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Truecaller adds AI-powered spam blocking feature for Android users

Economic TimesEconomic Times · 1y ago
Truecaller adds AI-powered spam blocking feature for Android users
Medial

Swedish caller identification app Truecaller has introduced an update for its premium subscribers on Android, allowing them to block all calls that are not from approved contacts or are identified as spam by its AI technology. The app's new update, called 'Max', blocks spam calls not listed on Truecaller's database. Truecaller aims to attract more users to its premium subscription by improving its filtering technology and addressing the issue of spam calls and scammers. The update is only available for Android, as Apple restricts automatic call blocking based on spam identification. Truecaller has 356 million active users and has identified and blocked nearly 50 billion unwanted calls in 2021.

Exclusive: Smallcase crosses Rs 100 Cr revenue mark in FY25

EntrackrEntrackr · 1m ago
Exclusive: Smallcase crosses Rs 100 Cr revenue mark in FY25
Medial

Smallcase runs a platform that helps brokers execute transactions in exchange-traded products. Its main source of revenue is the transaction fees charged to these brokers. Wealthtech platform Smallcase recorded over 50% year-on-year growth in the fiscal year ended March 2025, with improved unit economics, according to the data shared by the sources. Smallcase’s revenue from operations grew to Rs 106 crore in FY25 from Rs 67.4 crore in FY24, as per the documents. The platform has facilitated transactions worth Rs 1.2 lakh crore and serves a user base of over 10 million investors. Despite over 50% growth in FY25, Smallcase managed to keep a good check on its overall cost, which resulted in a reduction of its EBITDA losses to Rs 9 crore in FY25. However, the Bengaluru-based company posted a net loss of Rs 34 crore in the last fiscal year (FY25). Smallcase has secured around $120 million to date, including its $50 million Series D in March this year, which was led by Elev8 Ventures, with participation from State Street Global Advisors, Niveshaay AIF, Faering Capital, and others. Prior to this, it closed a $40 million round in 2022. According to the startup data intelligence platform TheKredible, Smallcase is currently valued at $285-290 million. Peak XV holds the largest external stake at 16.2%, followed by Fearing Capital and Blume Ventures with 9.67% and 7.67%, respectively. Smallcase faces competition from platforms like INDmoney, which reported Rs 70 crore in revenue for FY24, and Wint Wealth, which posted Rs 21 crore during the same period. Other rivals include Scripbox, Dezerv, and several emerging wealthtech players.

EV startup BattRE’s revenue dips to Rs 87 Cr in FY23; profit tanks too

EntrackrEntrackr · 1y ago
EV startup BattRE’s revenue dips to Rs 87 Cr in FY23; profit tanks too
Medial

BattRE grew four-fold in FY22 but the EV mobility startup couldn’t manage even double digit growth in the last fiscal year, FY23. Moreover, the Agility Ventures-backed firm’s profit plummeted by 87% in the same period as compared to FY22 BattRE’s revenue from operations declined 6.5% to Rs 87 crore in FY23 from Rs 93 crore in FY22, its annual financial statements filed with the Registrar of Companies show. Founded in 2017 by Niscahl Choudhary and Panjak Sharma, BattRE manufactures two-wheeler electric scooters and has three models named Storie, Loev, and One. It claims to have more than 400 outlets across 21 states in the country. The sale of scooters was the primary source of income forming 97.7% of the total operating revenue which decreased 5.6% to Rs 85 crore in FY23. The rest of the income came from the sale of allied services. Last year, BattRE also partnered with eight financial institutions including Bajaj Finance, ICICI Bank, Credit Fair and Loan Tap. For the EV manufacturing unit, the cost of procurement formed 79.3% of its total operating expenses. This cost remained constant at Rs 69 crore during the fiscal year ending March 2023. Burn on employee benefits, import customs, freight, transportation, sales cum marketing, legal, and other overheads pushed BattRe’s overall cost to Rs 87 crore in FY23 which stood at Rs 89 crore in FY22. See TheKredible for the complete expense breakup The stagnant revenue impacted their profits which dwindled by 87% to Rs 50 lakhs in FY23 from Rs 3.84 crore in FY22. Its ROCE and EBITDA margin worsened to 11% and 2.8% respectively. On a unit level, it spent Rs 1.00 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin 5% 2.8% Expense/₹ of Op Revenue ₹0.96 ₹1.00 ROCE 51% 11% BattRE directly competes with Ola which reported Rs Rs 2,631 crore income during FY23, and Ather which had a turnover of Rs 1,784 crore in the last fiscal. Bounce, Okinawa, Pure, and others are also key players in the market. It is obvious that for smaller players like BattRE, the going will keep getting tougher as larger and legacy players rev up their own game and output in the segment. Both TVS and Bajaj have made a splash since it had its big year in 2022, making the future uncertain, short of a breakout offering for the firm. Something that has always looked unlikely.

