315Work Avenue leases over 2,00,000 sq ft workspace in Pune

By

-

September 6, 2023

A rapidly expanding coworking space provider, 315Work Avenue, has taken around 2 lakh sq ft of office space on lease in Raheja Woods, Kalyani Nagar, Pune, for five years to increase its presence in the vibrant city of Pune. Consolidates its presence in Pune and aims to double the size of its portfolio in the next 12 months.

The Grade-A office space will feature a spacious and thoughtfully designed workspace with modern amenities and cutting-edge infrastructure in a prime commercial location. With five centres and 0.5 million sq ft in Pune, with leading developers like Ascendas, Panchshil, and Raheja, 315Work Avenue currently has around 10,000 seats and plans to double that number next year.

315Work Avenue, known for offering top-notch flexible workspaces to provide an unmatched workplace experience, currently manages 2 million sq ft of space, totalling about 40,000 seats across multiple prime locations in Bengaluru, Chennai, Mumbai, and Pune.

Commenting on the development, Mr. Manas Mehrotra, Founder, 315Work Avenue, said: “The coworking sector’s impact is poised to amplify in the future, driven by the fundamental transformation work dynamics have undergone which is unlikely to revert. Amid the contraction of conventional office real estate market, the burgeoning coworking sector has emerged as a beacon of hope. Co-working is emerging to be the preferred office space for businesses across industries. Most companies now are looking for flexible office spaces, and safeguarding them from Capex cost, longer lock-in terms, huge deposits etc. De-densification of office space and adoption of hub and spoke model have become widespread. We continue to foresee a huge jump in coworking space demand in the near future.”

“315Work Avenue has achieved a phenomenal growth in a short period and has become home to several companies. Pune has been an extremely strong market for us to strengthen our foot print and cater to large enterprises and corporates amongst others and we will continue to expand our presence in the city. This deal marks another milestone in the company’s expansion plans, solidifying its presence in key business hubs. The coworking industry plays a very important role in revived economy, and we look forward to being a part of the new growth,” added Manas.

India’s flexible space stock is expected to exceed 80 million sq. ft by 2025. In the current fiscal year, coworking spaces accounted for 40% of transaction volume in Pune, according to a recent report from Anarock. A booming young population, the presence of significant tech corporations, and the growth of numerous startups have all contributed to the city’s flex space market’s significant growth over the last five years.

Pune’s flex space stock is expected to reach 8 million sq ft by 2025, according to a recent Colliers report. Opportunities will be abundant, making the market more profitable for expansion. This new-age asset class has a better future due to the trends that are rapidly expanding to re-strategize workspaces.

Mappls KOGO bags Rs 9-Cr from MapMyIndia

By

BRL Editor

-

September 6, 2023

0

AI travel expert app Mappls KOGO said it had secured Rs 9 crore from MapMyIndia (CE Infosystems Ltd). The company had raised Rs 10 crore from MapMyIndia, which provides digital maps, geospatial software and location-based IoT technologies.

Mappls KOGO has a user base of over 20 lakh.

Kogo will be able to scale its Business-to-Consumer (B2C) business and achieve its commitment to serve as the top AI travel expert with the newly acquired funds, advancing Kogo’s AI capabilities and data refinement to new heights.

Raj K. Gopalakrishnan and Praveer Kochhar founded Mappls KOGO, which uses expert recommendations generated by AI to help people plan their travel in minutes.

The AI stack is backed up by a global travel ecosystem of flights, over 10 lakh hotels, 3 lakh experiences, 20,000 detailed itineraries and millions of kilometres of routes.

“MapMyIndia’s industry leadership will continue to strengthen the real-time locational intelligence of our data. This funding reaffirms MapmyIndia’s trust in our AI stack’s potential to disrupt the travel sector,” CEO and Co-founder of Mappls KOGO Raj K Gopalakrishnan said.

Atomicwork secures $11mn in seed round of funding

By

BRL Editor

-

September 5, 2023

0

San Francisco- and Bengaluru-based startup Atomicwork said it has raised $11 million in a seed round of funding led by Matrix Partners India and Blume Ventures.

