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Piston aims to secure $10-12 mn in Series A funding to drive expansion in US

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Fintech firm Piston Technologies aims to raise $10-12 million in Series A funding by June 2025 to scale its operations in the US. Based in San Francisco, Piston specializes in digital payment solutions and recently secured $1.2 million in early-stage funding from Pear VC, a Silicon Valley-based venture capital firm.

“We want to raise capital to grow fast, but we also want to be conscious about it. The next round should probably be $10-12 million. We will see how it goes. We will try to raise as little as possible,” said Shivam Shah, COO & Founder of Piston Technologies Inc.

“Our current investor will continue to participate in the fundraising. We are obviously in talks with other investors as well. Maybe we will get a mix of all,” Shah said.

Shah from Kolkata partnered with Vikram Sekhon to establish Piston Technologies in October 2023. The company’s platform introduces innovative features to improve the B2B payment experience in the US. Its QR-based technology facilitates direct B2B transactions, eliminating intermediaries and reducing costs by avoiding traditional payment processors.

Shah said the upcoming Series A funding round will drive market expansion efforts across North America.

“It will be for expansion and to build our sales, engineering, and R&D team. Because we want to add a lot of product lines,” he said.

The company plans to stick to the US and the North American markets for now, while India will continue to be its hub for development, engineering, and customer support operations.

“In our Kolkata office, we have around 25 people. We want to expand to around 500 people by 2026. The core team in Kolkata has been working on engineering for building products,” Shah added.

FMCG companies bet on premium trend despite demand slump

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The FMCG sector is unlikely to experience a complete recovery in urban demand until mid-next year. Despite this, companies focus on premiumisation to drive growth in major cities, where consumers prioritise high-quality products and convenience. This strategy aims to offset the sluggish overall consumption. Premiumisation will boost value growth in 2025; according to Mohit Malhotra, consumers seek to upgrade their lifestyles and prioritise new experiences. This will continue while a few categories may possibly see some trading down due to inflation, Tarun Arora, CEO at Zydus Wellness, which makes products like Complan And Glucon-D, said. In 2025, growth will be led by premium value-up and experiential offerings, according to industry executives.

According to analysts at marketing data and analytics firm Kantar, categories such as liquid beauty products (including body wash and face wash), Western snacks, and instant coffee are making their way into more households, reflecting consumers’ growing interest in premium segments.

High inflation has tightened the budgets of the urban middle class, reducing their spending power. However, a robust monsoon has supported a recovery in rural areas, which continues to show resilience. Fluctuating commodity prices and soaring food inflation have particularly impacted urban discretionary spending. As a result, consumption levels in the quarter ending September this year fell to their lowest in two years, noted Suresh Narayanan, Chairman and MD of Nestlé India.

“While the challenges of rising debt and lower disposable incomes in urban areas persist, we expect a steady recovery starting mid-2025. Consumers are still leaning towards high-quality, health-conscious products, especially in cities. The increased demand for quick commerce is reshaping how we engage with consumers,” Mayank Shah, vice president at Parle Products, said.

Marico’s digital-first and premium brands are demonstrating resilience and growth, according to MD & CEO Saugata Gupta, who anticipates a revival in urban consumption within the next few quarters. For Nestlé, e-commerce achieved impressive double-digit growth in Q2 of 2024-25, marking the strongest performance in the past seven quarters and contributing 8.3% to domestic sales.

However, some industry stakeholders are advocating for policy measures to stimulate mass consumption in urban areas, as rural growth alone may not be sufficient to offset the overall decline in urban demand. A full recovery in urban consumption will take at least six more months. The extent to which rural growth can compensate for urban sluggishness will depend on factors such as easing overall inflation—particularly food—and more favourable economic conditions.

“Without relief from inflation or some demand impetus from govt, achieving significant improvement in mass consumption might be an uphill task,” Arora said. The upcoming budget should consider “proactive measures” to stimulate consumption in the larger economy, said Aasif Malbari, CFO at Godrej Consumer Products.

Radisson Blu Hotel launches in Conakry, elevating luxury hospitality in West Africa

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Radisson Hotel Group has unveiled the Radisson Blu Hotel in Conakry, Guinea, enhancing its footprint in West Africa with a world-class property. Located in the prestigious Kipé district, this oceanfront hotel blends contemporary elegance with breathtaking views, catering seamlessly to business and leisure travellers alike.

