BUSINESS
LeadSquared FY22 revenue doubles to Rs 193.5 crore but losses widen to Rs 62 crore
The company's expenses shot up to around Rs 262.3 crore from Rs 113.3 crore in the previous year. Employee benefits accounted for around 54% of the total expenses
BUSINESS
Nisarg Shah-led VC firm Kettleborough closes maiden fund at $5 million
So far, through this maiden Fund, Kettleborough has deployed capital in five companies including Zippmat with Matrix and Zephyr Peacock, Zocket with Kalaari, and Bytelearn with Leo and Chiratae, and is closing two more transactions with Infoedge and Kae in the coming month, the company said in a media statement.
BUSINESS
Co-living platform Isthara bags $10 million funding led by Dubai-based Eagle Investments
The startup plans to deploy the new funds to foray into the business-to-consumer (B2C) retail food court space and expand its presence in the co-living sector
BUSINESS
Deeptech EV startup Vecmocon raises $5.2 million funding led by Tiger Global and Blume Ventures
Vecmocon was founded in 2016 by Peeyush Asati, Shivam Wankhede, and Adarshkumar B, alumni of IIT Kanpur, IIT Delhi, and ISB respectively
BUSINESS
Ola, Uber, Rapido will need separate three-wheeler licences to run autos on platforms, says K'taka Transport Dept
The transport commissioner clarified that if the autos continue to run or be allowed to book by passengers, the company will be charged a fine of Rs 5,000 per vehicle, per day, as first offense.
BUSINESS
Ola, Uber and Rapido reduce base fares in Karnataka after state govt intervenes
The decision to increase the base fare to Rs 60 has been reversed by the auto and cab aggregators.
BUSINESS
Headcount management startup TeamOhana raises $4 million in seed funding
Founded in 2021 by Tushar Makhija and Baishampayan Ghose helps companies to plan and manage headcount. The platform offers products to help company's personnel planning, empowering all teams to collaborate and execute strategic hiring plans on time and within budget.
BUSINESS
Karnataka stops services of Uber, Ola, Rapido over auto ride charges
The department has called the auto services run by the cab aggregators ‘illegal’ under On-Demand Transportation Technology Act 2016.
BUSINESS
Robotics startup Miko acquires AI firm Square Off
With the acquisition, Miko is planning to expand its product line beyond the AI robot companions that it has developed
BUSINESS
Billing automation firm Zenskar raises $3.5 Mn led by Bessemer
The firm plans to utlise the funds towards to hiring and upskilling engineering talent, accelerating product development and advancing its go-to-market initiatives
BUSINESS
EV finance company Mufin Green raises $5.7 million from Incofin
Through this funding, the company plans to disburse income-generating loans worth Rs 5,000 crore in the next 5 years.
BUSINESS
SaaS firms freeze or cut down hiring as US recession looms
Companies are hiring judiciously as they worry about the impact of the US slowdown on business. HR experts say SaaS firms should use the opportunity to make business processes more efficient.
BUSINESS
Ather's electric bikes to be available on Flipkart platform, companies sign deal
Clarifying the availability of other marketing channels, Phokela commented that this move is not meant to replace the offline channel but to complement it.
BUSINESS
Lending platform EarlySalary rebrands itself to Fibe
Fibe plans to clock assets under management of $2.5 billion over the next five years.
BUSINESS
Capillary Tech names Sameer Garde as CEO, cofounder Aneesh Reddy to serve as vice chairman
Garde is an alumnus of IIT Delhi and IIM Calcutta. He started his career with Nestle as an Area Sales Manager in India, and then worked with Whirlpool as a Regional Director for West in India and as a Brand Head in Western Europe.
BUSINESS
Rising venture debt market in India: A strategic shift or a short-term frenzy?
Volatility in equity markets and the fact that startups are unable to find the desired valuation in the last 6-8 months are making venture debt a more viable option across late and growth stages.
BUSINESS
Ola Electric to sell S1 scooters in Nepal, signs MoU
Ola Electric had launched the Ola S1, its second electric two-wheeler, last month, and said that the company will launch electric cars by 2024. Ola Electric plans to enter Latin America (LATAM), the ASEAN and the EU markets next.
BUSINESS
Farm-to-consumer brand Deep Rooted raises $12.5 million led by IvyCap Ventures
Deep Rooted provides urban consumers access to quality fruits and vegetables sourced directly from farmers. The firm currently operates in Bengaluru, Hyderabad, and Chennai offering over 200 varieties of fruits and vegetables
BUSINESS
Zetwerk's revenue up 6 times to Rs 4,961 crore, operating loss at Rs 42 crore in FY22
The B2B manufacturing service marketplace's revenue grew to Rs 4,961 crore in FY22 from Rs 835 crore in the previous year. If the non-cash ESOP expenses were to be omitted, Zetwerk would report an Ebitda profit of Rs 57 crore, it said
BUSINESS
D2C brand Join Ventures bags $23.5 million funding from Motilal Oswal
Two-year-old Join Ventures plans to use the funds to enhance technology and expand its captive dark stores' network. This is the second round raised by the startup this year after a $10 million Series-A round in February
MCMINIS
What is Embedded Insurance?
BUSINESS
Insurtech SaaS firm Zopper raises $75 million in series C funding led by Creaegis
The funding comes after almost eight years from its last round from Tiger Global in 2015 where it raised around $20 million. In fact, in 2018, payments company PhonePe bought the point-of-sale (PoS) business of Zopper, which then shifted its focus to Insurance SaaS development.
BUSINESS
Tiger Global-backed Urban Company sees losses widen to Rs 514.14 crore in FY22
While most of the home repair and maintenance services were allowed to operate, beauty services had to be shut down in several parts of the country, which impacted business activity in Q1 FY22, the company said
BUSINESS
EXCLUSIVE | Ola Electric rejigs roles to unify operations across roles; YS Kim gets larger role
Industry veteran YS Kim will now take on an expanded role of leading sales, D2C and charging network charter for Ola Electric; Vinay Bhopatkar moves on from the company
