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IBM partners with C-DAC to enhance High Performance Computing (HPC) in India

IndianStartupNewsIndianStartupNews · 1y ago
IBM partners with C-DAC to enhance High Performance Computing (HPC) in India
Medial

IBM has signed a Memorandum of Understanding (MoU) with the Centre for Development of Advanced Computing (C-DAC) in India to enhance High-Performance Computing (HPC). The partnership aims to focus on processor and system design, firmware, and application development. This collaboration will leverage IBM's Power processor for HPC applications and target startups, MSMEs, research organizations, and academic institutions in India. By fostering innovation and skill development, the partnership aims to build a comprehensive ecosystem for HPC in the country. The collaboration also includes the establishment of an HPC working group to design and develop indigenous processors based on the IBM Power architecture.

Startup news and updates: Daily roundup (June 11, 2024)

YourStoryYourStory · 1y ago
Startup news and updates: Daily roundup (June 11, 2024)
Medial

Healthtech startup C3 Med-Tech has secured its first equity investment from Industrial Metal Powders. The funding will be used to launch telemedicine and AI-driven devices for detecting eye diseases, expanding the company's presence, and conducting research and development. BlackSoil has invested over Rs 40 crore in JCB Salons India to support acquisitions and business expansion. Clapingo, an on-demand English tutoring platform, has raised an undisclosed amount of funding to enhance its product and attract a wider user base. Blockchain for Impact and UNICEF have partnered to support India's Universal Health Coverage initiatives. L&T Technology Services and IIT Hyderabad have formed a partnership to advance research in ADAS and CV2X technologies.

Drone tech startup Enercomp raises Rs 2 Cr in bridge round

EntrackrEntrackr · 2m ago
Drone tech startup Enercomp raises Rs 2 Cr in bridge round
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Drone tech startup Enercomp raises Rs 2 Cr in bridge round Drone tech startup Enercomp Solutions has raised Rs 2 crore in a bridge round led by angel investors. The round was advised and facilitated by Bestvantage Investments, a boutique investment advisory firm that connects high-growth startups with strategic capital across India and the Middle East. The proceeds will be used to expand manufacturing, scale R&D for AI-powered drone software, and build delivery capacity for large-scale national deployments. Enercomp’s roadmap includes an Rs 8 crore strategic investment plan over the next year to strengthen its IP, product stack, and execution capabilities. Founded in Ahmedabad, Enercomp operates at the intersection of hardware, software, and services. Its integrated offerings span indigenous drone manufacturing, Drone-as-a-Service (DaaS), and a proprietary GIS analytics platform. The firm claims to have developed seven proprietary drone models, including VTOL, fixed-wing, and surveillance variants, which are actively deployed in commercial and government projects. With 70% of revenue driven by product sales, Enercomp counts Tata Projects, Reliance, Mahindra Susten, L&T, and several government agencies among its clients. Its software dashboard is used for real-time, mission-critical data analysis by enterprise and public sector clients. Enercomp claims that it grew from Rs 3.1 crore in FY23 to Rs 5.6 crore in FY24, maintaining profitability. As per the company, it has already logged Rs 4.2 crore in revenue in FY25, with an active order book of over Rs 9 crore. To date, the startup has raised Rs 6.9 crore across previous rounds and seen its valuation jump from Rs 12.5 crore to Rs 60 crore, with the founding team retaining over 80.5% equity, including a 4% ESOP pool.

Funding and acquisitions in Indian startup this week [18 - 23 Nov]

EntrackrEntrackr · 9m ago
Funding and acquisitions in Indian startup this week [18 - 23 Nov]
Medial

