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Juspay, Zoho, Decentro get RBI nod for payment aggregator business 

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Despite the Reserve Bank of India’s increased scrutiny of the fintech sector, fintech startups continue to receive regulatory approval to function as payment aggregators.

On February 6, two fintech startups, Juspay and Decentro, obtained the final license to operate as payment aggregators. They will now join the ranks of Razorpay, Cashfree, Zomato, and others who were granted the license previously.

Juspay, previously functioning as a payment gateway for ecommerce payments, has expanded its services to become a payment aggregator. On the other hand, Decentro, originally a technology company, facilitates financial services such as lending and KYC for ecommerce and other consumer-facing entities.

“The Reserve Bank’s inputs helped shape our payments business while adhering to the highest standards of compliance & security. This is a crucial step for us to enter the next growth phase, where we look forward to building industry-tailored, open banking payment solutions for regulated entities, fintechs, MSMEs, and enterprises,” said Decentro cofounder Pratik Daudkhane. 

Zoho, a software-as-a-service startup, achieved the payment aggregator licence from the RBI on February 2, marking a significant milestone as the first enterprise SaaS player to secure this approval. 

“The regulator is issuing full licences one after the other. We are expecting more players to get the final nod over the next two months,” said a senior executive at a payments company. 

The RBI initially issued guidelines on payment aggregator licences in March 2020, and Razorpay, Cashfree, and Open were among the first recipients in December of the same year. Other notable players, including Zomato, DigiO, Google, and Tata Digital, have also acquired the payments licence.

Sterling redefines upscale hospitality in Kerala with Sterling Athirappilly

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Sterling Holiday Resorts, a prominent hospitality brand in India, is excited to present Sterling Athirappilly, a luxurious and immersive retreat in Kerala. This new addition is Sterling’s 8th resort in the state, complementing its diverse portfolio that includes hill stations, backwaters, jungle, heritage, and waterfront properties in Alleppey, Anaikatti, Athirappilly, Guruvayur, Munnar, Thekkady, Vythiri, and Wayanad.

Nestled along the Chalakudy River and within a kilometer of the renowned Athirappilly waterfalls, Sterling Athirappilly is a cutting-edge hotel that seamlessly combines contemporary architecture with the serene beauty of its natural surroundings. 

The hotel features luxurious rooms and open-plan studio-style suites that provide unparalleled views of the Chalakudy River and the lush Western Ghats. Each accommodation is adorned with exquisite furnishings, offering guests opulent interiors and breathtaking vistas. Whether it’s the beautiful Indulge Suite with a Jacuzzi or the expansive 2-bedroom Presidential Suite with a waterfall-view balcony, every lodging promises a stay filled with limitless comfort and excitement.

Savour the finest South Kerala specialities and popular international dishes at Waterfront, the gourmet restaurant offering indoor dining and a riverside patio for delightful outdoor meals. 

Take in panoramic views of the waterfalls, river, and hillside greenery from the rooftop infinity pool. Unwind at The Hornbill, a unique library lounge featuring literature on local flora and fauna. Alternatively, join the in-house naturalist for nature treks and bird-watching excursions.

For business conferences or intimate Destination Weddings, the hotel offers “Confluence”, a 1,000 sq ft conference room, and spacious lawns for hosting memorable events.

Vikram Lalvani, Managing Director and CEO of Sterling Holiday Resorts, stated, “Sterling Athirappilly marks a milestone for Sterling in our promise to deliver enhanced stay experiences for our guests, and also strengthening our portfolio across Kerala. We can provide guests with the entire gamut of holiday experiences in Kerala.”

Cyriac Joseph, Owner of Cyriac Ventures, shared his joy, “I am delighted as we embark on this exhilarating journey with Sterling. ‘Sterling Athirappilly: A Cyriac Venture’ stands as a testament to our unwavering dedication to innovation and excellence. I am thrilled to witness the unfolding growth and success that awaits us on this exciting path.”

Supply chain finance startup Cashinvoice secures $3.4mn in funding 

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Arun Poojari (left) and Shriniwas Kasar, founders of Cashinvoice

Supply chain financing platform Cashinvoice announced the completion of a $3.4 million funding round in Series A. Pravega Ventures, HDFC Bank, and existing investor Accion Venture Lab are the institutional investors contributing to this round.

Over the past two years, Cashinvoice has collaborated with HDFC Bank to digitalize the bank’s internal supply chain finance processes. This strategic partnership provides Cashinvoice with advantageous access to HDFC Bank’s extensive corporate banking network, comprising over 5,000 anchor companies, according to cofounder Shrinivas Kasar.

