Social Media Startup Flam Raises $4.5 Million in Pre-Series A Round Led by Turbostart and Twin Ventures 

Social Media Startup Flam

Flam is an AI-powered fixed reality MR platform that has secured $4.5 million in a pre-series A round.  The funding round had participation from its existing and new investors including SVQ, 9unicorns, Twin Ventures, Turbostart, angel investors, Alphatron Capital, and various family offices. solutions. The amount raised from this round will strengthen the platform and expand into the global market.  

Entrackr reports, that the startup aims to expand its MR platform into North America, the MEMA  region, and Europe. Founded by Shourya Agarwal, this startup aims to revolutionize the market  landscape by offering an MR platform that can be accessed via phone cameras. The platform has  worked with global brands including Netflix, Britannia, AJIO, Wargaming, Heeramandi, and HPP. Flam  uses its MR technology to transform print, TV, and digital advertisements into engaging experiences for customers. The platform can be accessed on all Android and iOS mobile devices.  

Image source: flamapp.ai 

Flam uses an AI-enabled fixed reality MR that enables rapid creation and deployment of MR content.  It also features the fastest image recognition and ground tracking with the help of its Artificial  intelligence algorithms. Flam claims that their technology is scalable and capable of serving millions of  users. Turbostart’s CEO, Ganesh Ranju, one of the investors of this startup mentioned that Flam makes MR accessible to customers very effortlessly and eliminates the need for headsets, web AR, or any  addition, making it accessible through simple linksfrom any social media including websites and offline  channel.  

Artificial intelligence has advanced interactions between brands and customers using AI algorithms and predictive analysis. AI continues to evolve and predict customer behavior while analyzing  customer engagement to target a specific group of audience and use it for automating marketing. The  Indian advertising market is predicted to grow a CAGR of 9.86% by 2025 to Rs 1.12 lakh crore. The  investment will help Flam in strengthening its services and platform while offering greater value to its  investors and customers. 

Conclusion: 

Flam is AI startup, that has launched an enterprise-ready, end-to-end MR platform and has secured  $4.5 million in a pre-seed funding round. The funding round had participation from its existing and  new investors including SVQ, 9unicorns, Twin Ventures, Turbostart, angel investors, Alphatron Capital,  and various family offices. solutions. The startup aims to expand its MR platform into North America,  the MEMA region, and Europe. Founded by Shourya Agarwal, this startup aims to revolutionize the  market landscape by offering an MR platform that can be accessed via phone cameras. The platform  can be accessed on all Android and iOS mobile devices. Flam makes MR accessible to customers  effortlessly and eliminates the need for headsets, web AR, or any addition, making it accessible  through simple links from any social media including websites and offline channels. Artificial  intelligence has advanced interactions between brands and customers using AI algorithms and  predictive analysis. The amount raised from this round will strengthen the platform and expand into  the global market.

Wearable Tech Startup Ultrahuman Raises $35 Million in Series B Round Led by Deepinder Goyal

Wearable Tech Startup Ultrahuman

Ultrahuman is a wearable tech startup that has raised $35 million in a series-B round led by Deepinder  Goyal. The debt and equity round had the participation of both new and existing investors of startups including Blume Ventures, Nexus VP, Steadview Capital, and Alpha Wave.  

The board has approved a resolution to allot 6,979 series B CCPS at an issue price of Rs 3,00,170 each to raise $35 million. Deepinder Goyal, who is a co-founder of Zomato led the series-B round with an investment of Rs 83 crore. The series-B round consisted of $25 million equity and $10 million debt. At  present, Ultraman has raised more than $60 million including $17.5 million in Series A and $35 million  in Series B round. TheKredible predicted the startup’s post-valuation to be more than $125 million. The startup is aiming to build a comprehensive suite of products to help its customers. 

Image source: ultahuman.com 

The startup offers a self-quantification platform that provides a glucose monitoring wearable M1 Live, a smart ring called Ring Air, and a blood testing product, among others. The funding amount raised  from the series-b round will be used to scale up, increase manufacturing capacity, expand the market,  and enhance research in the health-tracking space. The company faced an overall revenue increase of four times to Rs 30 crore. As a part of a new operating model, the company also faced a loss increased  by 21.4% to Rs 71 crore in the same period.  