Exclusive: Lightspeed backs EkAnek’s Foxy almost after four years

EntrackrEntrackr · 1y ago
Exclusive: Lightspeed backs EkAnek’s Foxy almost after four years
Medial

Foxy, an online store that offers a wide range of beauty, grooming, and cosmetic products, has raised Rs 21.6 crore from existing investor Lightspeed India Partners. This is the first round of investment for the Delhi-based company since September 2020. Foxy’s parent EkAnek has passed a special resolution to issue 31,638 preference shares at an issue price of Rs 6827.24 each to raise Rs 21.6 crore or $2.6 million, its regulatory filing accessed from the Registrar of Companies (RoC) shows. The company will use these proceeds for expansion, growth, and general corporate purposes as decided by its board. The round appears to be an ongoing one and Foxy is likely to raise more capital in coming weeks. According to filings, Foxy also increased its ESOP pool by 7,520 stock options which took its total ESOP pool from 22,137 to 28,627 options. As per TheKredible’s estimate, the total pool size is worth around Rs 20 crore or $2.4 million and the company has been valued at around Rs 190 crore or $23 million post-money in the fresh round. Ekanek has raised $21 million to date including a $5.4 million in an extended Series A round led by Alpha Wave and AWI in September 2020. According to startup data intelligence platform TheKredible, Lightspeed India Partners is the largest external stakeholder with 22.4% followed by Peak XV, Alpha Wave, and Matrix Partners. EkAnek’s brand Foxy is a marketplace for beauty, grooming, and cosmetics products. Some notable brands on the platform include Mamaearth, Aqualogica, TheDerma, Garnier, B Blunt, and others. As per a Mint report, Foxy is shifting its focus to offer consultative services, including skincare advice to customers and its existing backers including Peak XV are expected to pump in $10 million in new round. Foxy’s revenue from operations grew 3.8X to Rs 36 crore while its losses stood at Rs 28 crore during the fiscal year ended March 2023. The company is yet to file its financial statements for FY24. Foxy’s early competitor SimSim was acquired by YouTube in July 2021 which shuttered operations in March 2023. Its another competitor BulBul consolidated with The Good Glamm Group.

Storia Foods revenue spikes 51% to Rs 169 Cr in FY24

EntrackrEntrackr · 5m ago
Storia Foods revenue spikes 51% to Rs 169 Cr in FY24
Medial

