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Jashvik Capital acquires ₹400-Cr stake in SaaS firm Marg ERP

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Anup Singh Thakur, chairman and managing director of Marg ERP

Jashvik Capital has invested ₹400 crore to acquire an undisclosed stake in Marg ERP, according to a joint press release issued by both companies.

Founded in 2000 by Anup Singh Thakur, Sudhir Singh Thakur, and Mahendar Singh, Marg ERP currently serves over 500,000 subscribers across sectors such as healthcare, FMCG, and retail in India and across 32 international markets, the release stated.

“We look forward to leveraging Jashvik Capital’s deep expertise in healthcare, pharma, and health tech to take Marg to its next orbit and build a global healthcare SaaS leader out of India – where it play a pivotal role in transforming the industry,” said Anup Singh Thakur, chairman and managing director of Marg ERP.

Jashvik Capital is led by Naresh Patwari, who previously served as a partner at the U.S.-based private equity firm TA Associates.

“Having known the founders of Marg ERP for the past 7–8 years, we have consistently been impressed by their strategic foresight and passion for using technology to empower entrepreneurs and businesses in the healthcare sector,” said Naresh Patwari, founder and managing partner at Jashvik Capital.

Earlier this year, Marg ERP’s founders bought back the 49% stake in the company that API Holdings—parent of PharmEasy and Thyrocare—had held since October 2022.

Freshworks Q2 revenue rises 18% to $204.7M, raises FY25 growth outlook

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Dennis Woodside, CEO, Freshworks

Nasdaq-listed Freshworks has increased its full-year 2025 revenue and profit outlook for the second straight quarter, following a strong 18% year-on-year revenue growth in Q2, reaching $204.7 million for the quarter ending June 30. The company attributed this growth to rising demand for its AI-powered solutions.

Headquartered in San Mateo and Chennai, the software firm now projects full-year revenue between $822.9 million and $828.9 million, reflecting a 14–15% increase—up from its previous forecast of $815.3 million to $824.3 million.

Freshworks also revised its non-GAAP operating income guidance for the year to $153–157 million, compared to its earlier estimate of $139.5–147.5 million shared after Q1.

“Freshworks delivered another strong quarter, exceeding our previously provided financial estimates,” said CEO Dennis Woodside in a statement on July 30. He added that more businesses are choosing Freshworks to simplify operations and adopt AI-enabled employee and customer service solutions.

In Q2 FY25, non-GAAP operating income surged to $44.8 million, up from $13.1 million a year earlier, while GAAP operating loss narrowed significantly to $8.7 million from $43.8 million. The company’s GAAP net loss also reduced sharply to $2.94 million, down from $20.99 million in the same period last year—highlighting better operational efficiency and cost management.

Operating cash flow grew by 61% year-over-year to $58.6 million, with a 29% margin. Adjusted free cash flow climbed to $54.3 million, up from $32.8 million in Q2 2024.

Freshworks closed the quarter with $926.2 million in cash, cash equivalents, and marketable securities, slightly down from $1 billion in the previous quarter.

Freshworks reported that the number of customers generating over $5,000 in annual recurring revenue (ARR) grew 10% year-over-year, reaching 23,975. Meanwhile, net dollar retention held steady at 106%, indicating strong customer retention and expansion.

Notably, the company shared that its Freddy AI Copilot and Freddy AI Agent products have together surpassed $20 million in combined ARR. This milestone highlights the growing adoption of Freshworks’ AI-driven offerings, which are playing a key role in its revenue growth.

ARR is a critical performance indicator for SaaS businesses, as it reflects predictable, recurring revenue from ongoing customer subscriptions.

“On AI adoption. Customers have moved from AI experimentation to realizing tangible business value and returns on their investments. Freddy Copilot was included in three of the top 10 new deals in Q1. Nearly half of all new large deals over $30,000 ARR had Copilot attached in Q1,” Woodside said during the company’s earnings call.

