goSTOPS raises Rs 35-Cr in Series A funding

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March 11, 2025

goSTOPS raises Rs 35-Cr in Series A funding — Pankaj Parwanda and Pallavi Agarwal, Cofounders, goSTOPS

Youth travel hostel brand goSTOPS has secured Rs 35 crore ($4.2 million) in its Series A funding round, led by Blume Ventures and co-led by 1Crowd. Other investors, including Mumbai Angels, Chennai Angels, Indian Angel Network, Lead Angels, and Yuj Ventures, participated in the funding.

In December 2021, goSTOPS raised $1 million in a bridge round, backed by existing investors like The Chennai Angels, Mumbai Angels, and Yuj Ventures.

The funds from this round will strengthen the company’s operations, improve technology, and enhance the social and experiential aspects of its current properties. The company is also finalizing debt partnerships to further support its expansion plans.

Founded by Pallavi Agarwal and Pankaj Parwanda, goSTOPS provides vibrant, social, and design-focused spaces for the younger generation. The Delhi-based company plans to expand its capacity from 2,500 to 10,000 beds across 100 locations over the next 24 months, aiming for 4X growth.

Market research indicates that 70% of young travelers now prefer hostels over traditional hotels, highlighting the rising demand for this category.

goSTOPS faces competition from brands like The Hosteller, Wudstay, and Backpackers Panda. In November 2024, The Hosteller raised $5.7 million in its Series A round.

Rotterdam-based startup Xycle raises capital to build flagship recycling plant in Rotterdam

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March 10, 2025

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Xycle, a Rotterdam-based startup focused on promoting a circular economy for plastics through chemical recycling technology, has announced that it has successfully raised funds for the development of its first commercial-scale plant.

The funding comes from a mix of equity investments from a consortium of investors, including Dow, ING, Invest-NL (partly supported by InvestEU), and Vopak, as well as senior debt from Polestar Capital.

This investment will enable Xycle to build a flagship recycling facility, strategically situated in the Port of Rotterdam, a key international hub for Europe.

Arnd Thomas, CEO of Xycle said, “Our innovative chemical recycling technology offers a credible and scalable route to divert plastic waste from incineration, landfill or our natural environment. Securing funding for the construction of our facility in the Port of Rotterdam marks an important step in developing and expanding our unique pyrolysis-based technology, which has been shown to deliver best-in-class pyrolysis yield for cracker feedstock. We are excited to work hand in hand with our investment partners – leveraging the strength of their expertise in their respective sectors – to fulfil the promise of our technology and accelerate a circular economy for plastics.”

Founded in 2020, Xycle converts hard-to-recycle plastic waste—typically sent to landfills or incinerated—into valuable resources, supporting a circular economy for plastics.

The startup’s chemical recycling process utilizes low-temperature pyrolysis to efficiently break down challenging plastic waste into pyrolysis oil. This oil increases the liquid fraction available for use as cracker feedstock in the production of new plastics. The technology allows plastic waste, which would otherwise end up in landfills or incinerators, to be repurposed for high-value applications such as food-grade packaging, and medical and automotive components.

Walter Moone, President, Vopak Netherlands: “We’re very pleased with this milestone for Xycle and proud that Vopak is contributing to this. Developing new infrastructure solutions and setting up new supply chains in partnership is essential in the energy transition.”

Dow, a key investment partner and a global leader in materials science will purchase the circular feedstock produced and utilize it to create virgin-quality circular plastics, which are in high demand by international brands.

Stephanie Kalil, Commercial Vice President, EMEA, Packaging & Specialty Plastics, Dow: “We are thrilled to announce this strategic investment in Xycle which marks another pivotal step towards our goal to transform the waste. The performance and efficiency of Xycle’s technology strongly complement our increasingly diverse global portfolio of recycling solutions. We believe that the robust financial backing and credibility of our investment partners demonstrates the strength of the opportunity at hand to scale advanced recycling technologies; to address the plastic waste challenge and meet growing customer demand for circular products.”

Xycle’s first commercial-scale plant will be capable of processing 21,000 metric tons of plastic waste each year. Situated in the Port of Rotterdam, this chemical recycling facility will benefit from strategic access to both the transportation of plastic waste to the plant and the distribution of pyrolysis oil to off-take partners. The plant is anticipated to be fully operational by the fourth quarter of 2026.

Looking ahead, Xycle aims to expand by building additional chemical recycling facilities worldwide, utilizing larger reactor sizes to boost the capacity of each plant to 100,000 metric tons annually.

Lars Groenveld, Impact Investor, Invest-NL: “At Invest-NL, we are proud to support Xycle in its mission to scale its plastic recycling technology and accelerate the transition to a circular economy. Xycle offers a clear path towards realising commercial-scale operations shortly. This investment reflects our ambition to enable sustainable innovations and empower entrepreneurs to address the major societal challenges of our time.”