Conveniently situated near Conakry’s top attractions, cultural landmarks, and key business hubs, the hotel offers 282 sophisticated rooms, suites, and apartments. Each accommodation features modern designs, private balconies, and premium amenities such as high-speed Wi-Fi, flat-screen TVs, and panoramic ocean or city views, ensuring an elevated guest experience.

Culinary excellence takes centre stage with four unique dining venues. Guests can enjoy international and local delicacies at the all-day dining restaurant, indulge in fresh seafood and grilled delights at the upscale Fire Lake, or relax with coffee and pastries at the cozy Le Parisien café. The Pool Bar offers a tranquil setting to enjoy cocktails while admiring the infinity pool and ocean views.

The hotel is an event hub, boasting over 1,300 square meters of flexible meeting and event space. From a grand ballroom to cutting-edge meeting rooms, the venue is ideal for hosting corporate conferences, lavish weddings, and other special occasions.

For relaxation and wellness, guests can enjoy luxury with an outdoor infinity pool, a serene spa, and a fully-equipped fitness centre. Signature experiences include soothing massages, steam room sessions, and yoga classes, creating a haven for rejuvenation.

Tim Cordon, Chief Operating Officer, Middle East, Africa, and South East Asia Pacific at Radisson Hotel Group, said, “The opening of Radisson Blu Hotel, Conakry, is a proud moment for Radisson Hotel Group, marking both our debut in Guinea and a significant expansion of our footprint in West Africa. This milestone reflects our ongoing commitment to delivering world-class hospitality in key African destinations, further strengthening our presence across the continent.”

“Radisson Blu Hotel, Conakry reflects a perfect synergy of Guinea’s vibrant culture and the elevated standards of Radisson Blu. We are excited to welcome guests to this stunning property, where exceptional service and unforgettable experiences await,” said Marco G. Rabbia, General Manager of Radisson Blu Hotel.

With its luxurious offerings, exceptional hospitality, and prime location, the Radisson Blu Hotel, Conakry, sets a new standard for unforgettable stays and events in Guinea’s capital. Whether for business or leisure, this premier destination promises to redefine luxury travel in West Africa.

Le Sutra plans expansion with focus on artisanal offerings

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Rahul Bajaj, Founder, Le Sutra

Le Sutra Hospitality, renowned for its art-inspired restaurants, aims to expand its portfolio by launching two new outlets yearly and doubling its food product offerings over the next five years. 

Founder Rahul Bajaj shared that the company is targeting a 25% revenue growth by 2028 as part of its strategic plan. “In the last three years, we’ve added one location and launched products like savory bombolonis and artisanal chocolates. These initiatives have driven a 10% revenue growth,” Bajaj said.

The Mumbai-based company’s cumulative growth over the past decade is 50%. Bajaj credited the success to Le Sutra’s unique hospitality concept. “Our art-driven approach and commitment to quality have struck a chord with customers, resulting in consistent market expansion,” he said.

The brand focuses on community-driven initiatives like the Silent Bakery, which trains and employs specially-abled individuals. “This initiative empowers the blind, deaf, and mute, providing them with meaningful work opportunities,” Bajaj said.

Le Sutra’s flagship location in Mumbai, Out of the Blue, attracts an average of 3,500 monthly visitors, a 5% increase compared to pre-pandemic figures. The company plans to open a new Lonavala property catering to weekend travelers.

“We expect it to contribute 5% to our revenue within the first two years,” Bajaj said. “The decision to establish a property in Lonavala stems from the region’s growing reputation as a preferred getaway destination, coupled with an increasing demand for experiential stays in serene, natural settings. This move aligns seamlessly with Le Sutra Hospitality’s vision of weaving art, culture, and luxury into unforgettable guest experiences.”

Le Sutra remains a bootstrapped business despite opportunities for external investment. “We’ve chosen to stay independent to maintain consistency in food and service quality,” Bajaj explained.

The company’s newest project, The Blue Gourmet 2.0, is already performing beyond expectations, with revenue exceeding forecasts by 5%. The flagship item, savory bombolonis, contributes 2% to total sales, and there are plans to expand operations to three more locations.