In addition to the financial support, HDFC Bank, as a strategic investor, will collaborate with Cashinvoice in co-developing products customized for supply chain financing, according to Kasar. Cashinvoice aims to extend loans amounting to $2.4 billion to micro, small, and medium enterprises by the financial year ending March 2025 (FY25).

“Our next priorities include taking our current 75 anchor firms to 200 within FY26, and 700 in the next couple of years,” said Kasar. The newly raised funds will facilitate the expansion of Cashinvoice’s network into tier 2 cities and beyond, Kasar mentioned. 

Currently based in Mumbai, the startup, comprising 82 employees, collaborates with 25 banks and has partnerships with significant supply chain players or anchor firms, including Tata Motors, Voltas, and Britannia.

“Our specialization lies in making the lending entirely digital-first. Secondly, we do the algorithmic discovery in terms of which the supply chain finance players are eligible to lend into the ecosystem of vendors,” Kasar said. 

Cashinvoice operates with a network of 100,000 distributing and supplying vendors, with 5,000 actively borrowing micro, small, and medium enterprises (MSMEs). The total invoice financing throughput of the company is approximately Rs 17,000 crore. 

Founded in 2018, the firm had secured $1 million in funding from Accion Venture Lab in October 2021.

“The company has made significant strides in optimizing cash flow and working capital management for businesses, which is a clear testament to the leadership team’s capabilities and we are excited to be a part of their journey,” a spokesperson for Pravega Ventures said.

Creator-focussed startup Wishlink bags $7mn from Fundamentum, Elevation Capital

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(L to R) Shaurya Gupta, Divyansh Ameta and Chandan Yadav, founders, Wishlink

Wishlink, a startup focusing on creator-led commerce, secured $7 million in its recent funding round. Fundamentum Partnership led the funding, with existing investor Elevation Capital also participating. 

The startup will use the funds to expand the core ‘fashion’ category, aiming to onboard 15,000 content creators and 1,000 brands by year-end.

The funds raised will not only support category expansion in ‘fashion’ but also enhance the user experience. Wishlink plans to venture into additional segments such as beauty and personal care, home decor, and health and fitness.

Founded in 2022 by ex-IIT Delhi alumni Shaurya Gupta, Divyansh Ameta, and Chandan Yadav, Wishlink is a discovery-focused commerce startup. It empowers creators to engage in commerce through their content by providing them with a personalized digital storefront that features multiple brands. The platform has developed a range of products to simplify content creation workflows for creators.

“Since our inception, we have seen a very strong user behavior of relying on creators to make purchase choices. Creators add value by curating the most relevant products from millions of products listed online, give authentic reviews, and provide inspiration on how to use or style the product,” said Shaurya Gupta, cofounder, and chief executive officer of Wishlink.

The company is nearing a monthly gross merchandise value (GMV) of nearly Rs 100 crore. Currently, it collaborates with over 2,000 content creators and has partnerships with more than 250 brands.

“As Wishlink’s progress demonstrates, there is a huge opportunity in content-creator-led commerce where creators’ conviction for brands is intrinsic to the overall brand story and growth,” said Ashish Kumar, cofounder and general partner of Fundamentum Partnership.

The startup’s previous funding round was in October 2022, where it secured $3 million in a seed funding round. Elevation Capital led the round, with additional participation from angel investors.

Mufin Green Finance secures Rs 140-Cr in series B funding

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Mufin Green Finance announced the completion of its Series B equity funding round, gathering Rs 140 crore. This round adds to the Rs 530 crore debt financing obtained in the prior fiscal year. The equity infusion garnered significant support from prominent family offices. At the same time, the debt funding originated from top financial institutions like the State Bank of India, IREDA, AU Small Finance Bank, ICICI Bank, and Kotak Mahindra Investments.

The substantial infusion of capital will support Mufin’s growth path and 2024 expansion strategy, with a specific focus on the western region of India. Kapil Garg, MD of Mufin Green Finance, highlighted the funding as validation for their business model, which is crucial in addressing escalating customer needs. Garg outlined intentions to broaden the array of products in the electric vehicle (EV) sector, concentrating on segments ranging from buses to commercial four-wheelers.

“[The funding] will equip us to explore more product avenues in the EV ecosystem, as we are looking to further invest in more electric vehicle categories from buses, LCVs to commercial four-wheelers,” said Garg, Managing Director of Mufin Green Finance. 

