Edu-wealth startup Zinc bags $25.5M from Nexus Venture Partners, others

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October 29, 2024

Edu-wealth startup Zinc bags $25.5M from Nexus Venture Partners, others — Prashanth Ranganathan, Founder and CEO of Zinc

Edu-wealth startup Zinc, launched by Prashanth Ranganathan, former PayU Credit CEO, and PaySense founder, recently raised $25.5 million in seed funding. Nexus Venture Partners led the funding round, with support from Quona Capital, EDBI, Global Ventures, and Saison Capital.

Based in Singapore, Zinc plans to use these funds to drive product innovation, broaden its offerings, and acquire key financial licenses to support families in saving and investing for their children’s global education.

“I left PayU and took a little bit of time to understand the space around foreign education. I realized that there is a huge latent demand among people who are looking to send their kids overseas for education, not for any other reason but (because) they find it very competitive in the domestic market. I noticed that most parents have the aspiration of wanting to send their kids overseas and having them educated on the global stage,” Ranganathan, the founder and CEO of Zinc, said.

After his exit from Prosus-owned PayU in 2023, Ranganathan explored investment opportunities for his new venture. In January 2020, he sold his previous startup, PaySense, to PayU for $185 million.

Zinc, launched in April 2024, aims to help students and parents create a solid financial foundation for covering the rising costs of international education. Initially, the company introduced Zinc Honors, an all-inclusive product suite offering investment tools that spread savings across global markets and reduce currency risk, alongside an AI-based educational counselor, Ada, to guide young students in India.

Ranganathan announced that Zinc co-developed a wealth fund with Singapore’s Leo Wealth, which is scheduled to launch in November. This fund allows parents to invest and reach a target corpus within a set timeframe for their children’s overseas education, featuring expert advice and rebalancing options.

Zinc has received approval for a Registered Investment Advisor (RIA) license from the Securities and Exchange Board of India (Sebi) and initial approval to operate as a Payment Service Provider (PSP). Furthermore, Zinc has applied for a brokerage license from the International Financial Services Centres Authority (IFSCA) at GIFT City.

According to Ranganathan, these licenses will enable Zinc to provide personalized investment advice, secure international payment solutions, and grant access to global markets.

“India is emerging as a key geography for students pursuing global education opportunities. Nexus is delighted to partner again with Prashanth and Team Zinc in their vision to support parents and students in realizing their global education goals in a planned and transparent manner with a best-in-class combination of education advisory and financial services platform,” Anup Gupta, managing director, Nexus Venture Partners, said.

Swiggy sets IPO price band between Rs 371-390 per share

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October 28, 2024

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Swiggy, the popular food and grocery delivery platform, plans to set its IPO price between Rs 371 and Rs 390 per share. If priced at the upper end, this would place the SoftBank-backed company’s valuation at $11.3 billion. Swiggy is expected to submit its red herring prospectus to SEBI later today.

This IPO, valued at Rs 11,300 crore, is among the largest in India this year. It is likely to open on November 6 and will include a secondary sale of Rs 6,800 crore through an offer for sale (OFS) and a primary capital raise of Rs 4,500 crore, which will go directly to Swiggy.

First filed with SEBI in April, this IPO has attracted significant interest from both global and domestic investors, including BlackRock, CPPIB, and SBI Mutual Fund.

Prosus, which holds a 31% stake in Swiggy through MIH India Food Holdings, is expected to recoup over half of its $1 billion investment by selling less than a fifth of its stake.

Swiggy’s last private valuation hit $10.7 billion in January 2022 after a $700 million funding round led by US asset manager Invesco.

Cyient acquires 27.3% in US based Indian startup Azimuth AI

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October 28, 2024

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Cyient acquires 27.3% in US based Indian startup Azimuth AI — Krishna Bodanapu, executive vice chairman and managing director, Cyient

Cyient, a leading IT engineering service provider, announced on Monday that it has acquired a 27.3% stake in Azimuth AI, a fabless custom ASIC company, for $7.25 million. According to a recent statement from the Hyderabad-based firm, this strategic move strengthens Cyient’s reach in the semiconductor industry.