“The potential for broader market penetration is substantial. Plans are underway to expand operations to three additional locations, with revenue projected to grow by 30% annually over the next three years. This trajectory positions The Blue Gourmet 2.0 as a key player in the evolving artisanal dessert space, blending innovation with a scalable growth strategy,” added Bajaj.

With its innovative offerings and strategic expansion plans, Le Sutra demonstrates strong growth potential in the hospitality sector.

SaaS Fintech Zaggle secures ₹595-Cr via QIP; eyes acquisitions

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Dr. Raj Narayanam, founder & executive chairman, Zaggle

Zaggle Prepaid Ocean Services Ltd, a SaaS-based fintech platform, intends to acquire at least two companies in the upcoming financial year to fuel its growth, a senior company executive announced on Friday.

Earlier this week, the fintech firm raised ₹595 crore through a qualified institutional placement.

“We are evaluating 5 to 6 potential targets in the SaaS FinTech space, including areas like merchant card software, accounts receivables, and FASTag solutions with plans to acquire at least two companies in the upcoming financial year,” Zaggle founder and Executive Chairman Raj Narayanam said.

“We are aiming for a billion-dollar revenue target within the next 5 to 6 years,” Raj noted.

He added that the company is looking to accelerate its growth through strategic acquisitions.

Zaggle recently invested approximately ₹48 crore to acquire stakes in two companies. It secured a 98.32% controlling stake in Span Across IT Solutions (TaxSpanner) with an infusion of ₹32.07 crore and invested ₹15.60 crore to acquire a 26% stake in MobilewareTechnologies.

This week, Zaggle raised ₹595 crore through a qualified institutional placement from investors, including Bank of India ELSS Tax Saver, Societe Generale ODI, ICICI Prudential Technology Fund, and Nuvama Enhanced Dynamic Growth Equity (Edge) Fund.

On Monday, a board committee approved the allocation of 1.13 crore equity shares to eligible qualified institutional buyers at a price of ₹523.20 per share.

Zaggle reported a threefold increase in consolidated net profit, reaching ₹20.3 crore for the July-September quarter. The company’s revenue from operations during the same period stood at ₹302.5 crore, marking a 64.22% growth compared to the same quarter last year.

Saudi VC invests $400M to Jadwa private equity fund

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Saudi Venture Capital (SVC) has invested in the Jadwa GCC Private Equity Fund 1, managed by Jadwa Investment.

The fund seeks to raise 1.5 billion Saudi riyals (approximately $400 million), with a maximum target of 2 billion Saudi riyals ($532.8 million), to focus on private equity investments across Saudi Arabia and the Gulf Cooperation Council (GCC) region.

SVC stated that this investment aligns with Saudi Arabia’s Vision 2030 goals and aims to bolster the growth of the country’s private equity market.

Dr. Nabeel Koshak, CEO and Board Member at SVC said: “Our investment in the private equity fund by Jadwa is aligned with SVC’s strategy of supporting the evolving private equity ecosystem in Saudi Arabia. This investment will stimulate and sustain funding for high-potential companies in Saudi Arabia, contributing to the economic diversification objectives of Saudi Vision 2030.”

Tariq Al-Sudairy, Managing Director & CEO of Jadwa Investment, said: “We are excited to have SVC on board as an investor in Jadwa GCC Private Equity Fund 1. This partnership reflects our shared commitment to identifying and nurturing high-potential companies across the GCC, with the goal of creating long-term value for our clients.”

Established in 2018, Saudi Venture Capital (SVC) is an investment firm under the SME Bank, which operates as part of the National Development Fund. SVC’s mission is to drive and sustain funding for startups and small to medium-sized enterprises (SMEs) across various stages, from pre-Seed to pre-IPO, through investments in funds and direct support for startups and SMEs.

Jadwa Investment, based in Riyadh with three regional offices, is a prominent investment management and advisory firm in the MENA region. It manages over SAR 90 billion in client assets, and its clientele includes government entities, domestic and international institutional investors, family offices, and high-net-worth individuals.

Hong Kong startup introduces AI avatars, aiming for revenue growth

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Kelvin Tang, Co-founder & CEO, PONS.ai

Pons.ai, a Hong Kong-based startup, has introduced AI-powered photo booth software for creating custom digital avatars for corporate events.

Over the past year, the platform has showcased its capabilities at 85 events worldwide, leveraging advanced image models like Stable Diffusion.

