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Fintech startup TransBnk raises $4M in funding 

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BRL Editor
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Vaibhav Tambe, cofounder and CEO, TransBnk

TransBnk, a fintech startup, raised $4 million (around Rs 34 crore) in a funding round led by 8i Ventures. This venture firm has previously supported fintech companies like M2P, Slice, and Eazebuzz.

This funding marks the first significant institutional investment for the Mumbai-based company since it secured $1 million in June 2023.

Accion Venture Lab, GMO Venture Partners, Ratio Ventures, Force Ventures, and several family offices and angel investors participated in this round.

CEO Vaibhav Tambe shared that TransBnk’s valuation after this investment reached about $15 million, tripling from its last funding round.

The new funds will help TransBnk expand its network of banking partners and push its global expansion, particularly in West Asia and Southeast Asia. Additionally, the company aims to strengthen its technology infrastructure and improve its product offerings.

“Transaction banking has emerged as a transformative force in the banking and technology space. In India, we expect the $200 billion unsecured lending market to be disrupted with transaction banking tapping cash flows. This presents a significant opportunity to us, considering our domain expertise in banking technology across various segments like lending tech, reg tech and pay tech,” said Tambe. 

Founded in 2022 by Vaibhav Tambe, a former senior executive at IndusInd Bank, TransBnk offers a transaction banking platform. This platform provides the infrastructure banks, non-banking financial companies (NBFCs), and fintech firms need to develop use cases for lending, payments, and onboarding.

TransBnk empowers its clients to deliver scalable financial services by leveraging API-led upgrades.

Since its launch, TransBnk has partnered with around 25 banks, 100 NBFCs, and fintech companies. The startup claims to have supported approximately 5,000 accounts, including escrows, and processed about 50 million transactions.

Since its seed round last year, TransBnk has experienced nearly tenfold revenue growth, according to Tambe. The company’s annual recurring revenue currently stands at $1.2-$1.3 million, and they expect it to increase three to four times in the next six months.

“TransBnk is revolutionising India’s trillion-dollar transaction banking sector by empowering banks to offer advanced transaction services, bridging the technology gap. Their innovative approach is set to reshape the financial landscape,” said Vikram Chachra, founding partner, 8i Ventures. 

The Present and Future of school bus safety with Chakraview’s innovative solutions

By
Amala Sree Murali
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Jaya Bhura, Co-founder and Director of Chakraview

In this exclusive interview with Business Review Live, Jaya Bhura, the dynamic Co-founder and Director of Chakraview, shares the inspiring journey behind the launch of her innovative company. Driven by an unwavering passion to solve the pressing challenges parents face during their children’s school commute, Jaya’s determination and business acumen gave birth to a groundbreaking solution in the school bus industry. Chakraview stands out by offering parents real-time tracking flexibility, even when there are changes in the regular bus schedule. This unique approach ensures safety and brings peace of mind to parents across the country. Discover how Jaya’s vision is revolutionizing how we think about school transportation and what sets Chakraview apart in this evolving landscape.

Q1. Can you share recent funding details and how you plan to use the funds to enhance your school bus safety systems?

Chakraview is actively securing investment to push our innovative technology forward. With this funding, we will focus on several critical areas. First, we will integrate advanced features like AI-powered driver monitoring and facial recognition for attendance. Next, we will scale our infrastructure to support a growing number of users as we expand. Additionally, we will implement strong data security measures to protect user information. Securing this funding will allow us to accelerate our mission of creating the most comprehensive and reliable school bus safety systems for stakeholders nationwide.

Q2: What are the key components of Chakraview’s school bus safety system, and how do they ensure secure transportation for students?

Chakraview’s school bus safety system is built on several key components:

  • Real-Time Tracking: We use platforms like Google Maps for real-time bus location updates. This feature reduces anxiety for parents and schools and allows quick emergency responses.

Seamless Communication: Our mobile apps enable two-way communication between parents, attendants, and school administration, ensuring timely alerts and efficient coordination during delays.

  • Robust Access Control: Our attendance system ensures no child is left behind by alerting attendants and supervisors of deviations.
  • Route Planning & Optimization: Bus administrators can manage fleets more efficiently by planning routes with our advanced algorithms.

