Texas Smokehouse secures funding, plans 100 outlets in India

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February 14, 2025

Texas Smokehouse, India’s first smoked chicken QSR brand, is shaking up the country’s fast-food scene. Backed by Yummify Foods & Beverages Pvt Ltd, the brand has secured undisclosed pre-seed funding to fuel its ambitious expansion. Founder Isht Sethi has unveiled plans to open 100 outlets, bringing quick, flavorful, and healthier fast-food options to more customers. With India’s QSR industry expected to reach ₹827 billion by 2025, Texas Smokehouse is bridging the gap with its signature slow-cooked, wood-smoked chicken.

The fresh funding will accelerate the brand’s growth across North India, making its smoky flavors accessible to more food lovers. Texas Smokehouse will scale up using multiple business models, including state-wise Master Franchise, Company-Owned-Company-Operated (CoCo), Franchise-Owned-Company-Operated (FoCo), and Franchise-Owned-Franchise-Operated (FoFo). This strategy ensures efficient market penetration across metro areas and Tier-1 & Tier-2 cities.

“The QSR industry in India is booming, and Texas Smokehouse is ready to tap into this momentum. Where all the QSR market is cluttered with deep-fried offerings, our unique smoked chicken combined with an affordable, high-quality menu, set us apart. We are now geared to expand aggressively and bring our brand closer to customers nationwide,” said Isht Sethi, Founder of Texas Smokehouse.

Currently, fried chicken, burgers, and pizzas dominate India’s fast-food market, leaving a huge gap for healthier alternatives. Texas Smokehouse fills this space with slow-cooked, wood-smoked chicken that’s free from oil and preservatives.

“We see a huge gap in the Indian QSR space for a smoked chicken brand. Consumers today seek premium, slow-cooked, and unique flavors that aren’t found in traditional fast-food options. Texas Smokehouse is here to redefine the QSR experience with authentic smoked chicken, burgers, rice bowls, breast meals, wraps, and air-fried sides,” said Ritesh Goyal, Co-Founder of Texas Smokehouse.

Speed is crucial in the QSR industry, and the QSR brand is revolutionizing delivery with a rapid 10-minute model. The menu is designed for efficiency, ensuring hot, flavorful meals reach customers without compromising on quality.

“Our smoked chicken is crafted for quick service yet maintains its juicy, rich, traditional taste & health benefits. This will ensure customers get their food fast, fresh, and full of flavor within no time” added Ritesh Goyal.

With 100 outlets planned nationwide, Texas Smokehouse aims to revolutionize QSR with wood-smoked chicken, offer a healthier and tastier alternative to deep-fried fast food, expand rapidly through franchise opportunities, and generate significant employment in the food industry.

Since launching its first outlet in August 2024, Texas Smokehouse has seen strong demand and steady month-on-month growth, solidifying its position as a category leader in India’s fast-food revolution.

HiBob acquires Mosaic for $35m to expand HR tech capabilities

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February 14, 2025

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HR firm HiBob acquires Mosaic for $35m to expand HR tech capabilities — Ronnie Zehavi, CEO & Cofounder, HiBob

HiBob, a HR platform has acquired Mosaic, a US-based financial planning and analysis (FP&A) firm, in a deal reportedly valued at $35 million.

This acquisition will integrate Mosaic’s FP&A capabilities into HiBob’s platform, creating a seamless connection between employee lifecycle management and financial planning that provides real-time business insights.

HiBob CEO Ronnie Zehavi described the move as a step toward delivering an integrated HR and financial planning solution.

Founded in 2015, HiBob has a global workforce of 1,300, with half its employees based in Israel. Mosaic’s 70 team members will join HiBob, which has raised $570 million to date and is valued at $3 billion.

With this strategic acquisition, HiBob aims to strengthen its position as a comprehensive HR tech provider, offering businesses the tools to align workforce management with financial performance for more informed decision-making.

Ventive Hospitality Ltd reports strong growth in Q3FY25 financial results

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February 13, 2025

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Ventive Hospitality Ltd Reports Strong Growth in Q3FY25 Financial Results — Ranjit Batra, CEO, Ventive Hospitality Ltd

Ventive Hospitality Ltd, a leading owner, developer, and asset manager of luxury and upscale hotels in India and the Maldives, has announced its financial results for Q3FY25, ending December 31, 2025. The company reported impressive growth in consolidated revenue, EBITDA, and EBITDA margins, particularly in the hospitality segment, compared to the same period last year.