Daan van Kassel, Fund Director, Polestar Capital Circular Debt Fund (PCDF): “Xycle is one of the most promising projects in the chemical recycling of plastics. With its very efficient pyrolysis technology, Xycle can process a wide variety of mixed waste plastic and convert it into recycled feedstock to produce virgin-grade plastic again. PCDF is proud to support Xycle in the funding for their plant in Rotterdam Europoort, and we are confident that the company will make a large positive environmental impact in the years to come.”

Foxconn launches FoxBrain AI Model to drive innovation

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March 10, 2025

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Taiwan’s Foxconn announced on Monday the launch of its first large language model, named “FoxBrain.” The company plans to leverage this technology to enhance manufacturing and supply chain management.

FoxBrain was trained using 120 of Nvidia’s H100 GPUs and completed in just four weeks. Foxconn, the world’s largest contract electronics manufacturer, noted that the model is based on Meta’s Llama 3.1 architecture and is also used in the production of Nvidia’s AI servers.

Foxconn stated that FoxBrain is Taiwan’s first large language model with reasoning capabilities, specifically optimized for traditional Chinese and Taiwanese language styles. While the company acknowledged a slight performance gap compared to China’s DeepSeek distillation model, it emphasized that FoxBrain’s overall performance is nearly on par with world-class standards.

Initially created for internal use, FoxBrain supports various functions, including data analysis, decision support, document collaboration, mathematics, reasoning, problem-solving, and code generation.

Foxconn announced plans to collaborate with technology partners to broaden the applications of its model, share its open-source data, and advance AI in manufacturing, supply chain management, and intelligent decision-making.

Nvidia assisted in the process by providing support through its Taiwan-based supercomputer, “Taipei-1,” and offering technical consulting during the model’s training. Taipei-1, the largest supercomputer in Taiwan, is located in Kaohsiung, a southern city on the island, and is operated by Nvidia. Foxconn will reveal more details about the model at Nvidia’s GTC developer conference in mid-March.

Grab partners with autonomous tech firms to boost AV development

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March 10, 2025

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Grab partners with autonomous tech firms to boost AV development — Grab co-founder and group CEO Anthony Tan

Grab has entered into memorandums of understanding (MOU) with four autonomous tech firms to investigate the potential impact and role of autonomous vehicles (AVs) in Southeast Asia. The companies involved are Autonomous A2Z, Motional, WeRide, and Zelos.

Grab co-founder and group CEO Anthony Tan noted the rapid advancement of AV technology. Meanwhile, its impact on the region’s transportation landscape remains “largely unexplored,” he said.

“We aim to gain a deeper understanding of how autonomous vehicles can enhance our transportation ecosystem while maintaining the essential role of our drivers and delivery partners,” Tan said.

The studies will primarily focus on safety and accident reduction, job creation and workforce transition, and commercial sustainability. The latter will involve evaluating the operational conditions of AV services and analyzing their cost structure to ensure long-term viability.

Sun Pharmaceuticals to acquire Checkpoint Therapeutics in $355M deal

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March 10, 2025

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Sun Pharmaceuticals to acquire Checkpoint Therapeutics in $355M deal — Dilip Shanghvi, Chairman & Managing Director of Sun Pharmaceuticals

Sun Pharmaceuticals announced its plan to acquire Checkpoint Therapeutics, a company specializing in immunotherapy and targeted oncology, for $355 million on Monday. The deal will close in the second quarter of 2025.

Checkpoint, a Nasdaq-listed company, is focused on developing innovative treatments for solid tumour cancers. It holds FDA approval for UNLOXCYT (cosibelimab-ipdl), a drug used to treat adults with metastatic or locally advanced cutaneous squamous cell carcinoma (cSCC) who are not eligible for curative surgery or radiation.

Dilip Shanghvi, Chairman & Managing Director of Sun Pharmaceuticals, said, “Combining UNLOXCYT, an FDA-approved anti-PD-L1 treatment for advanced cutaneous squamous cell carcinoma, with Sun Pharma’s global presence means patients with cSCC may soon have access to an important, new treatment option. The acquisition further bolsters our innovative portfolio in onco-derm therapy.”

“I am proud of the dedication and passion of our team at Checkpoint that allowed us to achieve the first and only FDA-approved anti-PD-L1 treatment for patients with advanced cSCC, and we are excited to enter this transaction with Sun Pharma as the next step to bringing UNLOXCYT to cSCC patients in need of a differentiated immunotherapy treatment option,” said James Oliviero, President and Chief Executive Officer of Checkpoint.

“Sun Pharma is aligned with Checkpoint’s commitment to improving the lives of skin cancer patients. I believe this transaction will maximize value for our stockholders and provide accelerated access to UNLOXCYT in the United States, Europe and other markets worldwide,” he added.