Ascott expands Chennai footprint with new property signing

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The Ascott Limited has announced the signing of Citadines Oragadam Chennai, a 113-unit serviced residence developed in partnership with Boss Inn International Palace Pvt Ltd. This move marks a significant step in Ascott’s strategic expansion into Oragadam, a rapidly developing industrial and logistics hub. Moreover, it underscores the company’s continued focus on India’s high-growth corridors.

Recognized as a major center for industrial activity, Oragadam in Chennai hosts more than 22 Fortune 500 companies and boasts a robust logistics infrastructure. According to Ascott’s press release, infrastructure improvements, smart city projects, and a surge in residential and commercial development are collectively transforming the area at a rapid pace. Consequently, Oragadam is emerging as a real estate hotspot and a major driver of regional economic growth.

Citadines Oragadam Chennai aims to cater to Chennai’s rising influx of business travelers and corporate guests. With this in mind, the 113-unit serviced residence will offer contemporary accommodations, all-day dining, a modern fitness center, and a thoughtfully curated design that reflects the brand’s signature blend of comfort, efficiency, and urban sophistication.

The property is being developed by Boss Inn International Palace Pvt Ltd, a Chennai-based company that is entering the hospitality sector for the first time. Notably, the venture is led by Mr. V. S. Nathan, a seasoned professional with over 30 years of global experience across hospitality, trading, finance, and technology.

Marking the announcement, Hoshang Garivala, country general manager of The Ascott Limited, said, “Oragadam is a vital industrial engine of Chennai, and we’re proud to introduce the Citadines brand to this dynamic location. Ascott’s expansion into Chennai’s western corridor through this partnership reflects our continued focus on creating flexible, high-quality living experiences that support both the city’s corporate ecosystem and the evolving expectations of modern travelers.”

V. S. Nathan, owner and director of Boss Inn International Palace Pvt. Ltd., added, “We are delighted to collaborate with The Ascott Limited for our maiden hospitality project. With Oragadam’s rapid industrialization and connectivity advantages, we believe the Citadines Oragadam Chennai will become the preferred choice for professionals and long-stay guests looking for convenience, consistency, and comfort.”

With this latest signing, Ascott establishes its third operational footprint in Chennai, complementing its existing properties—Citadines OMR Chennai and Somerset Greenways Chennai—which currently serve the city’s southern and eastern corridors. As a result, this expansion further strengthens Ascott’s presence in one of India’s key metropolitan markets, the release noted.

India International Travel Mart Completes Successful Editions in Chennai and Bangalore

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Now in its successful 26th year in these cities, IITM has emerged as South India’s Biggest Travel Events, drawing participation from leading national and international tourism boards, travel operators, hospitality brands, technology providers, and other key stakeholders from the tourism ecosystem.With a focus on business networking, knowledge exchange, and destination promotion, both editions of IITM hosted buyers, travel trade professionals over three days of immersive interactions, workshops, and showcases.

The India International Travel Mart (IITM) successfully concluded its Chennai and Bangalore editions, held in July 2025, reaffirming its position as India’s premier travel and tourism networking platform. The event brought together an eclectic mix of national and international stakeholders from across the travel, tourism, and hospitality sectors.

The Chennai edition, held from 16–18 July 2025, and the Bangalore edition, from 24–26 July 2025, drew an overwhelming response from travel trade professionals, tourism boards, DMCs, hotel chains, airlines, travel startups, and digital platforms. With participation from over 25 Indian states, 20 international destinations, and more than 800 exhibitors, the exhibitions served as a dynamic platform for meaningful B2B engagements and destination promotion.

IITM Chennai was inaugurated by Thiru T. Christuraj , Director of Tourism, Govt. of Tamil Nadu. The guests of honour includedSri. Mr. Venkatesan D, Regional Director, India Tourism, Smt. T Devaki, Chairperson, Travel Agents Assc. of India; Sri. Kamaleshwaran, President, SKAL International, Chennai, Sri Pankaj Ravish, General Manager, IRCTC; Sri Pawan Kumar Gupta, Vice President, SIMA, Sri Ashok Kumar P, Chairman, ADTOI;

IITM Bangalore was inaugurated by Shri. Pasang Dorjee Sona, Honourable Minister for Tourism, Education, Rural Works, Parliamentary Affairs and Libraries, Govt. of Arunachal Pradesh.