This acquisition marks Cyient’s third major M&A transaction this month. Last week, the company agreed to acquire Abu Dhabi & Gulf Computer Est (ADGCE), a technology consulting and digital services company serving the energy sector in Abu Dhabi. On October 4, 2024, Cyient OLM Limited, a subsidiary of Cyient, confirmed an agreement through its fully-owned subsidiary Cyient OLM Inc. (USA) to acquire all shares of Altek Electronics Inc. (USA), an electronic manufacturing services provider, for $29.2 million (roughly ₹244 crore).

Krishna Bodanapu, Cyient’s executive vice chairman and managing director, said, “Driven by the Indian Government’s initiatives to boost domestic innovation in semiconductors, India is emerging as a hub for chip development, especially in power and energy-efficient systems. In July this year, we announced the strategic expansion of our Semiconductor business with the establishment of a fully owned subsidiary. Investing in Azimuth AI strengthens our focus on building cutting-edge ASIC chips designed and developed in India — for the world. It further enhances our capabilities in this critical space while reinforcing our commitment to next-gen power and energy solutions. We look forward to this partnership.”

Praveen Yasarapu, founder and CEO of Azimuth AI, said, “We are pleased to embark on this journey with Cyient. The synergies between our companies are clear, and we are eager to leverage Cyient’s deep expertise in ASIC design, coupled with their proven ability to deliver high-quality, innovative solutions across multiple industries. Together, we aim to deliver groundbreaking solutions that will push the boundaries of semiconductor technology for the global as well as Indian market.”

ISH partners with THRS to bring luxury hospitality into education

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October 26, 2024

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The Indian School of Hospitality (ISH) has proudly partnered with Travel and Hospitality Representation Services (THRS) to introduce luxury hospitality courses into its curriculum.

This strategic collaboration aims to open up exciting career paths for hospitality graduates by providing valuable mentorship, resources, and hands-on training.

“ISH has a strong legacy of aligning education with industry standards to foster the next generation of hospitality leaders. Our alliance with THRS is a testament to our commitment to offering students access to top-tier industry insights and opportunities that prepare them to excel in luxury hospitality,” said Kunal Vasudeva, co-founder and managing director of ISH.

ISH students will gain exclusive access to THRS’s vast industry network through this partnership. This access will offer students unique insights and expert guidance from leaders in luxury hospitality.

The luxury sector is growing rapidly, fueled by increasing consumer demand for premium products and experiences. Rising disposable incomes, especially in emerging markets like India, drive this growth.

Additionally, students can secure top internships, job placements, and specialized training with esteemed brands like Six Senses, Soneva, Conrad Maldives, and Relais & Châteaux.

THRS will also enhance the learning experience through guest lectures, masterclasses, and real-world projects, equipping students with cutting-edge industry knowledge and practical skills.

“We are elated to partner with ISH to redefine the future of hospitality. With hands-on experience and exposure to the highest standards of luxury hospitality, this initiative will enable students to set new benchmarks and thrive in this dynamic sector,” said Yeishan Goel, group CEO of THRS.

This partnership further strengthens ISH’s academic offerings by embedding luxury hospitality into the curriculum and research activities. This integration ensures graduates are well-prepared to lead and innovate in the evolving luxury industry.

Alphabet’s Waymo closes $5.6 billion funding to expand autonomous ride-hailing service

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October 26, 2024

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Waymo, Alphabet’s self-driving subsidiary, announced on Friday that it raised $5.6 billion in funding led by Google’s parent company. The company aims to grow its autonomous ride-hailing services with this boost.

Many automakers and tech companies are investing in autonomous ride-hailing, hoping to turn it into a profitable venture despite public doubts and strict regulations.

Existing investors such as Andreessen Horowitz, Fidelity, Perry Creek, Silver Lake, Tiger Global, and T. Rowe Price also contributed to this funding round, Waymo shared.

“With this latest investment, we will continue to welcome more riders into our Waymo One ride-hailing service in San Francisco, Phoenix, and Los Angeles, as well as in Austin and Atlanta through our expanded partnership with Uber,” the company said.

Alphabet had previously planned a $5 billion investment for Waymo over several years, as finance chief Ruth Porat noted in July.

Currently, Waymo provides paid autonomous rides in areas like the Bay Area, Los Angeles, and Phoenix, Arizona. The company spent years testing and logging miles before receiving its first ride-hailing permit in 2022 from the California Public Utilities Commission.