According to a statement, Storm Ventures, Neon Fund, and angel investors are among the other investors in the round. The statement added that the startup plans to invest funds in engineering, marketing, and product development initiatives in the upcoming months.

The company offers software that streamlines tasks for the finance, information and technology (IT), and human resources (HR) areas, among other business functions.

To scale up operations, support, and service delivery automation, Atomicwork sits on top of collaboration tools like Slack and Microsoft Teams.

“Businesses implement too many point solutions and complex processes, leading to productivity loss and unnecessary friction. Our goal with Atomicwork is to offer a solution to streamline internal operations through great employee experience and good efficiency,” said founder and CEO Vijay Rayapati.

Atom, Atomicwork’s artificial intelligence (AI)-powered assistant, picks up knowledge from internal conversations and documentation to help staff with their questions and requests without human intervention.

The startup also has offices in Singapore and Chennai, besides San Francisco and Bengaluru.

Rayapati, Kiran Darisi, and Parsuram Vijayasankar established Atomicwork in September 2022. Before founding Atomicwork, Rayapati worked as vice president and general manager at Nutanix, which acquired his prior startup, Minjar, in 2018. The founding team of Freshworks included Darisi and Vijayasankar.

“Blume’s relationship with this special group of entrepreneurs began many years ago, thanks to a prior fund. We’re very excited to invest in this transformative space and support Atomicwork as they reshape the future of employee experience and success,” said Sanjay Nath, partner at Blume Ventures.

Principal at Matrix Partners India, Pranay Desai, added that Atomicwork’s strategy is innovative and user-led and that the problem of employee support and experience has been seeking innovation.

Lifestyle retailer GoodGudi raises seed funding for expansion

By

BRL Editor

-

September 5, 2023

0

GoodGudi, a lifestyle retailer specializing in fast-moving household and consumer goods, raised a seed fund led by AC Ventures.

Some high-net-worth individuals (HNIs), April Ventures, Kunal Shah, Aprameya Radhakrishna, and other angel investors have also invested in the venture.

The startup, however, did not disclose the amount raised.

Anurag Gupta, Sagar Yarnalkar, and Chandan Kumar founded GoodGudi in June. Gupta and Yarnalkar founded the e-grocery company Dailyninja and, later acquired by BigBasket. Kumar is a co-founder of the manufacturing and retail firm Setner.

The firm will be offline-led and plans to open more than 40 retail stores in the next 24 months, contending with Chinese retailer Miniso, which runs over 220 stores in India. Products will be sold in travel accessories, gifts, kitchenware, stationery, kids’ toys, home goods, fashion accessories, and personal care.

The company will spend the first six months setting up and operating seven to eight stores, with the first three expected to be operational in Bengaluru by the end of October, according to Yarnalkar. The company plans to switch to a franchise after the 20th store entirely.

“The idea first came when we were discussing Miniso’s success in India, and after doing market research on their stores across the country, we saw they were making about Rs 20-25 lakh per month, on average. More importantly, the gross margins were very high, around 70%”, Yarnalkar said in an interaction with sources.

“As opposed to the likes of Dmart, where you operate on pricing, in the fast-moving lifestyle model you are competing on utility and aesthetics… we are going for an offline-first model because often these are impulse purchases,” he added.

About 15–20% of the company’s sales will probably come from online sources like its website and retailers like Amazon and Flipkart, says Yarnalkar.

Mental well-being tech startup LISSUN bags $1.3mn in seed round

By

BRL Editor

-

September 4, 2023

0

LISSUN, one of India’s leading mental health platforms, has raised $1.3M in a seed round led by Inflection Point Ventures (IPV) & Rainmatter Capital (Zerodha Group). Existing investors IvyCap Ventures, WFC, Growx Ventures, and a few other prominent angel investors participated in the round as well. So far, LISSUN has received funding totaling over $2.3 million.

The funds will be used strategically to advance their technology and product offerings further, expand their services, and build significant partnerships with healthcare institutions and other organizations.