In Q3FY25, Ventive Hospitality’s consolidated revenue reached INR 566.4 crore, marking a 15% increase from Q3FY24. The company’s consolidated EBITDA stood at INR 277.6 crore, reflecting a 31% growth. Additionally, its consolidated EBITDA margin improved by 600 basis points (bps), reaching 49%.

The hospitality segment also delivered strong results. Revenue increased by 12% to INR 420 crore compared to Q3FY24. The segment’s EBITDA surged by 33%, reaching INR 147 crore, while the EBITDA margin rose by 600 bps, standing at 35%.

Hotels owned and managed by Ventive Hospitality achieved an occupancy rate of 63%, up 3% from the previous year. The Average Daily Rate (ADR) grew by 5%, reaching INR 21,610, while Revenue Per Available Room (RevPAR) increased by 8% to INR 13,573 in Q3FY25.

Ventive Hospitality’s strong performance highlights its strategic growth and resilience in the luxury hospitality sector.

Commenting on the results, Ranjit Batra, CEO, Ventive Hospitality Ltd said: “We’re delighted to report a stellar debut quarter as a listed company, driven by a strong performance by our Hospitality assets in India and Maldives with a 33pc YoY EBITDA growth in this quarter. We would like to also welcome all the new shareholders to the Ventive family post our successful listing. As we begin our journey as a listed company, we believe our distinct portfolio is well positioned to capture strong demand in the high-end hospitality sector. We’ll continue to execute our growth strategy, focusing on long-term value creation for all stakeholders.”

Nikhil Kamath launches second cohort of WTFund

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February 13, 2025

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WTFund, a startup initiative for entrepreneurs under 25, spearheaded by investor and entrepreneur Nikhil Kamath, has announced its second cohort, featuring 22 promising founders.

WTFund offers grant funding of up to ₹20 lakh, expert mentorship, and strategic partnerships to help early-stage startups scale their operations and impact. By democratizing access to funding, the initiative serves as a launchpad for first-time founders, fostering a culture of innovation, resilience, and continuous learning. Its mission is to bridge key gaps in India’s startup ecosystem while empowering young entrepreneurs to build scalable, high-impact ventures.

This year, WTFund received applications from over 50 cities across India, including many from tier 2, tier 3, and remote regions. The second cohort showcases innovative solutions across diverse sectors such as technology/SaaS, D2C, edtech, fintech, health tech, agritech, and cleantech—demonstrating the growing depth of India’s entrepreneurial talent.

The applications also revealed a strong mobile-first approach across all tiers. At the same time, tier 1 startups leverage AI/ML for advanced B2B solutions, and founders from tier 2 and 3 cities are building vernacular-first, B2C products tailored to India’s diverse and dynamic markets. These innovations not only address local challenges but also offer globally scalable solutions.

The nine standout startups in the second cohort are Nasadya, InnerGize, Armatrix, Drnk, Neoperk, ReferRush, Modus AI, Bytes, and Ai.gnosis—each bringing fresh, impactful ideas.

WTFund, under the leadership of Nikhil Kamath, continues to empower India’s next generation of entrepreneurs by providing early-stage grants without immediate equity dilution. The fund supports founders tackling critical issues in health tech, AI, space tech, and energy transition sectors. Through accessible capital, mentorship, and growth resources, WTFund is nurturing bold, risk-taking innovators poised to shape India’s entrepreneurial landscape.

Protean eGov Technologies secures 68,021 sq ft office lease in Mumbai

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February 13, 2025

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Protean eGov Technologies, a provider of e-Governance solutions, has signed a lease for 68,021 sq ft of office space at One International Center in Lower Parel, Mumbai. Colliers India, a real estate services firm, facilitated the transaction, with the company’s design team also overseeing the project’s design.

“We look forward to creating a space that reflects our mission, fuels our impact, and supports the future of digital governance in India,” said Dipali Sheth, chief human resources officer of Protean eGov Technologies.

A recent report by FICCI and Colliers India forecasts that the commercial real estate market will grow to 65-70 million sq ft by 2025. Global Capability Centres (GCCs) have become a significant demand driver, with Mumbai experiencing a fourfold rise in GCC occupancy in 2024 compared to 2023.

This trend highlights Mumbai’s growing importance as a hub for global business operations, signalling strong prospects for the commercial real estate sector in the coming years.

Alibaba emerges as China’s AI favorite with an $87B surge

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February 13, 2025

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The surge in Chinese artificial intelligence is again making Alibaba Group Holding Ltd. a top pick for investors, revitalizing the e-commerce giant that had nearly faded into obscurity after years of regulatory pressure.