The expansion of the startup will translate into a revenue run rate of $20 million a month by FY26. The  startup will launch its new products including blood testing devices, continuous glucose monitoring devices and software, and smart rings. This Bengaluru-based startup is also planning to launch a home based health monitoring product called the Ultrahuman Home. 

Conclusion: 

Ultrahuman is a Bengaluru-based wearable tech startup that has raised $35 million in its series B round  led by Deepinder Goyal with the participation of both new and existing investors including Nexus VP,  Blume Ventures, Steadview Capital, and Alpha Wave. The startup offers a platform that provides a  glucose monitoring wearable M1 Live, a smart ring called Ring Air, and a blood testing product, among  others. TheKredible predicted the startup’s post-valuation to be more than $125 million. The backing  amount raised from the Series-B round will be used to scale up, increase manufacturing capacity,  expand the market, and enhance research in the health-tracking space. The company will be using this  fund to accelerate its growth and expand in the wearable tech market across the country. The  expansion of the startup will translate into a revenue run rate of $20 million a month by FY26. The  startup will launch its new products including blood testing devices, continuous glucose monitoring devices and software, and smart rings. The company faced an overall revenue increase of four times  to Rs 30 crore and net loss increased by 21.4% to Rs 71 crore in the same period. 

Elon Musk’s xAI Raises $6 Billion in Series B Round Led by Andreessen Horowitz and Sequoia Capital

xAI Raises $6 Billion in Series B Round

Elon Musk’s AI startup xAI has raised $6 billion in a series B funding round led by Andreessen Horowitz  and Sequoia Capital. Some reports mentioned that the company would be now valued at around $18  billion and $24 billion. The startup is looking to compete with Market leaders in AI such as openAI.  

The startup will be using this money to expand and launch xAI’s new products in the market. The  company also added that this fund will help xAI to build advanced infrastructure and enhance its  research & development of future technologies. The company raised $6 billion in its first series B  funding round. The round had participation from Valor Equity Partners, Andreessen Horowitz, Sequoia Capital, Fidelity Management& Research Company, and Prince Alwaleed Bin Talal. The startup was  previously aiming to get $6 billion in the funding round. The startup is already popular by open sourcing its AI Chatbot, Grok which uses AI technology and innovation for its commercial use.

Elon Musk created this artificial intelligence startup a few months ago intending to let researchers  work on existential problems. He also mentioned joining the startup with widely known social Media  platform X (formerly known as Twitter). The startup claims to have improved model capabilities rapidly.  The launch of open-source Grok-1 helped them advance in various applications, extensions, and  optimization of the model. xAI also mentioned that they focus on the development of advanced  Artificial Intelligence systems that are competent, truthful, and benefit humanity. 

The startup previously received funding from Lightspeed Venture Partners, Sequoia Capital, Tribe  Capital, and Andreessen Horowitz. xAI can compete with big companies like Google, OpenAI, and  Anthropic by using the resources from other companies it works with, like X and Tesla. The startup is  already well-known for sharing its AI chatbot, Grok, which uses advanced AI technology for commercial  purposes. The main objective of xAI is to connect both the digital and physical worlds, and Musk plans to do this by getting training data from his own companies including X, Neuralink, Tesla, and SpaceX. 

Conclusion: 

Elon Musk’s artificial intelligence startup, xAI has successfully raised $6 billion in a Series B funding  round led by venture capital firms Andreessen Horowitz and Sequoia Capital. With this new funding,  xAI is expected to achieve a valuation between $18 billion and $24 billion. Elon Musk created this artificial intelligence startup a few months ago intending to let researchers work on existential  problems. He also mentioned joining the startup with widely known social Media platform X (formerly  known as Twitter).

The startup claims to have improved model capabilities rapidly. The startup will be  using this money to expand and launch xAI’s new products in the market. The company also added  that this fund will help xAI to build advanced infrastructure and enhance its research & development  of future technologies. The company raised $6 billion in its first series B funding round. xAI plans to  develop advanced, truthful AI systems that benefit humanity.

