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Byondnxt secures fresh funding, Zomato stake reduced to 6%

EntrackrEntrackr · 8m ago
Byondnxt secures fresh funding, Zomato stake reduced to 6%
Medial

Byondnxt, which operates the kitchen appliances brand Beyond Appliances, has secured additional funding from a group of new investors. Zomato, which recently acquired an 8% stake in the Bengaluru-based startup, did not participate in this latest funding round. In a stock exchange filing on Sunday, Zomato said that the fundraising was completed on November 30, and the Deepinder Goyal-led company’s shareholding in Byondnxt reduced to 6% on a fully diluted basis. In October, Zomato acquired an 8% stake in Byondnxt for about Rs 6,000. Byondnxt, founded by Eshwar Vikas, who also founded Mukunda Foods, is a direct-to-consumer (D2C) brand specializing in the design and manufacturing of kitchen appliances. In March 2022, Zomato invested $5 million to acquire a 16.66% stake in Mukunda Foods, a company that supplies smart kitchen equipment to business-to-business (B2B) clients. Rakesh Patil is the other co-founder and chief technology officer (CTO) of Beyond Appliances. This is the second funding round for a Zomato-backed company in the past three months. In September, adtech startup AdOnMo raised $25 million in a funding round led by the Singapore-based venture capital (VC) firm Rigel Capital and Indonesia-based Sinar Mas. Meanwhile, Zomato chief Goyal also incorporated a new venture named Continue, which will focus on health tracking and mental wellness. Zomato Limited recently raised Rs 8,500 crore (around $1 billion) through a Qualified Institutions Placement (QIP) of equity shares.

Ultrahuman Raises $35 Mn To Boost Research In Health Monitoring

Inc42Inc42 · 1y ago
Ultrahuman Raises $35 Mn To Boost Research In Health Monitoring
Medial

Bengaluru-based fitness and healthtech platform, Ultrahuman, has raised $35 million in a mix of debt and equity funding in a Series B round. The funding round included participation from investors such as Blume Ventures, Steadview Capital, Nexus Venture Partners, Alpha Wave, and Zomato founder Deepinder Goyal. Ultrahuman plans to use the funds to expand its manufacturing capacity and conduct further research in the health tracking space. The startup offers health tracking and monitoring devices, including fitness rings, and aims to become the market leader in the smart rings space. Ultrahuman also provides a subscription-based fitness platform for better data monitoring and offers a range of workout content.

Zomato adds new ESOP worth $39 Mn

EntrackrEntrackr · 10m ago
Zomato adds new ESOP worth $39 Mn
Medial

Food tech major Zomato has introduced a new ESOP plan worth Rs 328 crore (approximately $39.5 million) under the Foodie Bay Employee Stock Option Plan 2014. The board at Zomato has received the board approval to grant 1,19,97,768 ESOP options under its Foodie Bay Employee Stock Option Plan 2014, its regulatory filing accessed through the National Stock Exchange shows. This development follows three months after Zomato received shareholder approval for a new ESOP plan valued at $458 million. At that point, the total value of Zomato’s ESOPs was $796 million. During the first quarter of the ongoing fiscal year, Zomato reported 4,206 crore of revenue, registering an 18.1% quarter-on-quarter growth with the profits standing at Rs 253 crore in the same period. The company is currently trading at Rs 276 crore (as of 04th Oct 2024 11.50 AM) with a total market capitalization of Rs 2,44,000 crore or $29 billion. Zomato’s arch-rival, Swiggy is also preparing for its public market debut. The Bengaluru-based company filed its draft IPO papers to raise Rs 3,500 crore via a fresh issue. Among the public companies, Policybazaar’s parent PB Fintech, Nykaa and TBO Tek also increased their ESOP pool in 2024. Meanwhile, Zomato is seeing major shifts in its leadership following the recent departure of Akriti Chopra, its co-founder and Chief People Officer. She joins other former co-founders, such as Pankaj Chaddah, Gaurav Gupta, Mohit Gupta, and Gunjan Patidar, who have also recently exited the company.

Bengaluru police bust Rs 12 Cr fraud targeting CRED

EntrackrEntrackr · 7m ago
Bengaluru police bust Rs 12 Cr fraud targeting CRED
Medial

Bengaluru police have arrested four individuals, including an Axis Bank manager, for allegedly embezzling over Rs 12 crore from Dreamplug Paytech Solutions. Dreamplug operates fintech unicorn CRED. According to a Times of India report, the arrested individuals are Vaibhav Pithadiya, an Axis Bank relationship manager based in Rajkot; Parmar Neha Ben Vipulbhai, a banking agent from Surat; Shailesh, an insurance agent from Rajkot; and Shubham, a commission agent from Rajkot. The arrests were made following a complaint by Narasimha Vasanth Sastry, an executive from CRED. The fraud was uncovered on November 12 when Dreamplug executives detected unusual activity in their bank accounts. They found that Rs 12.2 crore had been fraudulently withdrawn from two Axis Bank accounts – a current account and a nodal account opened in 2021. The report added that the fraudsters carried out 37 transactions over 14 days, between October 29 and November 11, transferring Rs 12.2 crore to multiple accounts across the country.

SaaS startup Optipro AI raises fresh funding

EntrackrEntrackr · 22d ago
SaaS startup Optipro AI raises fresh funding
Medial

Optipro AI, a SaaS startup focused on improving food delivery operations for restaurants, has raised a fresh round of funding, for an undisclosed amount. The Bengaluru-based startup will use the proceeds to expand its presence across India and enhance product innovation. The company did not disclose the names of the investors participating in this round. Founded by Harshendar Reddy, Optipro offers a centralized dashboard for restaurants to track and manage operations on Swiggy and Zomato in real-time. The platform enables restaurant teams to monitor delays, identify inactive outlets, track reviews, predict refund risks, and detect out-of-stock items. It claims to have processed over 5 million orders and 500,000 reviews, helping over 800 restaurant locations automate operational tasks, reduce refund incidents, and improve customer experience and platform scores.

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