AI startup Perplexity introduces shopping features amid growing search competition

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November 19, 2024

Artificial intelligence startup Perplexity launched a shopping hub on Monday to attract more users. The company aims to strengthen its platform and compete with Google’s dominance in the search engine market.

Backed by Amazon founder Jeff Bezos and AI chipmaker Nvidia, Perplexity will now show users product cards for shopping-related queries. These cards visually display key product details, making shopping more accessible and more engaging.

To power this feature, Perplexity has partnered with platforms like Shopify. This integration offers updated and relevant product information from businesses on Shopify that ship to the United States.

E-commerce platforms are increasingly using AI tools to attract more merchants. Perplexity’s latest rollout includes “Snap to Shop,” a visual search tool that displays products based on photos users upload. This innovative feature launches first in the United States, with plans to expand globally at a later date.

Additionally, Perplexity has introduced a “Merchant Program.” This program enables retailers to share product details directly with the startup, improving product visibility.

The company is also raising new investments, potentially valuing it at $9 billion, according to a November Reuters report.

As Perplexity expands its offerings, it faces growing competition from OpenAI. Recently, OpenAI added new search features to ChatGPT, positioning it as a direct competitor in the search and AI space.

Good Glamm Group completes 100% acquisition of The Moms Co

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November 18, 2024

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Good Glamm Group has officially completed its acquisition of The Moms Co, a direct-to-consumer mother and baby care startup. This Mumbai-based company first announced the deal in 2021, with a cash-and-stock agreement valued at ₹500 crore. Since then, Good Glamm has held a majority stake in the startup.

Last month, the group also finalized its acquisition of Sirona, a feminine hygiene brand.

“In October 2021, the Good Glamm Group acquired a majority stake in The Moms Co through a cash-and-stock deal, leading to partial exits for The Moms Co-founders and full exits for investors like DSG Consumer Partners and Saama Capital,” the company said in a statement.

“The remaining shares held by the founders were fully acquired by Good Glamm Group over the last two years, completing a 100% acquisition,” it added.

The founders of The Moms Co, Malika Sadani and Mohit Sadani, stepped down from their daily roles last year. Over the past three years, Good Glamm Group has fully integrated The Moms Co’s operations into its structure.

However, these acquisitions were not without challenges. Founders and investors from Sirona Hygiene and The Moms Co, including members of the Indian Angel Network (IAN), raised legal disputes earlier this year. They issued default notices against Good Glamm Group, accusing it of not meeting the original agreements. In response, Good Glamm initiated arbitration proceedings against IAN.

Fortunately, these legal issues have now been resolved, with all cases withdrawn.

Earlier this year, Good Glamm secured ₹245 crore (approximately $30 million) through a rights issue at a valuation of $1.2 billion. This funding round, led by existing investors like Warburg Pincus, provided the capital needed to complete the acquisitions. Sources reveal that the group also utilized internal funds and proceeds from the funding round to close these deals.

HealthKart raises $153M in funding, unveils Rs 55-Cr ESOP buyback

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November 18, 2024

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HealthKart raises $153M in funding, unveils Rs 55-Cr ESOP buyback — Sameer Maheshwari, founder and CEO at Healthkart

Healthkart, a startup focused on health supplements, has secured $153 million in funding. ChrysCapital and Motilal Oswal Alternates led this funding round, as stated by the company. Additionally, the round featured an ESOP buyback worth ₹55 crore, marking the firm’s first-ever initiative of this kind. Neo Group and A91 Partners, an existing investor in the startup, also contributed to the funding.

As part of this funding round, Peak XV Partners, an early investor, exited the Gurgaon-based startup, according to sources familiar with the matter.

Established in 2011 by Sameer Maheshwari, an IIT and Harvard alumnus, Healthkart operates several digital-first brands. These include MuscleBlaze, HK Vitals, and Gritzo. Among them, MuscleBlaze stands out as a leading Indian brand in sports nutrition and dietary supplements, especially protein powders.

