VERTICES PARTNERS
Peak XV has Rs 16,000 crore for investment; AI to be in focus: Rajan Anandan
Peak XV Partners, managing director Rajan Anandan said the company isn't facing any shortage of capital, they just want more people starting up in AI. "We have over 25 AI investments that we’ve made over the last 1-1.5 years,” he said. Peak XV Partners recently led a $10.5 million funding round in AI health startup Cloudphysician.
Revenue growth to be quite significant for next 2 financial years: Saurabh Gupta, Dixon Technologies
I do not want to give you guidance on any number, but clearly the order book looks extremely healthy, not only across mobile vertical which is the largest trigger for our growth, I think so even IT hardware opportunities looking very promising.
ReCircle’s new textile vertical aims to process 570 MT of textile waste a year
After paper and plastic, the Mumbai-based waste management firm has set its eyes on managing textile wastes to build a more sustainable circular economy.
Bluestone’s new investors; states & semicon hubs
Happy Tuesday! New investors are finalising Bluestone’s pre-IPO funding round. This and more in today’s ETtech Morning Dispatch.
Can the world's loneliest plant get its perfect match?
E. woodii is a member of the cycad family, heavy plants with thick trunks and large stiff leaves that form a majestic crown. These resilient survivors have outlasted dinosaurs and multiple mass extinctions. Once widespread, they are today one of the most threatened species on the planet.
Brands by scions attract VC money; Ola Electric layoffs
Happy Monday! A new wave of brands founded by second generation entrepreneurs is snagging venture capital. This and more in today’s packed edition of ETtech Morning Dispatch.
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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.
SuprDaily founder Puneet Kumar joins Nexus as venture partner
Kumar joining Nexus Venture Partners adds to a long list of top personnel changes at venture firms in India over the last 8-10 months. He was previously at startup accelerator Y Combinator and had also founded Supr Daily along with Shreyas Nagdawane and Rohit Jain.
India Accelerator launches vertical to focus on robotics, unmanned aerial systems
India Accelerator launches RUMS (Robotics, Unmanned & Space) to support startups in robotics and unmanned sectors. Lt. Gen Anil Chait, a former Indian Army veteran, leads RUMS to foster innovation and growth in defense and other critical industries.
IIT-B partners with TCS to build India's first quantum diamond microchip imager
IIT Bombay and TCS collaborate to develop India's first quantum diamond microchip imager, crucial for semiconductor chip examination, with the potential to revolutionize various industries.
Uber gets nod to run bus service in Delhi
Uber has received a licence from the Delhi transport department to run its bus services. This is under the Delhi government's app-based premium bus aggregator scheme notified last November which aims to encourage the upper middle class to switch to public transport. Other than India, Uber operates its shuttle product in Egypt.
Uber’s India driver count tops 1 million
Ride-hailing platform Uber reported $654 million loss on global revenue of $10.13 billion for the January-March 2024 quarter. The company's mobility business saw 26% growth in gross bookings. The number of monthly active users on the platform globally rose 15% to 149 million. Uber operates mobility and delivery services globally.
Paytm’s lending biz in trouble; inside Tata Digital’s top-level churn
Happy Wednesday! Paytm’s lending business has hit a roadblock as partner NBFCs have stopped issuing loans. This and more in today’s ETtech Morning Dispatch.
Mohit Gupta, Mukesh Bansal’s omnichannel fashion startup Lyskraft raises $26 million in seed funding
Former Zomato executive Gupta will steer the venture as CEO, Bansal to stay away from operations. The fashion startup will focus on offline play in the premium women's wear fashion category and expand into other lifestyle segments later.
Aerospace parts maker JJG Aero raises $12 million in funding from CX Partners
JJG Aero secures $12 million funding from CX Partners for expansion. Anuj Jhunjhunwala aims for growth with 35% annual increase. OEMs and tier-1 vendors in US and Europe served. Hyderabad-based Jeh Aerospace also receives $2.75 million funding.
Nexus MD Sameer Brij Verma quits; will launch multi-stage fund
The fund will likely be $150-200 million in size, Verma will be a solo partner with a team of around a dozen executives.
