B2B TECH STARTUP
Indian financial services sector is experiencing a significant upswing: Inventure Growth & Securities’ Kanji B Rita
India's financial services sector is poised for sustained growth. By leveraging the demographic advantage, embracing technological advancements, and prioritizing financial inclusion, a robust and inclusive financial ecosystem can be built, says Inventure Growth’s Kanji B Rita.
SaaS startup Rocketlane raises $24 million in funding
B2B SaaS startup Rocketlane has raised $24 million in funding led by 8VC, Matrix Partners India and Nexus Venture Partners. The company will use the funds to launch new products, innovate its customer portal, and accelerate its AI plans, it said in a statement. Rocketlane has so far raised $45 million in funding.
B2B fashion platform Zyod raises $18 million in funding
Zyod's equity funding round was led by venture firm RTP Global, while the debt capital came from Stride Ventures, Trifecta Capital and Alteria Capital. In April last year, Zyod had raised $3.5 million in a funding round led by Lightspeed Venture.
BoB aims to double tech team headcount to 3,000 by FY26-end
State-owned Bank of Baroda plans to double its in-house technology team to 3,000 employees in the next two years, according to a top official. Currently, the team comprises 1,500 employees. The expansion will involve both regular hiring processes and lateral hires of specialist talent, as stated by Debadatta Chand, the managing director and chief executive officer.
HSBC estimates Prosus stake in ecommerce unicorn Elastic Run at $200 million
HSBC, in a research note dated May 21, nearly halved the valuation estimate for B2B company Elastic Run, pushing its valuation below the $1-billion 'unicorn' mark. The startup, backed by SoftBank and Prosus, was last valued at $1.5 billion in 2022.
B2B marketplace ReshaMandi fires 80% of workforce amid fund crunch
The B2B marketplace focused on silk products failed to secure Series B funding. Laden with over Rs 300 crore debt, it is facing court cases and may also be taken to insolvency court.
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Supermoney bags $3.4 million in funding round led by Capital 2B, Capria Ventures
The SME-focused digital lending platform will use the funds to expand its loan disbursement and operational efficiencies.
Larsen & Toubro bags 'significant' orders in Hyderabad, Mumbai
The company did not disclose the order value. However, according to its project classification, significant orders value in the range of Rs 1,000 crore to Rs 2,500 crore.
IIT-Madras revamps B Tech degree programme to offer flexibility
Indian Institute of Technology, Madras has overhauled its B.Tech degree program to offer flexibility and entrepreneurship exploration, based on feedback from students and alumni. The updated program focuses on interdisciplinary learning, hands-on projects, and entrepreneurial ventures, reducing credits to 400. The institute prioritises innovation and entrepreneurship, with a goal of launching a startup every third day through the Start-up 100 program. Students can now allocate 40% of credits to elective courses and benefit from diverse academic opportunities.
Dispute with Raymach Tech settled: SpiceJet to NCLT
SpiceJet Ltd settled a dispute with Raymach Technologies over ₹2.7 crore worth of unpaid dues at the National Company Law Tribunal.
Manufacturing theme offers a diversified portfolio. Anthony Heredia explains how
We believe the Production Linked incentive (PLI) along with the need for global corporates to de-risk their China play offers a secular opportunity that is likely to pan out over the next 3-5-7 years. Government is also monitoring the PLI implementation, making necessary changes if needed to resolve any problem areas as well as adding more products covered under PLI.
Top startup & tech stories this week
Welcome to a brand new edition of ETtech Unwrapped – our weekend newsletter. The week was packed with important stories broken by our reporters. Here’s a recap if you missed these stories.
Adani One superapp clocked gross sales of Rs 750 crore in FY24
According to the 2023-24 annual report of the Ahmedabad-based conglomerate's flagship company Adani Enterprises, the user base of the superapp grew to 30 million at the end of the financial year. The company aims to expand the superapp's customer base to 400 million by 2030. Adani group is also in discussions with Paytm for potentially acquiring a stake in the fintech firm.
