Friday, May 8, 2026
Home Blog Page 132

Wix acquires Base44 for $80M in all-cash deal

0
Maor Shlomo, Founder, Base44

Wix acquired vibe-coding startup Base44 for $80 million in an all-cash deal, the company announced Wednesday.

Though often described as a solo-founded venture by Maor Shlomo, Wix confirmed that Base44 had a team of eight employees. Wix allocated $25 million of the total acquisition amount as a “retention” bonus for the Base44 team. However, it did not disclose details like the vesting period or payout terms.

Base44’s meteoric growth and impressive exit have become a hot topic in the vibe-coding community. Within just six months, the platform grew to 250,000 users, hitting 10,000 in its first three weeks alone. According to Shlomo’s posts on X and LinkedIn, the company was already profitable—generating $189,000 in profit in May—despite substantial costs from LLM token usage, which he had openly documented.

“Base44 is a moonshot experiment — helping everyone, technical or not, build software without coding at all,” he explained on LinkedIn when he launched it to the public.

Despite the growth and the profits — or really because of it — he sold his still-bootstrapped company because “the scale and volume we need is not something we can organically grow into … If we were able to get so far organically, bootstrapped, I’m excited to see our new pace now that we have all the resources in place,” he wrote.

For its part, Wix acquired a proven, rapidly growing local vibe-coding platform at a relatively modest price—largely due to the startup’s early-stage status.

Wix, known for its no-code website builder that helps users create professionally designed sites, has made a strategic move by adding a profitable LLM-powered vibe-coding product to its portfolio. The acquisition aligns well with its broader vision to enhance AI development tools.

Mahaveer Finance raises ₹200-Cr in a funding round

0

Mahaveer Finance, a Chennai-based non-banking financial company (NBFC) specializing in loans for used commercial and passenger vehicles, has secured ₹200 crore in a Series C funding round. The round was led by Elevation Capital, with continued support from existing investors BanyanTree and First Bridge Capital.

The funds will help the company expand its branch network across South India, enhance its proprietary credit evaluation system, and scale lending operations targeting underbanked customers. Currently managing assets exceeding ₹1,000 crore, Mahaveer aims to grow its assets under management (AUM) fivefold by FY28.

Founded in 1981, Mahaveer Finance ventured into used vehicle financing in 2001 and has developed what CEO Deepak Dugar describes as a “valuation-led underwriting model” that evaluates a vehicle’s price, usage history, and specifications “down to ownership changes and body type.”

“A major challenge in used vehicle lending is price discovery. We tackled this by backward integrating into the resale business early on. That helped us build a deep grid-based model that powers our credit decisions,” Dugar said.

Since 2016, under the second-generation leadership of CEO Deepak Dugar and CFO Praveen Dugar, Mahaveer Finance has grown its presence to 80 branches spanning Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, and Puducherry.

According to the company, around 70% of its borrowers are either first-time vehicle owners or individuals new to credit, typically between the ages of 30 and 45.

Elevation’s investment is seen as a validation of Mahaveer’s growth strategy in a
segment still heavily dependent on informal lending. “Around 35% of the market is
unorganised. Our value lies in helping customers buy right by guiding them on
vehicle pricing and keeping defaults low,” said Praveen Dugar.

Mahaveer’s proprietary credit engine, Surety, seamlessly integrates customer inputs, asset information, and API-based KYC verification to provide near-instant loan offers at the branch level. As a result, the company reports a notable increase in field executive productivity, rising from processing three to four loan files per month. This improvement is largely driven by a shift away from cash collections and the adoption of technology-enabled assessments.

Cash collections, which stood at 60% before the pandemic, have now dropped to around 10–15%, enabling executives to focus more on customer sourcing, according to CEO Deepak Dugar.

Mahaveer is also exploring opportunities in secured MSME lending and considering a future entry into EV financing, although it anticipates the used EV segment will take a few more years to mature.

With over 40 lending partners, including SBI and HDFC, and a consistently profitable track record, the company stated it has adequate capital to support operations for the next 12 to 18 months. While it did not disclose valuation or promoter stake details, Mahaveer has strengthened its governance by appointing new independent board members, including a former RBI Chief General Manager.

