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Unicorn India Ventures leads $2 Mn round in PeLocal

EntrackrEntrackr · 8m ago
Unicorn India Ventures leads $2 Mn round in PeLocal
Medial

Fintech startup PeLocal has raised $2 million in a seed funding round led by Unicorn India Ventures. The Chennai-based company had previously raised $1.06 million in the same round from Future Monk Investments and others. The proceeds will be used to expand and enhance the platform and also help accelerate go-to-market strategies for rolling out large-scale projects, PeLocal said in a press release. Launched in 2021 by Vivekanand Tripathi, PeLocal is a payment solutions provider within WhatsApp, advancing digital transactions for clients like Delhi Metro, Indraprastha Gas, Mahanagar Gas, and insurance providers. The platform specializes in transit ticketing, utility payments, and financial services, delivering secure solutions across government and private sectors. It aims to empower secure and end-to-end solutions leveraging cutting-edge communication channels. PeLocal aspires to leverage technologies like WhatsApp for seamless, secure, and customer-centric transactions. It also bridges the gap between merchants and consumers, envisioning the idea of being ‘Vocal for Local.’ The company plans to go aggressively on payments in WhatsApp and further strengthen its leadership position in the payments solutions market. In the last 12 months, PeLocal claims to have grown from 500K monthly payment transactions to 3 million monthly payment transactions. The company aims to touch 10 million monthly payment transactions on WhatsApp in the next 12 months. It is planning to launch a Marketing Catalog on WhatsApp with payments and an SMB payments platform on WhatsApp. It competes with other players in the space like Yellow.ai, Gupshup, and others.

L&T Precision Engineering eyes supply chain role for the next US space station: VP Vikas Khita | Mint

LivemintLivemint · 9m ago
L&T Precision Engineering eyes supply chain role for the next US space station: VP Vikas Khita | Mint
Medial

- L&T Precision Engineering and Systems, a subsidiary of Larson and Toubro Ltd., is looking to play a supply chain role in the next US space station. - The company's Vice President, Vikas Khita, anticipates Indian firms will have a role in the supply chain for the next space station. - L&T is also interested in building space ports, space parks, and manufacturing clusters as the Indian government opens up the space industry to private players in 2020. - L&T has been involved in the production of hardware for every ISRO project, including Chandrayaan, Gaganyaan, and Mars Orbiter missions. - L&T was previously in discussions with Blue Origin for the supply of orbital launch capabilities and space habitat solutions. - India aims to capture nearly 8% of the global space market by 2033, which is estimated to be worth nearly $1.8 trillion by 2035.

Eternal eyes 100% inventory play for Blinkit to improve margins

EntrackrEntrackr · 2m ago
Eternal eyes 100% inventory play for Blinkit to improve margins
Medial

Eternal eyes 100% inventory play for Blinkit to improve margins Eternal Limited, the company formerly known as Zomato, is gearing up for a strategic shift in its quick commerce arm, Blinkit, by planning to own inventory directly—a move enabled by its recent transition to an Indian-owned and controlled company (IOCC), according to a shareholder letter released by the company. The move will strengthen its operations and improve margins as it faces increased competition from both established players and new entrants in the quick commerce space. Eternal estimates that adopting a 100% inventory model would require less than Rs 1,000 crore in working capital. This amount is only about 5% of Blinkit's expected Net Order Value (NOV) of Rs 22,000 crore for FY25. In response to a question on how a pure-play inventory model could be achieved with Rs 1,000 crore, Eternal’s CFO Akshant Goyal explained that in quick commerce, inventory moves quickly. As a result, the company expects that working capital investments, relative to the overall scale of the business, will remain relatively low. The plan to keep inventory for BlinkIt comes on the back of its aggressive expansion in Q4 FY25, where it added 294 new stores and over 1 million sq ft of warehouse space, pushing its total store count to 1,301. However, such rapid growth led to widening EBITDA losses for Blinkit, from Rs 103 crore in Q3 to Rs 178 crore in Q4 of the last fiscal year (FY25). Even as short-term losses rise, Eternal remains bullish on the long-term profitability of the quick commerce space. The company is not planning private labels for now, but hinted that inventory control could eventually nudge EBITDA margins beyond the 5-6% of NOV it currently targets.

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