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Abha Maheshwari resigns as Allen Digital CEO after two years

EntrackrEntrackr · 16d ago
Abha Maheshwari resigns as Allen Digital CEO after two years
Medial

Abha Maheshwari, a former Meta executive who took charge of Allen’s digital business in 2022, has stepped down as CEO after two years in the role. She announced that she will be taking a short break before moving on to her next opportunity. "When I first joined, we were a small team of 15 to 20 working out of a WeWork, scrappy, ambitious, and committed to building something meaningful. Two years later, I leave behind a buzzing office filled with passionate people, bold ideas, and the same deep sense of purpose, now backed by a much larger and stronger team,” she wrote in a social media post announcing her exit. In April 2022, Allen Career Institute set up a wholly owned subsidiary, Allen Digital, with the aim of taking on India’s multi-billion-dollar edtech giants. The move came barely a month after Allen raised $600 million (about Rs 4,500 crore) from Bodhi Tree Systems, the investment vehicle of James Murdoch and former Disney Asia-Pacific chairman Uday Shankar. During her tenure, Allen Digital acquired AI-powered doubt-solving platform Doubtnut in a slump sale reportedly valued around $10 million. In December 2024, Allen was also reportedly in early-stage talks to acquire Unacademy at a discounted valuation of around $800 million. However, Unacademy co-founder and CEO Gaurav Munjal publicly denied the claim. "Together, we built a digital-first EdTech business anchored in learning outcomes. We launched transformative technology, scaled rapidly, and most importantly, made a real difference in the lives of students. From AI-powered learning to seamless offline–online integration, every step was guided by our vision to make education more accessible, deliver real learning outcomes, and truly empower students," Maheshwari wrote. For FY24, the company’s revenue grew 42% year-on-year to Rs 3,244.7 crore, driven by strong offline enrolments and an expanding digital footprint. However, its profit fell 44% to Rs 136 crore during the same period.

Fraganote raises $1 Mn in pre-Series A round led by Rukam Capital

EntrackrEntrackr · 23d ago
Fraganote raises $1 Mn in pre-Series A round led by Rukam Capital
Medial

Fraganote raises $1 Mn in pre-Series A round led by Rukam Capital Perfumery brand Fraganote has raised $1 million in a pre-Series A funding round led by Rukam Capital. The fresh funds will be deployed towards expanding its fragrance portfolio, introducing new scent-forward formats, and launching offline retail pilots and immersive brand experiences, Fraganote said in a press release. Co-founded in 2022 by Arjun Anand and Garima Kakkar, Fraganote is an Indian luxury perfume brand focused on artisanal fragrances. The company manufactures its products in small batches with a high concentration of perfume oil, aiming for longer-lasting scents. It also specializes in narrative-led, culturally attuned perfumes. The Delhi-based startup aspires to redefine how India discovers, experiences, and relates to fragrance. It strives to create story-rich perfumes that reflect the moods, aspirations, and evolving lifestyle of a new India. All concepts are developed in-house by a team of aficionados to create scents like Baked Vanilla, Drunken Cake, and Beach Holiday. According to market research, India’s perfume market is on a strong growth trajectory. Valued at $281 million in FY2024, it is projected to reach $873.3 million by FY2032, growing at a CAGR of 15.23% between FY2025 and FY2032. Garima Kakkar, Co-Founder of Fraganote, said, "At Fraganote, we are building a luxury fragrance brand that is born in India but belongs everywhere. We believe India needs its own iconic perfume house, one that is modern, accessible, and built for a new generation of consumers who view brands as communities.”