Honeywell set to cross $1 Bn revenue in India

0
Ashish Modi, President of Honeywell India

Honeywell expects its India operations to surpass $1 billion in revenue by 2025, rising from the current $900 million, driven by strong growth fueled by the integration of 5G, cloud computing, and artificial intelligence.

“India provides an opportunity to grow at double digits over the next several years for companies like us. It’s one of our fastest-growing markets globally. We plan to be a $1-billion company in 2025,” said Ashish Modi, president of Honeywell India.

Honeywell has maintained a presence in India for over 90 years, starting in the 1930s by licensing technology for the country’s first refinery in Digboi, Assam. Over the decades, the company has played a vital role in various national initiatives, including its contributions to India’s 100 Smart Cities project.

Modi stated that Honeywell’s operations in India now align with three major megatrends: automation, aviation, and the energy transition. The company provides a diverse portfolio of products and services spanning aerospace, industrial and building automation, and energy systems.

He also mentioned a recent development from the company. “We recently announced what we call the airport ground lighting system,” he said, without providing further details.

Honeywell’s deep-rooted presence in India, combined with its alignment to transformative megatrends such as automation, aviation, and energy transition, positions it strongly for sustained double-digit growth. Planning to surpass $1 billion in revenue by 2025, the company aims to drive India’s technological and infrastructure advancements, further solidifying its legacy in the region.

Minimalist Hotels expands presence in Varanasi with second property

0
Gautam Munjal, Founder of Minimalist Hotels

Minimalist Hotels officially launched its second property in the sacred city of Varanasi, further reinforcing its presence in one of India’s top spiritual destinations. Named Minimalist Hotel: The Varanasi Edit, the new property caters to the rising demand for premium, design-centric accommodations.

Conveniently situated in DIG Colony—just two kilometers from the brand’s inaugural Varanasi hotel—the new establishment features 24 carefully curated rooms designed to meet the needs of both domestic and international travelers. Strong guest demand at the first location fueled this expansion, which also aligns with the brand’s strategy to strengthen its presence in rapidly growing urban markets.

“Our first hotel in Varanasi saw consistent high occupancy, especially during spiritual and cultural seasons,” said Gautam Munjal, Founder of Minimalist Hotels. “Opening a second property allowed us to better serve guests while reinforcing our commitment to the region’s hospitality landscape.”

The newly launched second property seamlessly combines modern infrastructure with minimalist design, creating a tranquil yet functional stay experience. It also houses a 50-seater casual dining restaurant and pizzeria, offering guests a thoughtfully curated culinary experience. Moreover, its strategic location near prominent cultural and spiritual landmarks enhances its appeal to both leisure travelers and pilgrims.

“The launch came just ahead of the anticipated increase in travel during events like the Kumbh Mela,” added Munjal. “This timing allowed us to meet the rising demand and further cement our position as a premium yet approachable hospitality brand.”

With the launch of its second property, Minimalist Hotels is redefining understated luxury in Varanasi, setting new standards in comfort, style, and personalized service. This expansion underscores the brand’s commitment to offering thoughtfully designed stays that blend elegance with a locally rooted guest experience.

Oben Electric boosts Series A round to ₹100-Cr with latest ₹50-Cr raise

0
Madhumita Agrawal, Founder and CEO of Oben Electric

Electric motorcycle manufacturer Oben Electric announced on Wednesday that it has secured an additional ₹50 crore in an extended Series A funding round.

With this latest infusion, the company’s total Series A funding now stands at ₹100 crore.

Oben Electric stated that the latest capital infusion will support its ongoing growth and accelerate the expansion of its distribution network to over 150 showrooms across more than 50 cities by FY26. Additionally, the funds will fast-track the development of its new ‘O100’ platform, aimed at launching an electric motorcycle priced under ₹1 lakh.

The company also mentioned that a portion of the funds will be used to scale up its Bengaluru-based manufacturing facility and enhance its after-sales service network across key markets.