Storia Foods, a beverage and dairy alternative brand, reported 51% year-on-year growth in FY24. However, the company’s losses widened during the same period due to rising expenses across key cost centers. Storia Foods’ revenue from operations rose to Rs 169 crore during the last fiscal year, up from Rs 112 crore in FY23, according to its financial statement filed with the Registrar of Companies (RoC). Founded by Vishal Shah, Storia Foods offers sugar-free shakes, lattes, smoothies, coconut water, juices, and booster drinks, among other products. The sale of these items was the sole source of operational revenue for the company. The firm also earned Rs 2 crore from interest on deposits, which took its total revenue to Rs 171 crore in FY24. Storia Foods’ total expenses rose 44% to Rs 203 crore in FY24, up from Rs 141 crore in the previous year. The largest cost component, material costs, increased 40% to Rs 98 crore. Employee benefit expenses grew 17% to Rs 27 crore, while other expenses jumped 63% to Rs 78 crore. Despite strong revenue growth, the rising cost structure resulted in a net loss of Rs 33 crore in FY24 from Rs 27 crore in FY23. The firm’s EBITDA margin improved to -19.18% in FY24, compared to -24.69% in FY23. On a unit level, Storia Foods spent Rs 1.20 to earn a rupee during the fiscal year. The Mumbai-based company reported current assets worth Rs 24 crore in FY24, which includes Rs 5 crore in cash and bank balance. According to startup data intelligence platform TheKredible, Storia Foods has raised a total of $6 million in funding to date. Sixth Sense Ventures is the lead investor, holding a 23.86% stake, while founder Vishal Shah owns 20.30% of the company. Storia Foods is a very interesting effort in a category that has been notoriously difficult to crack. If it’s not the proposition of “pure juice” that gets you, it is the issue with the value-seeking Indian buyer, who simply does not sip often enough if the price is too ‘high’ for the privilege of getting pure juice. Storia has tried an interesting tack around the challenge by trying to push many of its offerings in packs of 6, while promising quality. It will be really interesting to see if the pitch has worked in terms of orders for full packs of six or more. Otherwise, despite a good show on growth and cost controls, the firm knows the next big challenge looms, besides the obvious one of distribution, in that it might get closer to breakeven, but within the next 2 years, it will need to confront a market that has usually stagnated for predecessors, forcing many to compromise on their original premise to keep growing with lower value, diluted offerings.

Exclusive: Blume Ventures leads pre-Series B funding in Virohan

EntrackrEntrackr · 1y ago
Exclusive: Blume Ventures leads pre-Series B funding in Virohan
Medial

Healthcare edtech startup Virohan has raked in Rs 14.9 crore or $1.8 million funding in an extended pre-Series B round led by Blume Ventures. The funding round comes after a gap of 14 months for the Gurugram-based company. The round also saw the participation of Mitsui Sumitomo Insurance Venture Capital, a venture capital fund managed by MS&AD Ventures, along with Suneight OK Partnership (Suneight), Bharat Inclusive Technologies, GoldenBird MultiProduct LLP, VVAG Partners, and individuals namely Pankaj Sharma, Sridhar Subramanian, Upasana Tilak Wadhwa, Viraj Nanda, Bhargav Suhas Jangle, and Vinita Bimbhet. The board at Virohan has passed a special resolution to issue 1,226 pre-Series B2 compulsory convertible preference shares (CCPS) at an issue price of Rs 1,21,496 per share to raise Rs 14.9 crore or $1.8 million, as per the regulatory filing with the Registrar of Companies. Blume Ventures infused Rs 6.15 crore while Mitsui Sumitomo Insurance Venture Capital and Suneight invested Rs 4.08 crore and Rs 2.48 crore, respectively. The remaining amount came from the other investors mentioned in the above paragraph. As per the startup intelligence platform TheKredible’s estimates, Virohan has been valued at around Rs 425 crore or $51 million (post-money). This marks a significant 1.8X jump in the company’s valuation as compared to its previous fundraise. Before this round, the firm raised $7 million in funding led by Blume Ventures. Entrackr had exclusively reported this in December 2022. To date, the startup has scooped around $15 million from Rebright Partners, AngelList, and Elea Foundation among others. Founded in 2018 by Archit Jayasal, Kunaal Dudeja, Nalin Saluja, and Parul Dudeja, Virohan offers healthcare vocational training to students to build a career in the healthcare industry. It operates hybrid classrooms at over 20 campuses and online training across India in cities including Delhi, Gurgaon, Faridabad, Roorkee, Raipur, Mumbai, Nagpur, et al. Followed by the fresh capital raised, co-founders Kunaal Dudeja and Nallin Saluja own 14.3% shares each while another co-founder Archit Jayasal-owned OXYS Impact LLP also has a 14.3% stake. Further, Blume Ventures increased its shares to 13.17% in the company. For complete details, visit here. Virohan’s operating scale surged 63.8% during FY23 to Rs 10.65 crore from Rs 6.5 crore in FY22. As per TheKredible, the company’s losses also rose 43.4% to Rs 18.58 crore in FY23 as compared to Rs 12.96 crore in FY22.