Agritech startup Fyllo raises $4 million in funding led by IndiaQuotient, SIDBI Ventures
Over 8,000 farmers are availing of Fyllo’s AI-based prediction models that suggest efficient agricultural practices, on more than 50,000 acres and have consistently received 25% more yield, 80% export-quality produce, and 30% more income, the company said.
Volt Money partners with PhonePe for loans against mutual funds
Loans against mutual funds are rapidly gaining popularity as a cost-effective alternative to expensive personal and business loans, by offering interest rates that are near to home loans.
B2B fintech startup Vegapay raises $5.5 million from Elevation Capital
Vegapay had raised $1.1 million in its first institutional funding round in 2023 led by Eximius. According to the company, the newly raised fund will be used to enhance Vegapay’s product suite, focusing on product development and regulatory compliance.
Cathie Wood's Ark buys stake in Elon Musk's xAI: report
Cathie Wood's Ark Investment Management purchased a stake in xAI, Elon Musk's AI startup valued at $24 billion, as reported by Bloomberg News.
Elon Musk's xAI raises $6 billion in Series B funding round
Elon Musk's artificial intelligence startup xAI has raised $6 billion in a Series B funding round backed by investors including Andreessen Horowitz and Sequoia Capital, among others, the company said in a blog post on Sunday.
Quick commerce 2.0, and other top tech & startup stories this week
Quick commerce, the buzziest sector in the consumer internet industry, is undergoing a significant transformation. We, at ETtech, have been tracking the sector super closely and bringing the biggest and most impactful stories to you, first.
Indian IT’s reliance on H-1B dropped 56% over past 8 years
Indian IT companies’ reliance on H-1B visas has fallen over the years as they have ramped up local hiring in the US. High denial rates during the Trump administration along with tightening of the immigration regime have also decreased visa usage, experts said.
Wall St Week Ahead-Earnings bolster US stocks but crucial inflation report looms
Still, some investors worry the rally could stall without evidence that inflation is cooling again. While Fed Chairman Jerome Powell has reassured markets the central bank is unlikely to raise rates anytime soon, months of strong inflation have led to concerns that policymakers will not cut them this year.
Tech companies plug into India's smaller cities for talent
The trend of Indian IT companies relocating to smaller cities is gaining momentum, driven by factors such as cost efficiency, government incentives, and the availability of talent. Workers like B. Ramachandran are choosing to live in places like Madurai over major tech hubs like Bengaluru and Chennai, citing reasons such as familial ties and lower living costs.
Why B2B brand building, marketing and sales is different from B2C
Irrespective of geography, when it comes to B2B business development, start with a small, distinct, or well-defined set of prospects to go after.
Dehaat joins B2B agrifood companies in launching consumer brand
This development comes when venture capital-backed agriculture technology startups are struggling to scale margins on mainstay business and have pared workforces to cut costs.
Cornerstone Ventures launches second fund with $200 million corpus
The fund will have a 12-year lifecycle. The $200 million fund will offer flexible ticket sizes ranging from $5 million to $15 million in a mix of early- to growth-stage startups. It plans to invest in 15-20 startups with the latest fund.
How Online Dispute Resolution can elevate conflict redressal for B2C start-ups
Omnichannel fulfilment challenges in B2C start-ups and the potential ways to curb them through online dispute resolution can assist consumers while also remaining compliant with the company’s internal regulatory environment.
B Capital closes $750 million fund; Startup Mahakumbh Day 2
Multi-stage global investment fund B Capital has closed its second Opportunities fund at $750 million. Details on this and more in today's ETtech Top 5.
B2B ecommerce firm Jumbotail raises Rs 151 crore in funding
Jumbotail will use the funds raised to scale up its “Go-To-Market products and services for new and emerging brands,” it said in a statement without elaborating.
B2B, manufacturing tech drove IPO market in past five years: report
According to the latest ‘Digitizing Make in India’ report by Boston Consulting Group and venture capital firm Matrix Partners, within the B2B space, there had been 11 initial public offerings in the past five years in the specialty chemical industry, featuring companies such as Chemplast and Senmar.
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