The extended Series A round saw participation from both new and existing investors, including Helios Holdings, the Sharda family office, the Kay family, and others.

“We’re expanding not just our retail footprint but also our innovation roadmap with platforms like O100 that aim to democratize electric motorcycles for the mass market,” said Madhumita Agrawal, Founder and CEO of Oben Electric.

Backed by full-vertical integration and a robust supply chain, this latest funding round positions Oben Electric for its next phase of scale, broader impact, and new growth opportunities, the company stated.

To date, Oben Electric has secured a total capital infusion of ₹200 crore. Following its initial Series A raise, the company rapidly expanded its footprint, establishing 37 retail outlets across 26 cities in 13 states. This includes entry into key markets such as Punjab, Gujarat, Madhya Pradesh, Uttar Pradesh, Telangana, Chhattisgarh, and Odisha.

The latest funding will not only accelerate its product innovation and distribution reach but also strengthen its manufacturing and service infrastructure—paving the way for sustainable, scalable growth in the EV sector.

Alivaa Hotels expands Noida portfolio with Hotel Hoften Lotus Court

0

Alivaa Hotels & Resorts has announced the addition of Hotel Hoften Lotus Court in Noida, Uttar Pradesh, as part of its continued expansion strategy. As a result of this strategic collaboration, the Alivaa portfolio now boasts a total of 14 properties.

Moreover, with its focus on smart and efficient service, the Hoften brand continues to appeal to the preferences of modern, young travelers seeking comfort and convenience.

“We are absolutely thrilled to welcome Hotel Lotus Court into the Hoften family and the wider Alivaa Hotels & Resorts collection,” said Akash Bhatia, CEO of Alivaa Hotels & Resorts (Managed & Franchise Business). “Noida is a truly dynamic destination, and this partnership enables us to offer our guests an even broader range of exceptional experiences. Hotel Lotus Court perfectly embodies the unique charm and high standards of our brand, and we’re confident it will be a valuable asset to our expanding portfolio.”

Vikramjit Singh, founder of Alivaa Hotels & Resorts, emphasized the company’s ambitious growth plans. “As we strive to become a leading national player, Noida holds a critical position in our strategic roadmap. This signing establishes our foothold in the country’s apparel hub and is the first of many planned for this city.”

Ashish Mittal, owner of Hotel Lotus Court, commented, “Joining forces with Alivaa Hotels & Resorts and bringing Hotel Lotus Court under the Hoften brand is a momentous occasion for us. Their deep expertise and unwavering commitment to guest satisfaction perfectly complement our vision for providing outstanding stays in Noida. We eagerly look forward to this new chapter and delivering even more memorable experiences to our guests.”

With the addition of Hotel Hoften Lotus Court, Alivaa Hotels & Resorts further strengthens its presence in North India. Furthermore, this expansion reinforces the brand’s commitment to delivering contemporary, value-driven hospitality experiences tailored to today’s discerning travelers. This move reflects the brand’s focus on strategic growth and catering to the evolving preferences of today’s young and dynamic travelers.

Urban Company reports ₹240-Cr profit in FY25, revenue jumps 38%

0
L-R: Varun Khaitan, Raghav Chandra, Abhiraj Singh Bhal, Co-founders, Urban Company

IPO-bound Urban Company has reported a robust 38% year-on-year increase in its operating revenue for FY25, reaching ₹1,144 crore, as per its annual report released on Wednesday.

The Gurugram-headquartered at-home services platform turned profitable during the fiscal year, posting a net profit of ₹240 crore—marking a dramatic shift from the ₹93 crore loss it recorded in FY24.

A ₹211 crore deferred tax credit recognized in FY25 largely drove this remarkable turnaround in the company’s financial performance. Nevertheless, even without accounting for this credit, Urban Company achieved a pre-tax profit of ₹28 crore, reflecting strong operational gains and improved cost efficiencies.

In a letter, the company’s cofounders Abhiraj Singh Bhal, Raghav Chandra and Varun Khaitan wrote, “The core service offerings on our platform, i.e., home and beauty services, continue to grow, thereby providing us with the capacity to invest in the expansion of newer categories.”