The Guests of Honor at the inauguration included Sri. Neelu Sharma, Honorable Chairman, Chhattisgarh Tourism, Govt. of Chhattisgarh Sri. RanphoaNgowa, IFS, Secretary Tourism, Govt. of Arunachal Pradesh, Sri. Vivek Acharya, IFS, Managing Director, Chhattisgarh Tourism, Govt. of Chhattisgarh, Mr. Hishamuddin Mustafa, Director, Tourism Malaysia Chennai (South India & Sri Lanka), Sri Biswajit Routray, OTS, Additional Director, Odisha Tourism; Sri Dinesh Kumar, Joint Director, UP Tourism, Sri. Lokesh Bettaiah, Vice President, Travel Agents Association of India; Sri. Niranjan Bhargava, Chairman, Travel Agents Association of India, Mr. M Vinod, President, Andaman Association of Tour Operators, Mr. Kaulesh Kumar, General Secretary, Association of Buddhist Tour Operators, Mr. Amish Desai, MC Member, TAAI.

Speaking on the successful completion of both editions, Mr. Sanjay Hakhu, Director, Sphere Travelmedia & Exhibitions, said: “This year’s editions of IITM in Chennai and Bangalore have exceeded expectations in terms of participation, partnerships, and buyer engagement. The interest from both the domestic and international tourism communities is a testament to India’s growing outbound and domestic travel potential. We are proud to be at the forefront of this resurgence and will continue to provide a robust platform for trade and tourism promotion across emerging and established markets.”

Mr. Rohit Hangal, Director, Sphere Travelmedia & Exhibitions, added:“We are delighted with the industry’s response to IITM Chennai and Bangalore. These cities continue to be vital markets in South India’s tourism map. The enthusiasm of participants and the quality of trade interactions reaffirm IITM’s growing relevance and impact in the B2B space. As India surges forward in both domestic and outbound travel, IITM remains committed to being the key catalyst in this transformative journey.”

Why India International Travel Mart?

India International Travel Mart (IITM) stands as one of India’s longest-running and most trusted travel trade shows. With over two decades of legacy, IITM has continually evolved to meet the dynamic needs of the tourism sector, offering a unique blend of business networking, knowledge exchange, and trade engagement.

Here is what makes it stand out:

  • Proven Legacy: IITM has successfully hosted over 100+ editions across major Indian cities, connecting the tourism industry with quality buyers and travel enthusiasts.
  • South India’s Flagship Travel Events: The Chennai and Bangalore editions are the largest in the region, drawing massive footfalls, trade participation, and media attention.
  • B2B Focus: IITM bridges the gap between destinations, B2B Destination Management Companies, hospitality products, and travel, making it the ideal launchpad for new destinations, travel products, and services.

The exhibitions featured dedicated pavilions for domestic destinations, international tourism boards, luxury travel, experiential tourism, travel technology, and sustainable travel solutions—providing unmatched opportunities for networking and collaboration.

With renewed optimism and strong industry backing, the India International Travel Mart continues its mission to connect, collaborate, and catalyze tourism growth. The next editions are scheduled to take place in IITM Delhi: 24 – 26 September 2025

IITM Mumbai: 9 – 11 October 2025; IITM Pune: 27 – 29 November 2025; IITM Hyderabad: 4 – 6 December 2025; IITM Kochi: 8 – 10 January 2026; IITM Kolkata: 12 – 14 February 2026 and IITM Ahmedabad: 12 – 14 March 2026 promising even greater opportunities for travel businesses across the country.

At IITM, B2B is not just business—it’s a strategic advantage!