Tesla’s CEO, Elon Musk, announced on Wednesday that the electric vehicle company plans to launch driverless ride-hailing services in California and Texas next year.

General Motors’ Cruise is testing vehicles with safety drivers after a recent accident, requiring it to remove its cars from the road temporarily. Amazon’s Zoox, meanwhile, is expanding tests with its steering wheel- and pedal-free vehicles.

Kerala Startup Mission invests Rs 15-Cr in Transition VC

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October 23, 2024

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Transition VC, a venture capital fund focused on energy transition, has partnered with the Kerala Startup Mission (KSUM) to boost the growth of startups in clean energy and decarbonization. The Kerala government, through KSUM, has also invested Rs 15 crore in Transition VC to support this initiative.

This collaboration will provide financial support, strategic advice, and access to industry experts from Transition VC to local and national deep-tech energy transition startups. According to a press release, the partnership will empower these startups to grow faster.

Kerala’s government is pushing for an energy transition to become a 100% renewable energy-based state by 2040 and reach net carbon neutrality by 2050. The state has built strong support systems, including Maker Village, fab labs, IoT labs, and MSME clusters, offering advanced resources to energy transition startups.

By tapping into Kerala’s institutional connections with research hubs, this partnership will help scale deep-tech businesses. It also aims to use Kerala’s tropical climate and coastline for hydrogen production and increase investments in energy transition sectors, such as drone technology and marine electrification. This initiative will aid industries shifting towards net-zero emissions, moving Kerala towards a greener, more sustainable future.

Founded by Raiyaan Shingati and Mohammed Shoeb Ali, Transition VC is dedicated to reducing 40 million tons of carbon emissions by investing in innovative technologies while delivering financial returns to its limited partners (LPs). KSUM, as the state’s nodal agency, leads entrepreneurship development and startup incubation efforts in Kerala.

“This INR 15 crore investment is a major step towards accelerating Kerala’s energy transition. We are confident that this collaboration will drive innovation and position Kerala as a leader in renewable energy adoption,” said Raiyaan Shingati, Co-founder and Managing Partner of Transition VC.

Qualcomm, Alphabet team up for automotive AI; Mercedes inks chip deal

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October 23, 2024

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Qualcomm announced on Tuesday that it is partnering with Alphabet’s Google to combine chips and software, allowing automakers to create their own AI voice assistants. This partnership will use technology from both companies. Qualcomm, known for powering mobile phones with Google’s Android OS, has expanded into the automotive industry. Its chips can power car dashboards and automated driving systems, which companies like General Motors use.

Additionally, Qualcomm shared that it is developing a version of Android Automotive OS with Google. This version will run seamlessly on Qualcomm chips, enhancing the performance of automotive systems.

Many consumers know about Google’s Android Auto and Apple CarPlay, which display phone apps on a vehicle’s screen. However, Android Automotive OS works behind the scenes to power a vehicle’s computing systems, providing a deeper integration for automakers.

The collaboration between both the firms will allow automakers to develop custom AI voice assistants. These assistants will operate independently from the driver’s phone, offering a more personalized in-car experience.

“Typically, we have operated together, but independently – we plan a lot of things together, but we go to customers separately,” Nakul Duggal, group manager for automotive at Qualcomm, said of the Qualcomm-Google relationship. “We decided we should think about this differently because it will reduce a lot of friction and confusion.”

Qualcomm also introduced two new chips on Tuesday. The Snapdragon Cockpit Elite will power car dashboards, while the Snapdragon Ride Elite will support self-driving features. Mercedes-Benz plans to use the Snapdragon Cockpit Elite chip in its future vehicles, though the exact timeline and models remain unspecified.

World AI Show – Mumbai edition is set to Host AI experts and enthusiasts in Pivotal Talks on India’s AI Revolution

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October 22, 2024

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Wednesday, 23 October 2024, Mumbai: WAIS India series will take place at the Hotel Sahara Star, Mumbai on 24th October 2024. The much-awaited one-day conference will gather 500+ AI enthusiasts and tech leaders from Pan India to seek further insights into how “GenAI Surfaces to Power AI”. As India positions itself as a global leader in digital innovation, the 43rd Global Edition of World AI Show, an event by Trescon, will highlight how it helps enterprises and businesses.