During the week, 23 Indian startups raised around $595.86 million in funding. These deals include 6 growth-stage deals and 15 early-stage deals while 2 startups kept their transaction details undisclosed. Last week, 24 early and growth-stage startups cumulatively raised around $182.62 million in funding. [Growth-stage deals] Among the growth-stage deals, 6 startups raised $541.7 million in funding this week. Quicke commerce platform Zepto is on top with $350 million in funding. Omnichannel D2C nutrition platform HealthKart raised $153 million followed by insurtech firm Zopper, e-commerce platform Locad, fintech startup CredFlow, and drone-based geospatial firm Matrix Geo. [Early-stage deals] Further, 15 early-stage startups secured funding worth $54.16 million during the week. Semi-urban commerce platform OneCell Diagnostics led the list followed by decentralized gamer network KGeN (Kratos Gaming Network), same-day delivery platform Blitz, digital consumer products brand Billion Hearts, and beer startup Proost. Meanwhile, Vee Healthtek and Assure Clinics also raked in funding but did not disclose the transaction details. For more information, visit TheKredible. [City and segment-wise deals] In terms of the city-wise number of funding deals, Bengaluru-based startups led with 10 deals followed by Delhi-NCR, Mumbai, Chennai, Pune, and Hyderabad. Segment-wise, E-commerce and Healthtech startups are on the top spot with 4 deals each. Fintech, Foodtech, Logistics, and SaaS startups followed the list among others. [Series-wise deals] During the week, Seed funding deals are at the top with 11 deals followed by Series A, pre-Series B, pre-Series A, Series F, Series I, Series D, and pre-IPO deals. [Week-on-week funding trend] On a weekly basis, startup funding surged 226% to $595.86 million as compared to around $182 million raised during the previous week. The average funding in the last eight weeks stands at around $266.77 million with 25 deals per week. [Fund launches] As many as three startup-focused funds launched this week namely OG Capital and IIT Bombay’s Incubator Fund with a corpus of $36 million and $11.9 million while 8i Ventures did not disclose the fund size. [Key hirings and departures] The startup ecosystem witnessed 11 notable hires this week. WeWork elevated Jitendra Mohandas Virwani, Karan Virwani, Mahua Acharya, Anupa Rajiv Sahney, and Manoj Kumar Kohli and also hired Adnan Ahmad under its board. At the same time, Flipkart welcomed Dan Bartlett to the board of directors. Additionally, after Flipkart, Binny Bansal resigned from the board of PhonePe. [Mergers and Acquisitions] MakeMyTrip announced its plans to acquire Happay from CRED while The Good Glamm Group completed the acquisition of The Moms Co. Other notable acquisitions include Arzooo by Moksha Group, Khatema Fibres by Moglix, and OneSource Speciality Pharma by 360 ONE Asset. [ESOP buyback] HealthKart announced its first-ever employee ESOP buyback plan worth Rs 55 crore ($6.5 million). NowPurchase, a SaaS-enabled marketplace for metal manufacturers also completed its first-ever ESOP buyback. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [New launches] ▪️ Swiggy launches kitchen equipment procurement service for restaurants ▪️ Myntra pilots 2-hour delivery service ▪️ Dating app Flutrr launches AI chatbot for user convenience [Potential Deals] ▪️ Country Delight to raise $50-70 Mn led by SoftBank ▪️ Ritesh Agarwal to increase stake in Oyo ▪️ SolarSquare is looking to raise fresh funds at a 3X valuation [Financial results this week] ▪️ Healthians achieves EBITDA breakeven with Rs 250 Cr income in FY24 ▪️ Glance crosses Rs 600 Cr revenue in FY24 with improved economics ▪️ Teachmint revenue grows 2X in FY24, losses down to Rs 82 Cr ▪️ PharmEasy cuts losses by 51% to Rs 2,533 Cr in FY24, revenue dips 15% ▪️ Apple India posts $8 Bn revenue and $330 Mn profit in FY24 ▪️ Dezerv reports Rs 26 Cr revenue and Rs 75 Cr loss in FY24 ▪️ FNP crosses Rs 700 Cr revenue in FY24; losses drop by 78% ▪️ Paper Boat posts Rs 585 Cr revenue in FY24; cuts losses by 48% ▪️ Biryani By Kilo reports Rs 268 Cr revenue in FY24, cuts losses by 30% ▪️ Third Wave Coffee revenue crosses Rs 240 Cr in FY24, losses up 2X ▪️ The Sleep Company revenue soars 2.5X to Rs 312 Cr in FY24 ▪️ Park+ reports Rs 131 Cr revenue in FY24 with stable losses ▪️ INDmoney revenue spikes 73% in FY24, earns Rs 58 Cr from other income [News flash this week] ▪️ Zomato extends lead over Swiggy in food delivery ▪️ PhonePe, G-Pay lead UPI market share; Navi surpasses CRED to enter top 4 ▪️ boAt and Noise’s growth decline in Q3 amid market slowdown: IDC report ▪️ SEBI approves ArisInfra’s Rs 580 Cr IPO ▪️ BlackBuck’s share lists with a 2.9% premium ▪️ RBI eases forex rules for startups ▪️ Ola Electric cuts 500 jobs to improve profitability ▪️ Groww's valuation takes a hit after India shift: Report ▪️ Karnataka and DRDO join hands to support defence startups ▪️ MamaEarth’s Honasa faces distributor backlash over unsold inventory ▪️ Zomato becomes the first new-age stock to feature in the BSE Sensex index [Conclusion] On a weekly basis, startup funding surged 226% to $595.86 million as compared to around $182 million raised during the previous week. The week saw three startup-focused fund launches namely OG Capital, IIT Bombay’s Incubator Fund, and 8i Ventures. Zomato has solidified its position as the leading food delivery platform in India, capturing a 58% market share in the June quarter of FY25. This marks a significant increase from its previous market share of 54%. Swiggy, on the other hand, saw its market share decline to 42%. While the quick commerce segment continues to be competitive, with players like Blinkit, Zepto, and Swiggy Instamart vying for market share, food delivery remains a key revenue driver for Zomato and Swiggy. ArisInfra has received approval from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO) worth Rs 580 crore. The company had earlier planned to raise Rs 600 crore but has now reduced the size of the fresh issue. ArisInfra is also considering a pre-IPO placement of up to Rs 115.92 crore before filing its draft red herring prospectus (DRHP). BlackBuck's parent company, Zinka Logistics Solutions, saw its shares list at a 2.9% premium over its IPO price of INR 273. The stock debuted at INR 280.90 on the National Stock Exchange. The company's IPO was oversubscribed 1.8 times on the final day of bidding. Electric vehicle maker Ola Electric has initiated a restructuring process that will result in the layoff of around 500 employees. The company aims to streamline its operations and reduce costs to achieve profitability. This move comes amid concerns over its financial performance and after-sales service issues. The Karnataka government has partnered with the Defence Research and Development Organisation (DRDO) to support defence startups. This collaboration will provide startups with access to DRDO's testing facilities and mentorship. The partnership aims to foster innovation and growth in the defence sector, leveraging the expertise of both organizations.