Alibaba’s Hong Kong-listed shares have soared 46% since reaching their 2025 low on January 13, adding nearly $87 billion to its market value. This growth surpasses the Hang Seng Tech Index’s 25% gain during the same period, making Alibaba the top performer among China’s Big Tech firms this year, outpacing competitors like Tencent Holdings Ltd., Baidu Inc., and JD.com Inc.

Alibaba’s resurgence comes as a surprise. It had lost investor favor due to Beijing’s crackdown on tech giants and a post-COVID slump in consumer spending. Driving the rally is growing optimism over the company’s push to develop its AI services and platform. This momentum grew after Chinese AI startup DeepSeek introduced technologies that triggered a sell-off on Wall Street.

Alibaba’s shares received a fresh boost on Wednesday following a report by The Information that Apple Inc. is collaborating with the e-commerce giant to introduce AI features in China.

“The emergence of DeepSeek has sparked a new AI-related catalyst for Chinese tech stocks,” said Andy Wong, investment and ESG director for Asia Pacific at Solomons Group. “Within this space, we see Alibaba as having more tangible and well-established earnings growth prospects in the medium term.”

Alibaba’s 2025 rebound results from a year-long transformation led by two of Jack Ma’s longtime allies, Joe Tsai and Eddie Wu. As chairman and CEO, the duo—part of the original team that founded Taobao in Ma’s lakeside apartment—took charge in 2023 following years of regulatory scrutiny and a post-COVID slump that hit the company’s cloud and consumer divisions. Their strategy focused on returning to fundamentals, starting with consolidating and streamlining Alibaba’s fragmented core commerce operations.

They also made a bold push into AI. Since ChatGPT’s emergence, Alibaba has invested in several of China’s most promising startups, including Moonshot and Zhipu. The company prioritized expanding its cloud business—the backbone of AI development—by cutting prices to regain customers who had switched to competitors during turbulent times. Additionally, Alibaba ramped up its AI investments, joining a race that Baidu led.

In January, these efforts began to pay off. Alibaba released benchmark results showing that its Qwen 2.5 Max model outperformed Meta Platforms Inc.’s Llama and DeepSeek’s V3 in multiple tests. The company is positioning itself as a major AI contender, competing alongside industry giants like Tencent and ByteDance Ltd. and rising startups such as Minimax and Zhipu.

However, it’s still in the early stages.

One of the significant challenges for Chinese AI companies is the slower adoption and reluctance of domestic consumers and businesses to pay for these services.

“Many hedge funds and long-only investors see AI as a potential inflection point for Alibaba, with some expressing interest in understanding the valuation of Alibaba’s cloud business and any upside from large language models,” JPMorgan Chase & Co. analysts including Alex Yao wrote in a note. “The AI narrative is seen as a driver for potential re-rating, but there are concerns about the monetization of AI capabilities.”

Moreover, the growth of cloud businesses for Chinese hyperscalers has been slower than that of their major US counterparts. Analysts estimate that Alibaba’s cloud revenues grew 9.7% year-over-year in the December quarter, while Baidu saw a 7.7% increase. In comparison, Amazon.com Inc. and Microsoft Corp. experienced 19% and 31% growth, respectively.

Derivative traders are ramping up their bets. On Wednesday, options contract volumes in Hong Kong were more than double the 20-day average and hit a four-month high. Over 110,000 bullish contracts were traded, compared to more than 74,000 puts. The cost of hedging against declines has dropped to its lowest since November.

Despite the recent rally, Alibaba’s valuations still appeal to some investors. Its shares are trading at 12.2 times forward earnings, below its five-year average of 14.6 times.

“Despite the rally, Alibaba’s stock is still undervalued compared to its US tech peers, considering its growth potential and market position,” said Manish Bhargava, chief executive officer at Straits Investment Management in Singapore. “The company is expanding its overseas marketplaces, which could reduce its reliance on the domestic Chinese market and drive future growth.”

Cygnett Hotels expands in Uttarakhand with Cygnett Retreat Pangot

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February 12, 2025

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Cygnett Hotels & Resorts is delighted to introduce Cygnett Retreat Pangot in Uttarakhand. Featuring 64 tastefully designed rooms, the boutique hotel promises comfort, efficient service, and leisure, offering guests a value-for-money stay amidst the tranquil Kumaon hills.

Nestled in the serene Kumaon hills, Cygnett Retreat Pangot offers guests modern amenities, including an all-day dining restaurant, vibrant social spaces, a refreshing spa, activity zones, and a swimming pool.

