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

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March 4, 2025

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.

Signia by Hilton to make Asia Pacific debut with first property in Jaipur

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March 3, 2025

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Hilton has revealed the signing of its inaugural Signia by Hilton hotel in Asia Pacific, which is slated to open in Jaipur, India. This marks the brand’s first entry into India, following the launch of Signia by Hilton Amman, the first property outside the United States. The brand is focused on expanding its portfolio with exciting new developments in prime gateway destinations.

The 216-room hotel in Jaipur, developed in collaboration with Sandeep Bakshi and Family LLP, is scheduled to open in 2028. Hilton currently operates two hotels in Rajasthan, including Hilton Jaipur and DoubleTree by Hilton Jaipur Amer.

Alan Watts, president of Asia Pacific, Hilton, said, “This signing marks the exciting debut of our Signia by Hilton brand in Asia Pacific, as we further deploy Hilton’s award-winning luxury portfolio to expand our premium offerings in key gateway destinations. Jaipur’s rich cultural heritage, vibrant tourism sector, and growing significance as a thriving business hub make it the perfect backdrop for Signia by Hilton as we continue to diversify and accelerate our presence in India.”

Situated 28 km from Jaipur International Airport and offering easy access to the Delhi-Mumbai Expressway (NE-4), the new property is only a three-hour drive from Gurugram. This makes it perfectly located to appeal to travelers from the Delhi NCR, a key domestic market.

Sandeep Bakshi, managing partner of Sandeep Bakshi and Family LLP, said, “Jaipur has long been synonymous with luxury, heritage, and world-class hospitality. As Rajasthan continues to attract discerning luxury travelers and high-profile business guests, the arrival of Signia by Hilton marks a pivotal moment in elevating the city’s hospitality stature. We’re excited to collaborate with Hilton to bring this brand to the city, which is beaming with growing demand from luxury guests and business travelers.”

Akansha Bakshi, chief operating officer (COO) of Sandeep Bakshi and Family LLP, added, “Our vision is to bring a world-class luxury experience to Jaipur, blending contemporary elegance with the city’s rich cultural heritage. Signia by Hilton will offer an elevated experience tailored to discerning travelers and event planners looking for world-class services. With this property, we are poised to meet the needs of business leaders, global travelers, and those seeking opulent celebrations and event experiences.”

The property is designed to cater to the increasing demand for top-tier meetings and events, along with an exceptional guest experience. It will feature over 2,250 square meters of event space, including a grand ballroom of 9,700 square feet. Guests can choose from elegant standard rooms, executive suites, and private pool villas. Notable features include the exclusive Club Signia lounge, a striking artificial lagoon, and a variety of dining options across four outlets. Additional amenities, such as a spa, fitness center, pools, and a kids’ club, position the property as a premier destination for both business and leisure travelers.

Clarence Tan, senior vice president of development, Asia Pacific, said, “The signing of Signia by Hilton Jaipur puts us on track to more than double our luxury estate in India following the signings of Waldorf Astoria Jaipur and Conrad Jaipur, which highlights our commitment to serving sophisticated luxury customers seeking vibrant offerings that meet both business and leisure needs.”

Together Fund targets $150m for AI startups by 2025

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March 3, 2025

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Together Fund targets $150m for AI startups by 2025 — Manav Garg, Co-founder and managing director, Together Fund

Together Fund, a venture capital firm specializing in SaaS and AI startups, plans to close its $150 million Fund II by June 2025.

Co-founder and managing director Manav Garg confirmed the development, according to reports.

Headquartered in India, Together Fund focuses on early-stage investments and intends to back 19 to 20 AI startups with its second fund. Since its launch, the firm has invested in 31 startups across both funds, including Jhana, RapidClaims, WorkHack, Zipstack, and UiFlow.

With this latest funding initiative, Together Fund aims to strengthen India’s AI startup ecosystem, fostering innovation and driving growth in the sector.