“We welcome ChrysCapital and Motilal Oswal to Healthkart and hope to leverage their expertise during the next phase of growth. Very excited about our first Esop buyback programme, which will create meaningful value for people who have played a critical role in building Healthkart. We firmly believe that people are our greatest asset, and we aim to align their personal success with the company’s long-term vision,” said Sameer Maheshwari, founder and CEO at Healthkart.

“The Indian sports nutrition market, currently underpenetrated, is expected to expand due to a rise in fitness awareness and the increasing importance of nutrition and protein. MuscleBlaze stands out as a leading brand, supported by a robust mix of proprietary channels, while HK Vitals offers high quality nutraceuticals. ChrysCapital believes that HealthKart’s exceptional management team, strong brand portfolio, omnichannel distribution, and superior marketing capabilities provide the ideal foundation for significant growth and value creation,” Arpit Vinayak, Vice-President, ChrysCapital said.

“We are very excited to partner with HealthKart in its next phase of growth journey. Company has demonstrated a strong track-record of creating market leading consumer health brands through its differentiated products and multi-channel distribution presence. HealthKart’s commitment to providing high quality, affordable and relevant dietary supplements, sports nutrition and wellness products aligns perfectly with our objectives of promoting healthier lifestyle,” said Rohit Mantri, Co-Head and Managing Director – Private Equity at Motilal Oswal Alternates.

RBI plans 2025 launch of cloud services, countering dominance of global firms

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November 18, 2024

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India’s central bank plans to launch a pilot program in 2025 to provide affordable cloud data storage for financial firms. According to confidential sources, the initiative aims to make cloud services more accessible while keeping costs low. This program marks a significant step towards innovation in the country’s financial sector.

The Reserve Bank of India (RBI) will partner with local IT firms to create the cloud platform. This move directly competes with major players like Amazon Web Services, Microsoft Azure, Google Cloud, and IBM Cloud. Notably, this is the first time a global central bank has attempted such a large-scale cloud initiative.

Asia’s third-largest economy has a rapidly growing cloud market. Valued at $8.3 billion in 2023, it is projected to reach $24.2 billion by 2028, according to the International Data Corporation. Despite this growth, foreign companies dominate the sector.

“We want to start implementing on a smaller scale in the next few months,” said one of the two sources, a senior executive working on the project.

The RBI aims to address this imbalance and cater to smaller financial firms that find existing solutions expensive.

RBI Governor Shaktikanta Das first revealed plans for the public cloud in December 2023. Although the RBI has not shared official details, the initiative will initially cater to smaller banking and financial firms. Expansion is planned over the next few years to ensure the service meets local needs.

The Indian Financial Technology and Allied Services (IFTAS), RBI’s research arm, leads the initial development. Later, private technology firms will join as partners to enhance the platform. To guide the project, the RBI has appointed Consultancy firm EY as its advisor.

Funding for the project will come from RBI’s asset development fund, which holds ₹229.74 billion ($2.72 billion). Eventually, financial firms may be invited to invest and have equity in the initiative. The RBI’s push for data localization further underscores the importance of this project in reshaping India’s financial infrastructure.

The RBI requires all bidders to be Indian-incorporated firms with cloud development experience. These firms must establish data centers in Mumbai and Hyderabad, either independently or as part of a consortium.

This initiative signifies a milestone in India’s financial technology journey, combining innovation and localization to transform cloud services.

“We have a humongous amount of interest (from private players who want to partner). A significant number of IT companies, as well as Indian cloud services companies, have expressed their interest,” the source added.

Cedar-IBSi Capital to fund 10 to 15 startups in fintech sector

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November 16, 2024

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Cedar-IBSi Capital announced on Saturday, November 16, that it plans to invest in 10 to 15 startups in the banking and insurance technology sector. This move aims to strengthen its presence across the country.

“The fund plans to build a portfolio of the companies, allocating a budget within the range of Rs 4-10 crore, with an intensified focus on financially strengthening eight to 10 high-performing companies,” it said. The fund has already gathered commitments in the range of Rs 50-75 crore from its Rs 240 crore early-stage fund launched in 2023, it added.