In April, Urban Company submitted its draft red herring prospectus (DRHP) to SEBI for a ₹1,900 crore initial public offering (IPO). The proposed offering includes a fresh issue of shares worth ₹429 crore, with the remaining amount coming through an offer for sale by existing shareholders.

With a strong financial turnaround in FY25, a significant jump in revenue, and its recent IPO filing, Urban Company appears well-positioned for its next phase of growth. The move to go public not only reflects investor confidence but also signals the company’s ambition to scale operations and strengthen its leadership in the at-home services market.

MakeMyTrip plans over $2 Bn share and convertible sale to fuel growth

0

MakeMyTrip Ltd is planning to raise over $2 billion through a combination of new share issuance and convertible bond sales, aiming to repurchase a portion of the stake held by Trip.com Group Ltd.

According to a statement issued on Monday, the US-listed Indian travel platform will offer 14 million new shares, while also targeting $1.25 billion from the sale of zero-coupon convertible bonds.

Based on Monday’s closing price of $100.88 per share, the equity portion alone would amount to around $1.4 billion.

As of March 31, Trip.com held 45.34% of voting power in MakeMyTrip. The prospectus states that the proposed share sale and stake repurchase will reduce Trip.com’s influence to 19.99%.

Founded in 2000, MakeMyTrip provides a wide range of online travel services, including flight and hotel bookings, travel packages, homestays, and ground transportation, as listed on its official website.

According to a source familiar with the matter, the convertible bonds will carry a conversion premium between 25% and 35%. Both the equity and bond offerings are expected to be priced after U.S. markets close on Tuesday.

A MakeMyTrip representative has not yet responded to requests for comment.

Meanwhile, Morgan Stanley and JPMorgan Chase & Co. are acting as lead managers for the share offering, as detailed in the company’s prospectus.

With this dual offering, MakeMyTrip is taking a bold step to strengthen its capital base, reduce the voting influence of Trip.com, and potentially gain greater strategic independence. The move not only reflects investor confidence in the company’s long-term growth prospects but also signals renewed momentum in India’s online travel and tourism sector.

Razorpay leads $30 Mn investment in POP

0
Harshil Mathur, Co-founder and CEO, Razorpay

Fintech unicorn Razorpay has invested approximately $30 million in the consumer payments platform POP, signaling a strategic move to enter India’s fast-growing consumer UPI space.

The fresh capital will help POP enhance its product suite, grow its merchant network in the D2C and lifestyle segments, and boost consumer engagement by expanding its POPcoins rewards program.

“The investment aligns with the company’s focus on helping D2C merchants drive customer loyalty. POP bridges a critical gap by combining instant rewards, seamless payments, and brand discovery in a single platform,” said Razorpay Co-founder and CEO Harshil Mathur in a media statement on June 17.

Launched in June 2024, POP is a UPI-based payments app built around a rewards-centric model. The platform combines payments, commerce, and credit features, enabling users to earn POPcoins—a multi-brand, brand-funded rewards currency—with every transaction.

According to the company, users can redeem POPcoins for discounts across an expanding network of merchant partners, enhancing overall consumer value and engagement.

Within just a year of its launch, POP has rapidly scaled to over six lakh daily UPI transactions and surpassed one million unique monthly active users. Additionally, the platform has successfully processed over two lakh monthly commerce shipments and issued more than 40,000 RuPay credit cards through a partnership with Yes Bank, highlighting its strong momentum in the consumer payments and commerce ecosystem.

“India doesn’t need another cashback-only app. With Razorpay’s support, we aim to build a loyalty-first payments ecosystem that helps businesses scale with purpose and impact,” POP Founder Bhargav Errangi said.

According to the NPCI database, POP currently ranks as the 21st largest UPI player in India. In May 2025, the platform processed 13.6 million transactions, with a total transaction value surpassing ₹500 crore, underscoring its growing footprint in the consumer digital payments space.

