Reliance Jio may receive the landing rights and market access authorisations from the Indian National Space Promotion and Authorisation Centre (IN-SPACe) to roll out its satellite-based gigabit fibre services in India, ET reported.

According to the report, Jio has made all the necessary submissions to IN-SPACe, and the space regulator is expected to give the authorisation soon, which is mandatory for deploying global satellite bandwidth capacity in India.

The authorisations from IN-SPACe involve approvals at different levels from different ministries. 

“We don’t comment on the status of approvals of specific companies…all I can say is that several applications for IN-SPACe authorisations are in the pipeline,” said Pawan Goenka, chairman of IN-SPACe.

In October last year, the telecom giant introduced JioSpaceFiber, India’s first satellite-based giga-fibre service. The company said that the new service is designed to provide fast and reliable internet connectivity to remote and challenging-to-reach regions.

At the India Mobile Congress, Reliance said that plans are to make the giga-fibre service accessible nationwide at cost-effective rates. The company further added that the new service has connected remote locations like Gir in Gujarat, Korba in Chhattisgarh, Nabarangpur in Odisha, and ONGC-Jorhat in Assam. 

According to the subscriber data released by the Telecom Regulatory Authority of India (TRAI), the telecom major added 3.4 Mn wireless subscribers in September 2023. Reporting a growth of the total wireless telecom subscribers TRAI said that there had been a net addition of 1.7 Mn subscribers against 1.39 Mn in August 2023. Overall, the number of active wireless subscribers in September hovered around the 1.04 Bn mark.

Additionally, to boost the 5G availability in India, it also launched the Jio True 5G Developer Platform and the Jio 5G Lab. The company said that the idea is to enable startups and enterprises to develop 5G use cases on Jio’s 5G network.

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IPO-bound Ola Electric has become the first Indian electric two-wheeler (e2W) company to become eligible for the government’s production-linked incentive (PLI) scheme.

The Ministry of Heavy Industries (MHI) has given its approval after a four-month-long process.

While there has been no official confirmation from either the government or Ola Electric, it is worth noting that other major players like Hero MotoCorp, TVS Motor Company, and Bajaj Auto have also applied for the PLI scheme.

As per Moneycontrol’s report, citing an official close to the matter, Ola Electric has successfully met the scheme’s eligibility criteria, such as minimum 50% domestic value addition in its vehicles. 

“For e2W startups, fresh investment of Rs 1,000 crore is required to avail of the PLI scheme, while OEMs must have a minimum revenue of Rs 10,000 crore,” the source further added. 

Meanwhile, industry experts are of the view that the incentive payout under the PLI scheme will be up to 18% of the sales value.

The electric scooter maker has already filed a red herring prospectus with the markets regulator Securities and Exchange Board of India (SEBI) for an INR 7,250 Cr initial public offering (IPO). According to media reports, in total, the public issue will comprise an OFS component of up to 9.5.1 Cr shares. 

Last year, the company, along with Reliance New Energy Ltd and Rajesh Exports, signed a contract with the MHI under the PLI scheme for the manufacturing of advanced cell chemistry (ACC) battery manufacturing.

Back then, the government said that as a part of the contract, the companies would receive incentives under the INR 18,100 Cr PLI scheme. In addition, the government the expectations that three companies would set up a manufacturing capacity of around 95 GWh to be set up by these companies.

Earlier this year, the company announced that it had already started the construction of the country’s biggest gigafactory in Tamil Nadu. Ola Electric reported that during FY23, its sales were at INR 2,630.9 Cr, a 605%, an increase from INR 373 Cr in FY22. 

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The minister also promised that inaction on their part may prompt amendment to the IT Rules that will be more “prescriptive”.

In an interview with PTI, Chandrasekhar, who is Minister of State for IT and Electronics, counted the Digital Personal Data Protection (DPDP) legislation, setting up of grievances appellate panels and tighter accountability enforced on digital platforms for user safety as being among the big achievements for 2023.

“…The Digital India Act which we put a lot of effort into…spent almost a year on pre-consultations…we ran out of time…these things happen, but certainly, it’s an unfinished, incomplete agenda,” he said.

As India is awaiting general elections in 2024, the DIA is expected to be rolled out post-elections, the minister said. 

According to him, for a huge country like India, deepfake is a matter of serious concern. It is, he said, “certainly a very, very problematic issue to the conducting of safe and free and fair elections.”

This comes close on the heels when the Ministry of Electronics and Information Technology (MeitY) rolled out a new advisory to all social media platforms to comply with existing IT rules and ensure deepfakes and the misinformation enabled by them are curbed.

The advisory stated that IT ministry directed intermediaries need to ‘clearly and precisely’ inform their respective users about what kind of content is prohibited, especially the ones specified under Rule 3(1)(b) of the IT Rules. 

The new advisory was framed after consultation with Chandrasekhar and the intermediaries during Digital India dialogues.

Also, MeitY recently rolled out yet another advisory to check the advertisement of fraudulent personal loan apps and betting apps on social media. Chandrasekhar said that such apps are not only misleading but also exploitative to people using the internet.

The post Govt Will Keep Eye On Remedial Measures Taken By Platforms: Chandrasekhar On Deepfakes & Misinformation appeared first on Inc42 Media.

The National Payments Corporation of India (NPCI) is set to kick off an Application Supported by Blocked Amount (ASBA)-like facility in the secondary market from January 1.

The Unified Payments Interface (UPI) for the secondary market will start its beta phase next week for the equity cash segment. It will be supported by key stakeholders, including clearing corporations, stock exchanges, depositories, stockbrokers, banks, and UPI app providers.

The facility will enable investors to block funds in their bank accounts for secondary market trading rather than transferring the funds upfront to the trading member. The offering will be rolled out by integrating the UPI mandate service of single block and multiple debits with the secondary market trading.

“ASBA-like facility of ‘trading supported by blocked amount in Secondary Market’ through block mechanism was approved by SEBI, based on the RBI approved facility of single-block-and-multiple-debit in UPI, with the implementation timeline of January 1, 2024,” said NPCI in a statement. 

NPCI added that the ‘beta phase’ of the service will initially be available for a limited set of users. 

During the beta phase, investors can block funds in their bank accounts which will only be debited upon the confirmation of the trade by the Clearing Corporations. NPCI added that these Corporations will directly process payouts to their respective clients on a T+1 basis.

“This Beta launch is facilitated by Groww as the brokerage app, alongside BHIM, Groww, and YES PAY NEXT as UPI apps. Initially, HDFC Bank and ICICI Bank customers will be able to avail this facility. Further, HDFC Bank, HSBC, ICICI Bank, and Yes Bank are acting as sponsor banks for the clearing corporation and exchanges,” added NPCI. 