Once the transaction is finalized, Sun Pharma will purchase all outstanding shares of Checkpoint. Checkpoint stockholders will receive an immediate cash payment of $4.10 per share, without interest, along with a non-transferable contingent value right (CVR), which could provide them with an additional $0.70 in cash, without interest.

Indian furniture rental startup secures $70M in debt funding

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March 8, 2025

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Furlenco, an Indian furniture rental startup, has secured 60 crore rupees (approximately $7 million) in debt funding from Northern Arc Capital and CredAvenue. The funds were raised through non-convertible debentures (NCDs), with 50 crore rupees ($5.73 million) directed to Northern Arc and 10 crore rupees ($1.15 million) to CredAvenue, as per regulatory filings.

Founded in 2012 by Ajith Mohan Karimpana, Furlenco offers subscription-based furniture rentals in major Indian cities. In 2021, the startup raised $140 million in a Series D funding round.

In FY 2023-24, Furlenco reported operating revenue of 139.6 crore rupees (approximately $16.01 million), a decline of over 10% compared to the previous year. The company also reported a net loss of 130 crore rupees ($14.91 million).

Furlenco operates under its parent company, House of Kieraya, which also includes brands like Furbicle and Unlmtd. The company faces competition from Rentomojo, Cityfurnish, Rentickle, and Pepperfry.

This funding reflects the difficulties in securing equity capital amid changing consumer preferences. In 2022, Furlenco reduced its workforce by 180 employees as part of a cost-cutting initiative.

InsuranceDekho raises $70M in funding

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March 4, 2025

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InsuranceDekho has raised $70 million in a funding round co-led by Beams Fintech Fund, Japan’s Mitsubishi UFJ Financial Group (MUFG), and insurer BNP Paribas Cardif through its insurtech fund managed by Eurazeo. The funding will help the company, backed by the CarDekho Group, expand its distribution network and enhance its AI-driven insurance solutions. Founded in 2017 by Ankit Agrawal, InsuranceDekho has served over 10.2 million customers across 99% of India’s pin codes.

“We have been strong believers in InsuranceDekho’s vision since our initial investment,” said Sagar Agarwal, Founder & Partner at Beams Fintech Fund, in a statement. “Their phenomenal growth, robust distribution network, and relentless focus on technology-driven accessibility make them a clear industry force.”

This marks Beams Fintech Fund’s second investment in 2025, following a Rs 200-crore pre-IPO investment in one of India’s largest unlisted NBFCs specializing in used commercial vehicle finance. The firm has already invested over Rs 300 crore this year and is in advanced discussions to support an MSME micro-LAP lender.

According to filings with the Ministry of Corporate Affairs from January, InsuranceDekho recently secured funds in a round led by Beams Fintech Fund 1, MUFG Bank Ltd., and C. Development (a French limited partnership). MUFG Bank led the investment with Rs 49.3 crore, followed by C. Development with Rs 63.22 crore and Beams Fintech Fund 1 with Rs 9.4 crore. These firms collectively acquired 4.33 million shares of InsuranceDekho for Rs 121.94 crore through a private placement of 4,339,885 equity shares, each priced at Rs 10 face value with a premium of Rs 270.98 per share.

CarDekho Group, the parent company of InsuranceDekho, reported a net revenue of Rs 2,074 crore for FY24, marking a 54% increase from Rs 1,347 crore in FY23 (adjusted for discontinued used car sales). The growth was mainly driven by the group’s diversified portfolio, particularly its insurtech arm, InsuranceDekho, and fintech platform, Rupyy.

CarDekho achieved standalone profitability for the first time, posting a profit of Rs 37 crore (before exceptional items) in FY24, a significant turnaround from a loss of Rs 143 crore in FY23. Consolidated losses also shrank to Rs 340 crore, compared to Rs 562 crore in the previous year.

Mintoak secures India’s first e-rupee Deal, valued at $3.5 Mn

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March 4, 2025

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Mintoak secures India's first e-rupee Deal, valued at $3.5 Mn — Mintoak CEO Raman Khanduja

Indian startup Mintoak, which offers merchant payment solutions to lenders, announced on Tuesday that it had acquired Digiledge in a deal valued at approximately $3.5 million. This marks the first acquisition in the emerging central bank digital currency (CBDC) sector.

The Reserve Bank of India launched a pilot for the e-rupee, a digital alternative to physical currency, in December 2022. In April 2023, it expanded the scope of transactions to include payment firms after initially restricting it to banks.

Mintoak, backed by PayPal and HDFC Bank, has completed its acquisition of Digiledge, a company specializing in CBDC and bill payment services, according to two sources familiar with the matter. The sources spoke on condition of anonymity because they are not authorized to speak publicly.

