BUSINESS
NBFC Avanse Financial Services raises Rs 800 crore from Kedaara Capital
The funds would be used to expand the company's presence and outreach by lending to students and towards the development of the Indian education ecosystem, the lending firm has said
BUSINESS
Event management platform Hubilo lays off 35% of its workforce
Hubilo will now be focussing more on physical events as the pandemic-led lockdowns and restrictions are removed. The firm had around 330 employees before the layoffs.
BUSINESS
Sequoia announces Spark 02 fellowship for 12 female startup founders from India and SEA
Spark 02 founders will also have access to select Surge sessions and get mentorship from Sequoia India and Southeast Asia portfolio specialists across hiring, product, legal, finance, product, technology, and marketing
BUSINESS
AI firm Mad Street Den raises $30 million led by Avatar Growth Capital
Founded in 2016 by Ashwini Asokan and Anand Chandrasekaran, Mad Street Den has created AI-based solutions, through its Vue.ai and blox.ai business units, that help retailers grow their business by reducing operational costs through automation and data management.
BUSINESS
Davos 2023 | Bharat Forge plans 700 MW more green power: Amit Kalyani, Deputy MD
Renewable energy and EV players are wanting to quickly start buying green steel-based products for their own consumption
BUSINESS
Logistics startup Porter to offer insurance, vehicle loans to drivers through partnerships
Earnings data generated by the firm to help NBFCs and insurtechs underwrite loans. The company is looking to get into the used vehicle facilitation market to offer finance options for trucks and LCVs, co-founder and CEO Pranav Goel, has said
BUSINESS
RBI to PayU India: Reapply for payment aggregator licence, simplify corporate structure
This comes two months after the Reserve Bank of India rejected the application of Paytm Payments Services for licence to operate as a payment aggregator.
BUSINESS
Enterprise SaaS firm Actyv.ai raises $12 million in pre-series A funding
In December 2022, the total BNPL throughput crossed $100 million at Actyv. The company claims to have partnered with more than 20 leading financial institutions
BUSINESS
PE firms increasing focus on revenue and profitability in funding evaluations: KreditBee’s Madhusudan Ekambaram
In a candid interview with Moneycontrol, KreditBee co-founder and CEO Madhusudan Ekambaram said that he intends to take the company public in three years. He also shared the rationale behind raising funds and provided an overview of the company's revenue and profit numbers.
BUSINESS
Macroeconomic pressure may slowdown two-wheeler demand but EV growth will continue to soar: Tarun Mehta, CEO Ather Energy
Macroeconomic conditions may slow two-wheeler demand but EV growth will continue to soar, says Mehta, adding that Ather won't fire three bullets to get one right but spend time to perfect its products one at a time.
BUSINESS
Delhi HC grants 3 more weeks to Grovers for response to BharatPe petition
BharatPe filed civil and criminal suits against the defendants Grover, Jain and her brother Shwetank Jain, her sister’s husband Deepak Gupta, and her father Suresh Jain, in addition to a complaint filed with the Economic Offences Wing (EOW).
BUSINESS
Sequoia-backed Bounce lays off 5% of staff to cut costs
Having been severely hit by the pandemic, Bounce pivoted to making EVs, Bounce Infinity, while slowing down the bike rental operation
BUSINESS
Karnataka High Court stays 5% commission cap for Ola, Uber and Rapido autos
While the Karnataka High Court fixed a temporary rate of 10 percent over and above the ride cost, after several meetings with various stakeholders the Karnataka transport department proposed it to be set at 5 percent
BUSINESS
Layoffs are hard but we know our reality: Krish Subramanian, Chargebee Cofounder
In an interview with Moneycontrol, the Chargebee founder dismissed rumours of a down-round or strategic sale, saying the company is fully capitalised.
BUSINESS
Lending firm SarvaGram raises $35 million in series C round led by Elevar Equity
The company plans to advance its data analytics capabilities with the aim of enhancing customer experience and offerings, along with widening the customer funnel
BUSINESS
SaaS in 2023: Founders and investors spot emerging themes amid recession fears
The next year is likely to be tough for many SaaS firms. However, segments such as generative AI, PaaS offerings, and Low Code/No Code platforms, cloud security-based software may gather more steam in 2023.
BUSINESS
Ola Electric sells 1.5 lakh EV scooters in 2022, eyes expansion in export markets
In 2022 Ola Electric scaled up its premium scooter, the Ola S1, and completed the electrification of the premium scooter market (priced at more than Rs 1,00,000) in 1 year.
MCMINIS
What is a SaaS Magic Number?
BUSINESS
Budget 2023: Here's what EV ecosystem wants from FM Nirmala Sitharaman
The EV sector is looking forward to a slew of sops, including the extension of the FAME-II scheme beyond 2024, and a reduction in GST.
BUSINESS
Fintech startup Paysharp gets RBI’s in-principle approval for payment aggregator licence
In the last three months, several fintech players, including Open, Infibeam, and Cashfree, got the nod for payment aggregator licence.
BUSINESS
Delhi, Bengaluru see highest number of Uber trips in 2022: Report
The most popular product in terms of the number of trips was Uber Go, with Uber Auto coming in a very close second - showing the growing preference for App commute, for vehicles typically hailed off the roads earlier.
BUSINESS
Lending firm Money View raises $75 million in Series E funding led by Apis Partners
The firm is currently operating at an annualized disbursal run rate of $1.2 billion and is presently managing AUMs of over $800 million.
BUSINESS
Data science startup Tredence raises $175 million in funding led by Advent International
The San Jose-based company plans to use the funding to build on its growth momentum, strengthen vertical capabilities, and expand its customer base.
BUSINESS
Ola Electric to produce domestic lithium-ion cells by 2023, targets initial plant capacity of 5GW
Ola Electric will become cash positive next year, according to founder Bhavish Aggarwal, who also stated that ANI Technologies' ride-hailing business, Ola Cabs, will go public in the second half of 2023.