Operating out of the Hong Kong Science Park, Pons.ai reported revenue close to US$500,000 this fiscal year and is targeting doubling that figure in the coming year.

Over the past year, Pons.ai’s AI-powered photo booth platform has been utilized at 85 enterprise events globally, generating nearly US$500,000 in revenue this fiscal year. According to founder and CEO Kelvin Tang, the company aims to double that figure next year.

The platform is built on several advanced image models, including Stable Diffusion, enabling the creation of digital avatars tailored to corporate clients’ specific style requests. Human engineers further refine these avatars and customize them for various products.

Initially launched in 2021 as a physical art and NFT marketplace, Pons.ai shifted its focus to AI-driven solutions last year. Tang said the company aspires to become a leading provider of generative AI-designed personalized products and gifts.

To fuel its growth, Pons.ai is currently seeking seed funding. However, Tang noted that it faces obstacles in securing investment due to a challenging funding environment and geopolitical uncertainties.

“Honestly, it’s extremely tough, especially in Hong Kong and mainland China,” he said. “Going to the US is also very complicated with geopolitics now.”

In recent years, the United States has intensified its scrutiny of American investments in China’s technology sectors, including artificial intelligence, semiconductors, and quantum computing, as part of broader measures to limit China’s progress in advanced technologies.

According to Kelvin Tang, multiple venture capital firms Pons.ai has engaged with have suggested that the company shift its ownership to a U.S.-based entity. Tang also highlighted that startups in China and Hong Kong face the additional challenge of potentially losing access to the latest chips and AI models.

“It’s a dire situation,” he said. “I think it’s definitely wise to have a diversification strategy.”

The company combines AI tools with human expertise to refine its avatars, offering seamless integration with various products. With growing demand for innovative digital solutions, Pons.ai is well-positioned to capitalize on its momentum and expand its presence in the global market.

Waymo expands Robotaxi services to US cities and Tokyo

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Waymo, Alphabet’s autonomous vehicle division, is expanding its reach both in the U.S. and abroad. Initially launched in 2009 as Google’s “Project Chauffeur,” the robotaxi service currently operates in Phoenix, San Francisco, and Los Angeles.

In 2025, Waymo aims to roll out services in Austin, Texas, and Atlanta.

Waymo has revealed Tokyo as its first international testing location. It will collaborate with Japan’s GO app and leading taxi operator Nihon Kotsu, and trials are scheduled to start in early 2025.

In the U.S., Waymo has emerged as the market leader, surpassing Cruise, though domestic rivals like Tesla, led by Elon Musk, and Amazon-owned Zoox are striving to close the gap.

Waymo’s robotaxi service now operates across Phoenix, San Francisco, and Los Angeles, spanning over 500 square miles of public roads.

In June, the company removed its restricted access in San Francisco, making its Waymo One app available to all residents and enabling them to book rides. This public launch demonstrated to riders and the company itself that its autonomous fleet could effectively navigate the complexities of urban traffic.

In July, Alphabet’s former CFO, Ruth Porat, announced during an earnings call that Google’s parent company had committed to a multiyear investment in Waymo totaling $5.6 billion, with $5 billion directly funded by Alphabet.

During a November all-hands meeting, Waymo’s co-CEOs, Tekedra Mawakana and Dmitri Dolgov, encouraged employees to focus on scaling operations aggressively while maintaining safety as their top priority.

In 2025, Waymo is prioritizing expanding its robotaxi service to additional cities, enhancing rider adoption, and advancing technology development to enable its autonomous vehicles to operate in a wider range of weather and traffic conditions.

The company plans to roll out commercial services in Austin, Texas, and Atlanta next year, with rides bookable through the Uber app. Testing has also begun in Miami, with public rides expected to launch there in 2026.

Earlier this month, Waymo announced Tokyo as its first international testing location. The company has partnered with the GO taxi app and Nihon Kotsu, one of Japan’s largest taxi operators, with testing scheduled for early 2025.

In August, Waymo unveiled its next generation of self-driving vehicles, developed in collaboration with Chinese automaker Geely. The new robotaxi, based on Geely’s Zeekr electric SUVs, incorporates Waymo’s custom hardware and software. It features a streamlined design that reduces the number of cameras from 29 to 13 and lidar sensors from five to four.