Zypp Electric Raises $15 Million from Japan’s ENEOS to Accelerate India Expansion

Zypp Electric Raises $15 Million

Zypp Electric is an electric vehicle fleet management startup that has raised $15 million from Japanese  energy firm Eneos. This Gurgaon-based EV startup plans to use the funds to expand in India and  overseas markets. ET reposts, the company is currently working with various global companies to take  its technology internationally. Zypp Electric is the first Indian startup that this Japanese firm Eneos  invested in.  

The startup plans to focus on India expansion this year and go international next year. The startup plans to partner its technology with operational players globally interested in using Zypp’s technology.  The company saw participation from its existing investors including 9 unicorns, Venture Catalysts, and  Indian Angel Network. After this funding round, Zypp Electric was valued at $270 million. The company  confirmed that the funding from Eneos was part of the larger round in which they plan to raise $10  million in debt and $40 million in fresh capital.  

Zypp’s revenue increased three times in FY24 with Rs 325 crore. The company claims to have branches in Delhi NCR, and Bengaluru and has also expanded into the parts of Hyderabad and Mumbai. The  company offers a platform to food-delivery platforms and quick commerce, bike taxis, and other  deliveries. Akash Gupta said that the company is working on expansion and will use this fund to scale  up its operations, enhance its technology, and enhance its platform to offer seamless service. 

Eneos highlighted the reason behind a $15 million investment is due to the skyrocketing of the last mile delivery market in India. Zypp is already positioned well in the EV motorcycle delivery market and  its competitiveness is an addition. Founded in 2017 by Rashi Agarwal and Akash Gupta, Zypp Electric  provides electric vehicles to local merchants and e-commerce companies for last-mile deliveries. This startup competes with Baaz Bikes, Euler Motors, Yulu, and Zen Mobility, among others. Eneos invested  in Zypp Electric due to the rapid growth of the last-mile delivery market in India, where Zypp Electric  is already a strong competitor. 

Conclusion: 

Zypp is an EV startup that has secured a $15 million investment from Eneos. ET reports, the company  is currently working with various global companiesto take its technology internationally. The Gurgaon based EV fleet management startup plans to use the funds to expand both within India and into  international markets. The startup plans to focus on India expansion this year and go international next  year. The startup plans to partner its technology with operational players globally interested in using Zypp’s technology.

After this funding round, Zypp Electric was valued at $270 million. The company  confirmed that the funding from Eneos was part of the larger round in which they plan to raise $10 million in debt and $40 million in fresh capital. The company saw participation from its existing  investors including 9 unicorns, Venture Catalysts, and Indian Angel Network. The company offers a  platform to food-delivery platforms and quick commerce, bike taxis, and other deliveries.

Venturi Partners to Launch $100 Million India-Centric Fund for Family Offices

Venturi Partners to Launch $100 Million India-Centric Fund

Venturi Partners is an Asian Private equity firm that plans to launch a $100 million India-centric fund.  This program will target local growth-stage, customer-based startups. This fund will offer an exclusive  investment platform to Indian Family offices. The fund amount may vary from $75 million to $100  million. 

Venturi Partners has previously launched $180 million in Asia funds and invested in startups including  Livspace, K12 Techno, and Country Delight. The company is planning to follow the same strategy with  this India Alternate Investment Fund. Venturi Partners sees India as a key market due to its customer  spending which accounts for 60% of the total GDP. Some reports mentioned Venturi Partners investing  around 60-65% of its flagship Asia Fund in India and the rest in Southeast Asia. 

Venturi Partners is a Singapore-based startup that has invested around 60-65% in flagship Asia funds in India and the rest of Southeast Asia. This is an investment platform for Families looking to invest in  Asia’s customer-based growth startup. The company aims to be a force for long-term sustainable  growth and specializes in the fields of health, education, social mobility, and the environmental sector. 

Rishika Chandan, managing director of VP highlighted that there are hundreds of India-focused funds  investing in growth-stage consumer startups, however not many are exclusive to families. The fund  size and families are inversely proportional, as funds grow families become smaller cause they need  different things and this is where Venturi Partners comes to light.