These features provide a secure transportation experience for all stakeholders. Parents gain peace of mind with real-time tracking and updates, while schools benefit from better communication, transparency, and proactive safety measures.

Q3: Which regions in India are you currently focused on, and do you plan to expand? How have parents and school administrators responded to your safety solutions?

We are currently focused on major Indian cities. The response from parents and school administrators has been overwhelmingly positive. Parents appreciate the reduced anxiety and the ability to track their children’s journeys. School administrators value our system’s improved communication, transparency, and efficiency. We are also planning to expand to other cities in the coming years.

Q4: How does Chakraview ensure compliance with school bus safety regulations in India, and what challenges do you face with state-specific rules?

Chakraview ensures compliance with safety regulations by focusing on providing high-quality software solutions. We meet regulatory requirements with GPS and CCTV hardware, assisting schools as needed through our partnerships with specific vendors and OEMs. Despite challenges with state-specific regulations, we overcome them by tailoring our services to meet local requirements.

Q5: What inspired the founding of Chakraview, and what is your long-term vision for the company? How do you see the future of school bus safety, and what makes Chakraview stand out?

Chakraview was founded out of a deep concern for child safety. Our long-term vision is to make every school bus journey a safe and secure experience for children. As school bus safety continues to evolve, we aim to be at the forefront, constantly innovating and integrating the latest advancements. Our focus on user experience, seamless communication, and a data-driven approach sets us apart. We are committed to empowering parents, schools, and bus operators to work together for a safer tomorrow for our children.

AI startup Recogni unveils new computing method to slash costs, power requirements 

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BRL Editor
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AI chip and software startup Recogni introduced a new computing method on Tuesday that could make its AI training and operating chips smaller, faster, and less costly.

Supported by BMW, Bosch, and venture capital firm Mayfield, Recogni creates specialized chips and software to power AI inferencing, allowing trained AI models to make predictions or decisions based on new data.

The company revealed that its new patented system, Pareto, uses a logarithmic approach that surpasses current methods when running large AI models.

“It is a huge leap in all of the KPIs (key performance indicators) that influence silicon hardware system design when it comes to AI computing,” Recogni’s co-founder and VP of AI, Gilles Backhus told Reuters. 

Today’s AI models, like OpenAI’s GPT-4 and Google’s Gemini, require vast amounts of power for the numerous mathematical operations needed for simple chatbot prompts on platforms like ChatGPT.

Recogni stated that its new system transforms these multiplication operations into additions, which cuts down on power usage while preserving accuracy.

The startup has already tested Pareto on AI models from companies like Meta Platforms and Stability AI.

Recogni’s first chip was designed and manufactured using Taiwan Semiconductor Manufacturing Co’s seven-nanometer process. The company is working with an unnamed partner to expand Pareto’s availability and plans to announce this partnership soon.

“We are speaking to companies that are putting hardware in data centers and offering it to the world to whoever wants to basically rent it … that’s definitely one of the deployment routes that we’re considering,” Backhus added. 

Flutter Entertainment launches $3.5M global capability centre in Hyderabad

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BRL Editor
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Flutter Entertainment has announced the launch of a new Global Capability Centre in Hyderabad, India.

The centre represents a $3.5 million investment and reinforces Flutter’s commitment to the Indian skills market. The facility spans 80,000 sq. ft. across three floors and will house 700 employees in various departments, including Data Engineering, Game Integrity Services, HR Operations, Procurement, Safety and Security, and Customer Operations.

Additionally, the hub has earned recognition for its Leadership in Energy and Environmental Design, reflecting Flutter’s efforts to minimize its environmental footprint. As part of its ‘Do More’ initiative, the company contributes £30,000 ($39,021) to support local projects in Hyderabad.

Flutter Entertainment COO Phil Bishop said: “Our expansion in India marks a huge milestone in Flutter’s growth and shows our continued commitment to investing in top talent to drive business growth globally. With centres of excellence for Data Engineering, Game Integrity Services, Customer and HR Operations, Procurement and Finance, and through the power of the Flutter Edge, the Hyderabad Global Capability Centre is designed to foster creativity and growth and strengthens our presence in the Indian employment and skills market.”  