For more details:

Contact: +91 8040834100

Email: media@spheretravelmedia.com

W Health Ventures eyes $70M for Fund II to support healthcare-focused startups

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W Health Ventures has unveiled its second fund, committing $70 million to a unique approach focused on building healthcare startups from the ground up. Through Fund II, the firm will support 8–10 companies over the next four years by actively ideating, testing, and scaling concepts in-house before bringing in external founders to take the lead.

Departing from the conventional venture capital strategy of diversifying across many startups, W Health Ventures aims to take more focused bets, initially investing $3–5 million in each startup, with a similar allocation reserved for follow-on funding. The total fund size could expand to $100 million by its final close.

“Fund II really doubles down on our company creation model,” Dr. Pankaj Jethwani, Managing Partner at W Health Ventures, said. “It’s something that we’ve built through a lot of trial and error over the last several years.”

The firm’s debut fund, launched in 2020, invested in 12 companies, including BeatO (diabetes management), Mylo (parenting), BabyMD (pediatrics), and Wysa (AI-powered mental health support). The firm, with support from its venture studio partner 2070 Health, internally built many of these companies.

In W Health’s model, the team conducts in-depth interviews with physicians and patients, rigorously validates the ideas, and brings them to market only after confirming their real-world relevance and viability. “Ninety-three percent of our ideas get killed,” Jethwani said. “The kind of conviction we’re able to build before we launch a company makes us go all in.”

W Health made its first Fund II investment in EverHope Oncology, a joint venture with Narayana Health that aims to transform cancer care in India by delivering advanced diagnostics, building state-of-the-art treatment facilities, and implementing standardized clinical protocols. “The journey of a patient with cancer – if you have all the means in the world – might be average at best. If you don’t, life is very hard,” said Jethwani. “It doesn’t have to be this way.”

The firm is also betting on AI to help oncologists stay current with fast-evolving research and treatment options. “It is impossible for a human to stay up to date. That is a very important role that AI can play.”

The second portfolio company, currently operating in stealth, is developing a managed services platform for psychiatry clinics in the U.S., initially targeting treatment-resistant depression. The asset-light model integrates automation, AI, and offshore talent to streamline clinical operations and reduce overhead.

W Health’s investment thesis centers on two core themes: focused, single-specialty care models tailored for the Indian market, and AI-driven B2B services designed for global healthcare ecosystems. “India is the world’s pharmacy,” said Jethwani. “We believe AI-enabled healthcare services will be India’s biggest gift to the world after pharma.”

The launch of Fund II comes at a time when venture capital fundraising is showing signs of revival. Following a subdued 2024, several India-focused and global VC firms—such as Accel, Bessemer Venture Partners, A91 Partners, and Prime Venture Partners—have rolled out new funds this year.

Others, including Nexus Venture Partners and Fireside Ventures, are actively raising capital, signaling a cautious but growing optimism in the private investment landscape. W Health’s new fund underscores a broader shift among venture capital firms toward more focused, thesis-driven investment strategies, as they re-enter the market following the slowdown in 2024.

Machan Resorts LLP Signs Third Maharashtra Property in Chhatrapati Sambhaji Nagar (formerly Aurangabad)

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Mumbai, July 28, 2025 — Machan Resorts LLP, a name synonymous with eco-conscious hospitality for over three decades, is pleased to announce the signing of a management contract for a premium eco-wellness resort under its Myst by Machan brand in Chhatrapati Sambhaji Nagar (formerly Aurangabad).

Set across ~15 acres of forested terrain with panoramic views of the UNESCO-listed Ellora Caves, the resort will offer elevated forest rooms, luxury villas, and waterfront cottages, along with a holistic wellness centre, farm-to-table dining, and serene event spaces for boutique weddings, corporate retreats, and cultural gatherings

Strategically connected via the Samruddhi Mahamarg, the destination lies at the cultural crossroads of Shirdi, Ajanta, and Verul, offering a perfect balance of nature, spirituality, and heritage.