The Company Is planning to double the size of its first fund and invest around $250 to $300 million in the Asia fund next year. The startup  aims to have more investments in India due to the plenty of opportunities, coupled with the country’s  demography. Chandan mentioned that there is a lot of opportunity in the food services and health  sector. The startup views health as a vertical for them, but they haven’t found anything interesting in  the B2C segment and are aiming for elderly care and pet care at an early stage. 

Conclusion: 

Venturi Partners is an Asian Private equity firm that plans to launch a $100 million India-centric fund.  This program will target local growth-stage, customer-based startups. They have previously launched  $180 million in Asia funds and invested in startups including Livspace, K12 Techno, and Country Delight.  The company is planning to follow the same strategy with this India Alternate Investment Fund. Venturi  Partners sees India as a key market due to its customer spending which accounts for 60% of the total  GDP.

Venturi Partners is a Singapore-based startup that has invested around 60-65% in flagship Asia  funds in India and the rest of Southeast Asia. The Company Is planning to double the size of its first  fund and invest around $250 to $300 million in the Asia fund next year. The startup aims to have more  investments in India due to the plenty of opportunities, coupled with the country’s demography.

Turno Raises $5.5 Million in Funding Led by British International Investment

Turno Raises $5.5 Million in Funding

Turno is a commercial EV distribution and financing startup that has raised $5.5 million in a funding  round led by BII. The round had participation from new and existing investors including Quona Action,  Stellaris Ventures, B Capital, and British International Investment. The company plans to use the fund for expansion and scale-up to meet working capital requirements.  

The post-valuation of Turno after this round is estimated by TheKredible to be around Rs 587 crore.  The round is still ongoing so the worth of the startup will change accordingly. After the investments,  Stellaris Ventures holds an 18.68% stake followed by B Capital, Quona Accion, and BII with 7.70%,  6.54%, and 4.25% stake, respectively. Turno is a commercial vehicle marketplace, founded by Hemanth  Aluru and Sudhindra Reddy to sell three-wheel EVs including Piaggo, Mahindra & Mahindra, Euler  Motors, and Etrio among others.  

The startup has raised around $22.5 million, including $13.8 million from its series A funding round  last year. Turno’s board has approved a special resolution to provide 18,057 compulsory convertible  preference shares at an issue price of Rs 25,509 each. This will help the company to raise Rs 46 crore, according to the regulatory filing. BII invested a total of Rs 24.94 crore and led the funding round. This  commercial EV startup has previously secured $13.8 million in its series A funding round led by Quona  Capital and Global Ventures Capital form B capital. 

The company helps individuals and small businesses select a commercial EV and allows them to buy  an electric vehicle by providing credit through the Turno credit app. The startup claims a guaranteed  buy-back value on used EV batteries and low-cost financing. Turno claims that it has captured around 20% of India’s commercial EV market. The company offers both online and offline stores including  Maharashtra, Karnataka, Telangana, Delhi NCR, and Tamil Nadu. 

Conclusion: 

Commercial EV-based fintech startup, Turno has raised $5.5 million fund in a round led by BII. The  round had participation from new and existing investors including Quona Action, Stellaris Ventures, B  Capital, and British International Investment. The company plans to use the fund for expansion and scale-up to meet working capital requirements. Turno has raised a total of $22.5 million, including  $13.8 million from its Series A round last year. The board has approved a resolution to issue 18,057  compulsory convertible preference shares at Rs 25,509 each, aiming to raise Rs 46 crore.

BII led the  current funding round with an investment of Rs 24.94 crore. Turno is a commercial vehicle  marketplace, founded by Hemanth Aluru and Sudhindra Reddy to sell three-wheel EVs including  Piaggo, Mahindra & Mahindra, Euler Motors, and Etrio among others. BII invested a total of Rs 24.94  crore and led the funding round. This commercial EV startup has previously secured $13.8 million in  its series A funding round led by Quona Capital and Global Ventures Capital form B capital. Funds will  be used for expansion and to meet working capital needs

Indian Startups Raised Over $58.36 Million This Week, Led by Navi Finserv and Portl

Indian Startups Raised Over $58.36 Million This Week

Indian startup ecosystem saw a decline throughout May, it fell to the lowest in this week between May  20 and 25. During this week 16 deals were made by Indian startups from 20 May to 25 May. The  amount raised from these deals was $58.36 million in funding this week. The numbers in funding  amount went down by 52% in comparison to last week’s report. 