“The equity and debt funding will initiate our next phase of growth, with an intense focus on expanding our operations in other major markets throughout India,” he added.

Mufin Green Finance seeks to enhance its reach in underserved segments, specifically targeting new-to-credit and unbanked individuals looking to utilize electric vehicles (EVs) for income generation. Since its restructuring in 2022, the company has experienced noteworthy expansion, with assets under management (AUM) reaching Rs 502 crore by December 2023. The projected AUM for the fiscal year 2024 is anticipated to range between Rs 650-700 crore.

Mufin Green Finance operates in 16 states across India, offering financing solutions for diverse EV segments, including two-wheelers, three-wheelers, four-wheelers, and charging infrastructure. The company is dedicated to promoting green mobility solutions for retail customers and fleet operators nationwide.

Senior citizen app Khyaal raises $4.2mn in funding

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L-R: Pritish Nelleri (COO) and Hemanshu Jain (CEO)

Khyaal, a startup supported by Titan Capital, concentrating on services for senior citizens, raised $4.2 million in funding. The funding round was co-led by 62 Ventures, SVQuad, and Inventus Capital Partners, an early-stage venture capital firm. Inventus Capital Partners has previously backed companies such as Policybazaar and Healthify.

The raised funds will be utilized to solidify the company’s position in existing regions, expand market reach, and explore new markets.

“We are seeing a lot of new people joining from places like Kerala, Coimbatore and so on. We want to also come out and have regional language options on the app,” founder and chief executive of Khyaal, Hemanshu Jain, said. 

Founded in 2020 by Jain, Pritish Nelleri, and Alok Soni, Khyaal offers various services to individuals aged 55 and above. These services encompass digital literacy training, entertainment content, games, senior-focused financial services, and on-demand assistance services, such as cab bookings, medical services, and bill payments. The platform also provides post-retirement job opportunities and travel packages customized for seniors. It’s noteworthy that Alok Soni is no longer associated with the startup.

“The idea is to recreate the entire physical clubs format, but through an app and deliver it to seniors at the convenience of their homes,” said Jain. The app asserts a user base exceeding 1 million seniors, with payment card and travel emerging as the most popular categories. 

Jain says that loneliness is more pronounced in tier-I and tier-II cities than in rural areas, and the primary demand originates from these urban centers. He emphasizes the significance of word of mouth, revealing that 75% of the platform’s users are organic, highlighting its crucial role in seniors’ lives.

Khyaal generates revenue through diverse streams, such as the Rs 999 annual membership, travel packages catering to around 30 people per trip, and additional products and services offered through partnerships with companies like Tata Digital-owned epharmacy platform 1mg. 

The company is currently achieving an annual revenue of approximately $200,000. “We would, of course, want to scale it up to at least a million dollars in revenue in the next one year or so,” Jain added. 

Commenting on the investment, Glen Tullman, principal at 62 Ventures, said, “As populations around the world and in India age, and the next generation becomes more mobile, it’s important to provide strong communities that allow our senior populations to not simply survive but thrive in the next phase of their lives. Khyaal provides a comprehensive approach so that India’s elderly population has one place to go for everything they need to prosper.”

ANAROCK raises INR 200-Cr funding from 360 ONE Asset

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Mumbai, 5 February 2024 – ANAROCK, a leading Indian independent real estate consultancy, has announced an investment of ~INR 200 Cr (USD 25 Mn) from 360 ONE Asset Management Limited (earlier known as IIFL Asset Management) (360 ONE Asset), one of India’s largest alternate asset managers and part of the 360 ONE group, a wealth and alternates-focused institution with more than USD 54 Bn assets under management. This investment will enable ANAROCK to enhance its tech infrastructure, accelerate its expansion, and introduce innovations to bolster its leadership position in the Indian real estate services space.

Commenting on this partnership, Anuj Puri, Chairman – ANAROCK, said, “We are delighted to have 360 ONE Asset as our first equity investor. This investment will go a considerable way in keeping ANAROCK at the forefront of the industry by fueling further innovation and growth. The capital has been earmarked for faster business expansion and fine-tuning our proprietary Proptech platforms, which have proved to be game changers for our real estate marketing capabilities. We will continue to explore new high-growth business opportunities”.

“This is by far the most opportune time to expand our reach and services,” says Puri. “The Indian real estate sector is expected to account for 10-13% of India’s GDP by 2025, from its existing share of 7%. We project strong and sustained growth for the industry over the next decade, with its potential market value surpassing USD 1 Tn by 2030. ANAROCK will lead the market with upgraded AI/ML technologies to accelerate our developer clients’ residential inventory sales.”