Flutter Entertainment India Managing Director Ashish Sinha added: “We are excited to expand our facility in Hyderabad as we continue to strengthen our presence in India. We aim to grow while maintaining a challenger mindset and leading the sector globally, and India presents a significant opportunity for our business. This expansion aligns with our global vision of Changing the Game by enabling continuous improvement in product and technology across iGaming and sports betting across our portfolio of brands.” 

Flutter recently reported its Q2 results, showcasing a 20% increase in revenue and a 364% surge in net income.

Zappfresh acquires Bonsaro to strengthen Western India presence

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BRL Editor
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Deepanshu Manchanda, Founder of Zappfresh

Zappfresh, a leading online D2C meat brand, has acquired Bonsaro (Majestic Aliments India Pvt Ltd), a Mumbai-based company that delivers poultry, goat, and seafood online. This acquisition significantly boosts Zappfresh’s Western region’s brand presence and operational capabilities.

Through this strategic acquisition, the D2C brand has controlled Bonsaro’s operations and assets to strengthen its presence in western India, particularly in Mumbai. By leveraging Bonsaro’s expertise and established customer base, Zappfresh plans to improve service quality, hygiene standards, and product variety for its customers.

Deepanshu Manchanda, Founder of Zappfresh, said, “Our acquisition of Bonsaro is a pivotal moment for Zappfresh. By integrating Bonsaro into our portfolio, we are poised to build a pan-India brand that operates in key markets. Mumbai, being a critical market, will contribute significantly to our footprint in the West. Our expansion strategy remains disciplined—we expand one city at a time, ensuring profitability without compromising our bottom line. We only venture into new markets once we achieve break-even.”

Over the next six months, Zappfresh will focus on enhancing Bonsaro’s existing operations, improving the customer experience, and expanding product offerings. The company also plans to enter new markets in the region, including Navi Mumbai, Pune, and other nearby towns, within the following year.

With strong support from investors such as SIDBI VC, Dabur Family Office, LetsVenture, Keritsu Forum, HT, and other prominent angels in the food and tech sectors, Zappfresh is well-positioned to tap into the growing demand for online meat delivery services in India.

Zappfresh, which became profitable two years ago, expects to generate INR 160 crore in revenue for FY24–25, reflecting its disciplined expansion, sustainable growth, and strategic milestones throughout its eight-year journey.

Atmosphere Core announces two properties in Nagpur 

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BRL Editor
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Souvagya Mohapatra, managing director of Atmosphere Core - India, Nepal, Sri Lanka, & Bhutan

Atmosphere Core has signed a Hotel Management Agreement with N Kumar Group Nagpur to develop a luxury golf resort and a city-center hotel in Nagpur. Eden Greenz by Atmosphere Nagpur is set to open in Q1 2025, followed by Atmosphere Nagpur in Q3 2025. This collaboration supports Atmosphere Core’s aim to reach 25 properties in India by 2025, marking its entry into Maharashtra, a key state for tourism and business.

Currently operating as Eden Greenz, the golf resort will be rebranded and upgraded to relaunch as Eden Greenz by Atmosphere Nagpur in Q1 2025, integrating into the Atmosphere Hotels & Resorts brand. Guests can expect 105 luxurious rooms, including family suites, honeymoon suites, and presidential suites, all offering views of a beautiful 9-hole golf course and lush surroundings. An all-day dining restaurant with alfresco service, a specialty restaurant, a bakery and café in the lobby, a themed bar, and an exclusive two-level nightclub will further enhance the experience.

Atmosphere Core will also introduce a nature-inspired spa and wellness center under its award-winning spa brand, ELE|NA. The serene environment, featuring golf course views and greenery, will provide the perfect backdrop for relaxing spa experiences. Located just 30 minutes from Nagpur International Airport and an hour from the Pench National Park Tiger Reserve, this destination is ideal for leisure travelers seeking a peaceful retreat. It also offers 20,000 sq. ft. of indoor event space and various outdoor settings, perfect for meetings, private celebrations, and weddings.

Atmosphere Nagpur will open in Q3 2025 as a world-class city-center business hotel strategically positioned in the heart of Nagpur’s business and entertainment districts. The hotel will feature 120 elegantly designed rooms and suites with stunning city views. Dining options will include an all-day restaurant, a specialty restaurant, and a quick bite outlet, while the themed bar will offer a selection of fine wines and spirits. 