Following the previous week, Fintech startups led the list of this week as well, with the total funding  amount gained by startups in this sector reported to be $23.9 million across four deals. Navi Finserv,  the leading tech startup secured the biggest amounts, Buoyed by the $18 million fundraising. Navi  Finserv, a non-banking finance company raised Rs 150 crore through NCDs from six investors.

The  investors who participated in the funding round include Dadachanji Group’s chairman Kairus Shavak  Dadachanji, Rishad Kairus, and Pervin Kairus Dadachanji led the round by Rs 110 crore. Other investors  including Rohit, Sandhya, and Yash Kapadia invested a total amount of Rs 40 crore. 

E-commerce startups raised $3.5 million across 4 deals. Freshleaf, a tea brand startup has raised Rs 1  Crore in a Seed fund round led by IPV. The seed funding saw a four-times increase, from last week’s  $3.5 million to $13.12 million this week. Portl and Infinx are the only healthcare-related startup on the  list. Portl, a digital fitness and wellness startup secured $3 million in a funding round led by the Bharat Innovation Fund with participation from Kalaari Capital, and new investor T-Hub Foundation. Portl is  planning to broaden its product range and design stronger technology for users of all fitness levels.  

Most of these startups were from fintech followed by e-commerce, deep tech, logistics, and cleantech. In addition, Vaaree a Home Décorstartup raised $2.5 million in Pre-series A funding. WOW Skin Science  a Bengaluru-based beauty and personal care brand, also raised $75 million in fresh capital. Startup funding had a 52% drop as compared to the previous week, as it went from $ 122 million to $58.36 million. Funding activity in the world’s third-largest ecosystem saw a decline for a third consecutive  week in May. 

Conclusion: 

Indian startup ecosystem saw a decline throughout May, it fell to the lowest in this week between May  20 and 25. During this week 16 deals were made by Indian startups from 20 May to 25 May. Navi  Finserv, the leading tech startup secured the biggest amounts, Buoyed by the $18 million fundraising. 

Other investments include Freshleaf, a tea brand startup that has raised Rs 1 Crore in a Seed fund  round led by IPV. Portl, a digital fitness and wellness startup secured $3 million in a funding round led  by the Bharat Innovation Fund. Most of the startups who raised funds this week were from fintech  followed by logistics, deep tech, cleantech, and the healthcare sector. Startup funding had a 52% drop  as compared to the previous week.

Dvara KGFS Raises $10 Million in Debt Funding Round Led by BlueOrchard

Dvara KGFS Raises $10 Million in Debt Funding Round

Dvara Kshetriya Gramin Financials, a fintech startup operating in rural parts of India, has raised $10  million in debt funding from BlueOrchard Microfinance Fund. Entrackr reports the startup will use this  fresh proceed to strengthen its effort to empower underserved communities across the country and  use funds for expansion plans.  

According to Entrackr report, the NBFC has raised over $14.4 million through non-convertible  debentures from Impact Investment Exchange in March. The startup has hundreds of branches across  10 states in India. This fresh fund will be deployed by Dvara KGFS to expand its product in the market  and initiatives to support rural areas. 

It reported the Access Under Management to be more than Rs 2,000 crore. The Indian Financial  Landscape is growing, leading investors to have more interest in the Fintech sector. Recently, Propelled  has secured debt funding of $25 million for its NBFC Edgro Finance. The start-up raised funding from  9 investors including Credit Saison India, AU small finance bank, Incred Financial Service, and Northen  Arc Capital. Neobank Fi also secured a NBFC license from the Reserve Bank of India. In addition to the  recent funding, the company raised over $14.4 million in March through non-convertible debentures  from Impact Investment Exchange. This investment in Dvara KGFS reflects the confidence of  BlueOrchard in its mission and business model. 

Fintech startups are attracting significant investment because of the growing interest and demand in  this sector. Over the past three weeks, fintech startups have entered the highest amount of backing  among all Indian startups. The startup plans to use the new finances for its expansion efforts and to  launch the enterprise aimed at supporting underserved communities in India. This means they will  expand their services and programs to reach more people who currently have limited access to  financial services. The increased investment will help Dvara KGFS grow its business and make a positive  impact on communities that need financial support. 