Sameer Nath, Chief Investment Officer and Head of Venture Capital & Private Equity at 360 ONE Asset said, “We are delighted to be the first equity investor for ANAROCK. In ANAROCK, we observe a top-class management team, premier marketing and advisory capabilities and a clear leader in India’s large and growing real estate services sector. We have also been impressed by the tech infrastructure and innovative platforms being built by the company. We look forward to partnering with Anuj, Rohin and the entire ANAROCK team in the next phase of their exciting growth journey.” 

“Our partnership with 360 ONE Asset is the result of months of strategic planning, as we were seeking a partner who shares our commitment and passion for innovation in the real estate consulting and technology space,” said Rohin Shah, Director & Co-Founder – ANAROCK. “This collaboration will significantly leverage our 30 years of experience in the Indian real estate market and accelerate our pursuit of innovative and market-leading real estate solutions for our clients. Our key focus will remain research and technology-driven marketing and sales of real estate across all major sectors acting for developers, investors, and occupiers.”

Founded in 2017 by Anuj Puri, former Chairman and Country Head of one of India’s prominent international real estate consultants, and Rohin Shah – Managing Director of UK-based Marylebone Asset Management, ANAROCK has become the leading independent real estate consultancy in India and the Middle East. ANAROCK provides industry-defining technology-driven solutions.

The partnership with 360 ONE Asset will mirror the economic and financial growth of India across all real estate sectors.  

About ANAROCK

ANAROCK is a leading independent real estate services company with a visible presence across India and the Middle East. The Company has diversified interests across the real estate lifecycle and deploys its proprietary technology platform to accelerate marketing and sales on behalf of its clients.

Over the last six years, ANAROCK has expanded from being a residential-focused organization to complementary sectors, including retail, commercial, hospitality, logistics & data centers, industrial, and land. The firm also specializes in strategic advisory, investment banking, research & valuations and offers app-based flexible workspaces and society management services. ANAROCK has developed proprietary technology that is adopted across all its businesses.

ANAROCK has a team of over 2,200 experienced real estate professionals who operate across all major markets in India and the Middle East.

For more information, please visit www.anarock.com

About 360 ONE Asset 

360 ONE Asset Management Limited (“360 ONE Asset”), earlier known as IIFL Asset Management Limited, is one of India’s largest alternate asset managers with overall alternates AUM and public market mandates of more than USD 8 Bn as of 31 Dec 2023. 360 ONE has a leading Venture Capital and Private Equity platform with USD 3 Bn AUM as of 31 Dec 2023. This platform extends from early-stage to late-stage VC to growth equity to pre-IPO investments, with a focus on technology, financial services, healthcare, and consumer sectors. This unique private market platform enables 360 ONE Asset to partner with founders and participate in a company’s life cycle over a longer period.
Additional information is available at https://www.360.one  

Slice unveils its UPI-first account for all users 

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Slice, the consumer payments and credit startup, unveiled its UPI-centric prepaid account on Monday. Following a successful three-month beta testing period, initially accessible to existing users, Slice is now rolling out the account services to all users, as stated by the fintech firm backed by Tiger Global.

The UPI-first account introduces a UPI handle (@slice) and a virtual prepaid account. Users have the flexibility to deposit money into the virtual account and make expenditures via UPI or card. They can also link the account to other bank accounts. 

Additionally, the account features autoload functionality, ensuring smooth transactions and the automatic handling of recurring payments, according to the company. With autoload, customers can establish a limit, and if the account balance falls below that limit, it will automatically load the wallet.

To incentivize users to adopt this feature, Slice is providing enticing cashback. The startup obtained definitive approval from the RBI for its Prepaid Payment Instrument (PPI) license in September 2023, building upon the initial in-principle approval granted in October 2022.

In March of the previous year, Slice acquired a 5% stake in North East Small Finance Bank and later obtained regulatory approval for the merger with the bank. Currently, the company has sought approval for the merger from the relevant authorities. If the merger is approved, Slice has the potential to transform the existing prepaid accounts into comprehensive banking accounts within the newly established small finance bank.

The funding will be directed towards the newly created entity resulting from the merger of Slice and North East Small Finance Bank. As part of the agreement, Slice’s non-banking finance company will merge with the small finance bank. The other entities of Slice will discontinue their operations, according to sources familiar with the matter.