XOBOX aims to tackle residential last-mile delivery hurdles

EntrackrEntrackr · 1y ago
XOBOX aims to tackle residential last-mile delivery hurdles
Medial

Last-mile delivery hasn’t been perfect. Not that the likes of Dunzos of this world haven’t tried to address this. Recently, we saw Zomato experimenting with last-mile delivery through a unique concept of ‘walkers’ for corporate parks. Bengaluru-based XOBOX is one of the few startups that is trying to fix the last-mile delivery challenges especially for people living in urban areas. The company handles packages for residents in apartment complexes. Some of the features are securing the packages in smart lockers and dropping them to customers’ doorstep when they are back to their homes, and home delivery of essential items. We spoke to XOBOX founder and CEO Kiran Shivappa about his startup, what distinguishes it from the competition and the roadmap ahead. Here are the edited excerpts: How did you come up with this idea? I live in an apartment complex and even before the Covid deliveries were left scattered in front of the door and stray cats use to destroy especially milk packet which cause everyone to talk about it hours in community Whatsapp group, this made me think to find/adopt a solution to secure the deliveries when residents not able to receive it or may be they are not around. How does the platform work? Please help simplify the process. When we started the service, we started taking the request from residents to handle their packages and we coordinated with delivery guys to take the package, pay them if it is a COD [Cash on Delivery], and secure them in the locker until they come back, then we deliver it to their doorstep. We went one step ahead and made a contract with 3PL [Third-party logistics] and ecommerce companies to take every delivery coming to the society and our dedicated resources would hand them over to the residents, if the resident is not available then secure the package in the locker and hand it over once they come back. What are the key challenges in the industry that have not been addressed yet? And how do you plan to address them? Ecommerce companies have tried many solutions to optimize the last leg of the delivery process and achieved the Kirana model also, but they never got a chance to be inside the society exclusively and take care of the deliveries and achieve the customer delight to bring the most convenience to them in their package receiving time. We have dedicated resources inside each society to carefully handle the package and interact with residents and elderly people and become familiar to them so they feel comfortable to receive us at the doorstep at any time and feel secured as well. Industry major players tried to introduce the lockers but these lockers operate as a complete unmanned and fully automated, for this reason the adaptation was a big challenge and education was also a challenge. We adopted a 70/30 model where, way the lockers were built, operated and how people would feel easy to adopt this because the “30” percentage is the resources we introduced along with “70” percentage technology, our dedicated resource will work with all stake holders in the gated community to educate and make every one understand how to use the service. What are your short-term and long term goals in terms of product and business expansion and diversification? In the short term, we are looking to expand the service to 35 more gated communities in Bengaluru in 2nd and 3rd quarters of 2024 and then go to other cities. As far as long-term plans go, we are going to sign contracts with major ecommerce and 3PL companies to increase the volume in each society and serve the needs of elderly population in the community. We would want to reach 700-1000 gated communities and generate 150-180 cr annually.

Trading platform Trackk raises $1 Mn in seed round

EntrackrEntrackr · 17d ago
Trading platform Trackk raises $1 Mn in seed round
Medial

url: https://entrackr.com/snippets/trading-platform-trackk-raises-1-mn-in-seed-round-9652110 Content: Trackk, a new-age trading platform, has raised $1 million in seed round funding from prominent investors, including Mga Ventures, GSF Ventures, GNP Group, Paras Defence, along with leading family offices and angel investors. Prior to this, the Mumbai-based company had raised $100K in a pre-seed funding round from Maahavir Ventures. The fresh funds will be deployed in team building, technology and crafting a better user experience, Trackk said in a press release. The company has recently received approval from the Securities and Exchange Board of India (SEBI) to begin brokerage services on both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). Before securing this license, Trackk operated for over three years as an Authorised Person, acquiring more than 1.5 lakh registered users and facilitating over 6,000 trades daily — building a strong foundation of active traders and product insights. Co-founded in 2021 by Vedant Gupte, Aryan Jain, and Siddharth Thakkar, Trackk is a next-gen stock trading app that helps users discover stocks, trade from a single screen, and gain behavioural insights on their trading journey. “We believe the next generation deserves a seamless, technology-driven platform,” said Vedant Gupte, CEO at Trackk. “With our funding, SEBI approval, and strong leadership team, we are ready to bring a fresh, ambitious vision to India’s capital markets.” Trackk plans to launch its trading platform in the coming months, introducing a single-screen, intuitive trading experience designed for India's youth. Alongside this, the platform will offer personalised stock reports, data-backed portfolio ideas, and behavioural insights to help users make informed decisions and improve their trading habits over time. It primarily competes with other major companies in this space such as Groww and Zerodha.