“With this signing, we continue our vision of blending sustainable luxury with India’s rich cultural and natural heritage. Chhatrapati Sambhaji Nagar offers the perfect canvas for our eco-wellness concept under the Myst by Machan brand,” said Rakshit Sharma, COO, Machan Resorts LLP. 

Slated to open in 2028, this resort marks the third Maharashtra property under the Machan brand, after successful destinations in Lonavala and Karjat.

About the Group

Machan Group is celebrated for its eco-luxury properties, including the iconic treehouses of The Machan in Lonavala. The group also includes Legacy Mandawa in Rajasthan, a heritage haveli resort offering royal accommodation. The group is expanding its portfolio with upcoming properties in Karjat, Mulshi, Pawana, Jaisalmer, and Udaipur. 

For more information, visit www.themachan.com and follow @machanresorts on Instagram

CYSEC AFRICA 2025: Shaping the Future of Digital Resilience Across the Continent

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The 16th Global Edition of CYSEC AFRICA is the region’s premier cybersecurity event, set to take place on August 7, 2025, at the Qurtuba Convention Centre, Sandton ZA, Johannesburg. This high-level gathering will bring together industry leaders, cybersecurity experts, government officials, and technology visionaries to address Africa’s most urgent cyber challenges and accelerate the continent’s path toward a secure and resilient digital future.

Under the theme “Leading Cyber Resilience in Africa’s Digital Future!”, CYSEC AFRICA will be an unparalleled platform for strategic dialogue, knowledge exchange, and cross-sector collaboration. Attendees will gain access to cutting-edge cybersecurity strategies, emerging technologies, and innovative solutions critical for safeguarding Africa’s digital infrastructure.

CYSEC AFRICA is proud to collaborate with leading organizations, including RCC, CREST, ICASA, Africa Center for Digital Transformation, SCA (South Africa Chapter), National Integrated Cyber Infrastructure System, and CSIR.

The event’s credibility is reinforced by its prestigious Advisory Board, which includes:

• Galeboe Mogotsi, Chief Information Security Officer (CISO), University of the Witwatersrand

• Mrs. Iman Ahmed, Director of Cybersecurity Development, Oman National CERT & Regional Cybersecurity Center (RCC)

• Philip Irode, Deputy Director, Information Security, ICT Authority

• Terrence Taylor, Executive Chair, African Academy of Artificial Intelligence

• Kayode Babarinde, Executive Director, Africa Blockchain Institute

• Kwesi Atuahene, Executive Director, Africa Center for Digital Transformation (ACDT)

CYSEC AFRICA will feature renowned thought leaders such as:

• Eng. Badar Ali Al-Salehi, Director General – Oman National CERT, Head RCC

• Galeboe Mogotsi, CISO, University of the Witwatersrand

• Tumelo K. Zwane, CIO, Special Investigating Unit

• Dimakatso Masiteng, CIO, National Youth Development Agency

• Ayanda Peta, Group Head | Cybersecurity, African Rainbow Minerals Limited

• Songezo Mbambisa, Acting Director: Forensic Information Management Centre (FIMC), City of Johannesburg

• Dr. Xolile Sibande, CISO, Auditor General South Africa (AGSA)

• Pragashani Reddy, Executive Director: Digital, Absa Group 

and many more.

“This is more than just a conference, it’s a catalyst for change,” said Mausam Ali Khan, CEO of CYSEC GLOBAL. “We are fostering strategic alliances between governments, enterprises, and cybersecurity professionals to ensure Africa remains resilient in the face of rapidly evolving threats.”

For more information and registration, visit: https://africa.cysecglobal.com/

StayVista to hire 1,000+ hospitality professionals in FY26

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StayVista is preparing to hire over 1,000 hospitality professionals in FY26 to enhance its service quality and strengthen its operational presence across more than 1,000 luxury villas nationwide. The company is strategically scaling its on-ground workforce to support growing guest demand and elevate the overall stay experience at India’s top leisure destinations. This ambitious recruitment initiative aligns with StayVista’s broader growth strategy and commitment to building a premium, service-first brand in the Indian hospitality space.

