TECHNOLOGY
Bhavish Aggarwal's AI startup Krutrim turns unicorn after raising $50 million
Krutrim is India's first unicorn of 2024 and also the country's first AI unicorn. It plans to build the entire AI computing stack including AI models and indigenous data centers
TECHNOLOGY
NBFC Vivifi India raises $75 million in a mix of debt and equity
Founded in 2016 by Anil Pinapala and Srinath Kompella, Vivifi aims to establish multiple offices across tier-II and tier-III cities in Telangana and Andhra Pradesh
TECHNOLOGY
Davos 2024: Mahindra and Mahindra to shift 30% of production to EVs by FY27, says CEO Anish Shah
The firm is on track to launch around five electric SUV models by December and will make a million EVs in India by FY30, Shah has said
TECHNOLOGY
Alpha Wave-backed Groyyo secures $5.4 million in venture debt
This financing also includes a USD facility provided by Lighthouse Canton to help Groyyo scale its operations in the UAE.
TECHNOLOGY
Davos 2024: Japanese Monetary Authority to adopt India's digital payment models says Ashwini Vaishnaw
The UAE, Bhutan, and Nepal have already adopted the UPI payment system and NPCI International is in talks to extend the UPI services in the US, European countries, and West Asia.
TECHNOLOGY
International Battery Company raises $35 million led by RTP Global
IBC will use the funds to develop United Nation’s 38.3 and BIS-certified ready-for-delivery battery cells for the Indian market and to set up a 2 GWh lithium-ion Giga factory in Bengaluru
BUSINESS
DMI Group acquires BNPL startup ZestMoney in a fire sale deal
DMI Finance was in the fray to acquire ZestMoney. Aditya Birla Finance, Piramal and Hero Fincorp who were also in the race had backed out citing high exposure
TECHNOLOGY
Davos 2024: India story is of resilient growth, value addition in electronics manufacturing, says EY India chief Rajiv Memani
With the government readying to present its last Budget before the general election, Memani said that any tax relief to individuals suffering under the impact of inflation will help the economy.
TECHNOLOGY
DMI Finance likely to close acquisition of BNPL firm ZestMoney in next two weeks
According to sources, the officials of DMI Finance held a meeting with the employees including the ones that received the pink slips from ZestMoney regarding the fire sale and said that most of them will retain their jobs in the startup
BUSINESS
Travel credit card startup Scapia faces user backlash for reducing credit limits
Scapia's banking partner Federal Bank has ordered the firm to reduce credit limits for inactive users.
TECHNOLOGY
Upekkha marks first close of new fund at $15 million led by WestBridge Capital
The new fund has a total corpus of $40 million and will invest in around 70 SaaS and AI startups in India.
TECHNOLOGY
Financing platform Velocity launches Rs 300 crore debt fund to back B2B SaaS firms
Velocity plans to double its e-commerce disbursements to Rs 800 crore and allocate an additional Rs 500 crore to new sectors including B2B SaaS.
BUSINESS
Karkhana.io raises $6.3M from Arkam and Susquehanna Asia Venture Capital
The platform currently has a supplier network of 500 MSMEs enabling 90-100 OEMs for their contract manufacturing requirements.
BUSINESS
BluSmart new fare structure adds surge pricing for 'rush hours'
The decision comes despite the company’s promise of no-surge pricing policy. Co-founder Anmol Singh Jaggi says surge pricing is unpredictable, while its ‘rush-hour’ fares are a true reflection of the efforts of driver partners
BUSINESS
MobiKwik DRHP: Tight regulations, sustained profitability, expanding financial services among factors to watch out for
The company recently slashed its issue size to Rs 700 crore from Rs 1,900 crore and refiled the draft papers with SEBI.
BUSINESS
India’s E2W sales post 36% jump in 2023, crossed 8-lakh mark as adoption rates go up
As per VAHAN data, total electric vehicle retail sales in 2023 accounted for around 7% of total automobile sales in India despite a reduction in FAME subsidy
BUSINESS
Online broking platform Fyers to enter lending biz via Margin Trading by early 2024
The Bengaluru-based firm has seen its revenue in FY23 revenue cross Rs 200 crore and it plans to onboard 1 million users by 2024. It is also entering the portfolio management service business.
BUSINESS
Paytm lays off over 1000 employees as firm implements AI automation tech
The firm has been conducting layoffs based on non-performance and due to AI automation over the last one month.
BUSINESS
Ola Electric DRHP: Promoter's conflict of interest, mounting losses, soaring attrition among 7 things to watch out for
Ola Electric filed its Draft Red Herring Paper (DRHP) on December 22 and plans to raise Rs 7,250 crore via IPO.
BUSINESS
Ola Electric files DRHP, plans to invest Rs 1,226 crore for capex
The EV maker with a total IPO size of Rs 7,250 crore, will also utilise the some of the net proceeds of up to Rs 1,600 crore towards investment into Research and Development.
BUSINESS
Startup funding may face the heat after RBI crackdown on evergreening loans to AIFs
India’s top venture capital investors are holding meetings with the Reserve Bank of India’s deputy governor and other officials to discuss and submit recommendations on the unintended consequences of the move.
BUSINESS
With licences in, payment aggregators gear up for rising demand from merchants
The RBI’s approval for companies such as Cashfree and Razorpay to onboard new merchants has come as a relief for the payments ecosystem.
BUSINESS
Cashfree will double down on payment gateway business, 15,000 merchants to go live soon: CEO Akash Sinha
After receiving the final nod from RBI to operate as a payment aggregator, the Bengaluru-based firm expects payments to continue to contribute more than 65-70 percent of its overall revenues
BUSINESS
Life after getting payment aggregator license: Thousands of merchants already pinging us, says Razorpay's Harshil Mathur
Razorpay received the final approval from the Reserve Bank of India to operate as a payment aggregator on December 19. Mathur says company is very much ready, and can on-board merchants from day one.
