TECHNOLOGY
Neogrowth looking to raise Rs 500 crore, eyes AUM of Rs 4,000 crore by March
CEO and MD Arun Nayyar says the firm is looking to go for an IPO over the next 18-24 months
TECHNOLOGY
Ola Cabs CFO Karthik Gupta steps down seven months after taking charge
Before joining Ola, Gupta worked as the vice president and regional CFO of Asia Pacific, Middle East and Africa of Procter and Gamble for nearly 17 years.
TECHNOLOGY
EV maker Bounce launches new scooter variant E1X with battery swapping technology
The EV scooter is priced between Rs 59,000- Rs 60,000 per vehicle and will be available in the market by the end of May.
TECHNOLOGY
Former Freshworks executives’ gen AI startup Highperformr secures $3.5 mn in seed funding
The round also saw participation from angel investors including Shan Krishnasamy cofounder and former CTO of Freshworks.
TECHNOLOGY
Unlike other startup IPOs, our promoters didn't want to sell more: Go Digit's Kamesh Goyal
The offer for sale (OFS) portion of the issue been slashed by almost 50% from 10.94 crore shares to 5.48 crore shares. The company aims to raise Rs 2,614 crore through the issue at the upper band of the IPO.
TECHNOLOGY
Former Tesla executives-led DG Innovate enters India in a JV with EVage Motors
Under the JV, they will manufacture electric motors at around 98.5 percent efficiency at EVage’s Modular Miniature Manufacturing micro-factory and first batch of motors will be available over the next 12-18 months
BUSINESS
India aims to be the AI use-case capital of the world, says Nandan Nilekani
Nilekani also said that doomsday propagators of AI are protectionists while India will open technology for all
BUSINESS
Zoomcar in talks with EV car OEMs and dealers to assist hosts with vehicle ownership
The firm is also doubling down on its supply side or the host business through value-added services by tying up with Cars24, Spinny, and Droom to help hosts build more supply
TECHNOLOGY
Pressure to manage stock price would be brutal: Zoho founder Sridhar Vembu amid top deck rejig at Freshworks
Vembu reiterated that Zoho will remain a private company so that he can work with people for a long term on critical projects
TECHNOLOGY
Exclusive | I am not building Girish’s company, I’m building a global products company: Freshworks founder Girish Mathrubootham
Since founding the startup in 2010, Mathrubootham has been a key force for Freshworks to move from a small startup in Chennai, which he calls as a ‘garage startup’, into a Nasdaq-listed software firm in the US.
TECHNOLOGY
Freshworks reports a 20% YoY jump in revenue to $165 million in Q1 of 2024, net loss down by 44% to $24 million
Freshworks has full-year guidance revenue of $695 - $705 million and the company has also guided a full-year operating profitability of $58 -$64 million in 2024.
TECHNOLOGY
Freshworks founder Girish Mathrubootham redesignated as executive chairman, Dennis Woodside takes charge as CEO
Mathrubootham will now be spending more time on the long-term product vision, innovation and AI strategy.
TECHNOLOGY
Former BharatPe COO Dhruv Dhanraj Bahl launches maiden VC fund with total corpus of Rs 120 crore
Bahl joins a series of former executives of BharatPe who have moved to launch their own startups and venture capital funds like OTP Ventures, OTPLess and GrowthCap Ventures
TECHNOLOGY
Ola Electric's market share crosses 50% even as India EV sales dip in April
EV two-wheeler sales fell 52 percent to 64,013 units in April from the preceding month
TECHNOLOGY
Ola Cabs CEO Hemant Bakshi quits, company plans to lay off 10% staff as part of restructuring exercise
The restructuring comes just a few weeks after Ola Cabs initiated preliminary discussions with investment banks for an IPO.
TECHNOLOGY
Change of heart: Indian SaaS firms prefer Dalal Street over Nasdaq for IPOs
From Salesforce to Freshworks, typically SaaS companies have viewed the US market to be a favourable place to list, however with better valuations and growth expectations, the Indian market has attracted some SaaS firms and investors to mull listing in the home country.
BUSINESS
Unicommerce shifts gears to focus on large enterprises to boost revenue ahead of IPO
The change in strategy has helped the firm boost its revenue and in H1 of FY24, it reported an annual recurring revenue of Rs 103.74 crore
TECHNOLOGY
Ola, Uber challenger Namma Yatri in talks to raise $10-15 million in its first funding round
The firm is in talks with Blume Ventures, Singapore-based Antler as well as Google, according to sources in know of the developments.
TECHNOLOGY
Namma Yatri launches cab services in Bengaluru, onboards 25,000 drivers
Following the Bengaluru launch, Namma Yatri plans to expand its cab services to include inter-city travel, rentals, and scheduled rides
BUSINESS
ProcMart raises $30 million led by Nandan Nilekani's Fundamentum and Edelweiss Discovery Fund
The firm will utilise the funding towards geographical expansion, venturing into manufacturing of biofuels, entering the packaging segment as well as to strengthen its existing technology
TECHNOLOGY
Ola Electric cuts prices of S1X scooters range to take on Ather's Rizta
The announcement comes a few weeks after Ather launched its first family scooter Rizta at a starting price of Rs 1,09,999. In February, the company launched its S1X EV range, marking the company’s entry into the mass market segment
TECHNOLOGY
Ola, Uber and Rapido remove in-app wallet payments for auto-rickshaws to retain drivers, cut costs
The direct-payment model was first rolled out by Namma Yatri in Bengaluru in November of 2022. Now, other ride-hailing firms such as Ola, Uber, and Rapido want to tap into this to avoid paying GST on services.
TECHNOLOGY
Namma Yatri pilots taxi-hailing service in Bengaluru
While the official launch is expected next week, some of the riders Moneycontrol spoke to say they were able to book cabs on Namma Yatri for rides within Bengaluru
TECHNOLOGY
IIT Bombay Prof's startup Sedemac Mechatronics in talks to raise $100 million from A91, Xponentia, 360 ONE Asset
The startup is talking to A91 partners, Xponentia Capital Partners and 360 ONE Asset. The round is likely to close at a valuation of $250 million