Recent industry analysis indicates that the AI market in India is experiencing remarkable growth, with a projected compound annual growth rate of 25-35 percent by 2027. Currently valued between $7-10 billion, this market is expected to surge to approximately US$ 22 billion, underscoring India’s pivotal role in the global AI revolution. This rapid expansion highlights India’s increasing influence and innovative capabilities in Artificial Intelligence.

In line with this transformative growth, the summit will address the opportunities and challenges within the AI landscape, focusing on three critical areas: AI ethics, the integration of Generative AI, and enhancing customer experiences. Attendees will engage in discussions about responsible AI practices, ensuring transparency and fairness, and how AI can drive seamless interactions that prioritize customer satisfaction.

The World AI Show will also explore the impact of Generative AI on customer service, including its role in automating routine tasks and improving operational efficiency. Discussions will highlight how ethical AI deployment fosters trust and transparency and the importance of ensuring data privacy and compliance with regulations.

Attendees at the event will seek further insights on the recent advancements in Generative AI models and deliberate on critical issues such as driving successful AI transformation, preparing enterprises and businesses for AI integration, navigating the next decade of technological evolution, and shaping the future of AI.

Our esteemed speaker line-up:

▪ Sumnesh Joshi, Deputy Director General, Ministry of Communication, Government of India

▪ Ashwini Tewari, Managing Director, State Bank of India

▪ CP Gurnani, Co-founder & Executive Vice Chairman, AlonOS

▪ Tapan Singhel, MD& CEO, Bajaj Allianz General Insurance

▪ Naiyya Saggi, Group Co-Founder & Board Member, Good Glamm Group

▪ Dr Ganesh Natarajan, Chairman, Honeywell Automation & 5F World

▪ Dr Satyam Priyadarshy, Ex Technology Fellow, Halliburton, Founder, and CEO ReigniteFuture

▪ Abhivardhan, Founder & Chairperson, Indian Society of Artificial Intelligence & Law

▪ Tejas Shah, Chief Information Officer, L’Oreal

▪ Kapil Chandel, EVP & Head of Data Science, Motilal Oswal Financial Services

▪ Guruprasad Rao, Chief Analytics & Insights Officer, Tata Power

▪ Kiran Komatla, Group Chief Technology Officer, Restaurant Brands Asia

▪ Ankit Goenka, Senior VP, Bajaj Allianz General Insurance

▪ Rakesh Gupta, Head Customer Services & Customer Experience, Panasonic Electric Works India

▪ Vishal Bhatia, Chief Digital Officer, Canara Bank

▪ Sujatha S Iyer, Head of AI Security, ManageEngine

▪ Shvetal Desai, Co-Founder, Nividous

▪ Gaurav Singh, Chief Technology Advisor, Pinkerton

▪ Madhu S Dutta, Head- Marketing Communication & Content, Raymond

▪ Akshay Yadava, Director, Unique Identification Authority of India (UIDAI)

▪ Anurag Khare, Head of Digital Marketing, Ion Exchange

▪ Juhi Singh, Head- International E-commerce & Global Digital Centre of Excellence, Marico

“AI is crucial to India’s economic blueprint, catalyzing innovation and growth across diverse sectors. With this integration, we are laying a strong foundation that pushes India forward as a leader in global technology and economic development. The World AI Show provides a crucial platform that propels this vision forward, showcasing how AI can drive substantial economic benefits and position India at the forefront of global technological innovation.” – Mithun Shetty, Vice Chairman, Trescon.

Sharing his enthusiasm about speaking at the event, Sumnesh Joshi, Deputy Director General of the Ministry of Communication, Government of India, said, “I am excited to speak at the World AI Show in Mumbai. This event provides an excellent opportunity to connect with a global audience and share valuable insights. I look forward to discussing how digital transformation is shaping governance and impacting the broader digital economy.”

Moreover, the summit will recognize the Top 100 AI Leaders during the awards ceremony. This much-anticipated segment will recognize and honor India’s most impactful AI professionals, celebrating their outstanding leadership and exceptional contributions across various sectors. Don’t miss this chance to witness and be part of a celebration that acknowledges the individuals setting new benchmarks in AI.