Mintoak, based in Mumbai, stated that the acquisition will allow its partner banks, including HDFC Bank, Axis Bank, and SBI, to provide more extensive CBDC-related payment solutions to their customers.

“By adding Digiledge’s bill payments and CBDC capabilities, we are making it easier for merchant acquirers to grow and help more small and medium enterprises access digital tools and financial services,” Mintoak CEO Raman Khanduja said.

In January, Cred and MobiKwik became the first fintech platforms to offer customers access to the CBDC.

According to a Reuters report from August 2024, Alphabet’s Google Pay, Walmart-backed PhonePe, and Amazon Pay are among the payment companies looking to participate in the pilot.

Fintech startup Ramp reaches $13 Bn valuation following latest funding round

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March 4, 2025

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Ramp, a fintech company providing corporate cards and expense management software, reached a valuation of $13 billion in a tender offer round that allowed some employees and investors to sell their shares, reflecting renewed interest from investors in high-growth startups.

The five-year-old company achieved this new valuation by selling $150 million worth of secondary shares to investors such as Singapore’s wealth fund GIC, Thrive Capital, Khosla Ventures, and General Catalyst, according to a statement released by Ramp on Monday. This marks a significant increase from its $7.65 billion valuation in a funding round last April.

The company has not disclosed its revenue, but a source familiar with its financials revealed that its annualized revenue has reached $700 million. Ramp follows in the footsteps of other prominent startups, such as Databricks and Stripe, in permitting employees to sell their shares, a strategy that may potentially delay their plans for an IPO.

“We want to find a way to partner but didn’t have a primary (funding) need. Secondary was a great fit, where it could allow us to deepen partnerships with investors that we were really dying to work with,” said Eric Glyman, Ramp’s co-founder and chief executive, who added the company is on a path to reach cash-flow positive.

Last week, Stripe revealed a tender offer for its employees and shareholders, valuing the company at $91.5 billion—nearly 41% higher than its valuation from the previous year. This move could potentially push back the fintech firm’s plans to go public. Ramp, which serves more than 30,000 customers ranging from family farms to space startups, facilitates over $55 billion in annualized payment volume through card transactions and bill payments, up from $10 billion in January 2023, according to the company.

ONE Group Secures RERA Approval for Ultra-Luxury Project ‘The Saavira’ in Gurugram, Eyes ₹400-Cr in Sales Revenue

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March 3, 2025

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New Delhi, March 03, 2025: ONE Group Developers has received RERA approval for its much-anticipated uber-luxury residential project, The Saavira, located in Sector 48, Sohna Road, Gurugram. This milestone marks the company’s foray into the high-end luxury segment in the region, with an estimated sales potential of ₹400 crore.

Strategically positioned in a prime location, The Saavira will feature an exclusive high-rise tower (G+25) comprising 72 meticulously designed 3.5 and 4.5 BHK luxury residences. The project, developed on land allotted by the Haryana Shahari Vikas Pradhikaran (HSVP), is scheduled for completion by 2031.

“The Saavira embodies our vision of creating ultra-luxurious living spaces that seamlessly blend elegance with world-class amenities. With Gurugram emerging as a hub for premium real estate, this is the perfect time to introduce a project of this caliber. We are confident that The Saavira will set new benchmarks in luxury living,” said Udit Jain, Director, ONE Group.

Beyond the residential units, The Saavira will also feature a clubhouse on the first floor and a sky garden on the terrace, offering a premium lifestyle experience.

With over three decades of expertise, ONE Group Developers has a strong presence across six states, spanning townships, group housings and commercial. The company has successfully delivered 16 projects, including residential and commercial developments, and is currently managing multiple ongoing projects across multiple cities such as Mohali, Gurugram, Rohtak and Bahadurgarh. ONE Group Developers have various projects lined up in NCR cities such as Noida, Greater Noida, Noida Extension and Ghaziabad.

ONE Group’s debt-free model underscores its financial stability, ensuring confidence in every project. Known for timely delivery and uncompromising quality, the company has built a strong reputation for excellence.

With The Saavira, ONE Group reaffirms its commitment to crafting aspirational homes that redefine luxury, catering to the evolving lifestyle needs of discerning homebuyers.

About One Group

ONE Group Developers is a prominent real estate company in India renowned for its commitment to excellence and trust. With over thirty years of experience, the company has been instrumental in shaping skylines across the nation. Its debt-free model underscores financial stability, ensuring confidence in every project it undertakes.

Operating across six states, ONE Group’s expertise spans real estate, finance, and investments. They have successfully delivered 14 completed projects and are currently managing 4 ongoing developments. Their portfolio extends to eight cities, serving a community of over 6,000 satisfied customers. The company’s legacy is built on pillars of quality, innovation, and timely delivery.

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