Meanwhile, applications of homegrown startups such as Zerodha, Paytm and PhonePe are currently in the ‘certification stage’ and, as per NPCI, will be onboarded on to beta launch soon.

This comes six months after the Securities and Exchange Board of India (SEBI) announced this facility in June. 

It is pertinent to note that such a facility is already available in the primary market, or initial public offerings (IPOs) in the form of ASBA. 

The offering is expected to give a major fillip to the use of UPI by retail investors and will leverage UPI’s layer of security to safeguard investor assets from misuse and other capital risks. It will also help the markets regulator to curb defaults by trading and clearing members.

The post NPCI Set To Kick Off UPI For Secondary Market From Next Week appeared first on Inc42 Media.

Adani Total Gas Limited (AGTL) has signed a Memorandum of Understanding (MoU) with Walmart owned ecommerce company Flipkart, to support its vision to reduce carbon footprint in the primary, secondary and tertiary movements of goods between sourcing locations, warehouses, and customers.

Under the MoU, ATGL will provide decarbonising solutions to the ecommerce major which will support its journey to switch to cleaner fuel options, including natural gas, and the introduction of electric vehicles.

Adani TotalEnergies E-Mobility Limited (ATEL), which is a wholly owned subsidiary of ATGL, will deploy EV charging infrastructure at Flipkart’s pan India supply chain, including at warehouses and logistics locations. 

The idea is to decarbonise the ecommerce logistics segment which counts for more than 8 Mn shipments per day, through this partnership. In a statement, ATGL and Flipkart said that going ahead, this volume is only set to grow further and requires well thought of solutions to reduce associated carbon emissions.

Commenting on the development, Hemant Badri, SVP and head of supply chain, customer experience, and re-commerce, Flipkart Group, said, “At Flipkart, we are committed to introducing solutions that help us move towards a sustainable future, such as integrating cleaner energy solutions and introduction of electric vehicles in our logistics.”

Flipkart believes that the collaboration with ATGL will play an important role in supporting the company’s net-zero goals and catalysing the complete electrification of its fleet, which is a key part of Flipkart’s larger sustainability vision, Badri added. 

This is the second such deal signed by ATEL in 2023. Earlier this year, it announced partnership with electric cab aggregator Evera to set up an electric vehicle (EV) charging super hub at Samalkha in New Delhi, which will feature an integration of 200 charging points. As a part of the deal, the two companies are also planning to set up AC and DC charging stations on key highways, workplaces, and other locations.

The development comes days after Flipkart was reported to be planning to raise $1 Bn funding, with Walmart’s commitment of $600 Mn. Media reports suggest that this round will see participation from new investors in addition to Walmart and existing stakeholders. 

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The government has directed social media and other digital platforms to not carry advertisements of fraudulent loan apps. 

Minister of state for electronics and information technology Rajeev Chandrasekhar said that such apps are not only misleading but also exploitative to people using the internet, news agency PTI reported. 

He said the ministry has issued an advisory to social media platforms asking them to take additional measures to not permit any advertisements of illegal loan and betting apps that have the potential to scam and mislead the users.

“One of the areas we are now cracking down on is advertising of fraudulent loan apps that many platforms are carrying and we have, through yesterday’s advisory, made it clear that no intermediary can carry advertisements of fraudulent loan apps because it will be misleading and exploits people who are using the internet,” Chandrasekhar was quoted as saying.

It must be noted that the IT ministry on Tuesday issued an advisory to social media platforms, asking them to comply with the provisions of the Information Technology (IT) Rules and promptly remove misinformation, false or misleading content, and material impersonating others.

Meanwhile, a report by the Indian Express said that the government is working on amendments to the IT Rules to ensure that social media platforms don’t host advertisements of fraudulent apps. Once the new amendments are rolled out, the platforms hosting such advertisements may lose their legal immunity.

It must be noted that the last few years have seen the emergence of a number of fraudulent digital lending apps, which have raised concerns within the government. Last year, finance minister Nirmala Sitharaman asked MeitY and the Reserve Bank of India (RBI) to create a whitelist of legal loan apps following the RBI guidelines and regulations. Following this, the two were also tasked to ensure that only the RBI approved loan apps are available for download on the Google Play Store and the Apple App Store.

Earlier this year, Google rolled out a new policy for the personal loan apps. It said that such apps would have to  disclose a privacy policy that comprehensively discloses the access, collection, use, and sharing of personal and sensitive user data.

Earlier this month, Sitharaman informed the Parliament that Google delisted more than 2,500 fraudulent digital lending apps from Play Store between April 2021 and July 2022. She further added that the tech giant also reviewed around 3,500 to 4,000 digital lending apps during the same period.

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Drone startup DroneAcharya Aerial Innovations has signed an agreement to acquire 51% stake in Pune-based PYI Technologies Pvt Ltd, a startup that offers camera drones, DIY kits and customised drones.

However, the financial terms of the deal were not disclosed. DroneAcharya said that the terms of the share purchase agreement will be finalised in due course, outlining specific details of the transaction. 

“This strategic decision will play a pivotal move in DroneAcharya’s expansion plan aimed at broadening its service spectrum and enhancing its value-added offerings within the drone industry,” DroneAcharya said in a BSE filing. 

Founded by Prateek Srivastava in 2017,  DroneAcharya offers drone-based enterprise solutions across sectors like oil and gas, mining, infrastructure and agriculture. The company also provides training for drone piloting, drone building, drone data processing and using industrial drone applications, among others. 

Meanwhile, PYI Technologies Pvt Ltd was established by Abhigyan Ranjan in 2022. The platform offers beginner-friendly models of customised camera drones and DIY drone kits. 

In another exchange filing, DroneAcharya said that it has secured a tender valued at INR 1.4 Cr from the Haryana government’s Drone Imaging and Information Service of Haryana (DRIISHYA) project for the supply of surveying drones. 

“This is a very positive sign as it shows that drones are being widely adopted and applied in the current workflows in Haryana,” Srivastava said. 

Earlier this year, the startup also signed a franchise agreement worth $2.7 Mn (INR 23 Cr) with Switzerland’s Wollstone Capital SA to open 30 remote pilot training organisations (RPTOs) across India.

Back then, the company said that the development would help boost drone sales, services and certified training. The deal was aimed at training 500 pilots to give a major boost to the skilled workforce in the Indian drone sector. 