Micro VC AJVC secures ₹100-Cr fund for early-stage investments

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March 3, 2025

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Micro VC AJVC secures ₹100-Cr fund for early-stage investments — Aviral Bhatnagar, Founder and Managing Partner, ajvc

Viral Bhatnagar’s A Junior VC (AJVC) has successfully closed its first ₹100 crore fund, aiming to tap into India’s largely underserved pre-seed funding stage within the world’s third-largest startup ecosystem. Previously an investor at early-stage investment firm Venture Highway, Bhatnagar departed before Silicon Valley-based General Catalyst acquired the firm in June 2024.

With this new fund, he plans to invest in 12-15 pre-seed startups annually, focusing on emerging sectors such as artificial intelligence (AI), SaaS (software-as-a-service), and consumer technology. The sector-agnostic fund exceeded its initial target and is now considering activating the green shoe option due to oversubscription.

“We are seriously considering exercising the greenshoe option given the overwhelming interest in the fund,” AJVC said.

Bhatnagar further said that the sophistication of domestic capital in India has changed over the past few years. “Many people have access to wealth, probably because of public markets, scale founders, etc. Their risk appetite was very surprising to me. I don’t think that was the case for many people raising their funds maybe 10 years ago.”

Bhatnagar said that domestic LPs are “unusually patient,” often seeking returns over a few decades rather than immediately. His comments, however, contrast the general sentiment as VCs in India have started facing pressure from LPs to return capital.

Regarding returns, Bhatnagar, the Founder and Managing Partner at the fund, said, “So I think in India, if you are operating at this stage, there is a certain number beyond which it starts becoming a little difficult to return the fund. In my head, that’s about Rs 600 crore. That’s where you start reaching a stage because, in India, the number of companies that will reach Rs 10,000 crore will not be as much as the US.”

Bhatnagar stated that AJVC plans to begin exiting its investments between Series B and Series C rounds. Rather than completely exiting at once, the firm will gradually liquidate its holdings. However, he emphasized that the firm is in no rush to deploy capital.

“We have a 10-year plus fund. There is no pressure to deploy or return that capital aggressively. We won’t push companies. If they need, we’ll support them for as long as possible,” Bhatnagar added.

Tesla to open first India showroom in Mumbai’s BKC, Delhi to follow

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March 2, 2025

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Marking a major milestone in its long-awaited entry into the Indian market, US electric vehicle giant Tesla has finalized a deal to set up its first showroom in Mumbai’s Bandra Kurla Complex (BKC). This lease agreement is reportedly among India’s most expensive commercial space deals.

Tesla will occupy a 4,000 sq. ft. ground-floor space in a commercial tower at BKC to showcase its car models, with a reported monthly lease rent of approximately ₹900 per sq. ft., totaling around ₹35 lakh per month. The lease is for a five-year term, and the company plans to open another showroom in Delhi’s Aerocity.

The deal was sealed weeks after Tesla CEO Elon Musk met Prime Minister Narendra Modi in Washington. Following the meeting, Tesla posted 13 job openings in India, signaling a strong push toward its market entry.

Recent developments in February suggest Tesla could be preparing for an official launch in the coming months. This aligns with ongoing discussions on the India-US Bilateral Trade Agreement, which was announced after Modi met with then-US President Donald Trump.

Currently, India imposes a 110% import duty on vehicles, a key issue raised by Trump, who argued that such high tariffs pressured Tesla to establish a manufacturing unit in the country.

In a recent interview, Trump said that if Tesla were to set up a factory in India to bypass these tariffs, it would be “unfair” to the US. “Every country in the world takes advantage of us, and they do it with tariffs… It is impossible to sell a car, practically, in, for example, India,” he had said.

Tesla has initiated its hiring process in India, listing 13 job openings across customer service, operations, and sales departments on LinkedIn. While five of these roles are available in Mumbai and Delhi, the remaining positions are based in Mumbai.