Through a comprehensive strategy that includes Awareness, Acceptance, Anonymity, Access, Affordability, and Assurance, LISSUN is at the forefront of transforming mental healthcare. LISSUN works with healthcare organizations to address high-stress use cases across domains like infertility, rehabilitation, nephrology, oncology, and more by utilizing an original B2H2C (Business to Healthcare to Consumer) strategy. This distinctive strategy also applies to the educational field and is consistent with LISSUN’s mission to make mental health solutions available and affordable to a broader demographic. The platform’s 150+ partnerships with top players in the healthcare and education sectors further demonstrate its impressive reach.

Dr. Krishna Veer Singh, Director & Co-founder of LISSUN, says, “This investment signifies the validity of LISSUN’s innovative approach in delivering scalable solutions within the mental health landscape. In a very short period of time, LISSUN has become one of the largest in the field and breaking the syndrome of 6As of Mental Health. We extend sincere gratitude to our investors for placing their trust in LISSUN. Their expertise and backing will empower us to enrich our offerings and extend our reach. With this injection of capital, we take a significant step forward in realizing our vision of solving mental health at scale, and everyone can access the care and support they rightfully deserve.“

Vinay Bansal, Founder, Inflection Point Ventures, says “In today’s day and age, everyone has a high-stress life with multiple responsibilities. In our society, physical problems are attended to actively, and mental health is more often neglected and kept on the back burner. We are still unaware of how to deal with mental issues as a stigma is attached to it. LISSUN’s remarkable prowess and strategic acumen in creating scalable mental and emotional healthcare solutions are commendable. Their pioneering B2H2C model and unwavering dedication to reinventing conventional solutions underscore their profound understanding of the opportunities and challenges within this sphere. We are confident that their groundbreaking work will have a lasting impact, reshaping the approach to mental health.”

Rainmatter Health backed by Zerodha founder Nithin Kamath made its inaugural investment in the Mental Health industry with LISSUN. Dilip Kumar who heads Rainmatter Health states “Mental health issues in India are often neglected and stigmatized. There is a growing need to build awareness to address the societal barriers and misconceptions surrounding it. At Rainmatter Health, we are glad to join Lissun in their journey as they try to tackle these issues”

Tarun Gupta, Director & Co-founder of LISSUN, also added his perspective, saying, “Our journey with LISSUN has been driven by a shared commitment to redefining mental healthcare. We are a product-first company and build our products to deliver mental health effectively, seamlessly, and affordably. This investment will further our product & technology and extend our outreach, making quality & affordable mental health solutions accessible to a broader audience.”

LISSUN’s rapid expansion into more than 40 cities across India is a result of its unwavering commitment to reshaping mental healthcare. ‘Sunshine by LISSUN,’ a network of full-stack centres dedicated to help children with developmental or behavioural challenges, was recently introduced by LISSUN to further bolster their offering portfolio.

Existing investor Tej Kapoor, Managing Partner, IvyCap Ventures, adds, “The remarkable growth journey undertaken by the LISSUN team since our initial partnership last year brings us immense joy. Their unique vision and unwavering commitment to excellence position them as trailblazers in this industry. We take pride in being part of their journey.”

Nazara Technologies approves shares worth Rs 100 Cr to Zerodha founders

By

BRL Editor

-

September 4, 2023

0

Nazara Technologies’ board on Monday approved issuing Nikhil and Nithin Kamath, the founders of Zerodha, shares worth Rs 100 crore. With this development, the company’s shares increased 10.53% to a 52-week high of Rs 839.15.

Nazara Technologies provided specifics of this significant share issuance in a regulatory filing. The company plans to issue up to 14,00,560 shares for Rs 99,99,99,840 at an issue price of Rs 714 per equity share.

The two partnership firms, Kamath Associates and NKSquared, represented by Nikhil Kamath and Nithin Kamath, will receive these shares.

A six-month lock-in period will be applied to these shares after the date of issuance.

According to Nazara Technologies, the fresh capital of Rs 100 crore will be used for various purposes, including funding needs, pursuing growth objectives, strategic acquisitions, and investments.