With its breathtaking skyline views, the terrace lounge bar by the swimming pool is expected to become a popular spot. Business travelers will appreciate the luxurious amenities and smart services. At the same time, the 6,000 sq. ft. indoor event space and additional outdoor venues will be ideal for hosting meetings, private celebrations, and weddings. The hotel is conveniently located just 10 minutes from Nagpur International Airport.

Souvagya Mohapatra, managing director of Atmosphere Core – India, Nepal, Sri Lanka, & Bhutan, shared his enthusiasm, saying, “Nagpur is not just the geographical ‘centre’ of India, but also one of our country’s fastest growing metropolis with a distinctive cultural heritage, business vibe and cosmopolitan environment. I am delighted to announce our presence in this prestigious city which has always captivated travellers with its beauty and economic significance. Both these properties, Eden Greenz by Atmosphere and Atmosphere Nagpur are very close to our hearts and are set to become a highly coveted destination.”

N. Kumar, Chairman and Managing Director of N Kumar Group, expressed his enthusiasm about the partnership with Atmosphere Core, anticipating a strong and mutually beneficial business relationship. He acknowledged Atmosphere Core as a respected brand and is confident that this collaboration will transform both properties into world-class hotels, offering exceptional services and experiences.

Archana Wani, director of N Kumar Group, said, “Atmosphere Core is a leading hospitality company in the Maldives, having a portfolio of nine private island resorts within just over a decade and 11 upcoming in India. Our partnership with Atmosphere Core aims to further expand its presence into India and promises to bring its legacy of exceptional service and high standards to our very own Orange City – Nagpur. I am confident that Atmosphere Core’s renowned reputation for excellence in hospitality will be a great success story.”

Space startup Astroscale shares rise 19% on $81M space debris removal contract

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BRL Editor
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Shares of Japanese space startup Astroscale surged 19% on Monday after the company announced it would sign a 12 billion yen ($81 million) contract with Japan’s space agency to clear debris from Earth’s orbit.

Astroscale revealed that its Japan unit plans to finalize the five-year contract with the Japan Aerospace Exploration Agency (JAXA) on Tuesday.

Under the agreement, the startup will remove the upper stage of JAXA’s H-IIA rocket, which has been orbiting about 600 km (373 miles) above Earth since its launch in 2009.

Astroscale will create a new spacecraft called ADRAS-J2, which will be equipped with robotic arm technology to capture the debris by March 2029, according to a company statement.

As the number of satellites in orbit continues to rise, debris poses an increasing risk to space missions.

Earlier this month, a Chinese rocket stage broke apart in space, adding over 700 pieces of debris and heightening the threat of collisions.

Chipmaker Texas Instruments to receive up to $1.6 billion in funding from U.S. 

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BRL Editor
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Texas Instruments announced on Friday that it will receive up to $1.6 billion in funding from the U.S. Commerce Department to help build three new facilities. This funding, part of the US CHIPS and Science Act, is the latest effort by the government to boost domestic chip production.

The funds will support the construction of two factories in Texas and one in Utah. Texas Instruments has committed over $18 billion to these projects through 2029, which are expected to create 2,000 manufacturing jobs.

Additionally, the chipmaker expects to secure $6 billion to $8 billion in investment tax credits from the U.S. Treasury Department and $10 million for workforce development.

“With plans to grow our internal manufacturing to more than 95% by 2030, we’re building geopolitically dependable, 300mm capacity at scale to provide the analog and embedded processing chips our customers will need for years to come,” CEO Haviv Ilan said.

Through the CHIPS Act, the United States aims to increase domestic chip production and lessen dependence on Taiwan, a key player in the semiconductor industry. Passed in 2022, the CHIPS Act offers $52.7 billion in chip production and research subsidies.

Earlier this year, the government awarded nearly $20 billion in grants and loans to Intel and $6.1 billion in grants to memory chipmaker Micron Technology.

“This $1.6B will go a long way in helping Texas Instruments stay competitive,” said Kinngai Chan, senior analyst at Summit Insights Group.