In the first half of FY24, the company reported a profit after tax (PAT) of INR 3.97 Cr as against a PAT of INR 13.09 Lakh (0.13 Cr) in the corresponding period of the previous fiscal year.

The company’s operating revenue shot up 998% to INR 20.89 Cr in H1 FY24 from INR 1.9 Cr in the same period of the previous fiscal. 

Aiming to grow its reach, the company also forayed into the spacetech sector. In August, DroneAcharya said it tested a reusable rocket launch vehicle, which attained an altitude of 3 kms over the ground surface. Back then, it claimed that it successfully landed the vehicle with the help of a parachute and was able to recover all vital sensors and equipment. 

According to Inc42’s analysis, the market size of the Indian drone industry is estimated to grow to $13 Bn+ by 2030 at 21.6% CAGR from $2.71 Bn in 2022.

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Walmart-owned digital payments app PhonePe has rolled out a new feature on the platform that will allow its users to manage their credit cards as well as pay bills and loans.

The ‘Credit’ section will enable users to view their credit bureau score without any additional cost, PhonePe said in a statement, adding that the credit bureau report will also provide summarised credit insights such as their credit utilisation, credit age, on-time payments and more. 

Founded in December 2015 by Sameer Nigam, Rahul Chari, and Burzin Engineer, PhonePe offers financial services to users. It competes with publicly listed Paytm and Google Pay in the digital payments space and also provides mutual funds and insurance products.

Commenting on the launch, Hemant Gala, chief executive at PhonePe Credit, said, “We believe that financial empowerment starts with understanding and managing your credit health. This launch is a significant step towards providing our users with the tools and knowledge they need to make informed financial decisions.’’ 

The startup’s ‘Credit’ feature is aimed at offering easily accessible and simple tools to users to enable them to achieve their financial goals by launching financial services like insurance, stock broking and mutual funds.

PhonePe further said that it will soon expand its credit offerings by launching consumer loans within the app. With this, the company aims to address the diverse credit requirements of its customer base across various segments. 

The fintech unicorn is also working on the development of a lending platform distributing diverse products by partnering with the banking and non-banking financial company (NBFC) industry while adhering to the policy and guidelines set by the regulator. 

The announcement comes weeks after Walmart’s chief financial officer David Rainey said that PhonePe reached a total payment value (TPV) of $1.3 Tn, equating with some of the largest fintech firms in the US market.

After raising nearly $1 Bn in 2023, PhonePe is on an expansion spree and has launched a number of new offerings in recent times, including separate apps for ecommerce (Pincode) and investment tech (Share.Market) and Indus Appstore.

The post PhonePe Rolls Out Credit Feature On App To Help Users Manage Credit Cards, Pay Bills appeared first on Inc42 Media.

Unicommerce eSolutions Pvt Ltd, which offers a software-as-a-service (SaaS)-based order management and fulfilment platform to ecommerce and retail businesses, has roped in five industry leaders to its board.

The startup, which aims to go public late next year, has appointed former SoftBank India head Manoj Kohli, along with Ullas Kamath and Sairee Chahal as independent directors and Kunal Bahl and Rohit Bansal as non-executive directors. 

These appointments are poised to boost reach, institutionalise governance structure and steer the company into the next phase of growth, Unicommerce said in a statement.

Other than SoftBank, Kohli has served as the executive chairman of SB Energy Projects Private Limited as well as a managing director and CEO of Bharti Enterprises Limited. He had been instrumental in driving growth, profitability and operational excellence across multiple sectors, the statement added.

Meanwhile, Kamath was the joint managing director of Jyothy Labs, where he played a crucial role in the transformation of the company into a multi-brand FMCG corporate entity. 

Chahal is the founder of SHEROES, a women-focussed digital platform and an ecosystem with over 20 Mn women. She is also the founder of Mahila Money, a neobank for women, and cofounder of Fleximoms, which works towards creating, enhancing and co-creating workflex opportunities for women professionals.

Bahl and Bansal are the cofounders of Snapdeal, AceVector and Titan Capital.

“The depth and diversity of their expertise aligns seamlessly with our vision of anticipating and serving the evolving technology needs of our customers both in India and in other countries,” said Kapil Makhija, MD and CEO of Unicommerce.

Unicommerce was launched by three classmates at IIT Delhi – Ankit Pruthi, Karun Singla and Vibhu Garg. It was later acquired by Snapdeal in 2015.

The startup enables end-to-end management of ecommerce operations for D2C brands, retail companies, and other online sellers through its comprehensive suite of SaaS-based technology products.

Unicommerce’s platform keeps track of stocks across multiple warehouses, keeps inventory information updated across multiple sales channels (both offline & online) and automates order pick-ups to support faster and more accurate deliveries.

The startup generates revenue by selling its SaaS solutions. Including other income, its total revenue stood at INR 92.9 Cr in FY23 as against INR 61.3 Cr in the previous fiscal year.

Unicommerce’s operating revenue zoomed 52% to INR 90 Cr in the financial year 2022-23 from INR 59 Cr in the previous fiscal year on strong demand for its services. This resulted in the SoftBank-backed startup’s net profit rising 8% to INR 6.4 Cr in FY23 from INR 5.9 Cr in FY22.

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Panasonic Life Solutions India (PLSIND) and Panasonic Corporation (PC) in collaboration with micro VC fund 100X.VC have selected 12 startups as part of accelerator programme Panasonic Ignition.

The accelerator programme was launched in October to support young entrepreneurs and provide them with investment, masterclasses, expert mentorship, product strategy and growth plans. 

The selected startups will participate in the accelerator programme over the next three months and will receive comprehensive support from both Panasonic and the 100X.VC teams. 

In addition to financial resources, the startups will also receive support in the form of mentorship sessions and guidance to complete their project, said a statement on Wednesday.

Commenting on the programme, Manish Misra, chief innovation officer at Panasonic Life Solutions India, said, “This initiative underscores our commitment to fostering groundbreaking technologies and solutions that address the evolving needs of commercial spaces while contributing to a sustainable future.”