Commenting on the investment, Nitish Mittersain, CEO at Nazara Technologies, expressed his appreciation for Nikhil Kamath’s involvement. He said, “Nikhil Kamath symbolizes success in India’s tech arena, and this fund raise holds immense value for us at Nazara as we continue to build a diversified gaming platform in India. Beyond the funds raised, his investment stands as a resounding vote of confidence in Nazara.”

This is Nazara Technologies’ second attempt to raise funds in just two months. The company decided to raise funds in July by issuing equity shares and was permitted to increase its authorized share capital from Rs 30 crore to Rs 50 crore.

Dubai to nurture startups with Indian talent

By

BRL Editor

-

September 4, 2023

0

Hadi Badri, the chief executive of economic development at Dubai’s Department of Economy and Tourism, said in an interview that Dubai is looking to attract tech talent from India to foster a startup ecosystem to double its gross domestic product (GDP) by 2033.

According to the Comprehensive Economic Partnership Agreement (CEPA), he said India and the UAE, of which Dubai is a part, intend to expand non-oil trade to $100 billion by 2030 from just $50.5 billion in April.

He added that Dubai is in talks with Indian manufacturers interested in having the emirate as a distribution hub.

“The ties have come on the back of the CEPA agreement that allows acceleration of 30%-plus trade growth.”

Indian companies and non-resident Indian-owned entities generate around one million jobs in the UAE, according to Dubai Chambers. “And this is something that we can build on. The UAE’s acceptance into the BRICS economic bloc is also, I think, another stepping stone that will allow even more to be done between the UAE and India,” Badri said.

Businesses in Dubai are more interested in making new investments in the economy. “One of the key areas that they’re looking to strengthen teams is around digital talent, people who understand computer science, data scientists and so on. As tech entrepreneurs, they are contributing to the ecosystem in Dubai. It has gathered some good momentum.”

Over 83,000 companies of Indian-origin companies are registered with the Dubai Chamber of Commerce, accounting for 25% of the chamber’s total membership, he said.

“I met the Lenskart co-founder as it is already in Dubai; I think they came in two-three years ago, and are using Dubai as a platform to expand in the region. And this is the formula that we see a lot of businesses take.”

According to Badri, having over 30 free zones, a favourable tax environment, streamlined business procedures, top-notch logistics infrastructure, and Dubai’s strategic proximity to India make it possible to reach a $100 billion non-oil trade volume with India. Dubai also allows 100% foreign ownership in most of its economic sectors.

“I think, discussions with the chambers were very positive. They also have the appetite to increase this connectivity between India and the UAE. So, we expect some kind of potential partnerships and collaborations to come out of this. When you meet the chambers and businesses, it is always the case that the business-minded people in India have appreciated the way, or always liked the way, emirates like Dubai have treated them,” Badri said.

Chalet Hotels Limited and Tata Power Renewable Energy Limited collaborate for a sustainable future

By

BRL Editor

-

September 2, 2023

0

Chalet Hotels Limited, a leading player in the hospitality industry, is delighted to announce one more significant step towards a greener and more sustainable future. Today, the company partnered with Tata Power Renewable Energy Limited (TPREL), a subsidiary of Tata Power, one of India’s largest integrated power companies, to pioneer a Group Captive Project.

Through this partnership, Tata Power Renewable Energy Limited has committed to generate 13.75 million units of clean energy from renewable sources. For the benefit of its highly valued clients in the hospitality industry, this project seeks to significantly reduce carbon emissions by 9762 tonnes annually (CO2 Baseline Database for the Indian Power sector guideline).

This partnership, established through TP Agastaya Limited, is an important milestone for the renewable energy industry. TP Agastaya Limited is a subsidiary of Tata Power Renewable Energy Limited and brings together TPREL’s expertise in renewable power generation and Chalet Hotels Limited’s dedication to environmental responsibility.

Chalet Hotels Limited acquired a 26% equity shareholding in TP Agastaya Limited under the provisions of the Electricity Act, 2003 and the Electricity Rules, 2005. This joint venture between Chalet Hotels Limited and TPREL highlights a shared commitment to environmental stewardship and the adoption of renewable energy sources. The Power Delivery Agreement reaffirms their commitment to sustainable business practices and lowers their carbon footprint.