The hiring effort targets essential hospitality roles such as housekeeping, front desk and guest relations, butler services, MEP (mechanical, electrical, and plumbing) support, and food and beverage services, including chef positions. By prioritizing these frontline positions, StayVista aims to ensure that every touchpoint in the guest journey is handled with professionalism, warmth, and efficiency.

StayVista is focusing its recruitment drive on high-growth regions like Goa, Coorg, Lonavala, and Himachal Pradesh. These emerging hotspots represent not only key markets for luxury vacation rentals but also hubs for local talent development. The initiative will generate meaningful employment opportunities while reinforcing the brand’s deep roots in India’s most sought-after travel locations.

“As StayVista continues to scale, our team remains at the heart of everything we do. With over 1,000 hospitality hires planned across India in FY26, this isn’t just about filling roles – it’s about building a service culture that’s tech-enabled, guest-focused, and future-ready,” said Ankita Sheth, Co-Founder, StayVista.

Scale AI Competitor Micro1 secures funding at $500 Mn Valuation

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Micro1, a rising competitor to Scale AI, is closing a Series A funding round that values the company at $500 million, according to two individuals with knowledge of the deal.

The startup specializes in data labeling services for artificial intelligence labs—a field that has rapidly expanded as demand for high-quality, human-annotated datasets grows. Micro1 has leveraged this shift by creating an AI-driven recruitment platform that connects AI labs with specialized talent, moving away from reliance on low-cost labor.

Investors have been informed that Micro1 surpassed $50 million in annualized revenue, jumping from $10 million earlier this year. The company projects it will exceed $100 million by the end of September. Recently, former Twitter COO Adam Bain joined its board, and firms like 01A and LG Technology Ventures are set to back the round.

Micro1’s growth aligns with major changes at Scale AI, a San Francisco-based data labeling firm. Scale AI recently lost key clients after Meta Platforms hired its CEO, Alexandr Wang, to lead its new Superintelligence Labs as chief AI officer. This leadership change sparked concerns among major clients like Google (Alphabet) and OpenAI, who now plan to exit due to potential exposure of their R&D strategies to Meta.

Meanwhile, Surge AI—another rival to Scale AI—is reportedly raising up to $1 billion, having already generated over $1 billion in revenue last year.

Navi Technologies raises Rs 170-Cr via debt round

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Sachin Bansal, co-founder, Navi Technologies

Fintech unicorn Navi Technologies has secured ₹170 crore (approximately $20 million) through a debt funding round led by PhillipCapital, with participation from NDX Finserve, Arpee Group, and others.

According to a regulatory filing accessed via the Registrar of Companies (RoC), the board at Navi Finserve approved the allotment of 1,700 non-convertible debentures (NCDs) at a face value of ₹10 lakh each to raise the total amount. PhillipCapital contributed ₹120 crore (around $14 million), while NDX Finserve, Arpee Group, Ambit Finvest, and Grey Grass India Pvt Ltd each invested ₹10 crore. The remaining funds came from RaviDyewear, Siddharth Colorchem, and Nahar Capital.

Founded in 2018 by Sachin Bansal and Ankit Agarwal, the startup runs a tech-driven, customer-first financial services platform. Its offerings include personal and home loans through Navi Finserv (an RBI-registered NBFC), as well as mutual funds, health insurance, and UPI-based payments via Navi UPI.

Earlier this year, Navi appointed Rajiv Naresh as CEO of Navi Technologies and Abhishek Dwivedi as CEO of Navi Finserv, while Sachin Bansal assumed the role of Executive Chairman of the Navi Group to focus on strategic leadership.

For the fiscal year ending March 2024, Navi reported a 37% rise in operational revenue, reaching ₹2,290 crore compared to ₹1,667 crore in FY23. Its net profit surged 17-fold to ₹358.5 crore.

As of June 2025, Navi ranks as the 4th most-used UPI app in India, processing 406 million transactions with a total value of ₹21,815 crore.

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