The selected startups are:

• SustLabs – Based out of Mumbai, the startup was founded by Kaushik Bose in 2016. It develops consumer IoT solutions for home energy monitoring. 
• MinionLabs – The Bengaluru-based startup was launched in 2017 by Gokul Shriniva. It has developed a product for measuring individual energy consumption in buildings.
• Clairco – Founded by Aayush Jha in 2018, the startup is headquartered in Bengaluru. It develops IoT-based smart air purification and space optimisation devices.
• Enlite – Founded in 2017 by Gaurav Bali, the Mumbai-based startup provides an AI-enabled wireless building management system. 
• Zodhya – Launched in 2017 by Rohith Pallerla, the Hyderabad-based startup is a provider of energy optimisation solutions for commercial spaces.
• Living Things – Based out of Mumbai, the startup was launched by Madhusudhan Naik in 2019. It provides smart control hubs for air conditioners.
• Sensiable – Launched in 2019 by Ashish Singh, the startup is headquartered in Bengaluru. It is a provider of an IoT-enabled workplace space management solution.
• Carbon Minus – The startup was launched in 2019 in Pune by Ashok Ranfive. It is a provider of cloud-based solutions for energy plant management.
• Nebeskie – The Chennai-based startup was launched by Anik Bose in 2016. It is  a provider of a SaaS, AI & IoT-powered electricity management platform.
• Quebeq Venture – Launched in 2019 by Logesh Janarthanan, the Chennai-based startup integrates a virtual power plant with proprietary energy solutions.
• Blaze – The Hyderabad-based startup was launched in 2007 by Arjun Valluri. It integrates smart sensor-based devices and IoT to deliver cost-effective and efficient device management, connectivity management, and application enablement solutions.
• Cymbeline – Launched in 2017 by Vivek Gowripeddi, the Bengaluru-based startup develops industrial IoT with diverse hardware, middleware, analytics, and cloud.

The development comes at a time when a number of companies and VC firms have been announcing accelerator and incubation programmes for startups. 

For instance, game development major Krafton launched its incubator programme called KRAFTON India Gaming Incubator to support early stage gaming startups with primary investment and mentorship. 

Earlier this month, GVFL in partnership with Brinc and Games24x7 in partnership with the Karnataka government announced accelerator programmes.

However, according to Inc42’s Indian Tech Startup Funding Report Q3 2023, for the first three quarters of 2023, the funding in Indian startups was merely more than $7 Bn against about $22 Bn during the corresponding quarters of 2022.

The post Meet The 12 Startups Part Of Panasonic’s Accelerator Programme appeared first on Inc42 Media.

SAR Group’s energy solutions brand Livguard said it has acquired Delhi NCR-based battery swapping and IoT solutions startup Emuron Technologies to venture into the EV battery swapping space.

However, the company did not disclose the financial terms of the deal.

Founded in 2018 by Kunal Garg, Vedant Khanna and Vibhor Bharti, Emuron Technologies is a bootstrapped startup which helps EV businesses deploy battery-swapping stations across India. 

Its offering include a battery tracking system to monitor battery health, location, and utilisation; customisable and modular smart electrical cabinet that allows swapping of discharged Li-ion batteries with charged batteries; and a battery intelligence platform which provides utilisation report and ageging predictions. The startup also claims to be working on a battery management system.

Commenting on the acquisition, SAR Group’s cofounder Rakesh Malhotra said Livguard will leverage Emuron’s battery-swapping technology alongside its own battery expertise. “Our comprehensive solutions, combined with our EV subsystems portfolio, position us as a one-stop shop for all 2 and 3-wheeler EV OEMs,” he added. 

SAR Group, which owns companies including Livfast and Mooving, launched Livguard in 2014. It offers energy-related solutions including automotive batteries, inverters, and residential solar panels. 

Recently, the group ventured into the EV business with the launch of Lectrix EV.

“We have a strong commitment towards research and development, innovation and Make in India,” Livguard’s chief executive Gurpreet Bhatia told Inc42. 

He added that Livguard is currently working on a unique energy services ecosystem for the two- and three-wheeler EV industry. Following the acquisition, it plans to rapidly deploy swapping stations in key markets to solve the range anxiety of electric vehicles.

The development comes at a time when the India EV space is buzzing with activities. From talks about Tesla’s entry into India to the potential IPO of Ola Electric, a lot has been happening in the EV segment lately. 

Recently, EV charging startup Exponent Energy secured INR 220 Cr ($26.4 Mn) in its Series B funding round to strengthen its manufacturing and business operations.

Also, Macquarie Capital invested an undisclosed amount in EV charging startup ChargeZone to help it further develop its cloud technology-enabled charging network.

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Financial product delivery platform Finhaat has raised $3 Mn (approximately INR 25 Cr) in a seed funding round led by impact venture fund Omnivore, with participation from Kettleborough VC.

The Mumbai-based startup plans to deploy the fresh proceeds for further building technological models, rolling out innovative products, scaling up its partner base and hiring resources for new verticals.

Founded by Sandeep Katiyar, Navneet Shrivastava and Vinod Singh, Finhaat is a financial product delivery platform created for the emerging middle-class and lower-income segments primarily in the rural, tier III and IV cities. It offers a complete range of insurance products on its insurance broking platform delivered through Finhaat Insurance Broking Pvt Ltd.

The startup, which first began operations in 2022 with insurance as its first product vertical, claims to be building a business-to-business (B2B) insurance distribution platform for institutions working with the underserved, including NBFCs, MFIs, BC networks, Nidhi companies, cooperatives, NGOs and FPOs.

“Our operations already cover over 65% of pin codes in India. We are determined to transform the financial services space for the underserved,” said cofounder Singh. 

“Financial inclusion remains dismally low in rural India – just 11.5% of households have net savings, and under 10% have life insurance. This vulnerability is most acute in low-income segments, especially for farmers confronting myriad risks. Yet, tailored products to mitigate uncertainties and boost financial stability and growth are few and far between,” said Omnivore’s managing partner Jinesh Shah.

The landscape of insurance, a sector traditionally entrenched in legacy systems and cumbersome processes, is undergoing a seismic shift in India. The space has been gaining momentum for the past some time now. 

For instance, in November, insurtech startup Onsurity secured $24 Mn in its Series B funding round led by the International Finance Corporation (IFC) to co-create a technology solution with its insurance partners, to drive seamless and transparent transactions.

Also the fintech soonicorn InCred declared in a filing that it may soon foray into the insurtech segment as its board has already given a nod to apply for a corporate insurance agency licence from the Insurance Regulatory and Development Authority of India (IRDAI). 

According to Inc42’s State Of Indian Fintech Report, Q3 2023 InFocus, the insurtech market size was more than $87 Bn in 2022 and is estimated to cross the $307 Bn mark in 2030 at 17% CAGR. 

The post Finhaat Secures $3 Mn To Offer Tech-Based Insurance Distribution Solutions appeared first on Inc42 Media.

Angel investment networking platform We Founder Circle’s (WFC) GIFT City Fund has raised $10 Mn (around INR 83 Cr) and onboarded more than 250 investors.

The GIFT City Fund, called  WFC Global Angels Fund, has a target corpus of $30 Mn, with a green shoe option of $30 Mn.