The company is recruiting for various positions, including:

Customer Support Specialist
Inside Sales Advisor
Tesla Advisor
Service Advisor
Order Operations Specialist
Service Manager
Store Manager
Parts Advisor
Business Operations Analyst
Service Technician
Consumer Engagement Manager
Customer Support Advisor
Delivery Operations Specialist

These roles highlight Tesla’s commitment to building a strong team in India as it prepares for its market entry.

Dwarka Expressway witnesses 58% surge in real estate prices

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March 1, 2025

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Dwarka Expressway has become India’s fastest-growing real estate corridor, recording an unprecedented 58% year-on-year increase in housing prices during Q4 2024-25—the highest in the country—according to a recent CREDAI-Colliers-Liases Foras report. This exceptional growth has surpassed all other major cities and micro-markets, solidifying Dwarka Expressway as the top investment hotspot in Delhi NCR and across India.

Mr. Pradeep Aggarwal, Founder & Chairman, Signature Global (India) Ltd., says DwarkaExpressway has emerged as the most dynamic real estate corridor in NCR, reflecting the larger transformation of India’s urban landscape. The record 58% YoY price appreciation is a testament to the corridor’s immense potential and indicates the growing demand for well-planned, infrastructure-led development. With enhanced connectivity, metro expansion, and proximity to key business districts, this corridor is becoming a magnet for homebuyers and investors alike. As India’s cities continue to expand, such high-growth zones will play a crucial role in shaping the future of urban living, offering sustainable, premium, and high-value residential ecosystems.”

Mr. Ashok Kapur, Chairman of Krishna Group and Krisumi Corporation, says, “The rising inclination towards premium, well-designed homes, coupled with increasing construction costs, has propelled prices upward. This steady momentum highlights market confidence and the evolving aspiration for modern, high-quality living. As homebuyers seek better amenities and thoughtfully planned communities, the region’s real estate sector continues to thrive, further cementing Delhi-NCR’s status as a prime residential destination.”

The remarkable surge in property prices along Dwarka Expressway is largely driven by extensive infrastructure development. With the expressway complete, upcoming metro connectivity, and improved road networks, accessibility has significantly increased, attracting strong buyer interest. The rise of luxury housing has further fueled demand as the corridor emerges as a prime hub for premium and ultra-luxury projects. Homebuyers increasingly seek high-end living spaces, making it a top choice for luxury real estate.

Its strategic location near key business centers like Cyber City, Udyog Vihar, and IGI Airport enhances its appeal, offering connectivity and a superior lifestyle. Professionals and investors view Dwarka Expressway as an ideal destination, supported by strong price appreciation and high investor confidence. The rising end-user demand and decreasing unsold inventory underscore a sustainable and thriving real estate market.

Housing prices across India’s top eight cities saw a 10% year-on-year increase, averaging INR 11,266 per sq. ft. However, Delhi NCR led the surge with a remarkable 31% annual price rise, the highest in the country. The soaring demand along Dwarka Expressway primarily fueled this growth, further cementing its status as the NCR region’s most promising real estate destination.

Amazon eyes global expansion for its Temu, Shein competitor

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March 1, 2025

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Amazon plans to expand its rival to Temu and Shein beyond the U.S. According to two sources familiar with the matter who requested anonymity due to the confidential nature of the plans, the company aims to introduce its discount storefront, Haul, in Europe later this year.

Recent job postings suggest Amazon is preparing for a broader global launch. One listing mentioned that the company sought a software development engineer for the Haul team to support a worldwide rollout. Another listing for a senior product manager indicated plans for a launch in Mexico.

An spokesperson stated that the company had no updates to share regarding Haul’s expansion plans.

Amazon launched Haul in response to the growing influence of Temu, Shein, and TikTokShop, all of which are linked to China, the world’s second-largest economy. These platforms have quickly gained traction in the U.S. by attracting budget-conscious shoppers with their low-cost offerings, including clothing, makeup, home essentials, and more. Like Temu, Haul features ultra-affordable products, such as $1 eyelash curlers, cosmetic bags, and $2.99 cubic zirconia rings.