“While TI doesn’t play in the cutting-edge process node, mature-node (a less advanced technology) is still very important for the U.S. semiconductor industry,” Chan said, noting China was also spending on mature nodes, which represent about half the global chip demand. 

Texas Instruments is seeing a rise in demand for its chips, which are used in various products, including smartphones and cars. Last month, the company exceeded quarterly earnings expectations.

Artbuzz backpacker hostel chain plans 25 new properties in 15 months 

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BRL Editor
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ArtBuzz, a young and innovative backpacker hostel chain, has quickly reached significant revenue milestones within just two years. The chain plans to expand to 25 properties over the next 15 months, aiming for exciting growth.

ArtBuzz provides a variety of accommodations, including private rooms, dorms, and boutique stays, in popular Indian destinations such as Kasol, Manali, Jaipur, Mussoorie, Dehradun, Goa, and Rishikesh. With a unique mix of hospitality and creative energy, ArtBuzz attracts travelers seeking a comfortable and inspiring stay. It is complemented by its in-house Rooftop Cafe, which serves vegetarian and non-vegetarian dishes.

ArtBuzz also features dedicated co-working spaces for productivity and creativity, equipped with ideal amenities for remote workers and freelancers. The social areas, boasting aesthetic and modern designs, come alive with events and activities encouraging networking and community engagement. ArtBuzz offers fun activities and games like snooker and foosball to enhance the sense of community, creating a perfect relaxing environment. Solo travelers benefit from this welcoming atmosphere, often forming lasting friendships and a sense of belonging.

“At ArtBuzz, travel is more than just sightseeing. It’s about connection, creativity, and forging your path. We create a space where you can work, explore, and thrive alongside like-minded individuals. It’s about belonging, not just to a place, but to a vibrant community.” says Shashank Negi, co-founder and CEO of ArtBuzz.

ArtBuzz remains committed to maintaining consistent quality across all locations by implementing best hospitality practices. The company envisions a future where it continues to offer high-quality, affordable stays while promoting sustainable travel and eco-friendly practices.

“A strong financial foundation fuels our ambitious expansion plans. By ensuring operational efficiency and implementing best practices across all locations, we’re creating a sustainable model for growth that allows us to deliver exceptional value to our guests,” says Anubha, co-founder and CFO of ArtBuzz.

Smartworks Coworking Spaces files IPO papers with Sebi; eyes Rs 550-Cr via fresh issue 

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BRL Editor
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Smartworks Coworking Spaces Ltd has submitted initial documents to the capital markets regulator, SEBI, to raise funds through an IPO. The proposed IPO will include a fresh issue of equity shares worth ₹550 crore and an Offer For Sale (OFS) of 67.59 lakh shares by the promoters, according to the Draft Red Herring Prospectus (DRHP).

The company, based in the city, might raise ₹110 crore through a pre-IPO placement. If this placement occurs, the amount will be deducted from the fresh issue size.

From the fresh issue, ₹282.30 crore will be allocated to capital expenditure for fitting out new centres and for security deposits for these centres. Additionally, ₹140 crore will go towards repaying loans, and the remaining funds will be used for general corporate purposes.

Smartworks Coworking Spaces Ltd is a leading platform that provides office experiences and managed campuses.

The company specializes in leasing large, bare-shell properties in prime areas and converting them into fully serviced, tech-enabled campuses with modern amenities.

These campuses feature cafeterias, sports zones, gyms, crèches, medical centres, and more, creating a modern and appealing work environment. The company serves businesses of all sizes, especially mid-to-large companies requiring over 300 seats.

Smartworks focuses on cities like Bengaluru, the Mumbai Metropolitan Region, Hyderabad, Gurugram, and Chennai.

As of March 31, 2024, India’s commercial office space was about 841.2 million square feet and is projected to grow at an annual rate of 6.71% to reach 1,079.3 million square feet by the end of 2027, according to the draft papers.

Flexible workspaces have become a crucial part of modern work culture, accommodating different working styles and adding flexibility to the office market.

JM Financial Ltd, BOB Capital Markets Ltd, IIFL Securities Ltd, and Kotak Mahindra Capital Company Ltd are managing the company’s IPO process.

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