“We are focusing on investing in startups which offer unique products and innovative tech to help improve efficiency at financial institutions. We have made our first investment in Cogniquest AI, an intelligent document processing tech company and are looking forward to announcing our second investment shortly,” Sahil Anand, Founder and Managing Partner, Cedar-IBSi Capital, said.

Over the past five to eight years, the business-to-consumer market has witnessed significant disruption. However, the software and core infrastructure of banks, insurance firms, and other players still rely on outdated systems.

“We will aim to fill the gap in this space,” Anand said.

The company also shared its focus on early-stage startups in the banking tech space. It aims to support these startups during their seed to Series A funding rounds.

Zomato launches going-out app District for iPhone users

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November 16, 2024

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Zomato, based in Gurgaon, has rolled out its District app for the going-out category on Apple’s iOS platform. This information is now available on the App Store.

The company aims to make the going-out segment its third major consumer offering, following food delivery and quick commerce.

In August, Zomato took a significant step by acquiring Paytm’s events and ticketing business for ₹2,048 crore. This acquisition strengthens its presence in the events and entertainment sector.

The District app currently offers features like booking tickets for movies and live events. Additionally, it integrates Zomato’s popular dining-out services, providing a seamless experience for users.

InterGlobe’s international hospitality brand Miiro expands its footprint in Europe

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November 14, 2024

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InterGlobe’s new lifestyle hotel brand, Miiro, is expanding across Europe, adding The Mansard, Gstaad, to its collection. This addition brings Miiro into Switzerland, strengthening its position in the European hospitality scene.

The Mansard now joins Miiro hotels in Paris and Barcelona, with new openings planned in London and Vienna by 2025. Launched in June 2024, Miiro is a vibrant collection of uniquely designed hotels located in Europe’s most dynamic cities.

Located at the heart of Gstaad, a scenic ski resort in the Swiss Alps, the 29-room Mansard Hotel provides guests with a lively atmosphere and easy access to charming boutiques, luxury shops, and exemplary dining steps away. The hotel’s rooftop bar offers stunning panoramic mountain views, while the restaurant serves dishes made from the finest local ingredients of the Bernese Oberland. Open year-round, The Mansard also features a sauna, Miiro’s signature Refresh Room, and convenient ski storage.

Indian travelers seeking unique and romantic experiences will find The Mansard in Gstaad an enchanting getaway, blending alpine luxury with modern comforts. With breathtaking views and exceptional service, The Mansard stands out as an ideal destination for Indian tourists eager to explore one of Switzerland’s most beautiful locations.

Neena Gupta, CEO at Miiro and executive director-group strategy and international hospitality for InterGlobe Enterprises, comments: “We are thrilled to be welcoming The Mansard into the Miiro collection this winter, as we continue to explore new opportunities to grow the brand in interesting neighbourhoods across Europe. Like all Miiro hotels, The Mansard will offer Brilliantly Considered stays that champion local partners, friendly service, and the opportunity for our guests to recharge while also becoming a welcoming spot for locals and visitors to enjoy, whether it’s for a morning coffee or evening drinks at the rooftop bar.”

Owned by InterGlobe Enterprises, Miiro’s parent company, The Mansard has operated independently since May 2024. It will reopen as a Miiro hotel this month after completing a brand training program and upgrades designed to enhance the guest experience.

Opening just in time for the winter season, The Mansard will welcome skiers worldwide, offering ‘Brilliantly Considered Stays’ that connect travelers with local culture and elevate the hospitality experience.

Peak XV Partners leads ₹565-Cr investment in rural credit startup SarvaGram Solutions

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November 14, 2024

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SarvaGram Solutions, a credit platform based in Pune, has secured ₹565 crore in Series D funding, with Peak XV Partners leading the investment. The company plans to use these funds to grow its credit product offerings across more regions in India.

Current investors Temasek, Elevar Equity, Elevation Capital, and TVS Capital also participated, bringing SarvaGram’s total funds raised to ₹950 crore.