WFC Global Angels Fund, a cross-border fund based in Gujarat’s GIFT, is one of the two funds launched by the Mumbai-based angel network last year to back early-stage startups in India. 

WFC’s other fund is Invstt Trust, with a target corpus of INR 200 Cr (roughly $24 Mn) and a green shoe option of up to INR 200 Cr.

The sector-agnostic GIFT City fund has so far invested in six startups – Nintee, Zivy, Pixxel, Trading Leagues, Piersight, and Aistra Labs. 

The fund’s average cheque sizes range from $50,000-$1.5 Mn and aims to close at least up to 10 deals by the end of the current fiscal year.

The GIFT City fund leverages innovative financial structures and compliance strategies to facilitate fast and convenient cross-border investments, WFC said in a statement.

“We aim to complete onboarding of at least 300+ investors with a signed contribution of $15 Million+ by March 2024. In a relatively short span, we have forged partnerships with leading incubators, accelerators, and other startup funds,” said WFC’s cofounder Gaurav VK Singhvi. 

The strategy of being sector-agnostic in early-stage startups suggests a focus on diversification and a willingness to explore opportunities across various industries. This approach is aligned with the principle of spreading risk and capturing potential high-growth opportunities, the statement added.

Founded by Singhvi, Bhawna Bhatnagar, Deo Saurabh and Neeraj Tyagi in 2020, WFC has over 12,000 investor base with over 120 investments made since inception. The network counts companies like Stylework, Vidyakul, Settle, Blusmart Mobility, Microfinance.ai, etc as its portfolio. 

The development comes days after Prime Minister Narendra Modi announced that new forms of capital and digital technology will play an important role in the development of GIFT City. 

For the past few years, most of the VC, PE or angel networking platforms have been floating funds to back early-stage startups, also paving the way for overseas investors for investment opportunities in India.

For instance, earlier this year, PE firm Airavat Capital also announced the launch of a global technology fund called Airavat Global Technology Fund R (AGTF R). The fund is aimed at offering Indian HNIs and investors the opportunity to leverage Indian technology ecosystem insight to capitalise on the growth potential of top listed technology companies worldwide, the statement added.

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B2B SaaS-based customer support automation platform Kapture CX has marked the final close of its Series A funding round at $4 Mn (around INR 33 Cr) after raising capital from homegrown private equity fund India Alternatives.

Bengaluru-based Kapture CX will use the fresh funds to further push its global reach and market expansion. The proceeds will also be deployed to strengthen its product capabilities and expedite the development of advanced AI technologies for a more innovative and personalised customer experience.

Founded by Vikas Garg and Sheshgiri Kamath in 2014, Kapture CX offers AI-enabled customer relationship management (CRM) software, enabling companies to reach their customers at the point of contact of their choice. The startup offers customer experience management via direct channels, including calls, WhatsApp, chat, email and social media.

Kapture CX has developed a suite of products, the Kapture One Suite, which includes a contact centre, a service centre, a field agents management system, a live chat solution, an AI-based self-service tool for customers for basic troubleshooting, a knowledge management system (KMS) and a learning management system (LMS). 

“There is a seismic shift in customer behaviour and customers now expect faster support and more seamless interaction across all channels. They also require their partner to understand their unique needs with the ability to quickly provide top-of-the-line customised solutions. We are experiencing tailwinds across the large and global enterprise segment that has made us capitalise on Gen AI capabilities,” Garg said.

Outside India, Kapture has launched its operations in the US, the UAE, Indonesia, and Saudi Arabia. It claims to have crossed the 1,000 customers mark from 19 countries and is also planning to add 100 more employees in the next year. It counts the likes of Nykaa, 1MG, Zepto, Meesho, Syska, Big Basket, Ford, Netmeds, Prestige, Tata, and Wipro among its clients. 

The startup claims to have secured $8 Mn funding since inception and counts Cactus Venture Partners as its existing investor. The first raise under the Series A round was conducted in July when it secured $4 Mn from Cactus with global expansion goals.

India’s B2B SaaS space has been gaining investors’ traction for quite sometime now.

For instance, recently, customer experience focussed B2B SaaS platform Omnivio secured $1.02 Mn to boost its omnichannel visibility and development of its product suite. Additionally, the startup will recruit for its Go-To-Market (GTM) teams in India and the Middle East. 

The post SaaS Startup Kapture CX Raises $4 Mn To Automate Customer Support Operations appeared first on Inc42 Media.

Homegrown mid-market private equity firm TVS Capital Funds has roped in senior executive of ecommerce marketplace Bolt, Kal Raman, as a venture advisor.

As the President of Bolt, Raman leads the engineering, product, and customer experience teams. With over 30 years of experience, he had also worked with companies like Amazon (S-team), Samsung, Groupon and Walmart. 

Besides, he has provided leadership to various other companies and contributed as a board member or advisor at BigCommerce, Feedvisor and Solana Labs, TVS Capital Funds said in a statement on Tuesday (December 19).

Gopal Srinivasan, managing director and chairman at TVS Capital Funds, said, “His (Raman’s) profound insights, innovation-oriented leadership and extensive experience will help us bolster the capability capital that we provide to entrepreneurs shaping India’s growth story. As we advance in our mission of empowering next-gen entrepreneurs and deepening the pools of rupee capital supporting the country, we look forward to the valuable contributions he will bring to our journey.”

TVS Capital claims to have strengthened its leadership team over the past year. Some newly onboarded leaders are Anuradha Ramachandran, Krishna Ramachandran and Naveen Unni as managing partners and Mahindra Finance’s vice chairman and MD, Ramesh Iyer as a board member.

“Manufacturing, distribution, and last-mile delivery aided by AI is ripe for unlocking value while improving customer experience in India…,” Raman said. 

Founded by Srinivasan in 2007, TVS Capital currently claims to have INR 2,000 Cr (around $240 Mn) worth assets under management (AUM). It majorly focuses on startups in the B2B services segment with strong long-term potential. Other than monetary investment, the fund offers mentorship through its experienced leadership team as well as a strong network of industry experts and advisors.

TVS Capital counts companies like Nykaa, PhonePe, DCB Bank, RBL Bank, Medplus, The Yellow Chilli, among others in its portfolio. 

The post TVS Capital Funds Onboards Bolt’s President Kal Raman As Venture Advisor appeared first on Inc42 Media.

The Hyderabad Auto and Taxi Drivers Association has launched a ride-hailing app, Yaary, which is built on the Open Network for Digital Commerce’s (ONDC) protocols, to take on the likes of Ola and Uber. 