Atomic Asher takes on new-age security challenges such as QR code threats

EntrackrEntrackr · 1y ago
Atomic Asher takes on new-age security challenges such as QR code threats
Medial

Mumbai-based Atomic Asher is one of the few cybersecurity startups leveraging the latest technologies such as AI to protect common people from new-age digital threats. Founded in 2021 by Anirudh Asher, the startup offers apps like ‘QR Safety by Atomic Asher,’ which helps detect malicious QR codes and URLs. It also features a web application called’ WhatsApp Number Cleaner’, which helps users to clean up unwanted contacts for direct chatting without saving their numbers. Another offering is the ‘Anti-counterfeiting App’, which aims to assist users in distinguishing between fake and original products. We spoke to the founder and CEO Asher to learn more about the startup, how it works, and the roadmap ahead. Here are the edited excerpts: How did you come up with the idea? How do the QR safety and anti-counterfeiting platforms work? The idea was born out of identifying a critical gap in digital security with the increasing use of QR codes, increased counterfeiting of branded goods such as pharmaceuticals leading to the conceptualization of a solution to protect users and entire populations from potential threats. As far as our safety platforms go, users simply scan a QR code through the app, which then checks the code against a database of known threats and analyzes the linked URL for suspicious behavior, ensuring safe interaction. For the anti-countefeiting aspect, we have developed our own technology that takes QR technology to the next level. Please help understand how you generate revenues? Revenue is generated through a blend of premium app subscriptions, partnerships with cybersecurity firms, and tailor-made enterprise solutions, focusing on long-term value. Overall, we charge brands to help keep their customerbase safe from scams and counterfeits. What are the key challenges in the industry that have not been addressed yet? And how do you plan to address this? A major unaddressed challenge is the sophistication of digital threats. Our approach combines continuous research with technological innovation to stay ahead of threats. We also feel like there are not enough organisations focussed on building technology for the betterment of mankind and often seem to be chasing profits and get rich quick rather than doing the right thing. What are your short-term and long-term goals in terms of product and business expansion and diversification? Short-term goals include expanding our user base and refining our technology stack, while long-term objectives focus on geographical expansion and diversifying our product line to cover a broader range of security solutions. We aim to become the leading name in protecting the Indian diaspora from threats to their health, identity and digital security.

Funding and acquisitions in Indian startups this week [15-20 Apr]

EntrackrEntrackr · 1y ago
Funding and acquisitions in Indian startups this week [15-20 Apr]
Medial