Conclusion: 

Dvara KGFS, a non-banking financial startup focused on rural India, has raised $10 million in debt  funding led by BlueOrchard Microfinance Fund. The NBFC has raised over $14.4 million through non convertible debentures from Impact Investment Exchange in March. The startup has hundreds of  branches across 10 states in India. This fresh fund will be deployed by Dvara KGFS to expand its product  in the market and initiatives to support rural areas. Previously, they raised over $14.4 million through  non-convertible debentures from Impact Investment Exchange.

The Indian Financial Landscape is  growing, leading investors to have more interest in the Fintech sector. Recently, Propelled has secured  debt funding of $25 million for its NBFC Edgro Finance. This new funding will help them grow further  and continue making a positive impact on rural communities. platform. The start-up raised funding of  $25 million from 9 lenders including Credit Saison India, Incred Financial Service, AU small finance bank, and Northen Arc Capital. Propelld provides education loans to those who want to borrow money  via online channels.

Vaaree to Secure $2.5 Million in Pre-Series A Funding Led by Venture Capital Firm

Vaaree to Secure $2.5 Million in Pre-Series A Funding

Vaaree is a Home Décorstartup seeking to raise $2.5 million in Pre-series A funding. This funding round  had the participation of Peak XV’s Surge Ventures and was led by Venture capital firm Capier  Investments. VC firm will be investing more than Rs 12 crore while Peak XV’s surge is planning to invest  Rs 8.31 crore, Inc42 reported.  

The filing mentioned that Vaaree’s board of directors had passed a statement to raise 3,603 Pre-series  A cumulative compulsorily convertible preference shares in March, to raise Rs 20.78 crore with a face  value of Rs 10 each. The startup was founded by Garima Luthra, Pranav Arora, and Varun Arora. The  startup aims to offer an omnichannel network while providing products varying from kitchenware to  home décor items such as furnishing and bedding. In 2023, Vaaree raised $4 million in a funding round  led by Peak SV’s surge with other investors including Peercapital, Better Capital, and more.  

This Beangaluru-based startup has also raised funding from angel investors such as CRED co-founder and Suhar cosmetics CEO among others. The home décor market in India is expected to grow at a CAGR  of 4.14% and reach a valuation of $40.98 billion by 2028. This is one of the many reasons for the  increasing interest of investors in this home décor startup.

TheKredible estimated the startup to be  valued at around $21.6 million in post-money valuation. Vaaree was a part of the eighth cohort of Peak  XV Surge’s accelerator program and it also raised funds from angel investors such as Varun Dua, Arjun  Vaidya, Vineeta Singh, Kunal Shah, Ghazal Alagh, Manish Dugar, Suhail Sameer, Anjali Bansal and Ruchi  Deepak, among others. 

The startup reported its FY23 revenue to be Rs 1.9 crore while they faced a loss of s 3.5 crore. Vaaree  gives competition to known startups in this sector such as Homelane, Livspace, and Furlenco. This  startup has raised a total of $7 million to date, including the $4 million seed money led by Peak XV’s  surge venture.  

Conclusion: 

Bengaluru-based, Vaaree is a Home décor startup that is looking to raise $2.5 million in a Pre-series A  fund round led by Venture Capital’s firm Capier Investment. The startup aims to offer an omnichannel  network while providing products varying from kitchenware to home décor items such as furnishing  and bedding. In 2023, Vaaree raised $4 million in a funding round led by Peak SV’s surge with other  investors including Peercapital, Better Capital, and more.

Vaaree’s board of directors had passed a statement to raise 3,603 Pre-series A cumulative compulsorily convertible preference shares in March,  to raise Rs 20.78 crore with a face value of Rs 10 each. The startup was founded by Garima Luthra,  Pranav Arora, and Varun Arora. TheKredible estimated the startup to be valued at around $21.6 million  in post-money valuation. Vaaree was a part of the eighth cohort of Peak XV Surge’s accelerator program  and it also raised funds from angel investors such as Varun Dua, Arjun Vaidya, Vineeta Singh, Kunal  Shah, Ghazal Alagh, Manish Dugar, Suhail Sameer, Anjali Bansal and Ruchi Deepak, among others.