Snap-E Cabs raises $2.5M in pre-series A funding

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MAYANK BINDAL, Co-Founder & CEO of Snape-E Cabs

Snap-E Cabs, a platform for electric vehicle (EV) ride-hailing, secured USD 2.5 million in a Pre-Series A Round led by Inflection Point Ventures. The raised funds will be used to recruit talent, upgrade technology, and expand to new geographical locations.

Snap-E Cabs aims to be the biggest EV fleet operator, offering commuters a safe and eco-friendly “0 Emission” transportation solution.

Experiencing notable expansion, the company now operates 600 cars within a year and holds an Annual Recurring Revenue (ARR) of 35Cr. Snap-E Cabs employs a hybrid B2B and B2C model, maintaining less than 5% downtime and ensuring rapid vehicle turnover. The company distinguishes itself with features like no cancellations, no surge pricing, and a fully electric fleet.

Snap-E Cabs has established significant partnerships, including agreements with the Airport Authority of India (AAI) and the West Bengal government. The company has secured a substantial 5-year contract for EV operations at Howrah Railway Station, a key railway terminal for Indian Railways.

Inflection Point Ventures (IPV), leading the Pre-Series A Round, has invested over INR 650 Cr across 200+ deals. Rahul Wagh, Managing Director at IPV, emphasizes the global focus on decarbonizing transportation and acknowledges the conducive environment for e-mobility in India.

Mayank Bindal, Founder & CEO of Snap-E Cabs, emphasizes the increasing global adoption of electric vehicles and India’s ambitious target of electrifying 30% of the nation’s vehicle fleet by 2030. Bindal views India’s shift to electric vehicles as a crucial move toward sustainable development, reducing dependency on oil, and positioning the country as a major player in the global EV market.

With a current fleet of 600 EVs operating in Kolkata, Snap-E Cabs plans to expand its fleet by adding 300-400 EVs by the end of FY 24. Furthermore, in FY 25, the company aims to extend its services to 2-3 additional cities, introducing 1500-2000 more EVs into its fleet.

Spacetech startup EtherealX raises funding from Campus Fund, others 

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(From left) EtherealX cofounders Shubhayu Sardar, Manu Nair and Prashanth Sharma

EtherealX, a startup in the space technology sector focusing on reusable satellite launch vehicles, has secured its initial institutional funding. Investors, including Campus Fund, BlueHill Capital, and Riceberg Ventures, have participated in the funding round. The specific amount of funding has not been disclosed. 

EtherealX plans to use the recently acquired funds to advance the development of its privately designed 40-kilonewton semi-cryogenic rocket engine, as mentioned by the company’s founder and CEO, Manu Nair.

EtherealX aims to create reusable rockets, intending to recover both rocket stages back to Earth after a flight, according to Nair. Currently, SpaceX, led by Elon Musk, stands as the primary rocket manufacturer engaged in commercial orbital launches using reusable rockets, especially in the medium-lift and heavy-lift segments.

One of the startup’s initiatives is the Razor Crest Mk-1, intended to be the world’s premier fully reusable medium-lift launch vehicle. This model is crafted to send payloads weighing up to 24.8 tonnes to the Lower Earth Orbit (LEO) in an expendable configuration, 22.8 tonnes in a partially reusable configuration, and 8 tonnes in a fully reusable configuration to a 400-kilometer LEO.

The 11-member EtherealX team aims to make 25 launches and deploy over 500 tonnes into orbit over the next decade, Nair said. “Our decision to build a medium-lift vehicle was not because the class constituted a majority, if not all of the launch vehicles market, but because this segment coupled with reusability presented the finest balance between scalable launch technology and viable launch economics.” 

Richa Bajpai, who founded Campus Fund in July 2020, announced last month that the fund’s second fund of Rs 75 crore (approximately $9 million) was oversubscribed by 37%. This Bengaluru-based fund specializes in investing in startups led by students.

Nair completed his mechanical engineering degree at BML Munjal University in 2020. Following his graduation, he contributed to the Indian Space Research Organisation (ISRO), concentrating on the development of life support systems for space.

Prashanth Sharma, another co-founder, previously served as a member of the executive team at Manastu Space, a startup dedicated to building green propulsion technology for satellites and spacecraft in outer space.

The third co-founder, Shubhayu Sardar, accumulated about a decade of experience at ISRO, focusing on assembling, integrating, testing, and qualifying the Indian fleet of launch vehicles and spacecraft. He was also selected as one of the 23 scientists from ISRO centers for Project Gaganyaan.

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