children. Various government bodies, including SEBI, the Ministry of Corporate Affairs, and MeitY, are investigating the platform following complaints. This investigation comes after the National Commission for Protection of Child Rights (NCPCR) raised concerns about the app’s content being accessible to children. The Pune Regional Transport Authority has rejected the pending applications of Ola and Uber for an aggregator license. The rejection was based on document discrepancies and failure to meet the standards outlined in the government’s Motor Vehicles Aggregators’ Guidelines, 2020. Used car marketplace Cars24 is piloting a new service in Gurugram that allows car owners to hire drivers on demand on an hourly basis. The service, launched earlier this month, offers options for round trips, one-way trips, and outstation journeys, with stringent driver verification and testing processes in place. Lastly, investment tech platform Jar is reportedly venturing into the peer-to-peer (P2P) lending space with its new offering, Jar Plus, in partnership with Mumbai-based NBFC, P2P LenDenClub. Jar Plus has been rolled out for select users and aims to connect lenders with potential borrowers, similar to other P2P lending platforms.

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