Nazara Technologies to Fully Acquire Nextwave Multimedia, Posts 43% Rise in Q4 PAT

Nazara Technologies to Fully Acquire Nextwave Multimedia

Nazara Technologies is a sports media and diverse gaming startup that reported a 43% increase in  Profit After Tax. The startup also announced buying a 28.12% stake in Nextwave Multimedia. The  startup reported a substantial decrease in its Q4 net profit. The company focuses on developing causal  and multiplayer sports genre mobile games. 

The operating revenue for three months decreased by 8% to Rs 266 crore. However, the full-year revenue grew by 4.3% to Rs 1,138 crore. Profit After Tax from continued operations increased to Rs 89  crore. The company is closing or merging the entities that are not aligning with its future vision  including NZ Mobile Nigeria and Nazara Bangladesh. The startup is also evaluating its Singapore and  Mauritius entities. Nitish Mittersain, CEO of Nazara Technologies remained optimistic and stated that  FY24 has been a year focusing on a strong foundation for rapid scaling up in the future. 

The company faced an overall profit drop, but the net profit increased by 43.6 percent to Rs 17 crore  for the final quarter of FY24. As a part of a new operating model, the company is merging to increase  its stake in the Mobile Gaming industry. The startup is seeking to buy a 28.12% stake for Rs 21.63 crore  in two tranches. In the first tranche the startup will buy 1,000 shares for Rs 2.3 crore and the second  tranche will include the rest of the 8,375 shares at Rs 19.33 crore within the next 6 months of the first  tranche.  

Nextwave Multimedia is a developer of the World Cricket Championship franchise, the largest mobile based cricket simulation game. The company focuses on developing causal and multiplayer sports  genre mobile games. The startup claims that they had more than 100 million downloads across their  platform in the past 7 years. Nazara Technologies board has approved the investment in gaming focused global VC startups of $2 million and $250,000 in F4 fund’s maiden fund in the next 3 years.  The startup currently operates three sectors including gaming, esports, and advertising.  

Conclusion: 

A sports media and advertising startup, Nazara Technologies reported a 43% increase in PAT. The  startup is planning to buy the remaining stake in Nextwave Multimedia to take full ownership of the  company. Nextwave Multimedia is a developer of the World Cricket Championship franchise. The  company focuses on developing causal and multiplayer sports genre mobile games. This company plans to scale up its gaming business and expand in the market.

The startup previously bought its  majority stake and increased it to 41.88% in May 2023, and has recently bought the remaining 28.12%  stake for Rs 21.63 crore in two tranches. The startup currently operatesthree sectors including gaming,  esports, and advertising. The startup is also evaluating its Singapore and Mauritius entities. Nitish  Mittersain, CEO of Nazara Technologies remained optimistic and stated that FY24 has been a year  focusing on a strong foundation for rapid scaling up in the future.

Navi Finserv Raises Rs 150 Crore via Non-Convertible Debentures

Navi Finserv Raises Rs 150 Crore via Non-Convertible Debentures

Navi Finserv, a non-banking finance company raised Rs 150 crore through NCDs from six investors. The  startup will use this funding amount to enhance its products and improve its technical capabilities and  market expansion. 

The investors who participated in the funding round include Dadachanji Group’s chairman Kairus  Shavak Dadachanji, Rishad Kairus, and Pervin Kairus Dadachanji led the round by Rs 110 crore. Other  investors including Rohit, Sandhya, and Yash Kapadia invested a total amount of Rs 40 crore. NCD acts as an instrument to offer fixed income which helps companies to raise funds without increasing  interest rates. In February the startup announced plans to raise funds of Rs 600 crore through NCD  with tenor of 18, 27, and 36 months. However, due to unfavorable market conditions, they had to  move the plan back.  

ET reported that the funding round for this year’s quarter has been completed. Navi Finserv previously  raised around Rs 950 crore through two tranches in NCDs. The company was aiming for $200 million  to $300 million from private investors with a $2 billion valuation. The startup aims to make financial  services simple, transparent, and accessible to all. This fintech startup uses a technology-driven and  customer-centric approach to launch products in the financial services space. 