In October, Waymo announced a partnership with Hyundai to integrate its autonomous technology into the automaker’s Ioniq 5 SUV. By late 2025, Waymo and Hyundai plan to begin testing the Waymo-enabled Ioniq 5.

Waymo conducts testing and validation drives in Detroit, Buffalo, New York, and at a test track in Columbus, Ohio. These trials, involving both Jaguar I-Pace and Geely Zeekr vehicles, aim to assess the performance of Waymo’s systems in varying traffic and weather conditions.

With its aggressive expansion plans and strategic partnerships, Waymo is positioning itself as a global pioneer in autonomous ride-hailing, aiming to redefine the future of transportation.

Leanworx secures seed funding led by YourNest Venture

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Leanworx, a Bengaluru-based startup focused on empowering manufacturing plants with real-time data, has raised ₹8.3 crore (approximately $1 million) in its seed funding round. YourNest Venture Capital led the round by contributing ₹6.5 crore, with an angel investment group adding ₹1.5 crore.

This funding is part of the YourNest-SanchiConnect Velocity Program 2024, an accelerator initiative designed to support high-potential startups like Leanworx by providing strategic funding, mentorship, and market access.

Leanworx stated in its press release that it will use the funds to scale marketing and lead-generation efforts in India and Southeast Asia and to advance product development, including hardware and software certification.

Founded in 2017 by D. Srihari, Bhagavan S. K., and Dasarathi G. V., Leanworx offers an advanced AI-driven machine monitoring system that provides decision-makers with real-time, actionable insights from shop-floor machines. The company’s Industry 4.0 cloud-based SaaS products and IoT devices ensure data reaches managers in just one minute, compared to the 24-hour delay caused by traditional paper-based data systems.

The Indian Industry 4.0 shop-floor monitoring market comprises over 3 lakh machines in metalworking and 9 lakh machines in FMCG manufacturing, with the global market being 60 times larger. Leanworx’s plug-and-play, IoT-enabled system addresses the low machine utilization rates—typically between 30% and 50%—caused by delays and inaccuracies in manual data collection. Leanworx helps manufacturers optimize machine capacity and improve operational efficiency by delivering precise, real-time data.

With this funding, Leanworx is well-positioned to expand its footprint in the growing Industry 4.0 market, enabling manufacturers in India and beyond to embrace smarter, faster, and more efficient shop-floor management.

Groww, Zerodha parents, others to invest Rs 238-Cr in Metropolitan Stock Exchange 

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Billionbrains Garage Ventures, the parent company of Groww, along with Zerodha’s Rainmatter Investments, Securocorp Securities India, and Share India Securities, will collectively invest ₹238 crore in the Metropolitan Stock Exchange (MSE). During a board meeting on Tuesday, the exchange approved the issuance of 119 crore shares to these investors at ₹2 per share, marking a renewed effort to revive the struggling market intermediary.

Share India Securities, a publicly listed company, announced plans to invest ₹59.5 crore in the Metropolitan Stock Exchange (MSE) by purchasing 29.75 lakh shares, representing 4.96% of the exchange’s post-issue paid-up share capital. The company disclosed to the exchange that it expects to finalize the investment within 60 working days.

“We see this milestone as a pivotal step toward expanding our product offerings, addressing the needs of domestic and international institutional investors, especially given new regulatory measures,” said Sachin Gupta – CEO & whole-time director of Share India Securities. “The anticipated trading volumes from these new products are expected to enhance revenue visibility and align with the market’s growing emphasis on long-term strategies.”

The specific investment amounts by Billionbrains, Rainmatter, and Securocorp in the Metropolitan Stock Exchange (MSE) remain unclear.

Notable shareholders of MSE include Radhakishan Damani, the founder of Dmart, and Enam co-founder Nemish Shah, along with major banks such as SBI, Bank of Baroda, Punjab National Bank, HDFC Bank, and Union Bank of India.

The exchange, established initially as MCX-SX by Jignesh Shah in 2008, quickly became a competitor to the NSE and BSE. However, Shah lost ownership of the exchange following the NSEL scam. In May 2013, it began trading derivatives of its flagship equity index, SX40, which consists of 40 large-cap stocks based on free float.

As of March 31, the exchange reported a consolidated loss of ₹48.74 crore, up from ₹18.67 crore the previous year. Its revenue from operations dropped by 25.14%.