The association has already onboarded more than 20,000 auto and taxi drivers on Yaary and aims to launch similar mobility apps across other cities through collaboration with other city associations of drivers, Moneycontrol reported Yarry as saying in a statement.

Similar to Bengaluru’s Namma Yatri, ONDC-backed Yaary also promises to not levy any commission for drivers on its platform, the publication reported.

“It (Yaary) has been developed with the core belief that the drivers who power the ride-hailing ecosystem deserve the utmost respect, support, and fair compensation. The platform is designed to prioritise the welfare of drivers, ultimately providing top-tier experience & reliability to passengers,” Yaary cofounder and CEO Hari Prasadh was cited as saying. 

Founded by Prasadh, Madhan Balasubramanian and Paritosh Verma, Yaary has been developed to the standards specified by ONDC. 

ONDC CEO and MD T Koshy said that Yaary will be  a highly cost-effective and rewarding service for both service providers and customers in Hyderabad. 

The development comes months after ONDC was reported to be preparing for the full launch of its cab-hailing pilot programme in Kolkata, in partnership with the West Bengal government’s Yatri Sathi app, as it has received a good response.

Prior to that, the network onboarded the Bengaluru-based auto-rickshaw booking app Namma Yatri. However, Bengaluru’s Auto Rickshaw Drivers Union has now reportedly severed its ties with Namma Yatri.

The development comes at a time when the ride-hailing space in the country is seeing increasing competition. Recently, bike and auto hailing app Rapido launched a cab booking service to take on Ola and Uber. 

However, there is also a lot of dissatisfaction among drivers over the high commissions charged by the app aggregators. On the other hand, riders often face issues of cancellations by drivers. This has resulted in multiple unions of drivers and state governments launching or planning to launch new apps.

Last week, Karnataka transport minister Ramalinga Reddy said the state government plans to launch a ride-hailing app to take on Ola and Uber.

The post Hyderabad Auto & Taxi Drivers Association Launches Ride-Hailing App Yarry On ONDC Protocol appeared first on Inc42 Media.

B2B SaaS startup Finayo has raised INR 16 Cr (around $1.9 Mn) in a mix of debt and equity funding from non-banking financial company F Mec International Financial Services Limited, Choice Finserv Private Limited, India Accelerator and angel investor Manish Mehta.

Founded by Brajendra Singh Tomar and Yogesh Prakash in 2020, Finayo connects its lending partners with customers of EV retailers and OEMs through its AI-powered platform and helps them make credit decisions quickly. The startup aims to digitise the entire process of EV lending portfolios such as vehicle loan, EV charging infrastructure loan and loan for EV retailers, among others. 

It provides its lending partners a dedicated web dashboard to see and manage borrower profiles and automate loan processing from end-to-end, among others. For EV borrower-facing entities, it provides a dashboard and mobile application for their executives to process loan applications and generate real-time loan offers for customers with multiple lenders. 

The Delhi NCR-based startup said it will use the fresh funds to build a financially inclusive EV landscape and advance the country’s net zero agenda. 

“We want to utilise this funding to invest in cutting-edge technologies and expand our footprint across India, whilst accelerating an inclusive network of EV financing,” said Tomar.

Finayo plans to create job opportunities, particularly in the green transportation market for the underserved populace, paving the way for inclusive holistic growth in the sustainability landscape, the startup said in a statement.         

Finayo further aims to allocate the funds to expand its network and strengthen its technological capabilities. It also plans to optimise fleet management, enhance financial inclusion and bolster EV adoption.  

The development comes at a time when the EV financing landscape is seeing a paradigm shift in the country owing to the increasing adoption of EVs. Ola Electric entered into partnerships with Shriram Finance and other financial institutions to facilitate EV sales through accessible loan options. 

Also, Omega Seiki Mobility partnered with Punjab National Bank to enable partner dealers in providing retail financing solutions to customers.

Two-wheeler EV registrations in the country jumped 14% month-on-month (MoM) in November to cross the 85,000 units mark.

According to data compiled by Inc42, the Indian EV sector has raised over $780 Mn so far this year as against $758 Mn in 2022. 

The post Finayo Bags Funding To Digitise EV Financing Through Its SaaS Offering appeared first on Inc42 Media.

Union minister Smriti Irani took a dig at the venture capital (VC) funds for not backing enough women-led innovative startups, and instead focussing more on entities founded by men.

At an event on Friday (December 16), the minister said that there are many women-led startups in science and technology but they are not getting translated into commercial ventures.

“Even today, risk taking by VCs for women-led initiatives which are based on innovation is far lower as compared to those by men,” PTI reported Irani as saying. 

The union minister for women and child development acknowledged that her recent statement in Parliament opposing period leaves for women has caused an “uproar” but stuck to her stance, saying allowing so will have deep concerns on privacy.

Irani also suggested business schools impart negotiating skills to their students, especially girls. 

The minister’s statement is in line with the findings of Inc42’s funding report. Amid the funding winter, the women-led startups saw an 88% YoY decline in funding during H1 2023. 

The Indian Tech Startup Funding Report H1 2023 points out that Indian startups with at least one woman founder raised $290 Mn between January and June 2023 versus $2.4 Bn raised in the same period a year ago. In terms of the deal count, the women-led startups saw a 55% YoY decline to 62 during H1 2023 from 140 during the same period of 2022. 

However, the startup landscape of India is witnessing a shift never seen before. Even amid the crisis, women founders and investors are gradually seeing an increase in their share in the Indian startup ecosystem. 

Anjali Bansal, Deepika Padukone, Aarti Gupta, Bhawna Bhatnagar, Debjani Ghosh, Namita Thapar, and Padmaja Ruparel are among the leading women investors and entrepreneurs who are frequently talked about in the startup ecosystem.

The post VCs Betting On Fewer Women Startups Than Men-Led Ones, Says Minister Smriti Irani appeared first on Inc42 Media.

Union minister of science and technology Jitendra Singh has said that  the number of Indian spacetech startups have gone up from just 1 in 2014 to 189 in 2023.

Citing data of the department for promotion of industry and internal trade (DPIIT), Singh informed the Parliament that the investment in spacetech startups has climbed to $124.7 Mn. 

Singh told the Rajya Sabha that the government has set up a space technology incubation centre (S-TIC) to nurture and attract young students with innovative ideas and enable them to carry out research and set up new startups in the space segment. 

Elaborating on the significance of the Indian Space Policy 2023, Singh said that it will enable end-to-end participation of privately owned spacetech companies in all domains of space-related activities. 