Founded in 2019 by Utpal Isser and Sameer Mishra, SarvaGram connects rural households to financial services that enhance productivity, including loans, farm machinery, and insurance.

The company uses technology to identify the right products and streamline loan disbursements, meeting the unique needs of its three primary segments: farm, salaried, and small-business households. With 150 branches across five states, SarvaGram manages nearly ₹1,200 crore in assets, with 70% of these secured against property.

SarvaGram also provides insurance products and farm mechanization services through a dedicated workforce and local partners.

“The fundraise will boost our mission of putting more power in the hands of rural households by enhancing their access and ease them into a curated set of financial and productivity enhancing solutions,” said Utpal Isser, co-founder and chief executive of SarvaGram Solutions.

Avendus Capital acted as the exclusive financial advisor for this transaction.

Pavestone marks final close of tech fund at Rs 816-Cr

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November 14, 2024

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Pavestone marks final close of tech fund at Rs 816-Cr — V Laxmikanth, Managing Patner at Pavestone

Pavestone, a Hyderabad-based venture capital firm, recently completed the final closing of its Pavestone Technology Fund, securing a corpus of Rs 816 crore.

Initially, the firm aimed to raise Rs 600 crore but expanded its goal twice with the green shoe option, eventually targeting Rs 900 crore.

With this fund, Pavestone intends to support 14-15 early growth-stage B2B technology companies, providing each with an investment between $5-10 million.

Key investors in the fund include the Self-Reliant India (SRI) Fund, Mankind Pharma’s family office, and Colruyt Group India.

“The fundamental thesis of the fund is that we want to focus on enterprise technology, specifically companies that solve problems for large and public enterprises in the B2B space. That’s about 80% of our fund,” V Laxmikanth, managing partner at Pavestone, said.

“The remaining 20% is invested in what we call moonshot or frontier technologies, which involve cutting-edge engineering or scientific innovation,” he said.

Though the fund is open to various sectors, it focuses on generative AI, cloud computing, immersive reality, advanced connectivity, and innovative engineering fields like mobility, material science, bioengineering, and space. It also aligns with long-term trends in digitalization, ESG, and global supply chain realignment.

So far, Pavestone’s managing partners, Laxmikanth, Sridhar Rampalli, and Srikanth Tanikella, have funded five companies through this fund, including no-code AI platform E42, in-space propulsion startup Bellatrix Aerospace, decarbonization platform LivNSense, defense startup NewSpace Research & Technologies, and visual robotics platform Cynlr.

“I think what we discussed from a strategy perspective was right. People like that strategy. And this strategy is not about investing in the flavour of the season; it’s about investing in companies that will build real-world businesses,” Laxmikanth said, highlighting the response from its investors.

“What we believe is that we need to use time-tested investing principles, which means conducting rigorous analysis, having strong risk management, and ensuring impeccable governance. These should be the cornerstones of any fund,” he added.

Space startup Firefly valued at over $2 billion in latest funding round

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November 13, 2024

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Firefly Aerospace has secured $175 million in a late-stage funding round led by RPM Ventures, valuing the space startup at over $2 billion.

This funding shows growing investor interest in rocket and satellite companies, a notable trend shift, as highlighted by Seraphim Space’s report last month.

Based in Texas, Firefly specializes in launching small to medium vehicles for commercial missions to Earth’s orbit. It also provides on-orbit services with its Elytra line, supporting hosting, rideshare, delivery, and servicing missions.

Later this year, Firefly plans to launch its first mission to the moon, named Blue Ghost, as part of NASA’s Commercial Lunar Payload Service initiative.

The Series D round attracted both existing investors and new backers like GiantLeap Capital and Human Element.

Firefly plans to use the new funds to expand the reach of its Elytra spacecraft, move to full-scale production of its Alpha rocket, and accelerate hardware testing for its next-generation vehicles.

Additionally, the company is gearing up for multiple Alpha rocket launches under contracts with Lockheed Martin, L3Harris, and NASA while partnering with Northrop Grumman to create a medium launch vehicle.

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