Nature lovers will appreciate the property’s prime location, offering easy access to attractions like Nainital, scenic treks to Naina Peak, and opportunities to spot over 150 species of Himalayan birds.

“Uttarakhand has emerged as a popular domestic destination for leisure travellers. With the signing of Cygnett Retreat Pangot, we are pleased to expand our footprint in this region. Guests staying at the retreat will enjoy the natural beauty of Pangot and the warm hospitality and Cygnetture experiences that define Cygnett. We would like to extend our sincere gratitude to our partners, Neeminfra and Construction Private Limited, for their unwavering support and trust in our vision,” said Sarbendra Sarkar, Founder & Managing Director of Cygnett Hotels & Resorts.

This achievement underscores Cygnett’s dedication to its renowned ‘Cygnetture Experience,’ offering a seamless blend of personalized service, curated amenities, and immersive hospitality. The addition of Cygnett Retreat Pangot aligns with Cygnett Hotels & Resorts’ ambitious growth plan to operate over 100 hotels by 2029. The company has also announced the signing of its luxury brand, Anamore, in Uttarakhand.

US semicon firm Enfabrica launches India operations with R&D hub in Hyderabad

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February 12, 2025

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US-based fabless semiconductor firm Enfabrica Corporation announced on Wednesday the launch of its India operations, establishing a new office and R&D centre in Hyderabad. According to a company statement, Enfabrica India plans to recruit top talent and expand its workforce fourfold by the end of 2025.

“The new centre will be utilised to accelerate delivery of the world’s first Accelerated Compute Fabric SuperNIC (ACF-S) silicon and networking software that enables efficient and reliable scaling of AI infrastructure used for GenAI training, inference and RAG applications,” the statement said, adding that the facility will build tailor-made GenAIsolutions.

The company highlighted that India’s advanced digital public infrastructure, which covers a diverse demographic and economic landscape, is crucial in scaling modern AI applications.

Enfabrica has secured a total funding of $260 million from investors such as Sutter Hill Ventures, Atreides Management, Spark Capital, Valor Equity Partners, Arm, Nvidia, Samsung Catalyst, and Cisco Investments.

B2B manufacturing startup CapGrid Solutions raises $5M in funding

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February 12, 2025

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B2B manufacturing startup CapGrid Solutions raises $5M in funding — Himanshu Singh Raghuvanshi, Dheeraj Kumar Tiwari, Co- founders, CapGrid

CapGrid Solutions, a B2B manufacturing startup backed by Nexus Venture Partners, has raised $5 million (approximately Rs 45 crore) in a funding round led by Anicut Growth Fund, as confirmed by CEO and founder Dheeraj Tiwari. Existing investors Nexus Venture Partners and Axilor Ventures also participated, bringing the company’s valuation to Rs 305 crore post-investment.

Auto component industry experts Sunjay Kapur and Vivek Vikram Singh, chairperson and managing director of Sona Comstar, respectively, also joined the round. The funds will fuel global expansion and invest in technology to enhance supply chain and operational efficiencies.

“We have already started global exports. Until now, we were only focused on India. Now that our supply chain for manufacturing components is set up, we have started exploring global business. We are focusing on two to three geographies, such as the US and Germany,” Tiwari said, adding the company is aiming for its global business to contribute 30% to its overall revenue in the next 12 months.

Founded in 2020 by Tiwari and Himanshu Singh Raghuvanshi, CapGrid Solutions is a Gurugram-based company supporting original equipment manufacturers (OEMs) and tier-1 suppliers in the automotive industry by simplifying direct material sourcing and procurement.

The company connects OEMs with suppliers for precision parts and components. Currently, CapGrid operates 11 fulfilment centres and partners with 50 strategic supply manufacturers.

Regarding the investment, Dhruv Kapoor, chief executive of Anicut Growth Fund, said, “CapGrid’s cloud-competent manufacturing brings granularity and visibility to inefficient supply chains in automotive and consumer durable sectors. CapGrid’s solution is needed to streamline inefficiencies as India transitions towards a manufacturing-led economy.”

According to Tiwari, CapGrid initially focused on the automotive industry and has now expanded into the consumer durables sector, which accounts for nearly half of its revenue.

“We have added one of the top two to three AC manufacturers, one of the top three fan manufacturers, and appliances manufacturers over the last 12 months. This is another way to diversify risk. Secondly, with the same set of suppliers, I am now able to cater to another industry as well,” he said.

The company reported a revenue of approximately Rs 99 crore in the previous fiscal year and aims to achieve Rs 220 crore in FY25. Tiwari also mentioned that CapGrid is targeting profitability in the next fiscal year.