Favcy VB’s 10th anniversary drives Rs 40 Cr in startup investments

EntrackrEntrackr · 6m ago
Favcy VB’s 10th anniversary drives Rs 40 Cr in startup investments
Medial

Favcy Venture Builders (Favcy VB) has celebrated its 10th anniversary with the Favcy VB Summit 2025, held at Bharat Mandapam. The summit brought together over 150 VCs and investors, along with more than 30 founders from its portfolio. The attendees included prominent VCs and family offices such as AWE Funds, Stanford Alumni Fund, She Capital, Anay Ventures, and the Vineeta Surana Family Office, among others. Angel investors from its 1stCheque network and government dignitaries from organizations like MeitY and iStart Rajasthan also participated. The summit highlighted Favcy VB’s pivotal role in empowering over 10,000 founders. "Over the past decade, we’ve refined venture building into a science, ensuring startups have a strong foundation from day one. This is the future of entrepreneurship. The next unicorns won’t just be discovered; they’ll be built," said Pranav Chaturvedi, Founding Partner & MD of Favcy VB. The summit featured live pitches by 33 founders across sectors such as AI, SaaS, D2C, deeptech, and sportstech. Notable startups included Serri, a Gen AI product startup, and Maity's, an elder care services venture. Some of the startups secured funding commitments worth over Rs 40 crore, with leading VC firms and HNIs—including AWE Funds, Good Capital, and IIM A Ventures—participating in the funding rounds, backing high-growth ventures. "Favcy VB’s structured approach de-risks early-stage investing and ensures scalable success. The portfolio we saw today is a testament to their model," said Seema Chaturvedi, Managing Partner, AWE Funds. A key highlight of the summit was the 1to10 Demo Day, a platform where first-time investors actively participated in shaping the future of India’s startup ecosystem. This initiative aligns with Favcy VB’s broader mission to democratize access to venture building and early-stage investing. The summit also showcased Favcy VB’s cutting-edge Gen AI platforms—Favcy Navigator and Startup Nalanda—designed to empower founders at every stage of their entrepreneurial journey. Favcy VB is a venture-building platform dedicated to structured startup creation and investment opportunities. It aims to empower 10,000 founders and transform high-potential ideas into scalable, investor-ready businesses.

Magicpin’s logistics arm MagicFleet crosses 1 million monthly deliveries

EntrackrEntrackr · 2m ago
Magicpin’s logistics arm MagicFleet crosses 1 million monthly deliveries
Medial

MagicFleet, the logistics vertical of Magicpin, has crossed one million monthly deliveries and aims to double that to two million by the end of FY26. Launched in September 2024, the AI-powered platform claims to have onboarded over 100,000 riders and is currently operational in seven major metros—Delhi NCR, Bengaluru, Pune, Hyderabad, Chennai, Kolkata, and Mumbai. Built to support micro and small logistics entrepreneurs, MagicFleet offers them a tech-enabled stack and consistent delivery demand through ONDC and Magicpin. It features AI-driven tools for smart rider allocation, real-time fleet tracking, surge pricing, RTO and CoD support, and full operational visibility. The platform provides riders with competitive base pay, bonuses, and daily payouts within 24 working hours, helping them earn better and grow their businesses faster. “We are already among the top three food delivery players in the country, and building logistics capabilities is a natural progression to drive more business to our merchant partners. MagicFleet was launched less than a year ago and has already onboarded 1 lakh riders, delivering 1.4 million orders monthly across India’s top cities,” said Anshoo Sharma, CEO and founder of Magicpin. MagicFleet is designed as a SaaS logistics layer for MSMEs and gig entrepreneurs, enabling fleets of any size to plug into food and grocery delivery demand and scale efficiently.