Indian startups raise $1 Bn in July: Report

EntrackrEntrackr · 1y ago
Indian startups raise $1 Bn in July: Report
Medial

After closing the first half year on a promising note, Indian startups managed to cross the $1 billion monthly funding run rate in July too. Startups are also anticipating favorable market conditions with many set for their stock market debut in early August, be it Ola Electric or Infra.Market later in the year. Meanwhile, the Indian government has abolished angel tax which is seen as a positive for the entire ecosystem. As per data compiled by TheKredible, Indian startups raised over $1.03 billion across 126 deals in July. This consisted of 28 growth stage deals amounting to $725 million and 72 early stage deals worth $311.83 million. Meanwhile, there were 26 undisclosed transactions mainly in early-stage deals. [Y-o-Y and M-o-M trend] While the last month saw a sharp decline in funding from $1.93 billion in June, this is the highest funding for July in the past three years. The sudden jump in June was steered by Zepto’s $665 million megaround followed by Flipkart, PharmEasy and Lenskart. Indian startups have raked in $8 billion in the first seven months of 2024. If the trend continues, the overall funding is comfortably expected to cross the $11 billion milestone of 2023. To recall, Indian startups saw $38 billion and $25 billion funding in 2021 and 2022, respectively. [Top 10 growth stage deals] There were two $100 million plus deals in July with Purplle and Rapido raising $120 million each. Bike taxi firm Rapido also turned unicorn and became the third company to enter the billion dollar valuation club in 2024 so far. Hospitality firm Oyo’s $50 million came in third position followed by home service marketplace Urban Company, fintech company Navi, electric vehicle firm Matter, and wealthtech startup Dezerv, among others. It’s worth highlighting that Oyo saw a major haircut in its valuation while Urban Company raised the amount in secondary and Navi raised the sum in debt. [Top 10 early stage deals] As many as 72 early-stage startups raised $311.83 million funding last month. Manufacturer of high precision tooling for aero-engines and airframes, Unimech Aerospace led the list with a $30 million fundraise followed by renewable energy services company BluPine, electric vehicle and clean energy startup Simple Energy, gen-Z focused fast fashion D2C brand Newme, and wealthtech startup Stable Money which pocketed $28.8 million, $20 million, $18 million, and $15 million, respectively. Further, artificial intelligence startup UptimeAI, biotech firm Immuneel Therapeutics, community-led mobility app Namma Yatri, wedding service provider Meragi, and NBFC Seeds Fincap also raised funding among others. The list of early-stage startups also includes 26 startups that did not disclose their funding amount. For more information, visit here. [Mergers and Acquisitions] The month witnessed 17 acquisition deals. Gaming company Nazara Technologies acquired an additional 48.42% stake in Paper Boat Apps (PBA) from its promoters Anupam and Anshu Dhanuka for a sum of Rs 300 crore while its gaming arm Next Wave Multimedia acquired the intellectual property rights of Ultimate Teen Patti from Games24X7 for Rs 10 crore. The list further counts acquisition of Excelmax Technologies by IT giant Accenture, OneCare by Acko, Ekagrata by Adda247, Koral by Captain Fresh, Centcart by CASHe, BitOasis by CoinDCX, Galleri5 by Collective Artists Network, SiliConch Systems by L&T, and Munitalks by Melooha, among others. [City and segment-wise deals] City-wise, Bengaluru-based startups maintained the top position with 42 deals, contributing around 37% of the overall funding in July. Delhi-NCR and Mumbai followed with 33 and 24 deals, respectively. The list further counts Ahmedabad, Hyderabad, Jaipur, Chennai, Pune, and Kolkata, among others. Segment-wise, fintech startups led the show followed by e-commerce (including D2C brands) and SaaS with 15 and 10 deals, respectively. Healthtech, AI, and Agritech were next on the list. Visit TheKredible for more details. [Stage-wise deals] Series-wise, equivalent to 36 startups raised funding in the seed round followed by 27 Series A, 15 pre-Series A, 13 pre-Seed, and 4 Angel funding deals. Debt-only funding contributed $160.76 million or 15.5% of the overall venture funding across deals. [ESOP