Speaking on the association, Ashish Khanna, CEO, Tata Power Renewable Energy Limited, expressed, “We are happy to join hands with Chalet Hotels Limited to generate renewable energy for its properties through 6 MW AC (8.75 MWp) Group Captive project. This association will make clean energy usage mainstream and also support the decarbonisation of the hospitality industry.”

Sanjay Sethi, MD & CEO at Chalet Hotels Limited, spoke about this strategic partnership and stated, “We are thrilled to partner with Tata Power Renewable Energy Limited on this significant initiative. This Power Delivery Agreement not only aligns with our sustainability goals but also supports India’s transition towards cleaner energy sources. With this collaboration to explore 6 MW AC for a Group Captive project, we are delighted to brighten our greener energy horizon. It is a win-win for both the environment and our stakeholders.”

The partnership between Chalet Hotels Limited and Tata Power Renewable Energy Limited shows the potential for synergy between the renewable energy industry and industries looking to adopt sustainable practices. It offers a convincing example of how companies can cooperate to forge a more environmentally conscious and responsible future.

Fintech startup Khatabook lays off 42 employees

By

BRL Editor

-

September 1, 2023

0

Khatabook, a fintech startup, announced on Friday that it had laid off 42 employees, or 6% of its workforce, to reorient its business with its targets. Before the layoffs, 700 employees were working for the company.

“In-line with our profitability goals, we are reorienting some parts of our business which requires us to operate with a leaner team on certain business verticals,” a Khatabook spokesperson said.

“This restructuring has impacted 6% of our 700 employees. All impacted employees have been provided with a separation package which covers 3 months of pay, stock vesting option, health insurance extension and other job search-related support,” the spokesperson said.

Following its previous funding round, Khatabook was valued at $600 million (roughly Rs 4,500 crore). It is backed by some companies, including Sequoia Capital (now PeakXV Partners), Tencent, Tribe Capital, and Moore Strategic Ventures.

In the 2021 funding round, the company had raised $100 million (roughly Rs 743 crore).

Mahindra Logistics and Flipkart team up for integrated line haul solutions

By

BRL Editor

-

September 1, 2023

0

Mahindra Logistics announced on Friday that it would collaborate with Flipkart to develop integrated solutions to improve operational efficiency at the e-commerce company and strengthen both companies’ commitment to innovation.

Mahindra Logistics will support Flipkart’s nationwide operations with a dedicated fleet of heavy commercial vehicles, help with route management and network operations, and cutting-edge analytics. In association with Daimler India Commercial Vehicles, it will operate the vehicles for Flipkart, which will travel across India. Advanced driver assistance systems (ADAS) and other features will be included in the vehicles to enhance driver comfort and safety.

Mahindra Logistics, one of India’s largest integrated third-party logistics service providers, will mainly facilitate Flipkart’s e-commerce parcel movement.

“We are pleased to collaborate with Flipkart and provide these pan-India dedicated line haul transportation solutions. These solutions expand our current line haul offerings for Flipkart, enabling them to reduce their total cost of operations and improve service,” said Rampraveen Swaminathan, managing director and chief executive officer of Mahindra Logistics.

According to Flipkart, the collaboration with Mahindra Logistics will help leverage its capabilities as it works to improve the efficiency and consistency of its line-haul operations.

“As India’s home-grown e-commerce marketplace, we have always believed that our actions should resonate beyond operational excellence and benefit the larger supply chain and logistics ecosystem in India. Their (Mahindra Logistics) dedicated fleet management, expert route management, and advanced analytics will enable an optimal way of load consolidation, route planning enabling efficient, faster, and sustainable deliveries,” said Hemant Badri, senior vice-president and head of supply chain, customer experience, Flipkart Group.

The Mahindra Logistics control tower is equipped to track fleet productivity by integrating connected vehicle technology. The method reduces the total cost of operations and boosts customer satisfaction while accelerating turnaround times and providing higher-quality services.

CONNECT WITH US