He said that the incentives offered by the government under the space policies have enabled some privately owned spacetech companies to launch their own satellites. 

According to a report by Inc42 titled ‘Indian Spacetech Startup Landscape and Market Opportunity, 2023’, more than 150 spacetech startups secured $285 Mn+ in funding between 2014 and 2023. Most of them are backed by a diverse array of active investors, including prominent names such as Pi Ventures, Speciale Invest, Peak XV (formerly Sequoia Capital India and Southeast Asia), Mumbai Angels, Artha India Ventures and 9Unicorns, among others.

Earlier this year, Skyroot secured INR 225 Cr (approximately $27.5 Mn) in a Pre-Series C funding round led by Temasek to drive the next phase of growth through increased investments in infrastructure, reinforcement of its technology leadership, attraction of top-tier talent, and the enhancement of its launch frequency and capabilities

It is pertinent to note that in October this year, Skyroot also unveiled its indigenously built rocket Vikram-I at its new headquarters.

Another spacetech startup Agnikul, which owns the first private launchpad within the ISRO campus, secured INR 200 Cr ($26.7 Mn) in October to accelerate the commercialisation of its existing technologies and invest more in key facilities such as mobile launchpads and other test rigs to cater to growing customer requirements.

The post India Now Home To 189 Spacetech Startups: Union Minister Jitendra Singh appeared first on Inc42 Media.

Fintech company Infibeam Avenues has bought a 49% stake in Ahmedabad-based Pirimid Fintech for INR 25 Cr ($3 Mn) to strengthen its foothold in the fintech ecosystem. 

With the acquisition, Infibeam is looking to foray into the fast-growing capital market tech space.

“This move is in direct response to the surging demand in the thriving global capital markets for cutting-edge secured and zero latency AI backed software to streamline trading, research and investment processes,” the company said in a release.   

Pirimid, founded by Nirav Prajapati in 2017, specialises in developing customised capital markets and digital lending products, tools, services and workflows to meet specific client needs.

Infibeam said Pirimid is making significant strides in the digital lending sector with capabilities around modern loan origination systems, data sourcing and advanced business rule engine (BRE). 

The acquisition will allow Pirimid to leverage the expertise of Infibeam to develop innovative digital lending solutions.

With such solutions, Infibeam aims to streamline its lending process, offer faster and more efficient credit disbursement, enhance customer experience and improve risk management through advanced data analytics and AI algorithms.

Pirimid claims to have a client base of both global and domestic companies including Singapore Exchange’s BidFX, Bank of Baroda, and Lendingkart, among others. 

“Pirimid has built a robust product for capital markets stakeholders and this strategic investment opens up a compelling growth opportunity to capitalise on our existing digital payments and platform solutions, by creating a synergy with the capital market tech products,” said Infibeam’s managing director and chairman Vishal Mehta.

Meanwhile, Infibeam also announced the acquisition of 100% stake in Infibeam Avenues Saudi Arabia for Information Systems Technology. Co from its wholly-owned subsidiary Vavian International Limited to offer payment aggregation service in Saudi Arabia under its brand CCAvenue.

Founded in 2007, Infibeam is a listed company that offers comprehensive digital payment solutions and enterprise software platforms to businesses and governments across industry verticals. 

Its primary source of revenue is a payment gateway business through which it offers over 200 payment options to the customer merchants allowing them to accept payments through website and mobile devices in 27 international currencies. With over 8 Mn clients, the company claims to have processed transactions worth INR 4.5 Lakh Cr ($54 Bn) in FY23. 

The acquisition comes a month after Infibeam announced that it has sped up plans to establish an in-house ecosystem to fuel the company’s artificial intelligence (AI) ambitions. It said one of its subsidiaries has acquired a piece of land in Ahmedabad that will serve as the extension of Infibeam Avenues Ltd’s planned GIFT City AI HUB. 

Infibeam reported a 191% jump in its profit after tax to INR 38.3 Cr in the September quarter of FY24 from INR 13.2 Cr in the last year’s quarter. Operating income jumped 66% year-on-year to almost INR 790 Cr. 

The post Infibeam Avenues Acquires 49% Stake In Pirimid Fintech To Foray Into Capital Markets Space appeared first on Inc42 Media.

Homegrown quick service restaurant chain Burger Singh on Thursday (December 14) said it has raised pre-Series B funding in a round led by trading company Turner Morrison Ltd, with participation from Homage Ventures LLP – Office of Aditya Ghosh. 

The round also saw participation from existing investors, including Anicut Capital’s Ashvin Chadha, Thapar Family Trust’s Vikramaditya Mohan Thapar, Mumbai Angels, and LetsVentures. 

While Burger Singh didn’t disclose the amount of funding raised, it claimed that the round increased its valuation to $52 Mn (approximately INR 433 Cr) from its last valuation of $23 Mn in July 2022. 

The burger chain had raised INR 30 Cr in its Series A funding round led by Negen Capital in July last year.

Burger Singh said it plans to launch 15 ‘Burger Singh Express’ kiosks in 60 days at various metro stations in Delhi NCR to expand across high-traffic areas such as universities, malls, hospitals, and airports. 

These kiosks, measuring 100 sq ft, require no water drainage or other utilities besides an electrical connection, making them highly adaptable and cost-effective, the startup claimed.

“Our expansion is not just about scaling up; it’s about innovating and evolving in the QSR space. The ‘Burger Singh Express’ model is a crucial part of this vision,” Burger Singh founder Kabir Jeet Singh said.

He said that the kiosks reduce the risk associated with location and high rentals and will help franchisees get a faster return on their investment.

Founded in 2014, Burger Singh currently has over 150 outlets in over 65 cities, including Delhi NCR, Lucknow, Jaipur, Dehradun. The startup, which claims to be the third-largest burger chain in India, competes with the likes of Burger King, McDonald’s, Subway, Domino’s, and KFC in the QSR space. 

According to an Inc42 analysis, the Indian F&B market size stood at $11 Bn in 2022 and is expected to reach $68 Bn by 2030 at 25% CAGR. As a result, investors are betting big on the space and a number of startups in the space have bagged funding in recent times.

Earlier this year, Good Flippin’ Burgers raised $4 Mn in its Series A round of funding from Tanglin Venture Partners to focus on geographical expansion, reinforcing its supply chain, and further refining its dining and quick service models.

Also, QSR chain Third Wave Coffee secured $35 Mn in a Series C funding round led by private equity firm Creaegis to double down on technology and product innovation to deliver superior cafe experience across the country. 

The post Burger Singh Bags Funding From Turner Morrison, Existing Investors appeared first on Inc42 Media.