Startup secondary deals rise; Nexus MD steps down
Venture capital investors at late-stage startups are looking for exits amid increasing pressure to deliver returns. This and more in today’s ETtech Morning Dispatch.
SaaS will turn into software and services in GenAI: Upekkha-WestBridge report
Upekkha-WestBridge predicts an IT services-like offering merged with SaaS.
Specialty coffee chain AbCoffee raises $3.4 million funding led by Nexus Venture Partners
Mumbai-based AbCoffee has raised $3.4 million funding led by Nexus Venture Partners to accelerate supply chain and technology stack for affordable specialty coffee through retail outlets.
Govt notifies settlement, commitment provisions under competition law
According to Vaibhav Choukse, Partner and Head of Competition Law at JSA Advocates and Solicitors, these provisions will enhance CCI's regulatory process, including swifter market corrections, especially in fast-changing digital markets
Florintree Capital sells entire 10.71%, GIC buys 6% stake in Data Patterns through block deals
Florintree Capital Partners, led by Mathew Cyriac, has exited its investment in Data Patterns (India) Ltd, selling its entire 10.71% stake worth about Rs 1,100 crore. The company has also received investments from Singapore's GIC, Mirae Mutual fund, HDFC Mutual Fund, and Kotak Mahindra Mutual Fund. Data Patterns, a defence and aerospace electronics solutions provider, has seen a 21x return in less than three years.
Meesho launches logistics vertical Valmo
Under Valmo, Meesho will aggregate several logistics providers and offer their services to its sellers. Unlike logistics services run by other ecommerce firms such as Flipkart and Amazon, Ekart and Amazon Transportation, respectively, Meesho will not invest in assets like trucks and warehouses.
Pantomath Capital Advisors appoints Ajay Jain managing partner, Investment Banking
Ajay Jain, formerly chairman & managing director at Monal Capital, and executive director of Centrum Capital will lead the Business Development vertical of the Investment Banking Division at Pantomath.
Udaan FMCG biz head Vinay Shrivastava quits; fourth senior exit since Sept’23
Udaan's FMCG business head, Vinay Shrivastava, has resigned amid a series of senior exits at the B2B e-commerce firm. Shrivastava, with nearly four years at Udaan, contributed to significant growth in market share and business. Udaan is restructuring its teams and business verticals, merging essentials with discretionary business. Shrivastava's departure follows the exits of the group CFO and other senior executives since September 2023. The company recently raised $340 million in Series E, but its valuation reportedly fell to around $1.8 billion in a down round.
We estimate 60% contribution from MSME lending verticals alone: Godrej Capital’s Manish Shah
In an effort to streamline operations and minimise the credit gap for the MSME sector, Godrej Capital is betting bigger on its business solution platform, Nirmaan, by expanding its collaborative network.
Titagarh Rail plans to raise up to Rs 700 cr via QIP, seeks JV partner for shipbuilding vertical
Its board approved the QIP plan at its meeting and also constituted a committee for scouting a partner for the Shipbuilding, Bridges and Defence (SBD) business. Currently, wagons and rail passenger coaches are its core operation and are foraying into railway wheels through a joint venture.
Zomato reports numbers for going-out vertical; Q2 revenue at Rs 49 crore
For Zomato, the going-out business reported Rs 1 crore in earnings before interest, taxes, depreciation and amortisation (Ebitda), down from Rs 3 crore in the previous quarter, but up from a negative Ebitda of Rs 11 crore in the same period last year.
'The Bricklayer': Check out action thriller’s cast, plot and everything we know so far
Renny Harlin's thriller 'The Bricklayer,' featuring Aaron Eckhart and Nina Dobrev, will be released in the U.S. through Vertical next year. The film, based on a novel by former FBI agent Paul Lindsay (pen name Noah Boyd), follows a rogue insurgent manipulating the CIA. It stars Clifton Collins Jr., Tim Blake Nelson, and Ilfenesh Hadera.
Dealshare fires 130, shutters B2B vertical; SoftBank, Oyo parent Oravel partner for premium hotels
Ecommerce platform Dealshare has sacked 130 employees and shut down its business-to-business vertical, just over a month after Vineet Rao stepped down as chief executive.
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