The startup is a non-banking finance money lending platform. Navi Finserv has recently approved a  financial decision to increase its capital structure and expand its technical capabilities. This finance based startup is planning to scale up its operations, enhancing its technologies and research centers. The funding round for this year’s quarter has been completed. The startup previously raised around Rs  950 crore through two tranches in NCDs. 

Conclusion: 

A fintech startup, Navi Finserv has raised Rs 150 crore through NCDs from six investors. NCD acts as an instrument to offer fixed income which helps companies to raise funds without increasing interest  rates. The funding round saw participation from its existing investors including Dadachanji Group’s  chairman Kairus Shavak Dadachanji, Rishad Kairus, and Pervin Kairus Dadachanji. They led the round  by Rs 110 crore. The company has delivered consistent service levels, improved profitability, and  completed more than half of the planned long-term capital investments. The funding round for this  year’s quarter has been completed.

Navi Finserv previously raised around Rs 950 crore through two  tranches in NCDs. NCD acts as an instrument to offer fixed income which helps companies to raise  funds without increasing interest rates. In February the startup announced plans to raise funds of Rs  600 crore through NCD with tenor of 18, 27, and 36 months.

They mentioned that with the investment  made, they will try to solidify their position as a leader in the fintech sector. The startup is working to  enhance its platform, scale up its existing segments, and expand in the fintech sector. Fintech startups  lead the list this week with the total funding amount gained by startups in this sector reported to be  $33.1 million across three deals.

Flipkart Raises $950 Million in Funding Round Led by Google

Flipkart Raises $950 Million in Funding Round

Flipkart is a Bangalore-based Walmart-owned Indian e-commerce startup that is receiving an  investment of $350 million from the tech giant, Google. Flipkart closed its funding round at $950  million with Google taking led by $350 million. This funding round made Flipkart’s valuation at $36  billion. Last year, Walmart invested $600 million in this startup.  

A person aware of the situation told Moneycontrol that the capital raised from the primary round would be used to double down on quick commerce rather than investing in verticals like shopping.  Flipkart focus on Shopsy increased after Meesho revealed about $500-$600 million funding round. The  amount of investment is still blurred as Google proposed an investment in Flipkart to buy a minority  stake during the fresh funding round. The investment is mainly aimed at cloud technology. Google  wants to use the cloud technology of Flipkart in its systems to enhance the platform.  

Flipkart is excited about Google’s investment to scale up, boost its business growth, enhance its digital infrastructure, and offer seamless experience to its Indian customers. A report by TOI mentioned  Flipkart said in a statement, that they will be adding Google as a minority investor in fresh funding  rounds. The company mentioned Google’s proposed investment in cloud collaboration to help Flipkart  expand its business and provide advanced infrastructure. The investment will benefit both parties and  will provide a range of innovative services in the future. 

Last year, Flipkart confirmed that Walmart invested $600 million in the startup. This will be part of the $1 billion funding capital that Flipkart is aiming for. US-based Walmart hasinvested a total of $16 billion  in various e-commerce startups in 2018. Some sources reported that Flipkart has raised $350 million  from fresh investments led by Google. However, the e-commerce startup did not disclose the amount  of investment made by Google.  

Conclusion: 

Flipkart is an Indian e-commerce startup that has raised $350 million from the tech giant, Google.  Flipkart closed its funding round at $950 million with Google taking led by $350 million. This funding  round made Flipkart’s valuation at $36 billion. Flipkart is excited about Google’s investment to scale  up, boost its business growth, enhance its digital infrastructure, and offer seamless experience to its  Indian customers. A report by TOI mentioned Flipkart said in a statement, that they will be adding  Google as a minority investor in fresh funding rounds.

Walmart invested $600 million in the startup,  which is part of the $1 billion funding capital that Flipkart is aiming for. The company mentioned  Google’s proposed investment in cloud collaboration to help Flipkart expand its business and provide  advanced infrastructure. The investment is mainly aimed at cloud technology. Google wants to use the  cloud technology of Flipkart in its systems to enhance the platform. The investment will benefit both  parties and will provide a range of innovative services in the future.