While Haul is still in beta for U.S. users, Amazon has been expanding the service, indicating that the company envisions it as a lasting addition to its online marketplace.

A now-removed job listing suggests that CEO Andy Jassy’s S-team, composed of top executives, has set ambitious goals for Haul this year, aiming to significantly expand its presence in both the U.S. and global markets.

Expanding Haul into Europe may present some obstacles. According to one source, the company’s reliance on plastic packaging for Haul shipments could clash with its regional sustainability commitments. In 2023, the company shifted to using only recyclable paper bags, cardboard envelopes, and boxes—or, in some cases, eliminating additional packaging—for deliveries across Europe.

Amazon is also leveraging its traditional e-commerce model to monetize Haul further. This month, the company introduced sponsored product placements within some Haul search results, enabling sellers to pay for prominent visibility at the top of the page. Over the years, Amazon has increased the number of sponsored items appearing in search results on its website and mobile app. These advertisements make up most of Amazon’s ad revenue, reaching $56.2 billion in 2024.

Amazon has added curated storefronts from lifestyle influencers to the Haul homepage. One features “fashion picks” from Michaela Delvillar, an influencer with more than 150,000 followers on TikTok. Her Amazon storefront says she’s a “Top Creator.”

Jassy said Amazon has a “certain number of items that are shipped in that way” for Haul, but likely fewer than Chinese e-commerce companies like Shein and Temu.

Meta in talks for $35B data center boost with Apollo

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February 28, 2025

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Apollo Global Management Inc. is in discussions to spearhead a financing package of approximately $35 billion for Meta Platforms Inc. to support the development of data centers across the U.S., according to sources familiar with the matter.

The alternative asset management firm is considering contributing a significant portion of the funding, said individuals who requested anonymity as the details are not yet public. Additionally, one of the sources noted that KKR & Co. is involved in the investor consortium.

These financing discussions are still in the early stages, and there is no certainty that the companies will finalize an agreement. While alternative asset managers have previously partnered with major tech firms, this potential deal with Meta is particularly notable. For instance, Databricks Inc. previously secured over $5 billion in financing from lenders such as Blackstone Inc., Apollo, and Blue Owl Capital Inc. Similarly, Apollo led an $11 billion investment last year in a joint venture with Intel Corp.

Meta has already outlined plans to invest up to $65 billion in artificial intelligence-related projects this year, including constructing a massive new data center and expanding its AI teams, according to CEO Mark Zuckerberg last month. Given the surging demand for AI infrastructure, industry estimates suggest that hundreds of billions of dollars will be required to build the necessary computing capabilities. Investors and bankers have been eager to participate, especially as the stock market has rewarded companies that play a crucial role in the AI ecosystem over the past year.

In past financing arrangements, Apollo has retained a portion of the funding it provides while distributing the remainder among other investors. The firm has increasingly positioned itself to offer large-scale funding to investment-grade companies as part of its broader push into private credit opportunities.

Meta has stated that its goal is to bring approximately one gigawatt of computing power online in 2025. The company, which owns Facebook, has already committed $10 billion to a data center in Louisiana and has acquired advanced computing chips to enhance its AI-driven products.

Meanwhile, Microsoft Corp., another major player in AI, has projected an investment of $80 billion in data centers this fiscal year. CEO Satya Nadella recently emphasized the company’s need to sustain high spending levels to keep up with rapidly growing AI demands.

Meta has invested heavily in artificial intelligence in recent years, with AI development a core internal priority. Zuckerberg has expressed his ambition for Meta’s AI chatbot, Meta AI, to become the most widely used chatbot globally by the end of the year. The company has integrated the bot into many of its social media platforms.

Additionally, Meta is developing AI-powered smart glasses that have created an open-source large language model, Llama, which it hopes will serve as a foundation for AI applications built by other companies.

These AI-related investments have been substantial. In January, Zuckerberg told investors that Meta’s long-term spending on AI infrastructure alone is expected to reach several hundred billion dollars.

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