In January 2023, Nexus Venture Partners led a funding round that raised $7 million for the company.

“As CapGrid builds competencies in working with supply chains from different industries, they are in a great position to become the purchase organisation for companies in India and across the globe,” Sona Comstar’s Kapur said.

Australian healthtech startup bags $112M in Series C funding

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February 12, 2025

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Australian healthtech startup secures $112M in Series C Funding — Harrison.ai cofounders Dr Aengus Tran and Dimitry Tran

Sydney-based healthtech startup Harrison.ai has developed AI-driven diagnostic software to assist radiologists and medical examiners in analyzing CT scans, X-rays, and pathology slides. On Tuesday, the company announced it had secured $112 million (approximately AU$179 million) in a Series C funding round to expand its global presence across key markets, including the U.S., EMEA, and Asia Pacific. The healthtech startup declined to disclose its valuation.

The funding round was co-led by Aware Super, ECP Asset Management, and Horizons Ventures, with participation from new investors such as the National Reconstruction Fund, Ord Minnett, and Wollemi Capital Group. Returning investors, including Alpha JWC Ventures and Blackbird Ventures, also contributed.

Harrison.ai offers two primary AI-powered solutions: Annalise.ai, which focuses on radiology diagnostics, and Franklin.ai, a pathology-centered platform. These tools aim to enhance diagnostic accuracy, facilitate early disease detection, speed up treatment decisions, and reduce patient wait times.

“Radiology (X-rays, CT scans) and pathology (tissue biopsies) serve as critical diagnostic tools for confirming medical diagnoses,” Dr. Aengus Tran, Harrison.ai’s CEO and co-founder, said. “[Harrison’s] solutions also act as a second pair of eyes for radiologists and pathologists, enhancing workflow efficiency while reducing misdiagnosis risks for cancer and other critical illnesses –ultimately improving patient outcomes.”

Harrison.ai aims to tackle the global shortage of skilled healthcare professionals and meet the rising demand for medical diagnoses, a challenge affecting advanced and developing healthcare systems.

Brothers Dr. Aengus Tran and Dimitry Tran founded the Sydney-based startup in 2018, drawing inspiration from Aengus’s firsthand experience with diagnostic and treatment limitations that often resulted in poor patient outcomes. Originally from Vietnam, the Tran brothers moved to Australia, where they combined their expertise—Aengus’s medical and AI knowledge and Dimitry’s background in healthcare strategy—to establish Harrison.ai. Their mission is to enhance healthcare capacity through AI-driven automation, improving efficiency and accessibility in medical diagnostics.

Harrison.ai’s latest funding round raises its total capital to $240 million, following its previous Series B round of approximately $92.3 million in November 2021.

Since its Series B, the healthtech firm Harrison.ai has launched Franklin.ai for pathology and is developing a prostate biopsy product set for 2025. Annalise.ai, its radiology AI, began generating revenue in 2022 and has tripled annual recurring revenue for three years. Now deployed in 1,000+ facilities, it supports over 6 million patients annually.

With 200 employees, Harrison.ai operates in 15 countries, including the U.K., the U.S., and Germany. It holds regulatory clearance in 40 countries, including 12 FDA approvals, and plans to establish a North American base in Boston this year.

“We have a typical software revenue model — similar to many SaaS companies — making it simple for our customers to buy and deploy for use in clinical practice,” said Harrison.ai’s CEO.

Harrison.ai faces competition from companies like Aidoc, Gleamer, Rad AI, and Zebra, but co-founder Aengus Tran believes it stands out due to its advanced capabilities. Its Chest X-ray AI, approved in 40 countries, detects up to 124 findings—around four times more than competitors.

Research from Alfred Health (2024) suggests Harrison.ai’s chest radiography AI could detect lung cancer 16 months earlier in over 32% of cases. Additionally, its CT Brain AI, also cleared for clinical use, identifies up to 130 findings—again, four times more than rivals.

“This is made possible through our access to extensive datasets, which have been fine-tuned by more than 250 specialist doctors over more than 240,000 hours,” he said, adding that the startup will be using some of the new funding to build out even more AI automation across more diagnostic tests other than radiology and pathology.

In 2023, Harrison.ai introduced Harrisons.rad.1, a radiology-specific vision-language model that analyzes images, detects findings, and answers visual queries. While not commercially available, it is accessible to researchers, industry partners, and regulators. The company claims it outperforms foundational AI models and standard radiology exams by human radiologists.

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