Razorpay’s investment in POP builds on its earlier acquisition of loyalty and rewards platform PoshVine, further enhancing its capabilities under the Razorpay Engage umbrella.

Meanwhile, India’s UPI ecosystem remains heavily dominated by PhonePe and Google Pay, which together account for over 80% of transaction volumes. Other players like Paytm and Amazon Pay continue to hold relatively smaller market shares.

However, the landscape is evolving, with new entrants carving out niche offerings. For example, fintech startup Jar recently entered the UPI TPAP space through partnerships with BharatPe (as TSP) and Unity Small Finance Bank (as PSP), reflecting the growing competition and innovation in this sector.

This shift also comes amid ongoing industry discussions around the Merchant Discount Rate (MDR). Although reports recently surfaced about the government considering MDR on high-value UPI transactions, the Union Finance Ministry has refuted these claims. Earlier this year, the Payments Council of India had requested a reassessment of the Zero MDR policy.

UPI continues to break records, with over 644 million transactions on June 1 and 650 million on June 2, surpassing Visa’s average of 639 million daily transactions during FY24, underscoring its emergence as the world’s most used payment platform.

Paradox Hotels expands with launch of Paradox Sydney in Australia

0
Peter Tudehope, General Manager of Paradox Sydney

Paradox Hotels & Resorts will enter the Australian market on July 1, 2025, by rebranding the iconic Radisson Blu Plaza Hotel in Sydney. The launch of Paradox Sydney will bring a bold, contemporary vision to one of the city’s most celebrated heritage landmarks.

Located at 27 O’Connell Street, the historic sandstone property—owned by TA Global since 1997—will become Paradox’s first hotel in Australia. With this debut, Paradox further expands its international presence to six countries: Canada, Singapore, China, Thailand, Australia, and its home base. Moreover, the brand delivers culturally rich design, offers personalized service, and creates immersive experiences that consistently reflect the distinct character of each destination.

The heritage-listed building that will soon house Paradox Sydney has a rich and storied history, long recognized for its remarkable transformations. Originally constructed in 1856 as the headquarters of John Fairfax & Sons, the property later served as the Bank of New South Wales and subsequently WestPac Bank. In 2000, it transitioned into the hospitality sector as the five-star Radisson Blu Plaza Hotel. Now, Paradox Sydney ushers this iconic landmark into a bold new chapter, blending its historic legacy with a fresh, modern identity.

“Paradox is about creating places with soul—hotels that are deeply connected to the people, culture and pulse of the city,” said Tiah Joo Kim, CEO of TA Global and the visionary behind the Paradox brand. A graduate of Sydney’s Macquarie University, Kim brings a personal connection to the city, making Sydney a fitting milestone for Paradox’s global growth.

“To debut in Australia at such a historic and meaningful heritage address is a major milestone for us. We look forward to bringing our signature blend of culture, creativity, and authentic hospitality to this vibrant city,” he added.

Peter Tudehope, General Manager of Paradox Sydney, said the change reflects a future-forward approach to luxury hospitality in the city. “Since 1856, this landmark building has been shaped by three great custodians: The Sydney Morning Herald, the Bank of New South Wales and Radisson Blu. Each has contributed to its remarkable story. Today, as Paradox takes the helm, we are excited to write the next vibrant chapter that celebrates its heritage while forging a fresh and inspiring future.”

Following a $13.5 million refurbishment in 2015, Paradox Sydney will uphold the legacy of exceptional service, award-winning dining, and luxurious accommodations that have long distinguished the property. The hotel proudly boasts 364 elegantly appointed rooms and suites. In addition, it features cutting-edge meeting and conference facilities, a wellness centre, and a refined restaurant and bar—all nestled within the building’s majestic sandstone exterior and modern interiors.

Over the coming months, the property will undergo a gradual refresh to align with the Paradox brand’s aesthetic and standards, ensuring it caters to the evolving expectations of today’s travelers. Importantly, the hotel will remain fully operational during the transformation. Throughout this period, it will continue to offer guests a seamless and uninterrupted stay experience, ensuring comfort and convenience every step of the way.