BUSINESS
Ola Electric picks Stan Chart veteran Topsy Mathew as corporate finance head ahead of IPO
Mathew, who was the managing director at Standard Chartered India Bank, will oversee the EV two-wheeler firm’s finance operations as the start-up looks to launch an IPO in 2024
BUSINESS
Indian SaaS industry to reach $26 billion in revenues by 2026: Report
Indian SaaS companies are doubling down on growth (revenue generation) while ensuring operational and capital efficiency, the report said.
BUSINESS
EV startup River raises $15 million led by Al Futtaim Group
The fresh funding will be utilised for River's growth and working capital needs, priming its manufacturing and distribution networks for the August 2023 delivery that it had earlier announced
BUSINESS
India’s diamond city Surat is now mining SaaS startups for the world
Data sourced from Tracxn shows that Surat has more than 2,530 startups, of which 164 are SaaS-based startups offering services such as financial management, export-import management and cloud-based solutions. Together, they have raised nearly $224 million so far.
BUSINESS
Government agencies, enterprises keen on adopting Zoho's Ulaa web browser
Zoho may look at monetisation through add-ons from the Ulaa web browser as the product evolves and gains more adoption from enterprises.
BUSINESS
Capillary Technologies raises $45 million in Series D funding round
Founded in 2012 by Aneesh Reddy, Ajay Modani, and Krishna Mehra, Capillary Technologies has a presence across the United States, India, the Middle East, and Asia, in particular, Southeast Asia.
BUSINESS
Razorpay partners with Axis Bank, NPCI to launch Turbo UPI
Razorpay claims that Turbo UPI can help businesses achieve a significant increase in the success rate of UPI payments by up to 10 percent.
BUSINESS
SaaS startup Zluri in talks to raise $15-20 million in Series B funding round
The round is expected to be led by Eight Roads Ventures and Zluri's existing investor Lightspeed Venture Partners
BUSINESS
Indian SaaS firms want to ride the generative AI wave to attract customers, investors
A recent report by Stellaris Venture Partners and IFC said Indian SaaS startups that harness artificial intelligence (AI) could achieve $500-billion market value by 2030.
BUSINESS
Startups stare at compliance nightmare, possible short-term cash flow crunch over 20% TCS rule
Startups and businesses generally allow employees to use corporate credit cards for business travel, international travel expenses including accommodation and food, and for other foreign spends like subscriptions.
BUSINESS
ZestMoney to stop insurance biz, affiliate programmes as it charts revival plan
Chapman explained how it was critical for fintech businesses to diversify and have different offerings amid rising competition in the space over the last two years. But she said that most of these companies realised that the core lending business is usually the most profitable.
BUSINESS
MC Interview: We played a good game, we have no regrets, Co-founder Lizzie Chapman after resigning as ZestMoney CEO
As part of its revival efforts, ZestMoney will shut down its insurance business and affiliate programmes and will shift majority of its focus towards its core business of lending and EMI for consumer goods.
BUSINESS
ZestMoney 2.0: New leadership, assured variable pay for employees & profitability goals set
ZestMoney will be run by new leadership team of Mohit Chhajer, Mandar Satpute and Abhishek Sharma. The startup has 150 employees
BUSINESS
SoftBank offloads 2% stake worth $120 million in Paytm
Post the sale, SoftBank will have around 11.17% stake left in Paytm which is around 70,809,082 shares.
BUSINESS
Wealthtech startup Fisdom to foray into asset management space
The startup is looking to launch a PMS license initially for its High Net Worth Individual (HNI) customers, which will be accessible through its Fisdom Private Wealth platform.
BUSINESS
Zoho's new Ulaa browser takes on Google Chrome and FireFox
Google Chrome currently leads the web browser market with a 63.45 percent market share as of April 2023, followed by Apple's Safari with 20.48 percent
BUSINESS
Freshworks' drop in net dollar retention rate not a concern, says CEO Mathrubootham
Tiger Global sold its entire 23 percent stake in Freshworks just weeks ago and Girish Mathrubootham says he is happy the company fulfilled its responsibilities and generated superior returns for its early backer
BUSINESS
BluSmart raises $42 million in a mix of equity and debt from existing investors
Over 50% of the total capital infusion came from founders, Anmol Jaggi and Punit Goyal, themselves to increase their stake in the company, people added. This is part of the company’s Series A2 round.
BUSINESS
Chiratae Ventures announces close of Maiden Growth Fund-I at Rs 1,001 crore
The Chiratae Funds collectively (across 6 funds) have $1.1 billion in AUM (Assets Under Management), made around 130 investments, 48 exits, 8 Unicorns, and 3 IPOs.
BUSINESS
Freshworks clocks first-ever operating profit at $3.9 million, revenue up 20% YoY in Q1CY23
The SaaS firm had a free cash flow of $9.1 million in the quarter under review up from negative $1.4 million in the first quarter of 2022.
BUSINESS
KredX receives final approval from IFSCA to facilitate cross-border trade finance
KredX GTX Aims to execute over $500 million by the end of 2023 and an overall $2 billion worth of transactions in the next 18 months.
BUSINESS
Tiger Global-backed savings startup Jar to foray into digital lending business
Jar’s move to jump on the digital lending frenzy comes at a time when several fintech startups, including some of the most-valued companies in India, are putting their foot down on lending, as India continues to remain a credit-starved market.
BUSINESS
Signing up more public sector customers in India to be key focus area this year: Freshworks' Karthik Rajaram
To date, the company counts several central government entities and multiple state government bodies as customers using products like Freshdesk and Freshservice, like the Pension Fund Regulatory and Development Authority (PFRDA).
BUSINESS
SAP Labs India looks to hire 1,000 employees, invest in AI technologies
The company will be looking to hire people with domain expertise in finance, supply chain, sustainability, human experience management, and artificial intelligence along with other core operations.