During the week, equivalent to 37 Indian startups raised nearly $310 million in funding. These deals include 10 growth-stage deals and 17 early-stage deals. Meanwhile, one growth-stage startup and nine early-stage startups did not disclose the amount raised. Last week, about 21 early and growth-stage startups collectively raised around $105 million capital. [Growth-stage deals] Among the growth-stage deals, 10 startups raised $225.86 million in funding this week. Cleantech startup GPS Renewables led the list with $50 million in debt funding. The list was followed by vernacular social media platform ShareChat, housing finance company Altum Credo, B2B procurement marketplace ProcMart, and aerospace components manufacturer JJG Aero which raised $48.86 million, $40 million, $30 million, and $12 million, respectively. Further, consumer lending app RING, ESG and accounting and reporting consultation provider Uniqus Consultech, education-focussed NBFC Varthana, QSR chain Wow! Momo, and provider of decentralized solar-hybrid mini-grids Husk Power Systems. Electric cycle maker EMotorad also secured undisclosed funding this week. [Early-stage deals] Subsequently, 17 early-stage startups scooped funding worth $83.76 million during the week. Climate-focused deeptech startup Ecozen spearheaded the list followed by training, certification, and recruitment services provider for grey collar Emversity (Beyond Odds), gaming startup LightFury Games, NBFC FincFriends, and shipping intelligence platform ClickPost. The list further includes quick-service burger chain Good Flippin’ Burgers, emergency healthcare provider Medulance, elder care startup VitusCare, RevOps startup Clientell, and SaaS-based customer experience startup ZEPIC among others. The list of early-stage startups also includes nine startups that kept the funding amount undisclosed: IWill, TraqCheck, Svish, Advance Mobility, IndoSup, Almonds Ai, 100KMPH, Payinstacard, and BlackCarrot. 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 13 deals followed by Bengaluru, Mumbai, Pune, Kolkata, Patna, and Hyderabad. Segment-wise, fintech and e-commerce startups shared the top spot with six deals each. The list further counts healthtech, SaaS, foodtech, Gaming, and Automotive tech startups among others. [Series-wise deals] During the week, Seed funding deals led the list with 16 deals while Series A deals are at the second position with 7 deals, both collectively forming around 30% of the total funding. Further, Debt, Series B, and Pre-Seed are next on the list among others. [Week-on-week funding trend] On a weekly basis, startup funding grew 195% to $109.6 million as compared to around $105 million raised during the previous week. The average funding in the last eight weeks stands at around $267 million with 27 deals per week. [Departure] During the week, Arjun Mohan, the chief executive officer of Byju’s, stepped down from his position seven months after joining the edtech firm. His departure is part of the company’s efforts to restructure and streamline its businesses. [Fund launches] Four startup-focused funds were launched this week. The list includes a non-dilutive, grant-based fund (WTFund) for young entrepreneurs by Zerodha co-founder Nikhil Kamath. Venture capital firms Caret Capital and Ev2 Ventures teamed up to launch a new $50 million fund focused on India. Angel investing platform BizDateUp Technologies introduced a $24 million Category I Alternative Investment Fund (AIF) for technology startups. Additionally, Inviga Healthcare Fund (IHF), a new healthcare-focused private equity fund, raised $20 million in its first close. [Layoffs] Content-to-commerce platform The Good Glamm Group has reduced its workforce by 15% or 150 employees in the last 12-15 months, according to the company. The reduction in the workforce appears to be part of efforts to cut costs and extend the runway amidst a tight funding environment. [Mergers & Acquisitions] This week witnessed four merger & acquisition deals. Agilitas Sports acquired the brand license for the Italian sports brand Lotto from WHP Global. VerSe Innovation, the parent company of Dailyhunt, acquired Magzter, a digital newsstand with a vast library of premium magazines and newspapers. Aurionpro Solutions Limited announced the strategic acquisition of banking and insurance-focused PaaS startup Arya.ai. Moreover, OneVerse Gaming, a Metaverse and gaming tech startup, acquired the online poker platform PokerSaint, marking its fourth acquisition in the gaming sector. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [New launches] ▪️ Zomato unveils all-electric ‘Large Order Fleet’ ▪️ CASHe launches CASHe Green to forays into EV financing ▪️ Namma Yatri launches ride-hailing services in Bengaluru [Financial results this week] ▪️ LoadShare’s scale remains flat in FY23, losses shrink 19% ▪️ Heads Up For Tails posts flat scale in FY23; losses mount 5X ▪️ InMobi’s Glance records 77% growth in FY23; losses cross Rs 1,000 Cr ▪️ Otipy posts 50% GMV growth in FY24; losses down by 21% [News flash this week] ▪️ KreditBee plans ‘Ghar Wapsi’ from Singapore to India ▪️ Baron and Invesco mark up Pine Labs’ valuation ▪️ Jio-BlackRock JV to enter wealth management, stock broking biz ▪️ Swiggy merges Mall offering with Instamart ▪️ RBI’s draft KYC guidelines add burden and cost for payment aggregators ▪️ Bhavish Aggarwal plans $500 Mn IPO for Ola Cabs [Conclusion] After a significant drop in funding, the weekly funding again rose nearly 3X this week. The week saw three fund launches namely WTFund, Caret Capital, BizDateUp, and Inviga Healthcare Fund. The week also witnessed a layoff as The Good Glamm Group fired a part of its workforce. Fintech company KreditBee is relocating its domicile from Singapore to India, following a trend among new-age firms like Pine Labs, Groww, Razorpay, Meesho, and Zepto. US-based investment firms Baron Funds and Invesco have marked up the valuation of fintech unicorn Pine Labs, with Baron valuing it at $5.8 billion and Invesco at $4.8 billion as of December 2023. In another development, Swiggy is integrating Swiggy Mall with its quick commerce offering, Instamart, to expand its product range. Additionally, after postponing its IPO plans in 2021, Ola Cabs is preparing for a $500 million IPO at a valuation of around $5 billion, and reportedly planning to file draft papers with SEBI within three months.

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