Specialty chemicals startup Scimplify raises $40 Mn in Series B round

EntrackrEntrackr · 5m ago
Specialty chemicals startup Scimplify raises $40 Mn in Series B round
Medial

Scimplify, a platform for sourcing and manufacturing specialty chemicals, has raised $40 million in a Series B funding round co-led by Accel and Bertelsmann India Investments, with participation from UMI and existing investors, including Omnivore and 3one4 Capital. This funding brings Scimplify’s total capital raised to $54 million, following its seed and Series A rounds. The fresh capital will accelerate Scimplify’s export expansion beyond the 16 countries it currently serves while strengthening its presence in key industries such as life sciences, crop sciences, and industrial chemicals, the company said in a press release. Many manufacturers struggle with sourcing raw materials, navigating regulatory requirements, and scaling up production to meet global demand. Scimplify addresses these challenges by offering an end-to-end manufacturing ecosystem, combining in-house scientific expertise with a network of over 200 specialized manufacturing plants across cost-efficient regions in India. Founded by Salil Srivastava and Sachin Santhosh, Scimplify is a B2B fulfillment platform that operates across the product life cycle, from contract research to commercial chemical manufacturing, serving industries such as pharmaceuticals, personal care, and agrochemicals. The company’s plug-and-play model enables global buyers to leverage India’s cost-efficient production capabilities without the burden of setting up dedicated manufacturing facilities. “As global supply chains undergo rapid shifts, customers are actively seeking reliable partners who can provide enterprise-grade R&D and comprehensive solutions for their specialty chemical manufacturing needs. Over the past year and a half, we have built great momentum, and with Accel joining this partnership, we remain steadfast in building a global R&D-led manufacturing company that brings a new-age approach to the modern customer,” said Srivastava. The Bengaluru-based company serves major markets, including the US, Europe, and Japan. Scimplify competes with Mstack, Atomgrid, Covvalent, Distil, and Elchemy.

PhonePe acquires GSPay IP from GupShup for UPI on feature phones

EntrackrEntrackr · 2m ago
PhonePe acquires GSPay IP from GupShup for UPI on feature phones
Medial

PhonePe acquires GSPay IP from GupShup for UPI on feature phones PhonePe has announced an IP purchase of conversational engagement platform Gupshup’s proprietary ‘GSPay’ technology stack for enabling UPI-based payments for feature phones. GSPay is a mobile application built on top of NPCI’s UPI payment solution for feature phones (UPI 123PAY). According to PhonePe, it plans to customize and extend the recently acquired GSPay IP and launch its own feature-phone based UPI payment mobile app on new feature phones in India, over the next few quarters. PhonePe aims to provide all basic UPI features such as P2P transfers, offline QR payments, and receiving of money from any other UPI customer to their mobile numbers or self-QRs seamlessly. This move aims to create full payment interoperability between feature phone and smartphone users and bring crores of Indians who still use feature phones into the Indian digital payments ecosystem. “This segment of users has been historically underserved by the digital financial industry and the broader startup ecosystem. We hope we can enable crores of these feature phone customers to participate in India’s burgeoning digital payments market,” said Sameer Nigam, co-founder & CEO of PhonePe. PhonePe’s portfolio of businesses includes the distribution of financial products (insurance, lending, and wealth) as well as new consumer tech businesses (Pincode and Indus AppStore). As per market research, India had approximately 24 crore feature phone users in 2024, and an additional approx 15 crore feature phone shipments are expected over the next five years. Launched in 2016, PhonePe has over 60 crore (600 million) registered users and a digital payments acceptance network spread across over 4 crore merchants. It also processes over 33 crore transactions daily with an Annualized Total Payment Value (TPV) of over Rs 150 lakh crore.

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