The 43rd Edition of the World AI Show is supported by:

• Platinum Partner – MAGURE Tech Middle East

• Gold Partner – Manage Engine

• Silver Partner – Nividous

• Exhibitors – ADQ, Citiuscomm, Apto.AI, Salesken

• Supporting Association – Indian Society of Artificial Intelligence and Law

• Official Event Tech Partner – KONFHUB

• Official Print Partner – Business Standard

About Trescon

Trescon is a pioneering force in the global business events and services sector, driving the adoption of emerging technologies while promoting sustainability and inclusive leadership. With a deep understanding of the realities and requirements of the growth markets we operate in – we strive to deliver innovative and high-quality business platforms for our clients.

For more information about Trescon, visit: www.tresconglobal.com

For media inquiries and further information, please contact:

Vishal S S
Media and Communications Specialist
Trescon
Email: vishals@tresconglobal.com
Mobile: +91-7358680951

Zomato to raise Rs 8,500 crore via QIP to fight quick commerce competition

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October 22, 2024

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Zomato to raise Rs 8,500 crore via QIP — Deepinder Goyal, Founder & CEO, Zomato

Zomato’s board approved plans on Tuesday to raise Rs 8,500 crore through the qualified institutional placement (QIP) route, according to a stock exchange filing.

Founder and CEO Deepinder Goyal explained that Zomato aims to strengthen its cash reserves, given the current competitive market.

“While the business is now generating cash (vis-a-vis a loss making business at the time of IPO), we believe that we need to enhance our cash balance given the competitive landscape and the much larger scale of our business today,” Goyal said in the company’s shareholders letter.

“We believe that capital by itself does not give anyone the right to win (and that service quality is the key determinant of success), but we want to ensure that we are on a level playing field with our competitors, who continue to raise additional capital,” he added.

Meanwhile, Swiggy, Zomato’s main competitor in food delivery and quick commerce, plans to launch an initial public offering of $1.25 billion soon. Additionally, Mumbai-based Zepto, which competes with Zomato’s Blinkit in quick commerce, has raised over $1 billion in the last four months due to strong investor interest in fast delivery services.

AI startup Neysa bags $30Mn in funding

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October 22, 2024

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AI startup Neysa bags $30Mn in funding — Sharad Sanghi, Founder and CEO, Neysa

Neysa, a Mumbai-based startup specializing in artificial intelligence (AI) cloud and platform-as-a-service, raised $30 million (approximately Rs 252 crore) in a funding round. Its existing investors co-led this round, including US-based venture capital firm NTTVC, Z47 (previously Matrix Partners India), and Nexus Venture Partners.

The company, founded by Sharad Sanghi, who also established Netmagic, plans to use these funds to expand its infrastructure. Additionally, the funds will drive research and development to make scalable AI solutions more accessible.

This new funding follows a $20 million round in April.

Founded in 2023 by Sanghi and Anindya Das, Neysa provides a wide range of generative AI platforms and services. These solutions help clients manage their AI projects while ensuring security in cloud and edge environments.

In July, the company launched its flagship platform, Velocis, which offers on-demand access to high-performance computing infrastructure.

Neysa serves around 12 customers, including AI-focused digital natives, media and entertainment companies, service providers, software vendors, and public sector organizations.

“We are seeing a lot of traction from overseas, including countries like the US, Europe, Japan, and the Middle East. So, we will look at overseas markets very soon. Currently, we are seeing great demand from the Indian market itself,” said Sanghi.

The startup projects a 200-300% growth next year, with plans to nearly triple its revenue.

“Next year will be much bigger than this year, not only because we will have a full 12 months of operations but also because the demand-supply dynamics are in our favour. There is more demand in the market than the supply of graphics processing units (GPUs). That’s why we believe that next year will be three times this year,” Sanghi said.

Vab Goel, founding partner at NTTVC, commented on the investment and said, “The team’s innovation and commitment to accelerating Gen AI solutions are creating a significant impact in the region’s tech ecosystem. We have seen firsthand how Sharad built India’s largest data centre company from inception. His experience and track record are a critical differentiator in building and scaling the next-generation Gen AI cloud provider.”

Avnish Bajaj, founder and managing director of Z47, said, “Neysa finds itself in the enviable position of having more demand than any other company I have seen at a similar stage and is a catalyst for digital transformation, not just an AI provider.”

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