Cloud kitchen startup Curefoods, floated by Cure.fit cofounder Ankit Nagori, has appointed former Tata Starbucks chief executive officer Avani Davda to its board.

The Bengaluru-based startup, which counts Binny Bansal’s fund Three State Ventures, IronPillar, Chiratae Ventures, ASK Finance and Winter Capital as among its marquee investors, aims to strengthen the depth of proficiency and leadership at hand with this appointment, it said in a statement on Thursday (December 14).

Davda, who currently serves as an independent director in Mahindra Logistics and JSW Paints, has over 20 years of experience across multiple companies, especially in the food and beverage (f&b) space.

Currently, she also serves as a strategic advisor to Bain Advisory Network and had served as the managing director and CEO at Godrej Nature’s Basket. Prior to that, she served Tata Global Beverages as the vice president and eventually moved on to lead Starbucks as its CEO. 

“Avani’s expertise and years of experience in the f&b industry adds a fresh perspective of thought and direction to the brand and its strategy,” Nagori said.

Founded in 2020, Curefoods houses brands like EatFit, Cakezone, Nomad Pizza, Sharief Bhai Biryani and Frozen Bottle among others. The startup claims to be running over 200 cloud kitchens and offline stores that cater to over 10 cuisines across 15 cities in India.

The startup said in a statement that it will continue to focus on growth, expansion in offline restaurant category and the overall initial public offering (IPO) preparedness.

It added that this onboarding marks a significant milestone, as it looks at onboarding more experts on their leadership in 2024 and plans further growth strategy.

Curefoods has so far raised around $220 Mn in funding from more than 25 investors. It is also on an expansion spree in the food sector. 

The startup recently acquired foodtech startup Yumlane for an undisclosed amount. As a part of this acquisition, Yumlane will leverage the reach of Curefoods to boost its proprietary pizza technology.

In July 2023, it also made a strategic investment in Hyderabad-based millet startup Millet Express to help it expand and reach a wider audience for millet-based products.

This investment was followed by a $37 Mn funding round led by Three State Ventures. 

It has earlier acquired startups such as subscription-based home-cooked meals startup Masala Box, Indian breakfast startup Paratha Box, online confectionery chain CakeZone, biryani brand Ammi’s Biryani, pizza brands Olio and Crusto’s and online chaat brand Chaat Street.

The post Curefoods Ropes In Ex-Tata Starbucks CEO Avani Davda On Its Board appeared first on Inc42 Media.

Mumbai-based climate and impact-focused venture capital investor Asha Ventures, which counts Adda247, Vastu Housing Finance, Varthana and Truemeds among others as its portfolio companies, has marked the first close of its debut fund at $50 Mn (approximately INR416 Cr), which will have a total corpus of $100 Mn (approximately INR833 Cr).

The Asha Ventures Fund-I plans to make early-stage investments in startups across sectors such as financial services, healthcare, education, climate and agriculture.

Asha Ventures was founded by former Morgan Stanley India head and president Vikram Gandhi and former Genpact president and chief executive Pramod Bhasin in 2015. 

The VC firm’s latest investment vehicle has received commitments from limited partners including Small Industries Development Bank of India (SIDBI), Self-Reliant India (SRI) Fund and a clutch of family offices.

“The backing of reputed institutions like SIDBI, SRI and some of India’s largest family offices is a testimony to our track record in this space and gives us a platform to scale up our investments,” Gandhi said.

Asha Ventures aims to deploy the funds into 4-5 startups every year. With the first close, the fund has already committed its first investment to an early-stage startup, without disclosing the name, the company said in a statement.

“At Asha Ventures, we are uniquely positioned to bring operating and investment expertise to the table enabling our portfolio companies to realize their true potential,” Bhasin said.

Notably, Asha Ventures is the second firm to mark the first close of its fund in recent days. Last week, SenseAI launched its maiden VC fund to invest in Indian artificial intelligence startups with a target corpus of INR 200 Cr ($25 Mn). It said that it would invest in 18-20 AI-first startups from seed to Pre-Series A stages, with plans for follow-on investments in its portfolio companies.

Also in the same week, Indian Angel Network marked the first close of its second venture capital fund at INR 355 Cr ($42.5 Mn) with a target of INR 1,000 Cr ($119 Mn) to back early-stage startups across multiple sectors.  

According to Inc42’s India’s Startup Investor Landscape Report 2023, the country is home to more than 2.5K VCs as of 2023, which is expected to cross the 5K mark by 2030. 

The post Adda247, Varthana Backer Asha Ventures Marks First Close Of Maiden Fund At $50 Mn appeared first on Inc42 Media.

Fashion and lifestyle startup Absolute Brands and Retail has raised $2.5 Mn in its seed funding round led by Capstone Ventures, with participation from several angel investors. 

Founded this year by Vishnu Prasad, former MD and CEO of fashion and lifestyle retail chains Central and Brand Factory, Absolute Brands is building a network of in-house fashion apparel brands targeting both existing and new customer segments. 

Absolute Brands said the funding will be used to create offline retail presence for its first brand, Big Hello, and for tech innovation to develop an omnichannel presence. 

The startup plans to set up retail stores in Bengaluru, Chennai, and Hyderabad in the next three months for Big Hello, which will offer clothes for Indian plus size customers. 

Commenting on the funding, Prasad said the startup will work towards the execution of its vision of launching multiple “sharply focused apparel brands” that address the unmet needs of Indian customers, open up new segments, and reset the status-quo in the fashion industry.

Absolute Brands said it has set an ambitious goal to expand its physical presence to 500 retail stores across India in the next three years. The startup also plans to launch three new fashion brands.. 

Leveraging cutting-edge technologies and an omnichannel shopping presence, it aims to redefine the fashion shopping experience, offering personalised solutions that resonate with specific preferences, values, and needs.

With rising disposable incomes and increasing digitisation, a number of fashion startups have sprung up in the country over the last few years to adhere to the unmet needs of the customers and grab a market share in the fast-growing segment.

Earlier today, men’s fashion brand Snitch raised INR 110 Cr ($13.19 Mn) in a round co-led by SWC Global and IvyCap Ventures. The brand said it would use the funding to scale up its talent and technology, as well as to build an offline retail strategy.

According to Inc42’s analysis, the fashion and apparel market size stood at $20 Bn in 2022 and is expected to grow to $112 Bn by 2030 at 24% CAGR. 

The post Former Brand Factory CEO Vishnu Prasad’s Fashion Startup Absolute Brands Raises $2.5 Mn appeared first on Inc42 Media.