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NABARD acquires 10% stake in agri-fintech startup
VCCircle
·
3m ago
Medial
The National Bank for Agriculture and Rural Development (NABARD) acquired a 10% stake in 24x7 Moneyworks Consulting, marking its first investment in a bootstrapped startup. The Vadodara-based agri-fintech firm operates eKisanCredit (eKCC), a digital loan platform for rural banks. This move aims to enhance transparency and efficiency in agricultural credit, benefiting small farmers. NABARD plans a nationwide rollout after successful pilots with the platform, underscoring its commitment to rural innovation.
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NABARD launches agriculture-focused fund with a corpus of Rs 750 Cr
YourStory
·
1y ago
Medial
NABARD has launched an agri fund called 'Agri-SURE' with an initial corpus of Rs 750 crore to support agricultural startups. The fund aims to invest up to Rs 25 crore in around 85 startups by the end of its tenure. It will provide support through investments in sector-specific funds, debt Alternative Investment Funds (AIFs), and direct equity support. The fund also plans to promote IT-based solutions and machinery rental services for farmers. In addition, NABARD has launched the Agri-SURE Greenathon 2024, a hackathon to address key problems in agritech.
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DeHaat acquires farm advisory platform AgriCentral
Economic Times
·
6m ago
Medial
DeHaat, an agritech startup, has acquired farm advisory platform AgriCentral from Olam Agri in an all-cash deal. AgriCentral, serving over 10 million farmers, enhances DeHaat's digital services and farmer reach. The acquisition marks DeHaat's seventh, following purchases like Vezamart and Helicrofter. DeHaat, backed by Temasek, operates in 12 Indian states, serving around 3 million farmers. The company anticipates continued growth and aims for profitability in Q4, driven by its expanding business scale and value-added services.
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Zaggle Acquires 26% Stake In Digital Payments Processor Mobileware
Inc42
·
10m ago
Medial
Fintech SaaS startup Zaggle has purchased a 26% stake in Mobileware Technologies (now called '86400') for INR 15.6 Cr. 86400, founded in 2010, offers digital banking and fintech solutions to enhance digital services in rural and urban areas for banks and financial institutions.
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Infibeam acquires 20% stake in US-based XDuce
Thehindubusinessline
·
1y ago
Medial
Infibeam Avenues Ltd, an AI-powered fintech company, is investing $10 million for a 20% strategic stake in XDuce, an enterprise Application and AI development company based in the US. This move aims to integrate Infibeam's Phronetic capabilities into XDuce's framework and support their platform and payments business growth in the US market. The collaboration will enhance XDuce's intelligence quotient by embedding PhroneticAI Fraud detection and Authentication and Risk identification (FAR) AI technology. Infibeam aims to boost its international business contribution and penetrate the US market with AI fintech solutions for financial fraud prevention.
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MENA Digest: UAE startups lead weekly funding; investment activity slows in June
VCCircle
·
1y ago
Medial
During the week, three UAE-based startups secured venture capital funding, while overall investment activity in the MENA region slowed down in June. Revibe, a refurbished electronics marketplace startup, led the funding with a Series A round. Additionally, agri fintech startup Maalexi also secured funding.
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Lokalee, Maalexi get pre-Series A cheques; MEVP backs Clinicy
VCCircle
·
1y ago
Medial
Dealmaking in the MENA region picked up in the second week of 2024, with UAE-based Lokalee and Maalexi securing pre-Series A funding. Lokalee is a traveltech startup while Maalexi operates in the agri-fintech sector. Meanwhile, Saudi healthtech startup Clinicy received support from MEVP.
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Wilmar International acquires majority stake in AWL Agri Business as Adani Group sells 20% stake
Economic Times
·
22d ago
Medial
Adani Enterprises has sold a 20% stake in AWL Agri Business Limited to Wilmar International, Singapore, for Rs 275 per share, making Wilmar the majority shareholder with nearly 64%. This divestment is part of Adani's strategy to focus on its core infrastructure business. The transaction, following a previous 13.5% Offer for Sale, aligns with regulatory compliance and results in a total cash realization of Rs 15,729 crore for Adani Group.
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Ayekart Nets $6.5 Mn To Offer Agri Focussed Financial, Services
Inc42
·
1y ago
Medial
Agri-fintech startup Ayekart has raised $6.5 million in Series A funding to expand its operations nationwide and cater to a larger customer base. The funds were raised from investors Omnivore, Siana Capital, and Unleash Capital. Ayekart provides fintech and supply chain solutions for traditional businesses in the agrifood value chain. The startup claims to operate across 18 states with over 9,000 active merchants on its platform and has facilitated over 2.5 Lakh transactions. It aims to empower Farmer Producer Organizations (FPOs) and agrifood MSMEs by addressing their pain points through innovative fintech solutions.
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3one4 Capital-Backed Wint Wealth Acquires Ambium
Inc42
·
1y ago
Medial
Bengaluru-based fintech startup Wint Wealth Group has acquired a majority stake in Chandigarh-based non-banking financial company (NBFC) Ambium Finserve. The deal, which has received approval from the Reserve Bank of India, provides Wint Wealth Group with an NBFC license. Ambium Finserve has started wholesale lending operations under the brand name Wint Capital, focusing on lending to growth-stage NBFCs for onward lending. Wint Capital's loan book is expected to grow to INR 500 crore by the end of 2024. Wint Wealth Group, founded in 2020, helps customers navigate fixed deposits, corporate and sovereign gold bonds, and bond baskets.
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Bachatt, phab secure seed funding; Ampivo AI acquires e-commerce firm
VCCircle
·
3m ago
Medial
Fintech startup Bachatt and snacking brand phab have secured seed funding, raising $4 million and $2 million, respectively, from various investors. Bachatt will utilize the funds to launch its daily savings app, targeting self-employed individuals with financial services. Meanwhile, phab plans to expand its team and market presence with the investment. Additionally, Ampivo AI acquired a 51% stake in Commerce Forever Solutions, marking its strategic entry into the B2B e-commerce sector with predictive AI technologies.
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