buyback] Adda247 and Swiggy announced ESOP buyback programs this month. Edtech platform Adda247 has initiated its first-ever ESOP buyback benefiting over 130 employees, following its acquisition of Ekagrata Eduserv. Meanwhile, food delivery giant Swiggy has rolled out its fifth ESOP liquidity program worth $65 million, providing an opportunity for employees to monetize their equity. These moves highlight the growing trend of startups rewarding employees through ESOP buybacks. [Layoffs, shutdowns and departures] Edtech major Unacademy laid off 250 employees as part of its cost-cutting measures. Similarly, agriculture supply chain firm Waycool underwent its third round of layoffs, affecting over 200 employees. In the content creation space, Pocket FM laid off nearly 200 contract writers based in the US. The startup ecosystem also saw three shutdowns. Vernacular microblogging platform Koo has ceased operations after failing to secure a buyer or sufficient funding. Apollo Tyres has also reportedly discontinued its doorstep car service, Trumigo, due to a lack of traction. In the edtech space, Bluelearn has shut down and will return a significant portion of its raised capital to investors. Edtech major Unacademy has seen the departure of its COO for offline centers, Jagnoor Singh. Similarly, Simplilearn’s Chief Product Officer, Anand Narayanan, stepped down after an eight-year tenure. Zoomcar’s global president has resigned amidst company restructuring while Medikabazaar’s co-founder Vivek Tiwari stepped down as CEO. Eight Roads Ventures’ Asia managing partner Raj Dugar also stepped down after 17 years with the investor, as per media reports. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [Trends] It’s raining startup IPOs: This year quite a few internet companies such as TBO tech, Digit Insurance, Awfis and Ixigo have got listed on the Indian stock exchange, with all delivering spectacular returns post listing as well. Three more companies including Ola Electric, FirstCry and Unicommerce are all set to make their stock market debut. Moreover, Mobikwik, Swiggy and Avanse have been waiting for approval from the market regulator. Wealthtech on the rise: A clutch of wealthtech startups have managed to score decent funding in the ongoing calendar year. In July, Deserv and Stable Money raked in $32 million and $15 million respectively. As per reports, more wealthtech startups are on the verge of raising new rounds. Geographic expansion: Traditionally dominated by metros like Bengaluru, Delhi-NCR, and Mumbai, the landscape is now witnessing a surge in entrepreneurial activity from smaller cities. Startups hailing from Ankleshwar, Bareilly, Bicholim, Nashik, Rupnagar, and Udaipur have recently secured funding, underscoring the growing potential of these regions. Family offices spreading out: Wealthy families are diversifying their portfolios. Traditionally focused on real estate and fixed deposits, they’re now actively seeking new investment avenues. This shift has led to the creation of separate investment pools and a growing interest in equity markets. In the past month, seven family offices participated in funding rounds. These include the family offices of Sunil Singhania, Jyothi Pradhan (CEO of Kurlon), MS Dhoni, Dr. A Velumani, Vasavi Family Office, Desai Family Office, and a Tamil Nadu-based family office. [Conclusion] As we had predicted in 2023, and earlier this year, the markets are expected to pick up by H2 this year, and here we are. Perhaps the last piece in the puzzle would be an interest rate cut by the Fed, to catalyse a whole chain of events that could lead to a mini-boom yet again. While expecting the highs of 2021 might be too much to hope for ($38 billion), it is not unreasonable to expect the Indian market to attract at least $15 billion in funding in 2025. The strong record of IPOs that is building up will not hurt investor confidence at all. The only thing to watch out for might be a rotation from Fintech and E-commerce to newer and important segments like Healthcare and Climate tech. Both are areas where India has large domestic markets, multiple use cases, and the crying need for solutions that can make a difference. With the kind of huge targets the country has in front, and massive schemes to get close, expect some large deals in the renewables space soon.

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